so i think you've got this tremendous virtuous circle in the development area, and i think you're not really paying a tremendous amount for it because you're buying it right now at eight times cash flow. you're paying 30 times cash flow for amazon. i just don't understand that. and you look at eight times cash flow, it's like the guy running away from the bear in the woods. he only has to run faster than his friend. at this point apple, it doesn't really have to run too fast. all it has to do is run faster than mcdonald's and procter & gamble and i think it's going to be a marvelous investment. and if they ever decide to buy stock with that $122 billion, it's a 14% pretax return. the stock -- i don't know how high it can go. but the direction is up. i think -- i don't know how many of these phones they're going to produce or market but i love the stock at 7 1/2 times cash flow. >> i love the metaphor, larry. a bear in the woods. always good to have you, larry. great to see you. larry haberty of the gabelli multimedia fund. >> people getting mad at me because i was -- i wasn't rude. wh

but when it works, it was the virtuous circle of growth. they played their workers well and workers went out and spent on their wives and families spend their money. that consumer demand drove business to expand production and build new plants and buy new equipment and hire more people and that was the next round of growth. of course there were ups and downs and imperfections in the program from the end of world war ii until the mid-1970s. but overall there was a steady climb in the nation's performance and then the standards of the middle class in america. economists call that period the great convergence. what they mean by the great convergence is the gap between the income at the bottom and the metal and the top were closer together as a convergence and level of people's income that is practically unheard of today. part of this was the result of union agreements with big companies like the united autoworkers agreement on the terms i talked about before, steady jobs, higher wages and benefits but part of it was the mind-set of ceos, the l

not only as rich, but as virtuous. as people who have the key to successful for the whole country.nd obama -- and i think a very delicate and subtle way, is challenging that. >> that's right. he just doesn't like us. these comments from david siegel if only businessmen voted in the election romney would win 99-1. we businessmen are so tired of being vilified when we create all the jobs, pay most of the taxes. thank god i come to work every day and employ 7,000 workers. virtuous, they carried the earth on their shoulders. >> that's why when mitt romney was in trouble in august and he needed to kind of rally his base, which is these guys, he went to paul ryan because they know paul ryan from that world. >> this isn't about deficit reduction. >> no. >> this is about -- >> this is about money going to the top as fast as he can wire it. "plutocrats," great work. on target for this election. >>> last night's debate was feisty. we learned a lot about both candidates based on their presence on the stage. the one and only james lipton from "inside the actor's studio" is coming here to revie

want to give your viewers the impression that i'm trumpeting myself as an all together madeover virtuous person. >> not at all. you denied all the charges against you. >> they're rubbish and anyone can see they're rubbish. >> you are a convicted fracturedster. >> no, i'm -- fraudster. >> no, i'm not. none of this would stands up. we got rid of all accounts and we had the prosecuting stat tute declared unconstitutional. >> when you read the remarks of the judges, for example the judge in delaware, that you are evasive and unreliable -- >> that was not a criminal case and that was completely -- just a minute. that was a completely fallacious judgment that was in fact absolutely defied by the jurors. >> it is the opinion of the judge and you have been convicted. >> would you stop this bourgeois priggishness? you're a criminal. >> no, i'm not a criminal. do you think the british court would throw 17 counts, racketeering, money laundering, all of this, have all of it thrown out, everything, the supreme court, or the equivalent in this country denouncing the lower court judges as i had yots, a

will the virtuous living, they had their own planes in the aviation plane overhead. that ability to arrive immediately and be ready for combat right away was exactly what the marines said was important after world war ii when the other services or say no, no, nuclear weapons will do that anymore. >> host: you mention political lobbying on behalf of by the marines. how did that occur? >> guest: is extraordinary. after world war ii, all the services reorganized to do away away with the navy as principal cabinet positions that create what will become the department of defense. in the start of this process can the president and all the other services were more or less on board, radically reducing the marines will national defense. they didn't want a second land army, which is what he thought? the marine had come to that?? world war? ii.???? the marines took some of their smartest and most well-connecte? officers and they really became? insurgents inside the defense?? establishment.??????? they broke rules.? they stole top-secret documents? they copied th

