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tv   On the Money With Maria Bartiromo  NBC  November 10, 2013 5:30am-6:01am PST

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i'm maria bartiromo. a surprisg and strong nber when it comes to the jobs report. is it bad news for the market? the issue with obama care nobody is talkg about yet. whthe current problems may seem like a walk inhe park. what it doesn't do and why it really matters. >> if you could really kw your medical future would you want o. the high-tech company. "on the ney" begins now. >> this is america's number o financial news program. "on thmoney." w maria bartiromo. > here is a ok athat's making news. a surprising and arp increase in t number of jobs created last month. bor depament says the economy add 20000 bs in
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the mon of october well abo exctations and in spite of the two-week shutdown. unemployment re to 7.3% and the numbers from previous months were revid upward. the most early wted ipo, e initial public offing since facebook starte trading. it soared to $75. a 70% increase to whereit was priced at $26 share. all went smoothly at the new york stock exchange. a contras to the oblems faceok had on the nasdaq. e third quarter gdp measured2.8%. that wasell above the 2% excted. the best ading in two years. gasoline prices haveeen tumbling. the average aroun$3.25 and in
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some areas below$3. the reason, u.s. oil production is boong and the middle east iselatively stable. a busy wk forhe maet's new record. e big ipo and the jobrert. what does it mean for your money? joining now is larry kantor and nathan bachrach. good to see you. thank you. >> it was pretty good week. the job's report on friday, big surprise. 204,000 jobs created f the month giventhe government shutdown the expectations were so w. unemployment at 7.3%. combine that with better than expected gdp, wh doeshat tell you? >> if youook at the details one of the things that happen is they coted the government workers as working because they got paid for part of the pay riod, but still strong report. the gd report also a percentage point of the 2.8 was from
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inventory. it wasn't as strong as it looked. definitely ten together better day than we thought. what's your take and do you thk this changes in any way the feds tapering? >>oesn't change the fe taperi because we have to get a new fed chairwoman first. i don't think anybodwill set the table and start serving until shget there is. there's lies andhen statistics. i'm looking to see unemployment go up. i want to see people so excited about the b market when ty start ing silly phone suey saying are you looking for a job, someone who hasn't en lookinfor a job goes yes, i am. i think there's opportunity for me. right now the jobs aren't enough for first time home buyers to start making up the percenta ofhe housing mket. i want to see first time home buyers rising and i want to see unemployment going up because people are optimistic. seice jobs wl not do much
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for the economy. you might take two serviceobs to equal one in manufacturer that somebody lost s months or a year ago. >> you're not believing it? >>no. i think it's si fake. you don' want to get between an american consumer, their credit card and mall when it comes to holiday season. retailers are talking about how much they are concerned about, six ss shopping days. ey are still expecting 3.9% in growth. they arerying wolf and i don't buy it. >> reta has been catching a bid recently. i wonder ifhere's aeflection of the better retail environment or if this is just looking at valuations and buying retail stock. >> one of thehings going on is house pris have been going up foa couple of years and goi up at a double digit rate. that's a big differencbetween usehold ices goindown.
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>> that's a positive? >> yes. >> we have housing affordabily ba to where it was in 2009. weave to see some broader participation inll parts of the market. >>ight now housing is going up. we're talking about salestarts at an annual rate of 30%. we're not even inhe middle. what's happened and it isn't because of a special policy. it's becau market clead. prices collapsed. it was gng down for six years. that a long time. now it's clearing andou're seeing imove up. >> i believe the movement in the housing market wl be self-defeating because prices keep going up and the affordability of the house, you $100,000 loan will bome 15 or % moreexpensive. the's been no ge growth for the average person. that's wre we have to see participatioin the economy if
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we'll look at seehousing is a good solid undation. >> let's get this straight number one, it never happened. the unemployment rate hasn't go up. everybody thinks this happened. the unempyment rate stts going up that's when the fed doesn't start. >> housing prices never go down. >> i'm justelling u. the reason why labor force participation going down, it's not discouraged. >> that'saging. i understand hat. >> it's the w reality. >> i'm talking abo unemployment, larry. >> i'must tellg you what's happeng is people from45 to 54, labor force participationn that age group is 80%. 55 and over is 40%. what'shappening is the's a huge number people because of the aging the baby boomers that's going from the first population to the second. >> riddle me this, how come is we have two million people over
