tv Bloomberg Markets Bloomberg May 15, 2015 3:00pm-4:01pm EDT
help from carl icahn. why he is betting on the start up instead of our tribal uber. record labels are not happy with free music services. why a company thinks it might have the solution. good afternoon. i'm scarlet fu here with alix steel. x: stock split much flat on the day. still at a record high for the s&p. lumpy data,really consumer sentiment falling, then not doing anything for stocks. we are seeing utilities and energy do really well today. scarlet: not a whole lot of
participation. volume is off by 12.5%. let's take a look at treasury, rallying for a second day here. alex, you referenced the lumpy data. before questioning whether the fed can raise rates -- september still a possibility, but maybe it gets pushed to december. alix: that is really affecting the dollar. it was rallying earlier, but then we got that consumer sentiment and then you saw the rally, from there. septembererica said is the earliest rate hike, but the risk is skewed to later. here on oilk in prices, i mentioned bank of america is now seeing $50 oil because the market is continually oversupplied.
i keep seeing figures between 1.5 and two million barrels per day. [indiscernible] there is a twitter handle for that, @ rig count. in boston, a federal jury has reached a decision in the penalty case of convicted marathon -- boston marathon bomber, dzhokhar tsarnaev. three people died and more than 260 others were wounded in the 2013 attack. amtrak service may soon be restored in the northeast corridor. the last two mangled cars from the derailment disaster are the tracks. track at powerline repairs are underway. track expects limited service between new york and philadelphia to resume on monday, with full service targeted on tuesday. service was stopped after a
speeding train went off the tracks and philadelphia. president obama said the crash points to the crumbling of america's infrastructure. president obama: until we know for certain what caused this tragedy, i want to reiterate the we are a growing country with a growing economy. we need to invest in infrastructure that keeps us whenway, and not just something bad happens like a bridge collapse or train derailment, but all the time. alix: the u.s. marines say it is too soon to say what caused one of their helicopters to crash during an earthquake relief mission. the wreckage was found near a remote nepalese village. authorities believe there were no survivors. >> he will not affect the ongoing mission other than the fact that we will continue to mourn the loss and observe the sacrifice of the great soldiers from nepal and our marines who lost their lives. we will continue executing relief. militaryut 300 u.s.
personnel are taking part in the usaid missions in nepal. a refugee crisis is growing in southeast asia. more than 1000 immigrants came ashore in thailand and indonesia today. most of them were a muslim minority from myanmar who were denied citizenship there. thousands of migrants are believed to be stranded in traffic or's ships, waiting for any country to take them in. alix: mr. carl icahn is rising the stakes in the battle between uber and lyft. icahn has put $1 million in -- $100 million in lyft. consumer confidence has fallen by the most in two years. news at the u.s. economy had stalled in the first quarter shook a lot of americans outlook.
the increasing price of gas since march has hurt and people are more worried about losing their jobs than at any other time since 2009. alix: in columbia, the government has defied u.s. cocoa spraying has been going on for more than two decades. health officials have said the herbicide used to spray colombian cocoa probably causes cancer. chinese hackers have forced penn state to unplug the computers in their engineering school. the university disclosing today that hackers have been sifting through computers there for about two years now. the university developed sensitive technology, and the research is being developed for commercial applications. this breach suggests that [indiscernible] could be using universities as a backdoor to commercial and defense technology. the art world is never seen anything like this, this painting went for $50 million last night at christie's. it was an auction record for the modernist painter.
since may 5, $2.7 billion worth of art has been auctioned at christie's, chevy's, and phillips. that is $400 million more than the record set last november. coming up in the next half-hour, it has been a week since david cameron won a second term as prime minister in the u.k. election. we will break down what that means to the economy. after days of filing the question of whether he would have invaded iraq, jeb bush finally has a reason why. a lift.s why billionaire investor carl icon jumped $100 million into the company. scarlet: earlier this week president obama renewed his call to close tax loopholes enjoyed by wealthy hedge fund managers as a way to reduce poverty. president obama: the top 25 made more managers
than all the kindergarten teachers in the country. if we can't ask from society's to just makers that modest investment, then really this conversation is for show. alix: the president stands on closing the carried interest rupaul is ruffling a few feathers on wall street, to say the least, including the cofounder of home depot. erik schatzker and stephanie down with him today. guest: we have a representative government, correct? let these people who think the law should be changed to make sure they vote the change of the law. erik: i think that's what he's trying to do. guest: all he's doing right now with that demagogue is say rich people take advantage of you. guess what, he said the stages. these are the best times in my life.
