if you look at the real situation, if you look at the demography, if you look at the standard of living and the social systems, the cost of social insurance in europe are about double compared to other industrialized countries. if you want to change you will be killed because you have to make your policy on behalf of every society and europe is quite diverse. if you look at what we were discussing between the u.s. and europe, energy fracking. if you look in europe it's totally different to the united states. of course i will not compare the united states to europe. if we are honest about our demography, our population is -- and it's becoming older. we are aging. sometimes we say europe is aging and risk-averse. if we will achieve a moderate sustainable growth in germany for example what i've said years ago publicly, i don't expect more than the long-term sustainable growth beyond 1.5%. of course in some member states, in the eastern member states of europe there is much more necessity for higher costs. .. may not rely on high confidence. says much more dynamic. totally different to unit

>> i think you look at the overall rally here. to pete's point, we have had two somewhat major pullbacks, 2% to 3%, both of them bought. the trend in the s&p is still up in a big way. so right now we will have a pullback. i've been saying this a long time, but right now the trend is higher on the s&p and you want to be on the s&p looking for the names that have a good earnings season. you want to be in the market here. it's not rolling over. nothing is going to tell you that the market will have a 10% pullback. everybody is telling you it needs to have. >> wise? are we complacent here about this rally? where are we, are we nervous? >> i don't think we are complacent. you hear enough about bearish and being cautious in the market in a few minutes, but for all the mark in the talk going higher, it is always but, but, but. one of the most prominent indicators is the earnings season. but that would take an awful lot with expectations so low. we are looking for less than up 2%. x-financials is 1.9%, but that's the only thing. that's a

you look at these pictures, you look at the people, you look at the children, a couple pictures of the inside of the tent, it was spotless. if you look at the children they are not filthy by any stretch. there are no bugs. i'm a paramedic, i've been bugs. there are no bugs. my lesson is how do i set things up, how do i bring this back and how does our department, how does our city, how does every single one of us that has a word to say about this help our community set it up to where they will be that resilient? because what we've seen here is we plan for 7.9 or we plan for 7.5, it's often times more than that and there's always complications. look at japan. who knew? we plan for one thing and then you have the cascading effect. we've talked a lot about the secondary and tertiary effects of disaster. it makes it more complicated but at the end of the day we have to be more resilient. so that's the take away. every single one of us, whether you are a nurse, in the fire department, dod or emergency management to help make our system a little bit more resilient, a little bit better. i hav

but when you look at cash flows and you look at the fact they did give people what they wanted. i'm not talking about the dividend. i'm talking about the cash repurchase. when you're talking about 50, 60 billion dollars in that. that's something that definitely supports the stock from the down side. i think in any move toward $400 you've got your put in place right now because i think the company steps in and buys the stock. >> with all due respect i feel like we could have said that the last time -- >> no. we couldn't. you did not have the repurchase. >> you definitely have questions answered. >> we're talking 50 or 60 billion dollars is going to go into that. so this is a completely different -- and we talked about this being a second half story. >> reported earnings and had the share repurchase and the buybacks. blah, blah, blah. not even that. not even that could get the stock -- >> the weekend's out of there, which is out of there. the weak hands are now gone. >> i don't know how you shook them out. what i think you're saying in terms of zblsh we shook them out from the $60

second you know you look at china to look at china in the fifteenth century and say that somehow that's a good indicator of china today is completely wrong it's like saying let's you know forget about anything that's really yours back you know but not out of a butt but wait a second i mean like a mobius look at the u.s. under george bush and you know from two thousand two thousand eight and to say about you know the white house today it's the same you know it is ship it is cheney is the same what is it what is the biggest differences what is the biggest difference what is the biggest difference or any difference is there any tip you know the previous president made but wait a second you talk about irrationality in iraq and afghanistan and that irrationality took place under the previous president it's not necessary yes certainly the president i mean i would never tell you that those policies along to it was he doing. neal makes a good point but let's go from the fifteenth century to today and let's look at two things about china today it's this world's second largest economy it has not

