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even the streets in washington guarantee it. you can't drive from the white house to the capitol without getting stuck in traffic behind taxis, pedi-cabs, and tourist mobiles that look like amphibious ducks. sometimes, we do better with gridlock. as we head into election season, we might finally get the obama stock market rally. oh, it won't be based on the president pushing his plans through congress. no, it'll be based on his programs getting stuck in a congress with enough republicans to step on the brakes. history shows that the stock market prefers a divided government. amid the mess, i must point out one surprising and hopeful bit of bipartisanship-- i am impressed that senator ron wyden, democrat of oregon, and senator judd gregg, republican of new hampshire, have put together a sensible tax reform plan. it's simple and it's fair, and it could help the economy. following ronald reagan's lead, they cut the number of tax brackets to just three: 15%, 25%, and 35%. they cut out that dastardly alternative minimum tax, flatten
even the streets in washington guarantee it. you can't drive from the white house to the capitol without getting stuck in traffic behind taxis, pedi-cabs, and tourist mobiles that look like amphibious ducks. sometimes, we do better with gridlock. as we head into election season, we might finally get the obama stock market rally. oh, it won't be based on the president pushing his plans through congress. no, it'll be based on his programs getting stuck in a congress with enough republicans to...
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Sep 24, 2010
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. >> tom: lawmakers in washington, meantime, are closer than ever to acting on threats to penalize china over its currency. earlier today, i caught up with u.s. trade representative ron kirk on the sidelines of an appearance in miami. i began by asking him about this legislation pending on capitol hill, and how it could impact what the u.s. and china want from their trading relationship. >> generally we think the unique circumstance of china's goal to move 600 million people out of poverty, you know, to a more middle income status presents a great opportunity for us to have a rebalancing of our trade relationship in that process. if you look at the nature of our talents in manufacturing beginning to be more on a knowledge base area in the services sector and agriculture, that actually their growth goals are complimentary to our skill set. >> a key set to all of this clearly is the currency issue. that always remains and it was in focus a couple of weeks ago on capitol hill. are you convinced that u.s. manufacturers are prepared to compete with a appreciating juan. >> u.s. manufacturers a
. >> tom: lawmakers in washington, meantime, are closer than ever to acting on threats to penalize china over its currency. earlier today, i caught up with u.s. trade representative ron kirk on the sidelines of an appearance in miami. i began by asking him about this legislation pending on capitol hill, and how it could impact what the u.s. and china want from their trading relationship. >> generally we think the unique circumstance of china's goal to move 600 million people out of...
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Sep 9, 2010
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darren gersh, "nightly business report," washington. >> tom: here are the stories in tonight's n.b.r. newswheel: stocks closed higher after a successful auction of portuguese government debt eased worries about europe's financial system. at the bell, the dow rose 46 points, the nasdaq added 20 and the s&p 500 up seven points. volume rose slightly from yesterday's pace. 879 million shares traded on the big board. just over two billion on the nasdaq. all three major indices dropped from higher prices after the fed's latest assessment of the economy. the regional fed banks say the recovery cooled through july and august. five reported economic growth at a moderate pace. another five said conditions were mixed or decelerating. and two regions, boston and cleveland, pointed to positive developments. getting fired from h.p. may pay big for mark hurd. he's getting a pretty big pay day from his new employer, oracle. hurd's base salary will be $950,000 a year, according to a securities and exchange commission filing. he's also eligible for up to a $10 million bonus, plus stock options. that's
darren gersh, "nightly business report," washington. >> tom: here are the stories in tonight's n.b.r. newswheel: stocks closed higher after a successful auction of portuguese government debt eased worries about europe's financial system. at the bell, the dow rose 46 points, the nasdaq added 20 and the s&p 500 up seven points. volume rose slightly from yesterday's pace. 879 million shares traded on the big board. just over two billion on the nasdaq. all three major indices...
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Sep 21, 2010
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. >> susie: that news comes as federal reserve policymakers gather for a meeting in washington tomorrow. topping the agenda? keeping the anemic recovery rolling. washington bureau chief darren gersh looks at the fed's dual mandate, and what it means for the economy. >> reporter: the people who gather at the federal reserve tomorrow to decide the future of the economy have two official goals: keep as many people working as possible -- that's called "maximum employment." and keep prices stable. >> they know they are short of their mandate on both counts. >> reporter: vincent reinhart used to help the fed meet its dual mandate as a senior policy adviser. with unemployment at close to 10%, he says it's clear the economy isn't operating anywhere close to maximum employment, which is closer to 5%. and what about price stability? indicators of core inflation are under 1%, with many prices flat or falling. but that isn't the same as price stability. >> it's possible to have too much of a good thing. >> reporter: why? because periods of high unemployment tend to push prices down and prices are n
. >> susie: that news comes as federal reserve policymakers gather for a meeting in washington tomorrow. topping the agenda? keeping the anemic recovery rolling. washington bureau chief darren gersh looks at the fed's dual mandate, and what it means for the economy. >> reporter: the people who gather at the federal reserve tomorrow to decide the future of the economy have two official goals: keep as many people working as possible -- that's called "maximum employment." and...
