Plus putin, the russian president response to sanctions with fireworks. His Welcome Home Party for crimea and our response ahead. We will get to that in a minute, but as we had to the close of trading him to go out to julie hyman for the big three stocks we are watching. Apple is in talks with comcast to provide streaming content over a set top boxes, which are expected to be introduced next month. Apples shares are up, but we are seeing a sharp decline in shares of netflix and concern about competition from apple. Alluding to what is going on in biotechnology today, if you look daq biotech stocks, that is what were watching. They rose 17 in january and february, and we are seeing it in come down. Lawmakers are asking why some of the orphan drugs are so expensive. Herbalife is agreeing to nominate three of carl icahns suggestions to its board. Herbalife shares are going back a little bit, after the federal trade Commission Said it was looking into the cubbies business practices. The saga continues. We will be checking in with you shortly. As the senate looks to whether or not to raise the federal minimum wage to 10. 10 an hour, we are focusing on the issue that is truly plaguing our country. The issue of income and equality. President obama has pushed for the minimum wage increase as a way to lift millions of americans out of poverty. There is no doubt that the gap between the rich and the poor is growing. Fact, we live in an economy where there are two americas. Live one people who with the venison of people who live in a quite another way. That it is not just income inequality has increased over the last generation. If you look at the improvement in the life expectancy, theyve come almost entirely among those in the upper half of the income enters tradition distribution. If you look at educational achievement, the gaps between the children of the affluent and the children of the less affluent are rising. If you look at college attendance, you see something similar. As ae losing our status socially mobile opportunity society, we are seeing greasing cleavages increasing cleavages in our population, and where the bullet, and how people get around, in the kind of medical care they get. It is overall just differences in the lives they leave. D. I do not think that is healthy for the ultimate strength of our country. Why is it that it is happening so much now . Why are we at this peak . When it similarities are there between 1928 and today . It is tricky to try to draw exact comparisons. Some of what has happened is technology has reinforced the inability of entrepreneurs to earn great fortunes. It has enabled those with certain kinds of marketability is to reach broader and greater market with less help. It is raise the rewards to that bit at the same time it has been a substitute of and a source of competition for many kinds of jobs, and many kinds of workers. Technology has the group will a crucial has role, it means more opportunities to export to china for those who make movies in this country, and it means more competition for those who make textiles. That operates in the direction of contributing to inequality. General, as the movement has declined, has the regulation has come to more more sec spurs we have a coming war with the economy sectors we have become a more ruthless economy. Drivethose Market Forces towards rewarding those who are already relatively fortunate. Outlined the dangers here of not having upward mobility. Essentially, that is such the foundation for our country. I do we fix this right now . What is the solution . We have the president proposing 10. 10 an hour for minimum wage. Would that do it . Raising the minimum wage, i think it really clearly the right thing to do. Believe theo minimum wage was doing much damage under that fiery liberal Ronald Reagan. After adjusting for inflation, it was much lower than it was when Ronald Reagan was president. Wouldg the minimum wage raise the wages not just of employees now below the minimum wage, but also a means people just above the minimum wage. It would make a real contribution toward what should be a very basic value in our economy. If youre prepared to work fulltime, you can support a family and stay out of poverty. Im for raising the minimum wage. Thatunder no illusion raising the minimum wage is enough or sufficient or is going to roll back the kind of trends that we have seen over 25 years. That is going to require much more. Ultimately, and over time, i think what is probably most important is education. Citizens in schools and organizations like those i recently became the chair of, extending the school day for we have looked at research that demonstrates the magnitude of the differences between the children of the more affluent and the children of the e less affluent. It takes 10,000 hours to achieve real true expertise. Theres a 6000 hour difference between the amount of attention of the children of the fortunate and the children of the less fortunate get. Those gas to continue, were going to be graduating this inequality from generation to generation. The problem is still, were dealing with this issue in the here and now. You have a generation of people who are at risk for being part of that bottom 99 . How do you start to actually have real meaningful change in the next several years . Is there a policy that could be adopted that could do that . Crazy thatthat it is were are a country that can borrow money at under three , andnt for the longterm we have construction and unemployment rates that approach 10 . We let our infrastructure english language. The at any airport around world, it are ebbers do not stand up very well. If we were reporting people to on the nations infrastructure, if we could get to decisions and maximize the opportunity associated with our newly discovered energy dealrces, there is a great that we can do that would put large numbers of people to work and would also make us more productive as an economy down the road by putting margin largely resolved people work and increasing the man for labor we would operate in in an important to reduce a quality inequality. That is a look at the tax system, where it is just backwards. Those who get their atome from capital pay taxes so much lower a rate then those who get their income by earning it through hard work . That is something we need to look for. Carried interest is the tip of an iceberg of rubble maddock provisions. Ranging from provisions that make the state tax substantially of oral are many wealthy people, to provisions that allow corporations to part with bankantial profits into a in ireland and places like that. To