tv Closing Bell With Maria Bartiromo CNBC September 10, 2012 4:00pm-5:00pm EDT
bell there today, our friends at the orange county california chapter of yto, and 20,000 worldwide executives. they are an exclusive cnbc partner. that is the first hour of the "closing bell." stay tuned for maria's interview with mario monti in hour number two. i'll see you tomorrow. 4:00 on wall street. do you know where your money is? welcome back to the "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. stocks losing steam in the afternoon session with selling accelerating in the last 15 minutes of trading. investors looking to take profit ahead of this week's slew of key meetings by the federal reserve and european finance ministers. speaking of europe, don't miss my exclusive interview with italian prime minister mario monti. you'll hear what he says next about the eurozone, interest rates and the global economy. the answers will surprise you. stay tuned for that coming up. take a look at how we're finishing wall street. down 52 points on industrial
average. last trade on the blue chip average, the nasdaq composite weak. technology accelerating selling in the final hour as well, down 32 points on nasdaq. that was better than 1%. and the lows of the after at 3104 on nasdaq. s&p 500 gave up 8.75 points. markets in the holding pat western a big week ahead. the fed holding a two-day policy meeting with great expectations for more bond-buying action. we'll get the news on thursday. across the pond in europe, european leaders are facing key decisions on their future as well. including a german court that may decide the fate of the markets around the world. german court decision on the constitutionality of the esm bailout fund. that happens on wednesday. what does this mean for you and your money? eric marshall with hodges capital management, marsha with wells fargo and ryan is td waterhouse u.s. equity strategist and rick santelli joining us from chicago.
martie, let me kick this off with you because we saw an acceleration of selling in the final 15 minutes of trading ahead some of these key meetings. nervousness going on. what's your take on what happened at the end of the day today and why we saw selling in the afternoon ahead of these meetin meetings? >> i think it's really recognition we have macro issues ahead of us in europe, also our own fiscal cliff and i think that's beginning to overwhelm reasonable growth in this country. i think we're likely to see more bad news affecting the market over the short term disappointment in what the fed does also. >> eric, what about that, are we setting ourselves up for a failure given the fact the market has been doing quite well this year, certainly the momentum is on the side of the bulls, and yet we haven't seen a change to the fund mentals. it's all been hope the fed will act. >> that's a great point. at the hodges fund we don't know what the market is going to do between now and the end of the week. the market is nervous, we've seen sentiment very skeptical.
we've been through five consecutive years now where money has flowed out of equity funds. that's continued over the last few weeks, even as the market has run up here and hit new highs. we're relatively constructive on the next 6 to 12 months. we're still finding opportunities to buy stocks at good valuations. but we think now's really the time not to be a passive investor but to really be proactive in your stock selection. >> what does that mean being proceed active, eric? what are you doing in terms of allocating capital now? >> you have to go out and you have to look at the fundamentals. you need to find companies that are able to grow themselves organically. we like companies like shoe carniv carnival, who's able to, you know, double their store base all through organic cash flow and isn't necessarily overly sensitive to what's going on in the macro economy. companies like trinity industries that are benefiting from both a cyclical and secular improvement in the rail car
industry. >> rick santelli, what's your take on the fed on thursday? what are we going to hear? >> well, i think on thursday we're all discussing, will we be disappointed if there isn't anything tangible on qe3 which everybody expects is baked in the cake, as do most of the sources i talk to. i think a better question would be, what happens if they come through with more qe and the market doesn't respond in an aggressive fashion? i think there could be more psychological damage that route. i also would like to point out, this late session selloff in equities and the drop in interest rates was most likely due to the july consumer credit which came out at 3:00. instead of being up close to $10 billion was down $3.276 billion. the first negative number one month shy of last august. >> i saw that number. tell us more about that. that certainly could have been one of the issues here, pushing some of this negativity at the
end of the day. why do you think this is -- >> yeah, we're talking about what traders think of all these programs. i think consumer credit gave you an idea of how gun shy the average consumer is with all these issues on their plate that are so confusing and hard to understand, personally. >> yeah, really important point. ryan, let me get your take as a strategist needing to come up with recommendations. what's yours in the face of all this? >> we're still taking a balanced investment approach. we continue to pound the table on the information technology sector. that sector looks very good, both from a fundamental and technical perspective. but we want to have some balance in portfolios so we continue to like the consumer staples sector. defensive growth is found in consumer staples, good dividend yields and we still like health care. we really want to wait to see what happens on thursday. the pull back today in the markets could also be a bit technical.