okay, you look at the red, lee. you look at the red, okay? now you hold that, lee. you hold that, okay? lee, can you see a drop here? mm-hmm. can lee see a drop way over there? no. lee can see a drop here, here, here. lee can see those drops. lee, do you see the same rainbow that julie did? no. lee sees a different rainbow. so next time someone says, "oh, look at that rainbow." you say, "what rainbow?" i'm just kidding with you, you know? you say, "well, i'm not seeing the same rainbow you are." is that true or false? true. true. okay, julie, stand like this. lee, stand like this. closer, closer, now look at the rainbow, right this way. are you guys looking at the same rainbow? no, different rainbows. a little closer. [laughter] same rainbow? no. really close, get down there, lee. same rainbow? it looks better doesn't it, huh? [laughter] okay, thanks a lot, gang. let's hear it for lee and julie, huh? hey, all right. [applause] you've all done this. you've all gone scuba diving, if not snorkeling at least or just swimming in the water. how many people have not done t

and when you look at real drivers of economic growth we are doing a lot better than whereas quarter would indicate and if you look at the forecast here we are looking for two% gdp growth in the next years and so how do we get there and what are the various drivers of that and the first case is that residential construct construction is going to help and that is what got us into this mess so it may seem counterintuitive this is the most macro measure i can use to show the residential activity across the country and obviously this fell off the cliff during the recession and has not meaning fully retraced ground during that time period what might be useful is to think about if this is the demand for new homes what is the real -- i'm sorry the supply of new homes what is the demand for it how many new homes do we really need and nor to get a sense for that i look at this data series from the united states census bureau and this is house of information and if you are young couple getting a first house or an individual who's you know, living in school and getling their first detriment ask

whenever you look at the globe, you have it. even in my own neighborhood bulgaria, under the pressure of the popular movement, the government resign new coalitions are made, the system is changed. so one big thing is if this is so much around us, how much do we know about it? which brings us to another question. so my first question is when you look at your library and the of the lovely building you have a lot in history books. if you take a random books in history, what percentage of this book is about a war and violence ? take a pick. how many movies have you seen about one single stupid vietnamese war? ten? fifteen? twenty? how many good movies about the struggle? how many good movies about -- [inaudible] one, maybe two? movies about began i -- began i did is one. thanks to sean penn one good movie. and that's about it. the nonviolation struggle -- will be this tiny little thing. so how come and how this relates to history? i had the pleasure of dealing with this both in [inaudible] and normally start with a question to the a

i do have the hand out, which is available for you to look at. if you look at the baoel street entrance, that is the one displayed by everyone. you never see the west end entrance, why don't you see the we can end entrance? well, it is just sort of a second sister, what we are talking about specifically is this is the diagram and you see the circle part of it is the west end exit of the transbay depot. and it has gone, major design problems. and it has a risk problem and it has a cost problem and there are some changes. what has happened given the contractors recently signed for the building. and i have a recommendation for the board. and this is what the baoel street looks like. i think that it is fantastic and does a great job. >> this is what the west end looks like, we have created a stairway elevator and it is really not very interesting. you see, with the look disappears to allow for this free standing building. this is the side view of it, if you will see, the right end, you will see this culture design, you will see a lot of ways for area

