optimism from me is going to be pretty unlikely i actually agree with your expert who just said that the macro policies don't work and what we see in the europe well the most indebted european nations receive all that bailout money and they spend the bulk of it on supporting their banking sectors their real economies continue to suffer and the deeper the downturn the harder it will be for them to reduce their debt we have to remember there's the too big to fail factor if you don't bail out banks then the economy might suffer even more well we have some optimism actually coming from the european commission here is we should abandon you . we've taken a lot of very appropriate you know the eurozone has already made over the peak of the financial and debt crisis but the situation remains unstable and there is much still to be done and we are already seeing a tendency towards the recovery of growth next year and further consolidation in twenty forty. i'll see if mr brown used to be trusted there are reasons for caution so home on how many times have they said about before and have you noticed whene

the hundreds upon hundreds of companies are trying to rip off the evil day and will prevail over the macro negative consequences just as a final question with a look ahead into the near future do you think greece will get the next tranche of a bailout anytime soon and what are the chances that greece or any other country for that matter will now be leaving the euro there's a ninety nine point nine percent chance that greece will get the relief in terms of extra funding next week the twentieth of november has been mentioned as the meeting where it will be agreed in chase of greece leaving i think there is more than a fair chance that greece relief on a managed to escape from the euro inside the next six months all right indeed a pretty pessimistic view there from steam jacobsen let's see if if i can get any optimism from our business desk and thus the finance guy is there for us right at us what do you think is going to happen in the years and i'm going to get any optimism from me that's for sure well i actually think that whatever the the money these most indebted european countries get th

events of the economies, not the macro events of the governments.don't you feel if you put ten business people in a room, lock the door, you guys could hammer out a solution to the fiscal cliff, but does that mean, terry, that you would accept, and i don't know nor do i really think it's relevant where you stand as far as right or left is concerned, but some tax hikes and some spending cuts, does it have to be a combination? >> well, i think speaker boehner has it right where he said we need to look at the whole tax code before we start increasing taxes. so i actually think that needs to be evaluated. so i'm not quite sure where the fiscal cliff is going to go. i'm assuming they are going to as they say kick the can down the road for another couple of months. hopefully they take that time period to lay out a foundation over what they are going to do in order for us to put our fiscal house in order. liz: there is citizen duffy and there is businessman ceo duffy. let's talk about the ceo duffy and how your customers and i want to remind our viewers th

the macro says it. the micro says it. things are stabilizing. think 2013 will be a very good year for china which is why in 2012 you have to buy the fxi. stay with cramer. >>> coming up, trucking? westport innovations seemed out of gas after reporting last week. but then it went into overdrive after the announcement it would be making engines for long haul trucks. are hopes for nat gas fuel future back on the table? find out in cramer's exclusive with the ceo. >>> and later, cliff diving? budget cuts, tax increases. the fiscal cliff looms large over the market. calls for compromise are out on all sides. but with gridlock still gripping the washington beltway, could your portfolio be at risk? stick around for cramer's call. all coming up on "mad money." i don't spend money on gasoline. i am probably going to the gas station about once a month. last time i was at a gas station was about...i would say... two months ago. i very rarely put gas in my chevy volt. i go to the gas station such a small amount that i forget how to put gas in my car. [ male

, we can talk about the macro and micro effect in this kind of technology. >> all right. so when you have an idea and you printed out when you hold in your hand, you tweet about it and we think this is great. the good news is that i actually went back in 1977 i probably should have been even more fit to go to 1984. in 1985, the first laser printer from apple as well. we forget how mind blowing that was. publishing used to be something that you needed. now you can put it on your desktop. you can point and click and it has become high-quality professional staff. that is super exciting, but only a few of them. those printers spoke a language called postscript. it was the same language spoken by the biggest printers in the world. you can upload it to a printer and you really could publish it. that was kind of exciting. and then we did the same thing with the web. you can distribute as well. now we are doing the same thing with physical goods. rather than printing it, they added an additive technology. you can cut away that object. now you've made a mold and you can make milli

