and italking to jamie asked him why prudential does not offer this type of benefits. tosaid that they started offer the bump up benefit, but they did not perceive a demand for it. i just wondered if maybe there could be some discussion about this type of benefit, a bump up benefit and white would be desirable or not and who should offer it. >> would anyone like to field that? >> john knows that annuities are not very popular. people are hesitant to give up a lump sum of money in order to screen of payment for the rest of the lies. it is not surprising to me that people are not demanding those. i find it hard to think about what things might be like when i'm 82 i'm what my needs might be. i'm not surprised that there is no demand for that. this may be a case where there is a need for government to step in and to fill that gap because i think there is a need even the people don't recognize that there is a need. tale that he is a comes a problem for people when they are retiring. talking about a bump down strategy which also would kick in, too. a couple more view that ha

i have been watching the people from prudential. they are eating the fruit. [laughter] you know who you are. we are kind of the dogs at the dinner table group. we get what is left. our mandate is, we are going to talk to a little bit about public and private institutions and how they should respond to some of the trends that we talked about at the personal level. here --a trip the group a terrific group here to talk about this. at the far end is gary can make. he is director of security at aarp's public-policy institute. be -- his work focuses on social security, retirement savings, retirement accounts, and the tax policy. he used to be an economist for the joint committee on taxation in the u.s. congress where he specialized in employer-provided pensions and retirement plans. i was talking with kerry last night. he was there during the shutdown of 1995 and 1990 six. he swears he has nothing to do with it. next to him is wilhelmina leigh. theis senior associate at economic security civic engagement in governance institute, part of the joint center for politic

now, a director at sprint, honeywell and prudential said it is likely they don't know when to spend because they could step on a bomb. firms like the new jersey based flex line, a maker of metal hoses. in an e-mail, the president wrote, the temporary fixes don't allow us to plan it makes revenue streams and planning chaotic, the blanket orders go out the window lead times get cost, and it is a mess a mess a temporary fix wouldn't clean up. for nightly business report, i'm thompson. >>> and word thatçó another company will be idle. boeing, the aerospace giant says they may furlough workers at their security unit because of stock work orders and installations where some of the employees work, funding cut's with washington and a shortage of government inspectors. >>> some top bank inspectors are worrying about the dire consequences reaching the borrowing limit, something that never happened before. they described a bleak situation, saying as you get closer to it the panic will set in, and something will happen. i don't know personally when that problem will start. deutsche bank has been making

now, a director at sprint, honeywell and prudential said it is likely they don't know when to spend because they could step on a bomb. firms like the new jersey based flex line, a maker of metal hoses. in an e-mail, the president wrote, the temporary fixes don't allow us to plan, it makes revenue streams and planning chaotic, the blanket orders go out the window, lead times get cost, and it is a mess, a mess a temporary fix wouldn't clean up. for nightly business report, i'm thompson. >>> and word thatçó another company will be idle. boeing, the aerospace giant says they may furlough workers at their security unit because of stock work orders and installations where some of the employees work, funding cut's with washington and a shortage of government inspectors. >>> some top bank inspectors are worrying about the dire consequences reaching the borrowing limit, something that never happened before. they described a bleak situation, saying as you get closer to it the panic will set in, and something will happen. i don't know personally when that problem will start. deutsche bank has been mak

i asked the head of retirement at prudential, which markets dozens of actively-managed funds, what sheought about this. >> yeah, i haven't seen any research that substantiates that. i mean, i don't know whether it's true or not. i honestly have not seen any research that substantiates that. >> smith: so all the research that's done at vanguard that makes that argument, you've looked at that? >> no, i haven't. i haven't read everything. but so much of it depends on, you know, what i need is different than what you need, and there is not an asset allocation or a fund strategy that's right for everybody. >> smith: i talked to one woman at prudential who's head of retirement and asked her if she was aware of the studies that show that index funds did better over time than the actively-managed funds, and she said she wasn't. >> that's unbelievable. i find that actually unbelievable. >> smith: these people that are in the business know that the index funds do better, right? >> they convince themselves that's not true. when i've talked to these people... >> smith: but wait a minute, all the s

so he had to, for prudential reasons, hurt himself politically but disengage from this so that speaker boehner, who's the one person who actually might be able to bring these lunatics to heel can come in and try to do it. but more obama would actually make things worse. >> rich, where do things go? what happens? >> let me go back to one other thing. the other thing that was different in '95-96 paul is republicans controlled the house and the senate. there was nobody else to negotiate except for the president. >> that's a good point. >> here the house can negotiate with the senate because they're of opposite parties. so i think that's a significant difference. where i think it goes, yesterday i thought this would end about thursday. now i think it may stretch on through the weekend. but i'll tell you, downtown at my office is smack downtown this afternoon about midday it looked like mardi gras downtown because of all the federal workers to do come in and turn in their blackberries and what have you. they weren't going back to work and it was a lot of fun. i understand that they're going

