tv Mornings With Maria Bartiromo FOX Business December 4, 2015 6:00am-9:01am EST
numbers we have bounce back after sharp selling yesterday. dow jones industrial average expected to open up 75 points. it is largely about the jobs report that will set the tone as it is two weeks before the next federal reserve meeting. in europe weakness underway, pretty much across the board, extending losses on disappointment over mario draghi and european central bank's action over not enough action. sharp losses following selloff in the u.s. as nikkei and shanghai composite hit hardest. nikkei down better than 2%. shanghai composite down 1 and 2/3%. opec is meeting in important meeting as we've been anticipating all week. there is a debate over members of opec whether they will cut production amid recent decline in oil production. where does saudi arabia sand on that as well. uber getting even larger. "the wall street journal" reporting that the company's latest round of funding could bring uber's valuation to
64.$6 billion. then there's this. >> did receivers get far enough down the field? >> rogers, in trouble, it is growing to get there. he turned 32 yesterday. does he have a vinage moment in him? in the end zone. it is caught for the win! maria: yeah, that was a last second hail mary giving green bay packers a win over detroit lions. controversial penalty casting a cloud on victory. more on the program. fast moving developments, more in the aftermath of the california shooting spree that left 14 people dead. jeff flock is in san bernardino now. jeff, good morning to you. reporter: maria, good morning to you. new pictures overnight, maria of the incredible arsenal that was, compounded by these folks. look at some of the pictures. essentially a bomb-making factory outside san bernardino in the town of redlands,
california. if you take a look, a dozen bombs, makings for many more bombs, 2,000 round for a 9mm happened gun. 2500 rounds for a .22 caliber assault rifle. incredible arsenal. developing overnight, release of names of victims as well as pictures of those victims. that really brings it home. we also overnight heard for the first time from the first responder, the very first responder. that is to say the first police officer on the scene who described for reporters what he saw. >> the situation was surreal. it was something i don't think again, we prepare for but try an active shooter, talk about sensory overload, they throw everything at you to prepare you for dealing with that. what you're seeing, what you're hearing, what you're smelling, and it was all of that and more.
reporter: maria, authorities still not characterizing this as a terrorist attack. still the possibility that it's a work place issue, spontaneous workplace issue response. the evidence though mounting that it was in fact a terrorist attack, planned well in advance. maria: yeah, that kind of armament certainly shows planning, jeff. all of our guests yesterday said obviously it is terrorism. jeff, thank you, we'll check back as story develops. we have former military assistant to defense secretary donald rumsfeld and heritage founder senior fellow steve bucchi. thanks for joining us. good to have you on the program. let me get your take what we may learn or what investigators are looking for in terms of tying this and finding out what next plan was. given number of bombs, a dozen pipe bombs found, clearly feels like they were planning something else. perhaps something a lot bigger.
>> i think that's pretty clear. they made an attempt to escape. they didn't have all of these bombs with them. they didn't make them just to leave them in the house when they went off to die. so this is clearly, there was a secondary target or follow-on target. we just don't know as yet what it might be. maria: what do you, what is your takeaway at this point in the story? >> i think it is pretty clear there was a terrorism nexus here. whether the party argument caused this specific incident to occur maybe changed the target, maybe moved up the timeline but you don't build pipe bombs at that number quickly. you don't even load magazines that quickly. by the way tell your reporter, those weren't .22 caliber assault rifles. they are .223 assault rifles like m-16. there is big difference. maria: tell us the difference. .223assault rifles. why do you make that distinction.
>> .22 caliber in most americans -- maria: that is a small gun. >> a gun for shooting cans. 556 is the millimeter, 223 in inches. that is m-16, that is military-style rifle you can use for hunting, you can use it for target practice but very effective against humans. maria: dagen. >> steve, not to get into gun control debate. guns purchased legally. rifles purchased by another individual under investigation, but the number of rounds this couple stockpiled and bomb-making, i.e. did-making activity going on, people want to know how do you prevent this happening again? how do you track down these people and what they're doing if they're not on any obvious watch list? >> it's very, very difficult. pipe bombs can be made with very normal materials you can get from a hardware store. if you don't buy them in mass quantities, it doesn't set off any flags.
the same with the ammunition. if you buy it in smaller quantities, it doesn't set off any flags. you can build it up over time, which is as i understand, that is exactly what these folks did. maria: isn't it fascinating he conducted a sort of a radicalization, and people are learning more about this through his social media accounts, after returning from saudi arabia with now, then his wife, he started to grow a beard. he stopped his previous activities. he is being described as having that personality change, steve. >> and that's what people need to be aware of. it is not always going to pop up in social media. a guy is not suddenly going to do rants on twitter in favor of radical islam. when people change in the work place. when a coworker starts to act very differently than they may have before, somebody needs to say something to a supervisor, and it needs to be looked into. maria: kevin kelly.
>> steve, this is kevin. obviously the big question will come out about gun control. that will be at forefront again. what are we going to see on that front? will we see municipalities and states starting to implement gun control measures? or is the federal government coming in? where will the shakeout be on the gun control front especially he had hadding into this election year? >> you've seen some the president and candidates reflexively before we knew anything about the situation, oh, my god, this is case clearly for gun control. you know, if they didn't use the guns, they probably could have used the bombs. gun control is not the panacea here. but you know there is mental health checks. there is work place checks when behavior changes. we need to look at all those things, and not just jump and say if we eliminate guns all of this will go away. that's not true. >> we should point out that california has some of the biggest -- strictest gun control regulations in the u.s. period.
maria: president obama immediately went to the gun control agenda. we have not heard him address this to terrorism. he said there could be a tie to terrorism, steve. when would you expect that acknowledgement? >> gosh, i hope it's soon. ray charles could see that this is terrorism. we really need stop kidding ourselves and do it. i understand the fbi, they have legal restrictions that will affect their case but in this case these guys are dead. let's call it what it is. maria: right. >> try to find anybody else involved and deal with it. >> timothy mcveigh was characterized as terrorist. why can't we label these people as terrorists? maria: that's horrible. it doesn't fit into the narrative i guess the president has been selling. steve, thank you. appreciate your time this morning. want to move on to markets right now because futures are indicating a higher opening for the broader averages. there was real disappointment yesterday after the ecb decision for more stimulus.
markets just felt the ecb did not create enough stimulus. it was just not enough. we had a large selloff across the world. but we're seeing strength ahead of the jobs report. that is the november jobs report due out at 8:30 a.m. eastern this morning. employers are expected to have 200,000 jobs added to the economy and the unemployment rate is expected to hold steady at 5%. 200,000 jobs is the number we're expecting. joanie courtney, let's talk there in terms where the jobs are. what is your take? >> this i think is one of the most important reports through the whole year. we had a lot of volatility through the year, it as evened up and down. we had about 200,000 jobs being created on monthly basis but the jobs, when you look where jobs are being created in 2015, almost half of the two million jobs that we've added to the u.s. have been in professional and business services and in health care. those are the two hottest fields right now. and i would expect that we'll
see strong numbers in those areas as well as retail jobs being created today. but again, we've had very slow job growth in manufacturing, construction, trade and transportation has been a little bit better but opportunities are really in the tech sector, health care. you know what's interesting is, when you look at the top jobs that are out there today, there really are skilled positions. we've lost those kind of middle jobs that could have been maybe less of a skill. you really need a degree and skilled experience to have one of these jobs. maria: professional services you're talking about, legal work, talking about consulting work, that is the professional services jobs you're talking about? >> information technology, engineering even. maria: that makes a lot of sense. >> that makes a lot of sense. we're services economy. we're seeing that. manufacturing will have overhang for a while especially with the dollar stronger even though we got reprieve yesterday due to
the market action but we're looking at services pmi numbers. they're still above 50. came out at 55 yesterday at 55.9. maria: manufacturing is area of weakness. that is where you're seeing the industrial complex collapse showing up. >> ism contracted. >> ism contracted of course it did. 55.9 in november. it was 59.1 in october. market came out with their own pmi on services side, 56.1. those are healthy numbers. maybe you want to touch base on jolts numbers. there are a lot of great job openings. >> there are a great job openings. jolts number pointed up to 5.5 million job openings. look where all the job openings are, i was looking job titles, the strongest job titles out there out of that 5.5 million, number one, registered nurses, physical therapists. what is interesting drivers shows up.
