that's my message for david siegel, the founder and ceo of westgate resorts.s one of the largest resort developers in the world and i usually have enormous respect for him. mr. siegal started a business out of his garage, and started a huge time share company that operates more than 10,000 units at 28 resorts. for that i congratulate him. but on monday siegal sent the thousands of employees at westgate a long letter that he drafted saying that if barack obama is re-elected he might be forced to lay many of them off. i quote, if any new taxes are levied on me or my company as our current president prance i will no choice but to reduce the size of this company. the crux of his complaint, he's paying too much taxes. i quote, they want you to believe that it some how makes sense to take more from those who create wealth and give it though those who do not. and some how the economy will improve. they don't want you it know that the 1% as they like to label us pay more than 31% of the taxes in this country. but he's wrong. they today 21.6% of the taxes in 2011. but

westgate resorts david siegel joins us now on the phone.o joining us is carly fior a fiorina, who sat at the top of hewlett-packard. we're going to get her reaction in a minute. first to you, mr. siegel. what has been the reaction inside your company from your employees? >> mostly positive. maybe the people that are negative haven't reacted, but the reaction that i've gotten so far has been very positive. i was coming to work today and actually had an employee stop in the parking lot, get out of their car, and come over and say we're behind you and believe in what you're doing. so not only is the reaction from my employees, but i've gotten hundreds of e-mails, 90% positive. i've had phone calls from around the country, people all very positive. it wasn't my intention when i sent the private memo to my employees for it to get outside of the company, but someone apparently sent it to the media. next thing i know it's gone viral. >> so maybe somebody's going to lose their job anyway. anyway, bearing in mind, mr. siegel, that it is congress tha

the first local store opened up in west san jose yesterday at westgate shopping center. the neighborhood markets are along the lines of stores like lucky's, save mart and safeway without the big department store feel walmart is known for. >> it's nice. they have good pricing. >> i really think it should be a good addition for our town, better competition in this economy. >> walmart says the westgate store is the first of several naked markets that it plans to open in the region. >>> here's a top story. thieves broke this a south san jose home but they snatched a lot more than just electronics inside. they also stole a little girl's puppy. the puppy's name is mico, a 6- month-old yorkie shih tzu mix. he was stolen tuesday near hayes elementary school from a home. now the puppy's 10-year-old owner says she just wants it back. she is offering all her money in her piggy bank to get the dog home. >> can you just like bring him back? that would mean so much to me. >> what mother wants to tell their children that part of their life has been taken away? and i can't do anything a

of westgate resorts gawker discover that the billionaire owner of the international timeshare company and resort developer sent an e-mail to his employees that essentially threatened them with mass layoffs if president obama won reelection in november the e-mail from siegel to his employees begins as a pep talk but very quickly gets political he says quote the economy doesn't currently pose a threat to your job what does threaten your job however is another four years of the same presidential administration of course as your employer i can't tell you whom to vote for and i certainly wouldn't interfere with your right to vote for whomever you choose in fact i encourage you to vote for whomever you think will serve your interests best it's a story argy correspondent nicholas o'donovan has been looking into he joins us live from our studios in miami florida hey there necklace the inference of course is that the employee's best interests are served by a romney administration but sending an e-mail like this is pretty shocking what are people in florida saying about this. well there is stil

of westgate resorts david segal westgate resorts is a national timeshare company of one of the largest resorts and one of the largest of its resort developers in the world in a letter to his employees he wrote quote it's quite simple if any new taxes are levied on me or on my company as our current president plans i will have no choice but to reduce the size of this company rather than grow this company i'll be forced to cut back this means fewer jobs less benefits and certainly less opportunity for everyone he went on to say that if this does happen and he has to close shop that he won't be worried instead he'll be on the caribbean sitting under a v. sitting on a beach under a palm tree and retired with no employees to worry about and let's not forget about bob murray the c.e.o. of murray energy if you recall he's the one that forced employees from west virginia coal to take an unpaid day off work and attend a mitt romney speech in the front of the mine he's also routinely asked his employees to donate their time and money to political causes that he supports and one letter he wrote q

