tv Countdown to the Closing Bell FOX Business December 20, 2013 3:00pm-4:01pm EST
that the hardship provision that was already existing in lot would also potentially applied to somebody who had problems during this transition. so that is the specifics of this latest change. you are making a broader point that to i think is fair, and that is that in a big project like this that what we are constantly doing is working, is this working the way it is supposed to. there are just as the can be made to smooth the transition, we should make them. but they don't go to the court. first of all, the law is for 85 percent of the population all they have been getting is free preventive care, better consumer protections, the ability to keep their kids on their insurance
plan until they're 26, thousand dollar, $500 discounts on prescription drugs for seniors on medicare. so 85 percent of the population, whether they know and not of the last three years have benefited from a whole set of the provisions of the law. by the way, if it were to be repealed you would be taking away all those benefits from folks who already are enjoying them. you had the sub portion of the population, 15%, either don't have health insurance or by any individual market. and that is still millions of people. and what we're doing is creating a marketplace where they can buy insurance and we can provide them some tax credits help them afford it. the basic structure of that law is working, despite all the problems. despite the website problems, despite the messaging problems, despite all that, it is working.
and, again, you don't have to take my word for it. we got a couple million people who are going to have health insurance just in the first three months despite the fact that the first month and a half was lost because of problems with the website and about as bad a bunch of publicity as you could imagine. and yet you still get 2 million people who signed up. well more. and so what that means then is is that the demand is there, as i said before, the product is good. now about in putting something like this together, there are going to be all kinds of problems that crop up, some of which may have been anticipated. we have been trying to do is respond to them in a common-sense way. and we are going to continue to try to do that, but that does not negate the fact that, well,
one year from now or two years from now when we look back we're going to be a will to say that even more people have health insurance that did not have it before, and that is not a bad thing. that is a good thing. as part of the reason why i push so hard to get this lot done in the first place. and you know, i said before, this is a messy process. i think sometimes i say that people say, well, it is really messy. and, you know, is in the fact that it has been some messy some indication that there are more fundamental problems with the law. i guess what i say to the truck is, when you try to do something this big affecting this many people, it is going to be hard, and every instance, whether social security, medicare, the prescription drug plan under president bush, there has not
been an instance where you try to us really have an impact on the american people's lives and well-being, particularly in the health care arena where you don't end up having some of these challenges. the question is going to be of some of the, do we make good decisions trying to help as many people as possible in as efficient away as possible, and that think that is what e're doing. >> seventy-two hours ago you make this change where people are buying the junk, frankly, agent type policy that you were trying to get people away from. >> well, keep in mind, jack, first of all, that the majority of folks are going to have different options. this is essentially an additional net in case folks might have slipped through the cracks. we don't have precision on those numbers, but we expect it is going to be relatively small because these are folks who want
insurance and the vast majority of them have good options. in a state like north carolina, for example, the overall majority had to step their own plans. so -- the ones that they had previously. but it -- we thought and continue to think that it makes sense that as we are transitioning to a system in which insurance standards are higher, people don't have an unpleasant surprises because they thought they had insurance until they hit a limit. next thing you know they still owe 102 unddr $300,000 frost will visit.
>> senator max baucus was widely seen. the tax cut. what does your decision to nominate the ambassador to china say about their hopes for the second time. >> it says that max baucus will be an outstanding ambassador to china, and i would like a swift confirmation, and my expectation and hope is that if both the senate democrats, if democrats and republicans in the house and senate are serious about tax reform, then it is not goong to depend on one guy. we will depend upon all those working together. and my office is ready, willing, and eager to engage both parties in a conversation about how to simplify the tax cut and make it fair, make it work to create more jobs and do right by middle-class americans. jackie. >> thank you, mr. president.
how do you say it in hawaii? [speaking in native tongue] [laughter] >> looking back at the year i would like to ask you what your reaction was to the nonpartisan group politico with said that the line of the year was your statement that if you like your health care plan you can keep it and related to the health care problems that we have seen of the past year, the fallout from that seems to be making democrats, particularly in the senate, and the rambunctious -- rambunctious independent of you which is most clearly in the debate over the iranian sanctions. looks like some majority leader harry reid has expedited consideration of an iranian sanction bill for january even as your administration and you have been trying to get them to lay off sanctions while you are -- >> i have to tell you, you jetstream a bunch of things along here. let's see if we can hone in on the question.
