. >> tom lee. barry corngold. >> followed by peter witt. >> okay. good afternoon, mr. chairman and members. san francisco is a very, very busy city and we're living in expensive san francisco. people are paying high money to sit in a cab. they should get a cab as quickly as possible. the best service to the public is that cabbie should right away -- but we have 1500 legal taxis. another 1500 illegal taxis, but they are choosing the busy time to come out. it's not everyday at any time. this is the real effect. so add 200 cabs more is providing another 600 jobs for the gate and gas drivers. it's a very good thing. i would like to see the drives get shifts and support their family and pay their bills. but the actual cost of rung the business in the taxi is $50 a day only $50 by the car for insurance. it's $50 a day and now you are going to charge $1900 a month. so you should make your taxi policy as parallel to the cab company and driver, because you should give half of the medallion leased to the cab driver, who would like to lease. especially maybe two or three drivers

when i got some of the data that actually the source of the information was tom lee, great strategistn someone points something to me, tom lou who's been dead right on the market. corporate buybacks going from 2007 to recent. you see the numbers in terms of what they are. this is the sort of gem behind this. if you look at the mutual fund flows, negative flows out of equities and you take a look, for example, 2010-2011, $200 billion come out of net equity. net equity outflows out of mutual funds, area ctfs. if you take a look at the amount of buybacks, companies buying back the same shares the mutual fund managers are selling because in the redemptions it's quite interesting, it's $400 billion. what does if all mean? it's simple. if you go back to 1990-94 period as tom lee did, look at the buy back data, buybacks represented 15% of inflows. purchasing stocks here at the big board. buying of shares. today that number is 81%. so, one of the reasons why you're not seeing the retail exit out of equities having the kind of impact many thing it would. it's essentially -- it's a basic trade

bring in tom lee of jpmorgan. tom, you've been bullish, we know that. welcome back to the show. >> yeah, thanks. >> i know you've been listening to this conversation. let's take it from where we've gone here. the fed talks, doesn't act. what happens to the market? >> i think everybody made the point which, is right, we're going to have to look at what credit markets do. if the fed talks and gets people out of corporate credit, that's very bullish for stock. the high end market is the leading indicator for what the s&p should be. the high end market is trading at 15 multiple to its coupon. so at 13 times i'm buying the s&p here. even if it sells off because it's disappointed without a big balance sheet expansion. >> what do you think is going to happen today? is bernanke going to act knowing that fact? >> i think every active manager i know who's sat out this rally who say it's all engineered by the policy is ready to buy the dip because performance is awful. in fact, one thing i'll just note. we've beencheck iing mutual fun data. funds have actually bee

tom lee, i mentioned several times today, at jp morgan raised his numbers today, only going into thelection. most guys out there are fairly cautious on what's going on right now. i think some people are arguing the multiple should expand. maybe not earnings go up but the multiples. that's the argument right now. if you do that, you can get to 1,500, 1,550 on the s&p very easily. everybody thinks now the bernanke put is therefor ever and that stocks are not going to go down. obviously when you get some kind of event that's happening, you're going to have the euro blowing up again. that's got me a little worried right now. they're going to continue this morning. on the back of consumer sentiment falling down high. >> it's definitely a surprise across the board, and it was more due to kind of the forward look. we'll have to wait and see. give the respondents great credit. they must obviously walk everywhere, not drive. i look at the 186. that's up 20 basis points on the week. we're up 26 basis points a week on a 30-year. a good chunk of that has been offset by the surprising so often th

i know tom lee and j.p.nd kelly is doing great reporting as she does in terms of hedge funds and let me tell you the reason i thought last night this in fact was the case. take a look at the data. this is tracking the s&p percent changes over the same period days where the stock market was up half a percent or down half a percent. i didn't know what these numbers we were going to look at. we ran the numbers. last year 112 days we had to move up or down more than 50 basis points on the s&p. this year 76. why does this matter? what does it mean? it means that you can no longer crouch behind relative under performance based on volatility. you heard what steve was saying. you heard about the issues about volume. this is what it comes down to. you have a couple of months left to make up the relative performance to save your business if you manage money for individuals, institutions, pensions, whoever it is. as one person who is very bullish said to me i have to read this e-mail to you, those who have not eaten th