but the e-mails, particularly the one from westgate have been billlonaire who gainne nntoriety for building the pountry'ss iggest houseein florida -- 90,000 sqqaree feet. t was the subject of the documenttry queen of versailles. to say that hh''l be forced to lay off employees if he has to pay more in taxee is a hard ell for some.. "you see someone who lives in a house, obviously very rich, telling his employees, middle class americans how toovote, r - peudaa times. maybe to the darkkagee when you had ooe peudal lord telling everybody else how to behave." we reached out to the companies, but none of hem rrturned our calls. in response to nnws stories pbout its letter to employeess koch industries reccntly issued a stttement that said in part, it was not annattempp tt itimidate employees. straight aaeaa....going to extremes... to save money. subscrrbers are goinn tt &p((bbrak 3))t a few months..- 3 after 800years assaanewssstand pigital. alison kosik hhs - more. 3 newsweek magaziie is going all digital.its last print edition will be ppblished ecember 31. newsweekksays job cuus are likkly, bu

he's westgate resorts. he's the ceo as i told you.es republicans, and he wants them to win. he has also got a very large appetite. he's building the largest house in america. 90,000 square feet. in fact, there was a documentary made about it called the queen of versailles, presumably talking about his wife. let's take a look at that. >> i'm the founder and ceo of the largest time share company in the world. >> he never south out to build the largest house in america. it just kind of happened. >> it's larger than the white house. >> 90,000 square feet. >> oh, my god. >> no, that's not my room. that's my closet. >> no way. >> nothing is normal about this life. >> cenk: no, that's so lovely. tax the rich, tax the rich. look you're allowed to be rich. of course you want to build the largest house. somebody has got to have the largest house. that is not the issue. the issue is this guy then turns around and says this. if any new taxes are levied on me or my company as our current president plans i will have no choice but to reduce the size

westgate resorts ceo david sig gel joins me. >>> all of the behalf or all for show. the interior green lights a massive new wind farm and new oil refinery in three decades. is president obama's energy push for real or a election day ploy? even when they say it's not it is always about money. melissa: first let's take a look at the day's market headlines. stocks gave up early session gains despite better than expected u.s. jobless claims data. the s&p 500 posted its fourth straight session loss. the blue-chips fell 18 points. shares of sprint-nextel leaping 14%. the japanese mobile phone company softbank is in talks to buy 70% of sprint. the deal would be valued at $4.8 billion. >>> a comeback for ipos. four public companies made public debuts today led by real estate giant realogy. they posted gains of 20%. that is the first time had happened in 12 years according to dealogic. to our top story. vice president joe biden and representative paul ryan will face off in the spotlight tonight. they're debating all the money issues that matter. with me live on the ground is

as westgate timeshare ceo david siegel told bloomberg business week, quote, "i've always looked out for their best interests. we're like a family. they're like my children, and i'm the jewish mother telling them to eat their spinach and vote for romney." [ laughter ] exactly. a corporation is like a big family and dave siegel is just a jewish mom telling you "eat your spinach, bubala, or i will finish the job the mohel started. [ laughter ] [cheers and applause] and now thanks to an august fec ruling, job creators have an even more powerful tool at their disposal. see, back in 2010, two employees of the united public workers union were allegedly fired after "refusing to comply with a upw request to sign-wave, phone bank, canvass and contribute to democratic congressional candidate colleen hanabusa's campaign." that is shocking. it's possible to get fired from a union job. [ laughter ] the case was brought to the fec, who deadlocked 3-3 along party lines which, by fec rules means it isn't legal or illegal, which really means it's legal. same way that if you say (speaking rapidly) "mom-ca

. >>> meanwhile, westgate resort mogul david siegel best known for his 90,000 square foot home warned his 65,000 employees if president obama is re-elected he'll be forced to downsize or shut down entirely. >>> east man kodak wants a bankruptcy judge to end benefits to some 63,000 employees. gentleman on the data front, foreclosures dropped to a five time low and heating oil could be 19% more expensive this winter. >>> according to forbes, columbus, ohio, is the best u.s. city city for working moms followed by new orleans, hartford, cincinnati and providence. >>> it is the end of an era for coca-cola. the last iconic 6 1/2 ounce returnable bottles rolled off the production line in minnesota on tuesday. >>> and finally, a cheesy publicity stunt could earn someone a lot of dough. pizza hut is offering free pizza for life or over $15,000 to anyone willing to stand up and ask either candidate at next week's presidential debate if they prefer sausage or pepperoni on their pie. >>> well, coming up, a damming report on cycling legend lance armstrong and doping, and the a's survive another da