i could go to certain banks and they will pay me money to borrow money from them. go to germany. this what? i did not set the stage. they did. he did. erik: he said the stage for negative interest rates? stephanie: he has a great point. who created qa? -- qe? erik: the federal reserve. stephanie: washington. he is trying to say, the system was-- qe? created after valuations went up. how is that their fault? fault? erik: i'm not suggesting it is necessarily their fault. come on, please. i'm suggesting we look back at the historical record. [indiscernible] who was in office during the credit bubble? it wasn't president obama. stephanie: george bush heard -- bush. guest: who on the floor of the house said, every american has a right to own a house?
barney frank. said they scolded the banks, how dare you. you know what redlining is? it is not done by race. it is done by economics. if you have an area where there is nothing but abject poverty, how can you loan people money and poor people can't even buy food? but barney frank said sorry, you are an american. erik: hang on. we are blaming the credit bubble on barney frank? stephanie: there's an argument to be made, yes. the banks are culpable, but they are not the only -- erik: a lot of people bear responsibility. guest: you just said it. there is enough blame to go around for everybody. you can't sit and say bush -- erik: i did not say that. the point that you were effectively making is that we
can pen quantitative easing -- guest: i'm not making that point at all. my point is more basic. trough. are out the erik: i think lots of people can get behind the idea that american politics is a broken system. guest: agreed. collectively congress and the financial system bears responsibility for everything that has gone wrong. guest: we have a broken system. we are not going to fix that until we get term limits. can we only blame the wealthy and financial industry for this? erik: i'm not. stephanie: if 2003 -- in 2003 if a bartender said i'm going to buy a house -- erik: who blamed america's ills on the wealthy? [indiscernible]
he was talking about the resistance he believes the hedge fund community has put up to closing the loopholes of carried interests. stephanie: these are lottery winners. guest: you are an honest man. he't you think the way that framed the issue -- there's a lot of people out there who say, these horrible human beings who get richer and richer every day -- do me a favor. erik: i have no idea what value the president sees in demonizing wealthy people. i don't get that. that is my honest opinion. tryingnds on who he is with.municate if he is trying to persuade congress to close the carried interest loophole, favorable tax treatment, i don't think that is a great way to go about it.
guest: you hit the nail on the head. how did they do it the other day? my not call the top 50 hedge fund guys in the white house, sandwiches and a beer. hey, guys. let's talk reality. what do i need to do to get you guys to understand -- you are giving money away in huge amounts. guys, let's put some skin in the game. that is a you sell people to you don't humiliate them. this is humiliation. these fatcats, look at what they are doing. the tragedy is the people he's talking to don't understand the mechanism. you understand it. he spun it as if it is everything. scarlet: a very fired up can langone -- ken langone speaking. he doesn't have a horse in
we will bring you the headline as soon as we get it. let's go straight to julie hyman with a look at the financial markets. we have 45 minutes left of trading to go in the day. julie: we do. there is suspense as we get towards the closing bell of the week about whether we will fish high or low. if we see any kind of gain today, he will be another closing high for the index. is trading higher, by less than a point. any gain would be enough. in terms of the balancing act we are seeing in today's session, utilities have been doing the best today as we have been seeing yields push lower in the treasury market. financials are down about half a percent. i mentioned the 10 year. let's take a look where it is trading right now. we have seen some buying in the treasury market today, and yields down. that's after we got that consumer confidence reading this morning from the university of
michigan that show the biggest drop in two years' time. raising some more pessimism economy. u.s. applied materials are up on better than estimated numbers. manteca and dillard are taking a hit today. scarlet? scarlet: thanks so much. alix: the world's wealthiest university is spreading the wealth. harvard paid the top six managers of its endowment more than $49 million in 2013, 50% increase from the year before. harvard has a $36 billion endowment. the second worst performance in the ivy league. scarlet: chiles once to appeal to the social media crowd. as you know, diners like to take pictures of their meals and the results on twitter or facebook or instagram. chili's says it pays attention to how food is
presented these days. scarlet: johnny depp and his officials had threatened to put the dogs down if the couple did not have them removed from the country by tomorrow. they say the couple did not declare the dogs to custom officials when they flew into queens land on a private jet last month. australia has strict animal quarantine laws to prevent importing infections. alix: it could harm and spread disease if you import them without these regulations. scarlet: what happened to johnny depp's entourage? those are your top headlines. alix: it has been a week since we learned the outcome of the british election. arelet: when all the votes counted, david cameron's conservative party won.
