it nsaid been totally underfunded and underinvested. they don't put up a life that promise. the grass is relatively dead and undercuts. so it becomes a marker for me in the book of the political culture that began under jim crow and continued into the late 1960s and early 1970s. property ownership culture. we have the city fathers negotiating about the best project to placate the poor and seemingly inefficient by the time you get to a year out from the project team van. >> you are from south florida. what side of the color line where you based on? >> so i grew up in a neighborhood called miramar florida in broward county. we were in the first by counties to move in the late 1970s, early 80s. i went to elementary school in miramar and one of the things that became pretty clear as i got older i notice the neighborhood making the transition from white to basically black. you had a number of haitian migrants, to make an migrants coming to the community. there were folk rumors about the ducks in the neighborhood disappearing because they will come into town and feeding the ducks

we hear that the retail investors have been somewhat underinvested in the market either a lack of trust or worries about what's going to happen next with earnings or what's happening in europe. do your clients feel comfortable with the parktmarket or not? >> you bring up a great point and as lisetta pointed out, what a traditional portfolio looks like with a lot of commodities or stocks things that have extreme volatility and then fixed income that's paying very little and a lot of it has interest rate risk. we're addressing it by adding a lot of the stuff in between. the risk and return in between stocks and bonds. things like hedged equity or long short, high yield bonds, both corporate and municipal bonds and such. we add things in the portfolio not necessarily taking from stocks and running to cash and bonds and vice versa, that's a challenging exercise. we like things with risk and return in between and add that as a complement to both fixed income and the equities in the portfolio. >> interesting tactic. thank you. barry glassman services and lisetta rainy braxton with financial f

we are not a poor state that we are a state that is under best in public health and underinvested in early childhood education and underinvested in the safety net that really does give people an opportunity. so many low income people in her state pay for it every day. it's an economic, moral and a political issue. a recent poll found that 63% of americans believe the u.s. economic system favors the wealthy so well over half of americans think the system think their government works more for wall street than it does for main street and works better for the elite and the wealthy in this country than it does for people who have little opportunity. when workers wages stagnate when they struggle to provide for their families we have a moral problem. the people who work hard and take responsibility and do the best they can but when they believe the economy is rigged against them we have a political problem. when the next generation of workers retires with little savings, little or no savings and no defined pension benefit anymore we have an economic problem. that's why the eitc and the chi

its 50th for mortality we are not a poor state, but one that is underinvested in public health and early childhood education and underinvested in the kind of safety net that really does give people some opportunity. so many low income people pay for it every day. and it's an economic, moral, political issue, recent polls found that 60% 3% of people believe that the u.s. economic system favors the wealthy. so while over half of americans think that the system -- they think that their government works more for wall street and main street and works better for the elite and wealthy in this country than it does for people who have opportunity. one worker's wages stagnate and when they struggle to provide us with their families, we have a moral problem. people that work hard and take responsibility and do the best they can. when they believe that the economy is rigged against them we have a political problem. and then the next generation of workers, when they retire with little savings or little or no savings and little defined pension benefits anymore, we have an economic column including the

it is a state that is underinvested in public health. we are underinvested in early childhood education and in the kind of safety net that really does give people opportunity -- and so many low income people in our state pay for it every day. it is an economic, moral, and political issue. 63% of americans believe the u.s. economic system favors the wealthy. well over half of americans think the system think their government works more for wall street than it does for main street. when workers wages stagnate when they struggle to provide for their families, we have a moral problem. when people work hard and take responsibility and do the best they can, but when they believe the economy is rigged against them, we have a political problem. when the next generation of workers retires with little savings or no savings and no defined pension benefit anymore, we have an economic problem. that is why the eitc and the child tax credit are so very important. you know its history. it is close to 40 years old. it has been next banded by every single

also buying these bonds, and those of its sister institutions recycling global services which are underinvested by sovereign wealth funds and pension funds. not by german taxpayers. >> so it's as simple and clear as what you just explained, why isn't it being done? why is the focus debt debt debt. which means guilt in german. >> it does. it should, yes. and also the mistake in writing a book because that argumented protestantism gave rise to catholicism. where actually the inverse of debt enabled german to escape from feudalism. >> let's talk to you about or hear your thoughts about mr. varoufakis. he is, indeed a character. he's no fool, of course. i thought i was going to again say to you, until this german announcement came a few minutes ago, i was going to say to you, he must be hating this having to i guess blink first and allow those big institutions back into supervised athens. but what's he like? what's going through his head do you think? >> well i don't think he hates it. he's very very capable. he's nor knowledgeable about what european institutions can do than not only mr. shaudner

