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tv   On the Money With Maria Bartiromo  NBC  November 11, 2013 12:30am-1:01am PST

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i' maria rtiromo. aurprising and strong numr when it comes tthe js report. is it bad newsor the market? the issue with obama car body is talking about yet. why the current probls may se like a walk in the park. at it doesn't do and why it really matts. if you couldeally kno your medic futu would you want to. thehigh-tech company. "on the money" begins now. >> this is amera's number one financial news program. "on the money." nomaria bartiromo. here is a look at wt's making new a surprising and shp increase in the number of jobsreated last month. labor departnt says the econy added 204,000 jobs in
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the month of october well above expectations and in spite of th two-week shutdown. unemployment rosto .3% and the numbers from previous months were revised upward. >>the most eagerly waid ipo, the initial publi offering since facebook started tding. it soared to $75. a 70% increaseo where it was priced at26 a are. all went smoothly at the new york stock change. a contrast to the problems facebook had on theasdaq. ththird quarter gdp measured 2.8%. that was wl above the 2% expected. the st reading in two years. gasoline pricesave been tumbling. the avege around $3.25nd in
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somereas below 3. the reason, u.s. oil pruction is booming and the middle east is ratively stable. a busy week for t market's nerecord. thbig ipo and the jobs report. what does it mean f your money? joining now is larry kantor and nathan bachrach. good to see you. >> thank you. >> it was a etty good week. the job'seport on friday, big surprise. 204,000 jobs created for the month given the government shutdown the expectations wer so low. unemployment at 7.3%. combine that with better than expected gdp, what does tt tell you? >>f you look at the detas one of the things that happen is ey counted the government workers as rking because they got paid for part of the pay period, but still strong rert. the gdp 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 taken togher better day than w thout. >>hat's your take and do you think this changesn any way thfeds tapering? >> doesn't change the feds tapering because we have to ge a new fe chairwomanfirst. i don't thinanybody will set the ble and start serving til she get there is. there's lies and then statistics. i'm looking to see unemployment go up. i want to see people so excited abt the job market when they start doing silly phone survey sayingre you looking for a job, someone who hn't been looking for a job goes yes, i am. i think there's an oppornity for me. right now the jobs aren't enough for first time home buyers to start making up the rcentage of t housing market. i wa to seeirst time home buyers ring and i want to see unemployment going up beuse people are optimistic. service jobs wilnot do much
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for theeconomy. you might take tw service jobs to equal one in manufacturer that somebody lost six months or a year ago. >> you're nobelieving it? >> no. i think it's semi fake. you don't want to g between an american consumer, their credit card and a mall when it comes to holiday ason. retailers are talking abou how much they are concernedabout, six less shopping days. they are still expecting 3.9% in growth. they are crying wolf and i don' buy it. >> retailas been catchg a bid recently. i wond if there's a reflection of the better retail environment or if this is just looking at luations and buying retail stock. >> one of the thingsgoing on is house prices have been going up for couple of yrs and going up a aouble digit rate. that's a big difference between hoehold pres going down.
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>> that's a positive? >> yes. >> we have housing afrdability back to where it was in 2009. we have to see someroader participation in allarts of the mark. >> rht now housing is going up. we're talking about sales starts at an annu rate of 30%. we're t even in t middle. what's happened and it isn't because of a special policy. it's because market cleared. prices collapd. was going down for six years. that's a long time. w it's clearing and you're seeing it move up. >> believe the movemen in the housing rket will be self-defeating because prices keepoing up and the affordability of the house, your $100,0 loanwill become 15r 20% more expensive. there's been no wage growth for e average person. that's where we have tosee participation in e economy if
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we'llook at see housing is a good solid foundation. >> l's get this straight. number one it's never happened. the unemployment rate hasn't gone up. everybody thinks this happened. the unemployment rate starts going up tt's wn the fed doesn't start. >> housing prices never godown. >> i just telling yo the reas why labor force partication is going down, it's not discourad. >> that's aging. i understand that. >> it's the new reality. >>'m talking about unemployment, larry. >> i'm just telling you what's happening is people from to 54, lar force partipation in that age group is 80%. 55 and over it's 40%. what's happening is there a hugeumber of people becae of thaging of the baby boomers that's going from the rst population to the second. >>riddle me this, how comes
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we have o million people ove the age of 65 to keep working. if they fel good to stop working, we would he a different scenio. >> this is just plain a rit me ti. >> is this newath? >> no. you have people gog from an age group where there's much participation to one where there'lower. >> yeah >> labor force paicipation over the last ten years has gone om 32% to 40. >> they follow directio. >> tt's swamped by the aging part. that's why things are going then. >> let'salk about putting money to work. we're in a meltup. market hitng all time highs this week. are you concerned about valuations? are moving into bubble territory or still with stoc? >> i don't think it's a bubble. there are little onhe expensive side but wel within
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the range of historical norms. they are cheap relative to bonds. bond yields are low even after the sloff. even if the fed does start pering, zero rates is extraordinary monetary report. the corpate sector i in fantastic shape healthwise. if the enomy is pking up, and looks like it may start to do so youee earnings improve. >> you think it will impre? >> yes. >> what do you think? i knew there would be something we would agree on. bonds have new role. maybe bill gross wl have to rena his fund to "we're doing as best we n." thaverage market started at a pe. they usually die ataround 19 pe. this one stard at . you ha to ask yoursf are we half way there or two-thirds of
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the way there. we have so room to go. compared to what's out there ere's not a lot of options. >> we'll leave it there. od to see you both. up next, website glches may not bebama care's only woe a floowebsite and million of cancelled policies will impact everybody's insurance cost. we'll get the doars and cents. if one test would tell you your medical future would you take it? as we take areak look at how the stock rket ended the week. back in a ment. , look at how the stock market ended the wee back in moment. [ male announcer you can ange your tomorrow
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if you do something today.