the markets are up strongly over the last week. we're getting a little technically overbought here. we want to see what happens on thursday. we want to see if there is a follow-through. we do think qe3 is now baked in the cake. let's see what the follow-through is on thursday. >> margie, financials, the new leadership group once again, real allocation going on here. are you a buyer? >> no, i have minimal exposure in financials because i don't really see where the growth can come from versus other sectors that really have the possibility of growing much faster than the economy. and i think they have a lot of regulation that's really tamping down their potential to expand their businesses. so, i have marginal holdings in financials. >> and we would agree -- we would agree with that as well. we're underweight the financials. lots of regulatory overhangs and hurdles. they remain in a relative strength, technical downtrend. we're still cautious on financials, despite the recent run over the last couple weeks. >> we'll see about that. that's what makes the market.
appreciate it. see you soon. thank you. don't go away. we have a lot more in store for on you this big monday edition of "closing bell," including the interview you've been waiting for. coming up, mario and maria. italy's prime minister could hold the key to bringing the eurozone back from the brink. and he's talking only to maria. >> reporter: when would you expect growth to return once again to italy? >> in 2013. this is my clear expectation. plus, striking out. chicago teachers strike in a pro-union town with a pro-union mayor. is in a cautionary tale about government promising more than it can deliver? is gm's volt costing it more in the present? should the carmaker scrap it all together? schools... ...what should we invest in?
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welcome back. governments holding the cards this week as we await the federal reserve to say what it will do here in the u.s. there are many moving parts in europe between court cases in germany and big meetings among debt crisis nations. i traveled to italy over the weekend and got a chance to sit down with italy's prime minister, mario monti n an exclusive interview. i began asking him if italy will be tapping into the european central bank's new bond-buying program. >> to say that italy, because it has been a proponent, will make use of the instrument, there is a lot of difference. and under the circumstance circumstances, i believe that what italy is doing in terms of domestic policies, both budgetary -- i mean fiscal discipline and structure reforms should be enough to reassure the markets. >> reporter: so it sounds like you will not be accessing this right away.
is there a threshold you would look to that you would utilize it? >> no. i think it will be important in the first place to see how the concrete operational instrument is being worked out. and then i think we will be able not to use that -- it would not be any particular stigma because by definition this possibility of intervention is constructed for those countries in europe that are complying with the recommendations of the -- it's not a sort of bailing out instrument. the issue simply is if the eurozone market comes down because of the announcement this new instrument is available,
probably the interest rate on italian government securities will go down gently and nicely. and we will not need to use the instrument. >> reporter: there was a recent survey in italy that showed a big portion for italy to be default. can you say italy will not default? >> italy will be one of the first countries to use the structural balanced budget. true, we have a big gdp to debt ratio inherited from the past and we will gradually bring that down. but it's clear once markets see that a country has really changed behavior in annual budgetary behavior and it is on a course of discipline, even a
high stock of inherited debt is coped with better by the markets. >> so, what do you envision in terms of the growth? where will the growth come from, of course, over the long term we're still talking about high unemployment, debt to gdp, very high, so over the short term we've seen very effective measures under your leadership. talk to us about how you see this growth happening over the longer term. >> yeah. well, i see this growth happening, first of all, and this is not so much longer term. i hope it is short and medium term. through a decline of interest rates. because these unduly high interest rates on italian government securities, not yet reflecting the new and better fundamentals of the italian economy and public finance. of course, penalize both the government, which has to pay
high interest rates on its debts, and companies' high cost of credit. as interest rates hopefully -- as they started already, do come down, this will create more space for investment and for growth. >> so, when would you expect growth to return once again to italy? >> in 2013. this is my clear expectation. >> let me ask you about what's happening in germany. of course, it seems to the world that germany really holds the cards in many respects here. that it fears it's going to be on the hook for the rest of the eurozone if it gets too deep in here. is that a justified fear of the bundisbank? >> no, no. i feelly respect the concerns of the german public opinion as regards the need for fiscal
