GDP Gain a One Time Thing?

" All you out there we get a doubt about a 111 points out we ton of stuff going on this morning you know too much the president speaking right now about GDP down in Washington GDP numbers came out much better than expected. Gross domestic product growing. Three and a half percent Goldman Sachs -- they say they expected to be more like two point 7% Robert great courses will come on and give us more details of that. We add up Pelosi coming out there helped him land write a house now has its new plan. Port Tim Geithner again in front of hearings Senate Finance Committee grilling him -- Maxine Waters. Just -- comedy that's all I can say I just you know with all due respect. I give him a lot of credit for seeing their."

" real it's out -- exactly is vital to their -- heads bone heads like conjures it was a 110 years old in the Senate. And yelling and screaming at them I mean seriously I -- that thing this morning and I thought might not."

" What are we doing up there why can't this is the crux of the problem right these people don't know a debit from credit. And yet they're creating financial reform or at least telling Tim Geithner had to do -- and then Nancy Pelosi editing and I didn't hear an answer blows and -- I looked I was sixteen was coming out of my -- I was trying to do so much work can read so much stuff and I got a -- on Barney showed a little bit on Cavuto later."

" Since come by smoke is coming up my fingers and look up in -- colosio mice who really."

" Going to take my TV -- thrown out the window that you warned she said. But not they basically -- saying. Government run health care everyone must have it it's gonna cost about 984 billion dollar wars -- years. The CBO actually. Under trillion dollars I didn't hear that under violate fourteen cents in the Congressional Budget Office though will be out later released preliminary process in this later this afternoon rich -- all of -- and thankfully is covering at all but. -- going on jobless claims slip that was something."

" Yep but no I don't jobless -- what you think again Robert this is from drama parade here because they got a solid job."

" See it coming and well here's the week. Jobless claim an -- a water here -- cool things off what was -- the four week average went down 750. People that was elephants 158009. Out. Oh ticks down I'll -- 6000. Of all of them 530000. To around let's not going to get it done. Did it and it's not that that the pace of job destruction is slowing. Yeah so we're gonna start adding jobs in 2034. At this pace."

" That it will never retire and what we know that to a yesterday we already determined that with planned -- that's wanted to retire 45 nominee retired 95 brightness pump that they put me -- that have today I'll never live tonight by. It up -- just tested the."

" that that is not good enough it's not it will not go to bed is no longer good now it's not."

" But you know what. Not as bad as good enough in the market today because of unexpected disaster out of GDP and it wasn't Goldman's actually set the tone yesterday we talked about it they lowered the their expectations and really shocked the market today he -- guys supposedly the smartest guys in room they got it wrong. And a lot before -- huge volume on the closed yesterday a lot of selling going on yes yeah. You know although I've talked traitors and they say they saw what they thought to be almost like liquidation selling. They think it may have been the rest of the -- on. Hedge fund selling bones -- so there are 90% complete on Monday. And that means yesterday were in the last -- get done for the month of October if you had to finish up that had to be done. Hard to prove but certainly that's something that's out there in the market just adding onto the losses. I'm sending it lower and that's just so people know Rochester Adams heads the insider trading -- a -- alleged insider trading ring with -- pay out in May include the former CEO of advanced micro device really -- fodder for another day does come it came out -- step. Came across the wires that he's trying to -- bail reduced. I have something to scales in space and walks away from -- of this is all in the market today and I wonder why stocks are jumping up. -- percent growth the -- is the first growth since the second quarter of last year that's nice headline rate headline number but it. You gotta dig a little deeper into it but excellent -- about what one point 7% for the client right there you know obviously -- you've got housing going on helping to -- things result how you know real estate investment was up a lot time residential construction. Maybe we'll put up by new houses modifying their trying to to spruce them up to sell them. But -- he did -- inventory investment we've been talking about it starting to perk up a little bit people are not liquidating their inventories much in the starting -- to restock a little bit and there. Consumer Spending -- you're silver lining up 3.4 percent say you're seeing some yeah some spending compared to you what we had seen which was almost nine yeah. Imports though outpacing exports we know that we're not making as much here in this country we're bringing -- in and out of people are spending that means we're bringing in more because we're buying stuff I mean. That was the one. For silver lining of the downturn right we're seeing exports jumping -- we're actually sending more stuff overseas we're bringing in but now everyone's you know sort of we can't yet Hillary -- university around here that talk about the time entry because this part of -- forward. Let me talk real quickly about earnings to the largest company in the world Exxon -- it just having a conference -- effective probably still having it right now tablets they. You know made over four billion dollars last quarter at 68%. Decrease yet this war and they're getting hammered because -- we had DO oil prices that you pretty much near record levels still. In the third quarter -- just coming down from those record highs you know that wasn't at the absurd 147 dollars a barrel but it still triple digits there and now you've got your oil down -- 68. The refinery is really getting crunched to that refining margins they're getting squeezed. They had they have lost in that unit yeah the end of fluctuation in oil prices not good for them they might seem nice and steady because they can't. Keep up with a foiled jumps up which we saw coming out of summit has seen recently they can't raise prices fast enough to catch up. -- People they're going to stop driving is much in the stuck -- this gasoline prices are going to drop perhaps and then again margin squeeze."

" I got to point out the tax bill though. Tax big eleven billion dollars and touted as a quarter it's down to about four billion medical loss to treasury about seven billion dollars currently involved exactly I love how they pick on these oil companies well and look what happened they're not making money in -- therefore now not the government -- either. So don't pick on his welcome more so be careful what you wish for ten minutes you know despite all the jobs they have to you know medicine huge -- tax revenues corporate tax revenues this quarter again. So -- anyway from our guys did say."