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Sep 2, 2010
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washington bureau chief darren gersh reports. >> reporter: spoiler alert! if you are looking for congress to come back from summer break rested and ready to pass a big plan to keep the economy on track, don't listen to what andy lapperiere has to say. >> in terms of getting some real action out of congress that's going to have a big impact on the economy, i think that is pretty unlikely. >> reporter: unlikely because policy makers disagree about the economic outlook. on top of that, they disagree about what economic medicine works best. progressives want to help for cash-squeezed small businesses, something the obama administration is already pushing. add to that more help for state and local government, more unemployment benefits, and investments in infrastructure and green energy. the goal, says christian weller, is to get cash to consumers who will spend it. >> those kinds of measures are targeted, they are very efficient and they can give a real oompf to the economy and make sure that the recovery ultimately becomes self- sustaining. >> reporter: econom
washington bureau chief darren gersh reports. >> reporter: spoiler alert! if you are looking for congress to come back from summer break rested and ready to pass a big plan to keep the economy on track, don't listen to what andy lapperiere has to say. >> in terms of getting some real action out of congress that's going to have a big impact on the economy, i think that is pretty unlikely. >> reporter: unlikely because policy makers disagree about the economic outlook. on top of...
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Sep 11, 2010
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washington bureau chief darren gersh reports. >> reporter: the president today acknowledged what many americans know too well-- economic progress has been painfully slow. still, he urged voters to stay the course this on election day. >> if it was just a referendum on whether we have made the progress we need to, then people around the country will say that we are not there yet. if the election is about the policies that are going to move us forward, versus the policies that will get us back into a mess, then i think democrats will do very well. >> reporter: business groups say administration policies are adding to the economic mess. u.s. chamber of commerce chief economist martin regalia points to health care, financial regulation, and tax policy-- areas where he says the obama administration is increasing cost and uncertainty. >> the bottom line is you get subpar growth. 3% growth over the first year of the recovery is extraordinarily slow when compared to prior economic downturns. >> reporter: but this downturn is different, the president says. he reminded the country today that fo
washington bureau chief darren gersh reports. >> reporter: the president today acknowledged what many americans know too well-- economic progress has been painfully slow. still, he urged voters to stay the course this on election day. >> if it was just a referendum on whether we have made the progress we need to, then people around the country will say that we are not there yet. if the election is about the policies that are going to move us forward, versus the policies that will...
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Sep 28, 2010
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the passenger rail carrier today proposed a new high speed track between boston to washington, d.c., that can handle trains going more than 200 miles per hour. the project would require a new set of tracks and could carry more than 33 million passengers a year, almost triple the number of riders who now use that corridor. amtrak says a combination of public and private money would be needed to roll out the service, but so far there's no plan to raise the money. >> susie: this is a story we found on the way to another story. it's about a start-up company, an iphone app and a new way of getting things done. maybe you've found it in your travels. stephanie dhue explains. >> reporter: taximagic is changing the way people call for cabs. with a smart phone, you can type in where you are and get a message back that the cab's on its way and track its arrival. >> we got a message the taxi's been dispatched. it's floyd norman, and he's 1.5 miles away, and i say, "cool." >> reporter: sanders partee helped start the company three years ago with one customer, red top cab in northern virginia. its
the passenger rail carrier today proposed a new high speed track between boston to washington, d.c., that can handle trains going more than 200 miles per hour. the project would require a new set of tracks and could carry more than 33 million passengers a year, almost triple the number of riders who now use that corridor. amtrak says a combination of public and private money would be needed to roll out the service, but so far there's no plan to raise the money. >> susie: this is a story...