provisions that allow the very substantial amount of Wealth Creation that happens because assets go up in value to escape even Capital Gains taxation at the more models Capital Gains rate that we have in this country. Carried interest is a good manyle, but there are carried interest out there. Youre saying we need this combination not just of Monetary Policy but a fiscal policy as well, and cooperation from washington. Let me move on to another issue that is gripping washington right now, ukraine. Smalle laid some sanctions on russia. To do you think theyre enough, will they actually inspire Vladimir Putin to try to not take over additional territories in ukraine or elsewhere . No. I am more focused on what we can do for ukraine. Over what we can do to russia. What is going to be most important is whether we can support a democratic outwardly oriented government of ukraine in being effective and developing rising standards of living for the ukrainian people. That is going to be most important in terms of ukraines economy. That is going to be most important in terms of the struggle of values that is obviously going on between us and president putin. Imf wills that the come with a Large Program soon. My hope would be that it would be strongly supported and backed by the world bank, by the European Bank for reconstruction, that congress will move quickly to support our loan guarantees and to support our capacity within the imf to help ukraine. The issuesi think, that are most important to me. Yes, i think it is appropriate that there be sanctions on putin, but we are to be very careful to be realistic in our aspirations. It is always very dangerous and very tempting to promise dramatic action in response to provocations. But great nations do not block up and we need to be very careful as we provide threats and as we make announcements even when it is painful, to limit our announcements and limit our goals to what is achievable. It seems as though he thinks we are not going to do anything at all. He went in to a undoubtedly end of it into crimea, and that was the end of it. I hope very much that that thisbe the end of it for situation. I think that that is not yet completely clear. Russian troops continue to menace Eastern Ukraine, there were troubling developments in moldova over the weekend. Certainly, there has been a fair rhetoric from president clinton putin. How hes going to address syria hereon is not yet clear. Antiiran is not yet clear. Yet clear. Is not i think the president has been wise to resist the invasion to throw every been sanctioned and date i president but i at president putin. And sounds like you say a stronger ukraine would make for a stronger u. S. , he you, and therefore a weaker russia. Unfortunately, we have to leave it there. Always a pleasure. Thank you for sharing your insight. Coming up next, were going to stick with this issue of income inequality and medium wage. Minimum wage. Putin celebrating his annexation of crimea with fireworks. We will have the very latest on this story right after this. Raising the minimum wage is not as an economic issue it is a political one. Democrats say it helps the medical class, and republicans in heart say it hurts my business is small businesses. Raisingmericans support the minimum wage to 10. 10 an hour. By leoined right now wit hindery. Great to have you here. Always a pleasure. These are very interesting. So many americans, the majority, rising minimum wage. It clearly is economic and logical and ethical. When it jumps as high as 69 by the women and men across the 7. 25, are saying that even 10 10 cents, i listened to the last segment of a this is an effort that is long overdue. That said, is not going to change the fundamentals of the impoverished in america. Year isor and 15,000 a not much different of being poor at 18,000 a year. Will it lift all of these americans out of poverty . Poverty as we know it is an understated phenomena in. Windows 24,000 for a family of four provide sufficient income for all care, transportation, heating, education . It doesnt. I am eternally grateful that 15 million women and men will get this right, i will be no less grateful and probably another 15 million see a complementary rise. Heard of Larry Summers talk about carried interest and other taxation. Will that help . Thet will help to close unfairness cap, but it is not enough money. It is about 20 billion a year that would come into the coffers if we close these loopholes. Secretaryrns me about summers is where has he been on these issues for the past 15 years . Nouveausues are not outcomes. They have been around for a long time. They are by design. They are in aftereffect that trickledown. Beginning early early 1980s we said lets we enrich the top and it will trickle down which has been disproven. It sounds like youre saying a lot of this is political. We will be back with more. It will have an ethical impact. We wanted to be economic as well. Welcome back to the g7 decides how to deal with Vladimir Putin, and he is not letting sanctions stop him from putting on a show. Hans nichols joins me right now from the hague. This is fascinating because it sends a political play for him. He is showing everyone a victory lap. Is a theatrical play. While vladimir bean is doing that could be here in russia we just heard from the foreign minister, and he talked about the g8 that doesnt really matter. The gs seven can to kick us out of the g8 commit is not that big a deal. The g20 is still an important for him. This is not a man representing a country who seems to be hurt by targeting their ability to host summits. The remaining question here for the rest of the evening is an president obama muster something more . Can he have additional sanctions that present a united europe . That is a challenge going into the meeting. We do not know if they have any agreement coming out of that meeting, and we will be learning more tomorrow. They want sanctions, and they want to make them last thing lasting. Thank you. Were going to have more on the g7 meeting right after this break. President obama at other World Leaders are gathering europe today for a summit on nuclear security. Lets not kid ourselves the real issue is the crisis in the ukraine. America are united in our support of the Ukrainian Government and the ukrainian people. We are united in imposing a cost on russia for its actions so far. Rightly pointed out yesterday that growing utnctions would p significant consequences on the russian economy. The g7 is now trying to determine what exactly that cost will be, and how to properly punish e for his annexation of crimea. To en was supposed