tv Power Lunch CNBC February 16, 2010 1:00pm-2:00pm EST
remained flat. regionally, builders sentiment improved modestly in the midwest and south. slight declines in the northeast and west. >> thank you, mary. i'm tyler maie mathisen for "po lunch." i'm with dennis kneale. sue herera is off today. i promise you she's there with a special guest. folks, numbers seemed a little bitten couraging about home builders, liked a little bit what they were seeing. >> we'll be talking about this later but the simon properties deal, that seems to be movement in that real estate marketplace. >> we have guest tonz talk abs n the drop. >> that was the next shoe to drop. >> i was in florida over the two place drop a little bit there, and a huge condominium, right on
the beach in north miami beach, has 20 units filled. they are in foreclosure now, so much overbuilding still in that market down in south florida, it basically calls into question how robust the recovery in housing can be in certain markets. >> at the right price, you would buy. >> at right price i would buy. it made me think, is it time to get into the business? >> we're seeing that in the business all the time. hollywood, luxury condos in foreclosures and the buildings aren't finished yesterday. what's the opportunity to sweep in and buy it. >> before we go out to michelle, stocks are powering higher thanks to kraft and abercrombie & fitch. c comedies showing strength. oil up 2%. copper higher. aluminum high, goal stronger, too up over $27 an ounce, thanks to weakness in the dollar versus euro. more on the markets in just a
minute. s as promised, let's go out to vivendi where mis vancouver where michelle is standing by. >> here in vancouver at the olympics. i'm sitting with the chairman and ceo of coca-cola member of the dow 30, big sponsor of the olympics since 1928. great to have you here. >> good to be here. >> you're a huge fan of the olympics. we'll talk about it in a second. first the news happening lately. you ran european operations for coca-cola for a long time. how concerned are you about debt issues rocking europe and what it's going to do for your country and for your company and the global economy? >> well, i think there's no question that we've always said, from our perspective, this is going to be a slow recovery, there's going to be ups and downs, it's not a quick exit from the tonal and that's what we're seeing. we've said that emerging markets
will come out first. they are coming out first. and then we've said the western economies are going to trail coming out of the tunnel. that's, i think, exactly what we're seeing. >> one of the rirple effects that maybe some didn't expect as a result of what's happening in europe the rebound in the dollar. it's pulled back a little today. big, sharp increase. so many your revenues come from outside the united states does that affect volumes? are you hedged for that move? >> first, we are hedged. second we do not run our business on short-term valuations of currency. we run our business on the basis of what is needed for growing our business on a sustainable basis. the currencies fall where they do and we always hold our local operators accountable on currency basis so we can take the right decisions for the business the olympics, coca-cola has sponsors the olympics since 1928. you re-signed through 2020, which means that this will be the one company that has supported the olympics for 92
years straight. you are the exception, though. you're not the rule. there's a lot of companies that pulled out after china. is that because of the economy, do you think, or is that vancouver just isn't china? >> i think it's another great price proof point about the fact that we run our business on a long-term basis and we take a holistic view of our properties, valuable properties like the olympics, like our partnership with fifa for the world cup. i think this is, again, very indicative of that. we've had a wonderful partnership, simply because the values of the olympics of equality, of inspiration, of fair competition, are very close to our heart. and i think that that's why it's a great fit for our brands. >> showing viewers pictures of video from your pavilion, which is beautiful. you always have one set up at every olympic. that bottle is intsds anteracti.
tyler, my colleague and co-anchor at "power lunch" has a question for you. >> mr. kent, tyler mathisen here at cnbc hechts. i'd like your reaction to level of tax ache on american business. the administration has proposed changes in tax laws that would basically hit multinational companies with higher taxes for profits that they make overseas. that's number one. i'd like to get your reaction to that. plus, your view on the overall level of corporate tax rates in the country and last, your reaction on the possibility of some sort of tax on high calorie foods. >> yeah. i think the number one priority, number three priority, number three in the united states in north america is create jobs, reduce unemployment. therefore niany lehmanlatiogisl to take that into account.
