if you look at minimum wage in the states can if you look at percentage, the same results apply. i did the next chapter which was all mine which is the metric chapter. that one i dare you to read. it bores you but what i did do in the chapter is a dead-end bibliography pages of articles in academic journals, all of them with the same results across the board. then looked at give unto caesar. with irs data on states from 1992, the earned income year of 1992, reported 93 on the 2010-2011. if you look at where people are moving and where they are moving to, and what their income levels are, it's astounding. we use one of these variables i didn't include which we didn't include in this book which is on the estate tax or the death tax in states. tennessee has an estate tax, and florida of course doesn't. what i did in the state tax because i look at the number of states of the federal state tax filings in florida per 100,000 population, compared to the number of the states, federal and state tax filings in tennessee for 100,000, and the size of the estate. florida has twice as many fil

you shouldn't be looking at production. every time we get the production signals you should rally the stock. to me the way you trade the stock is look at it at 2.40. everyone is falling in line. this is a company with remarkable technology. the ev world is something they'll share with the rest of the auto sector. good for them. >> what do you think of that level, 180? the low is -- >> that's something, you go back and look at that level back in may. that seems to be supported in the stock. we talked about the other day, you could have played it against the 200 level as a bounce. i wouldn't have so i wouldn't have caught this bounce. i need to see it above 233 which is the moving average. he has a price target 2630 on it. that's where you see a little congestion in the target. >> skeptics. this is a stock you put in your drawer? >> yes. absolutely. >> that's true. i actually think, listen, you're buying this because you think it will transform the electric grid. like tim said, you can't look at monthly or quarterly projection

brian, what are you looking at? >> i'm looking at a long-term chart of oil. this goes back to 1996. but what i wanted to point out is this is your 2004 breakout point. so that's $56. you have to be careful with these oil contracts because they are adjusted but at $56, just about where we are in wti, you have major support going back about ten years. the other place we could find support if we just draw a trick trend line here, if we break through this 56 level, now we're talking about oil down in the 0s. for me to get sbiel the 40s, that would mean we're having a severe economic contraction which i'm not in the camp yet. so as tim said about potential supply going to china, i think around the $56 range you'll be looking at support in oil. remember, this is a game of probabilities. technicals are always kind of suggested turning levels but at the very least you need to start looking out for that turn in oil. >> brian, does that make you think about some of those names that have been absolutely crushed in the oil space and look to those names as the best opportunities to trade? and i'm

how do you look at that gap? >> i didn't articulate that very well. >> you remember congress isn't simply about legislation, it's about communicating. you've got to be anyone to communicate what you've worked on. there has to be a constant repetition. >> all right. it is time to wrap up our conversation. thank you for talking with us this afternoon and thank you to everyone who attended today and from watching us on the live stream and a big thank you to cvs health for parter inning with us on this important event. and the whole series we've done a whole two or three years now. have a great day and we look forward to seeing you at the next political event. [ applause ] >>> mr. chairman, in committee, when i consider these issues, i bring the respect to far beyond an nfl executive. domestic violence was a way of my life at home growing up. my brother and i waped helplessly numerous times as my mother was beaten and knocked unconscious. we saw how she struggled to seek help and find the courage to say no more. in ad

you look in the memos -- waterboarding does not cause long-term injury. you are not violating the outlaw. how do we try and figure this out? this is a hard question. can i point out that the statute, which you accurately quoted, that's all it says -- it does not contain any examples of what is prohibited, or what is permitted. in fact, i'm sure we all know, in 2005, congress passed an act that start to draw clear lines. one thing we did, we went out had thereto find out ever been medical issues with our soldiers and officers who have undergone waterboarding. i will say, we did this for waterboarding and not for other enhanced interrogation techniques -- we felt they fell well short of waterboarding, like solitary confinement, or sleep deprivation, only allowing someone to sleep five or six hours per day. that we did not do because we , felt waterboarding came closest to the line which you just pointed out. the other thing -- it doesn't just strike most americans as being tortured. either the message that we proved, or the report -- i'd say that's a hard qu

and if you think about that and look at some of these levered miners, you think about the -- if you'reay a miner for a bounce, you may want to think about the gdx, the etf on the miners. and here's a chart over the last five years of newmont. they traded about the same price. look how correlated they are. there was a little outperformance on the single stock level. in the gdx. but down here, they basically traded one for one. and the only reason i'd mention this, newmont makes up about 8% of the gdx. if you're looking to actually get some, you know, less single stock risk and maybe some broad exposure to a bounce, i think you play gdx, that's a way to play from here. >> would you agree with dan? and what do you make of the gold move given the vote in switzerland? >> yeah, obviously, a huge reversal today. i think that's very encouraging. you could put in a short-term bottom, no question. we had randy smallwood a couple weeks ago when the stock was trading 18, traded up, trading 21 and change. i like the space. i think there's tremendous opportunity in names like silver wheaton. >> the