vladimir britain was supposed to host the g8 summit, but now they have pulled out and are going to host the g7 summit in june. We bring this to our panel, our a lot of hindery, and people worry that he is just getting started. What is your take . I think that there is certainly not worry. We have seen with the amount of troops that are mass to their around the Ukrainian Border in the east, it is quite worrisome. Worried,ents are very as nato has also said. The ukrainian geography, and the area that Vladimir Putin would meet for the section of ukraine he would need in order to support crimea which currently gets about 80 to 90 of its water and electricity from the line ukraine, it really is a significant concern. I just wondered about why we did not do more earlier . Did we not see this coming . He made his intentions pretty clear. We stood by and only invoke sanctions, weak ones at that, after the fact. Asthis will be remembered one of the great Foreign Policy screw ups of all time but when we assisted in the overthrow of . Resident you code which the ukrainian president , we could have kept him here. It was inevitable that resident Vladimir Putin would have to begin to act at least in crimea. What concerns me is that there was, i think, a diplomatic solution early on. Shock,tial reaction was that they were gambling here. We went to the world and said we are so offended, and we should have gone to Vladimir Putin and understood that 400 years of history mandated that there be a resolution of crimea that favored russia. What is the solution we should have said . Crimea is there warm water access for their fleet. It is inescapable comment it goes back to catherine the great. By ignoring that reality is we countenance overthrows of the , scotland is looking for an election to leave england, libya, vietnam, cozumel, serbia, the outrage should have been to b boone early on for a diplomatic solution around crimea. He didnt do it and we are now where we are. What is the next step . Vladimirou anticipate putin is going to do next . I can understand the concern that the massing of troops on the border of Eastern Ukraine is going to suggest the possibility of further territory elevations toward ukraine give up but i am doubtful of that for several reasons. First of all, it is really not in russias interest at this point. Russia has gotten extremely low prize. R quite a nice it is important because it is the only region of ukraine that is majora league majority russian. Any territory action against Eastern Ukraine would quickly result in the kind of conflict that would spiral out of control. One that russia would not be tighto maintain, operational tactical control that they have in the crimean peninsula. It is surrounded by Russian Naval forces, it is easy to cut off the mainland ukraine. The consequences if the russias look at this, would be from nato, militarily that the Nato Alliance would be really on a hair trigger alert once youre talking about a war in mainland continental europe. Is that what is going to get to . Are we looking at a civil war there . About the south of ukraine, and the far eastern part of ukraine. I think it is not obvious yet that that will not drift over toward russian dominance. Kicking them out of the g8 is saying like you cannot come to my cocktail party. This is russia. We will talk to russia any time we need to as will the other surviving members of the g7. So Vladimir Putin does not care . This is russia. 90 of the water of crimea comes from the ukraine, 80 or 90 of the gas that is used by the grain and by western europe comes from russia. Deal with russia, and we have to be respectful of its history. Are we not doing that . ,e are assuming that this guy that he is a rational player, that he will work with the history here. He needed a warm water port, and he has all of that. We gave it to him, essentially. Do we need to be worried that he is going to take more . I think there is certainly a number of Different Things that play here. It is important to remember that under the Ukrainian Government that existed the russian government did have a lease on that warm water port in the area. The russians are in the middle of building what i believe is a nearly completed warm water ford also on the black sea on russian territory proper. That in itself is not necessarily a huge problem. It is certainly a historical issue for the russians. As to whether or not let rip it is a rational actor, we need to step back and look at his rationale. Actor . E a rational former kgb, he likes to be photographed. , ase is soundly rational a russian leader. He speaks multiple languages can be as fluent in germany release thinks daily with Angela Merkel and her time, and she back to him and russia. A sophisticated guy. Geopoliticaled, figure who is the proper and appropriate leader for russian right now. We have to respect what russia is, and the history of russia than we seem to. Quiz what russia wants, and part of what the thinking in his terms of what he is trying to restore is the greatness and once had. It . S going to get we cannot be solved without russia alliance. And yet we are treating them as if were going to throw you out of the g7 but we are hoping youre there with iran and syria. We do not have a diplomatic sense. In that was an issue whole thing to. On aoming up a hard break. As. Cities may have to host a boldnding spending streak on training. Two decade spending binge might have come to an end. Our economics editor Michael Mckee has reviewed reporting all day from florida where he is finding taxpayers may have reached their limit. They may be getting there. This is the spring home of the minnesota twins. It is a bit smaller than the regular season version, but it is nice as you can find anywhere. The question is how many more of these can you build . Once teams were associated with towns, but over the years the Great Major League map has been redrawn over and over again as teams race to take advantage of subsidies offered by towns that what major league is ball. They say that the deemed ring tourist and the tourist spring cash. Economist say that is not the best way to build your economy. We build that for them, and they left Fort Lauderdale, so what you want to be able to do is he that Fort Lauderdale shrinks, and tampa gross grows as a budget of the teams moving. There are signs of the communities are beginning to realize that could happen to them here in fort myers. They have turned down a third team because they did not want to pay for the additional upgrades to the stadium that they have. In winterhaven they said no thanks to getting another team when