Transcripts For FBC Markets Now 20130730

Talk. I also want to point out this poverty discussion. Charles payne, some very strong thoughts. He will be along on that. Before we get to bob schiller, lets go to the impact of his report today. Nicole petallides starts us off at the new york stock exchange. Nicole good morning. We got those home prices in. The markets have been holding some of the aeros. It accounts for about one tenth of 1 . The tech heavy nasdaq the best of the bunch. We certainly have gotten in a lot of earnings this week. We continue to watch what comes from the fed. The home price numbers, that increased by the most since 2008. That is good news if you are selling a home. Also getting some confidence numbers that are still above the 80 mark. That is good as well. Back to you. Dagen thank you, nicole. A 12. 2 increase in home prices from the previous year. That is in the 20 major cities tracked by the index. The biggest annual gain since march 2006. We care about bob schiller. Bob, good to see you. Can this kind of trend continue, particularly with records in dallas and denver right now . I would not make too much of the dallas, denver records. The citys apple a lot in the past are bubbling again. Phoenix, vegas, these are the cities that are booming. Dagen it you are saying if they are booming and they both bubbly, these price increases will ease. Well, i think, it is hard to say. The market is changing. They changed the whole land scape. I think it may be less predictable than it was in the past. With this amount of upward momentum, it will probably keep going up for the next year or so at least. There will be a downturn eventually, but we probably have a while to go. Dagen to that point with a number of investors that are in the market and hedge funds out there buying, are those investors are likely to hold on . Will they continue to step up even as Interest Rates go up . I think hedge funds are more reliable. I think that what has happened is people have learned that there is a lot of momentum in home prices. Hedge funds are kind of trouble. This is like a nobrainer to them. They learn about momentum in the stock market. The Housing Market looks like a great hope for them. I think that they are probably right this time. They will make money, if they get out soon enough. Dagen on that note, our people now reading these stories, seeing these price increases and now getting off the sidelines . They feel that desperation and that need to buy. The other thing that is a big factor giving that desperate feeling is that Mortgage Rates are going up desperately. They are still low, but people are really worried. They have gone up over a percentage point. Some people might say i missed it. I am too late. I think most people are thinking it may go up a lot further. Dagen in terms of homes countrt an 18 year low card to the point of affordability, could you have investors in hedge funds being a large driver in these increases . Are you bothered by these two things . If home prices go up, those very hedge funds investors squeeze out the little guy. Everything is changing. A lot of people are choosing to rent now rather than by. They may be right. I think we have overemphasized Home Ownership. It is a good thing for people in the right age range that want to settle down. These people have changed their minds, maybe permanently. We will see a lower homeownership rate. If you want to invest in real estate, rental apartment buildings may be a better prospect right now. Dagen we always find out something. We appreciate it. Be well. Next time i hope to see you in person. Thank you. Connell we do have some breaking news. This is from a new york appeals court. Mayor bloomberg trying to impose the ban on large sugary drinks. The court struck it down. In the meantime, president obama said to address the economy later this afternoon and address his proposal on a cut of Corporate Tax rates. Rich one new proposal that the president has is a onetime shot to tax overseas earnings a long with changes to depreciation. Take a look here at some of the specifics of the white house just released. Top Corporate Tax rate of 28 . Increase minimum wage. That goes to nine dollars in the state of the Union Address. 7. 9 oh yen dollars in clean energy spending. Infrastructure spending. One of the proposals is just to Corporate Tax reform. Republicans say if you are going to do that, you have to do individual tax reform because so many Small Businesses file as individuals. The president has always supported Corporate Tax reform. Republicans want to help families and Small Businesses also. This allows a president obama to support president obamas position on taxes and spending while leaving Small Businesses and American Families behind. We have not gotten any specifics. We do not know how much he is looking to spend. Some of the overseas Corporate Tax changes call for about 157 billion in revenue increases over the next ten years. Connell rich, thank you. We will move back out to a very important topic backup the attention of our very own Charles Payne on yesterdays show. Four out of five u. S. Adults will struggle with poverty. Four out of five. Charles is back with us and had some very strong thoughts on this topic. We also invited a fox news contributor. Thank you both for coming on. This topic deserves more discussion. Here we go. Charles we talk about poverty a lot. This was an sos for White America. Usually it is the elephant in the room, the blacks, hispanics, the young, bold. It really takes us back to 1980s when the country was really helpless to the point where jimmy carter said it was malaise. This is a real unfortunate place for this nation. Connell they are talking about race disparities in the poverty rate have narrowed this substantially. What about affirmative action . I think i disagree a little bit with charles that we do not talk about poverty enough. The times that we do talk about it, it is, as you said, so focused on minority communities in a way that is preferred it to the bigger picture. Now, we are also seeing at the same time from a solution standpoint, as these numbers are increasing, we have programs being cut that dramatically affected people in this country that are facing poverty. We have kids being cut from headstart programs so their families cannot go out and find jobs. You have sequestration that will have a dramatic increase on the poverty rate. On the right, many republicans are saying that deficit reduction is an economic plan. Austerity is not the economic plan to get these numbers in check. Charles 17 of white children live in poverty. Higher minimum wage does not change that. Free housing does not take you out of poverty. It makes poverty more comparable. What we are talking about is how to re energizes country. The president would love to just crush the top. The people down here, their lives have not changed. This is the proof of that. We have not been closing that gap. The rich are getting richer and the poor are getting poorer. The policies focus specific weight on this. It has not been increased since 2007. Charles minimum. The American Dream has been pulled. This latter has been pulled. Charles it is americas responsibility. Victimizing the poor will not help. Poverty is absolutely not comfortable. Charles they are comfortable enough, guess what, when they get a security job, they are comfortable enough that they keep having kids your teenage kids should be working at a minimum wage job. It is a stepping stone. It is not for the head of the family. The minimum wage increase would help all of those wages increase for all of those folks. You cannot deny it has a genetic impact on the wages of other middleclass americans. Connell you will not solve or get through everything in one day. We thank you both for participating. Charles is smiling. That is the way wed like to end it. You said you wanted to talk about it. Charles i said this particular point. Connell yes. Charles i do think that White America is giving up. It is scary and people should talk about it. Connell thank you very much. Dagen and upcoming twitter ipo. It comes from something that was posted on linked in. Financial charges against husband