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and the's never been a better time cause this year, devry university has $45 million dollars in need and meribased scholarships andrants available to those who qualify. and is degree can make a differenc in 2012, 90of devry university ads actively seekingmployment had cares in their field within 6 months. now your time. apply by january 6th and find your career success in the bay aa. visit devry.edu. delaying the affordle care t wouldn't delay people's
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cancer or diabetes or parkinsons. >> kathleen testifyg again is week defending her decision. delaying the law mht costs more than we think. joining us is former aetna ceo ronald williams and howard dea thanks for bng on the program. >> good to be here. >> consume seem to have sticker shock. the numberne reason people did not enroll was t the technical glitches but because they weren't sure they could afford the plan. if people decide not to go into the system can obama care not work? >> i don't think that's true. i think mostf the people will afrd it. the policies tt are getting cancelled on them is not real pocies. people don'tave a perspective
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on that. i thinit's going to work. i don't believe we oht to delay this. i think we nd tory to work the kinks out of it. if we have to delay it later, so be it. >> a lotf people have come on the show and said they were paying $200 a month. now ty have to pay $500 a month. it'such more expensive for people. the 150 million americans with ployment sponsored pns will see the premiums increase as well. they will rise nearly 10% year over year ti 2014. trend that we have been eing. what is obama care addressing in terms of theseissues? >> i think what's iving e cost is the underlying rate of utilization which has been ongoing. i think fairness theris also an additional cost that's related to the benets. health care loca whate ha done is reay
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shift the burden of health care costs. if you're older and in a state like new yk, you're premiums will probably be lower. you're younger an you're in a state thahad a lot of individualnsurance your priums areikely to be higher. >> there's an individual mante or extendg ope enrollment f health insurance. what does it mean for syem and patience if congress does either? >> here' the big problem. there are two major problems he. one is the computer glitch. the second biggest problem, which is the biggest problem of all is at ron said. d we do not have aystem that contls cost. ifou want to do that there's only one way to do it. that'so end fee for service medicine and have per capita payment. >> what abouthe networks? people are saying moreecause they're gettingore benefits
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but there are complaints these plans are offering fewer providers in-netwo. are insurers shrinkingheir provider network to stay profitable? >> they're taking a community that hasive hospitals a then going in two of those hospitals and saying we're going to te the 100,000 memrs we expect to get and inste of spreading them, wre going t concentrate them in those institutns that will give us better rates and produce good quality. 's all about affordability for the consumer. >> a survey says 40% of doctor practices aren't sure wther they will particate in the exchanges. >> peopleill pticipate because it's too big not too. let me say this is an unusual thing. i' findingmyself in agreement th the insurance industr that doesn't happen very often. this idea of shrinking the network is fine as long as you ha a robust insurance rket. that happen any way when you
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get employer based health insunce. the employer chooses the insurae for you. w you'llhoose it yourself and you'll do it by price. >> what do you think this means foremocrats and republicans? do you think ters will remember thinext year >> they will remember but how. if it does get fixed by december 1st, it ll help demrats. if it ontinues, it will no help. >> good toalk with you. so appreciate your ti. you too. upnext, a dna test th could tell your future and maybe save your life. meet the woman behind the genetic start-up aiming to make your heah data as searchable
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ifou uld tak $100 test that would tell y your susceptibility to disease, a heart attack o the chance to live to 100, would you it? anne wojcicki is with me. she's thefounder of genetics company and me. good to ve you on the progra your consumer dnaest costs $99. is that right? >> yes. >> what that material telling u? it's an online test. 's a little tube. you spit in the tube. sendt back. we eract the dna. we look a a million data points and we can tell you a ton of
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informatioabout your health and your aestry. >> that's amazing. this makes health dat andthe access much moredemocratic. you know mapping was once someing the very rich could do. tell me the futureou se for this in terms of individual patient care, costs, prevenon, fear of knowing too much. that's one thing. are people afraid to do it because mae they don't want to know what's ahead. >>e started this company becauswe wanted pele to have valuable information about themselves and a ro map to be as healthy as possible. we focus on preventative car i might tell you you're high risk for having blood clot and you probably travel a lot. you ght be able to justify in buness class or sayingi'm gog to take aspirin before i'm on a flig. a lot of what 23and me is doing is helping peoe think about what are they genetically predisposed to and howo mage
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that to be as healthy a possible. >> what kindof disease are you seeing most? are the areas that you see th are very common in most people? >> we look at evething from are you a carrieror cystic fibrosis or breast cancer or diabetes. also look at drug response. me people resnd and some do not. a lot of that is based onour dna. >> you founded the company in 2007. you secured more than $100 million in four rounds of funding. >> correct. >> one of your first investors was your husband, google co-founder. yotwo have announced a separation. how volved is he? >> he's super supportive. we're grt friends.