uber has really driven that, and lyft. one of top then jobs in the united states. >> actually helped bring people book into the workforce. people can drive for a living if they couldn't find employment elsewhere. one word of the day, wages. want those wages to grow. maria: absolutely. are there expectations we'll really see a movement? >> last month we had 2 1/2% average hourly earnings growth year-over-year, strongest since 09. >> best month we've had. important report. all eyes on it. maria: we are as well. don't miss our special coverage of november jobs report starts at 8:00 a.m. eastern and we'll have special coverage where the jobs are and what is says for month of november and what it means for 2016. more on uber coming up. company further separating itself from the
pack as most valuable startup. we have latest on the rising valuation. back in a moment. ♪ can a business have a mind?
and we have portfolio planning tools to help you manage your ira. yeah, you're old 401k give me your phone. the rollover consultants give you step-by-step help. no set-up fees. use your potion. sorry, not you. my pleasure. goodnight, tim. for all the confidence you need. who's tim? td ameritrade. you got this. maria: welcome back. breaking news. at least 16 people are dead in an attack on a nightclub in cairo, egypt. cheryl casone with story. >> good morning, maria, and good morning, everyone. 16 people are dead, five more injured in an attack on a nightclub in cairo. according to egyptian media, three men on motorcycles threw molotov cocktails into the club and fled the scene.
one of them may have been been a disgruntled employee. tragedy in the music world. ♪ scott weiland, former lead singer of the stone temple pilots, huge in the '90s, died in his sleep last night out on tour. he was 48 years old. comments from band members and friends suggest drugs and alcohol were involved. in the past he struggled with substance abuse issues for years. finally this. another milestone for the ride-hailing service. the company is valued as high, get this, stand by, 64.$6 billion. that is according to "the wall street journal." usual here, lift, which is their big competitor is valued at 4 billion. litt will get with other competitors to link apps to
compete with uber because uber is blowing it off the charts. maria: unbelieverrable. you soloist is only $4 billion valuation. what a difference. kevin, does this tell you about broad market valuations? >> interesting part about this can be seen on read-through what happened with square, right? they get the high valuations but last investors in get a ratchet down provision. should there be a situation where they do come public, and less than that they get more shares to compensate for that. that is bidding up value of shares to trade them in the secondary market to get liquidity for people that invested in earlier rounds. they need that liquidity, been it for so long for return to shareholders. maria: how do you justify this number relative to the others dagen. look at valuation in the private market. it blows away everybody. >> snapchat valuation was lowered by fidelity. they basically lowered the
valuation that was on their books of snapchat shares. uber is going in a different direction than some of these privately held companies. i question that valuation given my own personal experiences with uber recently. this was floorboard of uber i was in two days ago. it was a brand new suburban. look, covered in newspaper. the driver had taken newspapers and crumpled them, they were literally eight inches deep in the back. as you grow as a company, you have to control the basically the experience of the user. >> of course. >> it becomes more and more difficult for them to do that. that was comical. what are you doing, dude? maria: i'm glad you took picture. >> i'm a loser, a nut, alone and so i have nothing going on. maria: posed with it. >> i did. maria: i knew it. i knew it. >> you have to be careful though. you can't, you can not say anything to the driver at all because they rate you too.
if you have a bad rating, a below four navistar rating as customer they won't pick you up. maria: they really have actually signed up more than a million drivers worldwide. they're continuing to, as we talked about before with jobs, driving is one of the hottest things. but they absolutely have some challenges on how they are going to manage, not only safety issues but then also quality control, customer experience. it is going to impact this number, this valuation. maria: i love the fact it is about jobs too. this is a total jobs story. >> they actually advertise it that way in lot of communities. get back to work, make extra money. billboards are everywhere. >> important thing, why do they keep raising money? because of government overreach and overhang and legal expenses they have to do to go into certain markets. they're fighting municipalities and cab companies all the time. they need to consistently raise capital. maria: great point. cheryl, thanks for bringing that up. stay with us.
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movie geeks. sports freaks. x1 from xfinity will change the way you experience tv. maria: welcome back. donald trump invoking several jewish stereotypes joking with a the republican jewish coalition in a meeting yesterday. listen. >> so we get a trader we give them back. you want to renegotiate deals? some of us renegotiate deals. i would say 99 -- is there anybody that doesn't renegotiate deals in this room? this room renegotiates. i want -- [laughter]. perhaps more than any room i've before spoken. [laughter]. maria: trump went on to joke that the coalition only liked him because his daughter converted to judaism and i can never seem to reach her on saturdays because of observance of the sabbath. dagen your thoughts? >> i wish i could see expression of faces on audience because it would be something probably like
this just old man joke. you know what? i'm hard on donald trump about some things but it comes across as like, old man joking. he thinks he is being funny. maria: right. >> he doesn't understand that the comments might be insensitive. you heard harry reid do the same thing when he was speaking once in front of a gripe of asian-americans. same type of thing. that they think they're being funny and just they're out of touch with how people think these days. >> he was playing to the crowd, right? he kind of wants to come off to have this bill clinton charisma. maria: i guess. >> maybe he is trying to do that. playing to the crowd. you heard some chuckles. he needs to be more con think inschuss what he says. it wasn't to the general population or to a giant group. he was there. they invited him. maria: you never know what will come out of his mouth. >> no. >> you would think he would get a little more cautious about what -- people do. they want to know, what is he going to say next? maria: he is getting criticized
on social media. >> going after how many people? you're disabled, any kind of, group he is has gone after. it hasn't hurt him. maria: i think disabled thing was too much. >> yeah. we feel differently but it doesn't show up among his supporters. >> comes across he didn't say this out of malice, right? >> yeah. >> at least that is coming across where you don't see he is meaning any ill intent on them. maria: want to talk about jobs this morning. we're about two hours away from final jobs report of the year. this is before the fed meeting. what impact will this number have an janet yellen and her likeliness to raise rates at federal reserve meeting on december 196th. we'll preview it next. ♪
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maria: i am maria bartiroma, happy friday december 4th. with me this morning is dagen mcdowell, kevin kelly and mobster worldwide judy courtney, a top stories at 6:30 on the east coast following the latest developments all of san bernardino. la important officials exploring whether terrorism, we still do not have a motive. a search of the suspect's home and committed dozen bombs, bombs in the making material, thousands of rounds of ammunition. this as we learned names of the victims who were killed, thousands of people attended the candlelight vigil last may in san bernardino. top story in the markets, november jobs report, one day after a disappointing about mario draghi and the european central bank, 200,000 jobs in the month of november and the unemployment rate stays steady at 5%, checking markets ahead of
the number we know yesterday markets were disappointed by the european central bank, krieg and bounce back today, looking to open up 60 points. there was weakness in europe, the loss thinning after yesterday's big sell-off, the s&p down a fraction but the cac quarante and dax index in germany down 1/2%. asia sharp losses on the heels of the sell-off in u.s. stocks. check out the nikkei average in japan down 2%, shanghai in china down 2-2/3%. will prices this morning, opec is meeting today, there has been a real debate among members of the cartel when did they would cut production, recent decline in crude oil, we are at $41 a barrel up 1/2/3%, we have a report on oil but first top story this morning, november jobs report due out, the economy is expected to create 200,000 new jobs, non-farm payroll jobs.