" Robert Doug -- is up to date on now what's going on on both the journey that's not. And on the economic front there is a lot a lot about Motorola really this'll Holland Tunnel Motorola the later on the show what -- you're right there's have a -- No I didn't that was lucky enough not to get a razor -- that -- in the -- what when they came out that raiser and and pumped it up and really try to. Promote that thing it just was never the product that they hoped it would be -- the timing was terrible because that's the RAZR came out right before the Smartphone -- in the Blackberry craze in the iPhone craze really started and the timing was terrible but they may be on their way back Motorola had some interesting things to say this morning. And we'll talk about that a little later on the show Roy Williams joins us right now and all Roy UBS CEO prestige wealth and wealth management group you are not the head basketball Coach north Carolina at this time when Robert drain financially when he. When he heard now also play wide receiver. -- exactly right -- in the NFL you mom what do you think about the GDP number this morning are you impressed with as -- press says. The market is on a whole."

" I think it's excellent -- you have consumers you know spending is happening now we're seeing it start. But that is that is infancy and you know we need to be real careful we are where we are right now with the consumer. Consumers very fragile so you know you talk about health care before you know that if if they get scared. That never going to have enough money and they may pull back where we're seeing them and the early phase of really going out and spending money. Consumers have to become part becoming a big party coming starts spending. The good news is that -- corporate front we're seeing a lot of corporations. We have a lot of executives telling us and against are hiring in the first quarter. Projects are coming in Newton and business activities improving we're seeing capital spending improving so there's a lot of good things out there happening I was hearing a."

" You see first quarter really you when that's -- hearing these things -- starting to see that's what we're really going to start ramping it up so you get the growth. GDP growth third quarter may continue that through fourth quarter and then were able to continue that growth and connections adding that's what people worried -- was -- to pull."

" And we I mean this is similar we look at the markets those three we had a pullback in 03 before going forward again. But -- going to happen are now because he had mixed numbers you have leading indicators lagging indicators but if -- look at. Overall relief -- leading indicators since I -- C three and agrees expansion six months we've had."

" But this notion of leading and lagging I think he's out the window now it's very different -- special people appointed jobs is a lagging indicator it's not I don't think that's necessarily true. We did jobs number we react instantaneously people who are still very worried about losing their jobs -- that a would tell -- the question almost his move. GDP can go to the group that people are still afraid that they're going to lose their jobs and consumer confidence they have more than suffers no one's going to shock. And it doesn't matter."

" What we're seeing people now get jobs we've seen last two months jobs actually pick up for our clients who were management executives of corporations middle. Middle management and executives -- became part of president of public train coming we've had some VPs and middle managers get. Good job seriously. -- almost you'll understand right now that's not taken in all the calculations is that. The only -- look back in the late seventies when thousands and college unemployment was horrible -- right Germany too is a horrible time to graduate. But right now you know you young people I'm a hard time but what it nobody's looking at is the boomers boomers are retiring. Well we're seeing a lot of executives a lot of people unemployment numbers they don't want to work anymore. But it's party time for those people because they're getting unemployment. -- god knows how long -- forever because they can't expect right now and they getting a package to leave and hearing and a package and are happy to leave and they're in those numbers."

" So you're saying that they were laid off an at this point there's an aunt and uncle back."

" I had a discussion this morning. You know what the client. You know a lot of people are go back -- salt in our part time so that takes some pressure. -- all the employment numbers it but that's not really in the numbers for consumers have to start spending. They're afraid they're afraid of what's gonna have -- their jobs they're afraid of other health care. Housing Canada's summer on the front page in Vancouver paper they're canceling."

" I'm -- series hundreds of them for cardiac for. Compound orthopedic and neurological."

" Because it and the money prisoners' -- he recent all these unknowns. I'm going to lose my job -- they can't reform health care among health care costs going to go up as a small business person how my -- afford this have a plan for this. And with all these unknowns this fuzzy gray stuff how could we possibly. Out of this economy move --"

" It I think by individuals looking and their situation they could spend money Americans have to start spending we've seen people have. Three to five million dollars in the bank not want to -- movies and spend money going to movies. So but we're seeing that on behalf of we're seeing that I agree -- half but we see that happening now people are getting back to spending money planning vacations planning -- trips so we're seeing the consumer confidence. You know it you know numbers may bounce back and forth but we're seeing -- And that's what's important right now that would continue that trend that things get better it's a healing process is not going to happen overnight. You know we get the flow you may feel better one day in the next day you have pretty second that's going to happen in the markets. What's important with. Individuals today's I need to make sure that they don't start chasing the tail ACL on charges of 65% today. -- you know for the year that's fantastic that's -- but when you lose 65% last year he'd be up over a 180% to get even. So it's important that individuals look at their needs or goals and make sure that the point is allocated. Because nobody knows sweet looking backward to say we knew the economy was going to move forward we expected to move forward but you know like what happened -- throw a wrench into that engine. And it stops working."

" 115 points today given the fact that we were down five and a half percent in this little pull back the start of the day today you liking the particular sectors oil markets right now."

" I -- pull back -- small mid cap growth and value. At this point in time you know for recovery does continue not perform in the ED I also like mortgage backed securities. And you know in that area they got here a careful you know what we're looking at short term duration. And -- in all the packages not not the new stuff with and you know we're like all the credit scores. You know we're also looking at corporate bonds are still opportunistic high yield bonds. You know opportunistically got real careful in high yield bonds because it got down and it triples equality Bill Gates slammed because they're directly correlated to the stock market. You know so you have as and that technology stocks is capital spending picks up Gaza's economy improves technology technology should do real well known for our protect."

" Not to such a broad indices and mean and wearing -- we let the chips to me like that. Machines what what part of tech to me like I find that very confusing for people behind it I think as we move through them."