small, medium, large businesses is can start looking ahead, looking ahead with a promise into the future and continue to invest and, therefore, create jobs. >> but the spirit of tyler's question, taxing your foreign profits hurt job creation in the united states? >> company likes us that are international we employ a thousands of people because of our international business in the united states, and if you create a disincentive for companies like coca-cola or any other large international american company to invest into the future, to be not as competitive as they are today, any legislation that would make companies not as competitive as they are today, american companies abroad, so they can compete effectively with chinese companies, indian companies, european companies that will have an impact on the -- their
ability to continue toen vest for innovation, to be competitive, and to create jobs. >> mr. kent, julia boorstin here at cnbc. you mentioned earlier that you say that while you're seeing all of those growth in emerging markets that you think the american economies will trail. moving forward, are europe and the united states more mature markets? is there as much potential for innovation and growth as you're seeing in emerging markets? >> i think certainly, firstly, our business in western markets is more developed. we have much higher per capita consumption rates in western markets like japan, like western europe, like north america. therefore, the growth rates going forward are going to be slightly less than the growth rates in the emerging markets. however, there is no question when we look into the future we look into a future where we will grow geographically in a balances way and also from a portfolio point of view in a
balanced way. that means that bewiwe will gro western markets and emerging markets albeit emerging markets will grow higher and grow from a portfolio point of view as well as sparkling beverages and still beverages. >> have you in the united states ended up giving up on getting more growth out of a cola product and go into other things like water and juices? >> well, again, we are absolutely intent on growing both our western markets and our emerging markets. just to take canada, for example, this past year, in the most difficult economic environment in canada, for decades, we grew coca-cola in canada, in 2009. that gives you a great example of why we believe in the future. >> coca-cola's also a heavily invested in the green movement. guys, all of the worker here, including the coat your wearing, this coat, made from recycled
blastic bottles. about 25 bottles here. >> 11 in the fleece here. >> thank you for joining us. muhtar kent, chairman and ceo of coca-cola. we'll have more stuff live from vancouver. back to you. >> thank very much. l melissa lee with the reaction to the home builder sentiment reaction. >> thanks so much. its a pleasure to speak with you again. the number was 17. >> improvement over january poi. does that coinside with what you're feeling? >> it does. the last four weeks in particular, we've felt a pickup, sales per community has been better, prices are getting firmer, going up in more locations. it's what i would have expected. >> some of the highlights from the report, though, also include some dampers, lack of loan availability was highlighted. also traffic from expected
buyers was, in fact, flat. have we in fact seen the worst for the housing industry, given the two concerning data points? really, if you're an expected buyer and you can get a loan, you're not going to buy the house? >> for conforming loans, which today in most locations goes type $700,000 for a fannie mae, freddie mac loan, there is plenty availability for people with good credit, for people with a difficult credit history, there's doubt it's a difficult marshal. we didn't have subprime mortgages 10, 20 year ago, certainly before that we didn't have that. the housing market can get back to norm to normal. >> reaction to the home builder sentiment survey, we appreciate it. >> a lot more "power lunch" on the way. here's what else is on the menu. >> actually, we're going to phil
lebeau with breaking news on toyota. >> tyler the national highway traffic safety administration has announced it's launch ang investigation into the timeliness of three toyota recalls, these involve the pedal entrapment as well as sticking gas pedals. nhtsa asking toyota to turn over documents and provide information about when it started investigating these problems, when it knew about the problems, did they know about them preproduction, post production? give the government all of the information so that the government can then do an investigation into the conduct of the recalls, essentially, did toyota note tie the public, the federal government in a timely fashion? nhtsa launching an investigation into the timeliness of the three toyota recalls, two last fall, and one last month. >> phil, thank you. now, julia? >> now, tyler, we've got a lot more "power lunch" on the way. here's what else is on the menu. >> cyberwar. how serious a threat can our defenses, your bank account,
hospital records and more be taken out by hackers? the feds have a plan to protect you. a live report from washington, after the break. walmart and proctor & gamble what to bring back "leave it to beaver" why they want more familiar u values and fewer feuds on tv. what they're doing alan greenspan to do to make it happen. the real deal with dennis kneale. i'm fired about the fat flap on southwest airlines. my beef with the beefy when the olympic sizes he decision of "power lunch" takes the ice.