after years of disrepair and underinvestment we have according to the american society of civil engineers, $3.6 trillion deficit in america's infrastructure. what we know is that no maintenance is the most expensive maintenance. modern infrastructure is essential for our country. it's the most commerce, moving products to from market, improves the cost of life by moving people to and from work, and school more quickly. it is good for the quality of our air and our water. it works to connect all of our communities to the promised of the internet with broadband. we must meet the need to reduce the deficit in infrastructure and do so in an updated and green way. over the years we have proven that policies that leverage private sector capital and expertise with government oversight our successful ways to create a better, more sustainable communities. we should learn from these examples and expand opportunities for public-private partnerships. we should be putting people to work building roads, bridges mass transit, water systems broadband, achieve a bigger paychecks and better infrastructure,

kemmsies in your written testimony you mention that the underinvestment in the mississippi ports, the inland ports, indicates that we've been more import oriented than export oriented, which is expand for a few minutes on the significance of the inland ports, particularly with the panama canal development and agriculture opportunities and trade as well as manufacturing. >> most of the growth in trade was on the import side and when we look at the various vegmentsegments of the freight movement in the u.s. the larger projects that were done by rail by highway and at the port level they were focused on being able to handle the imports more efficiently. a lot of the dredging, for instance, is not really done because we were trying to export more goods. our goods are very heavy. they require deeper draft vessels. but the motivation, when you read the economic analysis, or the cost/benefit analysis was essentially focused on the import side. maybe you can look at it from that side to say well this is an impore bias in our investments. but if we look at the projects or where we haven't had

with a strong dollar and rising equity market, makes irresistible duo if you will to the underinvested portfolio managers in u.s. stocks over abroad. liz: tell you what was irresistible, the ipo came to alibaba. it has since come back markedly. there is a battle. several major hedge fund managers, talking fast money, george soros, john paulson taking complete opposite views of certain others, some selling out, some buying in. let's get right to it. alan, as we look at the scoreboard, daniel lobe, paulson, they upped their stakes. george soros. guys against it, lee on cooperman, t. rowe price. >> 80, 90 range post ipo, back then it did suck all the oxygen out of the room. but after peaking at 120, looking to see if they hold the support, 85 is midpoint level from september. i think there is much more up side potential. very good value. liz: tracy it is down 27.6% since that $120 print. once you've seen a level you know you get back there if you do right things for the business, right? >> but i also think we knew going in, this was like for the big long-only hedge fundamentals. they got

to your point, we're underinvesting. >> thank you very much. >> thanks. i want to talk about the spirit in which you approach this work. it's an inspiration to me and i think to all of us, and i hope an example to our colleagues in the senate and to the house. mr. secretary, a lot of nice things have been said about you this morning, some are really over the top. you worked with the mayor of charlotte, boston, i don't know what else you have in your background, but there's no such thing as flattery won't hurt you if you don't inhale, so nice thing to say about you, just don't breathe too deeply and you'll be fine. one of the major takeways for me from the election is one, people want to us work together, and senator boxer was brought to these proceedings, i think that's what the folks are looking for across the country. they want to us get something done something real done, want just talk about it, not just bemoan the fact we're having a hard time getting things done. the other thing is to further strengthen our economic recovery, which is almost at six

this is an industry that has had a cycle of overinvestment and underinvestment and the world is not ending now. >> that is wise like yoda. >> it is. will we clear the oil market again as we have before? or is it something different? >> i think it is something that is very different. shale is very different. shale is now with the world is looking at. they are looking at the call on shale rather than the call on opec. we know it can bounce back. it is a great new balancer. >> your work on the classic curve and that. if you have an exhaustion a shock -- >> i am calling jargon alert. >> jargon friday. jargon alert. >> exhaustion us shock means just something that we did not expect to happen. >> is it enough to derail our investment and our confidence? >> certainly if you look at the momentum of investment over recent years, it has been relatively weak. we will see that be a bit of a dampening. we have talked about how europe is an unambiguous winner for lower oil prices. russia is an unambiguous loser. the u.s. is somewhere in between. i think the u.s. economy is a net beneficiary, but there a

everyone is underinvested and some numbers start to look good in germany. >> breaking news. i want to bring you up to date. greece has requested -- there's speculation this would take place but according to a greek government official greece has requested an extension of that agreement. there was talk last night that finance minister would request a loan extension and greece has requested that extension from the euro zone for six months as the market has been speculating. i would love to get your quick reaction to this news because we're seeing the euro dollar move on this. >> we all knew it was going to happen. >> more excited edmund. >> no, i love the greeks but don't get me wrong. to me i think people are blowing it out of all proportion. we know they're going to come to a deal and both sides are going to introduce a little bit of volatility. i'm quite surprised just to look at the reaction of equity and bond markets. they don't care. >> some of the market cares. we have been looking at yields. >> it's moving quite significantly off the news in the last two minutes. >> ar