the red sox and indians left. Instead they grew their economy another way. The teams moved on, and they are making more money by renting out their facilities to amateur teams. Sinker, and one we do not like out there too much, but for us it has proven very profitable. We have done very well with that sporting event. Our moneymaker, we can measure the Economic Impact, we can measure they had the heads in the seats. Some of our smaller missing busybodies the disability see the greater impact, but do not talk about it too much. [laughter] when they rebuilt the stadium for the orioles of the team kicked in about a third of the cost. They wanted a lock, and i thought it was only fair. He does not think it is going to be a trend. Florida has been training, and arizona has been Training Like a lot of camden yards. People come for spring training, they will with their vacation plans around it. We are always going to be saying if there is enough Economic Impact and tourism in conviction, maybe this is the right investment. If it is there, people will make those calls. I think very different here, this has been very strong for a long time. Arizona does well as well. Theres a good chance it will continue. We should find out relatively soon, not only are several Big League Teams coming once again, but there are talks that some of the teams that would do arizona may want to come back. Greg leo hindery, your thoughts on this . A possible exam should of the angelos family in baltimore, some of the initiatives in detroit, you are hardpressed to find any circumstances where the taxpayer out the money that they were promised for putting municipal resources into the hands of rich team owners of any sport. Ient always admired have always admired the angelos family. Do not seeeconomy i any argument for putting taxpayer money into these extremely valuable, and strangely wealthy owners, valuable genius teams. Michael mckee, enjoyed it down the, thank you. You cannot always get what you want, unless you are carl icahn. We have new developments over the battle in herbalife and investment manager carl icahn. Againstrbalife shareholder and if history pixar proved he will have five of the 13 Board Members. At the same time the stock is at an eightmonth low, his billiondollar bet is close to breaking even. We have been covering the ackman icahn battle. He has been digging in his heels the same way ackman has. He has gone from two seats to five, and it appears to be that he is in this for the long haul. People are trying to figure out what his end game as. There have been rumors for ever that he might take the company private, that he will just dig it out altogether and there you go bill act in. Bill ackman. Do these three seats give any more ammunition or food to those thoughts . It is interesting because with the structured buyback they did recently, there was lets talk that he may try to take the company private. Adding these seats today, you heard a little bit more talk about that of a wondering whether he will do that. The share price is certainly low. So you would think he would be able to get a pretty good deal of the company. Think there is a strong sentiment that that is going to happen. It is more that he has tried to make sure that he has more leverage when it comes to management of the company as they go to the next phase which is all about the ftc investigation. Im here with leo hindery, and were talking about the appearance of the investigation put forward. What is your thought on that . Is that what bill ackman is effective league lobbying a lawmaker to get . Abuse ofa pathetic congressional oversight. We should not allow wall street to use congress to go after a single security. It is just profane. It is just one thing if it is altogether, but the one company. One company. Carl icahn is seeing the bucket half full, and bill ackman sees the bucket half empty. They will work that out. For ackman to use congress to , thate his bed, bet means that anybody who goes short on the stock and use congress the next time to finagle an outcome that makes no sense to me in the context of the political process, and how wall street is supposed to work. If you want a level Playing Field that is not a level Playing Field. We will be back with more. We are the top 10 stocks you need to know about, next. Heading into the close, it is time for the top 10. Number 10, herbalife seven percent after the company agreed to nominate three people proposed a bill under carl icahn to its board. Icahn on 70 of the stock of that he will have five of the 13 Board Members if it is approved. The maker of the data storage companys only three percent today fell three percent today. And or,r eight is shares following the most since early february, now down almost eight percent. That follow comes after reports of new competition from apple. The tektite is reportedly getting ready to launch an itunes review at. After the company tries a new considert is going to bids from smuckers. Made such as much as 2 million by the end of the week. Rigo is good. Nokia is up one percent, the company said that the 7. 5 billion deal to sell its mobile microsoft willto be delayed until next month as asian regulators review it. Lions gateive is entertainment chairs are up four percent. Ilm in thee first f teen warrior series, divergent. The sequel is out in preproduction. Muppets most wanted came a few million short of projections. Paid for my tickets, so i contributed. What exactly is this movie . Future a great focus on young women. It is now a franchise as of this weekend. Numbers two and three are automatic. I thought, what if this had been a success . And they already have two and three in production . In hobbit, you just fill the dwarfs. Moving on to number four, which is facebook. The social network falling four percent, dragging down the nasdaq 100. Theumber three, symantec of nacre of norton antivirus software, and corporate Cyber Security systems driving the bus today the s p 500, now up four percent. They were upgraded to buy. Jpmorgan. Two is up 1. 