image as a uniquely virtuous nation. the most fundamental form of liberty, sexual consent from british abuse. each person who repeated the story of beauty and booty helped validate assertion that american men proper country because of the romantic love that they felt for sweethearts and because of their determination to offer their women affect his protection. in doing so, u.s. soldiers in asking the love of liberty was entirely different from british tyranny. throughout 1815, cities and towns across the nation through festive dinners and dances in honor of andrew jackson and he attended many of these unassertive victory to her. men and women alike gather to celebrate the coming of peace and to repeat the pitcher brickbats of how general jackson had saved the women of the country. in georgetown in december of 1815, for example, celebrants offered a toast, urging the feelings of peachtree to some and duty opposed to the watchword of beauty and booty. jackson raised his glass. the midst and became woven into the national f

in what many euro americans saw as a virtuous cycle but many native americans and their british allies saw as more of a vicious circle, the continent's wide open grounds supported demographic expansion even as the increasing u.s. population enabled the seizure and settlement of new lands. resulting divergence in british and american attitudes towards the merits of population significantly increased tensions between the two nations on the each of the war. thomas jefferson who was architect of the doubling nation's lands had mall thus's objections is in the form of that purchase. u.s. took formal possession 1803. exactly one month later on february 1st, 1804 jefferson wrote a letter which he confessed to quote, giving leisure moments i do rarely find to perusal of malthus's work on population. though careful to acknowledge malthus's work of one of sound logic, jefferson insisted that the ending englishman's theories could not be applied to the united states. jefferson concluded to the contrary in america, immense extent of uncultivated and fertile land enables everyone who will labor to

to shield taxes which will allow the cash flow to just get into a virtuous cycle. i like it.. still own it here. >> karen hit it on the head. the home builders have run so much. home depot. you're not the first to discover them. the one place i'm playing it is analy capital. one of the mortgage reits. they have suffered because they have had a reinvestment risk. they have to buy mortgages yielding less. last night they announced a buy back 10% of market cap. that will take them out for offering stock. there is a 12% yield. even if it goes down you're still happy. plus you have potential -- >> i'm not recommending stocks. have you ever seen their subsidiary, camera? >> and zillow became public. it was always about display ads. not anymore. that's how brokers reach the people out there looking for a property. they get their name in front of them, click on that. different from a display ad. >> mike? >> it's interesting. the options market was bullish on home builders for a while. seems to be turning the table on them now. the options market signalling that it's time to have a he

if we were to emerge in the shadow of our grandparents could we must persist in virtuous leadership onevery battlefield and every boardroom, from baghdad to washing 10 and from kabul to silicon valley. our amendment is resolute, our nation's best lie ahead. thank you. [applause] and i mentioned before i'm the class president in 2002. a health plan tailgaters in the fiscal duties and reduce some interesting things. we write books. but in august 2009, i got a phone call from a classmate that one of my classmates was killed. captain matt freeman. his mother is here with us today. she wrote for the story. one of those authors that i worked with overtime. we are honored to have you, ma'am. this event is a tribute to not and were grateful for your words and thank you. [applause] >> 9/11, 2001. four days earlier is attending the naval academy's parents weekend of the class of 2002. this is matthew's chance to proudly show off his naval academy before graduating in the spring. for me, the day began and mathews aerospace engineering class as my husband, gary, naval academy class of 76 as the gu

that is the virtuous circle we are looking for. and have been for quite some time. >> simon? >>> sue, let's stick with the u.s. economy. so-called fiscal cliff is still two months off but the threat of tax hikes and spending cuts is already reverberating through the economy. a new report by the national association of manufacturers says that if congress doesn't reach a deal to avoid the cliff, then about 6 million jobs will be destroyed through 2014. it expects the unemployment rate to soar if that happens to almost 12%. the nation's ceos also of course on the fiscal war path yesterday. we spoke to one of those 80 who are calling for congress to take action. today jpmorgan's chief jamie dimon continues the drumbeat in asia. >> the underlying strength of the economy is actually pretty good. corporations, no market size companies, consumers are in better shape. housing is turning. it isn't as strong as anyone would want. what's really, really important is good policy. we need good policy in the united states. think of a fiscal deal, simpson-bowles type deal. i think that would