i received calls from many westgate employees yesterday. their reaction was a little more mixed.hey agreed with siegel and were proud of the comments. others say he did the same thing in the 2008 election and that siegel was again strongly suggesting that workers, quote, vote for his party. look, it's his company. he can do what he wants. while this may not be the textbook management strategy, siegel has never been shy about what he believes. back to you, michelle. >> well, that was demonstrated by him coming on tv to say he wanted to talk exactly about all of that. thanks, robert. >> elsewhere, four former jpmorgan executives -- hello, there. these exec tifftives are learning the hard way that you never know who is listening to or recording your phone conversations at work. kate kelly has the troubling details for us. >> bill, thanks. a slew of regulators and prosecutors have taken an interest in the engineers behind the so-called london whale case, which, of course, lost jpm nearly $6 billion. the sec, the occ, various state attorneys general and the u.s. attorney are all parti

the westgate cousins went old school to decide who pays the check. a local book club raved about the cliffhangers in the new crime novel. and some bff's from college joked about looking up old flames on facebook. all over delicious entrees like new santa cruz steak from our $20 dinner for two. chili's -- more life happens here. and getting more. that's value sense. introducing the scott shared values program. get free movie rentals, music downloads, and more. use your value sense. sign up at scottbrand.com. >>> well, the good news is that an suv that was reported stolen has been found. uh -- the bad news? it was found on the side of a rockie cliff overlooking the sea in newport, rhode island. it took hours to free the vehicle and haul it away. police believe it was deliberately pushed over the cliff. hope you have cliff insurance. >>> now for a look at your morning road conditions. rainy and windy along i-95 by the afternoon commute. >>> airport delays are possible in philadelphia, d.c., charlotte, seattle as well as detroit. >>> and the weather was

he's the ceo of westgate resorts. he sent an e-mail to employees saying if obama wins they could all lose their jobs. the e-mail said if any new taxes are lev veed on me or my company as our current president plans, i will have no choice but reduce the size of this company. he said if obama wins, you can find me in the caribbean sitting on the beach with no employees to worry about. what makes this e-mail so explosive, david siegel built the largest home in america. he and his wife built versailles, a 90,000 square foot palace near orlando. story was first told in the high beta rich, my book. in a phone interview last night, david told me, "i hav enough money to last the rest of my life and for my children. still, he said he's being taxed to death and people like me who made all the right decisions are being forced to bail out all the people who didn't. he told me that he was trying to ed kuwait, not threaten, his employees, but what does threaten your jobs, he told them, is another four years of the same president. b

. >>> employees of westgate resorts getting a shocking e-mail from the ceo. get this, quote, if president obama wins reelection, you may be fired. the full story coming up next. that's even tougher than this story. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. nature valley trail mix bars are made with real ingredients you can see. like whole roasted nuts, chewy granola, and real fruit. nature valley trail mix bars. 100% natural. 100% delicious. >>> there's a lot of uncertainty over what a potential second term for president obama could mean for business. but one ceo is very clear what it would mean to his business. cnbc's robert frank joins us w

i'm ross westgate. >> i'm kelly evans. these are your headlines from around the world. >> talking about mixed demand in china. >> it's delideadline day for ea. germany is opposing the deal. >> lack of action from europe could risk pushing the global economy back into recession. >> you're watching "worldwide exchange," bringing you big news from around the globe. >>> welcome. "worldwide exchange" exchange. it's hump day. >> yes, it is. although it's been a shorter week for me. doesn't quite work that day. i guess i'm already over the hump. >> plenty coming up on today's program. >> indeed. let's take a look at where we'll be going around the world. >> won't attend imf meetings there as tensions between the two countries intensify. the u.s. government suing the nation's biggest mortgage lender. we'll take a look at how the global industry is faring. then it's off to paris. the stricken car maker is downgraded by moody's a day after demonstrators stage protests. we'll have details from the french capital. and we'll head to ne

the walmart neighborhood market is now open at the westgate mall. others will be opening around the bay area. it's walmart's challenge to other grocery chains in the bay area such as safeway, whole foods and lucky. >>> hewlett-packard stock took a hit today after ceo meg whitman's disappointing report. she told wall street analysts the company has a lot of work to do after years of declining sales and shrinking profits. whitman says 2013 will be a year of rebuilding. today hp stock dropped 13% to less than $15 a share. >>> now, overall stocks closed with meager gains today. the dow rose 12 points to end at 13,495. the nasdaq was up 15 points and the s&p 500 gained 5 points. >>> all right. how about a military invasion? on ocean beach? the dramatic fleet week arrival. >> and we all see it. the pressure to be thin is everywhere. now new insight into why some people are more vulnerable to those images than others. ,,,, vo: for years, sacramento politicians have chopped away funds for our schools. today, we're forty-seventh out of fifty in per-pupil fun