7 billion dollars settlement with the u. S. Over claims it scilitated Bernie Madoff ponzi scheme. Madoff is serving a 150 year sentence. Are number one stop of the day, netflix. All in the most in the s p today, down six percent after wall street journal reported is in talksr with apple to created a streaming device. We have some breaking news that we want to get to. , at the close of trading here we have the market , but lets get to this news. Greenlight capital had today website called seeking out the a steakd talked about they had taken in mike got a stake they had taken in micron. He had this suit to try to reveal the bloggers identity. They say they will drop the suit about apparently they came to some sort of settlement there as he is ending this suit. They did identify the blogger who linked to the micron stake. This has been resolved privately, and it is unclear how me more details little get. Interesting that it comes to a conclusion. Were going to find out, right . Perhaps. I tried to find out this morning by dr. The head of seeking out and asked him who it might be. Probably the same person who itcoin. D b we are in an interesting time in journalism because the bloggers are in the blogos phere, and there is a lot of information that is not out there with someones name on it. Anonymously you can move securities up and down can we make it caught down the road, but we never had a world where the market was no fragile that longonymous blogger and as as they stay anonymous Insider Trading is used to do this. I can they 1980s it was Insider Trading, and now short seller still do this. Boomers. Or even carl icahn in there. Also go beef youre talking about the new age of journals and over the guy who wrote that blog post could have been an anonymous source for one of us for example. Then we would have bedded the story. The question is where along the line doesnt become not ok. It couldve have been a disgruntled employee of david einhorns. We would have bedded that. Vetted that. They were in an environment where people could have an effect on securities and the environment. A reaction to this of your making fragile the whole intake. Three of the market your making fragile the whole integrity of the market. I read seeking alpha every day, i am sure julie does as well. All of these sites are incredibly informative and help old, if at times loss and even dangerous. It is interesting. Lets move on to the round up of the other stories were talking about. Are you kicking it off . Every day. Executive role, and sherwood is cochairman of the media network. To begin the transition immediately as copresident of the disney Abc Television group. Ontinue to oversee his current job until a replacement is found. This is quite a vote of confidence in sure what in sherwood. I wonder why she really left. What do you think . At theeney as almost very top, pinnacle of power of this massive Global Entertainment company, and then she decides she would rather do the dishes . Shes going to get a production deal. , as helear that bob contemplates his own retirement on the road is going to make a number of changes. Ann had to conclude how she comfortably fit into that in her own insight. She will get action details, she is very talented. It is bob sherwood, it is a real compliment. I do not think the transition will last nine months. These lame duck. Nine months have been fraught with hazard to he is taking over abc news several years ago. He has done a really job with the morning. Ann has done a great job in stealing the same cop sitcom mantle from nbc. It will give bob a chance to transition smoothly into that. My guess is he will be more active as the nine months progresses. She has been so successful. She has hit many homeruns for them. Overtimes that i thought was really successful and did not a either. She has done a great job, and now she wants to be a director. I would like to paint, but i have never learned how to paint them and she has never learned how to be a director. Lets move on to another story. They been fined for selling illegally. Sales of ways were also fined 241,000 for unauthorized promotional activities. The company said that the news sparked optimism that your skin will be able to get back on track. A is not a chinese go tiny stock. . The fda. The fallacy of 540,000 they cannot find. This is in products, products for my help, when you cannot prove their quality and their cleanliness, and their sterility, 540,000 and dont you do that again. A parking ticket. What they really got me was when they had poisoned my dogs food. That one got our attention. It is not as important, because we love dogs. Quick and is also about the selling practices. There was talk about it being a pyramid scheme, the rules governing that are different in china than they are here. 40,000 dred 540,000. 70 a of searching, malaysia concluded that the missing jetliner from malaysia crashed in the southern indian ocean with no hope of survivors. Mh370 entered the southern indian ocean. We will be holding a press conference tomorrow, with further details. In the meantime, we wanted to inform you of this new development. And take this opportunity and do a rather abrupt search end to a search and a mystery with so many questions. The planes last position was in the middle of the indian ocean west of current about 2500 kilometers. Basically in the middle of nowhere. It will be interesting to see what they say tomorrow i guess well see if they are actually going to find wreckage, pull it out, be able to find the black box in figure out why this happened, what happened, but it is definitely not the end of the story. They only have about two weeks to find that black box before it stops pinging. In the deepest part of the ocean. It amazes you in the year 2014 that a 777 can disappear and we can only just now learned. The premise that it went up to the standards that went up to understand was absurd. That itone was hoping was crazy loss, or there were would mean thatre someone with a life. Things that would mean that someone was alive. At that depth of the ocean, they will never find it. They have two weeks, and they still have not detected the primary zone that it dropped down. It is just the south indian ocean. Lets move on to madison auare garden which has seen stake in tribeca enterprises. Million, they will have the opportunity to gain majority ownership over time. They plan to capitalize on mgms partnership. This a broader angle . This is msg from cablevision. 