[laughter] >> that's a lot less than ed henry asked. [laughter] >> now i can see. how about i separate out the iranian question from the health care question. on the health care question, i think i have answered several times that this is a new iteration of it, but bottom line is, you know, we are going to continue to work every single day to make sure that implementation of the health care law and the website and all elements of it, including the grandfather clause work better every single day. and, as i said in previous press conferences, we're going to make mistakes. and we're going to have problems, but my intentions have been clear throughout, which is,
i just want to help as many people as possible feel secure and make sure that they don't go broke when they get sick. and we're going to just keep on doing that. there is the possibility of a resolution to a problem that has been a challenge for american national-security for over a decade now. and that is getting the iranians to any verifiable fashion not pursue a nuclear weapon. already, even with the interim deal that we struck in geneva we had the first call to come and in some cases some rollback of the iranian nuclear capability, the first on the we have seen that in almost a decade.
and we now have a structure in which we can have a very serious conversation to see, is it possible to give right with the international community in a verifiable fashion to give us all confidence that any peaceful nuclear program that they have is not going to be weapon is in a way that turns us war allies in the region, especially israel. as i said before, and i will repeat, it is important for us to test the possibility, not because it is guaranteed because the alternative is possibly as having to engage in some sort of conflict to resolve the problem with all kinds of underpinning consequences.
i have been clear from the start i mean when i say. it is my goal to prevent the obtaining a nuclear weapon, but i sure would rather do it diplomatically. and keeping all options on the table. if i can do it diplomatically, that is how i should do it, and that think that will be the preference of everyone on capitol hill because it sure is a preference of the american people, and we lose nothing there in this negotiation. precisely because there are verification provisions in place we will have more insight into the iranian nuclear program over the next six months that we have previously. we will know if they are violating the terms of the agreement. they are not allowed to accelerate or stockpile interest uranium. in fact, they have to reduce there stockpile of highly enriched uranium.
ironically, if we did not have this six months' time in which readjusting whether we can get a comprehensive solution to this problem, they would be advancing even further on their nuclear program. and in light of all of that, what i have said to members of congress, democrats and republicans is, there is no need for new sanctions legislation. not yet. now, if they come back and say, we can't give you assurances that we are not going to let the nuys, if they are not willing to address some of their capabilities that we know could end up resulting and then having breakout capacity, it is not going to be hard for us to turn that doubt back, strengthen sanctions further, i work with members of congress to put even more pressure, but there is no
reason to do it right now. and so i am not surprised that there has been some talk from some members of congress about new sanctions. i think the politics of trying to look tough is often good when you are running for office or if you're in office, but as president of the united states right now who has been irresponsible of the last four years with the help of congress in putting together a comprehensive sanctions regime that was specifically designed to put pressure on them and bring them to the table and negotiate, i am saying to them, and said to the chest a community in what i have said to the american people is, let's test it. now is the time to try to see if we can get this thing done. and i have heard some logic that
says, well, mr. president, we are supportive of the negotiations, but we think it is useful to have this club hanging over their head. first of all, we still have the existing sanctions in place, losing billions of dollars every month in lost oil sells. we already have banking and financial sanctions that are still being applied even as negotiations are taking place. it is not as if we're letting upon that. i have dirt are yes, well, this way we can be assured and the iranians will know if the negotiations fail, even harsher sanctions will be put into place. i don't think that the iranians have any doubt that congress would be more than happy to pass more sanctions legislation. we can do that in a day, on a dime.
but if we are serious about negotiations, we have to create an atmosphere in which they're willing to move in ways that are comfortable for them. contrary to their ideology and rhetoric and their instincts and their suspicions of less. and we don't help get them to a position where we can actually resolve this by engaging and this kind of action. all right. okay, everybody. i think i am going to take one more question. colleen, and that is it. >> thank you, mr. president. longtime advisers are leaving the white house, new windsor coming in, others are taking on new roles in the west wing. as you reshapes your team, how does the dynamic impact what you think you can accomplish going for it? >> you know, i just had lunch with one who is leaving me.