. >> tom lee of j.p. morgan was on one of the earlier programs this morning talk in the same measure on what a romney victory would mean for the markets. let me -- let's go politics for just a second since we brought it up. let me push back on that for a second and play the other side if i could. markets since president obama has taken off, dow jones industrial average up 60%. narc up better than 100 and s&p up 65 or so percent and corporate profits record levels. can i come back at you and say, hey, who is to say the stock market can't go higher if president obama is re-elected? >> anything can happen but the president came in when you were at a lifetime if not generation low and presently it was 1527 in march of 2000 and 1565 in october 2007. we really haven't made progress in the last 20 years. i don't hold the president responsible. i think my issue with the president is his divisive dialog trying to pit the 99% against the 1% as opposed to trying to unify. if i had the president's prosecute he is and

that's in the [inaudible] that this working relationship and eternal relationship with tom, so with the team amongst mr. lee, i could understand that the relationship between san francisco and paris is not just a friendship, it could be a very efficient relationship and i will have the pleasure tomorrow to visit various places where there's a common dynamic between paris and san francisco have made innovations, technology and the spirit of enterprise and all those elements together enable a concrete relationship between paris and san francisco and even remember it last time, with had a virtual highway between san francisco and paris, we started this virtual highway, it had a lot of babies and a lot of [inaudible] in paris and in san francisco was created, were developed from this common belief that we had in innovation, in research and with the need of building economic development on new technology, on new ways of living and creating wealth and progress of the 21st century. and it's in this spirit that with [inaudible] that i'm happy to salute with all my friendship, we are going to start a new period of o

and " hope springs " is also worth it with tom lee jones. and " bernie ".ck is the best that he has ever been. the born legacy is so confusing in the beginning but in finally next week. i will be talking about the master with philip seymour hoffman. and also clint eastwood, and the justin timber like this is a very interesting film. i cannot wait with justin timberlake.. coming up the son of an glenn ford and eleanor powell. are all his life was impacted. that will be, later. >> thank you. we will be right back. >> welcome back. bomb threats. the first was in north dakota state and the second forced the university of texas and the third was a small college in northeast ohio. there were no threats and nothing was found on these campuses. >> also a clinical instructor at harvard is facing charges of pornography charges. they found at least 100 digital items of young boys in massachusetts. many of these were delivered to the medical director he is on administrative leave from boston children's hospital. this will continue to be investigated. nearly 350,000 stu

tom horn. >> (speaking french). mayor lee, council general, we commemorate today the 16th anniversary of our sister city of cord signed in san francisco in 1976. during this period, we have twice received official visits of the mayor of paris and paris has received three different mayors of san francisco. and each visit has led to projects and agreements between our two cities that have been beneficial and advantageous to each. there is even one exchange in the field of fashion wean the academy of art and university and the most famous fashion schools in paris that begin at the beginning of our relationship and continue stronger than ever today. gladys pamer, the director of the department of fashion, gladys pamer, our sister city committee member is here today, we have worked closely in the area of public transit, thank tos you, mr. mayor, the urban furniture that you showed us in paris now exists throughout san francisco, whether it be the bus stops, public toilets or the french kiosks used to distribute newspapers or other

so tom lee over at jpmorgan raised his target for the s&p -- 1,495 from 1,475 to election day.hey're arcing for multiple expansion. not necessarily earnings expansion. more aggressive fed action, more aggressive ecb actions, guys, arguably at least for the bulls for some time of multiple expansions. >> aig, $630 million share price. that's a hedge fund rescue. >> incredible. >> what a trade. >>> let's checkle trades with rick santelli at the cme group. >> yesterday's news, the statement, the quantitative easing 3 is what all the rage of the news cycle is. but keep in mind, there are a couple of things we need to pay attention to. while we're still all digesting what was a very aggressive move by ben bernanke and company, we're seeing data this morning, another hot day on inflation especially, including food and energy and a very weak report on industrial production, capacity utilization. two-day chart of the 10-year, it was up to $1.84. but that's only a one-month high yield. you look at 10-year minus two, up get the curve everybody's focusing on on being long mortgages. that 1