and wife joe and teresa. The boys used double miles from their capital one venture card to fly home for the big family reunion. You must be garths father . Hello. Mother. Mother traveling is easy with the venture card because you can fly any airline anytime. Two words. Double miles this guy can act. Wanna play dodge rock . Oh, you guys and with double miles you can actuay use, you never miss the fun. Beard growing contest and go win whats in your wallet . Win a quarter million tweeters musicare tweeting. Eamed. And 900 Million Dollars are changing hands online. Thats why the internet needs a new kind of server. One thats 80 smaller. Uses 89 less energy. And costs 77 less. Its called hp moonshot. And its giving the internet the room it needs to grow. This. Is going to be big. Its time to build a better enterprise. Together. Connell we are back now on market now. What about twitter . A report that they could be a step closer to filing for an ipo. The Company Posted a Job Description for Financial Reporting manager. Responsible for preparation of monthly reporting materials. Why do you need that kind of worker . [laughter] dagen at your public filing. Connell they said in the past that they had no plan to go public. Somebody is thinking about it if you are posting that kind of a job. Dagen i know that the venture capitalists have to cash out. After what happened with facebook and the disastrous public offering, the stock is still trading below the offering price. Why would you want to go public . Connell it was right during the show. There was so much hype and then it is almost back. It is almost back to that magic price. Maybe it will be a happier story for twitter. Dagen is it back at 38 . Nicole it is not at 38. It is getting closer. This is a stock that drop down to 1755 last september. Everyone that bought into the facebook who plot and endured that disastrous ipo last may has been disappointed. Look at it now. Great earnings report. Today there was news that they are going into publishing games. Over 1 billion users. They will be putting those games out there. If they go viral, that could be a brandnew revenue stream. Connell cofounder of the agency is here in the studio. We will talk to him about the Housing Market and the latest numbers that are out. Dagen Elizabeth Macdonald on the run. Connell there she is. In todays markets, a lot can happen in a second. With fidelitys guaranteed onesecond trade execution, we route your order to up to 75 Market Centers to look for the best possible price maybe even better than youxpected. Its all part of our goal to execute your trade in one second. Im derrick chan of fidelity investments. Our onesecond trade execution is one more innovative reason serious investors are choosing fidelity. Now get 200 free trades when you open an accou. 25 minutes 25 minutes past the hour, this is your fox news minute. Eight people injured in florida, four critically after explosions rocked the propane tank last night. More than 53,000, 20 pound protan tanks. And they are giving 7,000 classified documents, and there has to be aiding the enemy. If convicts, there could be life in prison. A 58yearold woman was defacing property after green paint was found inside Washingtons National cathedral. They are investigating if theres a connection to similar vandalisms at the Lincoln Memorial and smithsonian. Those are the headlines, back to dagen and connell. A fox business alert, security fraud trial, tourres trial wrapping up, third week, closing statements begin this morning. Heres liz live at the courthouse in Lower Manhattan who actually physically caught up with mr. Tourre this morning. Whats the latest . Yes, physically is right. Take a listen. You feeling confident today . How you feeling today . Feeling good . Great, thank you. He also spoke with me in the courthouse moments ago saying he is feeling good. I asked what he thought of the fccs case, and he said well see about that, but right now, we got out of the closing arguments of the fcc case, and the lawyer is giving it to tourre saying essentially he set up a world of lies, trickery, and deceit, a world of conflicts of interest, and hes living in the land of make believe when he did not tell investors in the deal where investors lost a billion where the Hedge Fund Billionaire was sticking the assets and shorting the deal, so he was accused by the fcc of writing the flip book, the deal document that also did not disclose and weve got more breaking news. The fcc lawyer is saying that he lied on the witness stand when he said theres mistakes made. I was inaccurate, in subscribing the role as bearish, that is inconceivable, and they were in on the deal, and more breaking news. The fcc lawyer is also undercutting that its own witness, and they said he, too, misled the jurors so this is a developing story throughout the day. The fccs called 11 witnesses. The lawyer, the fcc lawyer says it undercuts the closing arguments. Back to you. Good hustle with this. Covering the trial in Lower Manhattan. Hustle, we love it. The star realtor with the agency in los angeles is here with us in studio to take, give you his take on the Housing Market there, here, and maybe everywhere. You said at the end of the interview, theres always something to talk to, l. A. Times says the head of cbs believes the network is at war, at war with time warner. More on that coming up. At the half hour, heres what we have coming up. The star realtor from the agency and a good friend of the show is here in person today in the studio talking about higher home prices that bob schiller was on earlier, and that ma means for the Luxury Real Estate mark. Dont miss that. Theres a correlation of higher gas prices and sentiments number, and theres head of cbs says the network is at war with time warner. Story on that ahead. First, busted partnership in russia fertilizer stocks are tanking. Nicole, please explain. Well, we watched the fertilizer stocks closely, and, today issue watching names like hot ash hitting a new 52week low, and mosaic, and 20 to the downside for two of the three. This comes as a russian back venture with the partnership of basically these fertilizers backed out, and some have vaguely described it almost like opec where theres a consortium, and now the top six producers are included and you can see down 20 . Connell Robert Schiller talked about the case schiller report, of course, and he said this about ownership, Home Ownership right now, watch. I think we over emphasized Home Ownership. Its a good thing for people in the right age range who want to settle down, but theres a lot of other people who buy homes because they thought it was a great investment, and these people have changed their mind, maybe permanently. Well see a lower Home Ownership rate. Dagen what does he think of that in cofounder and ceo of the thee agency out in language joining us now in studio. Good to see you in person. Finally. Great to be here. I love it. Do you believe that, that the people will be theres a part of the country permanent renters . I hope not. The American Dream to own a home and be able to get there and achieve something. Its part of the success. I hope that hes wrong on that, and i dont believe it. Connell your business, obviously, contingent on selling the dream to some extent and removing yourself from that, im sure, next to impossible, but u why . Why is it the American Dream to open a home . Why cant it be to rent a news apartment, you know . Well, you know, i think we all strive to do something, work, go to school, ultimately want to be successful in our career, and i think that Home Ownership is one of those signs that, you know, you say, okay, ive now been successful, and so, i dont know, i think we all grew up like that. Its the right investment, wrong investment, i think its the right investment. We are seeing a lot of upsides, especially in Luxury Real Estate. You know, who really knows. Your biggest problem is inventory in terms of selling. Are you seeing more inventory on the market . A lot of what you rely on are developers, but are people stepping up as prices continue to rise . Theres a lot of speculative developers out there now starting to build Single Family