and any change, since october of 1977. and any change in wages, and the economics correspondence, michele meyer, debbie head of economics at merrill lynch. let me keep this up. expectations of the jobs report and how important it is ahead of the fed meeting. >> it would take a huge disappointment at this point to stop the fed from raising rates next week. janet yellen is signaling that they are on track to do it. if we get a report which is a long lines you just laid out, 200,000 payroll gains and 5% unemployment they go in a week and half. maria: baked in the cake at this point.
you are below estimates. >> we are modestly below 180,000, a payback from the exceptional job creation, 271,000 but the trend is going to be robust and i agree with john, it will be hard for the jobs numbers this morning to stop the fed from hiking interest rates. dagen: how bad would have to be? >> let me lay out some numbers, we get $50,000 on payrolls three month average, 50,000 number today, that is a pretty bad numbers come as janet yellen said, some number above 100,000 is enough to keep the unemployment rate coming down. >> it is foregone conclusion the they will raise rates because job numbers are not the only numbers that are looking at but what the jobs number will do
will impact the pace and rate of the increased rate. 2004-2006, but every single meeting for 17 meetings rate. 1% up to 5%. >> in a two year period. >> this gets back to the ecb, looking at the stronger dollar, looking at a lot of things that are happening in the market sell what they are going to see, they may raise rates at a slower pace. maria: is more than the top line number. we talked about that but janet yellen, they are really looking at wages and labor participation rate and that is going to be a big thing when this report comes out. did we see more people enter back into the work force. are they feeling optimistic about the opportunity to participate. >> it is something janet yellen talked about yesterday, the she
still believes there is hidden flacon the labour market looking at broader measures, the unemployment rate marginally attached workers to labour force so it has been discouraging the fact that the participation rate remained stubbornly low but there's still hope out there that at a minimum, to stabilize, is another reason you want to keep policy more accommodating. if you believe there is capacity for people to join the labour market you want to keep the economy growing as strong as it can as long as it can. >> the only way to do that is for the federal government to come in and have growth tampering initiatives like the affordable care act or overreach of regulation. maria: that won't happen until the new president. that have a negative impact in 2016 because the obamacare will be fully implemented and that means employers will be impacted by having these additional costss for medical. we are seeing small businesses,
midsize business and it will be larger employers that won't be able to afford the health care. dagen: benefits getting ready for that tax. >> want point on the federal government side. we could talk about the impact of regulations, there's a lot of talk about how that has affected the willingness of people of business to hire but it is also the case the head winds from fiscal spending at reseeded a little bit and we could get a little more out of that in the next year. a little more growth from the highway spending bill. maria: did the ecb miss the mark yesterday? what a reaction, markets were disappointed. >> mario draghi developed a habit of telegraphing what is happening next and the last time he moved in january he oversdelivered so i think
markets were expecting to be fairly aggressive and they didn't get it. the ecb is another reason we were talking about how the fed is moving slowly in this process. with the pc be easing moves, the fed is not eager to tighten aggressively. we will have this conversation we had in 2015 all over again in 2016 but when are they going to do it next? not this meeting or the next meeting, a will be a long wait for the second move. >> constantly comes out and says it is on table. dagen: is irritating that investors are so dependent on the extremely loose money and extremely cheap money they already have negative deposit rates, negative deposit rates in an environment that is not crisis. suck it up. cheryl: i don't know. >> expectations for investors the we saw yesterday mario draghi over promised and under
delivered but he doesn't have much ammo to use in his arsenal. there is lack of liquidity in bonds from to purchase the team needs the deposit rate which is negative. >> open mouthed operations, one of the key ways the policy works is through guidance. for mario draghi and other central bankers it is not only what they deliver but what they are promising about what is coming and that is what he was attempting to do, we are putting additional accommodation and we will remain accommodative if the economy warrants it. cheryl: 2016 do you expect we could go into a recession? would debate we have every day because we know what is going on on the industrial side. >> we listen to analysts covering industrials, they're so downbeat, but we are not in a recession can't. we think there's room for further expansion. talking about low to mid 2%
growth, not a spectacular performance but we are not at the point where the business cycle is turning. the service economy is doing well, housing market has room to recover, we are finally starting to see fingers crossed, recovery wages leading to stronger consumer spending still a lot of positive stories you can tell in the industrial sector. maria: always a pleasure, we will see use in. and mergers and acquisitions, nicole petallides is next. nicole: the biggest ever for mergers and acquisitions. a series of 112 small deals announced this week pushing the year into the record books for a total of just over a $4.3 trillion in global volume. is struggling beauty products, closer to selling its north
american business to private equity firms with capital, wall street journal reporting the deal will help strengthen the company's balance sheet and allows servers to become a von's biggest shareholder, that deal is expected to close this month and some of the big deals, pfizer, allied and, as in the miller and anheuser-busch in bev. dagen: a lot of deals in health care. that is one of the most important sectors. don't forget to start your day with nicole petallides on "fbn a.m." each week that 5:00 a.m. eastern before "mornings with maria". an arsenal of bombs and weapons in the home of the standard dino shooters as the pakistani border is our program. more about the white coming next and hbo dropping hints about the next season of gained of thrones, including the return of one beloved series regular. >> the past is already written.
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records worldwide, superbowl l set to take place in santa clara calif.. a familiar face will grace the front cover of playboy's final nude issue, pamela anderson will be featured record fifteenth time after a magazine was announced in october, it will no longer show pictures of naked women. it hits newsstands a week from today, she's 48 years old. the first game of fronts teaser trailer for season 6 if you are here, if you are caught up turn away from your television but if you want to see this go ahead and watch. >> the past is already written. put ithe ink is dry.