" You know expanding economy and I -- I'm pretty bullish on all the sectors and technology area. You know on the with a new windows -- a product that's very possible that you know people have to upgrade hardware news you know you know hardware people may do well. You know and the software people everybody loves when those that you know global you know. Everybody and that's they should do well -- Country continues to expand but you know there's risk out there you know we were discussing -- geo political risk and that's something we can't control also no one's talking about in 2001 -- in the sunset provision. But the government owes you anything it's a huge impact on GDP they're increasing taxes. But also this coming two years you -- have the conversion of the Roth IRA that the government's gonna get revenue. Who knows what that's going to be that high in primaries -- there higher rates so this is huge and expects to take advantage that while they do have that one per common the government yet but be careful if you take advantage of it if you. Do pay the taxes over two years and rates go up. You know make sure it's clear whether you know -- a higher rate."

" Definitely have to weigh both guys Brian Williams CEO prestige wealth management group thanks for coming but -- very much with him. They were kids and joins us right now I mentioned that I saw Nancy Pelosi on one CD monitors that is there. And I try to rip the monitor all along filled out the window which is a decisive so frustrated with what's going on but I didn't do it could -- would come out of my paycheck I just can't afford that right now. What is happening with this new house version now I'm guessing that's what Nancy Pelosi was speaking about -- about an hour ago. That's right and those monitors are pretty expense yes and I keep mama keep monologue com. But don't you put the speaker has her latest have -- house healthcare version out -- something that they'll be working on -- the next couple of days unacceptable weeks excuse me. This is a version that pays for itself essentially by the millionaire's tax if you wore an individual making more than half a million dollars a year. The income above that would be subject to attacks if your family it's a million dollars. A year subject two to attacks. If you are an individual. In cases except for hardship you would have to buy health insurance with a penalty cap to two and a half percent. Of your modified adjusted gross income and businesses would have to provide health care. If business had a payroll of more than 500000 dollars or else they have to to face -- graduated penalty in the penalty would be based on. How large the the company is how large payroll -- The bill is at about 900 billion dollars little -- a two billion dollars over ten years that's the speaker Pelosi says and she says she will cover. 96%. Of Americans with this bill Mississippi and house is now getting into it."

" It did you think -- there's then there's Dovonte public long term care insurance program to. Have we seen that before."

" They're a bunch of new things and and that's that's one of them included there are some tweaks there's that language the voluntary state language for trial. Modifications for arrive for. Tort reform yet that's something that fits in here although you know pretty much of Republicans are saying that's not going to do what they hoped it would view. What they would hope out of a strong tort reform bill so they're not really going to see much much involved there other so well -- provisions of wellness prevention. There are some different tweaks this is as opposed to how much some of these individuals would pay the individual mandate the business mandate. That's been changed and tweaked a little bit but it essentially. You're looking at almost the same build the public option is a bit weaker than would -- piece speaker Pelosi had projected just talk about this robust public option that would work. And it would say okay the public option if you enter the public option and you go see a doctor the doctor would be paid what Medicare patients are paid -- reimbursed for. Plus 5%. This public option would have to negotiate rates like private insurance companies do for their reimbursements and that's that's a bit of of compromised speaker Pelosi hoping brings on some are moderate Democrats are -- the -- don't have it in the Senate will they have -- in the house. That's a really good question especially when you look at this version of the bill. When this last came up this is right before the via the Democrats and and Republicans and house went on break over the over the over the holiday this this summer. What Democrats were looking to do you only on one committee was this weaker version of the public option now this is exposed to the entire house. It was clear -- speaker Pelosi didn't have the votes for this robust public option. It's going to be very very close if she has enough votes for this particular option."

" Let's let's say let. This is not cut the deficit it's not coming in under nine billion dollars I know what these people -- Doing down there put in their Cheerios in the morning but it's making them think really happy thoughts and I'm not buying it."

" We get the official word from the Congressional Budget Office the official preliminary word from the Congressional Budget Office. Over the next the next tenure scoring on this that's going to happen this week and we'll get their release but what you have to remember about the CBO. Is what it does look at numbers and it does examine scenarios. This assumes that congress makes these changes and does nothing so CBOs. Numbers are just they are estimates and Mitchell to wrap it up with this do you get the sense it you know covering this every day. That we are getting closer what we just spinning our wheels and -- here. It's it's a good question and I think we are getting closer to the conclusion of this I don't know if we essentially you're going to have the bill the end of the day. There's still plenty of horse trading left there aren't the votes in the Senate it's questionable whether -- through the house. I don't know what these folks can pull out of there had and that really remains to be seen over the next couple weeks Plavix thanks man. And I stress having kids and data DC getting its keeping us updated on what's going on the house as Nancy Pelosi. Unveils the Democrat version there."

" You know I -- these two upcoming state elections could prove very instinct to as far as health care goes you know I'm -- Virginia. You get yourself a Republican in as opposed to a Democrat and if that can make some he doesn't decisions and they give your you're voting you with the -- I I I mean my decision is made I am fortunately no -- And I am going to work -- the back. You know what. I love my state I'm born and raised there in him but it is just -- fortunately that's a work against let's take a -- Chicago to shame when we come back when -- talk to somebody from -- your favorite."

" Sites. Of all time I'm sure."

" sports site its site and then back at oh yeah."

" I welcome back -- business dot com live Tracie burns Chris Cotter. Don't forget to download that fabulous -- you can watch list where. You watches."

" In Philadelphia."

" Along. Day though was."

" They have this like either one of those teens. And I don't and -- east Portman and answer Mets fan I'm not a Texas Rangers fan perennial and spreading in second place."

" When your your your hometown team is in this series and like it."

" about if the Yankees are in the series didn't lose little America not have little that little Americana."

" I don't believe he hated franchise in all sports I gotta go to Dow body Jeff you and -- at any banks."

