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he's in washington where the sequester is hitting here tonight. how about the debt debate now, randall? does it change your investment horizon if we're talking about things that are happening in the very short-term future? >> no. in fact, i think in the long run, it's good for our investors who need to take a long-term perspective on investment. so much of investment action that's been taken in the last year has been based on expecting the government, the federal government to step in and save companies and in fact create business for them. now i think investors are-- will have a chance to realize increasingly they've got to look at what those companies are able to do on their own. >> tom: but with so much uncertainty when it comes to fiscal policy-- taxes, for instance, and government spending certainly beyond this fiscal year, how do you skill keep that viewpoint on the long-term horizon? >> it's difficult. but the fact of life is, this is not the first time in american history wove faced these kind of difficulties. the difference between then a
he's in washington where the sequester is hitting here tonight. how about the debt debate now, randall? does it change your investment horizon if we're talking about things that are happening in the very short-term future? >> no. in fact, i think in the long run, it's good for our investors who need to take a long-term perspective on investment. so much of investment action that's been taken in the last year has been based on expecting the government, the federal government to step in and...
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budget cuts in washington, uncertainty about china's economy slowing down, and the continuing financial crisis in europe. >> i don't think that's priced into the market right now, so you may get a terrible reaction to the downside. >> but money keeps flowing into stock funds. the latest numbers from the investment company institute show investors have put about $20 billion into u.s. stocks so far this year, and there's still a lot of cash on the sidelines. that's why market pros don't want to count out the bull run just yet. >> around the kitchen tables and dining room tables, people have got to be talking about, okay, we were very nervous about the market, but stocks have moved up, so, marge, should we get in or not? >> and coming up a little later on the program, a closer look at what's fueling the rally. we dig into where the money is coming from. >> well, a lot of credit for the recent bull run is being given to federal reserve chairman bernanke. he gave stocks another boost today. the fed did, with its latest beige book survey of economic conditions around the nation, and steve lie
budget cuts in washington, uncertainty about china's economy slowing down, and the continuing financial crisis in europe. >> i don't think that's priced into the market right now, so you may get a terrible reaction to the downside. >> but money keeps flowing into stock funds. the latest numbers from the investment company institute show investors have put about $20 billion into u.s. stocks so far this year, and there's still a lot of cash on the sidelines. that's why market pros...
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the biggest threat to the market's advance is its biggest hope and that's washington, a bigger deal on tax reform and entitlement as well as an extension on the debt ceiling would go a long way towards boosting business confidence, spending and hiring would likely increase and conversely the failure to do anything in washington will also weigh on the markets. for "nightly business report" i'm bob pisani at the new york stock exchange. >> here to give his take on what's next for stocks is ceo of global investors. welcome. you know the last time the dow was as high as it is today, the multiple, the price earnings ratio on stocks was much higher than it is today. does that give you any comfort that equities can move up from even these lofty levels? >> i feel the market, equities will move higher between now and the year end. i think it's not just the multiples because, you know, multiples give you some comfort. valuation doesn't drive markets. when you get modest valuation and improving sentiment and improving fundamentals that i think the market can do pretty well. and i would point to a
the biggest threat to the market's advance is its biggest hope and that's washington, a bigger deal on tax reform and entitlement as well as an extension on the debt ceiling would go a long way towards boosting business confidence, spending and hiring would likely increase and conversely the failure to do anything in washington will also weigh on the markets. for "nightly business report" i'm bob pisani at the new york stock exchange. >> here to give his take on what's next for...
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Mar 19, 2013
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. >> moving now from wall street to washington. this week, law makers are working toward a measure that keeps the government up past next wednesday that's when current funding runs out. but the real budget battle over long-term spending cuts continues. >> republicans and democrats in washington are still fighting over taxes and spending but they've agreed to keep the fight under control. house already passed a bill to keep the government running past the end of this month. now the senate is preparing to do the same thing and there, the two parties aren't far apart on the details. >> we've con ens didded the number of amendments being talked about seriously. i commend them and their staff through all of their efforts. >> i spoke with them this morning. they've yet to reach an agreement. >> but the gap remains huge for a long-term plan for bringing government spending and revenue inline. >> they'll reduce the entitlement programs but only if republicans agree to tax hikes and jepd speaker john boehner said the house's answer to that
. >> moving now from wall street to washington. this week, law makers are working toward a measure that keeps the government up past next wednesday that's when current funding runs out. but the real budget battle over long-term spending cuts continues. >> republicans and democrats in washington are still fighting over taxes and spending but they've agreed to keep the fight under control. house already passed a bill to keep the government running past the end of this month. now the...