i thought i was virtuous, i thought i was the national hero. >> people can read about it "the new yorker." it's a terrific article. thank you so much for coming on. >> thank you very much. >>> the nightmare continues for american airlines passengers. the loose seat problem the airline thought was fixed wasn't. at least 50 thursday flights were canceled, another 44 may be canceled today. american has now grounded 48 of its suspected 757s, although they believe they have the real problem under control that's caused some seats to become disconnected. it's the clasp getting stuck in the unlock position. american says they hope to have these repairs completed later today. problem under control that's [ female announcer ] ready for a taste of what's hot? check out the latest collection of snacks from lean cuisine. creamy spinach artichoke dip, crispy garlic chicken spring rolls. they're this season's must-have accessory. lean cuisine. be culinary chic. they're this season's must-have accessory. why they're always there to talk. i love you, james. don't you love me? i'm a robot. i know. i know

and it's this, there's nothing inherently virtuous about long-term investing.ng has become a loaded word. loaded with negativity. as if somehow in and out of stocks for short-term gains. i'm not here to make judgments, we're here to make money. i think picking long-term winners is more lucrative. i like it. but if you find your portfolio does better when you're managing your money more actively, hey, meaning trading in and out of stocks more frequently, more power to you. i'm not going to judge you, although never forget, you do not have the horses to compete with the high-frequency bandits or the hedge funds with multi million dollar research budgets to support their operations, one of the reasons i prefer longer term investing. at the end of the day, the bank doesn't care if it was short-term trades or not. we've seen banks launder drug money from cartels, they're not going to draw the line at money you made from trading stocks. the teller, presuming you can find a human isn't going to say i can accept this deposit, but not that one, it's dirty money from tra

that's the kind of virtuous circle that we need to set off. that's why i think it's so unfortunate that so little has been done. the congress has been willing to do so little to prevent damage to the economy over the last two years. why is this the moment when we should be laying off teachers? why is this the moment when investment in fixing our infrastructure when interest rates have never been lower, when construction on employment hasner been higher, why isn't this a moment when we're doing more rather than less to get a growth strategy going? surely this is a moment when the emphasis should be on getting money to people who are going to spend it. those seem to me to be crucial priorities for right now. >> larry, do you have just a number for how much the government has grown since the end of the clinton administration? because it's grown every year and it's obviously much bigger at this point. >> if you look at permanent -- i don't have a number. what is true is that most of that permanent growth that did take place took place during the e

the letters which have been made public portray them as vir ofuous victims -- vir -- virtuous victims. the judge sentenced jerry sandusky to at least 30 years in prison this week. >>> mitt romney says if elected, he will get tough on china. he's pledging to designate china as a currency manipulator. that's a step no u.s. administration has taken for any country for 18 years. some say the moves would set back relations to china. they also say it could hurt efforts with china on issues with iran. >>> recent polls show president obama beating romney by just 1 percentage point in florida. >>> 7:16. the only vice presidential debate of the season takes place tonight in danville, kentucky. alison burns is in our washington, d.c. newsroom with what both candidates are saying about tonight's debate. alison? >> polls show most voters think congressman paul ryan will win tonight's debate. it's at center college in kentucky. ryan admits he's nervous but says he's gonna emphasize the clear differences between the obama and romney campaigns. >> joe biden has been on the stage before. this is my fi

it strikes me what you're saying, there is one side of a bank which is virtuous by the fact that it equally balances the shareholders and the staff and the customer and there is another side of the bank which is nonvirtuous where it only balances the interest of the shareholders and the staff and the customers completely excl e excluded and that's the core behind the volcker rule. >> i reject the word virtuous and nonvirtuous. that's rather prejudiced. >> no. >> the one that has i think historically important public function, it's hard to see an economy working without commercial banks doing their essenti essential funkion. it's not hard for me to see the economy working without the amount of speculative and proprietary activity. i'm not saying that's wrong. i just say let people do it who are not protected by the government. and who can be permitted to fail because they don't have a central piece. but they can do all they want. we got mixed up. that's what the investment banks were doing. they were immensy profitable but they got in trouble. now they suddenly make themselves and the banks.