today, key playerers are gathering it look at what would happen to a massive hacker attack. >> dennis, this is really the first time we've ever had a simulated cyberattack plays out in the public space. it's put on by the bipartisan policy institute a nongovernment think tank with a reputation for cutting to the chase on what can be front burner government issues. and they really cooked up a doozy of a scenario played out over last couple of hours. a rogue attack on the wireless network. seemingly harmless software, a march madness video application trirgz massive identity theft, loss of cephone service to 60 million and spreads to the internet and lanline service shutting down e-commerce,
triggering massive power outages in 40 million customers and the e-commerce alone $60 million a day in transactions impacted. a team of former white house cabinet national security advisers has been war gaming this whole exercise, if you will, looking at mid myth gation steps, responses, getting to the bottom of trying to figure out who's responsible for the cyberattack. one great takeaway from all of this, watching this exercise play out, is this whole notion that the interconnected nature of all of this, frankly, is a double-edged sword. >> it's all interconnected. about so in this scenario, in the real world, wire also network is connected to the lanline network and the internet. in the scenario, the virus spreads from the wireless network to the land line to the internet and therefore takes down internet capability to conduct business. >> so what do would-be policymakers look at, as
possible solution in this type of scenario. something sip to having the government order contaminated phone systems shut off, something like mobilizing the national guard to deal with power outages with a simple scenario beginning with an attack on the wireless network from rogue software. dennis? >> all right. thanks very much. let's bring in nbc's terrorism expert, roger cressy. seems like we're fighting last battle, when i was at forbes magazine a few years ago we did a cover story on the next terror front being cyber, and it seems like we're not doing a lot to bulletproof the system. >> exactly right. people do not understand the importance of cyberand cybersecurity to the economic security and national security. most time when we see stories about cyber, we think of data loss, data theft. there are fundamental issues how the government should defend networks and what we should do in response to attacks that are of a national security level
that we're starting to deal with. >> do we need to hone an actual offensive tactical able as a government, are we doing that now? >> yes and yes. we do need it, and our government is looking the offensive capabilities. the difference between defense and offense in cyberspace a click on a key in a key board. we have to be in a position where the nation's networks, under constant attack, redilige redilige resilient. we have to have an offensive capability when we can't identify who the perpetrator is we have an option to give to the president saying you have an offensive option if you choose to use it. >> roger, how big is the threat? what happens the worst-case scenario for a cyberattack? >> the worst-case sent ncenario not terrorism it's a nation state launching a massive attack against the critical infrastructure, that could be china, russia, any number of nations. two issues there. the first is how do we respond to it, how do we absorb the
attack can continue to provide critical services, financial services to citizens and how do we devise the appropriate response? what has got the intelligence community and the pentagon tied in knots is what type of response is appropriate. >> do you respond in kind with a similar cyber attack or launch a military attack using guns and bombs in response? big question. >> does this, roger, mean that small players on the international stage or nonstate play considers wage a kind of war that would have been unthinkable in a different generation, when it was much more the threats came from conventional military powers, the soviet union, china, et cetera? >> that is exactly right because it takes a small group of individuals with sophisticated skills to launch the attacks that could be devastating to critical infrastructure and hide that attack in a way that's difficult they were the source of it or do it in a false flag operation where they launch the attack but they set it up and we