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>> this resus of his own test triggered his? >> he learned he h a carrier for parkinsons. we do a lot with michael. fox. we're the world's largest parkinson's communy and how cawe be part of makin a cu. >> as health care and technology are finding more opportunities workintogether, this marriage is so citing. should we be concerned about this psonal information getting beyond ourselves, getting in the wrong person's hands? >> i think there's a huge advantage of having a big dat set of health care infoation. myoal is you walk into the doctors office and they cld say you're five years awa from being diabetic based on your behavior patterns. we want to have that kind of information to say you need to make these chang in order to prevent any kind of diseas >> areouetting the buy in from consumers or are they
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worried about privacy? >> privacy is a hug priority for 23 and. with have no business that we can't guarantee your privacy. people want to share this informion. you might get your genetic dat d you might want to sharet with your physician or your family andther people. people want to share. they also want to do good with thinformatn. if your data could be paof a cure. >> you're on the cover of magazine. congratulations. the most daringeo in america. do you havan uphill battle convincing t medical community that genetic testing is helpful to people? >> i think we've h two battles. we're rect to consumer. we believe they shouldave right to this information. the genetic information is just a new echnology. it's not taught in medical sd l
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schools. we're out tre pushing information to g into the broad medical system. >> gooto have you on the program. >> great to be here. >> anne wojcki joining us. where your moneyoes the furthest. a look at housing markets across the country. finding million dollar neighborhoods and baains.
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> for more on our show and our gutsheck out our website. ho you'll follow me o twitter
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and googleplus. a look at the stories in the we ahead. a fewompanies to watch include walmart, sysco and news corp. all reporting earnin. the stock market will be open while the bon market will be closed. a salute to our troops. wednesday the treasy departmentill release the budget. on friday sony's playstation four will hit store shelves. a big event. finally, a $63,0 question. whe in the u.s. can you find the bestargain on a house? cleveland the answer. a survey calls it the most affordableousing market in the country. the average pri of a fr bedroom, two bedroom house is 63,7 63,729. if bargains on theorth coast don't it for you the mor
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traditional of malibu is e most expensiv sample average price topping $2.1 million. eveland rocks real estate. that will do itfor us today. thank you for joining me. next week the thor of the book everybody talking about. double down. mark halperin and john heilemann are here. we have "on the money." ve a great week. i'll see you nt weekend. [ male announcer ] yocan change your tomoow if you do something today. d there's never been a better time because this yea devry university has $45 milliodollars in need anmerit-based holarships and grants available to those who qualify. and this degree can make a difference. in 2012, 90% of devry univeity grads actively seeking employment had careers in their field within 6 months. w is your time. apply by janua 6th and find your careeruccess in theay area.
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visit devry.edu. and find your careeruccess in theay area. [man] no one told heright?dea. [son]hi! om screams]
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♪ lights, came, action. >> charlie's trouble. the ditched dinner backlash. and cotry's biggest night. hi, everybody. welcome to "access hollywood." this is the weekend edition. i'm sha robinson. the big news this weekend is the very sad story about charlie sheen's tn boys. charlie's ex, denise richards, has been taking care of the twins while their mom, brooke mueller,as in rehab, but has denise now had engh? disturbing iges showing an allegednjury sustained by 4 1/2-year-old bob while under the care of his moer, brooke mueller. these images were rortedly presented to the los anges department of childrennd family services by denise. the before imag was reportedly take on july 26th while under nise's care while the oth

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