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tv   MONEY With Melissa Francis  FOX Business  January 7, 2015 2:00pm-3:01pm EST

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dierdre: "money" starts now. melissa: let's go to peter barnes. he has the fed minutes. peter? >> hey melissa, the fed is looking for flexibility in raising interest rates gradually according to the minutes from the last fed meeting in december which it said it could be patient raising interest rates. let's go right to the text. most participants noted such language would provide more flexibility to adjust policy and response to incoming information than the previous language which had been tied to the beginning of normalization to the end of the asset purchase program the end of qe. and, but it is also says, in the minutes that the fed may do this before the fed gets back to its 2% inflation target. quote, with lower energy prices
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and stronger dollar, likely to keep inflation below target for some time, noted that the committee might begin normalization at a time when core inflation was near current levels although in that circumstance participants would want to be reasonably confident inflation would move back toward the 2% target over time. right now that core inflation target is running 1 1/2%. the minutes also say that the, most fed participants project raising rates, quote fairly gradually over time. and finally, the minutes say quote, participants generally regard the net effect of recent decline of energy prices is likely to be positive for economic activity and employment. however, many of them thought further deterioration in foreign economic, in the foreign economic situation could result in slower domestic economic growth than they currently expect some they're watching things overseas as well. melissa? melissa: peter barnes, thank you so much. let's take a look at the markets and see reaction.
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we'll bring in our panel. the market is about where it was before we got the fed minutes. it was sitting up 190. that's where we are. charlie gasparino is standing by. james freeman from the "wall street journal." kmele foster co-host of "the independents" here on fox business. james, what do you think? >> i like they see good economic act fifth in the fourth quarter. i think a positive sign. we got slowing messages in recent surveys on manufacturing and services so. if they're seeing solid growth in the fourth quarter that is good news. >> i would say look in the market. the market is going up. initially they started digesting it. melissa: it went down. >> it went down. when peter hit the last line about global economic growth possibly slowing and they needed some flexibility in terms of dealing with that, that is why the market is going up right now, the market is saying they still may keep rates where they are, if the global economy turns sour as we see its happening. melissa: they were watching a decline in oil prices. there was a little bit of talk
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about the inflation target and how we're lagging below it. like you said charlie, that is what really stuck out to meme. the idea they're watching for further deterioration in for rin markets. >> listen i think this fed the yellen, fed looks for any reason, at least the chairwoman herself to keep interest rates where it is. last thing they want with hillary clinton running with a stock market significantly below 17,000. the only way to do that in an environment where the global economy is slowing, china is slowing, other places keep rates low. i think they will try to do that. melissa: what do you think? >> the other domestic indicators i'm worried b the long-term unemployment problem continues to be issue. something the fed can not directly address with monetary policy their job really ought to be to be providing stability and letting folks know things are going to be okay or at least -- melissa: what is the bond market telling us? are you concerned about that? that is big talk today.