i haven't heard you mention like that social media angle to it. so i've lookedt a stock, garmin, obviously not as sexy as, that up 15% yooer to date. it doesn't have the whole nuance that gopro has. but after you get this camera, apple was able to deliver on the product. is this going to be a hardware company that can't really follow through once you get the first product? >> i think that's an excellent point and one of the great selling points on garmin is the interface is really good and they're integrated. so you get the -- if you get the watch, the camera hooks on the handlebars, everything seamlessly works together. i think gopro has to work on user interface. the social media angle is probably overdone right now. what matters more on social media is not that they're going to monetize it but that they get free marketing. and try to remember all those gopro ads you saw during "monday night football," because you didn't see any. we know what gopro is without any advertising and this's because of the social media angle. i think that's worth $500 million a year

when you look at the cadillac escalade sales up 32.6%. that is a vehicle you are spending at least $75,000 for. it is up 32%. when you look at shares of general motors. i know people want to focus on what a tough year it has been in terms of recalls and charges the company has taken. when you look at what they are doing on the high end particularly with suvs that has been a bright spot for general motors this year. $50,000 is no longer considered really pie in the sky expensive cars. for a lot of people it is the new norm. >> it is the new norm and i'm sure they don't worry so much about the gas mileage with gas averaging $2.67 a gallon. thank you. >>> goldman sachs making big calls today. the firm is neutral on the restaurant sector as a whole but rating starbucks as a conviction buy. putting a buy on burger king and chipotle. it has a sell on panera bread. goldman also upgrading the airlines to buy from neutral saying fundamentals remain favorable. southwest stock up 120% this year alone. >>> tiz the season for giving and also the season

we are standing in a steady drizzle and as you look at highway 101 you can see how wet the roads are all told nothing too dramatic. we have been out and about up and down the peninsula and checking on spots that are known to flood. it looks like things are holding steady tonight. just a trickle here and a puddle there. heavy traffic and wet roads. this is eastbound interstate 80 at seventh strait in san francisco. for the most part the rain came without too much trouble. but for the business owners on the peninsula who have suffered flooding twice in as many weeks every drop can be dangerous. >> when it rains we get worried. >> they are surrounded by sandbags and they only help so much during tuesday's downpour. >> we look out and it is like a lake outside. the storm drain we can't even see it. if you put a towel or something it would be swimming. that's how high it was starting to raise inside. >> fortunately that's not the case now. in the brief break, it gave san mateo firefighters a chance to do this. >> would you like one? >> old saint nick going door-to-door. hopefully santa wil

so are there any names on those lists that you would take a look at? farms, in the meat space, but the reason why this is most shorted is because you had high cattle chicken, piggy prices. peopler betting the farmer will produce more, the supply goes up, price goes down. sanderson farms is one you can short. you can still short it. >>> time for pops and drops. big movers of the day. green mountain up 4%. >> the stock year to date is up 83% right around $143. >> i would weight. it has a habit of bouncing right through that. i would wait. >> a drop for goldman sachs. karen? >> yeah, you know, anything in the trading business yesterday after the comments from citi and bank of america, probably not a great thing to have for this coming quarter. pop to yum brands. >> it was a disappointing quarter. if you look at what people are expecting, this is how this stock will trade. again, the food contamination concerns on this company. it was also a kay where this stock had rallied off the last quarter, back up to the 77, 78 level. for nour it's not a broking comp

one chart you need to look at. straight over to you guys. >> thanks, kelly. "fast money" starts right now. i'm melissa lee. tim, dan, steve, and guy. a wild day for stocks today. and the volatility may not be over. the s&p, dow, and nasdaq all closing in the red. the vix closing up more than 15%. oil actually closing higher today. breaking a four-day losing streak. but tomorrow will bring a federal reserve decision. investors are expecting the fed to stick with the course of raising rates. could that drive the dollar higher, oil lower and spell more bad news for stocks? >> it may, absolutely. it looks like we're down 17 handles. if you're going to stretch it out and look at it, bouncing the lows, about 50 handles, a selloff. to me, the price action was as bad today as we've seen in some time. 1950 is the 50% correction of the october 16th low. i think we tested tomorrow. we'll see what happens when we get there. >> we had about six other times that we tested, counting the last test of the 200, seven times that we broke that 100-day moving average. the 50-day

you are looking at a live shot of the city of london. equities are set to open this way there you go -- this way. there you go. the stocks are declining across asia and fell in the u.s. yesterday. it is 14 minutes until the start of the tuesday equity session. after the break, manus on oil. he is going to go live. >> we will take a break. >> welcome back to countdown. taking a stance. prices and said prices lower. let's take a look. thank you for joining us. how significant is it when we see iraq and saudi arabia cutting prices for customers in asia. this is all going to market share. >> exactly. it is not surprising. they are talking about cutting production and upholding the target level in asia. and the only growing market. theire them pursuing discounts to levels we have not seen in the past nine years. >> 11 year lows and pricing for some of these countries. howre looking at prices and hedge funds are positioned for oil prices. what does it tell us about what you think of oil prices. rising and longs that was the most in 20 months. -