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the agef 65 to keep working. if they felt good to stop working, we wouldave a differt scenario. >> this is just plain rit me tick. is this new math? >> no. you have people ing from an age group where there's much participation to one where thers lower. >> yeah. >> labororce participation over the last ten years has gone from 32% to 40. >> they follow directions. >>hat's swamped by t aging part. that's why things are going then. >> let's talk abt putting ney to work. we're in a melt up. market hting all time highs this week. are u concerned about valuations? are we moving io bubble territory or still with stocks? >> i don't think it'a bubble. there are liten the expeive side but well within
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the rangef historical norms. ey are cheap relative to bonds. bond yields are low even after the selloff. even if the fed does art tapering, zero rates is extraordinary moneta report. the corporate sector is in fantastic shape healwise. if the economy is picking u anit looks like it may start to do so, you see earning improve. >> you think it will improve? >> yes. >> what doou think? >> i knew there would be something we would agree on. bonds have a new role. maybe bill gross will haveo reme his fund to "we're doing as best we can." the average market started at a pe. they usually die at around 19 pe this one started at . you have to ask yourselfare we half way there or two-third of
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the way there. we have some room to go. compared to what's out ere there's not a lot of options. >> we'll leave it there. good to see you both. up xt, website glitches may not be obama care's only woes. a flood website and millions of cancelled polies will impact everybody'insurance cost. wel get the dollars and cents. if one test would tell you your medical fute would you take it? as we take a break lk at how the stocmarket ended the wee back in a moment. , look at ho the stock marketnded the week. back in a moment [ male announcer ] you can change your tomorrow
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if you dsomething today. and there's never been better time because this year, devry university has $45 miion dollars in need and merit-based scholarsps and grants avaible to those who qualify. and this degree n make a difference. in 2012, 90% devry university grads actively seeking employment had careers in their fld within 6 months. now is yr time. ply by january 6th and find your career success in the bay area. visit devredu. delaying the affordle care act woul't delay people's cancer or diabetes or
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painsons. kathleen testifying again this wee fending her decisi. delayi the law might cost us more than we think. joining us is former aetna ceo ronald williams and howard dean. thanks for being on the program. >> good to be here. >> consumers seem to have sticker shock. the number one rean people d not enroll was not the technical glitch but because they weren't sure they could afford the plan. if peopleecide not to go into the system can obama careot work? >> i don't think that's true. i think most of the people will afford it. the licies that are getng cancelled on them is not real policies. people d't have a perspectiv on that. i think it's going to work. i don't believe we ought to delay this. i think we need to try toork
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the kinks out of it. if we have to dey it ler, so be i >> a lot of people have ce on the shownd said ty were paying $200 a month. now they have to pay $500 a nth. it's much more expenve for people. the 15million americans with employment sponsored plans wil see their premiums increase as well. they will rise nearly 10% year over year ll 2014. a trend that we have been seeing. what is obama care dressing in terms of these issues? >> i think what'sdriving the cost is theunderlying rate of utilization which has be ongoing. i think in fairnes there is also an additional cost that's related the benefits. health caris local. wh we ve done is really shift the burden of health care costs. you're older and in a ste
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like new york, you're premiums will probably be lower. if you'r younger and you're in state tt had a lot of individual insurance your emiums are likely to be higher. >> there's an individual mandate or exteing open enrollmentor alth insurance. what does it mn for system and paence if congress does either? >> here's the big problem. there arewo major problems here. one the computer glitch. the second biggest problem, which is t biggest problem of all is what ronaid. d we do not have a system that controls cost. if you want to do th, there's only one way to do it. that's to end fee for service medicine and have per capita payment. >> what about the networks? people are saying more because they're gettin more benefits but ere are complaints these plans are offering fewer
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providers in-netrk. are insurers shrinking their provideretwork to stay profitle? >> ty're taking a community that h five hospitals and tn going to twof those hospitals and sayi we're going to take the 100,000 mbers we expect to get and insteadf spreading them, we're going to concentre them in those institutions that will give us better rates and produce good quality. it's allbout affordability for the conser. >> aurvey says 40% of doctor practices aren't sure whether they will partipate in the exchange >> people will participate because it'soo big not too. let me say this is an unusual thing. m finding myself in agreement with the insurance industry. that doesn't happenery often. this ia of shrinking the twork is fine as long as yo have a robust insurance market. that happs any way when you get employer base health insurance.