maria: back to top story in san bernardino shooting, republican presidential candidate carly fiorina written political correctness may have been a factor in the inability to prevent this horrific massacre. >> this is what happens. people stop talking. we cannot stop talking to. we cannot stop speaking the truth and we cannot stop saying something if we see something. when people demonize the messenger because they don't like the message. tracy: a suspicious activity at the suspect's home failed to report it, we want to bring in john matthews of the community save the institute. what is your thought on that? >> this is disturbing, we want people to come forward. in law enforcement will depend on citizens, 900,000 of us, 330 million americans out there, we don't want you to fear being
politically correct. we respond to calls for service, we check them out, a delivery man, neighbor, no harm no foul but we want to err on the side of safety, you have to give us the opportunity to check out the incident. rite-aid dealing drugs? is there even trafficking? if we get the information we can look into it and stop these murders from occurring. maria: neighbors saw packages being delivered and the unusual activity in the garage which now we know was a factory for bombs. >> this is the type of suspicious activity you should be able to see instead of going to bye-bye baby or babies are us, they had a 6-month-old child getting all this ammunition so we should be pretty easy to see, why is this family pushing their daughter down the street in a stroller, instead of buying magazines. dagen: even if you contact law-enforcement authorities given the pressure on police
officers in law enforcement across the country are they -- how aggressively are they going to investigate that? how far can they go? how far will they go? >> we want to look into it. one of the deliveries, what are the times? puts an undercover officers out there. have people out in the residence, is what we call the totality of circumstances and with that information we can build case. it may not be a criminal case we abuilding but we may be getting little bits of information we can get the whole picture and say yes, something illegal is going on, we have to look into this further but you got to give us the opportunity, got to give us the opportunity so we can have the information to look at it and say this is an issue and we want to delve into it and stop these crimes from occurring. that is one of the problems we have, we have got to have that information. cheryl: maybe people will feel more comfortable making that call or contacting their local
police department to say i am suspicious, i have seen something. >> we need to go back to the post 9/11 mindset, where we are under attack, we are under siege, we need to protect friends and neighbors and i heard a quote from a girl who was involved in stopping the school shooting and we asked why did you call the police? as simple as this, i didn't want people to die. that is the attitude we need to have, the mind-set we need to have. maria: good insight from you. coming up next crude-oil jumping ahead of highly anticipated opec meeting, we will take it to the floor of the cme, find out if opec cuts production and what does that mean for the move in oil prices and we are waiting for november jobs report in two hours, big number likely to move markets, keep it right here, back in a moment.
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maria: crude-oil trading higher, phil flynn standing by at the cme. a lot of people think the meeting will be in a packed full. >> tensions are boiling over, this could be one of august meetings in some time and tensions will rise overnight when an interoffice report from opec were leaked that saudi arabia and the economic council says a production cuts wouldn't matter if they cut production, they say it would not be enough to overtake the economic glut and the production talks like
venezuela with algeria and iran say i don't think those numbers are right, we need to cut production and to be honest with you, when you look at opec's projections, they have been off by 600,000 barrels a day, if they are overstating the case by that much, the production cut would definitely matter and we would see the global glut of supply disappear next year's so that is what is happening. a weak dollar, an incredible day. back to you. maria: oil is up on a weak dollar but you also have this idea that if the saudis agree with opec and cut production that would move oil up even further. >> absolutely. we saw one rumor, one erroneous report that there was a possible deal to cut production, we rallied a dollar in five seconds. at the end of the day when we talk about this, there could be a road map for future cut.
maria: phil flynn -- dagen: iranian oil is coming on the market, 2.7 million barrels a day ranting that to 4, even if they cuts. >> talk about oil, and me any happening in opec, you see that happening in front of us. turkey shut down a russian plane, what happened to oil? it was up 2% and we are below that rate at 5% or 10%. >> one sector was a bright spot, nicole petallides on the bright side of the weekly report. >> the eta for guggenheim solid, 5.9% for the week, there are names like solar city, power, they have soared because there was the world's climate
conference in paris and those names came in focus, stocks ran up for the week, power a 13%, solicited 21%, this group is not for the faint of heart, is a very volatile book ended is down 18%. "mornings with maria" continuing after this break so stay with us, more maria bartiroma and the team after the break.
thousands of grants of ammunition. thousands of people attended the candlelight vigil, the november jobs report, 2,000 jobs were added to the economy, and it held steady at 5%. we are talking with the jobs are, checking markets ahead of the number we are expecting a higher open for the broader averages and all the major averages in the plus column after a sharp sell-off yesterday. lots of disappointment after the european central bank delivered stimulus that wasn't enough for the markets, that is why europe's fold up big time. it is down 1%. and big losses in asia. overnight in asia markets took a cue from the u.s.. take a look at what went on in
japan, the u.k. average is down, the shanghai composite down one.2%. the dollar was the story. >> it was all about the dollar. the dollar is not completely down because everyone thought the ecb was going to make the euro so weak that it was going to impact our exports though the dollar got weaker. maria: co-pay is meeting today to debate members of the cartel whether opec will cut production amid recent decline in the price of crude oil, oil is up 1.5% at $41.72 a barrel in the face of this meeting which we will bring you the meetings from in the next couple hours. uber valuation keeps going up, wall street journal reporting the company's latest round of funding could bring the
valuation to 60 port for an $6 billion. pretty sweet after the latest fund-raising rounds. new details on the killers behind the california shooting spree and 14 victims. jeff flock with the story on the ground in san bernardino. jeff: i show you and your eocene over my shoulder at the england regional center. you see cars parked in the parking lot, those belong to the victims of the tragedy. fresh pictures of what caused this tragedy, the weaponry, 22 caliber semi-automatic, and thousands of rounds of ammunition, equipment to make a
lot more. robotic device to search that home and when they found all that stuff. in addition, first pictures, first names of the victims of the 14 who lost their lives and first comment from the first responder on the scene, lieutenant mike madden of the san bernardino police. >> i did the job i was supposed to do. my job was to go in, people don't call the police because they're having a great day but because there is a tragedy going on and this was tragedy i never experienced in my career. >> as we reported last hour, authorities saying they are not ruling anything out, not saying this is terrorism. that is what they say. maria: everyone knows that it was. i want to give a shout out to the first responders, they did a great job.
we will come back to you as the news mounds. we bring in florida congressman colonel alan west with terrorism analyst matthew graham. thanks very much for joining us. what the make of the armament that was found in the couple's garage. >> there is no doubt it is good to be with you, we can't look at this as workplace violence or something out of normal, this was a well-planned operation. for whatever reason, these pipe bombs, that there was probably something bigger being planned. for whatever reason they decided to pull the trigger a little early. when we continue to hear this narrative where we want to dismiss this for what it is, islamic terrorism and an attack that has gone to enable other attacks. we are finding out they complete the race their digital signature and destroyed hard drives and the raise their e-mail
signatures. maria: what are investigators looking at specifically to try to learn what the couple's plans work? given below level of weaponry we are talking about. >> a more difficult time, based on deletion of data. when you find that haven where they stay, the electronic data, the data has been deleted but there isn't any of that information will make a little more difficult. this may have been a premature attack, there may have been another location in mind, the amount of armaments and pipe bombs, it would be something bigger. maria: at the end of the day when you consider all of that
weaponry something happen that that party to set him off to begin a shooting spree because obviously they were planning something. >> it is speculation but you think about that when you think of what they are finding in their garage and all the ammunition they had and they were at a holiday function, what set off? it does seem they were planning something much bigger. we don't know that. >> acting nervous 20 minutes beforehand, looking for an excuse to set off. >> 13 bombs. >> i want you to speak to this. the biggest thing as hard as this is to understand or digest or comprehend, this woman is the mother of a 6-month-old child. people do not understand the thinking of someone who would do that, being the mother of a newborn, for people who are not students or don't understand
radical jihad, radical islamic terrorism. >> one thing we have to realize is we cannot use a western civilization mindsets, when you look at what happened in paris between charlie hebdo attacks and recent attacks, and dropping office 6-month-old baby, the ideology is more important than the child. i believe if we are going to start to defeat this enemy we have to start accepting who they are, their belief system and this is something that goes all the way back to the barbary pirates, 1800s, this is not something new that the united states had to deal with when thomas jefferson and john adams were told the reason they were attacking our shipping and imprisoning our people is because they were commanded to do so by their profit and their book. maria: one of the top stories in the journal is the e.u. pricing
telecom companies, pressing u.s. technology giants to free up access to their user data in the wake of the paris attacks. this gets to the top of the metadata program. the lawmakers track terrorism, these limitations accessing data from the telecom company. joy you think that is changing? what will happen in that regard. >> the manner is part of the issue that is going to make this more concerning. people do not need to have comprehensive electronic communication in order to launch attacks. this is a man and his wife, the majority of their discussions were probably face-to-face, they're planning took place in their home where people would come to their home, sit and meet and plan and act. the metadata is not going to be there.