say no more, joe. >> you know, the lighting is good down there. he looksoung. >> i wish you could see a view of this whole thing. i don't think i'll be able to focus on the interviews. >> because of jessica alba. >> that too, but -- >> i can see behind you. >> you can see the statue of liberty. it's a very special thing for us. should be a fun day. >> what a head trip for you. i mean, it's his thing. and treasury secretary is there. just don't -- just keep it in perspective. all right? you still put your pants on is it one leg at a time? >> one leg at a time. >> you still have to come back and sit next to joe tomorrow. >> i feel like we're sitting next to each other right now. all in the family. >> andrew, we're really excited about this and we will see you in just a little bit. >> thank you. >> adam silver, ken chanault. >>> let's talk markets this morning. jack avalon, it's great to see you. >> nice seeing you. >> okay so we got a lot of things going on. oil prices keep dropping. we don't know where the bottom is for that. you've got the dollar that keep

you look around the u.s. and you can he be need. it is evidenced everywhere.rts or roads, whatever. >> these investors can afford to make investments in illiquid assets. but what we're hearing consistently here, if we are going to sacrifice liquidity, we want to get paid for it. are these returns going to exceed the market returns for five or seven years in private equity, or 10 to 15 plus? >> no. the yield, you're absolutely right, is very important. allocationditional rules have proven to be wanting. they are going to have to look at how they rebalance the portfolio not just to get the right amount of yield, but also the right majorities on the asset allocation curve. that is why real assets have become very attractive. i think the projects you are looking for -- here in the u.s., we have a lot of capital to go and sobuilding sites, forth, which tells you we are willing to take the risk to put the money to work, but to your earlier point, we need to find the right product. >> how do you measure the blackrock asset business? >> we put our funds and hedge fund

i think you are looking at it wrong. if you don't have those high priced coaches, think about how many programs are funded by sports programs. a lot of them. the uk basketball program brings in a ton of money. alabama funds other programs. it's ludicrous to think if you can't get the high priced coaches to bring in the high prized recruits, students that aren't on scholarships want to go there because of the camaraderie and college programs. numerous people afford to go to university of florida versus georgetown. >> andrew, i can talk to it. my college, virginia tech, applications soared when the school got better. andrew, would you support this? >> you guys are misrepresenting all of the scholarship on this issue. the scholarship on this issue does not say when you have a good football team and a good basketball team that it raises the quality of the student body. it does not say that. >> how does it not? >> because the people who apply to a school because they have a good football team on in the bottom of the academic s

you look around in technology. are a small cap high valuation thing, it is not a great time. >> i thought everybody in asia were buying gopros. >> i think najarian bought all of them. >> i have owned these for over a year, different devices from them. the latest one, giddy-up, that's on the christmas list as well in the najarian household. it is phenomenal. i think there is up side here. i think this quarter, very similar to apple. it really shocks people. >> you buy it in front of the lockup. >> i already own it. >> so are you buying it because you like the cameras and the sales or because they have ambitions to are more of a content, media company? >> the content, i this i they are going to capitalize on that. all of the above. you look at the content they put up, it is an attracts, something that's addictive. people love it. it goes after the right generation, people with money in their pocket. >> these are popular. >> what happens to the stock in the first quarter after your entire family is done buying the cam

that makes you look more sinister. can you get this on camera, my zombie look? >> how am i doing?practice the zombie look. we are going to practice the fed. higher wages for high skilled workers. in atlanta even, that is a quote, pressure for lower skilled jobs. michael shaoul from marketfield asset management believes he has been reading it more closely than the fed. he says it is not a knockout blow, but he does see, and diane quoting him, "a gap between policy and economic reality." what are you seeing that they are missing? >> i would hate to read it as closely as the fed. into a this is turning really good employment market. we are not there yet, but we are on the way to getting there, and there is a range of senior labor metrics, back in boom territory. payroll gains, the last 12 months of payroll gains have been greater than any other period since late 2000. i am not sure what else you need to see in order to declare victory over the labor market. >> let's talk about what you need to see. can you bring up that chart we talked about? looking at the labor market conditions in

in order to get some of the censor packages on that you need to look forward and around you we need toen that front end. so what started off as looking like a tuna is now looking like a shark. >> fascinating stuff. do you envision commercial applications for this? >> absolutely. if you can imagine infrastructure or anything in the water there is erosions, things that are degrading over time. what we need to do instead of putting divers in the water and looking over to see if things are degrading you have a platform that is highly maneuverable that can swim down and have a man flying it to make sure they are safe, make sure the bridges are good. any kind of structure in the water. >> how deep can it swim? >> right now it is 100 meters at 300 feet. the main intent of this particular version where you need mobility is in the last thousand feet of the ocean, in your harbors, up your rivers. you need it to be highly maneuverable. you don't need it to go deep. our long-term plans are to get versions that go deeper in the water. they have to be a change in the structure and the design to go d

plus -- >> you want to see something really scary? >> just look at the vix, you won't believe how high traders see it going by next month. we'll tell you how to protect yourself when options actions return. >>> stocks are tropg and fear is surging. the volatility index rocketing this week and some traders think the vix is going to go much higher from here. mike, what did you see this week? >> it was interesting. we saw about three times the average daily call volume in the vix but before we get to the trade we saw, i think we should take a look at the last year in the s&p for historical perspective. so if we go back and look, dan was right about this, first decline about 5.5%. we saw this in january. then around april we saw a 4% decline. a great time to buy then in july another 4% decline. great time to buy. more recently we had the 7.5% decline. now we go forward and looks at what the vix was doing. so we saw a spike on that first big decline that we had, about 5.5%. the 4% moves were pretty muted the last time we saw vix getting above 20 was ri

if you can look under the costume you might find a more permanent display of mummerry. >> the same goes if you really think it. think it. >> just got to brand my club put the brand on me. >> fogy car bringing aid showing colors. he has multiple mummers tattoos including this museum. >> it's part of my heritage and life and community. what else should i put on myself besides something i love. >> chuck is with the pirates. >> i was surprised it's brother hood you know a lot of guys have him in here. >> local tattoo shops like those on this street know mummers. >> philadelphia say mummer town and these guys are loyal to their club. we've done a ton of mummers over the years. usually they get their band or club logo you know, frogy car, downtowners, jokers, whatever, you know the pirates. >> usually ask forum brel as and ask for whatever troop they're part of and they're great people. >> lynch brigade charlie mc ken aof riverfront association says that devotion can get you into trouble at home. >> we have a guy look i'm doing tattoo funny thing my wife sid have a riverfront tattoo but not m

>> you look at it, up. had put money across all of the ipo costs you would have made good money. taking an interest in ipos in the way they have not any a while. >> u.s. investors see the valuation cap. what we saw at the beginning of the year was european equities trading and we put money into europe. europe is a part of diversification and it was a good return. >> talk to me about equity capital markets. in terms of activity, i was shocked to see some of the numbers that you sent to me for europe versus the united states. i looked a record and at the last 10 years and have not seen it with more equity raise. they key across the ipos that we saw was a capital flight issue before, thered are some american investors playing it and it is increasing activity. >> what is driving people to do this. we talk about a year that is struggling and is in a slow grind in the cusp of another recession. what is driving it? supporting thet ecb and you may see a strategy in europe. equitiesded european are popular. >> i look

you definitely have to look at it and in some cases hedge it out. u have to make sure you make it on a company by company basis. if a company is exporting, a week currency is great. they are going to be doing very well. we have seen that in a number of companies in asia, where the currencies were weak or getting weaker and these exporters were doing well. it is a two-sided coin. if you are buying the general market and the currency is deteriorating, then you've got to watch out. but we like to look at it on an individual company basis. there was a time, not too long ago, when the emerging market currencies were getting very strong, almost too strong. you saw that in brazil. it is an opportunity. this volatility presents many opportunities and many dangers. >> mark, thanks so much. we will talk about china next. >> also coming up, europe puts the brakes on uber. the company waits to hear whether it faces a ban and france. we will look at the regulatory roadblocks with the head of europe. that is coming up. ♪ "> welcome back to "the pulse live on bloom

honestly, when you look at ferguson i recommend the "washington post" story. it is not clear at all what happened and if --. >> with one exception there is in dispute that michael brown went into the police car and attacked officer wilson and there was a struggle for a gun. we know that. >> right and we have evidence that shows. look, what joe scarborough was saying is standing up to his own network and saying, look, police officers have a very difficult job. they go out every day and put their live online. i have been critical the police in the case of the garner incident and rightly so. but do not bash the police universally. >> here is the thing and i respect the rule of law and what police officers do but you cannot look at ferguson base or the eric banner case in a advantage -- vacuum. next we will be talking about the 12-year-old shot in cleveland. you look at this in a larger vacuum there is a problem to the point where the next is weighing in. >> is that problem reflected adequately in the media coverage? with the continues between majority white boule

and i think the easy conclusion is to say, looking at that level it's political. but i think you have to broaden out and look at the bigger picture. the number of big tigers that is taken out is a little bit vague. exactly what institutes a big tiger in terms of rank, in terms of importance i think is partly in the eyes of beholder. so the numbers vary depending on who you listen to. between about five dozen and maybe 120, 130. whether it's 60 or whether it's 130, i don't think is actually as important as you -- as might appear on the surface. when you broaden out and look at the bigger picture, this campaign formerly began two years ago in november of 2012. the numbers are incomplete and unfortunately the chinese only give us numbers in year incriminates not in months. so we don't know how many people got taken out during the first two months of 2012. we don't know how many people will be taken out this year because the year isn't over and you get part year statistics which having looked at these as i told robert 18 years, i know the part year statistics often are largely meanin

you look awesom awesome. >> steve maybe not so happy that okc at full strength early on because kevin came out smoking. okc had a 17 point lead like that. andre hand off to curry. you shait you are the better shooter knocks it down then the no look over the shoulder pass to thompson. to curry. 34 points and 9 assist. warriors up 2 at the half. just before the buzzer kevin steps on the foot of at player right ankle sprain not serious but kept him out for the rest of the gym. 30 at the brick. third quarter. spate with authority. finance wish 10 points. russell one man wrecking craw with kevin out. 17 seconds left and he turns and scores finish with a dozen and war yrs hold on against thunder 114 to 109. to the ice. sharks oilers. 300 contrary nhl game second perio period. logan. snap the shot. over the shoulder of ben. 13th. 2-1 team teal. edmonton answer with two quick goal of their own. rebound and score. shark was tie it up and take the lead in the third. brick away for barkley. the good row indeed. shark win 4-3. they have won 8 of the last 9. familiar face in the a's locker room dw

how do you look at financials. the next step is about structure reform. ther one said a dozen have traded and know how to play it. reform in the japan. you can stop on pan date reforms in japan. nd they will likely be beneficiary. scombr perhaps some p.f.i. really british opportunities. but one'sability to spend in those. so lackey, japan. that's been a problem too because margins have been under lot of pressure on japan. if that happens too aggressively that will be depreciating in value. >> most companies sit at the forefront of your company. >> how do we make money next year? >> i think it's a lot tougher. a year before that i would have told you abouts. you know a loft people in the conversation are be used about -- they want to talk tell told you that it's some time soon. this is -- this would be the sixth year of market rises. the question is whether some of the delays and postponements in the circle in europe. is. . i forgot to get a developed market world. this could be a deliver of both en. at does that and the bidding for control. but sor more ju

but once you look at the whole immigration puzzle, it is like a spider web. once you tinker with one part, it has repercussions throughout the rest. so you really need to sit down and embrace the comprehensive approach. the piecemeal approach is not going to completely overhaul the broken parts of our immigration system. with the focus on border security, factually, there are fewer people crossing the borders. there are record numbers of applications because of the executive order. they will reprioritize towards keeping people from coming in. we have spent aliens of dollars to make our -- spent billion of dollars to make our southern border strengthened, and i do not think there is much more money that you can throw at it unless you want to throw money at a problem in a very wasteful way. so this obsession with republicans that we need to -- i don't know -- throw alligators on the southern border and build a moat, again, i just think that is rhetoric that misses the mark. let's get our hands are on a complex problem. the work is already been done on that. agai

i'm saying you tell me where to look to get the rally. maybe we get it in technology. ll apple hasn't traded all that well in the last several day. >> why not go with the obvious beneficiaries. you get opportunity in the casual dining concept because yum missed and has been missing. go to airlines. go to retail. retail is going to be very strong. but you don't buy markets. you got to buy stocks. maybe you want to buy sectors. but i'm not looking to buy the market. never have. i also think the ten year can go to 2%. >> jeffrey lugundlach was sayin yesterday it could go -- >> france, 1%, that's crazy. >> the downgrade of goldman sachs. first since june on concerns the energy selloff will hit the bank's business. we're sitting here trying to figure out what the ripple effects are in the drop in oil. this downgrade seems to be to be about problems in the high yield market. which people are starting to pay more attention to. and how those problems specifically at goldman could hit key parts of their business, correct. >> caller: effectively just to put it out we've had a str

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if you look at retailers we have seen underperformance. tail is up 7% versus 12% year to date. what is interesting is, you might be getting bargains in the store but you are not getting them in stocks. price to earnings ratio on the s&p retailers near the highest we've seen in more than a decade. >> critically on december 22, of whatgive us a window we will see at the end of january when they and their quarter and february when they report? is there any sense where the margin will be? >> because of what leslie said we are expecting margins to scrimp a decent amount. >> is this because of nominal gdp? animal spirit is not there and there are too many retailers chasing too few -- >> getting back to the fact that we have young people who want to save more. they are saving more than they used to. they know that they have got to be ready for the future. a lot of that confidence is based on what is going to come down the road. >> we are looking at confidence rising, don't we expect that to turn into retail sales? directly.essarily it is not a 1-1

>> you look at samson. that's not what we saw. oing to play out for the next five years. is that the place you want to be when just the situation, the structural environment doesn't allow them to get the sweet deals in the public markets. >> you go to blackstone. bottomed out in may. bottomed out at the same levels. they have a conference coming up. i think it trades 11 1/2, 12 times forward earn,s. if you like the space, blackstone is very interesting. >> eric, thank you. >> no, no, ice. >> eric otherwise known now as ice. >> we'll get him a new song as well. >> there you go. "ice, ice baby." >>> the semiconductor company that one trader thinks will see a big jump heading into january. that's next. here's a question for you: when electricity is generated with natural gas instead of today's most used source, how much are co2 emissions reduced? up to 30%? 45%? 60%? the answer is... up to 60% less. and that's a big reason why the u.s. is a world leader in reducing co2 emissions. take the energy quiz -- round 2. energy lives here. >>>

thank you so much. i'll look for the futures now in the new year. ecial edition now of under the radar. four stealth moves you may have missed in 2014. >> what i was looking at was copper. so many times in the last couple years, dr. copper this, dr. copper that. that predicts the economy and so goes the market. i never subscribed and it still don't. and we look at corps toupper hi lows and guess what. u.s. economy still going up. that's my under the radar play, continue to ignore the so called steady predictors of market health. >> how about you, doc? >>e enter ji. who would have thought somebody with at least a third of their power generation coming from nuke, nuclear energy, would do so well. this has been a huge outperformer. doubling up on a lot of the other what people would focus in. the duke energies and dominions and so forth. this was clearly one of the out performers and i believe under a lot of people's radar. >> how about you jimmy? >> master limited partnerships have had a good few weeks in the face of declining oil prices. there is a re

>> if you look at the five people in the band, they are disflight -- they not a group that you will looknd say, well, these guys belong in a band together. yet, you put it together, and upon it makes something greater than the sum on the partsment and that was really very clear to me right whauf wye -- right off. it was something -- >> since you said it was a study in chemistry and thank to the work that you've done, i wouldn't agree with that. what did the five members, in your mind, bring uniquely to the chemistry? >> let's start with libya a, right away it was clear to me that what the people in the band needed. the other three people that we were joining. they needed someone who had a vision for how to process the music, how to produce the music, to filter everything and that hasn't been in full force since the very early days. and i think i finished the tradition of good guitar playing. that helped, as wen element of etherial with it and brought brought a folkle point in terms of theatrics and in terms of just one person that could soared of be a front person and writing. >> fit tee

it is amazing if you look at the ratio of the s&p 500 on the upward trajectory. ces have been on that kind of trajectory as well. why do you think we will slow down? is it because we have hit the historical threshold? >> we certainly could. there's no telling what animal spirits will do. i'm civilly saying that it is not a bet that is prudent to make to make expectations on. in terms of your planning and your expectations, i think keeping those filed down to about the rate of corporate earnings growth, which is historically been 7% nominal, that makes a lot more sense to me. >> everybody is trying to figure out how to make money off the falling price of oil and whether they will buy back into energy stocks could we did a story about how steve schwarzman and david rubenstein are licking their chops looking to buy energy stocks. i know you like colfax is an oil services play. tell us why you think investing in these fracking services companies -- you said they are like manufacturers, not like oil companies. what do you mean by that? >> the business of fracking. hist

when you look at the work force 35% or thereabouts of people of color. 10 percent are african-americans. the issue here is -- a lot of asian-americans. and i'll tell you something, i'm wondering where are the protests outside general motors. two-thirds of general motors work force has been outsourced overseas. neil: as apple. >> we know that about apple for a long time. neil: good point. >> the inroads, it's pressure on facebook and google as well. >> but that's the thing, it's misdirected yet again. you look at twitter, google, facebook, around 40% of their work force is considered minority. asian, black, hispanic or anything other than white. neil: we tend to focus on the minority, we automatically think african-american. >> why aren't we protesting for these people? we're at 40% already. almost 50% at yahoo. >> jesse jackson is speaking for the black community. let's look at the tests that were given, the advanced tests were given. only 3% were black that took the computer science test. if we have an issue with certain races not getting certain positions, it has to start with educati

we know you've been looking into digital currencies. now youty threat at big financial institutions. what have you found? >> it's an enormous, i would argue existential threat to our system. it's one of the things we'll focus on at the department of financial services. a major attack on our financial system that is coordinated, hits multiple institutions at once, could disrupt trading could be incredibly destructive to our system? it's incumbent upon us as regulators. do everything we can to make sure our institutions are as protected as possible. >> could you impose rules on financial institutions to prevent tack attacks? >> one of the main things we do is examine our institutions and make sure they are doing everything they need to do to stay sound. they are typically. when it comes to cyber, we'll issue new guidance over the next few days we've been working on for a while now. we know exactly what examiners will be coming in and looking for. there are other things we can do. we have to coordinate with federal regulators and international reg

charles: okay. >> because you look around. and safety net, has been increased a lot, not just poverty rate, but poverty rate times something, some other factor, a subsidy program, i tell you on moo radio show i get calls all of the time, i am really doing the math on whether i should take the job, not take the job or stay at home. >> 1 14 14 billion on earned ine tax and loans, misappropriateed. they had a category for farming and fishing, average duringation was half the day, who is taking those jobs? >> low hanging fruit. >> it will is like a safety hammock. it is catching all, god bless these illing about immigrant ing abouingillegal immigrant woo provide for families, but when we deal with second or third generation in entitlement and welfare, they are not hungry, we do not motivate the american citizens any more. charles: jolt number came out, 2.7 million people told their boss to shove it, that is a big positive sign with respect to the job market. but, a lot of people are worried, that is big with janet yellen. >> they w

this is professional safety analysis you look at and you look at every little item. with experience like his, you follow that through and you'll find something quickly. >> you can't look at a crystal ball at this point because we're all looking for information. as we look back at the other flight that's been missing and has not ever been found the other case of malaysian airline the families we see, we see images now of families waiting and worried and crying and on the phone. this is different terrain where this flight went missing. do you expect -- we're going to hear something soon right? do you think so? >> i think there's no doubt about it. it's bad weather. we're going to find something. i don't think this is another malaysian 370 kind of incident. this is something where we're going to find something. we pray that we'll find something with survivors. we don't know. >> all right. thank you so much, mike. it's always good to have you here. appreciate your expertise today. >> we'll continue on this top story about this missing airliner. it's just after 10:20 p.m.

no, anyway, you look good. >> i'm close. it's good. >> you look healthy. >>> when we come back this morning, the ripple effects of the plummeting price of oil. banks invested in the energy sector taking a hit. among them cullen-frost. take a look another the equity futures this morning. right now dow has doubled its losses. down by triple digits once again. s&p futures down 13 points. the nasdaq down by 30 points. buckle up. "squawk box" will be right back. take on the challenge of trading options and futures... with the easy-to-use suite of trading tools... at optionsxpress by charles schwab. and we'll give you a one hundred fifty dollar amazon.com gift card when you open an account. if you're looking for a trade idea, start at the idea hub... where options and futures opportunities are organized by volatility, earnings, market activity and income strategies. then run your new idea through the trade and probability calculator to get a quick look at the possible upside and downside. streaming charts give you the real-time quotes and customized views of the

>> what do you think. >> you look darn good. >> i'm telling you, easy thing to mix things with, with, to black. >> i've boyfriend, you remember chris? >> oh, you're take glenn that's right, my soccer boyfriends. >> soccer guy at this still? >> absolutely. >> he's around for the off sees own, he's watching. he told me to say hi. >> high. good guy. >> wearing marcella. good job. >> now, you can literally have anything in the -- were you talking ipad cases, cell phone covers, pantone is dictating the colors for everything. and the great thing also about this is you can find it anywhere, from american apparel, to the fancier stores, to even like the cherry hill mall, which is my new favorite thing. let me tell you, i know what it is like to be stuck in traffic, downtown here, trying to find a place to get to shop. >> so go to cherry hill? >> i go to cherry hill inn stead. parking easy in and out. >> i go to the movies over there, too. >> yes. so king of prussia is great. but when you have the opportunity, go somewhere else like willow grove. >> i like that. >> of course i love michael ko

you look at that monthly, weekly, all of the volume is panic selling. have we seen, peter, we had this argument on the 4:00 last friday, have we seen enough panic? you know, our oil expert, eric bolling, who traded for many, many years says we're not quite there. you'll really start to see some hyper-hysterical behavior in the last death throes of really low oil, and we haven't seen that yet. >> well, in 2009 we pulled back to $33 without north american shale. so you have to keep that this mind. liz: without the shale boom that we've had. very important point. i'm glad you made that. gary kozlowski, what else are you looking at with the markets here? it just seems equities might, perhaps, simply be tired. >> well, everybody is stressed out because of the oil that you've been talking about and talking about, and it has really taken the headlines. but another situation, too, keep an eye on, okay, prime minister abe, he's got more of his way into the japanese government. and we're going to continue to see them pulling back. and you're going to see the doll

let's buy it. >> if you look at energy overall. i was looking at for the sector for the year it is only down 10%. clearly some plays have been badly here. you look at oil majors and they have not fallen as you might expect. >> eog, stock i know very well they have relatively low cost. some are higher cost than others. yet you can see numbers coming down really really fast on that. the big issue. should i buy now. i have had this consistent question for weeks now. i'm a little hesitant to recommend it. >> for the market 15% gain including dividends on the s&p 500. >> been an amazing year for those on the right side of this market. big blue is not one of them. big trouble for big blue. ibm the worst performing down member for the second straight year. shares down 14% in 2014. where does the tech giant and its stock go from here? josh lipton is live in san jose, california with perhaps a little forecast for us. >> for ibm bulls 2014 can't come to an end soon enough. ibm shares down some 14%. this is the worst year since 2008. it doesn'

so with ge, very simply, i think you look out to the new year changing, you look out to first quarter -- q4 earnings report, on january 23rd and look at implied volatility, it is cheap in ge. and really, you know, the trade is very simple. i was looking at february when the stock was 26 today. you could buy the february 26 calls for 55 cents. 2.5% of the underlying stock price. you think about it that way, you have two months, a catalyst, you have the change of the new year this is a pretty simple strategy but i think it makes sense when you think about where i think the u.s. market could be going early in the new year. >> this is a short-term bet. usually it plays out over a longer period of time. >> he's looking at an option that is pretty inexpensive. make this bet without taking a lot of risk. the vix below 12, this is a situation where you think about maybe i'm going to do relatively simple trades. you get a lot of leverage and not take significant risk. generally speaking, going into the end of the year, though, calendar spreads can set up in a fairly attractive way because you'

do you think the era of $100-barrel oil is over? >> look. i think you have to look at the long-term cost of production. production in north america has risen dramatically as you know and when you look at the long-term cost it's come down dramatically. so i think a longer-term number around $80 to $85 is probably where the marginal cost settles out. >> steph? >> my question to both of you is let's just say we bottom to around 52, 53, 55, how do we get back to the level we talked about or the $100 barrel. unless you see real demand -- and maybe it's the monetary policies that are going to help with that side of the equation. it doesn't sound like from both of you that it will get going. what gets it higher? >> look. i have never seen it go this low except when an economy is in entire recession. i don't see that right now. again, we're seeing every year -- it's not leak it used to be. there would be 1 or 2 billion barrels added on. now it's down. it still continues to increase. if you see oil production drops and production curtails, you're goin