discipline to be widespread and observed in europe. this is one of the most fundamental rules of the game of the single currency. and i'm only in favor of fiscal discipline and enforced properly by the european union. >> reporter: do you have any expectations in terms of the german court and the ruling on the constitutionality of the european stability mechanism? >> no, i have no expectation. on the 12th of september, we will know. and, of course, i have a hope but not an expectation. >> reporter: what are your thoughts on the banking sector right now? a lot of talk about capital requirements needing to go higher, nonperforming loan, of course, have been rising, leaving the bank somewhat even more vulnerable to this activity. how can you characterize the capitalization of the banks
right now. do they need more capitalization? >> i'm not following this topic very much in depth for the whole of the european banking system. i think we have a good set up of monitoring systems through the european banking authority, through the ecb, through the national banks and national central banks and supervisors. what i believe is most important here is what the eu has just set out to do. namely to put up a more satisfactory architecture for banking supervision in such an ent integrated financial market, as the eurozone in particular, now has. hence, the proposal that the european commission will present on the 12th of september on
banking supervision will be of the greatest importance. >> reporter: how do you get your arms around the issue of just people following the rules? paying taxes. so the argument is that so many people just do not pay taxes. can you come up with a program that polices this so that you know everyone is following the same law of the land and paying taxes in italy? >> this is not very glamorous as a policy objective but it is absolutely fundamental. i'm happy you raised it. because this is at the basis of not only a sound economic policy, but also of serious society, of trust among individuals, between individuals and public powers. and over the years, i don't claim this is the only
government which has deployed energies on the fight against the tax evasion over the years, but particularly i must say as we started our activity, a number of instruments have been put in place, like the increased transparency now really involving all transactions that -- through the banks and other modalities companies perform so the fiscal authorities have the full image of that. and there have been protests in italy, including in sectors of the parliament, because it appeared that this fight this war, as i call it, although i liken the statements, but here war is needed, against tax
evasion, even if sometimes it is said it becomes too visible. it's not good, for example, for two reasons. to see the financial police does checks where they issue the receipts. i think it's of vital importance this be done. >> reporter: mr. prime minister, despite scandals and allegations, your predecessor berlusconi is hinting he might want to make a run once again at his old job back. what's your reaction? >> i don't have too have, let alone express a reaction on anybody's candidacy. if he decides to do so, it will be fairly normal. he's the president of the party. if the president of a party decides to run, this would not
be a new thing for him at any rate. >> reporter: have you spoken to president obama about the fiscal situation in italy? >> yes, yes. about -- i want to say i met with the president several times. either bilaterally or other gatherings like the g-8, the g-20, and i have discussed with him the reforms in italy and also even much more. i would say what we have all been doing in the european context to tackle the eurozone crisis and it has been always very interesting and inspiring. also, he likes to follow these issues very closely also with telephone calls. he likes to be kept up to date. of course, i also like to be kept up to date about the
progress on tackling fiscal imbalances in the u.s. >> reporter: because we're all dealing with the same issue, aren't we? do you think america is in decline, this is the new speculation, given the weakened position of our weakened economy in the u.s. >> i cannot really believe that such a country can be in decline. but it also has huge responsibilities in keeping the global economy in good order. therefore, the topic of fiscal balances is not dealing from this. >> reporter: do you think the dollar will remain the standard global currency? >> yes. as a former competition, european commissioner, i don't like monopolies. i would certainly not see problems if -- while the dollar stays as fundamental currency for the world, the euro goes up
as a share of euro denominated assets in portfolios of the central banks or financial institutions or economic agents in general. >> reporter: i realize interest rates have backed down and you have been able to stabilize the situation, but isn't this really dictated by markets? i mean, given your programs and leadership and mario draghi's announcement the other day, rates have come down, making rates much more practical. but the markets, i mean, isn't this really market related that rates can spike at any time? do you think this program can actually contain the situation? >> i think this program under the political blessing of european leaders and the independent and highly competent handling of mario draghi, will be able to calm down the market.