this is an organic peace. maria: you don't think it matters. >> i don't think it matters on a scale where the islamic church called for these acts for 1,000 years. it is getting back to someone's individual will to act. >> we talk about these acts, there's certain radical -- how big an impact is that carrying out as well? >> 15 of the 19, 9/11 hijackers are from saudi arabia, the state religion of saudi arabia, how big it is is since the founding of saudi arabia that is their belief system. we are engaged in an active war the we are not even sitting at the table with. colonel west can speak to the point that what needs to take
place, this administration shackled the department of defense through the white house or state department, we need to lose our dogs of war and start fighting the threat where the threat begins and that is in the middle east. >> that is a very informed point. one of the things you talked about earlier was oil revenues. saudi arabia without a doubt has been placating through the revenues allowing them to promulgate and proliferate all across the entire globe. the fact saudi arabia does not want to accept any of the assyrian refugees but more than happy to build new mosques all across europe and the united states of america which has spread that ideology so we have to use all the elements of national power which includes our economic power as well.
maria: thanks, we will see you soon, thanks for joining us, we are an hour-and-a-half from the final jobs report of lee year, and whether we will see a rise in wages, we will tell you what the markets look like next. stuart: begat leads going to shell out some cash to stay cool in rio next summer. we will tell you why, stay with us. i use what's already inside me to reach my goals. so i liked when my doctor told me i may reach my blood sugar and a1c goals
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a nightclub killed at least 16 people, wounded three others, two young men from molotov cocktails into the nightclub after an argument. the budget cuts hard-hitting next year's olympic games, organizers say more than 10,000 athletes won't have air-conditioning in their bedrooms unless somebody pays for it. maybe it will be the athletes, could be 90 degrees in rio at that time of year. the preview, investors are ready, getting close to the most closely watched economic report of the month, november jobs report, this is the last key piece of economic data before the fed decides whether to raise interest rates for the first time in nearly a decade. here are the numbers we economists looking for non-farm payrolls to increase by 2 and did thousand in november, the employment rate expected to hold steady at 5%, obviously we are an hour and 15 minutes away, this is the jobs report of the
year. maria: one camp made its decision, they will raise rates in two weeks, another camp says we will see a move here and a change, maybe that dictates a change in terms of what the fed does. you are seeing where the jobs are, talk about that. >> we are looking at a tremendous amount of data to see where employers are truly hiring, what is getting the most attention from a supply and demand basis, what are hottest jobs in demand and when you look at the 5.5 million job openings that are across the u.s. and the hottest sectors and hottest jobs most of them are in the health-care industry, registered nurses, physical therapists, a lot of medical positions and strong demand ban professional and business services. you see a lot of technology developers, skills out there are
very strong but also customer service jobs fall in the top ten, drivers, we see uber and lift have changed the makeup of the work force and the types of jobs that are out there. and some other interesting positions i think are coming back, you are seeing more sales positions in the market so companies are hiring and ramping up their sales teams which is a good sign. that is the position in strong demand. maria: use a risk as it is too strong. >> of this number is going to further reinforce to further reinforced the fed to continue the rate hikes higher and higher so they can do it more and more and that would have a significant impact on the dollar and impact corporate earnings. we saw a three job numbers that came out weaker than expected a the market went down initially and rallied at 2% because the
market wants lower longer, they want a weaker dollar, they went easy monetary policy. maria: sneezing at a quarter point, not at a higher level. >> it is a foregone conclusion. they have done their speaking for, the chairwoman has gone out and talked to everybody and said we will raise rates. dagen: they won't screw up again in terms of communication. maria: to the other day that if it was a really negative number end revision also to september and october were negative that would be more of a concern, not that they would not raise rates but not as a fast pace that could be planning. cheryl: is important to look at revisions, wage growth, labour participation, there's a lot to dig into. maria: thanks for it kicking and off, special coverage, complete coverage of the jobs report, jobs in america special beginning at 8:00 a.m. eastern
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bay packers history trailing alliance 20-0 in the record quarter and got within two points with three minutes to go. one last shot for the packers and the game is over. wrong, there is the face mask ink penalty. 15 yards plus they get a play. no time on the clock. aaron rogers and hackers get the shot, whether or not it was a penalty. watch this. aaron rogers a day after his birth date, heaves up picture perfect hillary into the end zone and it is caught by richard rodgers completing the great is come back when, he looks like brett favre, green bay packers legendary quarterback down the field, celebrating a huge win. on record is a 61 yard touchdown pass but that was a 70 yard heave and 61 yards is still the longest in the history of an nfl game that ended it on a hail mary. dagen: that is a bad call. >> that is what everyone is
talking about. is all about interpretation of the rule and the rules is you are not allowed to grab somebody's face mask and redirect a player or grasped it and what happened was the nfl's vice president officiating admitted when you watch it in real time it looks like an obvious face mask penalty and he took to twitter and wrote this essentials recalling out saying we are all human beings here most guys will make this call because it looked like a face masking call. when you slow it down was inadvertent and did not affect the play but gave the one last shot. it affected the end of the game. >> another team in the headlines, the cowboys cut two guys who were not wearing a suit and tie. what do you think about that, the way the organization is being brought? >> dallas cowboys raising a lot of questions around the nfl, gary jones lost this weekend,
snapping with reporter when he asked a question. i am still blown away by it. what an unbelievable come back when, 20-0 down and to win on that kind of controversy. dagen: where are the packers? >> half a game back in the nfc northbridge of vikings fan, when i saw the play last night, what a touchdown and i thought darn it. dagen: never get me to root for aaron foster. cheryl: people probably turned off the television, game over. this catch is unbelievable. >> we are human beings, we make mistakes and referees are not perfect. maria: fireworks flying ahead of the highly anticipated opec meeting this morning. will they cut oil production? we have a preview. we will take you there. back in a minute. pipes are.