david siegel,,westgate resorts, big-time share company, controversial guy. he helped, basically built the property down in florida, tens of thousands nicknamed versailles. here is david segal talking about taxes on effect of hiring at hits company. here is david siegel. >> with the new obamacare coming in and now the threat of higher taxes, it just means less money to expand our business. i wanted my employees to be informed as to what the results could be of them both, voting for the wrong candidate. >> more part-time jobs coming into the economy. here is dart den restaurants. considering more part-time jobs to address health reform costs. telling fox business the law is so rigid there is no flexibility in it at all. hear is the deal, hear is the bottom line. basically the high cost of affordable care. if you work 30 hours a week you are supposed to be getting health insurance. if you go below 30 hours you don't get health insurance. if the company doesn't provide you 30 hours a week, the company pay as fine of 3 tow per worker. the incentive to drop below

veiled or in some places explicit threats against employees who won't vote for mitt romney last week westgate resorts billionaire c.e.o. david segal warned his employees that should barack obama raises taxes then he be forced to downsize this company also a.s.g. software solutions c.e.o. arthur allen sent an e-mail to his employees warning that there would be fought if barack obama wins the presidency and then there's murray energy the largest private coal company in the nation which according to the new republic has coerced its employees to donate money to republican politicians so exactly what is going on here is the new strategy for the corporate elite to seize power to force their low wage workers to become their political slaves to here to tell us more about this story is michaele labor journalist and staff writer for in these times magazine mike welcome back to the show great to have you with us how does this story advance what we already know about the koch's political activities well i think you knew in a certain way. it shines a new light in the sense that here the koch's they've alw

. >>> in other headlines around the bay, a new smaller walmart is now open for business in the westgate mall in san jose. the walmart neighborhood market is designed for quick and easy shopping for groceries, pharmacy items and other merchandise. the grand opening is today at 7:30. >>> well, it's the naked truth. some people are fed up with public nudity in san francisco. so there's a new proposal calling for fines against people who run amok without their clothing. street fairs and parades would be exceptions and the fines would start at $100 and are being considered by san francisco's board of supervisors. >> hm. >>> 4:39. there are big events in san francisco all weekend and some people wonder if it's too much for the transit to handle. it includes the 49ers against the bills on sunday, giants and major league baseball play- offs, fleet week with the blue angels, yachting race, blue grass festival. it's crazy this weekend. san francisco is gridlocked even without big events of but the mayor is optimistic. >> they are investing in the infrastructure, which is the buses, the tracks, th

here with actor sylvester stallone and former nevada governor jim de mint's siegel is the owner of westgate resorts a luxury real estate in timeshare companies started in florida and is now the biggest timeshare company in the world and here's a picture of him sitting on his gold in all of our kit thrown with what appears to be a skinned white cat on what is likely his very expensive piano here. something disease a billionaire and well lazy boys there for the proles is also what republicans would call a job creator or he was till he fired off an e-mail this week to all of his employees threatening to lay them off if barack obama wins a second term that's a write in a letter addressed to quote all my valued employees billionaire job creator david segal writes quote in spite of all of the challenges we have faced the good news is this the economy doesn't currently pose a threat to your job what does threaten your job however is another four years of the same presidential administration if any new taxes are levied on me or my company as our current president plans i will have no choice but to

face consequences on the job many companies are doing exactly that including murray energy in ohio westgate resorts and the koch brothers georgia pacific corporation and mitt romney himself is encouraging employers to use this tactic it was june two thousand and twelve conference call with the national federation of independent businesses revealed and here it is i hope you make it very clear to your employees what you believe is in the best interest of of your enterprise and therefore their job and their future in the upcoming elections and whether you agree with me or you agree with president obama or or whatever your political view i hope i hope you pass those along to your employees nothing illegal about you talking to your employees about what you believe is best for the business . because i think that will figure into their their election decision plain and simple the mechanisms by which we the people can control our democracy are being destroyed one by one so the question is what do we do to get them back how can we wrestle back control from corporate c.e.o.'s in the super rich who ha