" You guys could be married for yeah. He's crackers. And if you were married you could get a good deal that. Us out here in the suburbs of Chicago this is something called the highland woods development if you look around you see it's one of those developments that got started. And then along came a recession you see a lot of coal -- Swiss cheese out here. But you know we had bad numbers yesterday on on new home sales but actually there's some positive. Rumblings out here I want to show you a little bit of that."

" John Paul Holmes right here these are guys that almost went out of business they were right on the brink of it. But John Paul is the dad that I've got John -- junior yes is that right John and Josh hall as well. -- you're right on the brink of almost going down. It just a few months ago we were that are just right at the very edge of the -- and everything that we had and have a close up shop and then. Things finally start picking up bad although hard work that we had done before planning for. A new neighborhood actually started working in public relations things like then got out how many of -- We actually have -- going and I hate the pipeline and we had two other jobs over filming inside Johnson and John if you would default media want to -- the -- this is that this would be home by Tracy and Chris if you had to get married and you could deliver -- Which deals on cars spinning. I think we'll you know the good thing about this place very roomy I'm only you know wanted to could go to wonderland and the -- Yeah I now get just do that on television -- I. But this place you looked -- for how long but two years and it's beautifully staged its already to go. Yucatan and not on this straight yes it was built -- gallery are a model home first showed debuts this neighborhood. And we had it for two years and make every mortgage payment about it. And now looking to sell the house. And out move out of -- in his back home in the neighborhood but we get away I want to get that Josh is. Work on this to it would look at it to beautiful house. Mark Lieberman our chief economist -- some numbers. That. You know at the height of the housing boom. They started builders like you start at one point 56 homes every one it was -- Overture built many more than you're starting. That it got down -- almost even back in February started inching back up be concerned that. There's too much building going on right now or would still appoint were not increased. Well like this Seymour an entry. Construction. You you you do appreciate -- thing is when inventories get backed up that's what you started to discount yet and it's going to be you know. It's you're willing to take a deal on this house on his house by the way right. I have course what we get this for our friends and I won't fit in New York two years ago I was between nine right now 699. And but just for -- for the record to us being a smaller volume custom builder. We never built that are -- at one and a half. For what was needed for that we've built as people came to us we've never been a spec home builder and that's really been about what caused some problems. Exactly and that's what's kept trouble with."

" John and Josh all appreciate your time there were cast one of us had never been inside this home."

" Have you had you had a contract and the song that you -- suggest that there is that it."

" Yeah we had a contract and the home originally when we first opened up very 29. And 29 had a contract -- would yes it would have been great and unfortunately couldn't follow through with that and so we went ahead and cancel the contract since instance we've just been sitting and we get about one person every week and comes through the house."

" Still -- recovery room for recovery let that their parents bank yet at the work. Jeff Flock out and Elgin Illinois. With John Hall -- what if you think here in it for two years --"

" What do you just given away well that's the thing though that's the whole point. Credit rising fastest selling I still see a lot of."

" Mobile living -- New York City so that when -- go home to see my folks in Atlanta and there are so many small developments."

" Of houses that are all for -- if they still have fairly large price tags on the builders are having to carry that. And pay that tax -- well I was -- but still at the same time. They're still not you know. There's still not discounting -- they're not dumping them on the market actually read it I actually went to look at one recently has a lot to do with the appraisals that you know if they drop their prices too much they won't get the appraisal value on the next. A lot that they built. And then the whole project comes out flats are out there and their -- risk but they're sick I'm like -- for two years."

" Move from housing to jobs right now and Apple against joining us want to studio here Jeff Gerber. 360 job interviews dot com Jeff welcome. And then -- Hayden whose recordings or revise it examples dot com great you website joining us via Skype and Jeff also review. One of the things you guys do is really look at -- so many people out there interviewing right now how can we make it easier or maybe even more efficient for. Bought the company doing the interviewing. And for the person that is interviewing for the job and you."

" and interesting -- absolutely first of all it is a tough market out there and one of the things that's making a little bit easier it is technology. We're learning how to change communication communicate with our friends jobs seeking. So for the most part. A lot of employers to be more economical are opting for web cam based technology and -- probably being the best went out there."

" Brands -- the -- he knew so add that both of which I will tell yet if one of the greatest web sites out there. Wouldn't know great and good job got a bunch of boxes issues under my desk from zap does now but you guys have been using Skype to interview people you don't like a lot of innovative stuff as far as hiring goes. He tells -- how that works and what people should know when they get on a state --"

" You okay what I thought I don't say that we're celebrating how -- here so I'm not exactly great being okay and pick up cat having an impact. Anything my buddy you're hot off happy Halloween. And -- here and so. And that all the accompanying we believe that we that we do you think this -- for about a year now -- we looked -- popular with -- some of our consultant until we -- email we -- incorporate -- Into other areas of business especially in recruiting. And so in February he started to use Skype he talked with them out of town candidate. Now added. You know that I'm still growing and when that's on the number candidate that we're seeing the costs associated with that can be really won't begin and as you can imagine. And so hourly figure might -- sky we couldn't really out of in VP candidate won't cut down on costs and time only a couple of my addiction to process Latin and it really had."

" Yeah that means you could basically -- bill you know the -- even cast and that over the United States. Pretty much in your -- top candidate."

" It's actually either nationally or internationally as well. We can reach out in the great thing is is very economical one of the things that people have to keep in mind is it's still an interview. You need to practice as if no different if you're in someone's office and I think that's the biggest difference that people have to understand."

" The one thing that's very difficult. Brand itself throw this out to you. Is -- you're still dealing with technology that is ever evolving and ever growing in. For example you're seeing me on the screen because our -- shot is actually stuck. -- so how how frustrating is it sometimes for you just yet having to deal with the technology that that is imperfect and when you're dealing with so many interviews. Does that gets frustrating for you and there's actually hurt your efficiency."