>> thank you. >> okay. >> so, no members of the public want to address you on that item so you are looking for a motion. >> so moved. >> second. >> first and a second, director harper aye. >> lloyd, aye. >> metcalf. >> aye. >> reiskin. >> aye. >> item nine is approved and go ahead and move into item ten. >> which is approving the recommended applicants to the transbay joint pores authority. >> bev will report on this item. >> thank you, maria and directors and members of the board. we put out this, we had the cac going for six years now, and i want to acknowledge jim lacerous who has been a member has termed out it has been a member and served as at chair for the entire six years to date. so his participation is appreciated. we had a great response to our interest for applicants this year and we had a total of 19 applications and virtually without exception, the candidates brought a wealth of experience in multiple areas of which we are looking for on our cac. if you

if you look at apple, innovation is key. if you look at you, innovation is key. qualcomm racing against intel and we kind of know the story. in that environment, how do you feel about the decision that was made with apple to have such a very big buyback to use cash equivalent to 13% of your equity to buy back stock. is that the type of thing that you guys tend to like to do if you want innovative space or do you feel pushed into it because of where the market is? your stock in particular hasn't done very well over the last year. >> broadcom's innovation is our lifeblood. so we look at cash. we obviously want to run the business, but our primary use of cash is to acquire new technologies and new teams that help us drive forward and we drive through dividends and they're our uses of cash through broadcom. >> do you feel the environment in which you operate the strains of being ceo are different now that you have to satisfy an equity market that is very focused on some sort of dividend return. >> it's a challenge. you have to satisfy your customers and you have to m

to show you what they look like. on, off. this is a safety box you can't get it open until you turn it off. a couple of screw in fuses. this is a cartridge and screw in fuses. here it says on and off. pull it out stick it upside down and stick it back in. circuit break /-rs this is what most have. you have the meter. that's how pg and e /khrarpblgs us. you have the big main. usually there are 60 or a hundred or 50. the little guys are 20-15-30. if you want to shut off the power you shut off the little guys first than the main. when you throw a switch there is the arch. like water when water flows in an old house any you shut it off quick you get the hammer effect? that's like electricity. is it safe to do it if you smell natural gas? show of hands. >> nobody has their hands up. it's not safe to flicking any switches if you smell natural gas. how about if there is smoke coming out of an outlet. if you shut this off in an area where there is no gas, good idea. >> just about anything can be a hazardous material, cleaners, solvan

when you look below the headline number of of 2.5% and you look at the composition, what you saw is housing is doing very well in the u.s. consumer is doing very well. all of the miss on the expectations was the fact that government spending was down 4%. that's exactly what we want the government to be doing is when the economy sfretrengthens and y can do more fiscal constraint, they're doing it. >> exactly. that's what we're seeing across the world, by the way. doug cody, how are you investing here? what are you recommending clients do in this environment? >> first, i see a tale of two markets. i see the u.s. market going on a tear. i see bond yields going sub, going bearish. which market is right? i want to be in both markets. i want to be in the equity market. fully allocated. as well as bonds. i wouldn't be out of bonds and too much in equities. one of the things i see is that investors are being too narrow in their selection of s&p 500. i want to broaden my horizon. i recommend being in mid caps, global reits as well as global bonds and some high yield. you want to caption this market,

if you look at how you even got there, it's buybacks and losses that made the prior year look even worse. you're talking about zero growth this quarter. >> what do you see down for the rest of the year? >> our full-year expectations, you have 3.5 to 4% earnings growth for the whole year, roughly in line with what other strategists are thinking. analysts are always a little bit too optimistic on the outquarters so i expect their estimates to come in as the year progressing along. >> if that's the level of earnings growth you're looking forward to, what's the level of stock price growth? >> why am i not optimistic right now about the market, you have a market up almost 15% since mid-november yet looking at earnings growth in the low to mid single digits, a really big disconnect. so i think unless you get better earnings than are being forecasted now, very hard for this rally to continue. >> why are stocks up as they are? >> printing press is running, and also i think that at the end of the year, we got over the fiscal cliff, we got over the debt ceiling issue and the world continued to ope

and you can look for us to be a technology hub going forward and we have never been followers. and have always been

and you can look for us to be a technology hub going forward and we have never been followers. and have always been leaders. it's a very unique place and a great place to live. i relax by driving through and gatherings and reliving great memorize of being a kid in oakland and then i may end up just parking around little grand lake theatre and drive down and take a look at