it is tough. right now at least. you know, i love that guy. and that will be a significant loss. he will still be in town. hopefully i will be allowed to consult with them on an ongoing basis. i think the fact that john podesta is coming in will be terrific. he may deny it, but i haven't tried to get in here for quite some time. he ran my transition. i asked him when he was running the transition office if you'd be willing to join his command at that time i think he was still feeling that he wanted to develop other organizations, but john is a great strategist. as good as anybody on domestic policy, and i think he will be a huge boost to us and give us more bandwidth to deal with more issues. i suspect that we may have additional announcements in the new year. but there is a national turnover
that takes place. people get tired. people get one out. sometimes you need fresh egs. but, what i can tell you is that the team that i have now is a tireless and shares my values and beliefs the thing that began have repeated probably four or five times in his press conference which is, we get this incredible privilege for a pretty short amount of time to do as much as we can for as many people as we can to help them live better lives. and that is what drives this sacrifice that they make being away from families and soccer games and birthdays. some of them will end up working over christmas on issues. the fact of them make those kinds of sacrifices, i am always
grateful. and if they then say to me after making the sacrifices for three, four, five years, i need a break , you know, then i completely understand. all right. have a great holiday, everybody. appreciate you. thank you. liz: in his last news conference of the year, president obama touches upon everything from new health care registration numbers to a pressing congress on extending jobless benefits to u.s. policies toward iran, this is the market's charge ahead. good afternoon. i'm liz claman on this friday. it is the last hour of trading. it probably some of the best with this word, growth. today we get official confirmation of the pace of economic growth, and that it is picking up. the commerce department says gdp, rest domestic product expanded at a low rate of over 4% from july to september. that is the fastest rate since 2011, and the market started cheering the oh, so early this morning. the dow and the s&p 500 on track
to close at record highs. we are showing automotive because a lot of industrial movement has quite a bit to do. although sales at a lot to do with the gdp number. what are we looking at? the 47 time of the year, the 41st record respectively for the s&p 500. as we look in their rearview mirror of 2013, one investment that simply did not shine brightly as gold. the precious metal poised to have its first losing year since 2000. you think about that. what a bull run it has been for the yellow metal. that was long before facebook, ipad, and twitter even existed. i think even the iphone did not exist that long ago. gold prices picking up by about $8. right now we have been recently hired. the unemployment rate in all 50 states fell or were unchanged in november. the department of labor says employers added jobs in 43 states. they cut jobs in just seven. and one step closer to becoming
the next head of the federal reserve after the senate voted 59-34 to end debate on the nomination. she is expected to be approved on january 6th. janet yellen, most likely the new federal reserve chairman. is the u.s. economy acting like a hundred games can't mess ever been? we are talking about basically catching fire. the strong numbers up today. coach doesn't like it is finally starting to catch a little fire. meanwhile, -- no son of a slowdown in the equity market which continues to surge. the one area not running with the bulls besides gold is in in a a activity come mergers and acquisitions in 2013 lining from the prior year, but in dollar value and number of deals. where is the disconnect? and will the market catch up in the new year? my next guest advises on some of the biggest deals this year, including the massive horizon vodafone deal. that was the biggest, was that? 130 billion. the man at the helm here, ubs
co-head. great to see you. live a lag, and is that anything that is a little worrisome. for 2013 we d.c. companies snapping each other up. >> that's a good question is typically when the equity markets said the strong you expect to see robust activity. and it is always a byproduct of confidence. and i think today's growth number is encouraging, but i think we have lost sustainable growth. and so you have a little bit of caution. understandable given the macro environment and also understandable just given the fact that the crisis is, you know, a recent vintage. so people in board rooms and management suites are a little bit more careful about taking risks. i think that if we get sustainable growth and particularly, you know, a better job environment i think people willlbe encouraged in moving forward and taking -- liz: so measured when he is talking. i love this because you are the consummate wall street expert when it comes to this. you read wasserstein. you have been the guy who has been that go-between between
company a saner want to buy company b, the fights, the battles, bernina's through to the bringing those two together. tell viewers why it matters to stocks in general. >> if you think about what it is, it is religious decision about how you spend your money. we have an environment where people have been accumulating cash. liz: and co's accumulating. >> companies accumulating cash which is what i meant, public companies. some of it is abroad. there is issues about where it is actually sitting from a tax perspective. fundamentally people have been building cash. also, we have five years plus of effectively 0% interest rates. so a tremendously unusual secular financing environment. liz: on the screen here are some of the biggest deals. maybe if we put that up a little bit longer people can see some of the interestinn ones. bearcat aig was fascinating. that was the most recent. it is not on the list. the verizon data found. yes or a player. heine's berkshire hathaway which was fascinating.