>> senator evan bayh slamming democrat business announcing he will not run for re-election because of a lack of bipartisanship in congress. take a look at "new york times" headline "democrats reel as senator says no to third term" a stunner as reid forces republicans to vote for a jobs bill or go on the record opposing it. so smart policy or merely pure politics? opposing views from david minn and kevin hassett. welcome to you both. kevin, is the scaled-down jobs bill that senator reid went to, i believe friday afternoon, politically ex-ped yent, is that what he's trying to do, hang the republicans out or does he sincerely believe this is twthe to go. >> in a recent "new york
times"/cbs news poll 6 million americans think the last stimulus created real jobs. the yoidea of having another jo bill is politically risky because americans are upset about the last one. then to try to think you're going to hang the republicans out to dry with the politically risky bill seems like a very odd strategy. if you're wondering why harry reid is plummeting in the polls and looking like he's going to lose his seat in nevada, it's strategies like this. >> at the end of the day the bill that he rejected, the baucus grassley bill wasn't going to pass. mcconnell hadn't supported. republicans were going to continue with the strategy they've got of obstructing every bill coming out of congress. on the other side, you flow, liberal democrats upset with the fact that this contained too many compromises. the problem with first bill it contains too many tax cuts and giveaways to the republicans and that made bad policy. i don't think the problem is bipartisanship or lack
therefore. the problem is the democrats have been advancing too many bad policy proposals the result of watered down, sort of compromises with republican who are there to obstruct or advance the same fielded ideas that failed during the bush administration, deregulation, giving more tax cuts to the rich. it didn't work. it didn't lead to huge gains in the dow and it didn't lead to jobs. we have a dearth of industries that seem -- >> are the republicans being merely obstructionist or are they standing on principle. >> you know it seems weird to say they're being obstructionist there are 59 democrats in the senate, and those was a bipartisan bill coming out of the finance committee. yeah, i think it would have passed. it had more tax cuts than the stimulus package last year. that's a good thing. the stimulus puz was a big waste of americans' money and americans are outraged of the
debav yor of td debehavior of the democrats. it's playing into the republicans' game and it's likely to harm the democratic party. the fact is there's a clear academic literature on the little jobs bill that left, larry cat said he's a harvard professor it has some modest positive effect but it's a modest, positive effect they've got and that's the game changer for them, it's crazy. >> the first bill, the baucus grassley bill that was bipartisan, it's not going to pass in a million years because mcconnell tanked it. on the secondhand, cdo concluded it had a poor bang for the buck, cdo, nonpartisan, $85 billion price tag, more giveaways to the rich. i don't think that's what's needed. we have a short-term problem with peopling out of work. we need a new source of jobs. tax cuts didn't work in estimate lating the economy, creating future job growth, didn't work in invest in infrastructure.
i don't think people in america care about how the sausage gets made in d.c. it's not whether it's bipartisan or 59 democrats or 54 and 10 republicans they want good bills that restore jobs and a good economy to america and that's at issue here. >> kevin what about that? the idea that americans aren't upset about the lack of bipartisanship, i sense they really are. >> i think what they want is they want american politicians to come together as americans do behind good ideas, and it seems like it's a really hard thing f folks to do right now. nev washington is in a panic and it's a bad environment to get bipartisan efforts for anything to work. but americans want it to happen because they're looking at an economy that's just struggling forward and nobody's fixing our big problems and that's a problem for americans. >> i absolutely -- >> david i have to stop there. thank you very much, david and kevin. whatever it is, you're seeing
relationally the passing from the scene of three american political dynasties, the bayhs, kennedys, dodds. >> breaking news, as dow jones industrial average reporting that a bomb has exploded at jpmorgan offices in ath. en athens, greece, no one has been hurt. next, stocks up, dollar down, gold soaring. we'll round up the all-stars and take the pulse of the mark. fears of a debt crisis in europe easing. europe's country giving greece 30 days to come up with a plan or we'll cut your allowance.