" You know not a dollar and you know a lot of times he is -- shut it down and bring it back up in an act. Actually gives a lot of people out there who don't know about that yet so one thing that -- gives me send them the wet -- an injunction behind it -- sky I'm on their home computer in that we possibly to return label and it also. -- that you return it back to us when they done."

" If I could have something to do that. You know one of things is a lot of times employers want to interview people to see how quickly they respond to things like technical glitches and so Frist is if there is a -- issue. Rather than having -- can be flustered. You'll be nice to observe how they cope with that and basically has. Examples -- you just three started off. Now what's interesting is once they come back online. How comfortable and come home theater -- years after that technical glitch that's a great barometer."

" Part of the interview process though. Body language. I mean if you know getting a sense of the house someone how you feel in the room with somebody do you get that feeling when the person is on the other side of the country."

" You know have to -- you. I'm sorry did you want to go ahead Jeff you -- person and bring you have to yeah get -- first. Absolutely. You can get a grade audio video Q -- you know a lot of people such as O'Brien today show in your networking using Skype so it's not an unfamiliar. Technology. And more importantly as it becomes more of a -- we want to know how comfortable you are so for instance. Tracy if you're really comfortable and Chris you're not. That's for any reflection on your ability to -- Newton I think we've certainly seen that done that that's the case."

" greatest quickly your thoughts on that. Well I was just one day you know absolutely and I'm. What happened that I a lot of times a week low. I'm silent night and I can -- American."

" just I'm worried that can you give us some good tips. For Skype interviewed you know some -- instead you don't have to wear dress pants. You probably should govern the camera falls in the past -- not wearing Obama -- what actually is a lightning issue right you don't want to be sitting in front of the window I mean this techno things that you need to know to."

" You know you don't we didn't get them out of the window actually had to change delighting in here today because the light is shining down on me and so are typical of the DN -- is elected I want to do right now adult lives down. At yourself. -- I began adding we want that we want to talk eight that they now and they -- no loud noises in the background. I I just remember what I wanted to say I am sorry. So I was somethin' that we do. It's lonely we do they interview. It will use legal posturing to start out with -- we have a hiring manager talked to the person. And so we do this guy in have you acted that and it doesn't really take the place -- think that they -- this the next best thing that we had until. You know what you're beginning nobody can't -- that normally we let out all we previously bride and and Cella at the end of the day you know we interviewed and people he has actually -- a top -- and as we still have them come and -- that they that they via."

" Sees as a secondary that makes a lot of sense -- fat and happy Halloween out there recruiting today I had that of that com. And Jeff Garber CEO of 360 job interview dot com that's the website 360 job interview dot com."

" Good suggested a sea of red thanks so much I think group. -- come back we have got to talk about GD PP -- she's going to join us and interactive Maryland and try and set everything straight. And get us to where we've got to figure this thing out don't go on."

" Markets -- 137 points right now on the Dow and as my dad used to say it's better than a sharp stick in the -- But then again if it was down a 136 points it would be better than a sharp stick in the night your dad used to -- that was one of his expressions they can't finish up sickening I I could think about it. Almost everything on earth is better than shops that India could really that expression really holds no water but you've got five market movers right now that have been pushing us up 137 point when he got the southern thing I think my that was born raised and in New York in Queens. It's at the northern thing but I have."

" Okay then the -- big loser big loser dad was an 18% earlier third quarter profit was up 54% but revenue. Totally blew it and you know what happens when you missed estimates. Stock goes down. And some important Lincoln National third quarter profit this is the first in a year rose 3.3 percent gain from an asset sale believe it or not so course question is whether they can sustain that. The delay insurer and variable annuity provider topped estimates and again you topped estimates your stock goes up -- this -- inches -- goes down it's just pretty pretty simple math there. Number three Symantec. The tech stocks are living we've been talking about -- this stock was up about 10% earlier actually. Fiscal second quarter profit up 19%. Rising margins which is actually very good sign and strong sales -- anyway for the consumer segment today I yeah. And they'd be. All that stuff LSI -- also third quarter profit surged sick but. But I'm 65 million dollar tax benefit I was plan that they Stetson. And -- you're an accountant yeah auditors and I find you know as they get -- curtain and afterward. And Akamai Technologies also up today was up about 12% last I checked third quarter profit slipped on pulling margins but. It beat forecasts and they're four cycles --"

" Lot of techniques for you today -- that you know it's interesting to you that -- yesterday that stock got absolutely annihilated. They beat on both the top and bottom lines for the third quarter was all about what they said about the fourth quarter and they say it's not -- good right now -- forecast and that's why they got crushed so. Now it's so we're actually moving in that direction the -- joins us right now from DC of course. -- receive mail on. Professor of economics and Peter let's just get very top line right now three and a half percent GDP growth in the third quarter. What do you make of that number were you surprised that it was that high and is that -- a real number to grasp onto."

" I don't get used to it it's not a real number to grasp onto a good deal that was a slower pace of inventory depletion. The shelves are turning out because American business. Has few customers. Another important part of that was the brief left we got an automobile sales and motor vehicles were full percentage point at 3.5. Don't expect that in the fourth quarter. Finally residential construction got a lift from the no homeowners. Subsidy. Don't expect that in the fourth quarter Barack Obama that there'd banging that drum campaign Obama. -- we lost 530000. Jobs this week. 530000. New claims that's deep recession levels unemployment is headed about 10%. I was surprised it was as big as it was because I didn't realize cash for clunkers would comment that large. We're going to be growing at about 2% a year there's no reason why we shouldn't about a six point bonds this quarter. Given this six point drop we had this is not a good number coming out of a recession. And there is no reason this economy can't grow quicker."