. >> additional corporate funding for "washington week" is provided by -- prudential. additional funding is provided by the annenberg foundation, the corporation for public broadcasting and by contributions to pbs administrations from viewers like you. thank you.

. >> additional corporate funding for "washington week" is provided by -- prudential. additional funding is provided by the annenberg foundation, the corporation for public broadcasting and by contributions to pbs administrations from viewers like you. thank you. >>> the kqed television production. ♪ >>> it is like old fisherman's . it reminds me of old san francisco. >> and the calories, the cholesterol, and the heart attack you might have. >> it's like an adventure, putting on your miners helmet. >> it reminds me of oatmeal and a touch of wet dog. >> hi, welcome to check please bay area.

. >> additional corporate funding for "washington week" is by prudential. additional funding is provided the annenberg foundation, the corporation for public broadcasting and by pbs stations to from viewers like you. thank you. . >> what's really at stake in the bart negotiations and should employees be barred from going on strike? are they breaking new ground? we get the perspective and weighs in on political gridlock in washington. >> there needs to be action. not just check and balance, and i think that's when the parties have to start discussing the coming together. >> plus, why growing numbers of parents are opting out of vaccines for their children, and what that means for public health. >> a measles outbreak really is more a matter of when and not whether if we don't increase our vaccination rates.

. >> additional corporate funding for "washington week" is presented by prudential. additional funding is provided by the annenberg foundation, the corporation for public broadcasting, and by contributions to pbs stations from viewers like you. thank you. >> once again, live from washington, moderator gwen ifill. gwen: good evening. you may have heard, the government is open, the debt ceiling has been raised, and we're right in the thick of a new set of washington crisis. the white house announced today it has finally completely, definitively, found someone to fix the new federal website that has bedevil sod many who tried to sign up for health care. health care.gov which rolls out october 1 will be ready for primetime, really this time, by the end of november. and for now it appears health and human services kathleen sebelius will get to keep her job. >> the majority of people calling for me to resign i would say are people who i don't work for and who do not want this program to work in the first place. gwen: this is probably true but it's not the worst part of pre

the prudential center has drawn more than ten million visitors to its concerts, college games, and events since opening in 2007. it is now ranked the eighth highest grossing arena in the world. >> it sounds like you fond a real gem. >> i think we did, yes. >> what kind of return would you expect then? >> if you look at returns on sports teams historically, they've been in the mid to high single digits, and so certainly not private equity returns. not the 28% net we've generate the at apollo. >> harris co-founded apollo global management in 1990, known for flipping struggling companies for profit. it is now the third largest private equity firm in the united states with $113 billion in assets under management. >> what we try to do is buy good companies at attractive prices. we carve the 6ers out of comcast which owned the arena and the flyers as well. apollo has done that many, many times. you can generate 20%, 25%, 30% irr's if you have the right management teams and the right management partners, and you know the right assets. >> are you seeing any impact in terms of your own business he

. >> additional corporate funding for "washington week" is provided by prudential. additional funding is provided by the annenberg foundation, the corporation for public broadcasting, and by contributions to pbs station from viewers like you. thank you. once again, live from washington, moderator gwen ifill. gwen: good evening. two things you need to know as the government shutdown is poised to enter its third week. the political ground has collapsed under the republican party. and americans are now saying they are more worried about dysfunctional government than they are about the jobs, about jobs and the economy. that's from two new polls out this week. my guess is this is why. >> it's very clear. one person has the key to open government and that's the speaker of the house. >> i'm ready to head up to the hill and try. but i'm not going to do it extreme parts of the republican party stop forcing john boehner to issue threats about our economy. we can't make extortion routine as part of our democracy. democracy doesn't function this way. >> the president said today