100 owned by robert de niro, and theyre selling out of it to msg which is a metropolitan centric Entertainment Company and it makes a lot of sense. I thought quadrangle had with de niro. Up until now, they have been this happens it usually happens around tobacco, and they call it the tribeca film poster girl, and it is smaller theaters. If youre regularly show these movies at radio city or initiate off or msg its own code that is a big expansion of the festival. Msg by his name was confined to manhattan. When it grows and has to find assets in manhattan, and this is a very manhattanite popular brand. It is smart. Lets get you one more entertainment can i ask one question . I would ask leo a million questions. What is the deal with deniro and tribeca film festival, and him making last vegas . To kille guy used people in the godfather. Im not going there. Understanding why these people make such theyre incredibly talented people. He made 10 million for that movie. I guess that would be good enough reason. Bloomberg level compensation. Exactly. S whatming up, you heard treasury secretary lemmer someways is had to say, ive some ideas of my own. As the Senate Debates minimumwage this week, and we talk about income inequality, and we theorize about how to fix it, we need to remember just exactly why this is so important. Ultimately, we have a lot at risk. Upward mobility is at stake here. I would will ability is what for so many generations has really defined us as a country. When i think about the importance of opera mobility i think about my dad and his seven other siblings growing up in our really large Irish Catholic family. He somehow managed to feed eight kids off of that salary. All of those kids went on to college, and all of them were able to provide better lives for their own families. But does that opportunity still exist today . It does, but it is harder to come by. Better future has become more challenging, more competitive, and the idea that one generation will do better than the next is in no way a given. People recognize it, and are discouraged by it. A recent liverpool show 64 of americans leave the u. S. No longer offers everyone an equal chance to get ahead. Economy isnder, our in the midst of a transformation, and it is getting harder to earn a living as all of these things improve, and good jobs unless youre working in the Energy Sector are just getting increasingly tired to find that hard to find. Wages as percentage of gdp are the lowest since 1994, but over pop roots are the highest they id 73. En since since 1973. Theres a difference between income and wealth. The british Prime Minister proposed a 20 wealth tax on the mega rich, people with actual assets here as opposed to income to tax. The reality is, that with taxation alone, it will not solve this problem. We need a major emphasis on education. We need a major emphasis on job road, and a renewed push for entrepreneurship for all of our future energy rations. Im here on set with leo hindery. Inequality has become a bigger and bigger issue, one that people are really talking about because we are at a level where we have not eaten the since 1928. I talked about taxation, the importance of education, entrepreneurship, but how hasnt really changed in the here and now . It is talk about things 10 years 20 yearsar ago, but how does it change now . Those seven siblings of your fathers, or your father and his ax siblings eight in total. Each of them had American Dream in my for themselves, and especially for their children. Workers have had no real wage increase since 1967. There is no middle class, theres the top 10 that has half of the nations earned income, and there is the other 90 that have the other half. If youre at the top of that 90 , you are as concerned about your American Dream as you are at the bottom. I no longer use phrases like middleclass. I do not. I think it is 90 versus 10 . Here today by the design of congress, and a handful of extremely wealthy people. I play a lesser rate of tax than you do. Hat is why somebodys design the progressive tax torture that your father embraced because it was going to balance our economy has been thrown out the window. We have only eight percent of women and men in this country making something. If you sit a room with 100 people and 92 are in service to each other, and only eight make something, and the very opening segment of your show you talked to Larry Summers. If i hear Larry Summers talk about exporting movies, and insulting services and illegal services one more time, im going to throw up in he first talked about it in june of 2009 when it was his responsibility in an administration with both houses of congress to start the rebalancing of this economy back to what your father and his siblings believed was the American Dream. It was a different time. He has talked about globalization, and the importance of globalization, but what happened to we had a vibrant Manufacturing Sector you. We shipped it to china. That is a crazy number. We have 12 million in the overseas. As nothing to do with wages. Do we need more protections . Wax know we need to be more fair. When we talk about signing an agreement with china that says we agree to trade fairly, we do not trade fairly. They have subsidies on the financial sector, taxation, and environmental, and we do not do that. We sit here with only 12 lonely and when 12 million women and men doing something. Look at the recovery from the recession. 43 of the jobs that have been created since we went into recovery have been 16 an hour or less. We are perpetuating the tragedy, we are not solving it. And is getting tough out there for sure. The entirety of the whole 90 that i worry about. Thank you very much. Ladies and gentlemen, we will be back. Nine months and counting. And i see snowden is still making waves. He warns that more secrets will be revealed. We can look at some of the biggest bombshell hit dropped so far. You just know theres going to be more. The federal investigation into General Motors recall of 1. 6 million vehicles linked to at least 12 deaths continues. Bankruptcy, broad, has also surfaced. More on this story. We already knew that the Justice Department was looking into gms handling of its ignition switch failure. Now those in europe are reporting that the doj is also investigating whether the company committed fraud by not disclosing the defect when it files for bankruptcy. As according to the New York Times. When you look at the timeline of events, a bankruptcy fraud probe does make some sense. Gm admits that they first learned of the problem in 2001. It filed for bankruptcy eight years later in 2009, so the question now is whether gm knowingly failed to tell the government. The bankruptcy lawyer says that no pertinent information was withheld from the court during the gm chapter 11 case. This program is still in its early stages. Gm bankruptcy complicates things. How it will play into the probe, and the several lawsuits that have come about following the recall . That is the big question right now. Constituted is protected from any sort of an economic losses or damages that occurred before 2009 when they emerged from bankruptcy. Challenging that immunity requires asking the judge to reconsider the terms of the bankruptcy. Gms lawyer says the time for that has long past, but this latest bankruptcy fraud probe does a two