you want to look for these things when you look at a building. and it's not always obvious . if you look at this building, this one was an example of the racking we talked about. see how these studs are starting to fold on each other? if this whole thing fell over, the studs would be connected to each other. this is an example of the racking. obvious example of racking here; right? if you walk into this building, you are going to say this is heavily damaged. easy. large cracks. again, you want to look around the doors and the foundation. here right at the doors because, remember, the soft structure is the bottom structure. that's going to move the most. then right around the doors are structural members of the house. that's where you are going to find a lot of the damage. this one -- but look at all the doorways again. this building, again, here in the marina. somebody wrote something on there. if you look really close it says, search. somebody wrote that there because maybe they thought somebody was inside, they went inside. we use a different method now. it's in your book i

if you look at caterpillar it gives you the overall picture, a brief snapshot of the market. caterpillar's quarter wasn't great. you can't argue the point. but the stock was hit on the news. the ceo made positive comments about seeing the best market that he had seen for his business in a couple of years. now the stock is rallying on oh that. if you see the lagging names like caterpillar jump into the market you will see us break out to new highs. >> scott, a quick point. i think this is important for people to keep in mind. the last 5% or 10% of a bull run and i'm not saying we are is staring it in the face could come off in one or two days. i don't think this is where you jump in and start buying caterpillar and deere as if we are having a global expaengs. every flash pmi told us the opposite story that there is a legitimate slow down taking place. i will tell you, i don't think this is the type of market where you see all right, now is the time to get in, everything's changing. you could have a quick correction at any moment. i thought it started last week. it might have b

look at the pension out of smart if you look at topical bring it on the pension for forward probably ninety percent of all the fixed income plus pauses throwing the infrastructure in the way quickly something which we wish will drive the growth so that's something which i think the russian government clearly understand and the responsible support to close it is it is it easier to reform now under these conditions i think it's because there's a sense of urgency i i i fortunately i can say there is a sense of urgency but i should do it he wanted me to be very clear that you know he's worried ok i mean he says he's worried something i think he's worried but wants. again listening to him yesterday at his almost five five five five hour long conversation we would with the people he didn't strike me as as a person in desperation however he wanted to show that he's in control of the government. and i think that's one probably just the kind of an idea he wanted to convey but i just wanted to become something of some something i guess said one area where russia could improve a lot as it is in

>> how you doing? >> how are you doing? >> you look good. i thought you were skinny. >> man. >> muscles it though. >> [ bleep ]. >> yeah, only muscle you got is in your mouth. >> you look good though. >> thank you. i love you. >> you too. >> you look great. >> it's great. >> despite their love for each other, the brothers know their relationship poses dangers to them both. >> we destroy each other. >> we can build each other up but then -- it breaks down. >> it's definitely hot and cold. once we go down, we both go down together. >> yeah, we go down together. >> we go with a fight. then we just do whatever we can. we go to all. >> lengths. robbing, stealing. >> i'm surprised no one has been killed yet, which is i'm glad that actually -- >> our actions did not lead to somebody's death. >> exactly. driving drunk could have easily killed somebody. i drive drunk continuously. >> me too. i tell the one guy, if i'm going just a mile down the street, i got to take a beer with me. >> that's exactly me. >> that's how i used to. i mean, not no more bu

obviously if you look at the building itself, you can see that it's a big ugly box. a lot of it was constructed incorrectly. if you look at the way that the building is now, it's the same foot print than what you are seeing on the top. it did you tell us -- it does follow with the style in the area. it does add a lot of style to it as opposed to the big box. going back, once again to address just a little bit of issue on the balconies, if you look at this, this is the view from the dr's backyard. it's full of trees and you cannot really see the other home, but i think they were all planted to have privacy that they have right there. and i don't think that those trees are going to be cut down so the balconies with the trees in between and privacy on both part. >> good afternoon, commissioners. my name is mary and i'm also a part of the neighborhood and the community. i am in support of this remodel for these reasons. i have seen the drawings and know how much the drawings have changed listening to the neighbors feedback and has made significant changes for the neighbo