enough to help greasece? is what the global fallout from the debt problem? let's bring our insider, stewart schweitzer at jpmorgan, private bank. stewart, do you flow anything other than the headline i just quoted there about the explosion at a jpmorgan installation in athens? >> no, tyler, i don't know anything further. i just certainly hope that the early reports that my colleagues are all okay proves to be correct. >> the question it raises, obviously, in light of some of the strike and demonstrations that why were taking place, to continue throughout the month in athens, goes to questions about the stability of the european union, of the euro, of the ability of that political and economic confederation to deal with problems like the deficits that greece faces. >> well, absolutely right. i mean, at the time the european
monetary union was established there were many critics out there saying that it would come into question at a time of economic stress. i suppose that's what we're seeing now. the real issue here for countries in the union is that, when you join a monetary union you give up the independence of your monetary policy, so you can't stimulate that way. you give up independence of your exchange rate, so you can't devalue. so greece and any countries like it are left with one solution, fiscal austerity, a painful thing to undertake and one that isn't popular with the public. >> julia boorstin here at cnbc. do think europe is doing enough to help greece? what do they to do to help greece? >> well, julia, i think what they've got to do, most of all, hole greece's feet to the fire, because this is a problem that they got into through years upon years of exesive spending, of
outsized budget deficits. and unless they come to grips with the deficits, there will be no solution. the original concept here, the reason the germans signed on, was that the consent was no bailouts, and i think, to offer a bailout now would be to go back on that and to open pandora's box. that said, there are liquidity issues that do face greece now and may continue to face them in the future. about greece gets on track and stays only track with an austerity plan, a realistic austerity plan it wound surprise me to see liquidity support. a bailout would be the wrong thing. >> explain something to me. if greece is 2 percent of gdp of europe and europe is less than 30% of the world gdp, it's so tiny, who gets hurt if greece says, sorry, i can't make payments on those government bonds? does this have to domino, become some big problem? >> first of all, it does have
the potential of being a dom flow, because there are other issues out there. just look, just again now in recent days we've had the situation in dubai, recapture people's attention and concern. when that first arose we had an interruption of concerns about a credit quality elsewhere. these things have a tendency. >> why is it a domino? what is it about it that -- so bond holders in greece don't get paid. why do they hurt the next layer? >> well, i think, if greece were to leave the monetary union, which is basically what would have to happen if they defaulted on their debt, i think you have potential to unlease a huge crisis if the euro were conceived of as starting to break apart. that's the last thing the world needs at a time like this. >> thanks very much. >> thanks so much. with dow up triple digits and commodities soaring, let's get off to the market action.
bob pisani, are stocks affects by the greece news? >> reporter: no, they're not, least not for the moment, certainly people are keeping an eye on it here. 4-1 advancing-to-declining stocks. a great day. continuing the trend, we bottomed last week, 9% move from the top to the bottom here. but since then we've retraced a good part of the loss. we'll wondering whatever happens to the correction? the financial namings here weevg got the credit data in for january, this looks awhat the kind of losses we had in our jobs and delinquency rates. it's a mixes pd bag. overall, the trend still about flat. people are arguing that these delinquency rates will bottom in the next couple of months turn around. we're having a strong market day overall. all of the companies that reported data are trading to the upside right now. another big day for the commodity group, sharon's going to give us more in a minute. look at the energy stocks, a
second or third day a big move on the upside. material stocks having a great day. sharon, oil $77 now. >> that's right. a rally across the board in the commodities complex. when you look at dollar impact, weakness in the dollar against the euro, understand why. the dollar down 1% versus the euro right now. we are seeing oil prices over $77 a barrel. also seeing copper at a two-week high and goal up $30 here, as we go into the close for the settlement price for gold. look what's happened to crude oil. going over $77 a barrel has more to do with technical trading and the fact we're seeing low volumes due to the chinese new year and trading suspended in china and the international petroleum. so with light volume, technical levels, and rick santelli over to you in chicago. >> reporter: thank you very inch, sharon. it's a whiild wild day in fixed income and currency markets.
the dollar started to weaken dramatically, as europe started to close, and i mean dramatically. but with the greek bomb story, earliest wire hitting was around 16, 17 after. we're splitting hairs here. some say minneapolis fed talking about weak economy is the reason we've seen the big five, six-basis point rally in treasuries. as you look at time horizon and allow for slippage, seems to be according to traders, the bomb going off at jpmorgan's offices in greece put a flight to safety bid in treasuries that was aggravate by a significant drop in the drar ollar. it's better off in the long run potentially without a bailout. >> up flex, big doings in commercial real estate. simon properties making a$10 billion bid. >> does simon win? become the dominant player in the mall business?