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Sep 25, 2010
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to all of my friends in washington, it is time for a robust regulatory package that personally removes me from the sector. until then, all i could offer is transparency. david has been hearing good things about gold. i suggest you modify your portfolios accordingly. >> tom: here's what we're watching for next week: our friday "market monitor" guest is gerald buetow chief investment officer at inn-ee- alta capital. on the economic calendar, we'll see the second quarter final g.d.p. estimate and september auto sales monday, with so many small investors sitting on the sidelines, we'll look at what it might take to get them back in the stock market. >> susie: the c.e.o. of nbc universal will step down after comcast takes control of the company later this year. jeff zucker today confirmed widespread speculation that he'll leave the media giant once corporate parent general electric completes its deal with comcast. in an email to employees, zucker said he'll stay in his job until the deal is completed. comcast's chief operating officer, steve burke, is expected to take the reins at nbc-unive
to all of my friends in washington, it is time for a robust regulatory package that personally removes me from the sector. until then, all i could offer is transparency. david has been hearing good things about gold. i suggest you modify your portfolios accordingly. >> tom: here's what we're watching for next week: our friday "market monitor" guest is gerald buetow chief investment officer at inn-ee- alta capital. on the economic calendar, we'll see the second quarter final...
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Sep 7, 2010
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may not need a war to repair today's labor market, but economists worry the political stalemate in washington will result in few new policy measures to help create jobs. suzanne pratt, "nightly business report," new york. >> susie: as suzanne mentioned, some economists think unemployment could stay stubbornly high for another two years or so. to get a better picture on the labor market and what can be done to fix it, i spoke with economics professor ken rogoff of harvard university and anthony chan, chief economist at j.p. morgan's private banking. i began by asking anthony chan, how long will it take for the job market to recover? >> i think it's going to take quite a while. the real secret to bring the employment rate down is to grow the economy faster than the speed limit, and the speed limit is to find the potential growth. and if you believe potential growth is in the neighborhood of 2.5 to 3%, and the economy is growing below that, we won't make much progress until next year when we see the economy growing in the neighborhood of 2.5 to 3%. even that is questionable when we're just comin
may not need a war to repair today's labor market, but economists worry the political stalemate in washington will result in few new policy measures to help create jobs. suzanne pratt, "nightly business report," new york. >> susie: as suzanne mentioned, some economists think unemployment could stay stubbornly high for another two years or so. to get a better picture on the labor market and what can be done to fix it, i spoke with economics professor ken rogoff of harvard...
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darren gersh, "nightly business report," washington. >> susie: here are the stories in tonight's n.b.r. newswheel: stocks fell on new concerns about the health of european banks. tom will have details in tonight's "market focus." the dow lost 107 points, the nasdaq was down almost 25, the s&p off 12. volume was light-- just under 830 million shares traded on the new york stock exchange; 1.7 billion shares moved on the nasdaq. hewlett packard is suing former c.e.o. mark hurd to stop him from joining rival oracle. hurd was hired there yesterday. now, the lawsuit claims hurd could use what he knows about h- p and its trade secrets to help oracle and harm h-p. hurd signed a confidentiality agreement as part of his $40 million severance package with h-p. no comment from hurd or oracle. and the s.e.c. may impose new rules on high frequency traders after may's "flash crash." chairman mary schapiro says her agency is taking a close look at large numbers of rapid-fire trades made on may 6. speaking to a group of business leaders in new york, she said a final report will be completed by the end
darren gersh, "nightly business report," washington. >> susie: here are the stories in tonight's n.b.r. newswheel: stocks fell on new concerns about the health of european banks. tom will have details in tonight's "market focus." the dow lost 107 points, the nasdaq was down almost 25, the s&p off 12. volume was light-- just under 830 million shares traded on the new york stock exchange; 1.7 billion shares moved on the nasdaq. hewlett packard is suing former c.e.o....
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stephanie dhue, "nightly business report," washington. >> tom: south florida is home to sunny skies, beautiful beaches... and it's also the epicenter of the nation's foreclosure crisis. the housing bust is putting the squeeze on south florida's taxpayers and the budgets of municipal governments. as we continue our "budget blues" series tonight, jeff yastine tells us how the lack of tax revenue means higher taxes and fewer services for people in the sunshine state. >> reporter: the human impact of the housing bust is well known-- unemployment, families uprooted, and a steep decline in home prices. now, the financial impact is coming home to roost. south florida is home to many examples, like the city of miami. >> this city has to function, and i don't think any of you want to see this city not function. >> reporter: last week, the city of miami called an emergency budget meeting to consider the unthinkable-- cuts in pay and pension benefits for police and fire-rescue crews. >> when considering voting on cuts in benefits, i would ask the commissioners the following question: how much w
stephanie dhue, "nightly business report," washington. >> tom: south florida is home to sunny skies, beautiful beaches... and it's also the epicenter of the nation's foreclosure crisis. the housing bust is putting the squeeze on south florida's taxpayers and the budgets of municipal governments. as we continue our "budget blues" series tonight, jeff yastine tells us how the lack of tax revenue means higher taxes and fewer services for people in the sunshine state....