homes, theres great homes, stuff thats coming on the market is being consumed or sold even before coming on the marnlt, and thats kind of the most interesting part now is fining the realtor that gets you to the homes prior to hitting the market because these things are not hitting the market, but Interest Rates are still low, theres no inventory, lack of inventory, so, you know, its set up to theres not been 5 lot of changes in the last month. Theres a huge increase in sales volume in the last month that was huge in the peak of 2005, and so especially in los angeles, so i just see a continuation. Connell who is buying . Foreign money for the most part, or has that changed . Theres still a lot of foreign money coming in. All the problems in europe, france, italy, particularly, with the tax issues, russians are still coming here. You know, the u. S. Is still a safe haven, a great place to place your money, and, you know, south america, international, they are going to, you know, miami, going to new york. We see a lot of south americans going to los angeles, more europeans, asians, south asia, all that stuff. Dagen the Agency Signed on to sell the new carlisle residences out in los angeles. Will that continue for, you think, years to come . The move to highrise living in l. A. , which was an abomination a few years ago, and Candy Spelling is leading the way, the spelling mansion, and now theres a show about the ridiculously priced condominium shes building in the corridor. Well, and its crazy, and, yeah, i think the carlisle is a great building in l. A. , and i do see a trend going towards new development and vertical living. L. A. Just had so much land, and people, you know, didnt want to go vertical. Now we dont have the land, were running out of land, its going urban, and the kids growing up, they want to be in vertical living, and just, you know, have the usage of all the amenities, not worry about the gardener, the pool man, you know, all the stuff that comes with big Home Ownership. Its there at your fingertips, and theres a big trend going to new development in highrise living. Connell its always great to have you on the real estate special, terrific to have you in studio, nobody here to interrupt you while you talked. I was going to bring my boxing gloves. I was ready. Connell good to see you. Dagen need a taser and cow prod. I want to have the problem. I want to there was not any inknew went do in that. Connell not until you added it. Thank you, in person this time. Consumer sentiment, come on, as you imagine, gas prices play a role in this report thats out, but theres Something Different this time around. Well talk about that. Telling you what it is coming up. Dagen broadcast cable battle, cbs versus time warner, could it get ugh uglier . Connell president s plan for jobs and exchange, will it work . Cheryl and dennis at the top of the hour have that story on markets now. [ cows moo ] [ sizzling ] more rain. [ thunder rumbles ] [ male announcer ] when the world moves. Futures move first. Learn futures from experienced pros with dedicated chats and daily live webinars. And trade with papermoney to testdrive the market. All on thinkorswim. From td ameritrade. Like carpools. Polly wants to know if we can pick her up. Yeah, we can make room. Yeah. [ male announcer ]. Office space. Yes, were loving this communal seating. Its great. [ male announcer ] the st thing to share . A data plan. At t mobile share for business. One bucket of data for everyone on the plan, unlimited talk and text on smart phones. Now, everyones in the spirit of sharing. Hey, c i borrow your boat this weekend . No. [ male announcer ] share more. Save more. At t mobile share for business. This is your fox business brief. Consumer confidence falling slightly this month after hitting a more than fiveyear high back in june, but despite the drop, confidence remains well above year ago levs. Turbulent day for Airline Stocks after the chairman announced resignation. He along with john wilson resign from their posts at the airlines next Board Meeting august 7th. The news comes as i understand go partners divest the stake of 12. 1 million shares in spirit. Hess selling the unit to direct energy for roughly 1 billion. The deal is part of the plan to focus on exploration and production activities. Direct energy is the north american subsidiary. Thats the latest from the fox business network, giving you the power to prosper. Dagen Consumer Confidence fell in july, flipped a bit, but the second highest reading since january of 2008, this, despite high prices at the gas pump. Our next guest says its all a result of the wealth effect. Jack mac intire overseeing 50 billion in assets. Phrasing it this way, to what if Consumer Confidence is high. Does that translate into Economic Growth or higher stock market, jack . Well Economic Growth, remember that 70 of the economys drip by consumption. You need a happy consumer to go out there and to spend and the wealth effect not to be understated. Higher gasoline prices, but thats more than justify set by the effect created by higher equity prices, higher home prices, a more powerful economic influence to the consumer than higher gasoline prices. Again, gasoline prices see on a regular basis, if not daily every few days. Yeah. Dagen i would argue or ask it this way, are gas prices more than influence today because as Home Ownership fell to an 18year low, home price increases less impact on the wealth effect. I would take a counterargument. You know, gasoline prices are important, but look at the statistics, were driving less. Im not sure that gasoline prices, you know, its clearly going to be a tax on growth. You cant look at anything related to the consumer in isolation. You know, for every, supposedly for every ten cent increase, the economy takes a hit of 1 1 billion. Thats meaningful, but the flip side with the wealth effect is that for every dollar of new wealth created, theres a pickup of aadditional spending. Theres new wealth created, talking about 50 billion, maybe a hundred billion of new spending influencing the economy which is meaningful. Dagen the ultimate, theres a kickup in Interest Rates, but as they go up, the impact could be severe . We have to watch that closely. The fed is watching all these things, higher gasoline prices, all these things. Higher Interest Rates, and the flow through effect is that if we have higher rates and that flows through to the pickup in the labor market, the economy can withstand higher Interest Rates. Theres a better correlation between Mortgage Rates or excuse me home prices and labor, employment, than home prices and Mortgage Rates so as long as the labor market does well, the Housing Markets should do okay and not be justify set by higher Mortgage Rates. Jack, good to see you, thank you so much, take care. My pleasure. Connell a record Second Quarter for herbal life, surprising investors, shares higher today, and weve been watching the stock as you know because of the battle between high profile investors, and today, akman losing more on his short bet, so ben willis joining us now from the new york stock exchange. What do you think, ben . Well, the problem with being a short seller is while you want to sell at 30, the most you make is 30 if the stock goes to zero. If wrong, the stock goes to infinity. Its a hurtful trade, and akman is aware. He could be right, but in the meantime, as it painful position that any short seller is familiar with. Connell 6 gain on the wane to infinity. Appreciate it, ben. You got it. Connell all right. Dagen sweeping indictment of financial charges against the real housewives of new jersey. They were in court this morning. Connell new developments on this. Looks like normal people, what a shame. L. A. Times say the cbs chief believes the network is at war with time warner. This story keeping developing as well. More on that as we look at some of the nasdaq winners today. Facebook, well, not 38 yet, but pretty close to 37. Ting. And 900 Million Dollars are changing hands online. Thats why the internet needs a new kind of server. One thats 80 smaller. Uses 89 less energy. And costs 77 less. Its called hp moonshot. And its giving the internet the room it