. >> more dollars are being spent on security, it's true that in general healthcare has underinvested in i.t. as an industry. >> reporter: does that potentially make people's medical records vulnerable? >> the medical industry has catchup to do. >> reporter: we found when the federal government takes action against a provider with weak cybersecurity, it's often after a breach. health and human services say they reached 14 settlements with provides for $15.4 million. >> here's a look at the weather for your weekend. >> announcer: this weather segment sponsored by the megments of nondrowsy claritin. live claritin clear. >>> coming up next medical news in our morning rounds. a new procedure to reduce the risk of genetic disorders is raising questions about so-called designer babies. >>> plus how money is the root of stress in the lives of so many people. you're watching "cbs this morning saturday." wow, i've been claritin clear for 10 days! when your allergies start, doctors recommend taking one non-drowsy claritin every day during your allergy season for continuous relief. 18 days! 17 d

. >> more dollars are being spent on security, it's true that in general healthcare has underinvested in i.t. as an industry. >> reporter: does that potentially make people's medical records vulnerable? >> the medical industry has catchup to do. >> reporter: we found when the federal government takes action against a provider with weak cybersecurity, it's often after a breach. health and human services say they reached 14 settlements with provides for $15.4 million. >> announcer: this weather segment sponsored by the megments of nondrowsy claritin. live claritin clear. >>> coming up next medical news in our morning rounds. a new procedure to reduce the risk of genetic disorders is raising questions about so-called designer babies. >>> plus how money is the root of stress in the lives of so many people. you're watching "cbs this morning saturday." wow, i've been claritin clear for 10 days! when your allergies start, doctors recommend taking one non-drowsy claritin every day during your allergy season for continuous relief. 18 days! 17 days! 22 days of continuous relief. live claritin c

doctor, in your written testimony you mentioned that the underinvestment in the mississippi ports t inland ports, indicates that we've been more import-oriented than export-oriented. would yu just expand for a few minutes on the significance of the inland ports particularly with the panama canal development and agriculture opportunities in trade as well as manufacturing. >> most of the growth in trade was on the import side. and when we look at the various segments of the freight movement industry in the u.s., the larger products done by rail, highway and at the port level they were focused on being able to handle the imports more efficiently. a lot of the dredging for instance is not really done because we were trying to export more goods. our goods are very heavy. they require deeper draft vessels. but the motivation, when you read the economic analysis or the cost benefit analysis was essentially focused on the import side. and maybe you can look at it from that side to say, well this is an import bias in our investments. but if we look at the projects or where we haven't had funding fo

the brands that we've bought have been underinvested. we put more money into the brands, we view this as a marathon, not a sprint. happy to invest grow brands as you look in places like europe where the economy's not so good we view a down economy as a great opportunity to take market share. >> you're 40% exposed internationally. >> exactly. >> currencies aren't as big of a deal for you as other companies here. >> they're impactful but not as big for somebody who is 50/50. that's 60/40 split has been the way we've been last couple of years. we'll be that way for the next couple of years. we'd like to be more 50/50, but with that comes imfact of fx. >> is there perception on wall street? the stock's doing well off of quarter. is there some misperception your brans are so distinct and complex it's hard to deliver consistency, especially with uncertain macro environment? >> i think unlike certain staples companies selling products in the market every day, look a detergent, our products are seasonal staples. so we go through the year until y

because we're underinvesting in irs capacity, we're actually losing out on tax collections to the tune of tens of billions of dollars, so it's about $60 billion of mandatory savings we get if we invested more in collection enforcement at irs. that's one example. crop insurance is another area where we think we can improve the system, encourage farmers to actually be planting more lower the excess profits of insurance companies. there's a range of -- my point is there are a range of other mandatory savers in this not just on the health side. but on the health side, there is a range of them. jason has i think, pretty great expertise here that include reforms on the provider side that accelerate the kind of savings measures that we've seen in areas where we think there are not current incentives to save, and that's things like home health care aids and a range of other payment arrangements we have with providers. there are also some -- about 20% of the savings which focus on ensuring that particularly the highest income beneficiaries are paying their fair share. there are also then, thing

underinvestment in infrastructure costs the united states over 900,000 jobs including more than 97,000 american manufacturing jobs. maximizing american-made materials when rebuilding infrastructure has the potential to create even more jobs. relying on american-made inputs can also mitigate safety concerns related to large-scale outsourcing. i'm with you, duke. duke university you know, i'm from the west coast. i got problems with some of these east coast athletic teams. but, hey, i'm with them on this one. infrastructure creates american jobs. and this is something that i've used over and over again. this is from mark zandi, chief economist at moody analytics. he's a former economics advisor for senator john mccain when the senator ran for the united states presidency. and he put it this way. for every $1 invested in infrastructure investment $1.57 is pumped back into the american economy. with well paying middle class american jobs. this is just really critically important. the question for us, and the reason we're here on the floor and the reason we're talking about this issue of mi