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>> i sent an email around today where i said point-blank, look at yields of. bond yields are going down. prices are going up on the long end. what does that mean? that means the bond market is signaling in potentially slower economic growth. i would say two things. we have to look at this from economic standpoint and journalists look at it as market standpoint. the economic standpoint the fed is clearly pushing on a string. not helping rates where they are. hurting some sectors like people with savings. the markets love it. if the fed keeps, money rates where they are the markets are going to go up. melissa: up another 22 points when we started this discussion. >> we're above 200 right now. melissa: in paris at least 12 people are dead following a shooting at a french newspaper office earlier this morning. french president hollande speaking right now and president obama strongly condemning this evil act earlier. >> see the kind of cowardly
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evil attacks that took place today, i think reinforces once again why it is so important for us to stand in solidarity with them and they stand in solidarity with us. melissa: strong enough statement? what do you think? >> i think a third rail about the debate with terrorism and who gets let in the country is immigration and listen, i'm the son of an immigrant, grandson of immigrants my father was a i am grandson of an immigrant should we have open border policies with certain places where there is significant amount of people that want to kill us. >> i don't think we have open border policy with any of those places. >> sneak in through the back door. >> we want immigration, you have to know who is coming in. and you need intelligence and that is the only way to defend yourself against these kind of attacks on soft targets. this is an attack on a bunch of cartoonists who basically
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satirical magazine. it is an attack on free speech. this is, this is really doctoring. melissa: organized military-style attack on a soft target on journalists almost comedians. >> we're all libertarians here. we sit here and we want free speech but we also sit here but, i think he is. we're supposed to celebrate cultures that are completely intolerant of free speech. >> i think we should be very careful here. obviously a remarkably sad incident but it is a bad idea to conflate the sort of militants who carried out an attack like this with the 90 odd%. >> you sure it is 90? >> 90 plus people who don't perpetrate crimes against fellow human,. >> that is really important. that is a significant minority that is radicalized basically controls the majority, which you have in some of these that is a real problem. >> i don't think that is the
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case charlie. we should look what happened in the u.k. give me half a minute. look what happened in the u.k. last summer where militants or radicalized people who are leaving london to go to syria, ordering copies of islam for du radicalized under their religious convictions. >> i know plenty of muslims that are moderate. why aren't they marching in the streets saying end this right now? they are basically the coward by the 10%? that is radicalized. >> i think we've seen quite a bit of people speak. >> where? i haven't seen it? in new york city? >> every day in new york city, every time a christian, protestant person does you need to leave our house? that is ridiculous. >> come on. we had concerted terrorist attacks from a certain population that wants to kill us. >> 100 years ago with anarchists not just in this country but around the world. >> we don't see right-wing christians blowing themselves up. we don't see right-wing
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christians putting -- >> i condemn the tea party for that. >> bill ayres plant ad bomb that killed people many years ago that's right. >> we shouldn't condone it. >> much more concerted effort here. melissa: turn back to other politics at home. president obama kicking off a three-day road show in detroit. less than two hours from now the president is expected to tout the auto industry. one little problem, the ford plant where the president will hold his remarks currently closed. oops. i mean, it really -- >> well it is downsizing. melissa: it is temporarily closed but to lack of demand. it is a place where 5100 workers generally work to make ford focus gas powered cars and c-max hybrid electric gasoline powered cars. they did a temporary shut down because those cars are not selling. >> look of demand. melissa: clean energy the whole thing. >> if there was a real market
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for the alternative energy cars they wouldn't need awe subsidies. >> that's right. >> this is underlined when we get oil prices dropping in half roughly since last summer. people don't like these cars. they recently, they asked the head of vw, what do you have to do to do better in america? we need more suvs. that is what people want. those are the cars washington hates. and i think that is the background for this embarrassing moment for the president this week. >> but let me ask you this. why can't we subsidize an industry might some day put, make oil use gasoline obsolete? what is wrong with that. >> why is that why does the government care? why -- >> gernmt cas abt a t of things. >> we want robust markets. >> government cares about a lot of things. melissa: it does. why would you choose that as one? >> there is reason -- >> do you think the government should have no tax incentives for certain activity? >> no, i don't think is --
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>> let me ask you that. >> do you think it ought to incentivize investment? melissa: get rid of all tax incentives. how about that? let's keep the fight going in the break. >> that is what tax cuts do. melissa: everything chilly but negative 50, that's what it feels like in some parts of the country. we'll see if our brave reporter out in the elements of indian that gone numb yet or gone home. safety ncns over some n chains to pull them from the shelves. they're made in one country -- more "money" coming up.
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melissa: bitter cold gripping the country. bitter chills in the great lakes region. makes it feel like 50 degrees below zero? brrr!