tom lee's target is still aggressive for the year. thanks, brian.q. >>> european close coming up next. up your game. up the ante. and if you stumble, you get back up. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ >>> the european markets are closing now. >> here in this country keeping an eye on the occupy protests outside the new york stock exchange. over the weekend, simon, in spain more protests over there regarding austerity. >> a lot of unanswered questions in madrid. just as you look at the close there, it is

out today in commemoration of the anniversary the one that struck me the most the one from lee hamilton and tomn of the 9/11 commission, reminding us of how many of the things that they recommended have yet to be implemented 11 years later. >> and the fact is, you know, when we talk about national security, the summer before 9/11, there was no focus that summer, i know, because a lot of us were deployed covering domestic concerns rather than foreign policy. >> sharks. >> weren't we worried about interns and congressmen. >> the chandra levy summer, absolutely. the warnings, the august 6th memo that went to president bush from the national security team about the possibility of something like this happening, there was such a confidence this could never happen in america. are we overconfident again? >> that's a really good question. there's a very powerful op-ed column in another newspaper in "the new york times" by kirk ikenwald today that not only talks about that one dial daily briefing that we've all heard about al qaeda determined to strike in the u.s., but warnings that were not heeded or ad

subjective nature of value by maisie's and folks like tom woods who added a layer they call proxy ology which is the layer of childishness where as second fact of lee economics is run entirely by ego centric children like a tom ward for example so his view of the world is the view of economics you get if you're a baby and you're suckling on your mama's breast that's tom which is view of the economy that that's where value comes from the suckling motion there are american economists they've taken the austrians call they've created what we could call the american school of thought the author's goals the rothbart. tom woods lou rockwell they're part of the american school of economics which is completely egocentric the economics of a child then you understand why america is in the state that it's in they listen to these child the child economists who are not practically all just all the more like product all ages and this guy would have been you know my product ologist now for a couple of months he's like a stalker go away well there's another institution in the news that faces an uncertain future and that is in italy moral all this bank faces uncerta

the organization to the 9/11 commission lead by the very distinguished and talented governor tom king and leehampton. my comments are based on my time over four years, the head of the national counselor terrorism center as well as serving in the navy and the department of justice. rather than spending my five minutes now going over extensively where i think improvements have been made. i'd like to focus most of my comments where i think there are still challenges that the congress and the executive branch faces over the next several years. but i do want to highlight, because you're focused on a failure, congressman, you obviously noted the success and there have been many. and many of the these discussions we take for granted today. the fact we have a single con sol state of the national court terrorism center. the fact we have analysts and information system in one place. the fact we have 104 joint terrorism task forces. none of this to say that the problems are solved, this is to say that the improvements are tremendous. and the tragedy of the 13 brave americans who were lost in fort hood c

the fall one organization to the 9/11 commission led by the distinguished and talented tom kean and congressman lee hamilton. my comments are based on my time over four years in the head of the national terrorism center as well as serving in the navy and the department of justice. rather than spending by five minutes now going over extensively where i think improvements have been made, i would like to focus most of my comments on where i think there are still challenges the congress and executive branch phases over the next several years but i do want to highlight because you are focused on a failure coming you uttered the success and there have been many and many of the successes we take for granted today. the fact that we have a single watch list of the national counterterrorism center and we have analysts and information systems from a variety of organizations in one place. the fact that we have 100 for a joint terrorism task forces and fusion centers none of this is to say the problems are solved but the improvements are quite tremendous and the tragedy of the 13 brave americans are lost in for