stephen: you look like trouble. you look like trouble. >> a lot of people felt that way stephen: i don't think anybody wants to hear, "mom, dad, this is iggy. we're in love." you look like trouble. >> i was 19. i got my first mug shot. >> stephen: what were you doing? well, i fell asleep at the wheel. >> stephen: it apparently has a happy ending. >> it worked out. stephen: yeah. for everybody or just you? >> it wasn't my car. i drove it. it went off an embankment into a christmas tree orchard. and it actually... >> stephen: you hate santa. there were all these little pine needles covering the whole car the next morning. the owner was upset. >> stephen: you were a detroit rocker at first, right? >> yes. stephen: that motown sound like the supremes, you know, that rich kind of tight harmonies, synchronized dancing? that stuff is great. >> but i'm just a simple kid. i didn't know how. so i did what i could. >> stephen: when did you start taking off here? first of all, thank you for wearing almost a shirt tonight. ( che

to grow an economy, even with a budget deficit, what you are looking at here is gdp but not the way that you are used to looking at it more often than that phot what we talk about d g t we focused on the economy quarter growth range and whether it grew during the quarter this teems you in terms of a absolutely level base basis and reason i'm showing it this way is because for all four quarters of last year the overall economy was better than the it was before the prerecession high water mark and we have turn the quarter into a new expansion and if it didn't feel that way it that is to do with this the none farm payroll and each bar here represents a single month's change in the total number of people who have a job and you add up all of knows jobs that was loss during the recession it's 8.8 million people and we have only created five and-a-half million total job and that leaves us with a deficit of three or so million jobs and we are cranking out more in terms of goods and services but we are doing it with 3 million fewer people in the workforce and is to some extent that is why it

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if you look at the euro currency you can clearly see that it's moving higher. >> earnings for the next three years are going to paint the estimates and not by just a little bit. the solar panel producer was also on an acquisition trail. joining us exclusively is the ceo of first solar. they run the . >> there is skepticism there. there is skepticism in the form of short sellers. how do you answer? >> there has by a diversity of opinion for a while and that's understandable. what i tend to focus on is we gave an outlook that covered three years. but when you look at the we have held back on providing guidance while there was a degree of turmoil until we felt that our new strategy and global platform was in place and we had adequate visibility. some analysts are believers and some are skeptics. and i understand the skepticism and we take it as a challenge that we have to execute and prove to investors that we are going to deliver what we have indicated. >> if you look at the two-year time period and not just the one year we exceeded most consensus efforts for most years. >> one of the qu

if you look at this attack. look at any attack, particularly looking in the rear view mirror as opposed to looking through the wind screen, you could judge that it could have been prevented. this was preventable, if. but let me also offer you the view that attacks of this nature are inevitable. this is like penalty kicks in soccer. no matter how good the goalie is, sooner than later the ball is going in the back of the net. i don't mean to be so dark for your viewers but they have to understand we're working in a part of the spectrum now that is well below what we experienced more than a decade ago. i mean, look, what happened in boston was a tragedy. truly a tragedy. but it wasn't a catastrophe. if we force our enemies to work in that band where from the outside looking in it's hard to tell whether this was a high-end crime or a low-end terrorist event. that's the pressure of our success preventing our enemy as from doing that which they want to do. the mass casualty attack against the iconic target. >> but sup

when you look at some components, i believe the momentum is broken when you look at toll, lennar, and polty. and some of these retailers and material guys that supply home-building or the industry of home-building, they haven't broken yet. home depots and lowe's, got back in today, up about 3%. i think you want to find divergences in sectors that discount a lot of good news. >> we talked about netflix, said it looks broken for the short term. yesterday it traded down to 159. nice day today. interesting reversal yesterday. i think the move to the upside is still intact. i think this was a flush you were waiting for. >> we've seen this movie before. >> whoo! >> we should stop right now. >> all right, let's talk apple here because despite the big surge some in some of the tech names, apple still trading water. they report earnings two weeks from today. what can you expect? will there be a big cap move? walter, great to have you with us. you upgraded the stock on march 14. are you surprised the stock hasn't done much of anything at this point and that there has been no capital allocation

