she's sue swenson, very dynamic, energetic individual who i think will be an outstanding leader of the board as et goes forward. as it goes forward. we've just part last two years been led by sam g be inn, a former wireless executive at air touch and vodafone, and sam did a wonderful job giving the organization the credibility it needed at the outset. he's decided to step aside, and sue will be taking over. so i expect we're going to see a tremendous amount of energy and activity out of firstnet here over the coming months. >> host: larry trick lipping, just from an organizational point of view, what's the interaction between ntia and the fcc? >> guest: the fcc is the independent regulatory body, so as they are dealing with rules, as they're dealing with enforcement, they have the jurisdiction to do that. we can provide input through their rulemakings in the form of administration positions, and we do that when we think the opportunity is appropriate. but in general, it's the fcc that has the ultimate responsibility in those areas. >> host: so how much time do you spend with tom wheele

karen swenson. my best friend. that's her husband and her daughter, katherine and john.nyway -- >> so cute. >> they've been talking world cup nonstop, okay? so everybody's buzzing about it. >> i know. we're going to watch it. >> you're going to be on the plane. >> i'm going to listen to it on the radio on the way to the airport. >> you know who's into it? will ferrell. will ferrell is so fun. he's gearing up for the game. he gave us just a little taste. >> usa, usa! >> it's an honor to be playing tomorrow. i'm not going to lie to you, i'm not going to lie to you, i'm not in the best shape, okay? you know how much time i got? i'm going to try my best. in the spirit of america, if the game gets close i will bite! i will bite! i will bite every person and playerfy have to! >> i love it. i love it. >> could there be a better pump-up speech than that? >> no. >> i will bite every german playerfy have to. >> my mom's watching, watching all the world cup games, my brother's totally into it. my sister who lives in dubai is watching. >> oh my gosh. >> she so is excited in dubai, t

swenson has done a wonderful job.preceded them -- he did a spectacular job and this is a tough market for people like that. >> if this is a tough market -- you will not take the job. the three ideas in this bull market -- >> the three things that have been important our valuations, this is at 11ago, times earnings and they were ridiculously cheap, fast forward to today in the valuation is ok. they have given other things like price out of debt -- and then you factor on top of that the negative psychology -- >> nobody is talking about the market. >> in january a number of pundits were saying that the market would go up some more because we had a 32% rise last year. a veryrall we still have negative situation. and most important is janet yellen and the fed. >> can we rip up the script twice? how do you define a pundit? what is a pundit? >> someone who writes for the tabloids. >> they can write for the tabloids but may i suggest -- that they never enjoy really losing money? >> a pundit as opposed to someone who is garden

karen swenson. that's her. and her daughter. catherine and john.the airport. i'll be fine. >> you know who else is watching. will ferrell is so fun. anyway, he is gearing up for the game, so he gave us a little taste. let's take a look. >> usa! >> it's an honor to be playing tomorrow. >> i'm not a soccer player right now. i'm going to live up to the spirit of this american team. >> you know what -- >> i love it. i love -- >> could there be a better pump-up speech than that? >> no. >> i will bite every german player if i have to. >> my mom is watching. she's, of course, been watching all the world cup games. my brother is totally into it. my sister who lives in dubai is watching. i want to show you a picture. she's so excited. in dubai they're getting ready. she has her usa shirt on. is my phone number showing? >> we hope not. >> she's number one go usa. >> we're really ready. >>> there's a study out there, the "wall street journal" talking about it that talks about when men wear too much cologne, okay? does henry wear it? >> henry wears cologne, bu