when we talk about the deficit that will crowd out in the macro economic growth. e have bad economic times and declining employment, declining gdp, you still will have the superstar companies that really have unique innovative products. we are fortunate to have a large number of them listed here on the nasdaq market. i would say, it's always going to be the exceptions will always be there. we have to worry about all the companies and the ability for companies to really have the advantage of having a tail wind as opposed to a head wind. we have to create a tail wind environment where economic forces are working for these companies. neil: another one that has done well. >> great product. neil: we all have it in our cars. optimistic no matter who wins the heart of capitalism right here at the nasdaq market's. times square out our window. >> i am optimistic. i'm also optimistic that the the congress that will reconvene in 2013 will be more of serious mind and purpose and will look at the fact that we have to actually get things done. we need our policy makers to come u

>> something's changed. >> it's a reflection of the overall macro economic situation around the countrye world? and also, you made a lot of play around the management shuffles and you say margins are going down, but there's an argument against that and no product innovation. that's crazy. they've got a big, big innovation in apple tv that is going to come out in 2013 that's going to be shaking up the whole cable and television world. >> paul, what's the deal with apple? why is it down now in bear market territory off the high? has the story changed? >> i don't think the story's changed that much. you want this company to be an innovator and there's obviously a lot of angst because in recent weeks and recent months you've had ramping or very early ramping of two important products and new versions of the ipad and the iphone 5 and so i'm not necessarily worried, even though i do follow the unit volumes versus the street estimates in their very early quarters of their ramps, but i like the fact that the company's innovating and i think there is after this downside which i think is really e

you think about the condition of the macro economy, we're better off than we were four years ago but nowhere near good enough to the point where people feel confident about the american future, about the lives that their kids are going to have going forward. wages are still stagnant and growth is still tepid. the unemployment rate is still too high. the most of the country still thinks the country is on the wrong track. these are all huge, giant albatrosses for any incumbent to carry. it doesn't matter who they are. structural factors on the president. and the other is not the best kind of republican candidate you could have imagined in the circumstance and been haunted by things he's done in his past. whether it was four years ago, before he was a candidate, writing that "new york times" op-ed piece that said let detroit go bankrupt. huge issue in battleground states. the positions he took to win the republican nomination on immigration, alienating himself with hispanics. on contraception and planned parenthood with women. he's always going to be competitive. but the problems that he

too simplistic view to look at volatility with this specially with central bank easing and with the macro economic picture factoring so much in the complexity of markets so we have a volatility analyst chris cole who's really going to get into the nuts and bolts it's a much more complex picture revealing a bull market and fear live so don't be a turkey watch this part of turkey's verite are getting even or they're getting or they're being called suckers i guess wolf on your show things lauren that's going to do it for the news but for more of the stories we covered check out our you tube channel you tube dot com slash r t america at our website r t v dot com slash usa follow me on twitter at liz wall back here and half hour. culture is that so much a given to each musician to find the mark when the carnage continues in gaza israel claims to omar many of the gazans using self defense at the same time denying the palestinians. more news today violence is once again flared up the film these are the images kobold has been seeing from the streets of canada. china corporations are all today . y

only competition and so you can actually get the real understanding to be able to articulate what the macro economy is about and what the federal reserve is about. so this is what i have high school and college students act like they are ben bernanke and try to speak in his language and give a ben bernanke asked types which is ironic because the fed's issues are with communication one of them today was the one thing annual national finals of the college by challenge you said that was a cute video tell me it was kid about that because that was horrifying to me but you tell me why that was to a mom all their kids get their kids i mean three there's nothing cute about kids going in i can like court jesters in front of a despotic marks and be the mom the priest of the monastery priests yeah look you know what when i saw it it was very hurriedly when i was doing it allows don't really know if we have the last or second this is nuts this is actually kind of crazy is just think about it you actually bring people in drug indoctrinated youngsters into your into your like mecca and you have them perf

the macro overhead clouds that look so bad and get the cheaper stock market, there are opportunities here. >> there will always be opportunities. there is always opportunities, obviously, but i think covering the shorts, one was a little bit longer. if things look optimistic, it is good. but we have a lot of problems aside from the fiscal cliff, tensions in the middle east which are probably outside the fiscal cliff, that is my biggest concern we have to see how that goes over the weekend. liz: we do have these issues, rockets being launched hitting civilians, the israelis retaliating. you don't it hit by rockets and not retaliate. what do you think happens is that the entire energy complex side? >> i'm looking for settle above $87. we came close but we did not get it. we have tensions in middle east, don't think it has a big impact on the system for crude oil. that means it will not get set up, but we get things taken care of in this country who don't have as much problems for the european debt and crude oil rallies. what i'm looking for is above 87 and i will start to buy. liz: $0.