>> proverbs 31:23 says a virtuous woman's husband is praise ted city gate.ight. dan is awesome. >> reporter: after 12 full months trying to live by the good book, one lesson became clear. >> biblical womanhood is not as simple as you might think. ♪ i got to have faith, faith, faith ♪ >> rachel held evans is with us now along with her husband, dan. good morning to you both. >> good morning. thanks for having us. >> good to have you here. i am so curious why you wanted to do this. what was your go? >> i think all women can relate to the feeling they are always falling short of some ideal and growing up in the conservative evangelical subculture you can the ideal for me had been biblical womanhood. i wanted to playfully challenge that idea and challenge the idea that any of us are practicing biblical womanhood all the watch i thought this would be a fun way to do that, hopefully liberate women from the fear that they are fall willing short and remind everyone that the bible and women are much more complex than following a set of roams or rules. >> how hard was

parliamentary party structure in a system of so-called checks and balances that was designed for rule by virtuous public-interested politicians who would not submit to the temptations of what madison called factional politics. including making decisions on the basis of what will most help your political party rather than what will necessarily help the country. um, so after praising friedman for his diagnosis of america's condition, met me conclude by offering some severe criticism of his limitations. in friedman's recent bestseller, which i assume is on sale at book people, co-authored with michael mandelbaum "that used to be us: how america fell behind in the world it invented and how we can come back," we find the statement that, quote: for america's remarkable history, the constitution deserves a large share of the credit. unquote. although friedman and mandelbaum call for shock therapy -- this is their term -- to alleviate what they call the, quote, pathologies, unquote, of contemporary american politics, they also write that the country does not, quote, need fundamental changes to its system

it's a very virtuous cycle. people stay for the whole careers. there's a very high social status to being a teacher in finland. my question, if that's what they've got right and we haven't got yet, what do we do, what practically can policymakers do to elevate that, the teaching profession so people really do want? i would open it to anybody, but bob, if you would start off. >> i do think that this issue of actually trying to raise standards of the much more selective even at the front end about who can get into a teacher preparation program, whether it's university-based or not, is a piece of the strategy. i do think that making, and our context, here it really is a big context difference, but because in most other countries once you come in, because they control insurance and have high entrance standards, once you're in your in. is not a question of having to pass through three years and then qualify for tenure. i actually think our not taking the tenure process seriously here is, has huge consequences. and not paying any attention to performan

it strikes me what you're saying, there is one side of a bank which is virtuous by the fact that it equally balances the shareholders and the staff and the customer and there is another side of the bank which is nonvirtuous where it only balances the interest of the shareholders and the staff and the customers completely excl e excluded and that's the core behind the volcker rule. >> i reject the word virtuous and nonvirtuous. that's rather prejudiced. >> no. >> the one that has i think historically important public function, it's hard to see an economy working without commercial banks doing their essenti essential funkion. it's not hard for me to see the economy working without the amount of speculative and proprietary activity. i'm not saying that's wrong. i just say let people do it who are not protected by the government. and who can be permitted to fail because they don't have a central piece. but they can do all they want. we got mixed up. that's what the investment banks were doing. they were immensely profitable but they got in trouble. now they suddenly make themselves and the bank

i think that being undecided can be a noble and virtuous calling. >> they're undecided, uneducated, uninformedsorry. >> i don't believe them. >> yeah. they just want attention. >> i don't believe that most of them are undecided. i believe that some of them are genuinely afraid to express their true political opinions. i've got several cousin who is profess to be undecided, but i don't think they want to tell me that they're voting for romney. >> that's bad. >> i don't believe a lot of them are voting. i think a lot of people who leave up their decision to the last minute are similarly going to stay home. >> i don't personally know any. none of us here do. they're either very -- >> facebook friends, maybe. >> but the thing is a lot of them the only way to really gauge them now is based on independent vote. that's going to be the swing vote right now. and what we're seeing now with early and absentee voting, we're seeing with the activity that we're seeing, we're seeing much more republicans come out as opposed to 2008 than democrats and we're seeing many more independents come out. and typicall