is ackman right? is this too little to pay or might simon get to buy it for less if they waited longer? >> well, as i was mentioning to some of your folks i really can't comment on the specifics of that deal so i think you might want to talk to your other guests at this point in time. >> but what do you think about the -- let's talk more conceptually than about the idea that that company would take over this and put number one and number two together. >> well, i think a couple of thoughts. number one, this has been go on in the real estate industry, i've been in it all my life for a long, long time. we've had a difficult time in real estate. these mergers have existed in the past and number two, proves what we've been saying there's a lot of interesting commercial relation estate, stories how bad the market is, indeed a lot of embedded losses in banks. nevertheless, i've never seen so
much equity wait on the sidelines to jump into distressed res redistress real estate. it's not similar to what we've seen in past downturns. >> what does the deal say about the health of the commercial real estate market. >> you have to have to separate out the issues here. ackman has been really bullish on again growth for quite some time. the presentation in june and december, he was arguing gdp shares should be trading up to $43. it's likely that he would counter a bid by simon and say, look, $7, that's just ridiculous, compared to what we think gdp is worth. however, simon did complete another big deal back in december, they paid -- agreed to pay more than $2 billion for prime outlets. so, clearly, simon thinks there's future here and gdp has good exposure to high value commercial real estate. you're seeing lots of higher-end retail operators, luxury, which
is a sector that has proven to be reasonably resilient throughout the down taxpayer turn. >> does it seem to get hostile? doesn't seem to be a strong reaction by the general growth guys. >> the general growth guys have been quiet. simon did say the only reason they came out with this publicly gdp had been stoning for a wleek. akkadian based group, book stein, buying up debt prior to their chapter 11 files laugh year, a believe. least it's not up pock that they may come out with a counterapproach or counteroff. >> dennis, you know, all of the bears out there insist that commercial real estate is the next big meltdown, hundreds of billions, a trillion in bad debts. you don't go in and buy, number one guy doesn't buy the number two mall operator if you believe that theory, do you? >> probably not. as i mentioned earlier, the press is definitely been say, again and again, every week, how
bad the industry, and it is. a lot of debt rolling over the next couple of years. we're in a gridlock with the banks not wanting to write stuff down. nevertheless you see a lot of players. i've never seen so much equity and so many funds created and already had unspent equity, have new capital coming on board. they like commercial real estate. last downturns took years for the equity market to come back into the real estate industry. it's a good sign for the industry that sophisticated players see the potential in the market and whether this is a good deal or not i can't comment. >> commercial real estate is mom goj us in, too. on the one hand you have hotel operators, motel operators, reits, apartment complexes, different segments in the commercial real estate. simon is making a specific play
on the health of malls which is different from another commercial real estate investor saying i want to buy is multi family or retail or apartment complexes. >> stacey, dennis, thank you very much. we'll be following this story. what we know about a bomb exploding at a jpmorgan office overseas. it took place in athens, following a warning call to an athens newspaper. extent of the damage not immediately clear. sources tell us no one was hurt and the bomb was outside the building. michelle? tyler, live in vancouver. a segment on family values tv. proctor & gamble, one of the big sponsors of the olympics, teaming up with walmart for a new tv show they're going to produce in april. they want to be family-friendly. in the world of jersey shore and desperate housewives, 2010 version of the waltons really going to score with viewers? we'll discuss coming up after this.