company to further out how they can further cut wages and dump workers and then we realize thatten oh the macroel the economy will never revive. we will never deal with in in come inequality or bring back demands. >> we exacerbate income inequality. we were that talking about hostess to modernize innovate, diverse tying their product. what model should america use going forward in addition to the changes on the board? are there other specific things that you would recommends to the united states for flexible labor policy? >> yeah, well again as you framed this up, we need to start with the premise that we're not going to have a successful economy or successful enterprises if employees are viewed as another means of production. they've got to participate at every level. you can't participate at every level and have wage cuts, pensions destroyed and health care gutted. it's about how do you mix a sense of participation and a sense of collective well being of all stake holders not just the owners. how do you strike that balance between investment in the business and a payoff for the owners? i thin

it is a continuous on going operation that involves looking at everything on the macro level or the strategic level. the fact is that president morsey, i believe it was in 2007 specifically said the u.s. never presented any evidence regarding 9/11. so we are giving money right now, billions of dollars to a person who literally wanted to have a conference, a scientific conference because he challenged the actual evidence that 9/11 is connected to a terror organization which is ludicrous. giving this money to a terrorist leader or to a president of a country who openly aligned himself with terrorism, truthfully is i'm marl and irresponsible especially in a economy like this. >> do you think that at any point president obama has threatened egypt and said look, turn it urned or -- turn it around or else we wul cut you off. do you think it is as sharp as that? >> i don't think that president obama has really had what it takes to be able to step up and look into the type of eyes of a guy like this who really is going to understand -- >> secretary of state clinton is about to go directly to cairo. d

the macro environment is much more important than the tax environment. when president bush lowered the tax rate in 2003 the annualized return for the next decade through yesterday, 6.3% per year. cheryl: 40% of returns aren't taxed, many are in it for the long haul going long-term. you have the income disparity. 250 and above, that does not mean everyone. >> that is a great point. they're not sensitive to race. the dividend stocks were sold down because of taxes, lot of people going to buy them because they might be undervalued and take advantage of it. the other point is about 40% of the folks collecting dividends every year as effeminate less than a quarter million dollars per year. if president obama gets his way and keeps rates as they are for many% of the population, they won't be impacted by the rates going up. cheryl: you like high yield investments. high yielding stocks. an etf you're recommending to us. do you think high yield does not equate a good choice as far as the stock goes? >> if you're getting high yield, that is a higher strategy. if y

can get things done and get the economy moving again. >> it's much more complex than it seems at the macro level. but what's your instinct for the day? >> i think it would be a very narrow victory for obama or much larger victory for romney. i think romney might do it by a laernlg margin than we expect. >> he's back on the campaign trail with states very differently performances recently in the unemployment numbers. wisconsin 7.3%, so that's below the national percentage. colorado at 8%. and we've got nevada 11.8%, that's one of the outliers. >> he has to go with vision and energy about what he can do in the future. and i think that's been lacking in the campaign. all the way back to the democratic convention and the speech which was disappointing, the first debate made him really think about what sort of president he would be for the next four years, never mind the last four. i think he's struggling to put that vision out there and bring that energy and drive that was so important in 2008. >> a criticism about romney is that he hasn't really put out their plans. >> and you think that's ju