needs to grow. This. Is going to be big. Its time to build a better enterprise. Together. [ male announcer ] if y cant stand the heat, get off the test track. Get the mercedesbenz youve been burning for at the summer event, going on now at your authorized mercedesbenz dealer. But hurry, offers end july 31st. Dagen charged with federal fraud, two stars of the real housewives of new jersey her and her husband, joe, hit with a 30count indictment by federal officials including conspiracy to commit mail and wire fraud, bank fraud, and bankruptcy fraud. Joe also failed to file tax returns for the years 2004 through 2008 when hes alleged to earned 1 million. The pair were in court in newark, new jersey hours ago. This is tape from the appearance. They have 5,000 bonds, no pleas entered this morning, under travel restrictions to just new york and new jersey, and theyll make pleas on august 14th. Joe could face deportation as hes an italian citizen, and this spans years before they were famous when they were allegedly creating false income and jobs in order to get millions of dollars in mortgages and loans from banks, and after they were famous, went broke, filed for bankruptcy, and alleged to have been hiding assets earned. Connell sometimes theres signs of these things that we may be looking at them. Sometimes theres signs people are in trouble when they dont know what the name is. You said they used to have another name, and now theres the italian pronunciation. Dagen of course, hes italian because hes facing deportation, and they were called another name on the show, could be because people were mispronouncing it, and they didnt correct them connell oh, okay. Dagen what do i know. Connell thats not your area of expertise. Connell i did live in italy, though. Connell thats right. You do watch this type of thing, including this show. Dagen i dont watch this because i find the behavior so aborpt. I love beverly hills, by the way, but the new jersey one, i dont watch. The behavior so horrific i refuse to put a dime in their pockets. I dont watch it. Im serious. Connell talk about making a transition, its a media story, a huge story, been on developing here the last couple of days. Dagen we both watch show time, and they are at risk. Connell both homeland fans, they pulled the plug on cbs last night, a major markets for, well, sometime at least as negotiations failed in what was the 11th hour. Dagen dennis has the details. Dennis 26 minutes of darkness from a few minutes after midnight to just a minute or two before 12 30 when they pulled the plug. As you watched last night, emailing, both sides, missiles back and forth to all the press, and its to go dark at 5 p. M. , and then six, and seven, eight, nine, ten, and at 12 0 4 midnight, there was an email, thats it, pulling the plug, and at 12 29, we extended it to friday, back on air. This is two bullies in the schoolyard, waiting for the fight, and they are saying, no, you start, you start, you go first. Well see where it goes from here. Time warner now, cable eases playing a big push, holding the line on price increases, never mind that they have anything espn wants, tough with crossexamination because its a free over the air signal, and nobody gets free over the air. I do because a crazy hd antenna. Connell most get it from the cable company. They want 6600 price increase, and first time, cbs specifies were asking 25 . I think they walk away with a double digit increase here raising all the fees. Its a quarter of a billion dollars, want it to be a billion by 2017, networks paid nothing because it was free signal, and networks have far bigger audiences than cable channels. Connell dual revenue stream, everything else. Maybe its precedent setting and other contracts and what we talk about every time when this comes up. Both sides lose running the risk that washington intervenes. Senator mccains already failed a bill, and were talking with a former fcc commissioner, rob mcdowell, next hour on what he thinks of the dispute and might the fcc in washington involve themselves. They have to work it out and make nice. Connell on that note, well wrap it up. Dennis, cheryl, they are coming up with that. They are at war. There you go. Dagen we like battles. On that note, joining dennis, he mentioned it, the former fcc commissioner on the take about the feud. Cant wait for that. Connell president obamas big news today, how about an 1 1 an hour amazon. Com warehouse job, is that enough to sustain a middle class lifestyle in should be a good discussion, coming up, both with cheryl. Dennis and cheryl are next on markets now. With the spark cash card from capal one. Boris earns unlimited rewards for his Small Business. Can i get the smith contract, ease . Thank you. Thats three new paper shredders. [ boris ] put em on my spark card. [ garth ] boris Small Business earns 2 cash back on every pchase every day. Great businesses deserve unlimited rewards. Read back the chickens testimony, please. Buk, buk, bukka [ male announcer ] get the spark Business Card from capital one and earn unlimited rewards. Choose 2 cash back or double miles on every purchase every day. Told you id get half. Whats in your walle dennis im dennis. Cheryl im cheryl casone. Stocks slightly higher today as the fomc has a twoday meeting weighing on the committee. Staggers numbers on how big a bite the financial crisis took out of the u. S. Economy. Dennis overhaul of the tax system what president obama will outline in a major address in an amazon. Com warehouse two hours from now. The devils in the details. Cheryl the president is expected to tout the companys plan to hire at least 5,000 new warehouse workers, but hes the question, is 11 bucks an hour enough to sustain a middle class lifestyle . We have a debate coming up on that. Dennis cbs stations coming back after time warner pulled the plug fleetingly last night. We have Robert Mcdowell joining us on the continuing battle of the network titans. Just now at the top of the hour, stocks every 15 minutes, stocks higher for todays and tomorrows stock meeting. Nicole . Theres a lot going on. Ith up arrows trying to erase yesterdays slight losses, five straight weeks of gains; however, theres a wait and see feeling of what we see from the federal open markets committee. The vix, fear index, to the upside, and when i look at the board, not just the nasdaq, s p, and dow with up arrows, but drug stocks, bank stocks, transportation stocks, all of the indexes with up arrows. Whats worth noting is nothings flying away on the contrary. They are tiptoeing to the upside other than technology which is doing better there when you look at all three. We do that lot going on, and we got in our Consumer Confidence numbers today, a little bit of a disappointment, home prices on the rise. Back to you. Cheryl technology on the s p, nicole, thank you so much. We are just getting figures from a new Federal Reserve report on the estimated cost of the financial crisis and the recession. Up to 14 trillion dollars lost from 20002009. This also amounts, believe it or not, to the average output of the higher u. S. Economy over a year. Sandy of bmo Asset Management says it could have been worse joining us there chicago. How can you say much worse from 14 trillion from the financial crisis . Its a Staggering Number that this report reveals to us today, sandy. It is a Staggering Number. Remember its a theoretical number. Ive looked at the summary of the work that was done. I have not really seen the gran nuclearty of the work, but having said that, when you think about what we went through, and this work tries to capture, not just the economic impact, but the at trough fertilizer of skill workers and attitude, equally important, is a Staggering Number. Whether its 7 trillion or 14 trillion, whatever the actual number was in terms of the more holistic view, it was a very huge consequence. Id hate to see that study for the depression; right . Cheryl im sure ben bernanke did one back in the day as a student. Right. Cheryl i want to give the viewers a sense of the committee. The three fed president s put it together saying it was a huge loss of economic output, fair enough, financial wealth. We know billions were lost