very nice rally in industrials at this hour. walmart, one of the dow 30, teaming up with proctor & gamble to create a family-friendly tv movie that will air in april. michelle is in vancouver where she spoke with a top p&gexec about the deal. >> proctor & gamble one of the big sponsors of the olympics with coca-cola. interference going on, we're at the coke pavilion now and they've got a big event, so there's a little bit of noise. so proctor & gamble, along with walmart, getting together, going to spend $4.5 million to produce a movie that's going to air on nbc in april. because they want more family-friendly fare. we spoke with mark pritchard, senior marking executive with
proctor & gamble, and they explained why they are doing it. >> what we have found is that only 23% of parents think that there are great options for their families to watch. brands are judged by companies they keep. so when we have great enterta entertainment, when brands are featured in those, we see an increase in purchase intent and favorability. >> julia, he went on to say what they wanted to avoid the grab the remote moment that parents feel when they're in the middle of watching a show and, boy, wish they could change it so kids didn't or don't see certain things on television. >> is this a smart move with tighter ad dollars? is anyone watching tv want to this have family-friendly programming in? thoughts from variety's television editor, michael schneider. what do you think? does anyone want to watch the programming? >> well, it's tough. first off, friday night, not a lot of people are watching
broadcast network. tv movies are a hard sell on the networks and parents aren't watching television with their children anymore. it's a different world than it was 20 years ago. it's a tough sell for them. >> so much scandalous programmi programming, maybe we need counterprogramming, something else to watch so they can avoid the grabbing for the remote moment. >> the networks will argue they are still providing sole of that. it's just family-friendly does not mean the waltons, it means chuck on nbc or the new show life unexpected on the cw. there's a family-friendly comedy on abc called "modern family" which is the new generation of the gamily cod did. some argue it's a different world and we're living in the waltons era. >> are they doing it for marketing purposes, people will do stories about the fact? it doesn't sound like you think they're going to get that high level of viewership. >> it's not an expensive bet for
them. the advertisers have been pushing for years to get more family-friendly programming on the air. a coalition of advertisers a few years ago put together the family-friendly programming forum, spent money with the scripts and some got on the air like "gillmor girls." they feel like maybe there isn't a family-friendly environment out there. they are trying to seed it themselves. so this is, you know, $4.5 million, that's pennies. why not give it a try? again it's on a friday night. it's still a long shot. >> proctor & gamble has been sponsoring tv programs since the ' o's. is this another case of what's old is new again? >> p&g never got out of that. for years they have been producing soap operas, for example, in the '90s they spent money producing "15esabrina the
teenage witch" and those is continuation of what they've been doing on other advertisers are still involved in things like that, like hallmark. >> michael schneider, thank you so much. southwest airlines boots a hollywood director off the plane. southwest says he's too fat to fly. he says no way. who's right in the food fight? hi, ellen! hi, ellen! hi, ellen! hi, ellen! we're going on a field trip to china! wow. [ chuckles ] when i was a kid, we -- we would just go to the -- the farm. [ cow moos ] [ laughter ] no, seriously, where are you guys going? ni hao! ni hao! ni hao! ni hao! ni hao! ni hao! ni hao! ni hao! ni hao! ni hao! ni hao! ni hao! [ female announcer ] the new classroom.
welcome back to "power lunch." let's go to erin burnett with a statement on the bombing 0 of the jpmorgan facility in athens. >> we want to confirm here that jpmorgan is confirming to me now that a bomb did explode on the street outside their athens headquarters. they're noting they have a few employees there, and they have ascertains all of the employees are safe. none have been injured. again, the bomb went off in the street in front of jpmorgan's athens headquarters, tyler. also noting that, in the building where jpmorgan's offices are there are several other tenants and they are not clear to who those are. at least as far as jpmorgan, we can say no injuries. back to you. >> so because of that breaking news we're not going to have a chance to do the southwest airlines kevin smith. airline right, fat guy wrong. >> "street signs" coming up.
see you tomorrow. >> welcome to "street signs," it's 2:00 on wall street where stocks are up triple digits. a rally, despite fears the european union is straining to survive. up 126 points today. and it's 2:00 on capitol hill, lawmakers are, well, what are they doing? arguing? stonewa stonewalling? is a standstill in washington the straw breaking the camel's back. no matter what time zone you are in, you need more of these. the ceo of blackberry says there's no way to get around the capacity crisis. did american's cell phone companies drop the ball? hello, welcome to "street signs" on this tuesday. first trading day in new york. i'm erin burnett. good to be with you. straight to the trading floors. jpmorgan has confirmed to me a bomb did explode on the street outside athens headquarters though they have a few