. >> i'm i'm going with prudential. it's the rock. >> these are rock.pace rocks. >> that's why i said it. come on. so how does it system work? >> well, this system is up to eight telescopes. still on the planning stages. but they are setting up two maybe more telescopes with hundred mega pixel views. you need two views. you need one with moves against things that don't move. so things that move, watch out for it. >> we're not inviting you back without props. >> i can bring in mars. >> please. >> we have a piece in the museum of the meteorite, that they just last week got the mass out of lake. broke immediately into three pieces. didn't look very impressive. >> television, bring us props. thank you. >>> after lance armstrong finally came clean of doping, a lot of people asked how he hid it for so long. two wall street journal reporters say they dug up information that might explain it. that's next. congestion, for the smog. but there are a lot of people that do ride the bus. and now that the buses are running on natural gas, they don't throw out as much

i tend to agree with that case, and also on a more prudential basis, that the header government should be cautious in exercising discretion in going in going in and upsetting a state verdict. >> [indiscernible] >> you have enhanced my recordation, senator. reasonink that is a view, because i know there is a lot of pressure being applied to the attorney general, and quite frankly, the president, and we are talking about trying cases in political arenas is probably not a good idea, but having victims speak up, having mothers speak about losing their children, that is very appropriate, and i hope we will listen and learn where we can. if you were defending a case like the trayvon martin case, would you have done similar things as to defense? >> can you be lit a little more specific? >> was there anything unethical about that defense? >> i will not charge a fellow lawyer with unethical behavior without knowing more. i was deeply troubled by the as aature of trayvon personification of a stereotype. trayvon martin as a thug, trayvon martin as criminal. i was deeply troubled i that overlay ov

revitalize downtown newark and attract businesses and keep their largest single business down there is prudential>> actually, one hedge fund manager told me that was interesting, if he were giving money in his self-interest he would have supported lonegan which would have kept his taxes lower. two issues that hedge funds seem to like about booker. one is his support for israel which is important to seth [ inaudible ] and the other is education reform big for julian robertson of tiger, and john griffin of blue ridge. >> he has attracted money from hollywood and silicon valley folks like mr. zuckerberg and oprah and others to that cause of education reform in newark. thank you very much. >> you're welcome. >> how to navigate uncertainty on wall street and in washington when it comes to your 401(k). we'll cover that. plus a negotiating master's tips on getting yourself a better salary. i'll be listening. more power in two. [ bagpipes and drums playing over ] [ music transitions to rock ] make it happen with the all-new fidelity active trader pro. it's one more innovative reason serious investors are

the former ceo of continental airlines and a director on the boards of sprint, honeywell and prudentialorporations washington's impasse makes planning treacherous because you don't know what next step is and you don't know if you're going to step on a bomb or if it's going to set you free. now even smaller companies like new jersey based flex line are being impacted. the maker of metal hoses used in a variety of industries telling cnbc in an e-mail a temporary fix does not allow our customers to plan. it makes revenue streams and therefore planning chaotic. does so for everyone in the supply channel. blanket orders go out the window, lead times get pushed out which causes our costs to go up. it's a mess. a mess a trerry fix won't clean up. back to you. >> thank you very much. let's continue the conversation on these topics with one of our cnbc global cfo council members live from omaha is bill gerber, td ameritrade executive vice president. good to have you with us. >> thank you. >> mary raised the point an awful lot of business executives are saying how can we plan for 2014 and beyond

the lessons from that period, both here and abroad, is supposed to be more of a focus on macro prudential tools. in other words, if i'm the fed. i see stocks up as sharply as they are this year. indexes at new all-time highs. some pretty -- some pretty easy lending terms if you want to call it that in terms of the corporate bond issuance space. at some point doesn't that have to factor into what they do to make sure they're not developing another problem, a repeat scenario of what got us into trouble the last time around? >> absolutely. and that's the tight rope they have to walk. as you see this new fed that's going to be coming in, it's fwoi going to be a brand-new group of people. only two are going to be carry overs. the others have either resigned or are term limited. obama is going to have a chance to name a whole new governance. which is an incredible power. because they will be there for 14 years. to the extent it's unfinished terms, even beyond that. so we have a whole new group of people, including the new presidents, that will be coming on, anchored by richard fisher from dalla