the previous weeks had an effect on the british economy, as we explain. reporter: look at that. point 38%. conservatives were happy to claim that was a referendum on their performance in the election. everyone was so certain the outcome of this election would be uncertain. in the end the conservative party went 331 seats after -- out of 650, giving them that governing majority. prime minister david cameron will remain prime minister david cameron. of manynot the outcome economists and executives expect businesses hate uncertainty. was a hugeek period drag on the economy leading up to the election. the gdp figures have been weak. confidence among businesses has been falling. trade data has not been that great either. two of the biggest problems in britain are wage growth and productivity. u.k. workers on average are 20%
less productive than workers in the other g-7 countries. when you look at the productivity gap, it is at its widest in more than two decades, 1992. sense 1992 -- since seems like the energy sector is happy with the result, as our utilities. when you look at sectors not performing well in the u.k., they are manufacturing, construction. these are not back to where they were before the recession. before the election, deloitte surveyed cfo's at the largest companies doing business in the u.k. and asks what the risks were that they were most worried about. postelection policy change was number one. they were worried about political uncertainty. got smiles all around. but number two on the list of things to worry about is the eu and uk's membership in the eu, whether the u.k. will decide to leave the european union. david cameron promised on the
hard time disagreeing with his family in public at a press gaggle yesterday. he said, i'm not going to go out of my way to say my brothers did this wrong or my dad did this wrong. it is not going to happen. i have a hard time with that. i love my family a lot. scarlet: joining us now is the bloomberg politics managing editor and host of "with all due respect." that was the answer, i love my family a lot? guest: there are two questions. if you knew when you voted for the war that the intelligence was wrong, would you have supported the war? no one is for that. the question he has now answered or seems to have answered is, the war was started on faulty
intelligence but on balance, do you think it was a good idea? to the benefits outweigh the costs? dick cheney thinks that. jeb bush now seems to have thought that. but these are cop located issues on substance and psychology for ated issues on substance and psychology for him. alix: is there enough time between two bushes? mark: everyone in jeb bush's world would tell you this is a question for voters, and he will have to deal with. let's remember, who was the last republican president? his brother. if the last republican president with george bush's record was not his brother, he would still be asked a lot about it, and he would handle it a lot more easily. scarlet: other candidates talking about this, jumping on it -- mark: they are all jumping on it pretty aggressively. frustrating to jeb bush. he thinks their positions are not any better than his. this is why jeb bush has the burden of being the front runner. everyone thinks their chance of
getting to the white house, winning the nomination is a lot easier if you take the guy with tens of millions of dollars off the table. they would like to won't jeb bush. -- wound jeb bush. scarlet: mark halperin, thank you so much. "with all due respect" airs at 5:00 p.m. eastern tonight. alix: i'm saying goodbye to you. thank you for joining me. scarlet: anytime. thehand you will keep an eye on headlines for us, on the sentencing of dzhokhar tsarnaev. alix: there is lots more coming up on "bloomberg markets day." ♪
the federal jury has reached a decision in the boston marathon bombing phase for dzhokhar tsarnaev. they will announce whether he will get life in prison or faces the death and all t. three people died and more than 260 others were wounded. we're going to julie hyman. remember, the boston marathon bombing, 2014, did kill three and wounded hundreds. as the jury was delivered in, one of the things they had to consider were so-called mitigating factors. did he express oremorse? was he still beloved by friends and family? in some cases the jurors said indeed he did feel remorse, he was still valued by his family, but those factors did not seem to be enough to counterbalance the horrific acts that were committed in this bombing.