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Mar 23, 2013
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we get an update from washington, d.c. for the preparations for the up coming hearings. >> they will be mindful of the limited role as judges to interpret existing law. >> plus, legal analysis on how the issues might be viewed on the highest court in the land. stay tuned for the special coverage of gay marriage before the u.s. supreme court. captioning by vitac, underwritten by fireman's fund >>> good evening. i'm scott shafer. welcome to this week in northern california. next tuesday, more than four years after california voters approved proposition 8, the state's ban on same-sex marriage, it gets a hearing from the u.s. supreme court. it will hear arguments for the defense of marriage act known as doma. we discuss the issues before the u.s. supreme court. it's the final stop on a long and winding legal road. let's begin with a look at how it all started. the week of valentine's day, 2004, newly elected san francisco mayor gavin newsom, boldly, some said recklessly orders to grant marriage
we get an update from washington, d.c. for the preparations for the up coming hearings. >> they will be mindful of the limited role as judges to interpret existing law. >> plus, legal analysis on how the issues might be viewed on the highest court in the land. stay tuned for the special coverage of gay marriage before the u.s. supreme court. captioning by vitac, underwritten by fireman's fund >>> good evening. i'm scott shafer. welcome to this week in northern california....
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for "nightly business report," washington. >> coming up, chicken wings and basketball. a winning combination. coming up, the ceo of buffalo wild wings weighs in on the impact of the ncaa tournament has on business. >>> first, a look at treasury, currency and metals closed today. >>> a new survey of lower-wage american workers. those taking home $35,000 a year or less. they're the most pessimistic about job security and their personal finances. two-thirds say they see little or no opportunity for advancement at their current jobs. and half say they're not confident that those jobs would help them achieve their long-term goals. 65% of the jobs added to the s u.s. economy since the recession ended have been lower-wage positions. >> march madness is back. tomorrow, 65 teams will tipoff the men's basketball tournament. fans around the country are gearing up. in addition, the ncaa tournament needs big business during last year's tournament, fans ate nearly 70 million buffalo wild wings. here's president and krerceo. so, sally, can you top 70 million buffalo wings? >> i think
for "nightly business report," washington. >> coming up, chicken wings and basketball. a winning combination. coming up, the ceo of buffalo wild wings weighs in on the impact of the ncaa tournament has on business. >>> first, a look at treasury, currency and metals closed today. >>> a new survey of lower-wage american workers. those taking home $35,000 a year or less. they're the most pessimistic about job security and their personal finances. two-thirds say...
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that could be derailed by what's going on in washington right now, particularly the second quarter. much of the furloughs and layoffs are in the month of april, which we won't see in the jobs numbers until early may. >> government payrolls are going down as private payrolls are going up. one area i'd like to hear your thoughts are incomes. we have some job growth in the economy, but we have very, very tepid income growth. why isn't anybody getting a raise? >> it's because one of the ongoing slack in labor market, you got a lot of competition for jobs out there, a lot of people willing to take any job you've got, but also a shift in the composition of where we higher. in the health care industry, for instance, highing is robust, but they are cutting nurses wages and substituting high-paid nurses for lower-paid tech personnel. they are paid better than others with an 18-month degree but much lower than nurses. you're seeing shifting going on where high-paid personnel are traded off for lower-paid personnel. even in the health care sector, which has been one of the bright spots in the
that could be derailed by what's going on in washington right now, particularly the second quarter. much of the furloughs and layoffs are in the month of april, which we won't see in the jobs numbers until early may. >> government payrolls are going down as private payrolls are going up. one area i'd like to hear your thoughts are incomes. we have some job growth in the economy, but we have very, very tepid income growth. why isn't anybody getting a raise? >> it's because one of the...
