would look at those and you would look at the university's analysis of those and make a judgment whether the university has substantiated its course. the burden is on the university. they have to convince you that they substantiated their case that they need to consider race. >> and they can do that with evidence in events that occurred after the suit was brought? i'm not quite sure how that works. >> it happen in gruder. i think they have to be interested that they contemporaneously identified with when they adopted a program. i don't think there's an issue here on that but i think the evidence can include evidence of how things are working in practice. for example if they adopt a system that does result in improvement that is highly relevant and consistent with what the court held in gruder was appropriate. >> the reason i think it's a matter of concern is i heard from mr. gar a lot of numbers. he said this is why it's needed and we will know we are doing better when the numbers look better and i just wonder whether the idea of surveys and i look at one of these surveys. i don't

you all look so good. thank you very much. >> thank you, ladies, thank you. >> from mom makeovers to room makeovers. >> how a little paint can go a long way in transforming your if you're approaching 65, now's e time to get your ducks in a row. to learn about medicare, and the options you have. you see, medicare doesn't cover everything - so if 65 is around the corner, think about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, they help cover some of what medicare doesn't pay. and could save you in out-of-pocket medical costs. so don't wait. call to request your free decision guide. and gather the information now to help you choose a plan later. these types of plans let you pick any doctor or hospital that takes medicare patients. depending on you needs and your budget. so if you're turning 65 soon, call now and get started. because the time to think about tomorrow...is today. >>> make room for color is cr

what do you think, honey? smr it looks good. >> well, you know, bangs instead of botox i say. it helps to bring out her eyes, i think suzanne was a little apprehensive of cutting 10 to 1512 inches off. look at the length. >> how does it feel? it makes me feel really pretty. >> you are pretty. >> awesome. >> thank you so much. >> look how beautiful everybody is. >> all right. mother and music star jessie james decker, gets a surprise on her [ background noise of children playing ] what a wonderful thing. that a slice of hot... bubbling, california mozzarella awesomeness has the power to do this... mmmm. yum! [ mooo ] you're welcome! return to real food. dairy products made with california milk. from our family farms to your table. return to real. look for the seal. break the mold. go sensationally bold! new color sensational loaded bolds from maybelline new york. loaded with hyper-color pigments... for one-stroke intensity... and honey nectar. sumptuous feel. ? maybelline ? new york. a box is where you keep things safe. who wants that? i'm moving forward. new oikos greek nonfat

you have to look far to capture the value. you can do a five-year dcf and put a multiple on that. we choose to go out as far as we can and with such an early stage company you want to pay a high multiple and we think it's the right way to gauge that but it becomes difficult. >> i appreciate the time. thanks for coming on. >> my pleasure. >>> what's the trade here. >> for a stock by the way if you look at over the last year he mentions it's sort of come down to earth, it's down 44% year to date it's down 4%. only over the last month has it done anything and it's muted. it's up 1.5%. >> i thought i'd try to do trading after hours. i did. it's not for me. it's not for our clients because it's just got too few locations. so he's right about the comps to some of those other competitors for our guys we'd have to be in something like a jack in the box or sonic. can't be in something as small as this even though he's a great operator. >> it reminds me of twitter the way it trades. it continues to slide down. we talked about not owning it on the way down but the bulls bring forth the same

if you look at wti, you can see it around $45 currently. it's pointing to a resurgence in the emerging markets, and to a saudi stabilization. they keep on saying they want some price decrease, but there rhetoric is certainly filtering through to the markets. this is the big picture for the e markets. the yen lower after slow forecast, a lot of investors thinking the boj will have to do more. let's get more of the markets with nejra cehic. nejra: the chinese yuan has suffered its sharpest drop in six weeks after there were concerns raised about economic growth in china. figures showed new credit growth in july was the weakest in two years. and investment also we get, indicating that the reason stabilization may be faltering. two terminals. at new york's jfk airport were evacuated after initial reports of shots fired. the nypd tweeted that all terminals have now been searched and cleared, and that no shots were fired. the affected terminals are resuming operation. london properties are taking longer to sell this month despite a summer price c