" Peter and asking about the vehicles because of hearing -- or may not be as bad. As we had originally thought into the vehicle sales is it possible. That we could see some leveling out here moving into 2010 vehicle sales we will have that much of a dip there."

" Well no we're going to have a dip we're not going to sell three and a half at a rate at three and a half million vehicles per year. We might go prom date the loan nine that we had up to about ten. But you do you think that's attending -- eleven for someone like -- to make a profit on a consistent basis and that won't be enough for Chrysler or General Motors. No I don't think we're gonna -- thirteen million vehicles the initial thirteen million vehicles a year next quarter and the they would be popping champagne they would be dancing in Detroit you wouldn't believe that hysteria would be better than anything you sir Ernest Daria. You don't want to -- time speaking. Acquaintances well --"

" and let Mae is nine million anyway so that's it's a pipe dream subpoenas and what what what look like. -- not have the home sales will not have the auto sales were -- at retail sales could not it sounds like it's going to be Graham. Look at this number and drop that much come fourth quarter. Well we're going to."

" Going to be looking at going forward through two and a half percent growth a year. We need 3%. To bring unemployment down and coming out of a recession what that means this unemployment will stay above 10% if you're an ordinary working guy it's going to be tough to get a raise its going to be even tougher to hold -- your benefits. With rising gasoline next year. The average guy's gonna be worse off. Our -- for Barack Obama as the markets like France you can go to the doctor anytime you want to -- subway everywhere except to a job. But he can't picket line phones computer here that's true that's true yeah well there."

" Yes they certainly did that could argue then that didn't Goldman Sachs might have been on the right. In the right place when they came up with this two point 7% increase because if you slap it take out the tax credit. You take out the car sales that might have been Wheeler number that what we actually saw. Actually I hadn't."

" 2%. Did it take both back out. I was even closer but the thing is it's very hard to forecast. The inventory number and that was so large a full percentage point. And it was very hard to forecast how they would account for the cash book -- how much state that that would be taken out of inventories and how much of that would be. You know taken out of it be counted into additional Consumer Spending so it was a very difficult thing to get a handle -- to -- tough number to call this quarter."

" Peter is the this stimulus in general the 800 billion dollar stimulus packages that working at all and then on -- that. What do you make of the extension now the first time home buyer credit and this -- a 6500 dollar of the current home buyer credit."

" Well I think that he extension of the home buyer credit will help. Maintain retail residential construction at the level we have just detained. Unfortunately last month that was down. And also visits to new home show rooms are down. So probably bring us up to the third quarter level which means it won't be a negative GDP but it has to go up again. To give us growth again. So you know my feeling is is that that's a good thing. But it's not about what you know -- support. The bottom line is these guys got to do something about the huge trade deficit with China. Get American manufacturing going again or not going to affect this and -- so little tiny Tim on the TV yesterday. And it was talking about it is that there was no problem how China is going through a period of adjustment in this and that and it was going to do some more diplomacy. The nailing Ted diplomacy with China is what strangling the US economy."

" PR ET I'm expressing university -- we love having you on."

" See you again they say yeah that the word up right. I'm only come back we talk about. On one clutch guy yeah I'm excited about that it is it like government waste these guys we'll talk about that if --"

" welcome back at foxbusiness.com. Live don't forget to download that great -- on your iPods you can watch -- in."

" Yes he twice as she'll Boise Idaho about that though that when updating -- it was just a Burger King."

" However that's right from the -- fast food every time a move fast food every time believe you me and I know -- mass -- my right so tell us a question today."

" On the hill was Motorola's very -- a Verizon customer myself I've been frustrated with the fact that. Verizon really doesn't have the full loans that eighteen he has -- this just face it or even. Even -- with the the palm three you know these other always -- providers come out these really cool phones and Verizon has a great network but they haven't had a cool phones. So Motorola this morning now not only did we get the drooling phone at Verizon will sell the Motorola phone to announce -- sales thoughts on it done next week but Motorola comes out and says. We're going to be in the third quarter and we're going to be in the fourth quarter coming up so Motorola. On the move and you you mentioned. The RAZR earlier they've been dying on the vine ever since the RAZR came out. Will this be the thing that actually saves them and brings them back to the forefront in terms of wireless brings them up they don't. Apple is on a different planet right now but at least it's a palm. Came from came out of the ashes the Palm Pre at least elevated Paul out of you know bullish surely going to be -- bankruptcy. Will it help Motorola and."

" I gotta tell you first of -- I have eighteen T I can't stand AT&T will that the network variety -- a lot of case of."

" Verizon actually pretty good its its own fortune I like Verizon hasn't network but I they don't have a good phones will this being sort of what bridges that gap and balance has got a great network. Now we've got the phone that everybody wants the gadgets -- all of the gadgets still. In a lift both Motorola and Farai and your gut says my gut says yes I really am my gut says but he is -- thing that might kill. It reports today also that. The iPhone may be showing up in Verizon stores as early as next year so -- Google and Motorola using the Google Intuit. They wanted to get it right away if you waste anymore time want to get this holiday season when it's -- long before iPhone started showing up. In Verizon's that was that's still going to be the number one."

" Gadget this year and not have to break down and get it but you know under the definition that I really cool at and then I can watch the morning show. On my life laden when that if you got -- better -- get up that what I -- up weight and Tom Schatz I'm up that early president of against government waste and figure out early too because there's so much government waste out there I don't know how you sleep yeah."

" It is the 24 hour day -- it exist unless. So he got stimulus but you got tax credit product awareness and I had ends when the taxpayers demand enough accountability get the right people there in Washington to stop wasting their money and that's what it comes down to. The incentive in Washington as you know is to go out and spend money and not really care what you get in terms of results. And -- spending. Really created jobs and help the economy we'd be way ahead of anyone else right now but. One point four trillion between the TARP and stimulus and look where we are."