across the country, and psychological consequences, and then skills from extended unemployment. That second point, i think, is interesting. The psychological consequences of the financial crisis, sandy much we just found out, thanks to bank rate, that one in four americans say that theyre in cash, they dont trade the margs. Its real estate. Are we underplaying at this point the financial effect of what weve been true as a nation. Well, i think we are, at the same time, i think this historical precedent is there. Look at the depression and investor reaction post the great depression, it was a very similar pattern, people were very scared by that experience, a much longer experience for sure, and my dad, for example, a young adult in the depression never stopped talking about it his entire life. I wonder how much of this risk aversion are seen from investors and the story you did yesterday on how conservatively positioned they are, and now the inhibitions they feel in the scarring, and, unfortunately, i think its largely misplaced at this point, but hard to change the attitudes and get ration back into risk going. Cheryl we got july Consumer Confidence data out today which was down. Waiting on estimates on gdp. What youre saying is the stock market, which is juiced by ben bernanke, is doing fabulous, but the average consumer, the average american is still concernedded. They are not seeing what they need to see to be confident in the market, and you mentioned your father, my grandmother was a kid of the depression, and talked about that until the day she died, and she was in the stock market until the day she died, 86 years old, and she had utility stocks in the portfolio. What do you say to that difference . What do we have to do here to change the psychology to get people to trust investing again, to trust the stock market . Well, i think a couple of things are going on, cheryl, in general. One is i think the template around the world is getting better, gradual, slow, and thats a part of it. The other thing is personalities are different. Your grandmother had the experience of getting into the stocks, my dad didnt like them, my mom did. Theres individual differences. In general, i think investors are starting to get comfortable, starting to see one thing is wheres the alternative . Cash gives you an incredibly low yield, the bond market looks more iffy right now, and stock evaluations are not unreasonable, and Consumer Confidence, while down at the conder reading, is five or six years high, auto sales decent, housing prices up 12 year over year, and so i think theres a case here, cheryl. Its just going to take some time for individuals to gradually progress from this fear stage to gaining a little bit more confidence. Its going to take a little many data and evidence as the fed talks about. Better employment numbers, better gtp numbers for people to buy in. Cheryl leaving it there, but your advice to the viewers is look before you leap, and thats just a great solid way to leave this interview with you. Sandy, thank you so much for your time today. Dennis look at this. This is what you saw at midnight if you watched cbs on time warner cable. Boom, after mid nights, cbs stations dark after negotiations over retransmission fees between the two media titans collapsed, and the stations restored less than half hour later, and late word this morning is the deadline for talks were extended again to 5 p. M. Eastern friday, and joining us with his take on it, fcc former commissioner, Robert Mcdowell. Thank you for being with us, rob. Sure. Dennis who has the upper hand . Cbs, the most watched show, number one network, only a handful of few channels, and time warn earn has hundreds to offer. It depends, not to give the lawyers answer, but on the time of year, what programmings coming around the corner, and these types of contracts expire on the calendar year near the super bowl, bowl games issue and things like that. Broadcasters have leverage at that point, but in recent years, they had them expire this time of year as people watch less tv, less of the fresh knew new series. Dennis nfl football coming up, that more or less leverage . Could and couldnt. Depends who blinks first. They are bare knuckle negotiations. Footballs in august, and depends who pulls signals and who has the upper hands, a great negotiation. Dennis one of the great lapses of cable and channel is three years ago, but different picture in that time warner says you can get cbs shows live on cbs. Com, reach that through our interpret access. Thaws does that undercut the option . Could enhance the strength. You can get signals over the air for free, they are broadcast channels, but if its showtime, that cbs owns, a cable only channel, thats a problem. That went dark last nights. Dennis the commission from whence you just came, historically, they favor cable or broadcasters more . Yeah, so the regulators and members of congress hate to see broadcast signals pulled from the air in the negotiations after contracts expire. You can argue on the one hand they are favoring kale because they think consumers have a right to view the channels, but the law really doesnt favor one side or the other. Its evenly based. The fcc has a limited amount of Legal Authority to do much of anything here, and what they tried to do so, its resulted in more signals pulled, and so consumers are left in the dark. Den depp right. Now why is it fees historically are tiny for big broadcasters and massive for cable channels . Cbs points out that, hey, espn gets over 5 per home per month and 2 million, and cbs with 10 million viewers. Yeah, years ago when it was contemplated, they thought it would be commercial time, and didnt know who paid who. You see in the u. K. , actually, the bbc paying big sky b for carriage, by the way, owned by news corp. We didnt know how it would e evolve. Seven years ago, broadcasters started asking for cash rather than commercial time slots, and thats changing the whole equation, but the laws written to allow either way. Dennis whats the risk here that washington intervenes . Senator mccain filed a bill to break up the cable dial and order alla cart, but are the players blowing this letting it go public and getting bitter . Theres a few high profile events. Three years ago, cable vision and Fox Broadcasting here in the new york area, actually, and so theres been a few of these, but vast majority get signed without any public fanfare or any sort of dramatic gyration. This is the first time cbs was at this level of controversy so that makes it a news story and big markets like new york where signals were pull last night. People were disrupted, but are they blowing it . No. I think this is the private sector at work. They are bare knuckle negotiations, and at the end of the day, each side gets what it wants. Dennis thanks so much for being with us today. You got it. Dennis good to see you, take care. Cheryl overhaul of the Corporate Tax system, what president obama is outlining in an address in an amazon. Com warehouse two hours from now, but there are Strings Attached to the plan. Rich ed scone is at the white house with the latest. Rich . Expensive strings, cheryl. President obama and the white house say that the white house prefers a Corporate Tax overhaul thats not a net tax increase over the long term; however, they want significant revenue up front thats not counted in that whole coal collation there so it will be a tax increase, discussing a tax on international profits, amass capital overseas, theres no specifics on that, as well as changes to boost revenue up front and spend that on infrastructure and some other things. We dont have any numbers from the white house on exactly what they are proposing. It looks an awful lot like, though, the proposal what the president and white house put out before, 28 top Corporate Tax rate to be accomplished by curbing deductions and preferences elsewhere. The president is calling for an increased minimum wage in the state of the Union Address to 9 an hour, 8 billion in clean energy spending, infrastructure spending, and now, when it comes to just doing a Corporate Tax overhaul and not doing an individual tax overhaul, republicans