you're not worried about the macro, it's good given everything that's happening in the macro.the globe, tell us about a few of the opportunities you see right now. >> sure, there are several stocks where we think are pretty interesting right now. one of them is telecity, a data center company located in the uk. what we think is really interesting about telecity is the fact that their growth is being driven by the exponential growth of internet traffic and they also have key geographic locations in city center locations like london and paris and frankfurt, and what's really important about being in those locations is it gives them an advantage over their competitors in that they're able to provide lower latency, able to provide a shorter distance from point a to point b for their customers. >> so that's something you like, and you've also been looking around at a pharmaceutical company in canada. what do you see there? >> yes, valiant pharmaceutical we think is a pretty interesting not your typical pharmaceutical company. when you think about a big pharma company you think abou

and on that note, daniel, we mentioned this during earnings report the string of macro data. is it going to be about that in the trading session today in your view? >> yeah, again, i think people will be holding off until toll. the adp will move things this one direction or another, but i don't think we'll have an enormous amount of trading volume. i would have actually doubted what i'm saying over the course of the two days the market was shut, but i'm now of the opinion that really we'll see a very, very quiet environment from now really through the election. not just into the jobs number, but through the election. because i think there's just too much event risk out there for people to take any meaningful positions. >> great point. we'll leave it there. >>> still to come, new york slowly coming back to life after sandy brought most of the state to a standstill. >> scott cohn will have the latest on the ground. >>> apple you can see here during the month of october down nearly 11%. biggest monthly drop since november 2008. also just to remind you earlier we saw sony coming o

i would pay more attention to the macro lessons. >> that is a terrific point to end up. thank you for our panelists for being here. thank you to all of you. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] >> tomorrow on "washington journal" bill press looks of what is next for president obama's second term and the democratic party. michael steele discusses the future of the republican party. life 78 eastern on c-span. -- live at 7:00 a.m. eastern on c-span. >> this should be the year we stop our debt from a tax and entitlement reform. i am proposing that we avert the fiscal clips together in a manner that ensures that 2013 is finally the year that our government comes to grips with the major problems that are facing us. >> i am open to compromise. i am open to new ideas. ed to solving our fiscal issues. i'm not going to ask students and seniors and middle-class families to pay down the entire deficit while people like me are not as to pay a dime more in taxes. >> the current congress still has work to do. a

i don't think we should worry about it in the macro sense but i do think this is going to be used veryh against israel. and they are making a mistake in minimizing the consequences. i know the pain hurts but this is a very important political victory for the palestinian authority. >>neil: do you think we will see a palestinian state? >>guest: well, not any time soon at the rate they are going. that is why the vote is contrary to reality but that makes it par for the course at the n. >>neil: thank you, ambassador. if the president's pitch does not give him the extra $50 billion in instruction he -- in stimulus he is seeking, groups are gearing up. a republican lawmaker is saying they are hoping it doesn't take him down and he is challenging him. to investing with knowledge. the potential of td ameritrade unlocked. nyse euronext. unlocking the world's potential. to a world of super-connected intelligence. the potential of freescale unlocked. nyse euronext. unlocking the world's potential. >>neil: fired up protesters planning to upset republican lawmakers to get them to side with the pres

year's earning and for a company as strongly positioned as apple is, growing 20% next year, assuming the macro situation does not deteriorate, i think it would be a good use of cash. normally i'd like to update the stock purchase designificant. i'd rather see more of the dividend-type investment. but, yeah, at this level i wouldn't necessarily be surprised to see some news front on that front. >> all right. we'll be watching for that as well, darren. thank you so much. >>> we'll be talking to jeff donedunlap who called the trough in natural gas. he's made a lot of big call and we're going to ask him what he thinks about apple and that will be roughly at 10:30. >> committee tell josh when he might get the power back? >> he might. he's that good. and we're going to get to the root of the gold and oil market. and what happens if a fiscal cliff deal does not get done? half time report starts right after this. 's tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in j

economy and in the macro economic environment. i think if they could just get the u.s. economy where you are better aligned fiscal policy and monetary policy, both in the short term but also in the long term, if they can get that done and get businessmen some greater clarity on where the economy is going, hopefully in the right direction, i think we'll change retail sentiment and business sentiment faster than i think most people realize. >> absolutely. we always say that the market hates uncertainty and loves certainty. what about the near certainty of higher taxes that would be on the table if indeed obama wins again? >> well, as i said before, i suspect it will be a split between the white house and the congress and i think they'll have to work together. i would expect some tax increases if obama gets elected. but i think they'll be reasonable and as long as they avoid the fiscal cliff or make the pain of the fiscal cliff much less than it is if it just expires. i think the market will take that positively. >> fred, thank you very much for your insight on that matter