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jeff flock is in porter, indiana. are you ready for summer? >> you know i love hurricanes melissa, because you can stand out in wind like this and it's warm but right now it is just very dangerous because of these windchills, when you got temperatures in the single digits and then, maybe 30 mile-an-hour wind. take a look at what they're doing right now. we're on the, on the indiana dunes national lake shore but if you look at major cities around the country today, like chicago, like milwaukee you see minus 30s. buffalo, detroit minus 20-degree range. it is just nasty with the wind out here. and the truth is this is not going to end anytime soon. as i walk over here, perhaps, you see this right along the indiana dunes national lake shore. it is at the southern tip of lake michigan. the wind really blows down here. in chicago for the next two days, today, you think it is bad? well it is. tomorrow will warm up to i
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think about one degree with the windchills in the minus 20s. then friday it will get even colder again. so welcome to winter. yes, i'm ready for summer in answer to your question. melissa: oh, jeff flock it looks like you're on another planet! thanks so much for bringing us that story. get back inside i guess. thank you. the world of fitness tracking has a new player but it is not a wearable device, it is an app. underarmor breaking into the space with an app that can pull data from a number of different fitness gadgets. its ceo joins us our very own liz claman from the consumer electronics show in vegas. liz, take it away. >> here we are. we have moved to the sand in las vegas. this is jam-packed. one thing emerging at this year's ces. it is fitness tracking, fan at tick's team. it is so cool in this radius. life track. you have fitbit. there is the life of fitness.
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up here you've got polar. so how do you get all of data coming in on all of these different types of trackers into one simple way to aggregate it? it is an apparel company of all companies to do it, not an electronic company. meet the cofounder and ceo. kevin, good to see you. >> welcome to underarmor. good to see you. >> you're an apparel company. >> we're a technology company and innovation company. we started this chapter more than a yearing a with the acquisition. 13 months later, over 32 million registered users on the site using the app. we took basically the dna of that and said there is desire a wanting from our consumers of something more important. >> everyone has something different. fitbit nike fuel band. iwatch coming out. 50-cent, has headphones. wants all of that together. >> yeah. >> you put an app together. show people how this works. it is caught the record.
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>> first thing our app works with any device. that is the thing everyone has latest greatest who will reinvent the next great hardware piece of device. i've been on jawbone and fitbit. we tried them all. we're sitting with anxiety when is the iwatch coming out. we're not in the consumer electronic business. what we want to do is we to own the community. more than 30 million people on our fit life community. and introducing under armour record. >> it is totally agnostic. >> 400 different devices. let's back out of here. simplicity is the key to everything. if i own a jawbone and fitbit comes out with new one, or mine breaks i lose all the data. i have to go to everything is stuck in one-track mind. it is completely agnostic record. works with every fitness device out there, 400 in total. if i have a device and track
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something and have all information feeding not into jawbone or feeding into the under armour record gives me a what is happening. if my jawbone breaks or many comes out with another device i have everything measured with underarmor. >> with a company like underarmor up 50% last five years. you guys have been huge success in apparel. as we finish up, will you make a smart shirt that has sensors and everything else embedded in it? is that the next incarnation? >> that day is coming as far as watchers. we made a commercial a few years ago featuring a woman named future girl. we watched her but put monochromatic outfit and swipe of shirt she changes the color of her shirt and her pants and her shoes. that day will come to us. we're heating and
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air-conditioning all this space. thrill will be much smarter apparel, much smarter footwear and much smarter things to come and as always undera armor will be at the forefront. >> great to have you, kevin. >> enjoy this. >> kevin flank the founder and ceo of under armour. coming up, polar? you want to talk about that? they have a triathlete who has been doing a full triathlon "iron man" style at the sands. we will meet the man. ceo of polar brands and talk about the new product. unbelievable. so much more fox business exclusive with avi from three decivils. melissa: bring me 3d candy. we're sitting right near session highs on the dow. all three major averages up better than 1%.
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consumer discretionary having a good day with consumer staples. health care is leading way including energy flat on the session. look at markets. you can see on a percentage basis the dow is leading the way you up better than 1% right now. a winning day after a struggle here in the markets. we'll take it. oil seeing green but it could be too late for workers. a quarter of a million energy jobs could be gone bit summer. some say it is only the beginning. france rocked by the deadly terror attack. many pouring out into the streets to pay tribute. m.o. morn any coming up.