there was a hedge fund involved. nbc universal comcast. but what will the deals look like in 2014? would it be private equity players? >> i think actually sponsors this year, as we call them, private equity players have actually had a very good track records of monetizing their existing investments, but they have also raised more money from their limited partners in part because they succeeded in returning capital to them. they have a lot of dry powder and, perhaps, on the buy side they should be more active overtime which i think will create continued activity on their side. that said, a leveraged companies are little bit challenging. liz: del. >> del is a perfect example of that process was. that said, there are still a lot of other types of deals that they are involved in, purchasing subsidiaries, using exact -- using existing to buy investments. morses silverlake by ing this week as an example of that several like putting more money into target.
and those types of deals happening. i think it will increase. as a buy we had a great equity market, and you always get a little cautious when prices in multiples get as high as they have been. and i think one of the things, people are always a little concerned that maybe there is an artificiality in the stock market. but the monetary policy, quantitative easing has driven at. as you move into better growth environment, that will reinforce. liz: speaking of which, what did you think of today's third quarter gdp number? the expectation was three and a half. so much better than expected. >> great news just in time for the holiday spirit the most important thing we feel is that we need job growth in the country because whenever the unemployment numbers, getting better, that's great. underemployment and all these other metrics are still weak. so we'll feel that having really -- having a tremendous monetary policy stimulus over many years, we need to have the state
philosophy to get the overall economy growing. freakin continued that, that's great, and that will certainly help m&a activity, but also there is that caution. do we really have that type of momentum that we need? you talk to ceos all the time. i think there is still a fair bit of caution out there. liz: co-head of the american m&a ubs. congratulations on the gate. in a year have been there awhile, but happy holidays to you and the family. >> likewise. liz: lovely to have you. it has been an incredible week. merger news, taper decision. "countdown to the closing bell" as you cover this week. here is what is worth repeating. ♪ >> it gets back to corporate america being in good financial shape to be very focused on shareholder value. we're just seeing that. seeing companies, the same companies by their competitors. and so the private sector in this country is in fantastic shape.
♪ >> your customer base is made of the airlines which is about 800. no aviation will grow. the next 15 years twice as many people as a traveling today will travel in 15 years' time, so it is going to grow. this business, even though the scale of the merger is big get 41 billion, the 25 billion -- 25 billion contract voters, the number of people involved is just about 400 people from both companies regardless of an ipo or if they're able to negotiate a fair price and i think the good thing here is that we will have accomplished what we wanted to do, get chrysler back to its legendary brand. ♪ >> we intend to maintain a highly accommodative policy. nothing that we did today was intended to reduce accommodation we're still going to be buying at higher rates and increasing and holding, increasing their balance sheet and al-anon to those assets. our guide is today, strengthened guidance to make sure, well beyond the point.