if you could the macro hat on for a second and tell us what you think of the world now post election,iously the market sold off. europe is in a disarray. where do you think we are headed here broader market sense? >> for the last month we have large positions in different companies, as you know. i have been completely hedged. in fact, i have been negative for the last month or two. i said this actually, i think, on your program or some of the programs. you have massive problems right now. i'm not as bullish about it next year. the fourth quarter won't be good but more importantly, i think the fiscal cliff isn't a binary thing. it's not one day you wake up, make a deal with the house or mitch mcconnell. if there is going to be a deal made it's still going to take a big bite out of spending and therefore out of the gdp. i don't think our economy is as healthy as people think. so if you're asking me, i'm relatively negative. so i have all my stocks and all these things that i own. i have them more than completely hedged, you know, with s&p. >> sure. >> shorts, options. >> carl, i want to

i think certainly people will start to look at the macro picture of the economics. but in terms of the geopolitical surge, we think there is a lot of risk out there. we think it is more after risk of iran and more of a 2013 issue but we think that's the big threat that's not going away. with many respects what's happening in gaza really didn't have any potential impact on crude supplies. iran is a much bigger story we need to watch. >> and one that continues to develop. of course as they continue to move closer potentially to having nuclear capability. what are your expectations as we move towards the end of this year and into next when it comes to iran if that is the key focus in the region? >> we expect another round of the cease-fire plus more multi multi-lateral talks with iran. will the west be able to remove sanctions and get a deal that satisfies all parties. at this point i'm not sure there is an easy off-ramp to negotiations. think iran will demand at a minimum low level enrichment. i don't think they'll suspend their enrichment potential so i think it will

. >> on the macro, do you think we will see steamrolling or wheeling and dealing where the governor goesature and says okay, you want this and i want this. let's meet half way is there i think we will see wheeling and dealing. to mayor brown's point, they probably won't take on these larger issues. they are concerned about keeping the super majority through 2 next election cycle, so, they believe if they do something democratic, they will lose the super majority. >> and jerry brown doesn't wheel and deal, engage in wheeling and dealing. he is a cat who pressures it from his own perspective and his own view. the fact you may have to join him, that is the question. >> the brown cousins -- . >> move in together for a long, long time. >>> coming up, one last look at this morning's top stories. >> including new development in a deadly crime spree? san jose where officers caught a teen suspect. >> we will be right back. ,,,, a memorial service was heldr an . >>> welcome back. here is a look at this morning's top stories. >> a memorial service was held for a 22-year-old man killed in an attempt

it's $11 million, a lot of money, until you kind of back up and look at the larger macro-focus here. the map light foundation, which tracks campaign money, both in california and other parts of the country, came out with a number recently that they calculate $350 million on ballot measures alone this general election season in california, remember that doesn't include legislative congressional, anything else. 350 many ballot measures. prop 30, prop 32, this union paycheck protection measure and prop 37, in particular. about food labeling. those, plus molly munger's money on prop 38, i could go on and on. it has been a huge campaign -- >> belva: millionaire's row. >> talking about that, john, as belva said, the munger brother and sister team, amazing how much they've spent on their two measures. talk a little bit about this in terms of the billionaires who have weighed in or the millionaires, and how it sort of shaped this whole election season here in california. >> and you know, carla, you and i know it's fascinating. the track record of wealthy people in california trying to get the