tom. just. it's the good the bad and the very very end x. bug name bilious lee lee the good people of the world on friday u.n. officials told a conference in geneva switzerland that the ozone hole over the antarctic will be smaller this year than it was last year efficient is also said that this goes to show how a ban on harmful substances like c.f.c.'s has helped to stop ozone depletion the ban on chemicals like c.f.c.'s was initiated with the signing of the montréal protocol twenty five years ago u.n. weather expert gear botham told the reporters at the geneva conference that the ban has quote prevented a major environmental disaster and globally ozone depletion has leveled off and quote so what's the bottom line here despite what republicans in washington will tell you. climate change is very real and it can also be curbed directly through human action if a lot of work to do to save our environment it's time to get started. the bad congressman peter king i mean she's meet the press yesterday king told david gregory of president obama's orders to withdraw troo

follow-on organization to the 9/11 commission led by the distinguished and talented governor tom kaine and thomas lee hamilton, and my comments are based on the time over four years, head of the national counterterrorism center as well as receiverring in the navy and -- serving in the nay and department of justice. i want to focus comments on where i think there are still challenges that the congress and the executive branch faces over the next several years, but i do want to highlight because you're focused on a failure, you noted the successes, and there's really be many, and we take the successes for granted today. the fact we have a single consolidated watch list at the counterterrorism center, and a variety of systems with variety of organizations all in one place, we have 104 joint task forces and fusion centers, none of this is to say that the problems are solved, but this is to say that the improvements are quite tremendous, and the tragedy of the 13 brave americans lost in fort hood can never be eliminated. all of that being said that we have avoided large scale terrorist attacks on the unit

tim holland, thomas lee of jpmorgan along with our own bri brian shackman and rick santelli. tom, you came out with a report today. i know you had a call with investors. talk to us about what you envision for this market. >> well, you know, what we're talking about is a phenomena that's really happened in each of the last three years, such as 2009, 2010, 2011. we get in towards the final quarter of the year, active managers, which is mostly mutual funds, are trailing their benchmark. in order to close that performance gap, which is the biggest since 1995, they have to buy stocks that will outperform the market, which is what we call high beta stocks. stocks that if the market's up one, they move 1.5 or 2. this has happened the last couple years. we think the phenomena will be bigger this year because, one, mutual funds are trailing by more than any other time in history. second corporate buy backs are substantial, and we're expecting them to be bigger this year because corporates don't really have an incentive to increase dividends because of unknown policy next year. also, becau

many times, we also have with us tom horn who is our chairman of our sister city committee which has many exchanges which we're going hear about more of them today, mayor lee, you have been mayor for almost two years, and as you know, the mayor of paris has been mayor for 11 years, and look how young he is, so there's hope for you. we have just had a meeting inside and the mate -- mayor has made a promise which tom and i and matthew, we're going to make sure he keeps that promise and he says, next year, we're going to paris, so tom horn and i are going to be the advanced team, we're leaving with the mayor on a sunday when he goes back. so, may i introduce our mayor, a newer mayor than the mayor of paris but one we are proud of and we will be hoping that he is planning the trip very soon, so may i present mayor lee. [applause]. >> thank you, charlotte. >> well, thank you, everybody, for coming here today. as you can see, there was excitement in the air when the mayor of paris comes to san francisco and i want to welcome him, i want to welcome the council general office as well, this is an exciting moment for me, waiting 6 years since his last visit is too l

clark and lee hamilton and republicans rudy giuliani yep mr nine eleven and self the same guy who ran on fighting terrorism is getting tens of thousands of dollars from terrorist groups also tom ridge michael mccarthy and andrew card. of course average americans and in fact many muslim americans are terrified to donate money to muslim charities and many are charged in prison because of being accused of materially supporting terror groups yet there are zero repercussions for members of the u.s. government to accept bribes from terrorist groups now even though the enemy case off the list officials been getting paid for years to speak on their behalf and there's no retroactive immunity for them to do so in one speech newt gingrich even referred to the emmett case plate as analogous to george washington during the american revolution and said that if the u.s. is moral responsibility to advocate on their behalf really is more. responsibility of the u.s. to support a violent revolt against the democratically elected leadership of iran they break it down to any case completely illegitimate inside the country of iran and has almost no support from iranian citizens the us government i