we've got gary thayer and quincy crosby, prudential financial analyst.ction to the latest news out of d.c. that the republicans in the house are going to take something to floor tonight and3 that we're getting closer. are you optimistic at this point? >> well, cheryl, we are optimistic. i mean, obviously, we're not seeing this process go through with smooth sailing, but i think we have taken two steps forward for every step back, and, you know, it's a little bit of a disappointment that we were getting some positive comments over the past couple of days, and now we seem to have some more obstacles to get over. but i think more likely than not we probably will get something done and work our way through this. cheryl: quincy, we've seen incredible volatility not just in equities, but also commodities as well over the last, frankly, week and a half as we've been dealing with the shutdown. if for some reason political wrangling goes south in washington and a deal is not done, what do you think the markets would do, quincysome. >> well, i mean, if it looks as

there is something, the technology is so fascinating, this kind of takes over and it live leaves prudentialgement way in the dust. >> woodruff: is the excuse though from the administration that they just sweepingly heard the discussion earlier, ray, that they are just sweeping everything up. and in so doing they catch up even the chancellor's phone calls. >> it's the shall did -- if you were barack obama would you want them to do that to you? there is some basic respect for privacy. again a community and alliance is built on trust. and they have to think well, they wouldn't do it to me because i'm their friend. and if they don't think that, what kind of community and alliance do we have. i should point out the two top stories are both heavily tech related. and how the technological revolution is both changing government and changing what we think about government. one of the things david cameron has done is taken tech people, at least one tech person and put him at the top of government, in the cabinet level just to reflect on all these issues that come across various departments. >> but th

this work reflects the consumer and the prudential regulators and the mutual desire to conduct examinationssistently. a checklist of things to do the rules take effect -- the qms and fair lending earlier as i mentioned and we're consulting with best to groups to how educate consumers with information about how the new rules will affect them. aware of critical operational and interpretive issues with the rules, we have them.sed we made a commitment to significantly affect decisions through writing through amendments and rules be, the themselves. we issued various amendments over the course of the year with in mind, to assure the effectiveness of our rules industry easier for to comply. by addressing and clarifying the reduce questions, we the need for individual institutions to spend time uncertain heir own judgments on these matters. we understand even though the amendments responded to your requests to remove bstacles to implementation, they require you to make further djustments be but do not believe the implementation process should slow any lender servicer. congress established the dead

prudential is quite relative.still remains very much there. >> it has weakened the last 36 hours in expectation of tapering being pushed back further. we think it's not likely enough to be strong enough to warrant tapering in december. it is likely to be based on relative to the other countries. we think the dollar could come back, particularly against the euro but the ecb is being dovish, and particularly against sterling which had a very good run. >> morgan stanley updates investors before the opening bell today. this comes after goldman sachs blamed the economic outlook on its drop in revenue. its fixed income revenue collapsed down 44%. chris katowski joins us from new york. thanks for joining us. >> good morning. >> goldman sachs, talk about a bottom line beating as missed revenues. what's the key take away? what's the implication? >> well, i think it was a generally a weak quarter in trading. we saw it and, you happen, trading comes and goes. i've followed these stocks for a long time and i'm fairly philosop

come with aging that all -- they go to all of those different diseases so whether you are aarp or prudential or slaves pay attention to this big summit conference at the nih the 30th and the 31st of this month created thank you. >> that is good because i think the complementary that we talked about earlier points to the value of that balanced approach. complements are like peanut butter and jelly. you don't want to end up where you have a sandwich but you only have the peanut butter and you only have the jelly. you need to have them both to get the most value out of it and i think that's an important side of all of this or that sounds good. the other side of thing that has been encouraging is the same that we have been talking about which is thinking about cost-effective solutions that andy and ties in with everybody being able to access them. broad access to costs effective solutions with more emphasis on the research side. not just is this treatment going to be better than the last one? is it going to be more cost-effective in both circles which i think is great. i think it really is a key

with the decision on that basis and also a more prudential basis that the federal government should be cautious and exercise discretion and going in and of setting the verdict. >> i agree with you. i hope i'm not hurting your reputation in the legal command key. >> even enhance my reputation, senator. >> i think that's a pretty reasonable view because i think there's a lot of pressure being applied to the attorney general and quite frankly the president. you know, we are talking about trying cases in political arenas is probably not a good idea, having the speak up, mother speak up about losing their children, that is very appropriate and i hope we'll listen and learn while we can. if you are defending a case like the trayvon martin case, which you have done similar things have a defense? >> it have to be a little more specific. >> is there anything wrong about the defense in that case? anything unethical? >> i'm not going to charge a fellow lawyer with unethical behavior without knowing more. i was deeply troubled by the caricature of trayvon martin as the personification of the stere