different. Ceo says she will do what is right whether that means if will actually settle these lawsuits or fight them in court. That is something we do not know yet. She hasreturne to work out for her in that position. In matt millerg and Brian Johnson for this. It is basically feeding lawsuitsme for the could in our model we said theres going to be 2 billion worth of settlements whether it is with prosecutors or link employers. We do get into legality of whether 363 sales really shelter them or not. They are going to put up some marking, and the reaction in the stock market is over done. We talked about this at length before. What is the question of what the government knows . Should gm have been telling them . And when did mary barrow know about this, frankly, because if you have a product that is related to death coming up to assume that the person who finds about it tells his boss, and that person tells his boss, and eventually has to go to mary barrow. It does not have to go to the auto tsars. They should know if any of its products systematically cost deaths in users. Not give the information willingly, but should have, are they in a situation now where in fact this was a fraudulent bankruptcy . A in 2005 there was also Service Bulletin for the cars to recall them to fix a mission an ignition problem. ,hy not put out a formal recall instead of just a bulletin . I want to know, what your take is on this. Governmenttime, the owned gm. It was government motors. No pun intended. The u. S. Government, you, me, allis, trace, trish owned and company, and we are this company. Doesnt this probe have to go up to the highest levels . If you think about bankruptcy fraud and you look through most of the cases, it is where a buyer hid assets from the creditors. Are talkingep is we about hidden liabilities. You get into a whole different area than a lot of this bankruptcy fraud doctrine was meant to cover. It really applies if there was hidden gold mines underneath the renaissance center. Anything, these were some liabilities that were understated. We will leave it there, and we will continue to watch the story. The bottom line is 12 people died as a result of this great at the very least. You have heard reports in the New York Times that it is up to as many as 300. Say that the defect cause if it is not fully proven, but it could have been involved. Quick if you are driving along and your car suddenly turned off, it would turn off your power steering, power brakes, airbags which is dangerous. To say the least. Apple in talks with comcast to make a tv settop box. Is this a deal that either of them really wanted to make . Apple and comcast are reportedly in talks for a streaming tv service to rival netflix. This is according to wall street journal. The service will use an apple settop box and look at special treatment on comcast networks. The news sent netflix plunging, but are they really willing to share their service and subscriber fees with apple . Theres a part of me thats how this news and thought, podcasters is trying to protect what it has. You are better to work with the enemy then not work with the enemy. What do you guys think . What is your take . Having a product from apple is good, one that is a television and a settop box, but without having content to watch over the device, what good is it going to be at the end of the day echo they are working with comcast and other cable providers to stream the same television you get from comcast on that device. In thectively being content creation business here in a post to the distribution business. They would leverage the content youre getting from comcast on its own device. I think this incremental there are so many people and especially young people, they do not have a cable subscription. I do not need that if i can watch everything on my ipad. I think the comcast of the world for the directv of their work of your tried and true dripping exhibit is distributors realize that cutting the cord is not as bad as you would suggest. Theyre going, they are going to online video over the internet. The trends are very clear. I think the comcast of the world are saying that we need to protect our core business, but we also need to be able to address this part of our audience out there. I think maybe entering into discussions with apple and everything is very preliminary year, there is no deal, but entering into these discussions is a way to start putting the netflix app onto your user but in her face as another way to dissipate in this. They have to be careful. Y . They have to be careful about letting the fox into the hen house. Were going to make online really viewing easier for you, were going to partner with apple and allow the content to go over the internet, and maybe away from our ecosystem and little bit. We are maybe going to put the netflix app on our user database, but what happens is that audience behavior is migrating away from this closed ecosystem. If they do not embrace change, do they run the risk of becoming obsolete . We have seen it with so many disruptives these models take hold. The core technology, that comcast and Time Warner Cable have is the highspeed connection to the consumer house. This would leverage the core technology. I do agree that it would protect comcast in that regard. A very valuable revenue for comcast. You do not need all of these various cable channels that you wind up paying 200 a month for. Greg 40 a month, until somebody really comes up with a more competitive solution, mobile highspeed internet or Something Like that, and then all of these Video Services would be a addon services. That is why add are working on, and it really trying to harness the power of video and make sure it is there for you. What really works for the Cable Operators over the last 10 years has been the bundle. This bundle of voice, video, and data. When you look at the triple play Customer Base theres been very little attrition and cord cutting because it is such a competitive package. Would you unbundle that olympic of the cable model becomes at risk. They need to make sure that they keep the huddle together and at a good little value, but the real increment the value today for a cable subscribers not necessarily the video subscription, it is the Broadband Access over the highspeed access that the Cable Companies continue to deliver. Is the future here for both comcast and apple . The future for comcast of an event as they bring is really to sports. Having his words unsaid that is what is preventing him one of the cord cutting. Apple, amazon there trying to get into the consumer living room, and this will put them