you do look amazing. thank you so much. [ cheers and applause ] well, i'd have to say that we've proven that derm exclusive's fill & freeze really does turn back the hands of time and give all of us younger-looking skin in just mite and here's the best news. everybody watching -- you at home and all of you here in our studio audience -- is going to get fill & freeze -- this is a $60 value -- for free! [ cheers and applause ] here's how to get yours. >> announcer: that's right. call the number on your screen right now and order to get a free $60 tube of fill & freeze, and see your own amazing instant results like these. >> the fill & freeze is an immediate fix. i have on my forehead and between my eyes. it firms everything up, and it makes those fine lines disappear. >> in 15 minutes, i see a whole new me. fill & freeze makes everything firm. it tightens the pores. it gets rid of the fine lines. [ laughing ] i can start smiling again. >> announcer: you could pay hundreds, even thousands of dollars for injec

you all look so good. thank you very much. >> thank you, ladies, thank you. >> from mom makeovers to room makeovers. >> how a little paint can go a long way in transforming your long way in transforming your home after this. alright, how's this for a tv show. sous chef. lawyer by day, prep-cook by night. also, his name is sous. no. sloppy joseph. a middle-aged man who's trying to get his life together, huhhh - no! here you go. i got this. i get cash back so it's like everything's on sale. with the blue cash everyday card from american express you get cash back on purchases with no annual fee. everything's on sale! a home shopping show takes place on a sailboat. that's the one! banana boat dessert on me. look at you being all lactose tolerant. it's more than cash back. it's backed by the service and security of american express. want a different way to cleanse? try micellar water from garnier skinactive. the micelles attract dirt like a magnet to: 1. remove makeup 2. cleanse and 3. soothe. no harsh rubbing,

you look at the sticky element, it looks like inflation will continue to rise for a bit. you really dig deep into all those details. where do you see the biggest risk of upside inflation over the next 6-9 months? michael: housing inflation kept rising. the good news is housing inflation looks like it is at least leveling off for a while. the real risk for something higher -- from the sticky side, you have medical care inflation. which has been rising, around 4%, what it used to be. maybe not leading to good things. , flexiblehe variable parts of+++ inflation for a while. you don't have a lot of room to go, except for up. jon: a 2% move in inflation means a big drop-off inequities. how do you explain your view that what is the feet across? -- feed across? inflation goes up 2%, there is a large equities drop. michael: people think of equities as a real asset -- the multiple people pay for those -- over the next 40 years, your earnings will catch up. , when first year inflation goes from 2% to 4%, those multiples compress quite a bit. alix: you have a pretty bold call for tha

he's worked for us all summer, if you want to look at the strength of the air force, you're looking at it. he's going to head back to school because we need to make him lieutenant, hopefully he wants to be a bomber pilot. which is great, thank you for what you've done for us, more importantly thank you for what you're going to do for your nation. thank you. [applause] >> hey, i'm excited about speaking with you this morning and i'm going to talk about the value of deterrence. i want to also touch on misdepositions -- misconceptions that you have read about or heard about and i want to tackle those. but the heart of our deterrent force is airmen that support them and secure them and that is really the key that makes the united states air force i will say unique among all air forces on the planet. and if you really want to know how different we are, when you look at the responsibility our nation puts in our young airmen, the responsibility we put on the junior airmen to do everything that i just mentioned, it is really remarkable and the strength is our young airmen and let me just tell

you look at brexit, potential spillover effects we see. i know you kind of poo poohed them to an extent. they are there. for foreign investors they have been heading to the exit. >> one of the things that held back european equities this year. international investors have probably quite right said more political risk to wit stand and i'll stay in my own market. the only specter in europe, let's face it harks been fairly dull for five or six years. within that there's been a rolling bear market. initially bear market in earnings for banks. recently earnings for energy and material stocks. other sectors where earnings have been improving pretty sedley throughout the entire period. >> one of the elements as well as buybacks, we don't have same structural setup. lou at debt markets, debt-for-equity swap should be happening in europe. do you think that's one of the reinforcing elements we can point to here, too, going forward. >> potentially. i think there is compelling economic interest for companies to do that. what we're hoping is reinvest in

you for joining us. from my perspective, i look at the fed minutes, which i suppose are divided, right? you then have dudley, the deputy chair in new york, he was talking about september live. being verybun, bullard, bullish. the market is already tightening. it is already adjusting. the sou hear bullard dovish and deadly being so hawkish, where do we stand? is dudley moore up today? -- is deadly more up to date? divided.d is they have mixed data and are not sure what to do it. on balance, the fed is airing on the side of caution. unbalanced, the fed is airing on the side of caution. consumer confidence has been quite strong supporting the hawks, but unbalanced, the fed is staying on the side of caution. seem to be talking about the medium to longer term implications. and the fed has a yield mandate and that stands at unemployment and inflation. that is that we do not see, the whites of the eyes of inflation in the united states of america. >> you are absolutely right. the inflation data is actually not that far from where the fed wants it to be. beyond someto look of the short-term risk

vonnie: why wouldn't you look outside the u.s. at this point? michael: the thesis has been for markets like europe and japan, that you have some tailwind, relative values that are more attractive. you would have had a profit picture that seems to be better than that is not materializing. you have triple headland of monetary policy, lowering the currency which would boost export growth. the problem is the aggressive monetary policy we have seen in many places has not worked in the way in which most folks thought. currency has increased and we have not see that just seen that faulted and experience as a result, a bit of a challenge from that perspective as well. david: i wonder what you heard last week out of jackson hole when you are this morning talking to john keane about -- tom keene about the way forward here. where do you see that playing out and how much of it is told in? >> what is really interesting is we have moved on from the old market coined terms of use to be called risk on risk off, it is .ow fed on, fed off it seems we're incredibly

that said, you look at the non-confidence from equity wfii is the function.e have a look at asia. only market substantially that has managed to push away foreign money, $60 billion of net portfolio outflows. s you that some people have given up on the japanese equity markets at least for now. rishaad: we will be keeping tabs on lenovo with the hong kong open. blockbuster numbers. first profit beating expectations handily. what was behind it all? juliette: it was driven by lenovo's new motorola smartphone model. demand for those outstripping weakness in lenovo's personal computer sales. first-quarter net income rose one hundred 73 million dollars, the market looking for $111 million. overall sales down 6.2% to $10 billion, also a beat. earnings per share beating $.16 per around share. have a look at some business units in detail. first-quarter mobile revenue narrowed, down 6%, $1.71 billion. pc sales down a further 7% to under $7 billion. sales in the data center business an increase of 1%, just over $1 billion. that unit reporting a loss of $31 million. makerrld's biggest pc introd

sarah, you look gorgeous. how are you feeling? >> thank you. i don't know how i got here. >> jeff: how did you get here? let's talk about what happened. take us through it. >> we were having dinner and then all of a sudden dennis rodmen walks up on us and like just takes us out. we went and got fitted for a tux and a dress and we just came here. and here we are. all right. only in vegas. was it fun? >> it was good. i tried on a wedding dress for the first time ever today. >> jeff: beautiful. >> i cried. >> jeff: you cried a little bit. dennis helped you get fit? >> yes. great taste. that d-rod. here's the way this will work. you two will have 60 seconds for this entire ceremony to take place in order for the marriage to be valid. all right. again, i am ordained. this is get through in just 60 seconds. now, how often is this? if you complete the wedding ceremony in just 60 seconds, not only do you get custom wedding bands by michael minutedden diamond jewelers, you also get, wait for it, a 3 day honeymoon through the mexican riviera and carnival

of bank fort -- portfolio and if you look, you do see the difference in all those measures . [inaudible] >> it's looking at, you know, basically the two steps where -- [inaudible] >> this creates model that will accommodate the nature of the data and the fact that all the banks were not changing. so we use and compare, superior, so essentially when you do this and once you control for this type of variance. you don't see significant difference in the results. the tables are pretty much your basic table that showing you here that you don't see the difference that they do not persist as we see in the test whether you are looking at bank capital ratio. now, when you do some interaction terms, you do see some differences in sensitivity based on minority ownership status in terms of nonperforming efficiency factors. and so this is the model. we don't really see results. here is sort of looking at the two stage where the capital structure is controlled for and in this model, which is the most -- the fullest model, we again are not really seeing big difference between ownership statu

you look at cnn, and you look at "the new york times." i mean i call it the failing "new york times" because it won't be in business for another probably more than a few years unless somebody goes in and buys it and wants to lose a lot of money. but "the new york times" is so unfair. they write three, four articles about me a day. no matter how good i do on something, they'll never write good. they have people over there like maggie haberman and others that don't know how to write good. i guess if they did, they're certainly not doing it. but "the new york times" is just absolutely a disaster. >> let me ask one other thing. >> "the washington post" has been very tough although i must say, washington post -- >> they gave her four pinocchios. >> that was shocking. >> 6,877 syrian refugees have arrived through july 31st. of the 6877, 6834 happen to be either sunni, shia, or generic muslim, and yet we have genocide against christians in syria and elsewhere. are we then therefore discriminating based on religion? >> yeah, well, in my opinion t

if you look at it, donald trump is over six feet tall. mate tall. >> hillary clinton, she's a woman but makes a difference but all the other supporters they have these celebrities. john white over six feet tall. vince barn over six feet tall. the conservatives that are out in the media and you look at the women supporting hillary clinton, are much shorter. star jones, so i think there is some truth to it. we certainly can't say that it's causation at all. it's fun just to talk about. >> don't read into it the. >> i love being tall, as a short person, i'd love you can reach higher things. work on my basketball game >> i'll help you out on that. >> we appreciate it. thank you for joining us tonight. it's a great day for an adventure. surprises are hiding around each corner. come chase thrills that lead in every direction. yet somehow bring us all back together. busch gardens williamsburg and water country usa. vacation packages start at $50 per person. a whole other world awaits. >> today on "tmz" -- >> drake went way, way, way over the top

when you look at the families in extreme poverty, what you find is they are in fact spending $25 for every dollar of income they have. what we did was go to another survey called the consumer expenditure survey. we looked at every record of every family with children for the last 30 years based on their quarterly reported expenditures. this was 270,000 observations. on the basis of those 270,000 observations, we found 60 that reported spending less than two dollars per day. 60 out of 270,000. based on self-reported expenditures, although they are trying to tell us one in 25 families tries to live on two dollars a day, based on their reported expenditures the , number looks like that. one family out of every 4400 are spending less than two dollars a day. most of those families reside in public housing where they did not have to pay rent. why is there this huge disparity? the part of the reason schaeffer eaton get large numbers they have is when they say 3.5 million children, they basically don't count any welfare as income at that point. food stamps are not counted. tax credit is not c

when you look at multiples, that gets scary and obviously, salesforce, they're an aggressive acquirer. yeah, they were looking add lipged in, but made more acquisitiak wii sigss in 2016 than in 2015. they're. he really is pushing envelope as far as he can. >> pete would buy the dip. >> i think 72.5, 73 is where it traded down back in may and bounced from there. 74.5 was a big level, but i would adpree. take a little guidance. i don't necessarily think it's the guidance. guidance was sort of nowhere to be honest with qulou. i think it was the deaccelerating revenue growth quarter over quarter. first quarter growth, 26.9%. 23.5%. i think people maybe get a little confused, a little disappointed with that. to the point though about valuation, it matters only when it does, which is now. but if this stock can hold to 72 pnts 5 level where it bounced on big volume tomorrow, ui think yu buy. >> so this is not necessarily a cloud problem. >> i think you have to go back the last spring. may of 2015 when crm made new highs. rumored that microsoft was going to pay $70 billion. so you have a situ

you say they act differently, they look differently. >> you don't recognize these people. and i'm not talking about how they look. you don't recognize them from a personality standpoint. when you unleash that human potential, they're confident. change jobs, get married, start doing the normal things that we all take for granted. because what was holding them back? their teeth, their smile, their embarrassment. >> we're gonna take a quick break. we come back, more about the process and what they can expect. you're watching "the wellness hour." i'm randy alvarez. we'll be right back. >> i didn't realize how bad my smile was, with fillings and root canals. i had to do something. i looked at partial bridges. i looked at dentures. clearchoice was the only choice for me. >> at clearchoice, we bring hope to millions who suffer from missing or failing teeth with dental implants that look, feel, and function like strong, natural teeth. >> all the specialists, with all the technology they need, are in one spot. it makes delivering this 21st-century world-class dentistry very easy to

are you looking for the people, are you looking for the idea, are you looking for the idea and the peoplehe unique and exceptional the founders are. what is the right passion that drives them to build this product, either sort of a hard science or something truly differentiated. we don't want to be like we are going to invest in the 10th version of whatever on-demand product or something -- name your favorite. we want to invest in large opportunities because of the -- if the company succeeds, which is hard we want to see a , path to $100 million in revenue. if you get there, you can go ipo. and then we will sort of look at, how this company can be held by softek's resources. is it really something we should do or is it something we can really do much with? and then finally, is one of us going to spain -- going to say, i want to spend the next five or eight years to work with this team to build this story the way i did with it did? emily: what about you guys? it is similar. you are looking for markets that have some fundamental change rather is a unique opportunity for these teams to go ou

u.k.u have an ideal portfolio you would be looking at? geraldine: we don't think there will necessarily be recession in the u.k. we are a bit short on data at the moment. the first pmi are pretty dramatic, but you might have overreaction. things might be normalized as time goes by. we expect some fiscal easing when the autumn comes. growth around zero is pretty much what we're expecting for the next one or two years. francine: is there concern about a policy mistake from mark carney? he seems to be the person who held the crisis, the reliable boyfriend. he seems to be on top of it. geraldine: the bank of england seems to be a lot more cautious when it comes to interest rate policy. we are not sure if they will get their or not, or keep a positive rate just about that. i think bank of england is going to be much more cautious when it comes to financial stability and try to balance the two. francine: how should he look through inflation? this also goes back to how you build a portfolio. geraldine: i think in the past the bank of england has

joe has a question for you. >> obviously the mutual fund is looking for monetary loss coverage. according to the filing in june they only owned about 500,000 shares of valiant. do you suspect that they would come forth and seek the same type of actions that you're seeing here? >> so we haven't talked to them about this or the other mutual funds about whether they would join the suit or whether they would file their own suits. we know another fund has already done that separately and i think that i wouldn't be surprised if others join in, but t. rowe price is one of their largest holders and probably looks at this as more serious. >> there was debt news today. there's been something for investors to consider is if $30 billion worth of debt. how do we reconcile today's news with the continued issue of such a large overhang. >> so it's very confusing for the average investor but the new debt agreement that they came to means that they can perform worse and not trip any con vents. you shouldn't view that as a good thing. you should view it as the business isn't doing as well as many

if you look carefully at the agenda you get from hillary clinton, you have an approach that is complete, it puts the forefront strong here at home andreviving our economy continuing the process of trying to expand prosperity so more 2008 and 2009 -- we have a revival. i mentioned what she given michigan earlier this summer, they she has a template that is not about solving the world's problems. america is stronger and safer when engaged in the world. what i said about continuity between the two administrations, she left her position as secretary of state in 2013 and a lot has happened with russia and russia's dangerous actions. at her core, she is a pragmatist trying to work with russia when and where we can. as i was trying to explain with the isis fight, she probably would have a more robust response, whether in the crimea peninsula in the ukraine, her response in syria would be slightly different. one thing i am besides especially the summer, i talk about this being a big issue. things i the biggest would talk about besides this summer about being a big issue would be russia. many an

you wake up, you look, it is 50 of them here, senator there now. they had a huge 8 million. i don't think they would have got they money without donald trump. >> you are right, he is the one doing the fundraising. they are contributing, the small donors, not the big hedge funds, this is just another ploy from the never-trumpers, there are a small group of dc insiders. looking at who signs letter a bunch of former republican operatives, and current whose in best interest to maintain the status quo. it is going nowhere, rncsigned a joint fundraising agreement with donald trump and don campaign, not to mention rnc and him combined locked in on a party platform. and reince priebus has been in touch with donald trump on a weekly basis, they have become good friends. >> really. >> tough love. charles: i am sure he is under some pressure from some of these folks, but. why, what the heck is going on? >> let's not believe what we read in "time" magazine, charles, ever. >> you had to hit me on that on one. [ laughter ] >> that is right, when i think about the 70 republicans, the establ

if you look to the west, you will see precut ties. they had sawmills and brought them down from the mountain. whereas the union pacific, coming from the east, had to head cut their ties wherever they could find wood. not a lot available and a lot of the areas, so they would split them and you can see them and how they would cut them to bring them out when they could. the transcontinental railroad was happening at the end of the victorian age as you were going into the industrial age and it was a perfect time for the united states. when the railroad was completed, it made a major impact in the industrial development of the nation. it was over 6.5 years. took just over six and a half years, built from 1862-1869. time period they started building the transcontinental railroad was when a lot of people were coming out after the gold rush and the silver rush was taking off. we were in the middle of the civil war. abraham lincoln really wanted to have access to all the materials that were available in the sierra nevadas, including the gold a

and rewards, cash can help you rein in the spending. we'll take a closer look at that tomorrow at 6:00. we'll be right back. your daughter wants to stay organic. your husband wants to stay free from artificial ingredients. you want to stay free from artificial preservatives. and your debit card wants to stay on a diet. fill your cart with small victories like stop & shop's nature's promise brand. the ford freedom sales event our biggest event of the year just got better! ? i'm free to do what i want and have a good time. ? announcing zero for seventy-two across the entire lineup of ford cars, trucks and suvs. so hurry in for 0% financing for 72 months. that's freedom from interest... and freedom to choose with ford. america's best selling brand. ? i'm free, baby! ? now get 0% financing for 72 months across the entire lineup of ford cars, trucks and suvs, during the ford freedom sales event. we're wired differently, which means we can fix things differently. thanks for calling fios. this is ryan. you can't tell me this cord isn't in. i know it's in. it's in, but

if you look at him, i'd throw him out. u know, i looked at him, look, he's smiling, he had the red cap on. i thought it was one of my caps. no. make america great again, i don't think so. but he has the red cap. he's got a big smile on his face during the whole thing. he obviously liked what he heard, okay, from her. look, we have to be so tough and so smart and so vigilant, and, frankly, the muslims have to help us, because they see what's going on in their community. we don't see it. they have to help us. if they are not going to help us, they are to blame also. and san bernardino, they saw bombs laying around the apartment. people saw it. and they wanted to be -- they called it racial profiling. we didn't want to call in, yords, a lawyer got to them and said you got a problem here, you knew this was -- racial profiling. look, whether it's racial profiling or politically correct, we better get smart. we are letting tens of thousands of people into our people. we don't know what the hell we're doing. >> we can keep people

their living standards than if you looked at income. in a case when people are saving and dis-saving. probably the best two examples are you have a lot of, say, college students who are really living pretty well even though they have very little income. or you have an elderly couple that own their own home, or they own a car, and they, you know, frankly have a lot of clothes and furniture and other things so they don't need to spend a lot to be quite well off. and they may not be getting any income, but what we look at is, in the case of, say, a home owner, we don't look at what they are actually spending. we look at the value of owning the home and we look at the cars that they own and the value of having the car of a given make, model and year. we know that from the data. mr. doar: i want to just jump in here. one thing i want to make clear, none of us here are, i don't think, saying that people who are at the lower end of the income scale are doing tremendously well and that we resent their largesse. that's not the case here. we are r

you know, look at your kids. e opportunities you have in education, the opportunities we have for medicine, for communication. but there are tremendous vulnerabilities with it. and we are outpacing the ability for the policy community to keep up. i would not say slow down, but i would say because we have gone so far so fast, how do we help the policy community keep up? and this encryption issue is just such a problem. emily: if communications had been encrypted over the last decade, how would it be different? general alexander: there is a great case. if you encrypt communications and the government cannot read the content, when it is authorized by court order to do so, and if you recall, an al qaeda terrorist in pakistan was contacting someone in colorado. if that was encrypted, all we would know is that they talk to somebody in the united states, but that goes on so often. the fbi would not have enough information to stop that. emily: so an attack on the new york city subway may have happened, as you say, if comm