say that they are opposed. The plan, which i just learned about last night lacks meaningful bipartisan input, and the tax hike it includes damps boost business might otherwise get to help the economy. In fact, it could hurt Small Businesses. The president s case is if you make the infrastructure, clean investments, manufacturing investments, get the economy going, it creates jobs which is why hes going to amazon today in tennessee where the companys announced they are going to hire 7,000 people. The white house was asked on a compsz Conference Call hours ago, are jobs the kind of jobs hes talking about in expanding the middle class, and white house officials says we shouldnt denigrate any jobs or work. Theres two incomes to have middle class security, and in the end, job creation is good. Back to you. Cheryl picking up on whether or not the jobs are good jobs. Rich edson, thank you very much. Coming up later on in the show, Juan Williams and an employment expert debate 11 an hour at the Amazon Warehouse. Thats the salary. Is it a good one . Dennis whats bugging me . Class warfare from the president. Page one of the new york new ti, he says, quote, racial tensions will not get better, but may get worse because people feel as if they got to compete with some other group to get scraps from a shrinking pot. Well, thanks for the warning. Its the fault of rich white people that 20 of black people are poor. Its a view that assumes were filled with envy and resentment when americans of all color and creed believe in hard work and drive and ambition and innovation. The president had one thing right, though. Thatstringing pot. Under the first black president , the ranks of the black unemployed increased by 34 , and black jobless rate rises by 14 . 34 million blacks of working age, 2 million under employeded and 12 million out of the work force entirely. Not because of discrimination. Thats illegal. Its because the economy is not growing, and more Government Spending will not fix it, only Economic Growth can do that if only government leaves business alone. Your turn to weigh in. Tweet me at dennis kneale, and your comments are coming up. Cheryl its about jobs, and the president s middle class Jobs Initiative in the headlines this week. 11 bucks an hour, is it enough to sustain a middle class lifestyle . Juan williams, coming up to debate the topic. Dennis tech stocks on fire, the fears of the a tech bubble justified . Dont miss this interview ahead. Like we do every day at this time, lets look at energy. Seeing the oil down. Cheryl talking to nicole about this early United States of america, technology, helping the s p, and leading the dow, cisco, hp, microsoft, the big names, pfizer,pse, the tickerrings stiments coming out. We are watching a lot of things, but in particular, health care, technology, the drag right now is verizon and at t, the telecom guys, verizon down 99 cents. Bringing in nicole to talk about more about the health care companies. I know you are watching them merge. The pressure there today, nicole. Whats happening . There is. That was a red one on theboard n arrow today with the quarterly numbers, and whats interesting talking about sales, the pharmaceutical Sales Company depend on exclusivity of the drugs, and then they lose the patents and the like and singular is one name that hit hard. Earnings overall fell 50 . There, in the latest period, their sales fell 80 . Obviously, getting hit hard on that one, losing that market exclusivity. Back to you. Cheryl nicole, thank you so much, appreciate it. Dennis time to make money with Charles Payne, looking at a major Health Information service provider. Everyones selfmedicating, everyone goes to the interpret these days whenever theres a sniffle or anything like that, and its helping out web md a lot. The stock had all the fans there, collapsed along with a lot of others, but this is becoming more than just a survivor. This companys done extraordinarily well, and july 12th, there was a preliminary on their Second Quarter. They raised the guidance on revenue, raised guidance on cash flow tremendously, by the way, and on earnings. They are making it from a loss. The report comes out tomorrow after the bell, and its nerve racking. The caveat out there now, but issue obviously, heres the thing, if its a great number and up 10 , you say, golly, wish i had it, and if its a bad number, its down. Thats the risk reward when you do these things before the earns. I look at the trends here, guys, and web md looks great to me. Chart looks fantastic, and we had a fiveyear chart, next leg up to 34, takes you probably to 40. This stock did a double top, april 2011 at 58. Room to the upside. Look at it. You can see it. Feels like you are chasing it, but the stock is significantly higher. Dennis an Advertising Company . Their income is from web ads colted on the website . The web ads, i dont know magazine, but they have the magazine thing, the apps are phenomenal, about 16 million downloaded last year, and the traffic, though, is to your point. 125 million unique users in the last per month, 125 million, 2. 6 a bunch of worriers. They are going every month . Straight to the internet no matter what it is, real and imagined. All that does i didnt want to say anything. Cheryl my throat gets soar, sore, and i think im dying. You can see the health nut and which is not. Cheryl oh, wow. Thats a compliment. Dennis yes, it is, in a way, i guess it is. Thanks very much, charles. Well talk tomorrow dpsh well, no, the day after. Cheryl if im alive tomorrow, you never know. Liz is tracking down the former Goldman Sachs trial, and thats next. Dennis the wikileaks trial of Bradley Manning. Details ahead in your fox news minute. [ male announcer ] meet mary. She loves to shop online th her debit card. And so does bill, an identity thief who stole marys identity, took over her bank accounts, and stole her hardearned money. Unfortunately, millions of americans just like you learn all it may take is a little misplaced information to wreak havoc on your life. This is Identity Theft. And no one helps sp it better than lifelock. Lifelock has the most comprehensive Identity Theft protection available. If mary had lifelocks bank account alerts, she may have been notified in time to help stop it. Lifelocks member Notification Service is on the job 24 7. When you receive a text, email, or phone alert, you can respond instantly if you suspect fraud to help stop Identity Theft before the damage is done. Lifelock has the most comprehensive Identity Theft protection availalable, guarding your Social Security number, your money, your credit, even e equity in your home. My years as a prosecutor taught me that we all need to protect ourselves from crime. In todays world, that includes Identity Theft. Its a serious problem. We all have to protect ourselves. [ male announcer ] while Identity Theft cant be completely stopped, no one works harder to protect you than lifelock. You even get a 1 million service guarantee. Thats security no one can beat. You have so much to protect and nothing to lose when you call lifelock right now and get 60 days of Identity Theft protection risk free. Thats right. 