Live from new york where business never sleeps this is squawk box. Good morning, everybody. Welcome to squawk box here on cnbc. Im becky quick with joe and andrew. Are you a millionaire in the making . If so a new Study Suggests that you are most likely a woman and youre in your 40s. The survey finds that 68 of emerging investors are female. Right now women only make up about 40 of the existing millionaire population. Well bring you the other common characteristics later this hour. But first lets get you through some of the big stories were watching this morning. As joe just mentioned china lowering its 2015 growth target. Now going down to 7 . Thats down from 7. 5 last year. Asian stocks selling off on that news and our own colleague will be joining us from hong kong with a full story in just a minute. So hang on. In other global headlines brazil hiking Interest Rates to a six year high of 12. 75 . Feels a little bit different than here. Policy makers there are trying to fight inflati
Michael live from his farm in new york state. We are also joined by the university of washington scientist, dr. Angela rasmussen, who currently works in a genomics lab. We have the author of, cloning after dolly. Who is afraid of human cllning. Dr. Gregory pens. Michael, you are surrounded by pigs tonight. I cant imagine anyone better to ask, what do you think about cloning pigs, good or bad . I think anytime we do genetic modification to something that can be in the food stream we need to be really careful about it. Hopefully this is just for Scientific Research and that it is not intended for, to be used as meat but anytime were doing genetic modification, especially with an animal so close to humans like a pig i think we need to be very cautious. Melissa doctor, what do you think about that . You have written a lost books about the topics. I think i think eventually cloning pigs it is vent lay for consumption, is that safe . I predicted 10 years ago we were sleeping so scared about
A benchmark for credit markets source of world, as a safe investment. I hope as we have this discussion we can be candid about what we are talking about here. As we all know, if we do not raise the debt ceiling sometime soon, then at some point we will have disruptive consequences, because tax revenue is only 85 of all the money we are planning to spend, not 100 , and that means the other 15th percent 50 has got to be our it, and if not, then you have to make some decisions about what gets cut. That is disruptive, not where we want to go, and i hope the president will agree to actually address the underlying problems underlying problems that got us are so we can avoid it. Having said that, there is no circumstances under which we should ever tolerate choosing, willfully, to make sure that a missed payment would include a missed payment on the Treasury Security. Processing because of uniquely Important Role the treasury securities play. I was disappointed that the treasury secretary in
There has been a minority that is held up the ability to go to a budget conference. Quite frankly, the majority needs to speak at some point. Im not talking about democrats or republicans. Im talking about a majority in this body that needs to speak to stop this kind of craziness. Lets get down to real life. Agriculture is pretty big and oklahoma pretty big in oklahoma. Operating loans are a pretty ommon thing. If we default, can you tell me what the impact will be on somebody going to get a oan . We still have to beat. Hopefully the lending will be available in the borrowing will be available. Any time there is the chill, the panic of uncertainty, there is a pullback. There will be a pullback. We will all scramble around to try to do the best we can to find quality borrowers and quality lenders. You will have commercial ctivity. In the act particularly, as you well know, there is a real linkage between what happens in washington and what happens on your farm or ranch. We have to be se
Established until the year 2000, the debt was 5 trillion. According to the policy center, the rivlindomenici panel, between 2000 and 2009, the National Debt roughly doubled. Now it will double again. The figures are scalding, and i am sure that the congressional panel, as well as simpson bowles, and i am sure Rivlin Domenici found the same thing. In 2020, it will be 1 one it will be 1 trillion a year just to pay the interest on the debt. By the year 2025, every set of federal tax revenue will go to Social Security, medicare, and interest on the debt. What is required as noted is to get through the default period because it will obviously raise Interest Rates and create real havoc in the Community Bank environment, most particularly, the ability to borrow and lend money, and then sit down aggressively and in a bipartisan fashion to focus on this runaway train. In 1950, the average person retired at 62 and died at 69. Or 65 and 69. Today, the average person retires at 62 and dies at 80.