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. . maria: good morning i am maria bartiromo welcome back friday december 4 with me folks business network dagen mcdowell recon capital kevin kelly monster worldwide, top stories, we are following the latest out of san bernardino, law enforcement officials exploring the link to terrorism, we still do not have a known motive, a search of the suspects home however uncovered a dozen bombs,bomb-making materiel thousands of rounds of act and omissionics in, they were calling it a bomb-making about factory the garage as we learned names of 14 victims who are dead, thousands of people last night attending a candlelight vigil in san bernardino top story for the markets meanwhile, november jobs' report one day after that disappointment out of european central bank caused a ma selo gains at open we look for, 200,000 new jobs created, in the month of november, now,
economists are expecting unemployment rate to hold steady 5%, checking markets abe headed of numbers what we are looking at this morning, issue pretty good bounce after yesterday's 200 plus sell-off the dow to open up 50 points we know all about jobs we have to white to see what that says about an hour, s&p and nasdaq also higher this morning, in europe, we are seeing weakness extended on heels of yesterday's sell-off, the cac quarante, dax in germany down half a per cent ft 100 fractionally lower in asia dollar going down the yen euro going up, created some pretty good losses overnight in asia, hang seng index down nikkei and shanghai composite nikkei average down better than 2% shanghai composite down one and two-thirds percent on heels of the sell-off yesterday opec having a meeting in vienna a lot of debate among members of opec, about whether they will cut
production, the recent decline in crude oil prices that 41.57 a barrel that is up better than 1%, would be the to bring in short report editor oil neatly steven shore thanks for joining us. >> great to be here thank you. maria: what are you expecting out of opec? >> i think it is status quo, maria really difficult, and you have to keep in mind that when we speak of opec the question though is couched as if opec is a single entity it is a question of the producers saudi arabia, will saudi arabia sign off on a production cuts? and given what we now know very difficult to seesawed enjoying along with it they have got 3 major concerns right now, first and foremost according to the "the wall street journal," the white house is intent starting to lift sanctions on iran we don't know what the impact of introduction of presanctioned iranian oil coming to the market that that means first concern saudis position of losing market share. there is a concern, of course,
iran's growing hegemonic design on the middle east. so, once again, we sunni-shia chasm driving this look if you are saudi arabia you've got iranian influence in syria to north you've got iranian, interests supporting the rebels to your south you are being pinched, so again, you stand to not only going to lose market share you are losing influence in your backyard third most poernl economics, right, all growth in oil is coming out of asia but asia is challenged right now, china industrial complex is at -- producing readings we haven't seen in three years japan is in the recession since 2008, so, along this back drop is really did i to seesawedi signing off on cut -- >> u.s. weaker. >> u.s. is completely weak right now, it is really hard to imagine opec doing a cut what is it going to take to do
a production cut you have other members venezuela in pain, i mean we know right now, that producers here in u.s., the most efficient ones having a hard time making money at 40 dollars a barrel, i can imagine what is happening in venezuela. maria: and don't forget russia and brazil. >> absolutely, here in united states again, it comes back to demand issue, i maintained for the past six months the united states manufacturing economy is in recession. so you are seeing a lot of demand destruction on that front even though we have record complan for crude oil in the united states and this is because margin refine release doing quite well because crack margins difference between gasoline and crude oil extremely wide. weven that record demand we are seeing still not seeing any sort of impact on supply, and, of course, on price at this point, so yes to the north, north, efficiently producer, 45 to 55 there is money to be made there, about
40, 39, 38, everyone challenged in that environment. >> steve dagen mcdowell, venezuela oil ministers of venezuela being the -- the loudest advocate for production cuts, oil minister about predicting crude prices are going to fall by another 20 dollars a barrel if they don't cut production, does that sound ridiculous or reasonable? >> well, 20 dollars brings us down to -- another 20 brings us down to 20, no, it is not ridiculous right now, because right now we just came out of the fall maintenance season. so, right now, as i said because of margins, demand is going to see record demand over next two months. but once we get into february, march the refineries go back into second turnaround season not buying as many barrels so you going to see demand destruction hit february, march put that demand out of the market still producing well over 9 million barrels day so out of supply you pull back demand create the
template for maybe not 20 dollar oil, but i've been saying, certainly revisit the lows the we saw in 2009 great recession 33, 32 dollars, always great from you we appreciate your time many we will see you soon. >> great to be here. >> coming up hbo teasing fans again thrones hinting a beloved characterist may not be dead after that, that is next. ♪
. maria: welcome back, tragedy news in music world that and headlines. cheryl: maria former front man for the stone temple pilots and velvet revolver died in sleep last night out on tour he was 48 years old. comments from band members friends suggest drugs or alcohol evolved in untimely passing, first game of thessalonians, for season six is here if you are not caught up this is a spoiler, look away, but if you are up to date, watch this.
♪ the past is over -- the ink is dry. >> game of thessalonians looks like john snow going to return to hbo coming up, in april of this year, finally there is this, the nfl, announcing going to leave halftime show in 50 in faith-based band sold more than 80 million words super bowl 50 february 7 in santa clara california, cold play at super bowl for the first time ever, walk to you. maria: thank you so much markets eyeing november jobs' report this morning, due out less than an hour, come from heels of disappointing s stimulus measures from european central bank yesterday, further kulthing deposit rate extending purchase program to at least march 2017 that ecb yesterday the market sold off joining me right now if fox business network exclusive, is the
chairman of ubs axle weber former president of the bundesbank wonderful to see you thank you for joining us ecb you've got expertise when it comes to central bank policy coming from bund bundes bank spencer on central banks your take on ecb move was the market waps twharptd that massive negative reaction? >> well, we talked to clients all over the week in new york, and it will was exactly what we expected, 10 basis point cut into negative territory another half year, of prolong gaugs of the progr investigation what it shows one or two weeks expectation started to run away massive measures shows you hoi difficult it is, when rates are zero or negative, and assets already highly priced how to add further stimulus we are seeing digs of benefits forth easing coming down, being very, very close to zero, so these policies have run their way for three years,
and adding to them will not really make -- be a game cheapering for the xaun. >> you need fundamental change not necessarily central bank moves but fiscal policy that will move the needle. >> fiscal. >> and market demand. >> fiscal policy in europe, is also neutral to slightly sometime lateive we need reforms europe same before cries the fiscal and monetary pasted over some cracks we still have competitive issues peripheral countries those problems need fixing monetary policy is seeing the end what it ka-can do. >> does it bother you a difference in terms of oe. cb and frv about to start doing the jobs number out about 45 minutes, here, a lot of people think that is going to dictate what fed does, explain to us, the differences here, why it matters, to see what the fed is going to do in terms of raising rates and what ecb is
doing in terms of those of surplus. >> right, so our expectation is that the u.s. economy can withstand a rate hike due sometime we expected for this to happen in september we think more or less a done deal for it to happen now, the job numbers today we've seen great job numbers, last month around, unless they are really dramatically revised down there is a bad reading i think rate cut will go ahead job numbers will tell you more about the speed at which fed will continue to go over the next year, rather than really telling you whether or not they will move in december. >> you've got so many clients cross the world, and wondering what to do how are they loathing capital right now in face of that you will what are you advising clients to do. >> at the moment clients are really sitting on exceptional amounts of cash. >> 30%. >> what is cash level. >> not that high some portfolios 20% quite a lot, and clients have -- invested in equity, much more than in