>> i firmly believe that we should be asking what will run you will have. it will be in your kitchen because you want to us delectable edibles and personal nutrition. will it be in your man gave? liz: yes. we all need at 3d printer in the mandate. bear with us. it will be with this. the state attorney general longstanding case against hank greenberg. this goes from spitzer, all of them. the former head of aig, auest os taken a bizarre turn. back in 2009 david boyce, greenberg longtime lawyer, famed lawyer, offered a plane ride coming essentially to the enemy, the deputy attorney general, david alan horn. rick folbaum? not erikson adamant, but david al-anon. last week he released this statement downplaying the plane right timing that the deputy
attorney general did nothing wrong in accepting the plan right for which she was not reimbursed. that statement allegedly of said the client. and now there are charges of witness tampering. the esteemed lawyer joining us now to sort it all out. david, let's clear this up. you were in omaha, neb. watching warren buffett kate deposed to overhang greenberg. >> i was actually taking the deposition. general wheat was part of the deal in question. the alleged sham transaction to newsletter. >> he was the one created the transaction. >> that's right. liz: and out you were there, of course, the enemy, the other side, the attorney general representative was there. and he missed his flight. as you're jumping on their private jet, did he ask you for right? >> no, he didn't. i offered. he was stuck there. i said, i haven't received my
plan cannot give you a ride if you like. >> no good deed goes unpunished. so the point is, this is out of your hands. it goes into his hands. should work -- he should have disclosed this and pay for it. >> that is something that i never have had an opinion on. he has certain allegations as a public employee mary to disclose, maybe to compensate. as i between him and eric schneiderman. i never expressed of you on that. all i said was aiden think there's anything wrong. >> you give an opinion that he did not like to much. >> we are fine. the idea that there is any business between income to meet -- >> okay. so you become essentially a witness to their second claim, right, that he should have taken the plane ride and then the attorney general calls you up and says, can you put out a statement. >> remember, the way it worked was that i ade the decision to
make a statement before anybody from the ag's office. we called. they call the spirit were complaining that we had lifted, which we didn't. in that think it was now clear that we did not. but in the course of that conversation we said, none of it with delicate, but we think there are some inaccuracies. we will put out a statement clarifying it. >> was the witness tampering? >> zero witness tampering. i am one of the most critical people about the attorney general conduct. i think this is a case that never should have been brought. it should never have been continued. the baseless case. the ag office. they have done a lot of wrong things. would this tampering is now one of them. >> the cracks. this is the sideshow. it makes me think, okay, this is back and forth. the real question is why is
there a case against hang greenberg eight years later over something that was, if you -- you can look at this. that transaction, whether good or bad was immaterial to the bottom line at the time. it is insane that we are still here talking about this. >> absolutely insane. this was a case that when it was brought almost nine years ago, it alleged that a at the inflated earnings by billions of dollars, with the become billions of dollars. now, all of those claims have now been dismissed. they have gone away. and what is left, to transactions that were immaterial to anything and did not affect that and come or shareholder equity essentially an all. liz: david saturns office and everyone after him will probably never drop this. they are just on a rampage, and that is unfortunate for a lawyer like you is representing him.
however, i am stunned, if i were paying you, and you offered my adversary charging me of fraud of free private arab plot -- air right i would have affects your view is being a nice guy. >> she should add this goes to. >> first of all, this was my plan. i pay for it. my client did not pay for it. i thought it was just common courtesy. it cost me nothing. and in d.c. liz: he should not have taken the right. he is the attorney general's office. that is the opinion -- or if you do, you must disclose private jet brides. tax purposes, if nothing else. >> the disclosure is something that i don't have of you want. all i'm saying is that i think this is a distraction. i think distraction is from the fact that the underlying merits of the case around. and i would like to get people to focus on the fact that this case ought not to be there, not this -- >> is there any chance they will
drop this? the is no benefit. he is dropping all of the sort of claims that have been dropped. he is just looking to basically borrow -- bar hank greenberg from the securities business. >> and there are no damages. is spending enormous amount of taxpayer money. but i think it is -- i think it is tough politically. liz: you say it is a tempest in a teapot. we will believe you. it's good to see you. david boyd, hank greenberg lawyer. >> a crazy case. liz: the crazy case gets crazier. thank you very much. a fox business exclusive. you hear it year. twenty-five minutes before the closing bell rang spirit of mutual fund it's risky as it emulates hedge fund a strategy. will it work? not really working right now, we bring you the founder and chief investment officer of morgan creek capitol to talk about his plan and why he thinks you should look at how he is investing. ♪ tomecan sh
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liz: it's all about emerging markets. they have done so unbelievably well. why not look somewhere or the soccer ball will be. japan, would that be a standout among developed countries? could you be missing out on these untacked jams? untapped because they have not performed very well. the emerging markets. this money manager has some $6 billion in assets under management, and he certainly thinks so. joining me now, working greek capital management's chief investment officer, and you are now taking your fund and morphing it to make it look a little bit like a hedge fund. why? >> i think we have a long run of equity, solid performance. liz: of 30%. >> i think it is time to get a
little bit of hedging in the portfolio, little more global balance approached. liz: out to you do that? >> of tactical allocation funds as we go anywhere in the world, emerging markets, japan. but we can also heads. we can go short up to 30% to take some of the risk that as we go into a new year. it will be a little tougher. liz: let's make this point. if you look at the equity market, the s&p 500 of more than 25% year-to-date. tray's just don't repeat like that, do they? >> usually not. liz: you are looking at where -- in the mansion where the soccer ball will be here to steal when gretzky's line. have you know where i will be? ready know it is japan? >> you don't know, but here's the thing. the u.s. today trades that the multiples on the margins. japaa sells at trough multiples on trough margins. so it is just more likely that japan will play catch-up.