again, dzhokhar tsarnaev has been sentenced to death by that jury related to the boston marathon bombing. alix? alix: julie, thank you so much. we do have an interview for you. the former white house roger, whatrism -- is your reaction to the verdict that dzhokhar tsarnaev has been sentenced to death? roger, can you hear me? we are going to work on getting roger back .again, to recap the headlines for you, boston marathon bomber dzhokhar tsarnaev is sentenced to death, and julie, i can point out that this is about three weeks at the jurors heard testimony, and in the decision was reached actually quite quickly. julie: yes, it was reached , eveny, and even knowing the deliberations since they began, since 3:00 p.m., they have been going through and
reading this verdict and recounting the various counts here on which he has already been convicted as they try to determine whether he should receive this sentence. the jury with seven women and five men. last month is when the conviction came. tsarnaev is only 21 years old. he was convicted of all 30 chars ges against him. 17 of those can carry the death penalty. they do take 14 hours to reach a decision, but in terms of the overall length of the jury, it is the first time a jury has sentenced a person to death in the post 9/11 era, at least according to the "new york times ." this narrative on a tsarnaev, on the one hand he is a cold-blooded killer, a terrorist, that is the case made by the prosecution. the defense, however, portrayed him as someone who fell victim to the jihadist views of his older brother.
his his brother was really the mastermind here to that is what they try to prevent him from being convicted, from being sentenced to death, but that strategy seems to have been ultimately unsuccessful. alix: julie, you mentioned 17 counts of death penalty that were being delivered it. at least one you to be a unanimous vote in order for the death penalty to go through. we were looking at three weeks of testimony were the defense called many people forc tsarnaev's side as character witnesses. was 19 when the boston marathon bombing took place. again, he is sentenced to death as julie reported. in these cases when folks are sentenced to death related to these kinds of crimes, likely there will be some sort of appeal. that is what we have seen and
sentences,he death among the deaths and is is that we the united states related to terrorist acts, most of these people have not yet been put to death because of the appeal process that tends to follow. we will see in this case how quickly that appeal might be filed and then how long that process ben takes. alix: now joining us on the phone, roger cressey, former white house counterterrorism official. what is your reaction to the news? frankly surprised feared i thought the defense would be able to turn one juror and get a life sentence with no parole. it really says a lot i think about the prosecution's presentation during the sentencing and also where the jurors were. this was by all accounts and what we've seen of recordings inside the courthouse a very
strong and methodical group and how they conducted their responsibilities. surprised me. as your correspondent said, there will be a lengthy appeal process here. could be years away before any type of final decision is handed down. alix: also joining us is "bloomberg news" reporter caleb solomon. what is the reaction in boston to the news? b: it is hard to generalize but i imagine there is a lot of relief however came on today that even with this verdict that it least it is over for a lot of people, there is finality to it. it is only a couple of years old, but when the trial began, it brought back all of the details for a lot of people in boston, brought back a lot of emotional reactions of all shapes and sizes, so i think there has got to be a sense of finality for a lot of people. mention, buty you roger, you said there will be in
appeal process. how does that wind up working? what will the appeal look like gecko how long could it drag out? on scheduling,ds the actual calendar dates for the federal court, but because this is a federal case, they will bring it up to higher court. it will go through circuit court, and it could ultimately be heard even by the supreme court depending on the circumstances. taking the death cases and the death penalty forward has proven to be a very lengthy process. even in non-terrorism cases. given the high profile circumstances, there is no doubt the upper court will look at this very carefully and really take their time. thee is ultimately -- if conviction and in the sentencing of course is not overturned, then certainly they will move forward with the death phase, but you are looking at several years at least. alix: definitely not over in
that sense. caleb, can you talk about the last two years and what this trial is meant to the people of boston? caleb: as you know, the boston marathon became a global event that people watched the heart of boston,ere in here in the marathon touches so many people in different ways. everybody is either running in the race or knows somebody who is running in the race, has contributed money to somebody who is running in the race, so it is such an emotional event, the horror of it all. most people are one degree of separation it seems from the actual tragedy itself and may have actually witnessed it in real-time, so the trial bringing back all of those memories was really challenging for a lot of people. it had receded somewhat, and out his back. i think with the verdict today, even though there is likely to be an appeal, the appeal sort of moves off into another court, into another realm, and for a lot of people, this will possibly start receiving from memory and little bit, at least