if you look at history, retailers come and go. you can list them. you go back 100 years in this country and retailers have grown and declined. in some cases, unique in our reasons. case, we are 52 years old. we have done a good job of opening and operating stores to serve customers and to fill our purpose. but we have to learn new skills, many of which are digital, some of which are based on data and technology, and put them together in a way that is most efficient and serves customers in the way they want to be served. >> if you look at this past holiday, thanksgiving and friday and cyber monday, sales were down on black friday and up on cyber monday. >> to do to our plan, sales did bounce around, but if you look at what happened in november, for the first time, some of the efforts that retailers have made to spread the business out did start to take hold. i think the internet is related to it. >> people buying early. >> they can buy early, they can buy late. we had events thursday morning where you might have been preparing a meal and cyber , mond

so when you look at a one-year budget you can get a certain number.don't write a check for something we don't need to spending money on, that's why we're going to balance our budget. having said that the cash flow is different in different years, and we have made decisions to go to a more modern aircraft and ships, and that obviously will be reflected in future budgets and we'll change those numbers accordingly. >> that was canada's ambassador to the united states. coming up, potentially billions of barrels of oil beneath the sea, right below where china just built an island. coincidence? >> a deal went against they're own government >> egypt mismanaged it's gas industry >> taking the country to the brink of economic ruin >> this is because of a corrupt deal to an assigned to basically support two dodgy businessmen an israeli one, and an egyptian one... >> al jazeera exposes those who made a fortune betraying an entire nation >> you don't feel you owe an explanation to the egyptian people? >> no...no.. >> al jazeera investigates egypt's lost power on

and that's what a lot of analysts are looking towards. when you at the sales numbers to get double-digit sales growth, you're going to need that overseas growth. this is a challenge for apple. it doesn't 19 the story is over, but it is a challenge. especially if you get margin compression or margin expansion, however you want to look at it where apple doesn't earn as many dollars per dollar put in. that's going to be a problem for an. you're starting to see that in the market. yesterday's crack was a very big move there is probably something going on there. that's probably the first signs of it. if i were an apple shareholder, which i am not, would be getting out 1/3 of it here. >> how big of a threat is xiaomi? earlier i pointed out if you look at the articles that have been written about xiaomi, it's often called the smartphone manufacturer. it's got a tablet. it's got a fitness band. it's investing a billion dollars in acquiring tv content. it's invested $300 million in a video streaming platform which is backed. it's got its tentabcles in a lo

second point, if you look at who is most effected, we just mentioned russia. you have to think about iran clearly. think closer to home venezuela. and not the smaller ones like nigeria for instance. that will be affected as a result of what is happening. third point, if the imf was called upon to help not only ukraine as we do and have to the at moment, but many of the other countries, i would seriously need help from this country so that our quota and our volume of capital to be engaged as loans from those countries would be engaged, so i need your help. >> let's go around the world and see, again, this much of the world is helped by this -- >> yes. >> let's look at the global economy, global hot spot, starting first in europe. it looks like, it is either in or very close to its third recession in five years. this is a continent that seems to be reliving japan's experience for the last 20 years. it seems not to be getting any bet are any time soon. what's the outlook for europe? what needs to be done? >> this is what i call the risk of the new mediocre. new me

we are standing in a steady drizzle and as you look at highway 101 you can see how wet the roads are right now. all told nothing too dramatic. we he been out and about up and down the peninsula and checking on spots that are known to flood. it looks like things are holding steady tonight. just a trickle here and a puddle there. heavy traffic and wet roads. this is eastbound interstate 80 at seventh strait in san francisco. for the most part the rain came without too much trouble. but for the business owners on the peninsula who have suffered flooding twice in as many weeks every drop can be dangerous. >> when it rains we get worried. >> they are surrounded by sandbags and they only help so much during tuesday's downpour. >> we look out and it is like a lake outside. the storm drain we can't even see it. if you put a towel or something it would be swimming. that's how high it was starting to raise inside. >> fortunately that's not the case now. in the brief break, it gave san mateo firefighters a chance to do this. >> would you like one? >> old saint nick going door-to-door. hopefully

if you look at your -- data portfolios. if you look at your portfolio is it ready for 2016?assets and oil assets is broadly supported by oil price. a significant tax cut with 67 days as gasoline falls the one areas where there is potentially great risk is the u.s. high-yield. u.s. ishat index in the related to energy. if you are rebalancing is anna says, christine mcdonnell made a speech overnight and she did the math for me. oil is equivalent of about a 10th of growth for the global developed markets. so my question to you is that kind of correlation 67 box is --re we are how does that because there is his big debate for emerging markets that it is somewhat beneficial from these oil prices and some will be really hammered, how do you differentiate emerging market positions. first of all that .8% figure is incredibly different depending where you look hence the broadview that the u.s. would benefit from lower oil and that passed emerging markets will suffer completely. where we are playing a more positive you and the emerging markets is more about the commodity exposure. tha