i'm ross westgate. after months of digging, the board of xstrata finally recommends glencore's offer, but with conditions. shareholder vote on exec difference pay remain as hurdle. eurozone headed for recession according to the latest pmi data which shows the worse performance for the manufacturing sector in three years. and official china pmi also contracted suggesting past stimulus moves may not be doing the trick. plus we remain focused on banks. bank company popular expected to resume trading today. if you're just tuning in, kelly of course has got the week off, so i'm on my own. apologies for that. and we are higher on the first trading day, the fourth quarter started, which means all uphill or downhill into christmas depending on your point of view. nasdaq currently trading some 15 points above fair value, s&p 500 at the moment well over six points above fair value. this follows a pretty positive start, positive if you're long on the markets for european stocks. as represented as well in the foot

and the westgate cousins went old school to decide who pays the check, all over delicious entrees likeanta cruz steak from our $20 dinner for two. chili's -- more life happens here. ♪ ♪ [ male announcer ] you've been years in the making. and there are many years ahead. join the millions of members who've chosen an aarp medicare supplement insurance plan insured by unitedhealthcare insurance company. go long. there's no subtext... just tacos. yeah, it's our job to make you want it. but honestly... it's not that hard. old el paso. when you gotta have mexican. progresso. in what world do potatoes, bacon and cheese add up to 100 calories? your world. ♪ [ whispers ] real bacon... creamy cheese... 100 calories... [ chef ] ma'am [ male announcer ] progresso. you gotta taste this soup. ♪ >>> it's a starring role that i'm pretty sure that george clooney didn't really want. he's set to testify in italy about a party at the home of former prime minister. clooney may also have to face an ex-girlfriend since their breakup. abc's tanya rivero is here for more. >> reporter: the sensational trial rive

and the westgate cousins went old school to decide who pays the check, all over delicious entrees likeanta cruz steak from our $20 dinner for two. chili's -- more life happens here. ♪ ♪ [ male announcer ] you've been years in the making. and there are many years ahead. join the millions of members who've chosen an aarp medicare supplement insurance plan insured by unitedhealthcare insurance company. go long. ♪ >>> ♪ let's talk about sex >>> it's a starring role that i'm pretty sure that george clooney didn't really want. he's expected to testify in italy about a party at the home of former prime minister. clooney may also have to face an ex-girlfriend for the first time since their breakup. as part of this testifying. it's a sticky situation. abc's tanya rivero is here for more. >> reporter: this is the sensational trial riveting the world its tawdry cocktail of sex, power and celebrity. now, the most eligible bachelor is being dragged into the mix, george clooney, has been summoned to help defend someone with much more serious crimes. former italian prime minister berlusconi made a ra

. >> and i'm ross westgate. these are the headlines today from around the world. >> super storm sandy leaves a massive path of destruction in its wake. now residents belong a long and costly recovery process. >> the u.s. markets are set to reopen after being closed the last few days. the new york mass transit system is still shut down. >>> new sthats now expect profit growth to hit the slowest since lifting. >>> welcome to today's show. the good news is financial markets start trading again. >> well, good news or it depends on how they open. certainly there's people with pent up demand. >> i think whatever happens, the fact that we're back up and trading is a good thing. >> the interesting question is why. but why couldn't the new york stock exchange have gone with its electronic trading systems. will this serve as a catalyst to maybe pursue that route the next time with more confidence. >> it's a day of cleanup. >> yes, it is. millions of people in the northeastern u.s. will spend days or weeks to recover from

the westgate cousins went old school to decide who pays the check.bout the cliffhangers in the new crime novel. and some bff's from college joked about looking up old flames on facebook. all over delicious entrees like new santa cruz steak from our $20 dinner for two. chili's -- more life happens here. donuts? ♪ [ chuckles ] ♪ you're cute. ♪ [ door creaks, closes ] [ female announcer ] the protein effect. new special k protein cereal. with ten grams of protein and three grams of fiber... finally, a protein cereal to help keep you fuller longer. willpower. what will you gain when you lose? ♪ that's why new dove style + care whipped cream mousse nourishes and conditions to help keep curls well defined and touchably soft. new dove style + care whipped cream mousse. better style through better care. [ ding! ] losing your chex mix too easily? time to deploy the boring-popcorn decoy bucket. then no one will want to steal the deliciousness. with a variety of tastes and textures only chex mix is a bag of interesting. >>> still to come on today, emmy award-wi