some of the scars from it. that i should point out massachusetts governor charlie baker will be holding a press conference at 4:00 p.m. regarding the decision, the deaths and it's for dzhokhar tsarnaev. roger, this is the first death penalty case in the federal courts since 9/11. why is that significant? roger: it's beast to the uniqueness of the tragedy and the fact that it was terrorism on the united states soil. it was targeted at what we call a soft target in the counterterrorism vernacular. i think all of those did have a significant impact on the event that we see play out today. strongalways been a proponent that civilian court systems are the right way to try terrorism suspects. see the vast majority of
international terrorism suspects who have been tried and convicted in the united states at the super max prison out in colorado, and it is a strong and very well understood process. and it is yet again another example of what we have seen here through the trial, the conviction, and now the sentencing, what these civilian court system can do in the prosecution of terrorism cases. we step back and look the bigger picture here, this is a great example of how our justice system performs the right way. alix: with your experience as a former white house counterterrorism official, does this and the right kind of message as a deterrent in the terrorism world? or what kind of message i think is the better question. very fairis a question. frankly i am not a believer that what we do any justice system deters anybody in the terrorism business by and large. people who are willing to kill themselves or kill others in the process are not going to be deterred by life in prison or a death sentence. what it does is it reflects our
sense of justice and how we as a country promote our values and our beliefs. i think that is the message that you want to signed. -- to send. now, for the core groups of terrorists interested in targeting the united states, it will not deter the middle. but for our -- it will not return them at all, but for our broader allies in the recipe international community, it is really important. alix: you make a great point. also joining us as tom rooney who joins us on the phone, boston bureau chief. noticed? if you tom: this is a huge surprise to a lot of people, it is a shock, but this was unexpected. we have victims. in this caseictim was the little eight-year-old boy, martin richard. his family came out with a very eloquent but early statement saying we do not want the death penalty, not to show mercy, but
spare them the lengthy appeals process. these people have been in court every day. it is not want to wring themselves to this idea. the city heard that argument and took it to heart, and is comes, as i said, as a big shock. certainly there are people who say death is really the only solution for what this young man and his brother did, but have to was you in boston, it totally unexpected, and there are a lot of people frankly upset by this. alix: it will drag out, to your point, so people cannot really move on? it: i did not understand until i read the letter that the richard family composed, and then other victims joined in as well. these folks have been so fastidious in being in court every step of the way, they understand, as a lot of us do, that this appeals process will go on for years, select one
point can you put this behind you? this was their argument. they said we do not want the death penalty. it does not even get to the death andof life and what is just and not just. it was really to spare them continuing to grieve and to deal with it. right, everyone, thank you so much for helping us break down the headline -- dzhokhar tsarnaev has been sentenced to death. i want to thank roger cressey, former white house counterterrorism official, as solomon ofeb salom "bloomberg news," as well as tom moroney. "bloomberg market day" will be right back. ♪
alix: welcome back to the "bloomberg market day." i am alix steel. a federal jury has convicted boston marathon bomber dzhokhar tsarnaev. penalty.ace the death jurors still liberated a total of 14 hours before making a decision. the federal jury try to -- the federal defense try to argue that he was under the sway of his older brother. the attacks left three people dead and more than 260 wounded. editor at large caleb salomon joins us now and boston terrier caleb, you were talking about the appeals process and how that could drag on. -- joins us now in boston. caleb, you were talking to the appeals process and how it could drag on. the death penalty is so rare in these cases. after the surprise, i'm not
quite sure how people are going to react to it. there is clearly a divide in the area. there is clearly people who are very much wanting a death penalty, wanting finality, thinking that this crime merited the death penalty. then there is a significant the death feel that penalty is not appropriate in a matter what, and that is a vocal piece of the community, too. it is hard to imagine how this will play out over the next few weeks. talk about the surprise element here. people do not seem to think he would get life in prison. caleb: that was the expectation. the death penalty is in fact very rare, and there were such vocal outcries against the death penalty, as noted. including from the parents of a victim, of an eight-year-old child who was killed in this attack during their seven-year-old daughter, who is still alive, is badly hurt in a
silver covering, as are the parents themselves. badly hurt and is still recovering, as are the parents themselves. it made a lot of people think they had to stop being reflected in their thought and they had to think -- where do we want to go? is the death penalty appropriate or not? because it became such a surprise, the ruling today, i think people are going to be unsettled and not sure how to deal with it. alix: absolutely. joining us also, tom moroney. talk to us about the time that this happened. deliberationf around a, 14 hours until the decision was made. right.leb was absolutely he has a good sense of the city. i will also say this -- the thing that convinced me that this is not what we would expect today is that there were so many legal hurdles. the paperwork seems to indicate turn, you had to say