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> reporter: while the droop in weekly jobless claims is encouraging, it's deeper spending cuts from washington that could slow down the job growth momentum. health care is up 320,000 in the last year. construction is on the rebound, adding 28,000 workers in january, the fourth straight month of big gains. in contrast, government workers continue to lose jobs, particularly at the state and local level. down by 24,000 just in the last three months. and layoffs are on the rise. up 55,000 last month, according to consultants at challenger gray and christmas, the second straight monthly increase. the trade deficit topped $44 billion in january, due to more imports. $6 million higher than december and a possible drag on economic growth in the first quarter with a downside ripple effect, economists say, on job growth in the coming months. >> we're going to have a second-quarter dip, not a decline, just a slowdown in the second quarter. bring it back down below 150,000 workers per month. >> reporter: so, tomorrow when we get the jobs report here at the labor department, economists predict we probably
> reporter: while the droop in weekly jobless claims is encouraging, it's deeper spending cuts from washington that could slow down the job growth momentum. health care is up 320,000 in the last year. construction is on the rebound, adding 28,000 workers in january, the fourth straight month of big gains. in contrast, government workers continue to lose jobs, particularly at the state and local level. down by 24,000 just in the last three months. and layoffs are on the rise. up 55,000 last...
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washington works. any chance of that happening. and if not, what is all-- what is the sequester really mean for the consumer and for the economy? >> well, i suppose it's possible. you know, right now we aren't hearing anything about a deal. there doesn't seem to be anything in the works. both sides are talking about how we'll have the sequester. and it seems to be where we're headed. the president wants more cash revenues. the republicans think that they gave them tax revenues at the end of the year when they made that deal. and remember the sequestration is the part of the fiscal cliff that got pushed into later in the year. so this is part of that deal. and the republicans think that basically they already gave at the office. but the president wants more. now the cbo tells us the tax revenues is share of gdp are already headed for higher than normal levels. so this is where the battle is being formed. the republicans say you have enough tax revenue and the president says he wants more. he wants more
washington works. any chance of that happening. and if not, what is all-- what is the sequester really mean for the consumer and for the economy? >> well, i suppose it's possible. you know, right now we aren't hearing anything about a deal. there doesn't seem to be anything in the works. both sides are talking about how we'll have the sequester. and it seems to be where we're headed. the president wants more cash revenues. the republicans think that they gave them tax revenues at the end...
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Mar 13, 2013
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after days of having the focus wall street, today it shifts to washington. >> it sure did, tyler. there's an escalating budget battle waging in the capital after house republicans unveiled their latest federal budget proposal today with plans to slash the country's massive deficit and get government spending under control all without raising taxes. as senate depp democrats prepare their own budget plan, can congress and the president reach a bipart san budget compromise any time soon in hampton pearson takes a look. >> house republicans unveiled the blueprint they say balances the federal budget with just spending cuts and no new tax hikes. at the top of the gop list of what's needed to achieve $4.6 trillion in spending cuts over the next decade is to repeal obama care, cut domestic programs from medicaid to college grants and require future medicare patients to bear more of the program's cost. gop budget pointman paul ryan once again throwing down the gauntlet to democrats. >> we don't think it's fair to let critical programs like medicare go bankrupt. we don't think it's fair to
after days of having the focus wall street, today it shifts to washington. >> it sure did, tyler. there's an escalating budget battle waging in the capital after house republicans unveiled their latest federal budget proposal today with plans to slash the country's massive deficit and get government spending under control all without raising taxes. as senate depp democrats prepare their own budget plan, can congress and the president reach a bipart san budget compromise any time soon in...
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we think a lot of the noise relating to washington is starting to fade, the fiscal cliff, sequester, the debt ceiling, all of those issues seem to be moving out later into the year. so as a result the impediments that were slowing the economy down over the last couple of quarters we think will result in better economic growth. the equity market is starting to sense that. i think to some degree that is some of the reasons why the markets ignored washington and ignored sandy so far this year and is up 10% or so. >> that is why you have such a bullish forecast for the s&p. you are calling for it to end the year at 16.60. it is all going to play out pretty strongly. >> we think corporate earnings will chug along may increase about $108 full year for the s&p. we think we will get a little multiple expansion from 14 to 15 times as treasury yields continue to work higher. that will drive out of bounds and into stocks. we think the equity market ends up with a 15% to 20% positive return for the year. >> that is a good way to turn to stocks that are going to perform well. you have len on the
we think a lot of the noise relating to washington is starting to fade, the fiscal cliff, sequester, the debt ceiling, all of those issues seem to be moving out later into the year. so as a result the impediments that were slowing the economy down over the last couple of quarters we think will result in better economic growth. the equity market is starting to sense that. i think to some degree that is some of the reasons why the markets ignored washington and ignored sandy so far this year and...