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we'll look at the lack of legislative movement in washington and how it's holding up issues like tax cuts, new stimulus spending and key appointments to the federal reserve. >> susie: a key part of general motors' recovery plan cruised off the production line today in lordstown, ohio. it's the chevy cruze, decked out in red, white, and blue, since the u.s. is the latest market for the vehicle. the cruze is the company's top seller worldwide this year. g.m. has high hopes for the vehicle, which it says has the amenities of a mid-size car, with the stingy gas habits of a compact. >> thomas: united healthcare could be facing a bitter pill in california. its pacificare unit is under fire by state regulators, who say it has botched medical claims and hasn't paid doctors properly. if the violations are confirmed, the company could be on the hook for almost $10 billion in fines. this isn't the first time united's pacificare has been in hot water. it paid $2 million to california to settle charges it refused to pay claims for h.m.o. policy holders. >> susie: new figures show a record numbe
we'll look at the lack of legislative movement in washington and how it's holding up issues like tax cuts, new stimulus spending and key appointments to the federal reserve. >> susie: a key part of general motors' recovery plan cruised off the production line today in lordstown, ohio. it's the chevy cruze, decked out in red, white, and blue, since the u.s. is the latest market for the vehicle. the cruze is the company's top seller worldwide this year. g.m. has high hopes for the vehicle,...
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darren gersh, "nightly business report," washington. >> susie: microsoft's bing is moving up in the world of search. bing knocked yahoo out of second place when it comes to online search engines, according to a ranking by media tracking firm nielsen. google, of course, tops the list with over 65% of the market. ask.com and a.o.l. round out the top five. >> tom: cisco systems was the heaviest traded stock today on news it will start paying a dividend of between 1% and 2% beginning next year. c.e.o. john chambers made the announcement at cisco's analyst meeting in san jose, california. like other large tech firms, cisco is sitting on a lot of cash, and analysts speculated it would be used for a dividend. since the beginning of last year, cisco has spent more than $4.5 billion to buy more than a dozen companies. >> susie: first, the flash crash; now, the securities and exchange commission is looking into what it calls "spikey quotes." reuters reports the agency is targeting three trading sessions. on august 24 and 25, and september 1, buy and sell orders spiked just after 10:00 am, raising c
darren gersh, "nightly business report," washington. >> susie: microsoft's bing is moving up in the world of search. bing knocked yahoo out of second place when it comes to online search engines, according to a ranking by media tracking firm nielsen. google, of course, tops the list with over 65% of the market. ask.com and a.o.l. round out the top five. >> tom: cisco systems was the heaviest traded stock today on news it will start paying a dividend of between 1% and 2%...
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to new york's laguardia airport, as well as first-time access for us to reagan national airport in washington d.c.. >> susie: where kelly, why did you do it now? >> i feel like we're ready now. first of all, things are so much better today than they were a year ago. our profit outlook is solid. we have plenty of cash on hand. we have a very strong balance sheet, with credit rating agencies affirming our credit rating today. so financially we're very well prepared for this. we also have a very strong leadership team. who is ready to add this major task to our list. and then we have the tools in place today that we just haven't had in the past to optimize our route network and really generate significant revenues from optimizing schedules and also revenue management techniques. so it's been a very challenging economic environment. we would like to grow. we just haven't had opportunities to grow, and we're just delighted that we found this opportunity where with it we can grow and grow profitably. >> susie: analyst, call this deal a game changer. what do you think is the most important change fo
to new york's laguardia airport, as well as first-time access for us to reagan national airport in washington d.c.. >> susie: where kelly, why did you do it now? >> i feel like we're ready now. first of all, things are so much better today than they were a year ago. our profit outlook is solid. we have plenty of cash on hand. we have a very strong balance sheet, with credit rating agencies affirming our credit rating today. so financially we're very well prepared for this. we also...