ok, we will go to the next step. there had to be a unanimity to the decision made about death, and in fact there were. that was the other surprising thing. a far as tiny shows, it was laborious process for those involved. we knew that those folks, the richard family that caleb talked about, they relive this everyday. in you know, we had hoped some sense, the people of the city who agreed with the richard's were saying you know what, yes, it is time to put this behind us, this guy will be in a super max facility, the eds made that clear that
this would be hell on earth for this young guy in order to spare him the death penalty. that went a long way in boston, i think, to say ok, fine, if you're going to put him away, and he will be out of our lives, then we are good with that. so i do not know. alix: right. i should put out that massachusetts governor charlie baker will hold a press conference at 4:00 p.m. regarding the death sentence. caleb, being the former editor in chief of the "boston globe," you have a really good perspective of what this means to the city of boston. what do you want to hear from the governor at 4:00 p.m.? caleb: i think what people are going to want to hear from the governor is his reaction, maybe a sort of a calming influence. i suspect the governor baker is going to try to put a bit of a n end to the chapter on accurate and there is a feeling that this of time,n for a period but to a lot of people, they will think justice has been -- a
decision has been made. people who were not directly , whoved in the attacks were not directly victims, i think it will start to receive a bit from memory, and then, you know, climb up, rise and fall as the appeals process goes on, but this is certainly a major, major event for a lot of people to be able to move on. alix: absolutely. gentlemen, thank you so much, caleb salomon, editor at large of bloomberg news, and also tom moroney, boston bureau chief. "bloomberg market day" continues. stay with us. ♪
by the most in more than two years. is the economy and worst state than we thought? why are stocks at record highs? joining to break it down is carl riccadonna and michael regan. carl, paint a picture for us today. reduction was bad as well uniformly across the board. what does that mean for the growth of the economy and gdp? well, there are signs that we are growing somewhat, but at a very slow pace. this is not 2014, we will not hit .5% rose, we will be lucky hitit 2.5% -- we will not 4.5% growth, we will be lucky to hit 2.5% growth. on top of what you highlighted also in the report is the utilization backtracking. this is a driver of business investment spending, so if we are looking at not only q2 but the broader outlook for the economy, we are looking at
domestic drivers. we are looking to consumer spending and business investment to largely drive activity as well is bit of housing as well. consumer spending, moving at a very slow pace, as we saw, and the capacity use actually diminishing, so it will be a housing story and a consumer story this year. that is probably not enough to get us to the growth rate. alix: bank of america is now down to 1.2%, -1.2%. mike, why are stocks up so high? you are going to say goldilocks, and i will have to come slap you. [laughter] michael: it is almost worth it. in some ways, stocks are a slave to the asset markets. bond yields were going higher, proxies, of bond utilities, stocks, companies that do not pay the best dividends in the market, left
the market last year, and they were on the downside with rising interest rates. now it is sort of a guesswork about where that trend in rates is going. the last couple of days, rate have back down a little bit, so we are seeing that come back up. it is bad enough to bring the s&p to a record, but it is not what buster here. it is really a slow, steady chain. alix: what about the fed rate hike? carl: june has slipped off the table, and janet yellen may put the mail in the coffin of the june rate hike hoax when she speaks friday. july is a possibility. i think they can still sell donearkets on a one and rate increase. basically it is a coin toss for
even september. alix: mike, are they nailing it in the market has to come down expectation? michael: everyone is waiting to see what the next big trend is. the dollar has weakened significantly. ates have gone back down little bit. talk about spending in the well-defined trading range for a while, it is peaking a little bit above that right now. alix: will we hit a new record? we are moments away from finding out. carl riccadonna, michael regan, thank you for joining me. coming up on "bloomberg market day," we could be looking at a new record on the s&p. we will discuss when we come back. ♪ and choose world
so your sleep goes from good to great to wow! now we can all choose amazing sleep, only at a sleep number store. save $500 on the memorial day special edition mattress with sleepiq technology. know better sleep with sleep number. alix: it is coming up to 4:00 in the afternoon. here in new york, we are close to the closing bell. this is "bloomberg market day." i am alix steel. ♪
and we did it. another record on the s&p, by one point. second day in a row that we are looking at another record for socks. the s&p unable to keep its intraday record yet, 2125, but another record for stocks. i have got to say it is a pretty yucky record. it is not really moving that much. joining me now is joe weisenthal. joe, we keep getting the bad data. everyday i am saying record high, and where up, what, a couple of points? it is not a huge takeoff. joe: yeah, it is basically the same story every day that we have been getting for, i do not know, 60 years now. which is the data is not that great, but it is not that bad. alix: