in schiller park but the catchy name didn't come to him until later. on a business trip they flew in to st. louis and were driving down the street in st. louis and he sought a sign that said twinkle toe shoes and he said twinkies. he says it will be a sad day of the hostess company completely phase it out taking the 20 with it. i'm glad he is not here to see that day this is part of american life for the last 60-70 years the 20, good or bad it's part of the american life. >> another day of violence in the middle east and tonight people in this strip into israel on high alert after they attacked the holy city for the first time in 40 years. and they plan to keep the nation from going off of the fiscal cliff and one year off of thetom skilling says we could get even warmer by thanksgiving. whatever it takes, get to sears super saturday with friday preview! with 60% off sweaters for the family. this led tvfor just $119.99. and this craftsman impact wrench, for $89.99. this is how to gift. this is sears. i said to my wife the other day: i bet you that we c

the schiller index report.day more housing news with the latest number of new homes sold out on wednesday. on wednesday the beige book will be out. that tracks activity in regional economies across the country. on thursday the second reading of third quarter's gross domestic product report. the sgpd the broadest measure of the health of the american economy. typically a mark mover. >>> finally at a time of of the year when many worry about eating too much, corey book er is preparing to trim his food budget. he will live on the equivalent cost of the food stamp benefit for one week. this standarden state that is $133.26 a month or $33.32 a week. he initiated the challenge following an exchange with a twitter follower over the role of government in nutrition and food stamps benefit. he will begin to eat on less than $5 a day on december 4th and will discuss it on social media. food for thought in this time of plenty for so many of us. that will do it for us for today. keep it here where wall street meets main str

where the twinkie was first created more than 80-years ago - schiller park, illinois - people who worked as mixers and packagers, making at least $17 an hour, contemplated "what next?" the plant was closed behind them after they walked out upon hearing an ultimatum - an 8% pay cut, fewer guaranteed hours and that they'd pay more for health insurance. workers were also told their pension witholdings had been spent to pay company bills. for ten years, it's where jose garcia worked to support his wife and three children. "we were very productive. we worked a lot of overtime. i don't know what happened to the money, that's not up to me. all i know is that we came to work everyday, we worked hard and we did what we could." in exchange for the concessions, hostess ceo gregory rayburn offered unions a stake in the company while it went through restructuring under chapter 11. on the company's website, this statement: "hostess is unprofitable under its currect cost structure, much of which is determined by union wages and pension costs. we do not have the financial resources to weather an extende

heading higher, rising for an 18th consecutive month, according to the widely followed s&p case/schiller home price index. the survey tracks 20 metropolitan cities, and shows home prices were up 3% year over year in september. compared to august, prices inched up three-tenths percent higher. together, analysts say the numbers add up to a long recovery for housing. >> the housing market has clearly turned the corner and is well on its way to recovery. it's going to be a slow, steady, recovery rather than a booming, explosive recovery, because we still have a few years of distressed inventory we have to work through and some headwinds in the lending market. >> tom: nationally, prices are back to their mid-2003 levels. but they're still down 30% from the peak of the housing bubble. >> susie: last summer's drought fried much of the nation's corn crop, but it didn't scorch interest in owning farmland. in many parts of the corn belt, farmland values jumped 13% over the past three months, according to the chicago federal reserve bank. as diane eastabrook reports, a growing number of investors f

. >> our reporter meghan schiller, from our abc affiliate, has the details. >> reporter: pastor billya triathlete. but he hopes to add another sport to his list, extreme well bell-ringing. >> for the most part, i think -- when a child starts going daddy, daddy, daddy. i use that here. >> reporter: his challenge, ring the salvation army's bell nonstop for 60 hours. >> for every hour i ring the bell, i get a five-minute break. when i'm on my break, i'm allowed to eat, drink, if i want to pass out, i can do that. but i have to be back before the end of the break. >> reporter: he called up the salvation army to volunteer, with one simple goal in mind. >> to get involved in the community. and help out those that are less fortunate. that's the main reason i'm here. and i think it's because i'm a little crazy. >> reporter: 60 hours of bell-ringing seems like a very long time because it is. but pastor billy says he's going to use a lot of different techniques, such as, the wrist, the full arm bell swinging, the wheel, and a little twirl action. >> billy is obviously an athlete. but more than

both ways so like i said before i would expect to see housing prices soften once we see the case schiller numbers for october november december simply you know for no other reason than seasonality but also i think because you know the spurt we saw this year has slowed considerably since what about what about shadow inventory what about foreclosures that have not been gone through with yet i mean what is the reality of this backlog that is still hasn't been put out on the market or has been foreclosed on or works through because there is some sort of some of these reports of a tight supply in some areas is that they're not very tight supply and this is deliberate the banks like to take their time on foreclosures they're in no hurry in new york or new jersey or connecticut because they know that the market is limited so between the delay in the courts plus other factors for every house you have for sale today what i tell my clients is there's another house just like it waiting to come on the market if prices do go up these are discouraged sellers who wanted to see prices go up voluntary sel

ethics rules which dictate that former representatives must wait at least a year before lobbying schiller's office did not answer multiple requests for comment from r t so let's see what schuler with his six years of building connections on capitol hill will do for duke when he shuffles through that revolving door that's can do for now but make sure you check out our youtube channel where we post everything there youtube dot com slash r t america you can also check out our website that address is r t dot com slash usa you can also follow me on twitter at liz wall for now have a great night.

the confidence numbers of the highest levels since february 2008 also case-schiller shows the total order for durable goods is unchanged. we have a deal on wall street and some upgrades so there are bits and pieces and many are rushing to get ahead of the fiscal cliff. lori: with the potential tax increase with dividends companies to try to get a job and are paying dividends early before jittery first. joined the is seen him from s&p capital investment strategist. i know you just put out your outlook for the 12 month target? we are just about 1400 today. that is significant? >> basically it is a 10 percent increase. how could you come up with any type of forecast based on all of the clouded issues? we had a relatively weak summertime. >> have you ever see them more complicated time with the market's favor the romney victory. now the issues you raised one advice you give? >> look beyond the valley. local -- global gdp and we see around the world the trough is likely to be seen and corporate earnings and the u.s. are likely to be tracing out with a flat shape thinking we have come in throug

wgn's judy wang reports from the hostess factory in schiller park. a big blow just days before thanksgiving. hostess set a deadline for striking workers to return to work. that deadline passed and at 6 a.m. chicago time, the company did what it. order the court to seek permission to go out of business. >> show park workers were not on strike but stood in solidarity with those who were walked out of the job. now there are 18,000 employees nationwide out of a job. >> members of the company's second-largest union went on strike last year because of health and retirement benefits. and a reduction in pay. the wreckers were told that they did not return to work by 4:00 p.m. thursday, they would close its doors. in a statement the chief executive officer said we did regret the necessity of today's decision but we do not have the financial resources to weather an extended nationwide strike. he goes on to say hostas will focus on selling its assets to the highest bidder. >> it has been sinking in for the last couple of months and now it is real everybody is g

s & p case schiller index tracks them in 20 u.s.ices jumped. that's compared to the same quarter last year. analysts say it's another sign that the housing market is bouncing back and could indeed help boost our economy. foreign buyers are helping drive up the home prices. analysts say folks from places including china are spending billions of dollars on u.s. real estate each year. they say those investors are snatching up everything from foreclosed homes to high end luxury properties. william lajeunesse live in los angeles. william? >> foreign investors smell a bargain here. the chinese like california, latin americans, florida, mexican buyers prefer texas. americans bought $82 billion in u.s. homes last year. 7 billion from the chinese who now rank number two just behind canadians in real estate investments. california to new york, the chinese are paying cash for high end multi million dollar homes with special kitchens, in-law suites and koi ponds. >> it's been fantastic for the u.s. housing market because we have not suffered as

the case schiller 20 city index up is five months in a row. you say don't look at the prices so much. >> i think looking at housing prices is the worst thing to look at. i think you want to look at activity levels. the reason we're seeing prices uptick is we're seeing foreclosure activity at a lighter level than it would have been. we had the scandal a couple years ago. banks discovered during the process while they held back on foreclosures short sales were the way to go. we have a lot less distressed property in the mix right now. it's skewing the metrics. >> isn't a market still a market. doesn't that mean that people are willing to pay more for houses? >> i take word with the issue recovery. when i was at school, the word recovery meant getting better. i think the word recovery now means not getting worse. >> chris, jonathan takes that view. allen greenspan says slow down. we heard from ben bernanke this week. listen to what he said. >> unfortunately, while some tightening of the terms of mortgage credit is an appropriate response to the d

home prices in phoenix are up over 20% from a year ago on the s&p case schiller home price index. prices are also rising fast. in las vegas, parts of california, and even in florida. another concern is that prices overall are rising faster than income growth and that does not bode well for non-investors either. this phenomenon is playing out largely in those formerly very hot markets that crash the hardest. there are still some great deals for investors in places like chicago, atlanta, even right here in d.c. before you take me off, i got one thing. someone wrote in to the blog today really right down the line of what we're saying. he says people are buying homes out here in new orleans stupid fast. but the problem is they're investors and they're renting them all out. >> very good point. diana, thanks. good to see you. ty, down to you. >>> the german parliament approved a new bailout package for greece. meanwhile, unemployment hits a record high in the eurozone but european central bank chief mario draghi expects the economy to recover in that area in the latter half of next year

i asked bob schiller the same thing. very well could be. >> i think the overall risk is when the fed comes to the point where they realize they have to reverse the policy, interest rates are likely to surge vary dramatically. that will cause orbitz rates to rise, all kinds of expenses to drive, it will be nasty. dagen: what is more important, buying houses or stocks? >> homes are very, very attractive. i have bought three pieces of property personally in the last year. dagen: commercial or residential? >> residential. dagen: i will not ask where they are. [ laughter ] >> i am not living in them off. [ laughter ] if the government is willing to hand me money at 3.5% to go bought a house, we are talking about and after tax cost of interest on these homes of less than 2%. dagen: you don't think they will take that away for wealthy americans? >> i think that is a third rail. i think they will likely cost it. dagen: from your mouth to people who are listening. scott minerd. be well. connell: while we wait for speaker boehner

the twinkies was born right here in schiller park in 1930.tess said this is what brought the company down. i am holding one of the last boxes of twinkies. this is the last line ttey ran. they said they would continue until noon today, a quick an hour early. 10:57 a.m. the workers are hoping that the hostess brand will survive. live in chicago. back to you, melissa. melissa: thank you so much. coming up tonight on "money" we will have the ceo of hostess. he will talk about the liquidation and closing. that is tonight at 5:00 p.m. eastern. i have a feeling it is not the end. i think they will get the very valuable brand. lori: such a notable brand. it is an icon really. the president intern bowed to increase spending. with the looming fiscal cliff, that promise is now looking empty. we have a senior writer at smart money.com joining us now. young people, students, far worse, are really standing to lose some serious benefits here if we do go over the fiscal cliff. >> if they do go into effect, they are at risk. about an 8% cut in federal financi

we got the latest case schiller index of home prices in 20 major metropolitan areas and the news is goodre 3.6% higher at the end of september than they were a year earlier. now, where were the price increases? some of the biggest gains were in those areas hardest hit by the housing crisis, phoenix, gains of 20.4%. miami, prices rose 7.4%. detroit, up 7.6%. san diego, more than 4.1%. now, the rebound is being spurred in part by those record low mortgage rates. if you've got good credit and a down payment you can get a 30-year fixed mortgage for 3.31%. you can see 15 years for 2.63%. a drop in the number of foreclosures as well as a move by the banks to let home owners walk away from their homes using something called a short sale rather than foreclosing on them is part of it. so all of that is helping consumer confidence. what is hurting it? you know. i don't want to say it. it is that thing. okay, i'll say it. the fiscal cliff. the latest cnn orc poll shows nearly a quarter of a americans fear an economic crisis if congress doesn't act to avoid the cliff. another 44% predict major probl