scenarios and drones and before we get into that, what are the impacts on the economy, the micro -- the macro and microeconomics. about the fact facts you're talking about some of the differences in mass production. there was a book that you roll call two ways to make a duck. i thought we could start their. >> okay, when you get a 3-d printer and you have an idea and you print it out, it is incredible. you hold it in your hand and you post it on, you know, youtube or whatever, you tweet about it and you think, this is great. i would like one, too, and then you print a second and third one. then you spend your whole life watching the printer work. so you'll have to use a new set of mass production technology. so the good news is, i actually went back to 1972 -- it is probably more appropriate to go back to 1984 with the macintosh and the 1985 with the apple printer. we forget how mind blowing that was. it was desktop publishing. that was kind of amazing. people used to buy ink by the barrel and publishing was hard. now, you can put it on -- you can put on your it on your desktop with software

it has to do with the macro call on the chinese economy.here are some that have called for the chinese economy to have this crash landing which it has not had yet. is it softening? yes. pete talks about the u.s. strategy. steve talks about a mature strategy. i think it's a rebranding strategy. they're taking market share from chipotle. you have pizza hut which is strong. if you think the chinese economy has seen the trough you have to buy yum here down 9%. that is what i believe. you're seeing strength in asian currencies. i think that lends itself well to 2013 and the emerging mavrke story is coming back. that is why i'm buying it. if i'm wrong on emerging economies i'm wrong on yum. doc? >> back on october 9th judge this was a $66 stock. all it's done is round trip back to there. i'm looking to pick it up more like 62. that's where i think it is an even better value. i agree and i think the kfc brand in china is not about taco bell in china but about kfc and that's where they really hit the ground. the fact that they slowed things down a

into very strong shape at a time when all of us have very little control over what might happen in the macro. jerry webman, right next to me, with oppenheimer funds, the chief economist, and our first personal trainer for your portfolio. he's joining me in a fox business exclusive. 183 billion in assets at oppenheimer. so people listen to what you are saying here. what is your -- you just heard all of our traders. did you agree with what any of them had to say about what is going on? >> those traders are very focused on what is going to happen yet this afternoon overnight and by monday morning. liz: the next few minutes really. >> the people who invest with us are worried about yes the rest of this year but next year and the years beyond that. so it is a very different perspective. we should keep them straight. some of the things -- the fiscal cliff i don't have to be the 100th person to tell you, it's a real thing. liz: i've decided no one else is allowed to come on the show and simply say we're concerned about the fiscal cliff. they have to give solutions. >> here's what you do -- the prob

the government could play a different role and a more helpful role in the economy and supporting the macro economy compared to what the previous orthodoxy had been before the 1930s. >> reporter: but that meant going into more and more debt. that's a good thing then you say? >> it meant being careful with the debt still. it meant that deficit spending was something that could be very useful to you. and when the economy needed some help. >> reporter: very useful and, of course, borrowing proved very necessary when world war ii broke out. total u.s. debt soared to 120% of g.d.p. but after the war, the u.s. economy soared too. by the late 1960s economic growth had wiggled the percentage down near 40% of g.d.p. despite new wars on poverty and vietnam. again, debt had delivered us from evil and it seemed into prosperity. and then came the 1980s and the tax cuts of ronald reagan combined with greater defense spending leading to hugely higher annual deficits covered by borrowing. and thus again a swelling nationa debt. but with no wars at all. then under presidents george h.w. bush and bill clinto

down on these analysts because i think they look too much the minutia of a company and minneapolis the macro i like his methodology, starting right at the top, politic and policy because those are the big drivers and movers of stocks over the last five years. the thing i don't like about downgrading cat, there have been some decent numbers out of china. if we think we're going to come to some agreement on fiscal cliff, the broad market with rally. cat would become a proxy. >> so disagree with jpmorgan there. brave man. "limited upside brings us back to a hold on valuation ground." the stock has had a modest jump of 8% over the past six months. >> i'm long j&j and am going to hold it like they say. that 3.51% yield is nice particularly when they're -- when the government's compressing yields along the treasury curve and the perception of safety and yield together is going to become very attractive. i'm not sure if safety's deserves but perception is there. people might flock to johnson & johns johnson. >> you're comfortable with this drown grade. >> i am. if it settles above $70, i'll add to