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>> well, joe deere was running the washington state investment broad up until the end of 2008. and he has come into really clean up calpers. there has been some influence peddling scandals that have affected it. but more seriously for him is dealing with the underperformance of the fund. calpers lost $70 billion in the crash of '08 and '09. and deere job is to rejuvenate calpers so that it never loses that much again. >> tom: let's look at this underperformance because calpers benchmark is-- over the past decade it is under 3% return and that's even less than the median state retirement plan which is closer to 3.5% so are the funds beginning to question these assumptions of trying to get close to 8% a year? >> yes, they are. there is enormous pressure on calpers and other public pension funds to lower their investment return assumption to what critics say is a more realistic level, perhaps 6%, perhaps even lower. the difficulty for calpers though in doing that is if they lower their investment return assumption they are going to have to increase the contribution that public wor
>> well, joe deere was running the washington state investment broad up until the end of 2008. and he has come into really clean up calpers. there has been some influence peddling scandals that have affected it. but more seriously for him is dealing with the underperformance of the fund. calpers lost $70 billion in the crash of '08 and '09. and deere job is to rejuvenate calpers so that it never loses that much again. >> tom: let's look at this underperformance because calpers...
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stephanie dhue, "nightly business report," washington. >> tom: september still not living up to its historic trend, which is usually the worst month of the year. we continue to see higher stock prices. let's get you updated in tonight's "market focus." today's gains were modest, but the three major indices are up three weeks in a row. the dow added 1.4%, starting with the big rally on monday, and gains in four out of the five sessions. the nasdaq is 3.25% higher than a week ago, gaining all five sessions. the s&p 500 was up three out of five days. it gained 1.5% on the week. today's markets were led by the economically sensitive industrial stocks, and flight to safety buying in telecom, due to the sector's dividends. last night's winner and loser were the big movers today, we're talking about oracle and biotech firm arena. the loser? arena pharmaceuticals saw huge volume. today's 47% stock drop takes it down to an all-time low. an f.d.a. advisory panel rejected its obesity medicine. oracle stock saw five times its normal volume, jumping 8%. that takes it to a new post- bubble high-- the bubb
stephanie dhue, "nightly business report," washington. >> tom: september still not living up to its historic trend, which is usually the worst month of the year. we continue to see higher stock prices. let's get you updated in tonight's "market focus." today's gains were modest, but the three major indices are up three weeks in a row. the dow added 1.4%, starting with the big rally on monday, and gains in four out of the five sessions. the nasdaq is 3.25% higher than a...
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Sep 1, 2010
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washington bureau chief darren gersh talked with agriculture secretary tom vilsack this afternoon about farming's outlook and safety. darren began by asking if u.s.d.a. agents were in a position to spot signs of trouble at those egg farms. >> well there is a opportunity for u.s.d. officials to take a look at the farms. they're not only part of the grading but the industry from time to time asks us to look at facilities to protect the market, so to speak. but our responsibility sort of stops there. this is an fda issue. they're dealing with it, i think, appropriate ly. >> one question food safety folks rays is whether the u.s.d.a. inspects saw anything and shared the information. is that information sharing going on? >> we are working very hard as a result of food safety working group to develop a cohesive collaborative effort with the fda. when i came into this office i wouldn't say there was much information sharing taking place. there is much more of that. we have a information command system that let's us know better and more timely information what fda nows and we know. >> from the
washington bureau chief darren gersh talked with agriculture secretary tom vilsack this afternoon about farming's outlook and safety. darren began by asking if u.s.d.a. agents were in a position to spot signs of trouble at those egg farms. >> well there is a opportunity for u.s.d. officials to take a look at the farms. they're not only part of the grading but the industry from time to time asks us to look at facilities to protect the market, so to speak. but our responsibility sort of...
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stephanie dhue, "nightly business report," washington. will name this week harvard law professor elizabeth warren to a special advisor position, overseeing the consumer financial protection bureau. she has long been considered the frontrunner to leave this position. reports say warren will not be nominated to that role, and that she'll report to both the president and the treasury secretary. >> so tom, the talk today was all about currencies and gold, but still stocks had a pretty good day. >> tom: they did have a good day, inching higher. let's look at tonight's "market focus". >> tom: the gains may have been small today, but they were enough to push the indices to five-week highs. the s&p 500 sits just below its high from the july rally. this is the third time the index has traded around these levels in the past six months. the past two times, it failed to move higher. one sector that has already eclipsed its highs from earlier this summer is healthcare. this healthcare exchange traded fund is above $30 per share for the first time sinc
stephanie dhue, "nightly business report," washington. will name this week harvard law professor elizabeth warren to a special advisor position, overseeing the consumer financial protection bureau. she has long been considered the frontrunner to leave this position. reports say warren will not be nominated to that role, and that she'll report to both the president and the treasury secretary. >> so tom, the talk today was all about currencies and gold, but still stocks had a...