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melissa: oil finally seeing some green, rebounding nicely today but still trading below 49 bucks a barrel. bank of america betting it can go even lower, seeing gee
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growing risk of oil falling below $35. we have scott shellady a trader. thanks to both of you for joining us. stephen, i was asking viewers on twitter and facebook where they think the bottom is. a lot are betting it has a three handle on it. what do you think? >> i am betting it will have a zero handle because i'm sure it will not go below zero. anything between 49 and zero is fair game. melissa: you think it can go to single digits? come on? >> we've been there before but that is tongue in cheek. look at statistics the implied odds in the present crude oil market were 11 to one, that is 8% chance that will trade, brent crude oil, will trade below $35 a barrel between now and june. just yesterday 10,000 contracts on the nymex, that is 10 million barrels were traded on the june $20 put. so that is a massive bet that
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oil prices between here and june will trade below $20. so it is a lot of fear here, melissa. yes? melissa: scott, what is your bet? where do you think we can go? what is the bottom? >> i'm afraid to say, between 30 and 40. if we are between 30 and 40, that means the 10-year yield will be between 1.50, and 1.75. that means we've got real problems out there. everybody is talking about oversupply of saudi arabia and trying to get market share back and strong. how come we can't talk about the fact that maybe the economy isn't doing as well as we thought and that's why we don't have the demand for oil and throw on top of it europe and asia. melissa: i say that all the time and people get furious with me on twitter. i think there is definitely something out there about demand. that is part of why we're seeing a break down without question. also jobs on the line as a result. i mean the federal reserve bank of dallas thinks a quarter of a million workers could be out by june. we're seeing it happen already. u.s. steel announcing that it is cutting more than 750 positions. they say they have seen a huge
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loss in business as a result of what is going on. before that halliburton laying off thousands of people. the list goes on. steve, this is a real problem. >> it absolutely. real gasoline prices that is adjusted for inflation fell 11% in december. we're all rejoicing on that. we shouldn't be rejoicing that because the larger month on month declines in gasoline, three occurred in 2008 related to the great recession. three occurred in 2001, related to the dot-com recession. one occurred in 2005, thank you hurricane katrina. and two occurred in 2006 because of the terrorists plot that knocked down 10 airliners from the u.k. to the u.s. we have the nine largest month on month declines all related to terrorism, hurricanes and recessions. melissa: yeah. >> that is not a good record. melissa: so jobs are one negative externality. the other is keystone. >> absolutely is the white house is warning it will veto any keystone xl pipeline setting up a showdown between president
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obama and new republican controlled congress over one of the gop's top agenda items. american petroleum institute joining charles payne on opening bell. i want to play what he had to say. let's listen. >> why the president would do this, i can't tell you. i tell you there is a lot of frustrated americans and a lot of frustrated members of his own political party coupled with republicans saying this doesn't make any sense for america. melissa: scott shellady, with the price of oil going lower can you make the case for keystone? do you want to? >> well, you can make the case for keystone in broader terms over a 10-year period but right now it is going to be hard because of where oil is going and what our demand will be like. we have a $75 billionhe day with the gasoline prices the way they are right now. can you imagine an economy that can't pick itself up from the ground with this much money going back to the consumer? so yes, it will be hard to build a case today but i think in overall big picture, it will be
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short-term jobs today. probably not a big need for oil today, but maybe 10-year's time you can make a case for it. melissa: we'll leave it there. thanks to both of you. paris in lockdown a manhunt underway for three masked gunmen after a brutal attack leaves 12 dead. wage rage costing jobs. a minimum wage hike that closed down a restaurant. we have that story and piles of money coming right up.
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speed 12 deadly terror attack in paris. three armed men stormed the office of a newspaper earlier this morning. greg is live on the floor and paris. reporter: you are looking at a makeshift fullbore ego set of honoring those that were killed
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in this brutal he packed on attack. a big presence throughout this region. there is a massive manhunt going on right now. it all happened just before noon paris time. folks -- they have ran cartoons of the profit mohammed. apparently, that has some people angry. three bed masked with hoods. they stormed into the offices of this newspaper and shot of the staffers. one police officer killed execution style.