when you look at the pes, they are ridiculous. but linkedin continues to show how they are able to monetize. they just seem to be doing everything right right now. facebook, it's still a show-me stock. they showed us last quarter. >> guy, are you still on the linkedin train? >> i'm still concerned. but yeah, we said linkedin over facebook, yes. >> cisco increasing its quarterly dividend to 17 cents a share. stock up 6.5%. scott nations said it would go higher by year end. how high? >> we've seen lots of call buying recently in names a few% from their 52-week high. that was the says in cisco today. we saw it at 11,500 of the january 18 strike calls. buyer paid $3.50 for those. the volume here was greater than the open interest. this is a brand-new position. the 18 strike calls are in the money so they are more of a proxy for the stock than most call positions. these 18 strike calls is $21.50. the call buyer expects cisco to be above that level by the january expiration. begin that the 52-week high is $21.98 they are looking for a $

look at china's history you look at china as i've said the words and anybody who tries to you know get on an effort no. no no no wait a second i mean you know china has never been a listening let me let me a little in washington the second the last yes. yes the last thing i would say is that the u.s. you know has been you know. meaning fellow throughout its history look at look at the other. expense that's ok but they're not about let's go ahead and say about this just because the u.s. is going to be like does not mean that about it human rights and that sort of thing has nothing to do with us foreign policy henry kissinger says that stephen walt says that john mearsheimer says that it's in service attack only only dissociated academic those not only believe in this sort of things that aren't just for you are you saying that saying here is that you know china is the best behaved country on earth. i did not say that i said the united states and that's sort of the power it is a ruthless imperial power and china is well while advise to be very careful matt jump in go ahead. yeah well i me

do you look for a bag? the you look for someone who is going without a bag? what are you trying to glean beside the fact that, okay, here is the image. what is it that you are trying to piece together? >> well, and that particular case you're just trying to find out who their associated to. the individual that you see in the image walked together throughout the airport. another teeseven number of images where we have multiple cameras. neil: that did not draw anyone's curiosity your questioning. there was nothing that seemed out of the ordinary. >> you know, our world has changed since 9/11. nobody looks twice have people going through an airport with bags. that's just what they did. no one check their luggage. if they had it with a found box cutters. you could not get through airport today with box cutters. neil: granted. the banks themselves go through? instead to take it off. >> they went through. neil: there were looking for that sort of stuff. >> no. you could take a box cutter on an airplane back and. neil: one other quick note. the pictures that rick le

when i look at the circuit board they seem to have been traced to, when you look at the pressure cookers, when you look at the shrapnel, the bbs, the nails, you put it all together with that picture we just saw, where are you headed in. >> well, i think it's a pretty definitive picture of where the second bomb went off. you can tell from that site that's not where the flags were. the first explosion happened close to the finish line. this one was farther down the street. that's as good a picture as you're going to get without having an actual snap of when the device detonated. if the detonation had taken place inside that trash can, that itself would have been fragmented. it's not. so it looks like the -- you know, the waves of the explosion bounced off of it as opposed to consuming it. pete's correct about, you know, only a very high explosive with a high degree of heat would consume -- or fragment and pulverize it. this one, it may not have been, you know, gun powder. i think the jury's still out on whether it's gun powder or -- >> think about the human nature of this. pete, you unders