fixed income so we are also one of the largest world equity traders, and our business in investment bank has been supported by people moving from fixed income into equity, in u.s., that is starting to change. valuations pretty high we expect further positive development, on the stock market, but european stock markets, we actually think will he rover more than u.s. stock market largely because still so tome de priced to crisis levy more of dynamics ahead in europe so europe will rover, at slower pace than u.s. but will recovery, and that is a good sign for stock markets in europe and you know he monetary policy stimulus adds to driving investors into risky assets that is usually a strong support for the equity markets not there any more to same degree in u.s. still there in japan and europe. >> sounds like you are advising clients, to shift some money or increase their money, in europe, and japan. >> yeah, we -- u.s. equity overweight end of last year
advised to overweight european equity and japanese equity a shift in regional focus of where that additional dollar is invested in portfolio. >> currency in play as well do you recommend do things in terms of like, you know, hedging out occurrences given that you are saying you want to be allocated toward europe and asia. >> absolutely whatever you if you don't henl out in equity investment you would lose again on currency we've seen that in japan seeing it on european side really if you want to have a occurrence position you should have an open occurrence position, a long dollar short euro long dollar short yen position at moment unlast year that will continue to go must have further. >> ubs strategy a minute ago you said we are also among largest fixed income traders analysts wonder what the strategy is, for the next let's call it three or five years because we all know that ubs was first in terms of shifting your strategy right after the big clean ups in 2006 and 2007, focusing on the
private banks focusing on the wealth management division, that was very smart avfollowed suit, but now people wonder are you trying to get back knee deep into investment banking or what is the store on capital markets businesses what is your priority. >> yes, so basically our priorities are unchanged strategies unchanged, we used to allocate -- of capital to vote. bank, and we now only allocate instructively one sort of capital to investment bank that is i want changed, in the investment bank, we shifted the focus, from being fixed income rates and credit business, to now being corporate vote. banking so equity corporate debt mand a advisory the areas we invest but it is corporate business it is something that supports the economy it is something that helps, economy and that helps economic and firms to invest so we want to continue to do that business we want to play an integral part in facilitating growth i think a good part of focus,
outside that we want to be continue to be the predominant number one world manager we are largest bank largest market share in switzerland our sflooj pretty good strategy pretty good position to be in regulatory voorm we know dick taitsd a lot of chang dining taited changes obviously largest in switzerland one of the largest in general you are subject to much stricker a regulations in terms of those of swiss national bank the fed regulatory out there yet competing with banks much smaller certain pieces of business much summarily but do not face that regulatory burden so how do you grow in the face of that? >> first on new capital regimes we already take all the boxes, for the regime where we need to be in four years' time, our capital ratio ishs at 14.3%, common tangible equities one of the highest capital ratios of peer banks
unless terms of requirements about convertibles doesn't impactful on strategy we have done our homework we are where we need to be in a few years' time, the smaller players in the market do not face same type of regulation when they enter into the market but as they grow, they are subject to more stringent regulation as they become bigger i would almost say now days the new capital liquidity management requirements to hold regulation above resolveability makes larges banks have a advantage almost a maerth entry bearier we face about 60,000 regulatory events every year globally, for you to have the departments to kind of be on top of dwements a huge cost you need to be focused on this we are seeing current regulation will
continue to bifurcate market between global banks will hold market share sand smaller players want to enter into niche businesses. >> this is new normal, you know you are the largest, you've got the where withal to win, regardless of the regulatory environment everybody is doing budgets for 2016 what does 2016 look like where are you in terms of cutting in terms of financial the financial investment bank part of the business, are you done with cutting, what does budgetary look ike. >> no tension to cut further we said our strategy change are done we are focusing on implementing that strategy in a very disciplined fashion we want to have next year, as good a year as we are having this year so knock on wood not quite done but has been a good year for us i think what helps us today, is we have done the capital transformation we have done the strategic transformation now focus on client all bb serving clients the rollout is pretty
bank. . > . maria: terrorism very much in play as motive as wednesday san bernardino shootings want to bring in american especially ought to sr., fellow former u.s. ambassador to the united nations, john bolton, ambassador good to he sue thanks very much for joining us your thoughts one day after this situation. >> obviously a lot we don't know i don't think there is in i question this was a form of terrorism, and i don't think we should get hung up whether the triggering event, the direct cause was workplace violence or something else, no normal person is making pipe
bomb in their house no normal person that is that weaponry combat equipment whether pro vocced by insult at contrast martyr -- or planned for something else less important understanding what people represent an ideology that is coma combating us. >> makes of a new cell we need to investigate what are investigators looking at to try to explore why this is broad picture terrorists in america. >> i think a very important question too long an artificial distinction so-called homegrown terrorists so-called lone wolves one side the other eyed isis or al-qaida i think that distinction is wrong as long as isis al-qaida terrorists can communicate over internet people can be radicalized individually learn how to conduct terrorist operations much better than a cell
structure from communist cold aware he espionage it is hard t find connections i think that should cause us grave concern in america because it could mean that the risk is much greater than we previously believed. >> what do we do about it ambassador how do we change the way that we hunt down hunt out terrorist activity? even wp our borders. >> i think we have to begin understanding that this is a war, this is not a law enforcement matter this is a -- the argument president obama made for seven years, that we can handle this through normal law enforcement. we didn't ask for this is we don't want it they have declared war against us, and i think treating it on that basis, should give is some indication of how to look for how people are radicalized, in america let's not forget if you go back to july 7, 2005 he bombings in london. the sign there, these people didn't come from saudi arabia or someplace else then born, raised in great britain all
benefits of a free society rejected it if melting pot is not working in america people are being used by terrorist groups overseas we need to get into that i don't regard that infringerment. >> we have seen brothers tried to become -- i don't overseas rad contemplatived not able to do it this couple we don't the director tliefrpgs didn't see isis say hey they are ours that is the bigger threat right for you, the domestic terrorism people becoming radicalized on their own. >> they are being rad radicalized racking against our culture because of internet a way to learn theology ideology techniques i think that means you can have incidents like there not planned by a central committee these are we'll radicalizing
acting almost at random i think much worse if we don't understand nup one in a war, facing an ideology this threat more pervasive going to be surprised again and again. maria: wonderful to have your insight thank you so much, john bolton there we will be right back. amerivest selects the funds and manages your portfolio.
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. about about about november jobs' report 30 minutes away i am maria bartiromo analysts looking for the economy to have added 200,000 jobs, in the month of november the unemployment right to hold steady 5% we are going to see the numbers in 30 minutes we will have them live as soon as they hit the tape take a look at mark what they are expecting ahead of numbers, off the highs of the morning, continental the market expected to open higher dow jones industrial average look like going to be up 30 points but dependent on jobs number with me fox business network dagen mcdowell recon capital kevin kelly monster worldwide jeanie courtney from chicago, is first trust chief economist bryan westbury thanks for joining the conversation let
me kick off with you expectations for job numbers 30 minutes away. >> i am not any different than the consensus i think at 198 so if it comes to weaker we will be closer to the mark, 5% unemployment, non-- none of these data will stop fed from lifting rates, they should lift rates, kind of the enamel interest rate the economy can operate at with no problems closer to 3% on zero i hope the fed starts lifting rates we know going slow the economy continues to grow there will be 69th month in a roe private sector job gains. >> wainlz to moderate in december up 2/10 of a per cent month over mefr 2.3% year over year down from october up 4/so, up 2 1/2%, for year over year do you think wages move?
