9 00. I knew that there would be trouble this morning. I got myself seated good. Well squeeze you for everything youre worth. We needed a big name. Big name. We got one. It day after for december 26. Youre too kind. Then here you are. Here he is. What did you get . Anything good . I have switch, lump of coal . Hes a hanukkah guy. A lump of coal yes, but a lump of coal at some point probably worth something. Tet rate were going. Thats right. Youre no tree . I want a tree, my wife says theyre too messy. The trees are messy. The needs needles you have the festivus pole. Grievances you better go, sorry. Lets do the main headlines this morning. Of course, theres only one main story this morning. Its a familiar one. The looming fiscal cliff. Aides for both parties now saying a partial agreement or patch probably the most that we can be expecting before january 1. I think were dealing now with whether or not we can put off the the increase in tax rates. Thats really all we can deal with now.
Are concerned about the global economy. Do you feel like he is not as concerned as everybody elses. Steve is playing in the private markets. Those investments take a lot longer to mature. Whether he feels relaxed or not it is not easy to move illiquid assets if you are a black so if you are a Blackstone Group and one of the things we talked about was russia. Impossible not to talk about russia. Steve sits on an International Advisory panel. That is a position he still holds. I want you to hear Steve Schwarzman talking about the rifts in russia and how he plans to respond. I think in the short term, other than if you are a market operator, which we are not, we buy assets on a longerterm basis as a rule in most of our businesses. It is time to watch. This can have a variety of from going back to business as usual or lurching off into some other direction. To make markets to make money. Who is on the other side of the market . Steve tannenbaum. At where gasu look is straining in the 400,
Economy, fancy way of saying taper, later this year. He warns the economy still needs accommodative monetary policy. David meanwhile General Motors says it will be buying back just under half the gm preferred shares held by united autor Workers Health care trust. Gm is paying just over 3 billion for those shares. Liz walmart plans to hire 55,000 temporary workers at u. S. Stores during the holiday season. That is an increase of about 10 over last year. David microsoft unveiled a faster more powerful version of the surface tablet in an attempt to boost sales and try to win market share from apples ipad. Liz Manufacturing Activity grew slowly in september. David market. Liz says the demand for products declined. Firms took on fewer workers. David in the market. Private Space Company orbit tall sciences further delayed a docking after cargo ship with the International Space station. The docking will take place on saturday. A very busy time here. After the bell starts right now. Liz weve g
Saudi arabia online, the lowest cost facility on this planet. And on top of it, there are legacy issues like the one that we are removing this quarter, trying to remove this quarter, with a new initiations. We also have global news today. China consumer inflation picking up more than expected in june. But deflation remains for a 16th straight month. Countrys central bank is seen keeping policy largely neutral in the near term as a result of that. Here say look at the major asian markets today. The nikkei recouping all of the previous days decline, shy of a new sixweek high. There is a boj policy meeting there tomorrow. Two reports to note, at 7 30 eastern time, the nfi survey of Small Business sentiment, well get that. At 10 00, the Labor Department will release its survey of job openings and Labor Turnover in may. Joe . Andrew. Yes, sir. How are you . How do you solve a problem like alcoa . I guess it is maria, though. A 7 stock, 8 billion market cap. And i like kline felt. He acknowl
Two bigname employers cut Health Care Coverage because of obamacare. Do you remember that promise, you could keep the coverage you like, not happening. Today, the president starts a bus tour, speaking to Friendly College audiences. Hell push a free ride for college students, funded in part by taxpayers. That is the theme of the show today. The middle class, struggling big time and getting more of the same from the president. Varney company about to begin. Make it happen with the allnew fidelity active trader pro. Its one more innovative reason serious investors are choosing fidelity. Get 200 free trades when you start using active trader pro today. 11 15 eastern this morning. Mark that time. President obama will make his pitch to the middle class. His bus tour of College Campuses in new york and pennsylvania will start today. Here is the talking points. More of the same. Tax and spend policies, but here is the reality. Since the president took office, unemployment has been stuck betwee