when you look at the system you have to have some pause. lewis powell throughout his career supported the death penalty. later concluded it was a mistake >> host: and then the point you just made about the stories behind these cases, i thought that really resonated with the daryl darryl atkins case and i part of your research you did go and actually interview with his mother. i just wanted to know not about the content of what that experience was like? >> guest: that was fascinating. and atkins versus virginia the supreme court held by state law to someone who is mentally impaired whatever that level is and i think it's a very tough case because most killers are not the brightest lights in the house and someone who is a little on the dems side may be spared for that and who should make that call? should it be the united states supreme court or should it be the jury that sees the defendant in court? in this case, this is another one of those cases that is truly , it's a fascinating story and legally it's very important. this was a cold-blood

if you want to know how high, you have to look at how low it went in the last three years. natural gas clearly has room on the up side. >> jim and grizz, back to the pits. back to you. >> thank you so much, see you at the top of the hour on cnbc.com. give us your read on nat gas, how would you play it. >> we are not commodity gurus. we bought nat gas and a couple positions in the nat gas space, completely as a hedge against our shorts. so our view is company-specific in that space. but i wanted to hedge out the commodity, because i have no idea, unlike the guys in the pits do a much better job than i do or people in the field. i have no idea where the commodity is going. >> there are those who sort of look at your style and look at the kind of companies you may be interested in. and there's sort of this glaring thing about chesapeake. what does chanos think about what's going on with that company. what can you -- what can you say? >> chesapeake energy. well, i'm not going to comment on chesapeake energy, but i would point out that we often looked at companies to put their n

but you don't sign you look like an (bleep). the united nations passed nine regulations against israel in one day. iran is the resolution a month club. remember when the united nations rejected our iraq war resolution thus from preventing us from what might have turned into a decade long, trlz of dollars, thousands of casualties quagmire. we were like we should invade iraq and the u.n. said no and we were like, okay. [ laughter ] so look the senate rejected it. they rejected that treaty and i'm sure that in no way puts the united states senate in terrible, terrible company. >> it was overwhelmingly approved 154-3 with iran, north korea why and syria voting against it. >> jon: there you have it. thank you united states senate, we have literally become one of our own worst enemies. we'll we'll be right back [cheers and applause] >> jon: welcome back. from here in the united states, we're having reservations about not selling arms to rogue regimes. after all, what is the worst that could happen? >> the world watches north korea yet

when you look at the mortgage business, when you are looking at affordability, and you are looking at what has happened to inventory across our markets. and really most importantly the consumers mind set, and the security they have in their own personal situations, i think we are in very early innings. >> so, taylor morrison operates in markets like california, texas, arizona, florida, parts of canada. all those markets, which is the strongest right now? >> the great news is that we have strength across all of the markets. certainly we have seen just remarkable results in arizona, in phoenix. you know, it's probably dropped furtherest and parts of california are on fire. but i will tell you equally across all of the business, we are seeing really wonderful results. >> how do you describe your sales so far this year? >> first quarter this year, versus first quarter last year is up on all metrics. it's up in sales, closings, if we look at the customer contracts we have in our, what we call our order book, our backlog today, i think in the u.s. we are up 150% over first quarter last year

same coin when you look at it on a longer-term view and you are looking at longer- term prosperity. and i think the chinese and all of us need a new economic framework that basically says that we need a model of economic growth that lets us increase our standard of living while recognizing the scarcity resources, natural resources, and not undermining the ecosystem and environment we need for water, food, the air we breathe, for energy. i think we are close to the tipping point globally in these issues. and of course, the chinese are focused on this big time. and they need a new model of urbanization. and i believe they will achieve one. that is why i am spending the amount of time i am spending there. >> do you get the feeling i'm a though, the alarm bell has gone off recently? >> first of all, they have been focused on this for some time, they understand it. but what you see, the dirty has gotten a lot of attention. of course, the air in beijing is dirty. largely because of there is a cold winter and you've got these migrant workers who don't have the same economic benefit that ot