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they said we have a badge for the profit. they've been made then made a getaway in a nearby car. they took off about 1 mile away change cars, hijacked another and had another shootout with the police. now they are gone. disappeared. they are probably off in the housing projects that surround paris. 500 police have been added to the already strong presence here for that manhunt. also protecting a variety of public places. he assured the people of france that another attack could not, would not have been. this, while it was feared, was not expect it. it has hit paris hard.
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we are also remembering freedom of speech. this is a strike against them. supporting the idea that you could print various stuff without getting shot, or you should be able to, anyway. that did not happen today. melissa: thank you very much for that report. former navy seal and ceo of united service. a national security expert from the heritage foundation. jonathan, you think we will find these killers?
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>> it will be really difficult. they have shown us that it was a preplanned operation. when they wear masks, it is as easy as taking them off and walking away. melissa: it appears to be such an organized military attack on a soft target. what does that mean to you? >> not much. and at the shooter like this -- that is not a surprise. we have also had self inspired terrorist incidents in france over the years. the number of foreign fighters. they were terrified. a growing problem.
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anybody that says how could this happen -- melissa: jonathan, could that happen here? >> canada was surprised and now france is so prized. it already has happened here. we had an attack that fortunately did not go off as planned. i think it was 2011. these types of attacks will increase. it is easier to get guidance in with guns and equipment and it is to crash planes into buildings. melissa: should we be concerned? >> something similar could happen here. it is not a new threat. people tend to fixate on the
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point of the sphere. the reality is good counterterrorism work is getting out there. finding these guys and girls and stopping them before they attack. melissa: that is a great point to and on. thank you to both of you for joining us. >> still hitting the highs of the session. hitting a rough few trading days. let's go to nicole petallides on the floor of the new york stock exchange. melissa: name no dow that. we started 2015 out in rough fashion. the s&p 500 was down five days in a row. today, different picture. we are waiting for our monthly numbers on friday. energy bouncing back a bit.
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how about jcpenney. up about 20%. holiday sales for november and december. a real boost. up about 20% right now. it has been under pressure. melissa: thank you so much for that. a shocking number of american. only a paycheck away from financial disaster. wait until you see these numbers. finally, we know what was in samuel adams and paul revere's time capsule. at the end of the day it is all about really old money. ♪ that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved
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north korea is responsible for november's massive attack. the guardian of peace got a little bit sloppy when hiding their ip address allowing the fbi to trace it back to a north. address. coming just days after the u.s. slapped north korea with new sanctions. president obama calling them our first step in retaliation. we will bring you more as soon as we have it on this more than 4 million rang in the new year with a pay raise. some, it is costing them their entire livelihood. one was forced to shut down his restaurant and fire all his
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staff. he joins us now. >> it was kind of -- we had been in operation for a little over two and a half years. the food prices kept climbing and climbing. we we adjusted our menu, so on and so forth. just enough to take us over the top. we decided we needed to close. melissa: you operate a special restaurant. taste of life. it is a non-profit. it takes people that have bottomed out in life, as you describe it. you get them back into society by working at this restaurant. it means a lot that you had to lay these folks off. >> absolutely. our purpose was the training
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center to give people opportunities they have never had. also, the folks that have jobs before and have lost their jobs because of maybe anger issues, life issues, whatever, we give them another opportunity to start working their way up. melissa: what is your plan now? what are you going to do? >> since the restaurant closed we currently have a program with just then. now we have a real purpose. it will be a women center. we will be working with women and children with addictions. life controlling issues. we will still keep our license. we have a licensed kitchen.