>> smart phones are growing globally -- globally, we are cautious about the macro economic situation. if you look at our guidance on device shipments, we actually took our numbers down in developed markets and up in emerging markets. so it's a lot of strength in the emerging markets, and i think that's going to continue to go forward. we look at things like sensitivity to the fiscal cliff, if we fall off that and in the worst case lose maybe another point of global gdp, we still think that we'll have good growth because the smart phone isn't a a luxury item now. it really is a thing that people need to get on-line. even in developing countries. liz: i'm glad you brought up the debt situation and what's happening in the wake of our election. obviously everybody's talking now about the fiscal cliff and you were one of the ceos who signed the campaign to fix the debt. you're one of those smart guys, you know, phds, entrepreneur, tell us what does the number one thing this country needs to do fix the debt right now. >> we're looking at things like corporate tax reform. we would like to se

then in terms of the macro picture, russia at its highest production levels since the post-soviet era. that's pressuring brent prices. demand destruction definitely a case here in terms of the fuel price, in terms of gasoline futures. we are looking at distribution issues slowly being resolved. not if you're sitting in one of those gas lines. but the jones act, the waiver there, that's certainly helping. then of course we are hearing about power being brought up from the gulf to some these terminals. that's going to eventually help as well. we are looking at sharply lower prices. session lows in fact for gasoline and heating oil as well. >> sharon, thank you for being the bear irer of better news. >>> though the gas shortage is still a big problem for a lot of people in new york and new jersey. >> but a big government rule has just been rescinded that may finally get the pumps flowing again. we'll have the full details and the fake gas mileage claims by some big automakers coming up next. red tie. >> blue tie. [ male announcer ] at scottrade, we believe the more you know, the better y

chavez, so we can have these debates about tactical changes in global perceptions, but still, at the macrovel, if you're looking around the world at people who say "boy, if push comes to shove, let's see, putin, not so much. china, i don't think so. chavez, a little nutty, and he's going to die, anyway." tom gjelten: yeah. philip mudd: so, i think, you know, some of this is a micro conversation. jim zogby: but, but the issue, the question that was asked was our standing in the region and does it impact one way or another, and it does. and the reason why is because the leaders of that region, rightly so, turn to the united states, but the distance that grows between the leadership in the region and their people, over the relationship -- i was asked, actually, at the time when mubarak was being threatened by demonstrations, there was an npr reporter who called and said "would our standing go up if we dumped mubarak?" and i said, "you got the question backwards, we're not unpopular in egypt because we supported mubarak, he's unpopular in egypt because he supported us." in gaza, with the iraq

i just think the macro picture is really positive around the globe. improving china, a little softer condition and background in europe politically. and i think improving conditions here in the u.s. for the consumer and for manufacturing and for gdp in general. our general background is pretty positive. >> great points there. sandy, what about you? you say regardless of who wins the election, the fiscal cliff would be either downsized or deferred. what does that mean? >> well, i think downsizing is more likely. have you to factor in the hurricane as well because that's going to be a half a percentage point decline as well, coupled with, you need to get that fiscal cliff down to 1% or maybe 0.5%. i think the downsizing has to be pretty substantial. they're either going to have to defer it to the new congress and either a new administration or the existing one, but they've got to get it downsized pretty substantially pretty quickly. and it's going to require, because of that gridlock we're going to have again, a bipartisan concurrence. that's going to b

you just try to relate the macro to the retail sales. it just doesn't compute.ldn't be as good as it is. if you go back and read the headlines a week ago, it wasn't supposed to be as good. this is the upside surprise. also, they're not holding back because of the fiscal cliff. which still is beyond many people in america. >> most of the people rushing the store may be aware of it in some way but they probably are not in the weeds on it. >> i would have liked to ask the 23 year olds, look, are you going to stop spending or cut back because of the fiscal cliff. i'm out there enough already. i can't even go to that level of being out there. >> you can't? >> no, i can't. i can't. i'm a fixture at every mall in the country. this mall of america there was a guy. mike didn't work initially. you handled that so well. the mike didn't work initially for mall of america. >> i threw to him on friday. while you're shopping you still managed to watch us. amazing. >> and miss you? it was just like you didn't skip a beat. like you had actually been to a mall. >> you knew i had