there. We will see about that. Thank you very much. Coming up, a comedian who ame for a n herself in a maledominated industry. Time now for the scene where we bring you the business behind media and pop culture. Winning a slot for their rightful place on agent screen next to the top male and medium comedians. Winning two emmys, and appearing on over 100 different sitcoms and standup specials. She is currently starring in the offbroadway play disaster which the New York Times has called inspired. She joined the right now onset. Welcome. How was the play going . It is awesome. It is disaster the musical. If you want to laugh and have the greatest two hours of your life can go see the show. Im not kidding. A campyout it is takeoff of the disaster movies of the 1970s, and the soundtrack is like youre in your car and it is 1978 and youre driving with your friends. It is the best. There is nostalgia here. We have seen this before, mama about rock of ages. Right. Those plates had this plays had these very traditional type stories, and the music with incorporated. This would was so lately written becauseyou all of the songs are cleverly written into the plot of the show. You do not know which song is coming back of it is so much fun. Another clip that im not in. What role do you play . Shirley summers. Theuld say she is based on character in the poseidon adventure. I have never seen that. Quite i cannot talk to you. You have never seen that . You never heard that song . Its not in the show, but i thought you might have seen it. But, you are young. Female comic, but men. Like 10 women, 90 it is like every other profession, just like your profession. When in, except for teaching in nursing, we are the minority. It is tough because when three guys are in a show and a copy aub, it is a copy club comedy show, and when it is three women, it is a ladies night. I do not understand how humor has a gender. That is what i do not get. Historically, is it harder for women to deliver some of the not that it is harder for women, but harder historically for audiences to accept a woman being funny . Some people have a stigma about women being funny, as you know. Look around in our country, womens rights, things that they are fighting in congress and the senate. There are so many womens issues that are so prevalent right now, and i think that is everywhere. To beamazing that feminine, to be ladylike is to not have an opinion. To be quiet. Just keep your mouth shut. Furthestfurtive thing from being a standup com ic. It is a powerful vision. Absolutely. You are the conductor of the orchestra. The orchestra and the audience, and youre it controlling. It is amazing. It has been a long road, but tina fey and amy poehler hosted the golden globes, and Ellen Degeneres as did the oscars. If you look at late night, chelsea handler, and that is that. Is a long way to go. Disasters playing four nights a week, monday, to decouple thursday, friday. Familyfriendly. Tina fey edited entertainment weekly, and that was her pick for what show does he. Fantastic. On saturday and sunday youre on the standup ring. It is not an easy life. Thank you for coming. That is it for street smart. See you tomorrow. It is 57 parsed 46 stocks he said the day in the red, but they paired losses heading into the close. We got a disappointing report on u. S. Manufacturing, 0 slow a slight slowdown. So that weighed on equities early on. Here is what is happening on the treasuries markets. Yields coming up only one basis point on the 10year note. The twoyear note falling a little bit with the yields going up one basis point. The big story of the day is what is happening to the yield deserve between the five and 30year curve. The spread is the thinnest it has been since 2009. I am joined by adrian miller. Tell me why you think the yield curve drope the selloff. Somewhat manufacturing, but it is mostly about the flattening of the curve where the market is still trying to price in what the fed has said. Money investors are grappling with what was meant because a lot was delivered. That is what you are seeing, a continuation of where rates should be relative to where fed funds rate expect toewses might be, whether an april rate hike, june or whenever. What was your reaction to the yellen testimony. It seemed like she made a bit after stumble, clarifying it may be six months. Do you think markets have priced in the short end of the curve . It is not decided yet. By putting a date out like that, no central banker wants to do that. So i think that was a bit of a flub. The market is not convinced april or june. Most of the market is convinced it is a second half or 2015 type of event. Nothing changed from the data that we are seeing. Nothing changed, about you the actual projection indicated that policy makers do see rates rising further faster. But it is looking at a 1 rate by the end of 2015. In general they became more hawkish. That was another component of the curve starting to flatten a bit, but it is still only modestly more so with one 1 . Now what happens is investors turn to try to read the tea leaves of what the policy makers are saying. There are many events going on this week. Which ones will you be watching most closely . I will be watching the hawks. They are in the minority, but they have a loud voice. It will be interesting to see their interpretation. I will look at all of them. I will be focused in on the hawks to get what they are thinking and so forth. It doesnt necessarily change what i think is if to happen, but it shapes the market psychology and may cause the curve to continue to flatten or fall back. We started at three basis point higher and closed at one basis point higher. Your thoughts on china. We go another disappointing economic number from china. It is well understood it is slowing. But now it is going to the point where the government is going to have to do something to stabilize that growth. They put it out there they want 7 1 2 growth. It is a soft target. It is getting to the point if they dont do something else, we may under shoot that. That does it for on the markets. I am olivia stern. There are is taking stock for monday, march 24th. 2014. I am carol massar in for pimm fox. For the next couple of days my coanchor will be bill cohen. You are a regular contributor and we talk about a lot of things. We are going to have a great time. We are. We are going to talk about the theme for today and that is change specifically. One of the topics is health care. President obama ran his initial president ial Campaign Calling for change. Health care is a big one. N
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