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we will do some catering and banquets. that will keep them in the food industry. it is a great opportunity to bring both men and women out together. utilizing the talents that they have. melissa: good luck to you. bless you. minimum wage or not the majority of americans still facing a tough time. most people do not have enough savings put away four of emergencies. they could be just one step away from disaster. this is tough. looking at this, it is incredible to me, people they found are 45% for now than they were in 2007. >> are you accurately measuring
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the value of benefits they are getting at work? >> it is a problem of slow growth in the economy. this is a problem with americans, not saving, not planning for their future. we are talking about fairly routine expense this. the idea that people do not have enough saved for a few hundred dollar car repair is pretty disturbing. melissa: what would you do in a disaster? they would put it on a credit card. borrow money from friends. it is also a cultural problem. >> it seems that it is even more pronounced among millennial's. some of this is also the availability of really cheap credit. if you have a credit card with a
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very low interest rate and $810,000 limit you will probably plan to use that if you get into trouble. melissa: how are you ever going to pay that off? you have almost no hope of paying that off over time. anyway. very depressing. thanks guys. this will make you feel good. the 1795 time capsule has finally been opened in boston. there were five newspapers, some colonial records and dozens of claims. pet owners beware. prompting some of the biggest chains to take action. not all of them. when a billion dollars just is not enough. at least for one ex-wife. apparently, you can never have too much money. ♪
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melissa: scary news for pet owners out there. pulling on china made treats from their shelves. the fda is investigating compliance. joining me now is executive director there. lori rothman from fox businesses here. james as well. pet lovers. is it rages to outrageous to you that more than 1000 dogs have died since 2007 because of this product, it seems? only now is pet smart getting
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involved in pulling these things off the shelves. >> they have been hearing about this problem since 2007. we have been writing letters to the fda. we have been trying to do whatever we could to educate our people about the dangers of these treats that are made in china. yes, it is outrageous that anyone would have to go through losing one of their precious, precious pets that they love like family members. melissa: we have some of these treats on the set here. i do not even want to get near them. have you heard about this before today? >> i think the bigger problem is with chinese manufacturing. just today, the food and drug in
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china came out and admitted we have grandma manufacturing conditions and we need to overstep the oversight here. it is a problem. not just the pet product, but the food and drug supply for people. >> we were talking in the last eight bit about how americans do not save enough. i do not think that there would be enough in our house for doggie surgery. we would probably have to let him go. this is a larger problem. chinese business culture. economic culture. corruption. we normally do not think about quality of control. it is a widespread problem there. melissa: we are out of time. we have to keep it there. it is 2015.
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melissa: whether it's on wall street or main street, here who is making money today. the wife of oil tycoon, she rejected his check. of course, she did. just under a billion dollars. he needed to squeeze the rest of the amount on the rest of the line. look at that. it's apart of his divorce settlement. the wife says it's not enough. back to the faich"back to the future" may not have got everything right. but it's spo-on about self-lacing shoes. nike is introducing power laces. kmele and james are back with us. why is it taking so long? kmele, do you have
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these? >> i don't have these. i bid on these. i didn't win. you're still buying the ones they released in 2011 for somewhere between 8500 and ten grand. i don't know. melissa: are you going to be a big investor? my kids don't have shoes that lace. they don't know how to tie shoes because there's no need. >> it's mercedes that's rolling out the self-driving car. melissa: it's beautiful. >> ready for it. i don't know a self-lacing sneaker when you have a self-driving car. not impressed. >> nike will sell every single one. melissa: i'm damn impressed. do they wind themselves up. >> i'm not excited about the light on the back of the shoe. melissa: because people can see where you're going when you're running. >> that's the most popular part of the sneaker. the lights. >> they have kids shoes with lights on them.
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melissa: they're banned in my house. i'm glad we figured that out. thanks gentlemen. that's all we have. hope you're making money today. the market is up 167 points on this fed day. "countdown" starts right now. liz: live from the consumer electronics show in las vegas nevada, we have moved to the las vegas to the other area for the future 3d printers, the drones and so much more. we decided to come here after spending all day at the convention center yesterday. this is a 211 billion-dollar industry. many of you own the stocks, the companies that we will be talking about this hour. which ones? aol. tim armstrong the chairman and ceo, one-on-one with him. all those rumors about verizon. are they


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