. >> and i'm sure organizations like prudential are interested in that type of thing. >> into do.ere are methods to headache sure that your savings are aggregated over time, but there is continued work to be done on a public policy basis for any sort of coverage solution to make sure that as people switch jobs, they don't cash their money out. the, there is a behavioral issue that we as human beings have, and that is a bird in the hand is worth more than two in the field. so if you see a large savings amount and you switch jobs and someone says would you rather have the check sent to you, would you rather have the check sent to a future savings account, the vast majority of people take the check today and, unfortunately, are sacrificing their future financial security. .. what was lost in a private pension for those that have them and there were women and minorities that never have them and lost a piece that is still there. so in one way it is the most powerful that america has. however it could be a boost. and polling shows us that most americans on both parties would favor impro

section 716 as it stands now would force certain swaps out of federal prudential regulators supervision and push them into affiliated entities that are not subject to the same oversight and regulation. this is why some of the loudest critics of the pushout provision have been federal regulators like the federal reserve chairman bernanke and paul volcker. i know ranking member waters and many members of the house from both sides of the aisle share these concerns. moving swaps out of banks while intended to he reduce risk may actually increase it. this is one of the reasons i introduced h.r. 992, the swaps regulatory improvement act leaves the most opaque swaps spun off to affiliates, the kind of swaps that exacerbated the 2008 crisis. those are still forced out. however, banks will be allowed to provide other types of swap contracts to their customers, such as equity, credit, and commodity swaps. which are very important to my home state, illinois. all of these activities are subject to the new swaps regime created by title 7. including reporting and registration requirements, clearing,

the full moon rising over prudential center building.f luke. you didn't want that, did you? >> no. the slow motion track and monster mashing. steven drew striking out. >> the mood of the show would have been different. kathleen sebelius. >> donny deutsch and nicole wallace. patiently drudging through three hours of red sox adoration. we miss you. tell us how did kathleen sebelius do here yesterday? >> probably as well as could be expected. it's really hard to defend. the website roll out is one thing and they will get that fixed. it's embarrassing i think for them to have to come up and explain this and defend a major disaster, but i think as the president said, this is not just a website. it's much more. the things that will be harder to defend are the canceled policies and all the things that are hitting middle class americans now. the real problem the administration has with the health care plan. >> nicole wallace? >> we haven't seen this in a long time. i opened up "time" magazine this morning and they are pointing to problems in the

this is from needham, you can see the prudential center, 55 degrees to 62 degrees. those pictures. here's a look at what's about to happen. today's high temperatures, pretty nice temperatures. the blues that we're a little bit afraid about. the winter air is moving n. tomorrow, chicago, your temp drops to 48. tuesday the blue though is getting much closer. one last day across the eastern seaboard on tuesday and then everything kind of changes. going to be looking at hurricane conditions. most of them are tropical storms. i don't think we'll be looking at a big storm soon, but we have to watch it. could see some activity developing in the gulf over the next couple of weeks. i'm coming over to you now. we're going to test. >> a brazilian sports doctor often asked, how long am i going to live? this brazilian sports doctor came up with a method. people who have difficulty getting up off the floor are most likely to have fewer years left. grampa's got to get up. difficult to get up off the floor. you might have fewer than five years left if you have a hard time. >> it's

boston is seeing a nice sunrise this morning, looking at the prudential center, and later on today, it'set a little cloudy and gray. a 50% chance of showers for the first pitch around 8:00 tonight, temperatures about 45 degrees. but by the time we get to the last pitch, temperatures drop down into the lower 40s but we'll lose the chance of showers. elsewhere, a little snowy, especially up across the northern plains up through the dakotas, we could see a dusting of snow today. that's a look at the weather >>> thank you, dillon. good morning. you made it to wednesday. we have thick fog out there. i wanted to make sure you were ready for that. above the low clouds, you can see from san bruno mountain, a beautiful clear sky ahead. we have to wait a few hours to see the sunshine. a mile and a quarter shall that's all we have available in terms of visibility in san jose. headed toward 76 degrees with the sun breaking toward the clouds between 10:00 and noon. a nice day tomorrow. a touch cooler and then we level off for the weekend. and that's your latest forecast. >> all right, dylan, thank yo