in one case, this is david siegel of westgates resorts in florida. he wrote his employees this.said the economy doesn't currently pose a threat to your job. what does threaten your job, however, is another four years of the same presidential administration. i encourage you to vote for whomever you you think will sever your interests the best. that's playing fast and loose, maybe consistent with the letter of the law but not the spirit. saying could be threatened by a second obama administration term. that doesn't pass it for more americans. >> how is this different from what unions do? >> it's not different at all. unions are organizations, voluntary associations. sometimes, sometimes they're not and you have a closed shop. they can express what their broad view is of how their craft or industry is going to be impacted. you sure as heck -- >> union leaders take to television all the time saying what they think is best. >> what john described that letter, i think that's pretty obnoxious and will lead to a backlash from employees. employees in a tight labor markets who have other

we will be looking at more of a south westgate flow again today bringing the dry and mild air acrossmorning, napa. 34 for you. 50 in san jose with a cool 50 on the coast. we are looking at a few clouds around hayward this morning. clear in los gatos with 48 degrees. we will start out with a few clouds from santa rosa, hayward, sfo this morning. otherwise lots of sunshine, some high clouds and the shower chances now midday tuesday, into wednesday and we are only talking 20, 30% chance, mainly in the higher elevations as the area of low pressure will sink south, stay far away from the bay area and, in fact, right now it continues to spin and from time to time we are looking at some mid-level clouds. but really not until it makes the move south and east. so as for today, that still makes for a really nice afternoon. so we will call it mostly sunny. a few clouds around. but certainly by monday and taking the shower chances out and then by tuesday, looks like we will see some of the clouds and a little bit of moisture sweep up into southern california, also the central coast, the south ba

ross westgate back by popular demand and standing by in london. ross, you've got some more red behind you. talking about red, front page of "the financial times" this morning saying here that your banks over there in europe, the ones -- i don't know what your local bank is there. >> my banks. >> going to need about $4.5 trillion with a t, is that possible? that's what the imf is saying? >> yeah. about two trillion. there's a long way to go, particularly in the eurozone, andrew, before we get back to a sector that can actually start contributing to the economy. >> who has $2 trillion? >> sorry? >> who has $2 trillion to help them? >> well, exactly. yeah. so we're going to constrict loaning and where are you going the raise the money from? exactly. that's why it's going to be a drag. people who are originally talking it would take seven to ten years to cleanse the banking sector, and bear in mind in europe we only started 18 months ago properly, so that's why it's a long way to go still. if you think about it in those terms, right? >> you've got a l

ross westgate standing by in london. >> very good morning to you. looking a little bit better. over two hours in to the trading day. three hours. pretty even stevens. last week despite what happened on friday, not bad. ftse 100 nearly up 2%, cac up 3.4. numbers a little firmer for the ftse, the dax and cac. phillips a key stock, up 4%. effectively beat expectations with third quarter figures across all its three main business units, health care, lighting and consumer electricals, as well. but they were slightly more down beat on the macro environment and seeing a down turn in the north american consumer electricals market. also something that was shared by ewhether he can troe lux as well today. so they are worried about the macro environment. the world is a riskier place as we wait to see what happens with the election and fiscal cliff. europe spanish yields slightly higher, but you have to remember towards the end of last week, we sit 7 1/2 month lows. these are the bourses. we'll go straight to bond yields if we can. this is where we stand. ten year spanish yields a little b

westgate, we appreciate that. thank you very much. >>> now joining us bob dowel, a black rock senior adviser. hopefully give us a little bit of sense of what to do. i was talking with a well-known hedge fund manager yesterday who says you've got to play through the pain, you've got to buy on the dips. he thought this was a dip. i also talked to somebody who was up big time for the year yesterday who said look, we're getting out early this year. we're just going to lock stuff down and let's not worry about it. so what do you do? >> i think you have to look back and say we've had quite a year in the markets in the face of a pretty mediocre economy, and be thankful for where we are. the revenue growth pattern for corporate america has gotten pretty sloppy, while corporations are reporting third quarter earnings above much lowered expectations, the topline is not so good. most of the weakness is coming from the non-u.s. portion. i think that weakness is likely to cause earnings to be so-so. on top of that, you have fo