%-growth. faster earnings earnings growth was to to% this year which is why the market is a 50% this year. so as great as the u.s. has been , japan has been much better and next year their earnings will notice 25 when u.s. earnings will struggle. so more earnings growth a much cheaper prices. liz: the combination approach. you can see the difference from the last time you were here, october 21st. you were picking names like apple, yahoo. while those all move to the upside, you have completely changed choices and you were looking at different names. by the way, i want our viewers to know this chinese internet company has moved up more than 353 percent year-to-date. that is not from the to you? >> and a bill will story. this is amazon five years ago, six years ago. the e commerce business in china is growing every we have not seen in years because it started five, six, seven years ago in the united states. think of the population of china, india, the charging
markets. they're leapfrogging as. smart fund technology for e commerce. this company started off as a small overstocked merchandise and a branch out into other sales. they have the chance. becoming the amazon of china. liz: more recent numbers, numbers that at least a worrying them out of china. i specifically asked to lie is this guy wrong? absolutely not. this is a growing opportunity with stumbles. general motors which, of course, was one of the first companies. he think about gm. they get rid of the government of worship teeseven ownership of rang. that was a big deal. and you think of what is going
on domestically, huge demand for pickup trucks. as a pickup trucks. and then you take this growth in china which is, if you think about the number of people who can buy an automobile ten years ago in china gm is poised in an interesting place, good products for the first time a long time cannot no debt and growth. >> we can put up this stuff on that stock. is that wars in? >> energy is cyclical. it tends to move with the dollar, but here's the thing about this particular story. other continental resources and companies. nonconventional oil. ten years ago we did not have -- we had the technology, but it
was too expensive to get it out. now with fracking technology we can release this incredible resource. saudi arabia, the middle of the u.s., and it is this industrial renaissance that is happening. kodiak is positioned, and all of these small companies will get gobbled up by the big ones. liz: good to see you. happy holidays. chief investment officer of morgan creek management. year, the approach is working. fifteen minutes before the closing bell. remember that 1960's song leaving on a jet plane. you might be thinking of doing just that. as winter sets in and you want to get some sun. next, travels in ceo tells us about the travel destinations and where you can find the best deals and why you might want to on the stock. ♪ tñ
♪ liz: well, we lost about half of the gang. highs of the session up 100 points. dow jones industrials still seeing gains of 66. the nasdaq better by a full percentage point, as an be pared back by about two points, now obtained. the rest seeing a nice gain year, nearly 2%. we will call literally. are you getting tired of just going over the river and through the woods to grandmother's house on $1 vote -- holiday dinner? maybe this time the spice up the holiday vacation. always looking at the wallet and keeping it in check. how about a weekend in vermont for less than $400? a little skiing, yeah. all-inclusive. five days in ireland for $999. five days. you can find all of these deals and much, much more on travels to.