" Todd is a big argument right now as to whether cash for clunker is works or whether it was way too expensive on -- per vehicle basis -- with this 8000 dollar new home credit that that's actually being extended. Where you fall in terms of what you've been able to discern. All on this campus. Is it really 24000 dollars per car into the cash for clunker is based on the do you -- And the vehicles that they sold they wouldn't have sold ordinarily in the same for houses."

" Well life besides. Wouldn't argue against either one of those estimates is being a waste because again any time the government gets involved it's moving money from one sector to another. It's not giving kind of a broad tax relief that we think would have been the best way to stimulate the economy. Look at the health care bill that's got winners and losers me all of this is simply more sending. Thinking that it might help somewhere. But if people don't have jobs they can't buy cars and certainly there was. Some help there but then you saw a lot of dealers I think some of whom probably still have been paid. Doing this on their own to get people into the showrooms and because if they want to sell cars they should create the discounts. Not people that already have cars who subsidizing those that are out -- buying them again it's a transfer from one group to another that money. Didn't come out of thin air came from you mean everybody else who may not have gotten another car."

" Tom someone -- and said I think we need an accountability czar. Isn't a lot of the problem though the way these things are -- in day -- right you know stimulus bill this new tax credit for homebuyers. In their haste they write to get it out they keep -- all these loopholes are open because of it. And it's just I guess human nature to take advantage of a loophole if you find one -- fraud."

" I love the four year old who applied for the credit that was one of my favorite yeah nice and easy I think what we know. And and say you're right there are let's at least say they have good intentions on occasion here in Washington they're trying to do something that's not always the right thing. But they do things so quickly. That's one of the reasons that everybody's demanding that 72 hour review of the health -- bill and I've heard a lot from senators by the way saying there's no way to send it will do this in three days. Or three weeks they're going to take their time there will be debate and that's the way if they're going to pass any thing. They should do this what they only in Washington about three days a week some people argue that's a good thing. But it doesn't really give them the time to consider everything that they're doing and how they're putting these things together -- someone says a thousand dollar tax credit let's not worry about. Who qualifies with just get it out -- and you see this waste."

" Yeah and -- just reading through the -- report on. Yeah how many vehicles really would have been sold anyways -- without cash for clunkers and that's how they derived -- thousand dollars per vehicle with a 24000 dollars per vehicle rather split. How how much more my question is how much was it really because every dollar that the government spends it seems like it's ill. Ul -- that many more dollars that are actually being taken away to get to that dollar spent on the -- consumer do you understand that the innovator -- so great. That for every dollar that goes in the end consumer's pocket and just a good case that might have taken fifty dollars of bureaucracy and paperwork to get to that point."

" Again they had to hire a lot of people to process the paperwork -- have enough people that's -- the deal -- got upset. You know we've looked at a lot of different areas of waste in the stimulus. And the broadband grants that we just released this list of 23 applications that we consider to be wasteful. And one example is 81 million dollars for the California broadband cooperative. To bring broadband service to 400 homes it's 202500. Dollars per home and I doubt the homes are even worth that much. Some and by the way they're seeking a 100% funding. If they can't even come up with a 20% match messages he rejected outright. I got another one in Delaware. The company says there almost 400000 unserved and underserved homes each category 4300000. Dollars 300000 homes I mean. In the whole state. -- you look at this stuff and they've got four point seven billion dollars to spend by the end of September of next year they sort filling their money out the door just about anybody can come and again it."

" But Tom this is always good I have questioned this and I know you've been on scoreboard about -- time talking about all the pork that's out there. You know stimulus packages -- word. Parks in states and stuff. -- do they think port eightieth. Do they think we're not going to catch on to this do they think we can't do the math and figure out that you're spending 200 grand per household I'm not she is is. Is that it."

" What they don't suffer consequences when somebody does something like that. And it's in a company that person doesn't keep their jobs now the company wouldn't do this in the first place because they go out of business eventually. But you have to look at the incentives this is -- business network people take risks and they get a reward. It's really no risk in spending the taxpayers' money because that's what members of congress think we'll get them reelected. So we have to change that so that they understand that there's a penalty meaning they don't get reelected. If they go spend too much money and so far we haven't really seen in other Republicans lost majority in part because they spend too much let's see what happens with. Even bigger spending -- of the Democrats and whether taxpayers do something next year in the election."

" Tom you and I and Tracy we're all paying for that 8000 dollar first time home buyer credit so that our friends and neighbors can go by Alice. My name is because my name's -- apartments they rent. But how much more. Is that 6500 dollar credit going to cost all of us because now don't you bring a whole. Slew of people to the party out of we didn't have before a great number it would seem like to me."

" Well we may run into the same problem we had with people going underwater in their mortgages and buying a home they really couldn't afford because of this credit. Look one of the reasons that housing crisis came about is there were too many people I couldn't afford to buy a home who were being told and given incentives to buy a home. I think nation live somewhere they just shouldn't have been there in the first place so -- to really watch this as well and see what happens with those people. And whether or not it's quote in Fort Worth the 8000 dollars to get them into Oklahoma and I don't think we're going to see good result out of."

" This now because well they're doing intern now common prices albums and -- up. Just to offset the fact that they -- getting credit so the whole thing makes no sense that they just let the market settle on its own. Tom Schatz president of Citizens Against Government Waste you do such an amazing job of keeping track of the pork."

" Thanks down thank you and by the way a bullet that was view. Yeah idea skateboard parks -- got a thrash all right we can't do when it was hit with parties if it all right if you read it lacked."

" A government official because of escape -- park and come back you know -- the attention of local people I know what to come out even as he's a big fan of -- he's going to join us here coming up."

" We'll be right back."