60 days risk free. Use promo code notme. Order now and get this document shredder to keep sensitive documents out of the wrong hands. A 29 value free. Dont wait until you become the next victim. Right now, seven years of a quarter million tweeters musicare tweeting. Eamed. And 900 Million Dollars are changing hands online. Thats why the internet needs a new kind of server. One thats 80 smaller. Uses 89 less energy. And costs 77 less. Its called hp moonshot. And its giving the internet the room it needs to grow. This. Is going to be bibi. Its time to build a better enterprise. Together. Now 25 past the hour. Im heather with your fox news minute. The verdict in the trial of Bradley Manning will be red read by a military judge at one oclock eastern time. The army the army private accused giving more than classified documents, and the judge rules on 21 counts including aiding the enemy. If convicted, he could get life in prison. Secretary of state, john kerry, says israeli and palestinian negotiates are a, quote, very positive meeting with president obama and Vice President biden. Both sides meeting to relaunch peace talks without american negotiators, but john kerry is expected to join the talking later today. New york citys plan to ban sodas and sugary drinks, 16 ounces or larger, struck down again in a court in a unanimous decision, the state Supreme Court called the regulation, which was, of course, championed by new york city mayor michael bloomberg, quote, illegal overreach of executive power. How about that . Those are your headlines now. Dennis now the latest on fabulous fab, closing arguments underway in the securities fraud trial of the former Goldman Sachs Vice President , tourr, and we are in lower man manhattan. You got a comment from mr. Tourre, what was the latest . We got an exclusive comment today. You feeling confident today . Feeling good . Great, thank you. I also ran into him in the courthouse. I talked to him in the courthouse saying he is feeling good, feeling confident, and i asked what he thought of the fccs case, and he said, well see. The fcc is just wrapping up the closing argument, and, boy, they tore into tourre saying he, as the captain, created a world of lies, trickery, deceit, conflicts of interest, and not disclosing to investors the role in picking the assets in the 1 billion deal, and also shorting the assets, and for more breaking news, the fcc lawyers also ripping into one of their own witnesses who worked at the hedge fund, and they took to the witness stand for the fcc, but the fcc in closing arguments say he, too, lied on the witness stand, and basically not disclosing to the jurors what really happened in the case, and that is, that he did not disclose or rather went with the script that john was bullish on the deal when he was bearish actually. The jury could get this case today, and the fcc is wrapping up closing arguments, and then the jury could get this fraud case later today. Back to you. Dennis thanks, liz. Interesting case. 80 of the investors in the case were european hedge funds who knew what they were doing, a low level guy to be the only one prosecuted so far. Cheryl such a great job on that story. Dennis chasing it down, i like that. Cheryl summer time show down, and we started with eight stock pickers, now down to six revealing the results of the month long stock plays, this friday, well say goodbye to Matt Mccormick or matt, and they have more than reputations on the line. This is matt from cincinnati, and i look forward on taking on robert luna in the summertime showdown, and i belt a pint of cincinnatis world famous ice cream that ill win. This is robert luna, and ill buy matt an arizona taco if he beats me on the fox business sumtime showdown. Cheryl if you are watching, i want the tacos from north phoenix. I hope you are watching. Thats what we expect, if you lose. Ice cream against tacos. Loser pays. Watch this friday at noon eastern to see whose pick performanced the best. All right, president obamas midding class job initiatives, 11 buck an hour Amazon Warehouse jobs enough to sustain the middle class lifestyle . Well debate it next. Dennis time to weigh in. Is president obama waging class warfare again . Tweet me. Your take coming up. [ male announcer ] summer is here. And so too is the summer event. Now get an incredible offer on e powerful c250 sport sedan. But hurry before this opportunity. Disappears. The mercedesbenz summer event ends july 31st. The mercedesbenz summer event ive been doing a few things for playing this and trading. Ove tdd 18003452550 and the better i am at them, the more i enjoy them. Tdd 18003452550 so im always looking to take them up a notch or two tdd 18003452550 and schwab really helps me step up my trading. Tdd 18003452550 theyve now put their most powerful platform, tdd 18003452550 streetsmart edge, in the cloud. Tdd 18003452550 so i can use it on the web, where i trade om tdd 18003452550 most of the time. Tdd 18003452550 which means i get schwabs most advanced tools tdd 18003452550 on whatever computer im on. Tdd 18003452550 its really taken my trading to the next level. D 18003452550 ive also got a dedicated team of schwab trading specialists. Tdd 103452550 they helped me set up my platform the way i wanted, its really taken my trading to the next level. Tdd 18003452550 from the comfort of my home. Tdd 18003452550 and we talked about ideas and strategies, one on one tdd 18003452550 really gave my trading a boost. Tdd 18003452550 all this with no trade minimums. Tdd 18003452550 and only 8. 95 a trade. Tdd 18003452550 after all, im in this to win, right . Tdd 18003452550 open a schwab account and learn how you can earn up to 300 tdd 18003452550 commissionfree online trades for 6 months tdd 18003452550 with qualifying net deposits. Tdd 18003452550 call 18882832407 today. Tdd 18003452550 now get the mercedesbenz youve always dreamed of. But hurry. Because a good thing like this wont last forever. Here you go, honey. Thank you. [ male nouncer ] see your authorized deer for an incredible offer on the exhilarating c250 sport sedan. Nicole i am Nicole Petallides live on the floor of the new york stock exchange. All three of our major averages are higher. Here is a look at some of the movers. Facebook moving into gaming. Getting closer and closer to its ipo price. Jenna rocks, those that people turn to during storms doing very well. Coach, the retailer, not doing so good. Cheryl president obama visits and Amazon Warehouse in chattanooga, tara c. The company says these jobs pay over 11 an hour, but are these the kinds of jobs that will sustain the middle class . Joining me now, i have Juan Williams and rob basso. In an environment where you have had a shortage of jobs, high unemployment, this is good news. What you want the company to do is be a role model for other corporations that are sitting on capital and not hiring on concerns. Cheryl 11 in our warehouse jobs. These are not engineering jobs that are being created. Amazon swears this is more than 30 more than an average job would pay. They really should be applauded. Is this a perfect situation . Do we need more stem jobs . Absolutely. We are getting some jobs and it is better than none. Cheryl is this where the country is going . Are we expecting our children to be working in warehouses for the next ten15 years . Should we be happy about that . I do not want my kids working in a warehouse, if that is your point, cheryl. I do think that if you look at the recession, the impact it has all bluecollar workers, mostly guys who are working in manufacturing, construction, for those guys, the idea they can get a job for 11 an hour, that is not bad news. If this is part of a family income, that is not bad. Cheryl all we have seen is Service Sector jobs. That is a Pretty Amazing american corporate thing to do. Remember, when they are building these plans and they said next year they will start collecting the taxes. Cheryl obviously, the fact of everything online, they will be tax at a federal level. Somehow apple gets criticized for creating jobs in china. For doing all all of the manufacturing overseas. Apple is a Great American company. Are we doing something wrong here, do you think . I think that people are deciding because of some differences in Economic Indicators right now that you can make money with some manufacturing here in the u. S. I think you are starting to see some of that move back. I think you are starting to see some push. Not only technology, but the tax rates, etc. , you can bring some of that back. I am trying to be an optimist here. We cannot just rely on the Big Companies that exist already to create jobs. You could say it is no lack of capital, the oppression from all the rules and regulations that we live by. That is not it. There is more going on in our culture. Cheryl rob basso, Juan Williams, thank you so much. Good topic. Dennis amazon and other tech stocks on fire. This interview is next. Cheryl free trips to the mainland for hawaiis homeless. There is a catch. We will tell you about it coming up in the west coast minute. Theseags to room please. [ garth ] bjors small busiss earns double miles on every purchase every day. Produce delivery. [ bjorn ] just put it on my spark card. [ garth why settle for less . Ahh, oh [ garth ] great businesses deserve limited reward heres your wake up call. [ male announcer ] get the spark Business Card from capital one and earn unlimited rewards. Choose double miles or 2 cash back on every purchase every day. Whats in your wallet . [ crows ] now wheres the Snooze Button . I am Ashley Webster with beer fox business business brief. The Home Ownership fell to a 17. 