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. >>> here's what to watch for in washington in the quarter ahead. at the supreme court the nine justices will decide the fate of two cases involving the right of same-sex couples to marry. in the capitol, the house and senate are going to try to work out a deal on comprehensive immigration reform. both involving enforcement and a potential path to citizenship. at the white house, president obama and his economic team are going to continue to work with both rank and file and leaders in congress to try to come up with a long-term budget deal involving some tax increases and some cuts to entitlements. that's your second quarter channel check. for "nightly business report," i'm john harwood. >>> policy out of washington, as usu usual, is likely to drive the bond market in a big way for the remainder of the year. treasury yields had been creeping higher but then have settingsed back in light of europe's struggles. so what's your best move in bonds and fixed income right now? welcome to the program. brian railing, chief fixed income strategist for wells f
. >>> here's what to watch for in washington in the quarter ahead. at the supreme court the nine justices will decide the fate of two cases involving the right of same-sex couples to marry. in the capitol, the house and senate are going to try to work out a deal on comprehensive immigration reform. both involving enforcement and a potential path to citizenship. at the white house, president obama and his economic team are going to continue to work with both rank and file and leaders in...
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. >>> moving from the vatican to washington, security is always an issue. today president obama sat down with some top ceos to talk about cyber attacks. we'll have the latest on that meeting and also explore the biggest threat to our cyber safety. >>> but first, let's look at how stocks fared around the globe. >>> a federal judge is ordering apple's ceo, tim cook, to testify in the government's antitrust case against the company. the lawsuit, which was filed last april, claims apple conspired with several book publishers to hike e-book prices. apple has denied the charges. >>> senate democrats released a federal budget proposal that includes nearly a trillion dollars in tax hikes and almost another trillion dollars in spending cuts over the next decade. that is in sharp contrast to the house republican budget unveiled just yesterday outlining more than $4.5 trillion in total spending cuts and no tax increases. meantime, president obama went to the hill today to meet with house republicans, hoping to sell his proposal to strike a so-called grand bargain of t
. >>> moving from the vatican to washington, security is always an issue. today president obama sat down with some top ceos to talk about cyber attacks. we'll have the latest on that meeting and also explore the biggest threat to our cyber safety. >>> but first, let's look at how stocks fared around the globe. >>> a federal judge is ordering apple's ceo, tim cook, to testify in the government's antitrust case against the company. the lawsuit, which was filed last...
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steve liesman spoke with lew about his role at treasury, the budget negotiations in washington and the challenges the u.s. economy still faces. >> reporter: treasury secretary jack lew in some of his comments in the new position, talking about the value of the dollar, the budget deficit and the economy. i began my interview with him by asking whether or not equities which have seen new highs are in what he would consider to be a bubble. >> the analysis i've seen doesn't give me reason to be worried right now. i think one of the lessons we learned from 2008/2009 is that even when things are not a problem, we always have to ask those questions. we need to make sure that we have the transparency to see what's going on. in firms and markets. we need to have the regulatory tools to deal with problems as they develop. that doesn't mean we should jump in when we don't see a problem. >> every treasury secretary serves at the pleasure of the president. you have no way of knowing how long you'll be in the office or how much time you'll have to do it. at the end of your tenure in the secretary's
steve liesman spoke with lew about his role at treasury, the budget negotiations in washington and the challenges the u.s. economy still faces. >> reporter: treasury secretary jack lew in some of his comments in the new position, talking about the value of the dollar, the budget deficit and the economy. i began my interview with him by asking whether or not equities which have seen new highs are in what he would consider to be a bubble. >> the analysis i've seen doesn't give me...