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themployer chooses the insurance for you. now you'll choose it yourself and you'll do it by price. >> what doou think thi means fo democrats and republicans? do you think voters will remember this next ye? >> they will remember it but how. if it does get fixed by december 1st, iwill help democrats. if it continu, it will no help. >> good to talk wi you. so appreciate your time. >> you too. next, a dna test that could tell your fure and maybe save your le. meet the woman behind the genetic start-up aiming to make your health data as searchable
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you could take $100 test that would tell you your suscepbility to disea, a heart attack or the chance live to 100, would you do it? anne wojcicki is with me. she's the founder genics company 23 and me. go to have you on the program. your consumer dna tes costs $99. is tharight? >> yes. >> what is that material telling you? >> it's an online test it's a little tube. you sp in the tube. send it back. we extract the dna. we look at a mlion dat points and we can tell y a ton of information abt your health and your ancestry. >> that's amazing.
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this makes healthata and th access much more democratic. you know mapping was once something the very rich could do. tell me the futu you see for this in terms of individual patient care, costs, evention, fear of knowing too uch. that's one thi. are people aaid to do it because maybe they don't wantto know what's ahead. >> we started thisompany because we wanted people to he valuable information about themselves and road map to be as healt as possible. we focus onreventative care. i mit tell you you're hi risk f having a blood clot and you probably travel a lot. you might be able to justify i busine class or sayg i'm going take aspirin bere i'm on a flight. a lot of what 23 and me is doing is helping people think about at are they genetically predisposed a how to manage that to be as healthy as possible >> what nd of disease are you
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seeing most? are there areashat you see that are very commonn most people? >>e look at everything from are you a carrier for ctic fibrosis or bast cancer or diabetes. we also look at drug response. some people respond and some do not. lot of that is based o your dna. >> you foued the company in 2007. you secured more than $100 million inour roundof fuing. >> correct. one of your first iestors was your husband, gooe co-founder. you two have announced a seration. how invoed is he? >> he's super supportive. we're great iends. >> this results of his own test triggered this?
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>> he learned he has a carer for parksons. we do a lot with mhael j. fox. we're the world's largest parkinson's mmunity and how can we be part ofaking a cure. >> as health ca and technogy are finding more opportunities working together, this marriage so exciting. should we be concerned aut this persol information getting beyond oselves, tting in the wrong person's hands? >> i think tre's a huge advaage of having a bi data set of healthare information. my goal is you walk into the doctors office and they could say you're five years away from ing diabetic based on your behavior patterns. we wt to have thatkind of informatioto say you need to make these changes in order to prevent any kind o disease. >> are you getng the buy in from consume or are they worried about privacy? >> privacy is a huge priority
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for 23 and me. with have no business tt we can't guarantee your privacy. people want to sre this information. you might get your getic data and you might wt to share it with your phician or your family and oth people. people wanto share. th also want to dogood with the inrmation. if your data could be part of cure. >> y're on the ver of a magazine. ngratulations. the most daring ceo in erica. do you have an uphl battle convincing the mical community that genetic testing is helpful to people? >> i think we've had two battle 're direct to consumer. we bieve they should have rit to this informatio the genetic infortion is just a new technology. it's not taught in mical sd schools. we're out there pushing informatioto get into the
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broad medical system. >> good to have you othe ogram. >> great to be he. >> anne wojcicki joining us. where your money goethe furthest. a look at housing markets across the country. finding million dollar neighborhoods and bargains.
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> for more on our show and our guests check out our website. hope you'll follow me on twitter
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and googleplus. a look at the stories in the week ahead. a fewompanies to watch include lmart, sysco and news corp. all reporting earnings. the stock market will be open while the bond market will be closed. aalute to our troops. wednesday the treasury department will release t budg. on friy sony's playstation four will hit store shelves. a big event. finally, a $63,000 question. where in the u.s. can y find the best bargain on a house? cleveland t answer. a survey calls it the mt affordableousing market in the country. the average price of a four bedroom, two bedroom houis 63,7 63,729. if bargains on the north coast don't do it for you the more
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traditional of malibu is the most expensive. sample avege price topping $2.1 million. eveland roc real estate. that will do itfor us toda thanyou for joining me. nexteek the author of thbook everybody talking about. double down. mark halperin and john heilemann are here. we have "on the money." have a greateek. i'll see you next weekend. [ wi howling ]
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good morng. unbelievable destruction. the pictures and death toll in the aftermat of the thoon in the philippis are staggering. >> more or less 10,000. >> we are live in the mide of one of the hardest hit regions. e of the worst storms in history. speaking out. the man at the center of the miami dolphins bullying scandal addresses the allegions ainst him. >> ask anybody in the miami dolphins locker room, who had john martin back the absute most. undoubbly they will tell you me. heads's up, a satellite, not just a work in


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