it was just voted by world travel the world's leading travel deals website. travel news ceo joining us now on a fox business exclusive interview. how hot is the website right now? and many hits are you getting? are people doing last-minute booking? >> we are seeing tremendous last-minute booking, strictly for our guests where people buy what you described to put under the christmas tree. and we are starting to see the pickup of new year's travel. including any golfers out there, you have to get on that one. it is a $400 savings. includes air fare and the car. it's unbelievable. liz: that is unbelievable. what are the trends right now with travel when you are bumping up against the holiday season? >> well, it always slows down. travel bookings, but we have done a great job. the last 23 years in
diversifying. we have restaurants, the restaurant in los angeles. and so we are seeing a lot of folks coming in and buying up restaurant deals, spot deals, the waldorf-astoria in new york. these getaways and then getting them to friends. this is reasonably normal behavior in europe, but it is something that is relatively new to the u.s. and, in fact, we introduced this year for a card venture that people can put under the tree. in the u.k. sales of that card, they outpaced the u.s. just because the uk people are more familiar with that model. so bookings will definitely pick up after christmas. right now it is all about it gives. liz: you have also introduced a brand new act that pinpoints locations. we can show some of that. i am wondering about the margins, these great ideas that you have an all different kinds of things from the captain certainly visa gift cards that
seemed to be hot sellers. your return on equity is down year-over-year. your stock is well-off of highs of $33. yet some of your competitors are up. >> we did not have a great year on their growth side and our local business. and travel business is excellent. the best year in five in our north american travel business. foxbusiness.com is up 19% on revenue. but in local we are facing some headlines. there is a move to mobile. we are on that move, but we are still in the investment phase. we did slow our investment in marketing down around our common search products as we invest heavily into a hotel booking engine which we have talked about umpire calls. we will once that in 2014. we are excited about the particular project. liz: it is certainly a good idea
to get the youngbear demo. you have just done something fascinating. you pulled into your own pocket and spent several thousand of your own dollars to create a free app, a geography nap for children to learn how many down lows. how do i find this? and literally leaving the set and getting it from my kids. >> what happened there, it is part of our social responsibility program. i spent a lot of time. yes, i contributed a little bit, but it is an organizational assets. we are doing two things you're really, helping kids learn about the world and also helping an organization that needs a lot of help at this time of year. liz: okay. people can find it where, itunes? >> says. go to the itunes store. we have something like 15,000 downloads. parents can donate to. there are millions orphans without parents.
we hope that everyone donates. liz: thank you so much. great to see you. happy holidays. travels to ceo. closing bell, five minutes away. specialty holiday gifts for friends and family. we have the ceo of at sea, specialty goods retailer. it is a fox business exclusive. he is coming right up. don't mess. super hot ceo. ♪ [ male announcer ] client gloria has a lot going on in her life.
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♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorswim. from td ameritrade. liz: profit-taking in the last five minutes of this show. oh, i know. we were up 10points for the dow jones industrials. but david asman is here. it is still a gain. david: charles brady is one of the smartest economists in the world. he gives us his figures.
liz: just promoted him. david: in 1997 there was 31% pop for the s&p 500 for the whole year. i asked him if it is possible next two weeks we could exceed that. anything is possible. it could happen. would take a lot. but nevertheless we're on the right track. liz: nicole petallides is on the right track and after that massive pop earlier in the week we're looking the vix come back down a bit as we close out the week. >> it is interesting. we had a reweighting, rebalancing in the closing bell and will bring volume an volatility. yet the vixing nothing. great week on the dow and s&p, up 2, 3% and yet a winning week. david: a great year for people but one of the people done the best, jeff bezos, wonderful "60 minutes" piece, and great entrepreneur. look at this, amazon over $400 a share. >> new high. david: extraordinary. >> new all-time high up 60%, easily outpacing ebay.
ebay sup 6 1/2%. amazon is up 60%. [closing bell ringing] liz: listen to the bells after quite the week where we finally heard the "t" word uttered in a set in stone. tapering will happen next year. markets close with gains across the board. >> we got through the week. if there was any stop to the bull market, this would be the week when it happened. instead we have continue wages. we have two more weeks to this year. it ain't over yet. it is vacation. volume levels are low. there is such optimism right now in the markets. they heard the worst from the did happen. they heard interest rates will be low forever. the fact is the markets digested that news extremely well and it has led to nothing but green arrows today as we end this week. liz: time for your front page headlines. the economy expanded at a much quicker space than previously estimated in third quarter. it grew