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business economics shows a majority of economists are opposed to the automatic sequester cuts but say washington does need a sound plan to reduce the nation's budget deficit. well, joining us now to discuss the impact of the sequester spending cuts we're happy to have representative ed royce a republican from california. congressman royce is also a senior member of the financial services committee. welcome, congressman. let me begin by asking you. it's a big employer in your district. were you getting calls from employees today and what were you saying? >> i didn't get any calls from employees of rathion but i think most people understand at this point we just saw a massive increase in taxes at the end of the year. the president got what he wanted. huge tax increases. if you think about it, when we're running deficits over a trillion dollars a year and the question under the sequester, a proposal that came from the white house, that he put forward, to have a 2% reduction, which is really just a reduction in the growth of government, but a 2% reduction, that's not a tremendous amount of money. bu
business economics shows a majority of economists are opposed to the automatic sequester cuts but say washington does need a sound plan to reduce the nation's budget deficit. well, joining us now to discuss the impact of the sequester spending cuts we're happy to have representative ed royce a republican from california. congressman royce is also a senior member of the financial services committee. welcome, congressman. let me begin by asking you. it's a big employer in your district. were you...
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tonight we're joined by the afce's preside in washington. eg,his sounds like bad news but it's better than it was. why did the grade rise even though just slightly from back in 2009? >> right. well what we found was that there were investments in infrastructure that actually caused the grade to rise. there were six areas, frankly, that improved, money was invested, which is what we've been saying. invested the money and the grade rose. now investing the money in infrastructure isn't just so we can get a higher grade. investing in pressure has an economic value, and quality of life value to this country. anin other reports that the american society of civil engineers has done, we've shown that putting an investment in america's infrastructure can provide us an additional gross domestic product, can prevent the loss of jobs, and can prevent the loss of household income. >> ten of the 16 categories that you cover in the report showed no improvement from 2009. but some did improve. let's look at a couple, including a solid waste treatment facili
tonight we're joined by the afce's preside in washington. eg,his sounds like bad news but it's better than it was. why did the grade rise even though just slightly from back in 2009? >> right. well what we found was that there were investments in infrastructure that actually caused the grade to rise. there were six areas, frankly, that improved, money was invested, which is what we've been saying. invested the money and the grade rose. now investing the money in infrastructure isn't just...
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for "nightly business report," i'm hampton pearson in washington. >>> we have two different points of view on this subject. dep deborah peel is the founder of the rights foundation and tracy burns director of northeast human resources association. i would like to ask both of you this question. we all want a healthier work force. how do we get there? is it through rewards or is it through penalties? deborah, why don't you start us off? >> well, penalties, of course. and these penalties in particular are very coercive, they're very hurtful. and most of the people working there are probably working a second job already. so it's cruel. it's cruel and it's an insult to dignity. but worse than that, there are serious privacy problems. first of all, americans have the right to health information privacy. the reason is, this is very sensitive information, and it's been clear for decades that employers and insurers use this information to make decisions about hiring, firing and promotions. so the privacy of health information and the lack of control of data in electronic systems and wellness p
for "nightly business report," i'm hampton pearson in washington. >>> we have two different points of view on this subject. dep deborah peel is the founder of the rights foundation and tracy burns director of northeast human resources association. i would like to ask both of you this question. we all want a healthier work force. how do we get there? is it through rewards or is it through penalties? deborah, why don't you start us off? >> well, penalties, of course. and...
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for nightly business report, i'm hampton pearson in washington. >> as hampton pointed out, health care costs were a big focus in the house proposal, coming up, we'll talk to howard dean and journalist steven breaux about proposing costs. >>> the winning streak extended to an a little session in a row. it sent the blue chip average up nearly three points closing at 14,450. that's another all-time high and the nasdaq lost ten points and the s&p down four points ending seven straight days of gains. >>> blackberry was the most heavily traded company on the nasdaq today. more than 80 million shares changed hands while above the average daily volume there. shares were off theerly 3% this on a day when pre-orders where the company's z10 smartphone began. some are looking that the product as a potential make or break product for the smartphone pioneer. john ford explains. >> the blackberry, it used to be shorthand for coolest phone in the world. wall street types were obsessed with them and government workers, too. less than four years ago fortune named it the fastest-growing company, and now
for nightly business report, i'm hampton pearson in washington. >> as hampton pointed out, health care costs were a big focus in the house proposal, coming up, we'll talk to howard dean and journalist steven breaux about proposing costs. >>> the winning streak extended to an a little session in a row. it sent the blue chip average up nearly three points closing at 14,450. that's another all-time high and the nasdaq lost ten points and the s&p down four points ending seven...