" But back about the business that com live. Someone now thinks we should have a --"

" are now -- about forty yellow many ways -- might as well -- the skateboards and you know a lot. If it isn't my neighbors sitting to my left your right across the television I have never good is under the same roof I know -- we -- out now any man to play what we're going to have a building. -- the phrase comes out as a wrong phrase that's exactly right good good words on your part David hasn't and I live in the same building that you -- actually do. We took the same dormant in their Christmas and he a lot of my guys who only got about a buck fifty. It's all got pocket. President okay thanks the government waste that's all I got that way that's what it's all about -- go another way you don't you have a -- dare treat you right in front of you should take that way doesn't look like that attract. Yeah okay. -- yeah. Yeah is that napkins -- and professional. David you've got to really choosing series coming up on America's nightly scoreboard you actually involving the viewers we're trying to get."

" try and where we've got -- detectives on the alert I mean there's. The waste starts at home you know literally at home I mean you've you've watched -- because you you don't want to spend money and stuff you don't use and stuff that breaks down and stuff that's useless. You want to get the biggest bang for your buck so it starts at home. It expands from mayor outs from outside your home it's it's your neighborhood you know if you got a neighbor that's that's -- garbage on his -- bring -- down your property value you -- you get him to do something about it then it's your mayor. If you find out that the mayor's you know has it's his mistress on a payroll you want to get -- about you want to expose an immediate. So it goes hour now and eventually it encompasses the federal government that's where the trillions of dollars are -- course that's where we've been focused but let's start at home let's start as close to the the home that we can get in terms of our elected officials. And reading detectives people out there like you folks if you see waste in your city government in your state government or even from your purchase you see it happen and in Washington we want to know about will put John error and you could be our star scoreboard."

" Email examples -- you send pictures whenever senator that address the other utilities. We simply can't get no I'm talking about billions and trillions as you sit at the federal level and we're always asks. How does it affect me yeah this is a way where we can all learn how it affects each particular individual and each fan."

" Run again familiar couple million here and there is nothing compared to the trillions that they're there wasted in Washington I should say it's not always but it's a lot of waste. But it starts at home and do the revolutionary movements that occurred we are continuing revolution we didn't just have one we have one. Whenever we needed it within the confines of her constitution. The anti tax revolution that took place with the debt and with the Reagan revolution. That's started in California -- Howard Jarvis who was a local guy decided to local taxes were too much local property taxes. He eventually got in these procedures in the late seventies and California. To lower taxes in a level that still affecting. You know the way that they pay taxes in a good way in California and it expanded from -- to the whole federal level so it starts at home that's why we want to begin."

" It's -- so out of hand and I just commented about my home state of New Jersey that it ranks right up there as far as corrupt goes with Chicago unfortunately it does I'm 'cause I will die in New Jersey but it is throughout this crap comes I hope you never die -- way it will be -- a but the problem I think is. When times are good we didn't notice it and we didn't care so much and now it's gotten so out of hand people feel like I can't stop this which you know that always -- that."

" That's the cycle it's a role because always happens we get fat and happy. Yeah -- when we get fed and happy sodas the government. And then we begin the government spends so much that they put us all in the poor house and then we focus on bill wasteful money that they're doing and that we vote him out of office serving that is the cycle that we go through. Every 101520. Years whatever it is in the United States and were in the cycle now where will put the focus. On the government pigs and and I use that hit their literal sense that people are spending money like pigs in the trough and they've they've got to stop and we've got to be the one."

" So -- elections coming up Jersey Virginia -- do you think we're gonna vote out the."

" Well from New Jersey as you know were very well as you get this third party candidate in there is drawing votes away from. The guy who wants their cut taxes some people suggest these isn't a Green Party candidate by the way he's that he's an independent and -- testing is being backed by Corzine to throw the vote but for whatever purpose and I it looks like Corzine might pull that out. So we may have more of the same in Virginia not so the folks are more focused on."

" make it a big change do you think people really feel like they can't make change because I know we sell -- tea parties we really have seen over the last year things are a little different. But I still get the sense that there are millions and millions of Americans -- just feel like they throw their hands up and say there's nothing I can do that led. That the -- are going to do what they want to -- on Capitol Hill they want the election and from that point on for at least two years maybe four years they have control things there's nothing -- can the inventiveness."

" of the American people is far greater than any collection of geniuses inside the beltway so the tea party was a reaction it -- to what's going on the affected. That congress which -- spending by without any consideration what the folks out there thought. That's just one the way in which you can challenge the did the powers they're going to be other ways that the American people are gonna come up with. We hope that our -- detectives can maybe begin something in terms of empowering individuals out there use us use Fox Business if you spot something that isn't right if it maybe it doesn't spat smell right maybe don't have all the evidence and maybe it's just the beginning of an investigation but use us we would love to be able to put -- on air and exposed what you have found to be wasteful spending in your commute."

" And again it's scoreboard feedback at foxbusiness.com. -- we we've seen in a little when we saw this. You know Medicare Medicaid generation come around full force right -- fight against his health care reform why do you think fox."

" Is the focus or the target I should say of the Obama now. Operation people it's because we have a facts because we if you if there's stuff that we expose whether it's Acorn and the nonsense they're doing -- people. Who were appointed George who shouldn't be appointed George. We put the spotlight I'm for all they're saying about whole -- is exaggerated Fox's hysterical fox is this guess what happened. We we had a a measure to get rid of Acorn in both houses of congress. All of those -- we're focusing on -- number of them."

" Are are now either gone or about to go so we have power we have an effect and that's why some people think we're the enemy I think you should read books are. No no no no no no cars and you know are revolutionaries. -- to -- every night at 7 o'clock David as of course the red ink. Detectives unit to candy -- Halloween this year death about these -- about buying it got hit yeah on Galveston in my death I'm not yet he doesn't spend any money for any sign up as it up 54 Dorman I'm serious. -- let things that. --"