5 year low in the Second Quarter. Americans favor renting. The pentagon reaching a 7 billion deal. Community Health Systems is buying Smaller Health Management Associates in an effort to increase its base. A price tag of 3. 9 billion. That is a discount. Shares are down more than 10 . That is the very latest from the fox business network. Giving you the power to prosper. Dennis they do not come cheap. Technology stocks are on a tear. Silicon valley insider and eight by eight insider brian martin joins me now. Your company has been around since 87. You have been there since 90. You have seen a bubble or two. The attitude in Silicon Valley has always been about the tax. It is still about the tax. These days it is more about the dollars and cents that go with the technology. It is a very different attitude out there in the valley. Dennis tellis similarities and dissimilarities that you see. Investors move stocks. A very volatile stock moves up and down with greater amplitude than the overall market. The difference this time, though, are the tools and services that we provide. They have really become Business Tools that businesses of all sizes can use to make themselves more if, more efficient. That helps those Business Model economics. Everything is in the cloud. Everything is online. Dennis it allows new businesses to get started up that much faster. Exactly. Dennis also, talk to us about the tech five forms that are here that were not here in the last volvo. Social media network, you have the whole downloadable apps and you have the cloud you can decide how many clicks you want to pay for, when you want to pay for it and so on. They are empowering to these businesses. They are driving again. The Business Models help make money on the bottom line. Dennis it helps those businesses earn higher profits and do better. Voice activated menu scroll through is just amazing. What could get in the way of this Tech Revolution . I was hoping that we would have some pentup demand at some point. Corporate customers take over from the taft up consumer. Silicon valley is in its own kind of world right now. Hopefully it is a leading edge of that, even know, spilling down to the rest of the economy. These businesses are able to, you know, use Services Like ours. Save money, but most importantly , use business. For the jobs to come back because of these devices. Dennis the solution is to try to serve it. Timing is everything. The roots of the 90s bubble. Dennis they were not wrong, they were just way early. Thank you for being with us today. Good job. Cheryl time for stocks now. Nicole petallides. Take a look at what the stock is doing right now. 78. 39 was a high earlier this year. The stock is up almost 10 at the moment. Dine equity may not be familiar to you. But how about ihop . Or how about applebees . They are both under their umbrella. Casual dining, fast food, for the most part, has been doing pretty well this earnings season. Cheryl your bacon may be getting just a little bit cheaper. Lets head to the trading pits of the cme and phil flynn. Not only that, but your ribs will get rid of the we have a bunch of fat hogs down here. Basically, it is a lot cheaper for the farmers to feed the hogs. The farmers expand the kurds. What is even better, when it is cool outside. When it cools down, the hogs will eat more. That means heavier pigs when you go to market. That means bigger ham. It may be a little bit tight. These fat hogs may not get to the market by the august delivery. You want to look at strength in the front end of the hogs, but a lot of weight in the backend. Dennis lets talk cattle. [laughter] in todays media minute, oprah winfrey, you are back on track. New york times says discovery has now invested over half a billion dollars in the channel which debuted in 2011. Own was hosted or boosted by canceling a costly show hosted by rosie odonnell. Hacking into the Thompson Reuters twitter account. They have now hacked a dozen different media sites. School a Media Company once, shame on you, fool a dozen, shame on us. Hollywood has not been paid by china since late 2012. China authorities trying to impose a new tax. Studios say that violate terms of their agreements. Cheryl all right. One California Community fighting back against foreclosures. Things do not like the plan. Dennis your last chance to weigh in. Is president obama waging tax warfare . Cheryl time for your west coast minute. Las Vegas Sands Corporation is a feeling. A man successfully argued that he was owed damages. The stock is up 1. 47. Richmond, california is trying to use Eminent Domain as a way to stop foreclosure. Banks which are opposed both watching closely. Roughly half of all richmond home owners are in mortgage debt. In hawaii, half the nations highest homeless rates. State officials want to change that. They want to give one way flights back to the mainland. There are about 17,000 homeless now. Critics do not like it. That is your west coast minute. Dennis what is bugging me . Is president obama waging class warfare . Both parties do. They hold americans at their mercy. As absolute zero. President obama can only rule with a separated people. He will turn america into a detroit. What would karl marx do . Cheryl taxing corporate profits no matter where they are. First, a preview with Top White House economic representative. Dennis George Mason University Anthony Sanders on whether another housing bubble is inflating. Adam and lori are next. A quarter million tweeters musicare tweeting. Eamed. And 900 Million Dollars are changing hands online. Thats why the internet needs a new kind of server. One thats 80 smaller. Uses 89 less energy. And costs 77 less. Its called hp moonshot. And its giving the internet the room it needs to grow. This. Is going to be big. Its time to build a better terprise. Together. Like carpools. Polly wants to know if we can pick her up. Yeah, we can make room. Yeah. [ male announcer ]. Office space. Yes, were loving this communal seating. Its great. [ ma announcer ] the best thing to share . A data plan. At t mobile share for business. One bucket of data for everyone on the plan, unlimited talk and text on smart phones. Now, everyones in the spirit of sharing hey, can i borrow your boat this weekend . No. [ male announcer ] share more. Save more. At t mobile share for business. You are gonna need a wingman. And with my cash back, you are money. Forget him. My Airline Miles will take your game worldwide. What im really looking for is i got two words for you rewards. Theres got to be better cards than this. [ male announcer ] theres a better way with creditcards. Com. Compare hundreds of cards from all the major banks to find the one thats right for you. Its simple. Search, compare, and apply at creditcards. Com. First rounds on me. Adam will come back to markets now. I am adam shapiro. Lori i am lori rothman. Dropping Consumer Confidence weighing as we wait for the fed. Adam deja vu all over again. Home prices bubbling up. The best yearly gain since march march 2006. Should we be worried where prices are rising the fast . Lori retailers are banking on back to School Shopping sales to salvage this year. Jennifer davis is here with this seasons standout. Dennis security and convenience in a new sensor for apples new iphone. Lori lets get checked in on the markets as we do every 15 minutes. Lets check in with Nicole Petallides. Stocks really fighting to stay in the green. Nicole right. We had heavier volume in the first part of the day. One trader talking about the fact that we are sleepwalking with the market. You do see that there are some stories stocks and the trend remains to the upside. You can see the tech heavy nasdaq is the best of the bunch. The banking index with off arrows. The drug index has pulled back some. Lets take a look