a spokesperson for tom cruise reiterated, lies in a different font are style lies designed to sell magazines. >> still ahead, jamie leeurtis on the importance of trying something new. we love her. "today's" professionals after your local news. [ female announcer ] over the years, your mouth has giggled, snuggled, bubbled ...and yellowed. because if you're not whitening, you're yellowing. crest whitestrips remove over ten years of stains and whiten 25 times better than a leading whitening toothpaste. crest 3d white whitestrips. it's guaranteed they'll go through a lot. that's why you get guaranteed savings for back to school at staples. now get a sandisk flash drive for just $4.87 at staples. ♪ from your eyes, causing irritation and dryness. really? [ male announcer ] revive your eyes with visine®. only visine® has hydroblend to soothe, restore and protect eyes for up to 10 hours of comfort. aaaahhh... [ male announcer ] visine® with hydroblend. throughout our lives. one a day men's 50+ is a complete multi-vitamin designed for men's health concerns as we age. it has more of 7 antioxidants to support cell health. one a

lee. [applause] [applause] good morning. it is my absolute pleasure to introduce senator tom coburn the two-term senator from oklahoma.an era today of what seems an opulent culture of spending in washington, few have done more to restore fiscal restrains than senator coburn. from an early age he understand the value of a dollar and was able to help grow the small-family owned business in to one of national prominence. before eventually entering medical school. upon coming to washington, this business man turned physician successfully used his time in office to provide fiscally responsible solutions in an era lacking, i would say such common sense accountability. in fact, during the first term in the senate, no other senator introduced more amendment to bills to fight wasteful spending earning him the reputation of an ardent government watchdog and a crusader for spending transparent sei. the self-imposed term limit in office reenforced his commitment to private sector solution. it's becoming a valuable symbol. to that end, he continues to practice medicine today on a probone know basis. this morning he will be discuss

lee took a half of ambient. and made less sense than usual. made a better come back than giants. bill: tomrently in the driving with that ambient. he's going to be fine. martha: it was a phrase that picked off a political firestorm. >> if you've got a business, you didn't build that, somebody else made that happen. martha: now president obama walking back that, you didn't build that comment a bit that provided republicans with the theme of one night of their convention last week. in an interview yesterday he said, quote, obviously i have regrets for my syntax but not for the point because everyone who was there watching knows exactly what i was saying. joining us now to talk about this former democratic senator of indiana. evan bayh. the president hasn't really talked about that comment. the white house says it was taken out of context. he says he regrets the syntax but not the meaning. >> everybody from time to time makes a mistake and says something they don't mean in a wrong kind of way it's better to admit that and tell them what you really meant and move on. i think that's what the pr

lee child's mystery is called "the wanted man." >> and sold more than 60 million books as he began writing 159 years ago. good morning. >> good morning. >> so tomterested in the book. >> didn't know tom cruise was 65? >> no, i didn't. >> here's the thing, it's always tense when you move a character from a book to the screen. always tense. the thing is, cruise is a fantastic jack reacher. how? i don't know. he's an actor. you know? that's what they do. >> and jack reacher, tell us who he is, because jack reacher has been enormously successful for readers. >> yeah, he is. in the front story, she an ex military cop, lived his entire life in the military, now out a civilian. not really at home in the civilian world, wandering america looking at things he's never had time to see before. trying to stay out of trouble. constantly getting into trouble, fixing problems and moving on, which gives you a kind of clue. he's that very ancient hero, in fact. mysterious loner. shows up in the nick of time, that guy, solves the problem and moves on. we've seen him in the western, in the middle ages, seen him in scandinavian targets. >> he always says the right