let's give you a look. slower than normal on the 10. you can pull up the traffic map and we will give you a close-up. you will see the delays starting to the 101 thing is out in the east valley. we have a freeway closure the 202 southbound. really bad crash with several vehicles involved. smart routes this morning because you cannot use that portion of the freeway. we will have more details on this crash. finished speaking with dps and they are telling me there were actually two different crashes here, one of them involving two cars and another one involving three so five cars total and they say also this was caused in part by -- because somebody hydroplaned and lost control because these roads were just so slick. it's something we've been saying to people all morning long. one of the vehicles involved here -- you can see here. i am also of three people were injured but the good news is that these are non-life-threatening injuries and these people were taken to the hospital where they are being treated. i am also hearing from dps that th

why you want to look at expenditures. thank you. if you have people in debt, they will not be able to spend all of their income. they will have the scrimp a bit to pay off the debts, and if you look at what they are able to spend on food, housing and other things, event a better measure of well-being. imilarly, if people are living maybe beyond their long-term needs, you would like to know that. you would like to see that if they are living in a nice house, driving a nice car, you would like to be counting that. so in both cases, if you look at what they're spending you are going to get a better measure of their living standards than if you looked at their income in the case when ople are saving and into saving. probably the best two examples are you have a lot of college students who are really living retty well, even though they ave little income, or you have an elderly couple that own their own home or they own a car and they frankly have a lot of clothes, furniture, so they do not need to spend a lot to be quite well off. they m

if you look at the difference. the 108.5 that we were expecting.own with some of -- we break it down with some of the numbers. ceo's expected future revenue -- the future is at 100.1. it might be a little bit of post-brexit. it might be a little bit of august lull. it may have an impact on fifa's money.- ifo's janet yellen speech will be taken live at 4:00 p.m. london time, a specific index come i put in there because volume in asia, you can see overall stocks gained volume -- volumes are 30% lower than the previous month. brent crude, $49. a good measure to see where that is at 138. let's get to the bloomberg first word news with nejra cehic. nejra: the death toll from the powerful earthquake that hit italy yesterday has written to 247. it is according to the civil protection agency. flattened that hit the center of three ancient towns. there is fear that more baby buried in the rubble. investors pulled more than 25 billion dollars from hedge funds last month, the biggest monthly redemption since they were a 2009. either estimate said total outflo

you take a look at regional, they're up by more than 3%. was this a warranted rally based ton jobs snurm. >> absolutely. what recession in you have a place here where if you think about the long growth in this last round of earn, even the guys that weren't as tuned up, if you look at where i think people have put expectations for the banks, if you look at the discount they put on the credit analysis of banks, i think i'm not going to, this is not the one day to say wow, everything's great. i've been saying thing rs not great, but fincke you look at what the banks are showing you and drop that under the context where the best wage growth since recession is the number we got today. not saying everything is wonderful, but this is a sector that was so beaten up and i look at the chart and jpmorgan getting back to up 66 bucks, this is where we've seen seeing this thing fail the third time. yet the momentum going in, i think is actually much more powerful than at other times. >> sit there and just own any stock. i'd rather play from the long time

as a c.e.o., you look at a payback of a few hundred million dollars or more. ouple of my guys who say i would rather look at m&a. emily: do you prefer companies go the m&a route? a, you get a faster return and t is more a search engine. you don't necessarily have control over what's going to happen. >> for us, we're really focused on building strong, durable businesses. facebook had several opportunities to sell early on and we are happy they did not. having a public currency has helped them be aggressive with things like whatsapp and instagram. emily: what about in this particular environment where it seems like the funding environment is tightening up and people are getting more picky? >> as jeff mentioned earlier, being a public company is a really hard existence. if you have one bad quarter, it can take a long time to get things back on track. it depends on what is the setup for m&a. if you have a strong business and you're able to approach it from a position of power, you can set it up running a business under the umbrella of the acquirer. if you look at t