you look at the numbers. but the participation rate is what's been coming down so drastically. it makes people wonder how much you can buy into the numbers. how much is demographics and how much is because people don't think they can find a job. >> jobs are actually being created. again, what happened in march was likely weather related. the participation rate has to do with how you measure the laborers. >> women started coming into the workforce enforce. >> a lot of factors feed into the participation rate. one of which is an aging population. you can't look at the participation rate just as an economic variable telling you about the economy. you have to look at how many jobs are actually being created. >> thank you very much for joining us. rick, see you a little later this morning. >> we will get to david faber. a possible $100 billion stock and cash bid. it is currently a joint censure. vodaphone. you're down at the exchange. david, what do you think. >> i don't want to opine on the state of journalism th

know that's a government regulation that's forced to go deeper but if you look at if you look at what's happening in the economy it's that private savings is being crowded out by all these fica taxes which were driving up so people are becoming more dependent on government spending if we let the free market work when the government cut itself a little bit because it's not really that i'm sorry but i thought you would let you talk about let's talk this whole idea of i love when you guys talk about this whole idea we just need to free market value of all of our problems so how do you love it more i mean how do you suggest we and i think famous right how you feel how does just we deal for the common good like the parks service the highways the schools the hospital he started here with our so. the background which is that which is the backbone it's all about your advice let's bring it back to the sequester and you've got to look at what happened as we are this is where you look at what heritage airports have been shut down because of the sequester a lot of those airports barely see any traf

are you sure? i think this would look good on you. i suppose i could try it on but, well, just out of curiosity how old do you think i am? oh, i don't want to do that. oh, no, please, go ahead. i don't know, um... 36? are you serious? god, i'm sorry. you're probably more like 34. now you don't want to buy anything from me. are those armani shirts expensive? yeah. i'll take two. great. changing room's right this way. i love to guess what my customers do by what they wear. let me guess-- you're an architect, right? no, i'm a psychiatrist. oh, i've taken some psychology courses. what are you-- freudian, reichian? lately, i've been leaning more towards jung. i guess that's because i'm "jung" at heart. it's the oldest joke in the psychiatrists' joke book. i can't believe i said it. i can't believe i laughed. you must laugh at all your customers' jokes. no, just the cute ones. cute jokes or customers? you figure it out. max and penny kept our bookstore exciting and would always come to my rescue. but as time passed, i started to notice max

. >> you can see the rusting reinforcing in the concrete when you look at the edges now. the deck has steel reinforcing that's corroded and lost 2/3's of its strength. >> this was accelerated in 1989 when the earthquake hit and cal came in and strengthened but can't bring to standards. to fix this road will cost more than to replace. and for the last 18 years, we have been working on a design to replace the road way, but to do in a way that makes it appropriate to be in a national park and not army post. >> i would say it's one of the most ugly structure, and it's a barrier between the mar sh and presidio. and this is a place and i brought my dogs and grandchildren and had a picnic lunch and it was memorable to use them when we come here. what would it look like when the design and development is completed. and we are not sure we want an eight lane highway going through this town. and it's a beautiful area in a national seaport area on the planet. >> the road is going to be so different. it's really a park way, and it's a parkway through the national park. and they make t

disney, coach, you can look around. there's still pretty good money flowing into many of these stocks, guys. >> josh lipton's watching the market as he always does for us u. what do you see now? >> check out jc penney, which is moving higher. 47% short interest. now, up some 26% since that low on april 10th of 13.55. jcp confirming today what david faber reported on friday, that the retailer had lined up a $1.75 billion loan arranged by goldman sachs. jcp up about 1.2% right now. back to you. >> it's worth noting look at the chart here that much of the move based on the news happened friday. right after david reported that with just about one hour to go. in fact, i can now support accord tog a source, demand looks to be so strong that pricing could be as low as five. goldm goldman's phone is said to be ringing off the hook. there's strong belief that the deal puts the company in a much stronger financial position. certainly will help's the street's position. already notes coming out from analysts this is two to three ye

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