any company that is profitable, creates jobs -- >> giving someone a job is as virtuous as giving someonelking about another arrow in the quiver that both an individual investor has or a company has. >> you can't argue with it. >> you can't say everybody should do it and we would be the last to say everybody should do it. this is a great use of fl philanthropic dollars, create the infrastructure for those who say it's possible to do it. guys say i know how to do the financial due diligence but not the social due diligence. >> some of the guys that have made money and maybe there weren't any things associated with the company they end up giving all their personal wealth to philanthropy. >> they've given a $1 million prize with the partnership with "the huffington post" to anyone who can come one the most creative job creation idea. all the you vooers of "squawk box" can participate in this competition. >> i love arianna, you're able to do a lot with philanthropy. thank you. [ male announcer ] for the saver, and a big first step. for the spender who needs a little help saving. for adding "&

parliamentary party structure in a system of so-called checks and balances that was designed for rule by virtuous public-interested politicians who would not submit to the temptations of what madison called factional politics. including making decisions on the basis of what will most help your political party rather than what will necessarily help the country. um, so after praising friedman for his diagnosis of america's condition, met me conclude by offering some severe criticism of his limitations. in friedman's recent bestseller, which i assume is on sale at book people, co-authored with michael mandelbaum "that used to be us: how america fell behind in the world it invented and how we can come back," we find the statement that, quote: for america's remarkable history, the constitution deserves a large share of the credit. unquote. although friedman and mandelbaum call for shock therapy -- this is their term -- to alleviate what they call the, quote, pathologies, unquote, of contemporary american politics, they also write that the country does not, quote, need fundamental changes to its system

you don't think it's his or harder working, more virtuous in terms of putting themselves on the line and accept risk in order to achieve their trains? >> guest: some fall into that category. the world is filled with all kinds of creative people who need a lot of money. and there's no problem. the problem we say is that this is a ballot the way it used to be for the rich didn't use to pay a lot more than they do now. the average person i has no idea. how much the tax rates have dropped. i mean, the one you mentioned a second ago as dividend income. it's a perfect example. most of its history, the tax on dividends was outpaced what was it to it was the biochemistry salesman or die maker, whatever. the end of your income, dividends were taxed at that rate. 2000 the cubs fan and that was sliced to 15%. that was the first time ever. this is a monumental tax rate to the very rich. when you look at tax returns, i restate it, the number of people who get dividends is right at the top. it's a 1% or 2% of the population. if they wanted a few dividends? is one happy to get 15% tax clicks yes. b

you don't think it's his or harder working, more virtuous in terms of putting themselves on the line and accept risk in order to achieve their trains? >> guest: some fall into that category. the world is filled with all kinds of creative people who need a lot of money. and there's no problem. the problem we say is that this is a ballot the way it used to be for the rich didn't use to pay a lot more than they do now. the average person i has no idea. how much the tax rates have dropped. i mean, the one you mentioned a second ago as dividend income. it's a perfect example. most of its history, the tax on dividends was outpaced what was it to it was the biochemistry salesman or die maker, whatever. the end of your income, dividends were taxed at that rate. 2000 the cubs fan and that was sliced to 15%. that was the first time ever. this is a monumental tax rate to the very rich. when you look at tax returns, i restate it, the number of people who get dividends is right at the top. it's a 1% or 2% of the population. if they wanted a few dividends? is one happy to get 15% tax clicks yes. b

class that the then they get very selective about who can go in the future class and it's a very virtuous cycle they had a little turnover and people stay for their whole career. there is a very high social status. so my question if that is what they've got right and we haven't got yet, but practically can policy makers do to elevate that, but can the legislative people do that's not attractive in a different way than it is right now in the u.s.. i leave that open to anybody but bob, if you would start off. >> a couple things. i do think this issue of actually trying to raise standards and be much more selective even at the front end about who can get into the teacher preparation program letter does the university or not is a piece of the strategy. i do think that making in our context and this is a kind of big context difference because in most other countries because they control entrance and have really high entrance standards once you are in, you are in. there isn't a question of having to pass through the years and then qualify for tenure. i actually think they are not taking the pro