now, i've never -- i've always believed in the market economy. i've never taken the position taken by some that markets are always right. nor the position taken by others that markets are the devil. now, what financial market one would ideally want? at least i would like to see in the eurozone and more generally a financial market that does signal the qualities of the policies conducted by a specific country. but just that. >> monti in europe might impact your money more than the fed. later, so much for new school years. it's what's happening in
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welcome back. you just heard my exclusive one-on-one with mario mont ty. good to see you, guys. thank you for joining us. let's talk about some of the news event there. the fact that italy is not going to access that esm bailout fund right away. should monti's comments, along with the bond-buying program introduced by the ecb last week, instill confidence for u.s. investors in italy? what do you think, anthony? >> i think it does. and i think the reason why either mr. monti or even mr. van rompuy, the longer they wait, the thought is conditionality might be less severe. i think it's in their interest to sort of wait until the last minute. i think the good news is this program n an unlimited form, has as mario draghi has indicated,
does reduce the left tail risk of financial markets. that should be good not only for europe but certainly for the rest of the world. >> the announcement alone pushed interest rates down, you know, the yield on the ten-year for spain, back below 7% italy, around 6%. so, it was just the announcement alone a positive. but, brian, he did leave the door open for later. he said, you know, look, if we decide to access it at some point, there's no drama, no stigma attached. we could but right now we don't need to. >> yeah. and in a way, italy is one of the better countries in the eu in doing austerity. they've actually cut spending. now, i don't necessarily like the tax hikes they've done, but they still have to do more. they have an incredible amount of debt outstanding, over 100% of their gdp. yes, he's leaving this door open. as anthony said, i agree 100% that this decreases that tail risk, the collapse of european
banks, of spanish, italian banks. so, that helps the markets. but in the end, maria, we all know they've spent too much, they've borrowed too much and they have to follow through with real fiscal reform, or otherwise these problems will just drag on and on and on. eventually they have to pay the piper. >> it's interesting to see italy stronger than spain. you know, spain is really the one bordering here. the one nation that the market worries about even more so. the credibility is certainly with italy these days. that's under monti's leadership. >> yeah. i mean, just not to jump, anthony, but the reason for that is that italy has actually cut spending. now, spain has made some nice reforms, too, but italy is really doing the right thing. it's kind of like what the u.s. did in the early 1980s. that's what brought -- brought us credibility back.
that's what allowed us to run a better monetary policy. it's what brought growth up. so, that's why i think italy is, as you say, maria, doing better than spain. at least in the marketing department. >> all right. we'll leave it there. thank you for weighing in. we appreciate it. we'll see you soon. up next, we're talking teachers. why are chicago teachers not getting what they want? actually, bill clinton had the answer at last week's democratic convention. >> i always give a one-word answer. arithmetic. >> yep, math. a local, state and federal governments simply can't pay what they promised anymore. so is what's happening in chicago going to stay in chicago? meet somebody who fears not even close. later, a different kind of math problem. taxpayer-backed general motors real lose $50,000 on every volt it makes? we're on the case. er ] what if you had thermal night-vision goggles, like in a special ops mission? you'd spot movement, gather intelligence with minimal collateral damage.
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stores. this company sells products for $5 or less. take a look at that chart there, down 7% in the after session. >> thank you so much. meanwhile, more than 26,000 teachers and other schoolworkers walked off the job in chicago today. striking for the first time in 25 years because of disagreements over pay and benefits. it's all the more noticeable because the city's mayor, rahm emanuel is a democrat and close ally of president obama's. probably the most union-friendly president we've had in a long time. some school districts have declared bankruptcy. remember scranton took pay cuts down to minimum wage. is this just the tip of the iceberg from public workers to entitle manies are people going to have fits because they will not be getting as much from governments going broke? with us now, steve, senior fellow at manhattan institute. he says math is math and we cannot pay. but richard brodsky thinks
unions have a legitimate beef. steve, you don't think what's happening in chicago is going to stay in chicago? >> well, i think it's going -- it's already spreading to a couple of other states that are in really bad shape. california is a good example. we've seen it in rhode island, we've seen it in pennsylvania. it's not by any means universal. some states are stabilizing at this point. stabilizing at a mediocre level of revenues but getting things under control. illinois and chicago in general have not been very good about addressing the problems, just kicking the can down the road. we see this really in the budget situation out there. >> and who is responsible for this mess? chicago? is it the city? is it the workers who are expecting too much? what do you think? >> well, the politicians of illinois and chicago in particular have made promises for years they never calculated how they were going to have to pay for. in fact, you know, this pension system in chicago was 100% funded in 200 1 and then the
city stopped making contributions into it. they were given pension holidays. they just essentially said, well, we're fine right now. now they can't afford a system that's only 55% funded. essentially, there's a huge gap between what they're spending and their revenues right now. and they have a long road to climb out of this. >> richard, this sounds mighty familiar. >> it is. >> what do you think? >> it is mighty familiar. it's going to spread. it's happening in new york and it's going to get worse. but blaming the unions is like blaming alex rodriguez for the yankees' losing streak. this is a complicated matter. right wing ideology, anti-union rhetoric does not get to the heart of why cities particularly are seeing an erosion of their tax base, a collapse of revenues, and budgets that are simply out of whack. it can be fixed, but it can only be fixed when everybody's in the same boat. >> let me ask you, how do you fix it? i mean f chicago or any other city can't pay the bills, is bankruptcy the way out? >> no, bankruptcy is always
undesirable. but bankruptcy, if it has to come, is better than some of the other alternatives which include things like control boards and defaults. look, the way out of this is for everybody to have some skin in the game. to make sure that revenues are part of the work out that the state and federal government no longer turn their backs on bigger of an area, we stop using municipal workers as punching bags to explain other grand social phenomenon, but it's going to take a kind of political leadership and an end to this ideological attack on unions, which is not yet where the american politics are today. >> well, do you think the unions understand what's at stake here, steve? obviously f the city can't pay its bills, something's got to give. you just can't have the same pensions and the same benefits that have been on the table for so many years. >> well, in some places unions have sat down and made concessions. i'm a little flabbergasted about
what's happening in chicago because before they even went on strike and before the city grants them any pay raises or anything else, this budget, the chicago school's budget, is an absolute disaster. i thought there would be more negotiations on this. now, maybe it's because of the kind of aggressive stance of rahm emanuel, but the fact of the matter is, if this were a private company and i were in the union in a private company and i had finances like this, i'd be really worried about my company going out of business. these are really, really bad finances. >> but this isn't a private company. these are policemen and firemen and teachers and hospital workers. people who provide the kind of essential services that can't be replaced -- >> oh, wait, they do it for a salary. >> and because it isn't a private company, they understand that they're not going to go out of business. so what they do, then, is go on strike to hold the taxpayer -- >> sometimes they do. >> the really important point here is the taxpayers in illinois and in chicago have already paid pension increases in the last couple of years. >> there's got to be work outs
that include flexibility on the labor side. there are places where there's overspending. but the notion that we can continue to underfund cities, have the federal and state government turn their back, and not expect social and political chaos is weird. there's got to be leadership on a federal level, a state level and a city level. not just blaming unions. >> is it really underfunding the city? is that equivalent to not being able to pay for om of the promises when an economy has changed so much? >> in many cases it is because a lot of the cities depend on a property tax base that has eroded and is not coming back when the economy comes back. if you're going to take a sensible, thoughtful approach, thing like an eroding tax base, thing like a change in the service levels we demand from schools, have to be part of a reasonable compromise where everybody's putting their -- >> how are you --. >> what's the issue of the fact that things change? what about the fact that things
change? for example, in the united states, i mean, here we are with a different demographic story, we're living longer, people talking about living to 100 now. in fact, social security hasn't changed at all. so, shouldn't we be changing based on the evolution of a country, of a city? i mean, that's one of the issues. if you're going to be living longer and needing more of the benefit from the country, don't you need to change some of the promises? >> i'm all for change. change has everybody in on it. but we faced a very strong antitax, antibiotic spending, antigovernment ideology. when you're talking about a city, not the state or federal government, means the things people experience every day, cops, fire, sanitation, police, schools, that stuff turns out to be much more important to the quality of life than with e mig have thought. there's a work out here. there will be changes. changes will come. but it has to be done with decent respect for all the players.
>> what do you think should be cut, then? >> what do i think should be cut? oh, i think you can find in any system -- >> where? what? give me one idea. >> one idea? things like out-year pengs, salary, health care costs, salaries are on the table for discussion. >> that's what we're talking about right now. >> revenues mean that everybody's got skin in the game. that's the kind of grand bargain which the federal government, state government and cities like chicago should start thinking about. >> guys, we'll see you soon. great conversation. we'll keep talking about it. we'll take a break. we want to move your money first thing tomorrow morning. three of wall street's best stock pros tell you what's on their radar and what will move the money. stick around because what they say could make you money. and then designed to save energy but does it lose general motors and your money? find out if gm loses $49,000 per chevy volt auto. for 30 some years at manyperint
every time a local business opens its doors, or makes another sale, or hires another employee, it's not just good for business. it's good for the entire community. at bank of america, we know the impact that local businesses have on communities. that's why we've extended over $4 billion in new credit to local businesses across the country so far this year. because the more we help them, the more we can help make communities stronger.
officer jeff carp is leaving the company after one year. following a slew of departures including chief operating officer and chief creative officer. zynga saying they're continuing their transition to mobile way from reliance on facebook. go daddy continues to suffer from a major outage, taking out potentially millions of websites. hackers taking responsibility for this outage but the real reason of the outage has not been confirmed. go daddy, which hosts 5 million websites, recently tweeted, we're working on it. but we're making progress. some service has already been restored. stick with us. back over to you. meanwhile, a new report claiming general motors loses nearly $50,000 on every volt that it builds. the story all tmore vital becaue taxpayer dollars are on the line with gm.
let's get to phil lebeau. what's the bottom line here? >> the math is right and some are saying, listen, they're taking things outs of context. let's explain what's going on. general motors chevy volt has been a high-profile program and now the company is facing a lot of questions about whether or not they're losing money per volt they build. according to an article in reuters, gm loses at least $49,000 per volt. here's the math. the r & d that went into the volt, $1.28 billion. this year they've sold 21,500, losing $55,000 per volt. gm comes out and says, reuters' estimate of the current loss per unit for each volt is -- for each volt sold is grossly wrong, in part because they allocated product development costs across units sold instead across the lifetime volume of the program, which is how business is operated. when i talk to people on wall street they said the same thing.
yeah, it's a little too soon to call this a definitive money loser. it sells for $39,995 before the government rebate. they've had to offer some leases as low as $199 a month. let's talk about the government rebate. if you extrapolate $7500 across the number of vehicles sold, that's $161 million. federal tax rebates that have been allocated through the volt. remember, this is for all alternative powered vehicles. not just the volt. there's a look at shares of general motors. not a huge impact today, but notably, as you said, you have a company getting a government bailout, people will focus on whether or not this volt is actually going to be a money maker. as of right now it still is not. >> >> no doubt about it. phil lebeau. melissa lee with a preview of the markets. >> at the top of the hour on "fast money", we're talking apple because that may be the
key to the markets. did it hit a near-term high in today's session? our traders give you the lowdown what it means for markets going forward. barbara corkrin on whether housing prices have reached the bottom. does china have the cash to stimulate the economy? the ambassador has all that and more at the top of the hour on "fast". >> markets are awaiting more stimulus from the federal government. our trio of top stock jocks will weigh in. be careful who you vote for. why france's richest man is leaving france for belgium. in america today we're running out of a vital resource we need
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welcome back. 30 seconds on the clock. our next guest will tell us what they think moves the market tomorrow morning. steven 30 seconds on the clock. tell us what is going to move money tomorrow. >> we are watching oil. this is a market where qe and stimulus are trumping off fundamentals. what are you watching for the qe
and stimulus to wear off. we are looking at oil for that. i think the fundamentals don't lineup. this rally looks tired. china is not stimulating. the jobs number was horrible. we are watching oil for the big sign. >> chris, you're up with 30 seconds on the clock. >> tomorrow morning nfib surveys small businesses. we'll see how small businesses feel. secondly trade data watching the external accounts. after that we will be talking with clients about the qe program. $500 billion. that will be a big topic for the rest of the week until thursday. tomorrow we have 32 billion at 1:00. with all of this news we are looking at 1 1/2 until 12:30 on thursday. >> terry, what moves our money tomorrow? >> we continue to watch the u.s.
natural gas. the most volatile commodity segment. tomorrow we think we give a good portion of that back. we think investors will refocus on supply concerns. there are two possibilities that will derail that view. one is forecasts coming out. we have gulf production. slower return of the gulf production. that may keep the numbers low this week. the eia will come out with the outlook lower than anticipated. >> we appreciate it. we will be watching all of the events tomorrow. up next forget picking up your ball and going home, he is taking his billions and leaving the country. he may not be alone. my observation on how the wealthy fight back. oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor.
wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners. everyone in the nicu, all the nurses wanted to watch him when he was there 118 days. everything that you thought was important to you changes in light of having a child that needs you every moment.
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as france prepares to institute a new tax on the wealthiest individuals. 75% on anyone making more than $1 million. french president is calling for exceptional solidarity from the rich to help france overcome problems. in other words he says it is patriotic to let the government take a huge chunk of your money. he says there will be no exceptions to the new 75% tax law and is asking business leaders to lead by example and pay up. he is estimated to be worth some $41 billion is not alone. thousands of others in france have left for belgium. it is not just happening in france. facebook cofounder no longer calling the united states his home. he is headed to singapore. he claims this has nothing to do with taxes. who is kidding who here? this is no surprise because
people with money have options. they can go wherever they want. money and the wealthy go where it and they are treated best. hopefully this serves as notice to those in the united states to pressure the rich to pay more and more to the government claiming they don't pay fair share. if governments target these folks too much and too hard they will seek citizenship elsewhere. then the government will get nothing. this is where the argument to create an environment where business adds head to the payroll and invests money makes so much more sense than making the environment so hostile that individuals and businesses actually pick up and take their money and move elsewhere. that will do it for us. thank you for being with me. coming up on "fast money" apple going straight down today. the traders will tell us if the iphone 5 is a dud. it all