>> we'll i think 2.3, about 2.4% year over year gains in wages that is slow no doubt about it but still it is still beating inflation, then when you add in 2.8 million new jobs, plus a little bit longer workweek, that you know people are working a few more hours, it all adds up to 4 1/2 to 5% gains in wainges we have been able to have retail sales car stae sales strong without dipping into debt financial obligations consumer dent levels to 1980s kinds of levels so the spending that we've seen even though people are worried about it not being driven by credit, and that is really good news, for the sustainability of this recovery in the years ahead. >> bryan this is keven, so the fed is going to raise rates in december we know that a
foregone conclusion the main question what pace is this a one -- and done situation raise tries twice the concern how will job number impact that pace? >> yeah, kevin that is great question, i i think the fed is going very slow at minimum you know, the last time when greenspan was raising rates it was every meeting, right? so at a minimum, or at i guess at a maximum pace if the way you want to look at it, it will be every other meeting may be over third meeting, i think, about the peak for the funds rate the end of 2016 is less than 1 1/2%,and, you know, that is still lower than the inflation rate, we are running 1 1/2, to 2. so you know, the jobs numbers so long as they keep coming in like they are, and unemployment rates stay it will probably fall into the four's in 2016 i think the fed
will keep raising rates going to go really slowly why i think stock market overreacted in the last couple of days, i -- i, i think being fareful of rate hikes is like being fear full of tapering, tapering didn't hurt the economy i don't think a real slow pace of rate hicks of hurt either. >> we saw it sell-off yesterday significantly rates rose most we've seen in years. >> yeah, you know what this is really interesting if i promise i am the fed chairman, and i promise the federal reserve rate zero two years, then two year treasury is going to be zero right overnight rates zero for two years, so but when i say now i am going to raise rates a little bit over time, now i have to move the market has to move up to two year the five year the 10 year, so i do expect all these rates to go up, i think the fed hears artificially held down the yield curve, and they will go higher, i don't know if this
is good news or not, but in our models of the stock market, we put in a 4% 10 year treasury not predicting that next year, but that is our stress test, right we're saying hey, if the 10 year treasury goes up to 4%, it is still leaves the market undervalued today. so i think we can hold on, i think that the stock gains will continue even with rates rising a little bit. dagen: i want your reaction to what happened with ecb yesterday, and the massive sell-off in the markets, because it looks like -- well investors are still drunk on cheap and easy money want more of it they can't be saturated getting pass fed will move a bit probably not move again for months if not next year, and then ecb being very loose if not loose enough people need to wake up smell cold
coffee. >> yeah, dagen, i am with you on that, it is kind of fascinating, this is -- boy we could really get into weeds on some of this monetary stuff but in 001, i mean so this is 14 years ago, that is when japan started doing quantitative easing. dagen: right. >> has not helped japan at all in march this year draghi announceed more qe the european stock markets flat to down since that point. in u.s. we've been doing qe but i don't believe i know ben bernanke says that is what caused the market to go up caused unemployment to go down. i don't apply it. i think qe is ineffective all it does, is it builds the fed balance sheet things have not banks not used that money really what caused growth in the u.s. is entrepreneurship, we have uber lyft airbnb,
apple about great companies, that are doing things, that are amazing, fracking al this stuff not you know janet yellen and ben bernanke ineffective fracked a well janet yellen does not stay up at night drinking red bull right now, and that is. dagen: we can dream that is what she is doing. >> yesday. >> all i am saying that is what i think is causing growth not qe, 9% is the entrepreneurship and u.s. still even with our current government, is still the leader in entrepreneurship amazing when you think about it how resilient our entrepreneurs are. >> thanks, thanks so much. >> thank you very much great to be with you all. maria: and to you brian westbury a developing story following new details about the massacre in california. jeff flock with the very latest developments police on the ground in san bernardino, right now, jeff good morning.
reporter: we expect maria good morning, authorities again oontsdz spot in about four hours' time that is to say local authorities as well as the fbi to brief reporters again in a big question, will be will they say this is terrorism, not a workplace situation. when the authorities came to meet would reporters last night they came bearing pictures, pictures of that arsenal this couple had both on them when they attacked the recently office behind me as well as back at apartment location, that arsenal included assault rifles two of them, two semiautomatic happened guns multiple bombs a dozen found supplies to make many more also yesterday we heard from the first responder on scene to respond to the shooting when it took place, describing what he saw. >> the situation was surreal,
it was something i don't think again we prepare for, and they try to and active shooter we talk about overloaded they tried to i throw everything at you to prepare you are to dealing with that. what you are seeing what you are hearing what you are smelling. and it was all of that and more. >> lieutenant make madden lifetime resident maria of san bernardino. his description of what went on in there i think is probably the most tell we have had thus far. >> it is chilling, we will come back to you as the news develops jeff flock in california, coming up it is final major data point federal reserve policy makers will have, in hand when they decide whether to raise interest rates next two weeks that will be the first rate hike in nine easier november jobs' report out less than 30 minutes back in a moment.
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. >> expectation -- jobs, economy last month, unemployment rate expected to hold steady -- jo ap monster worldwide when are you seeing most growth in jobs right now. >> the sectors professional in business services then also the sector retail has been strong all year not just this season, in particular, but the retail sector, seeing jobs creation -- >> -- >> housing -- so we'll see --
all about the pace of rate hikes year going to get a hike in next two weeks from federal reserve this will tell us how significant or often we see rate hicks in 2016. >> this is the biggest most important thing about what is going to be happening, when the fed comes out, with -- with their december meeting in rate hikes every investor is going to be hung up on every adjective ad. verb this is going to give an indication of the pace that they are going to be doing, hikes because last time they did it every meeting 17 meetings in a row going to impact it so if we get a good jobs number it could impact the market downside people think -- rates more. >> even unemployment rate if it false 4.9% is rate the federal reserve sees as a long-term rate, in this country.
and that also speaks to the would that janet yellen loves unemployment rate as indication of slack or lack thereof. >> keith mccullough on show makes a point if federal reserve raises interest rates into a slowdown they are going to have a problem listen to outlier reading about the commitment at standard charter says yell-will wut in 2016 if she raises in two weeks is she going to reverse course. >> if in recession territory what protecting. >> a problem with wages we have 70 positive growth it if not seeing wages move right direction not going to have consumers -- 2 1/2% -- >> gdp grow, we -- >> get significantly stronger she will she will have to do that because corporate earnings are going to get flatter we have seen earnings recession two quarters in a row. maria: you think we see an tr increase sa and trut.
. maria: gearing up for november jobs' report due out less than 15 minutes behind the number keep an eye on wage growth bring in steve moore and bgc patterns senior strategy kick off with you characterize where we in this regard economy how important it final jobs number for 2015 is right now. >> i think it is mighty important, you know we've been averaging pretty good job
growth number for the last four or five months averaging 200,000 a month i will take that, by the way, if we get 200,000 in 10 minutes would be pleased by that. that is what the expectation is but we got a negative report on manufacturing the other day that is something that is troubling, and, of course, what each is focused on how will this affect the fed, and predict if we get 200,000 jobs, we are going to see rates spree of later this month. maria: a lot of people expecting that at this point, steve cortez kevin has made the point this morning that this is about the pace of rate hicks rate hicks are coming but what this jobs number will tell us will dictate that i -- >> correct. >> so what do you think in terms of of the play on markets, and the investment trade here? >> you know maria i am not nearly as cop vinzed -- convinced the consensus strongly agrees with me i
agree you stoke with standard chatter if fed hikes rates in 2015 will be lowering them again, in 2016, look we have anemic growth 200,000 job pace growth addition fine but hardly gang busters not in recovery we are basically just taking care of new workers in the workforce we are cable of high six fiction not low particularly in recovery at lenta fed yesterday loader gdp to 1.4% that is okay but america is capable of 4% growth. >> i want to ask steve something quickly, steve, because there has pen so much talk, even by the republican presidential candidates that janet yellen is in pocket of the white house not going to move on interest rates, let me finish not going to move to prop up economy for the next democratic candidate, if you really want to be independent something she talks about, not yesterday but two days ago you go ahead move and say, i
prolong to no won. >> are you accusing fed chairman being political? look, i don't know what is going on in her mind. but it happened before we have seen this in past presidential election cycles fed chairman give a goose to the economy before election i wouldn't put it past hurry something steve said we talk about statistics 00,000 jobs 5% unemployment rate there is a disconnect i think with what statistics are telling us, what the american people are telling us. they think the american economy is lousy they are not feeling the love for this at all they don't believe 5% unemployment they think closer to 10%, so, you know these statistics that we throw out there, i am not sure really that relative of how economy is doing i think worse than statistics are indicating.
>> we know what's going on in industrial side we know what is going on in terms of commodities complex collapsing and that is attached to to china, in terms of exports being down not integrate in terms of the broad economy. >> i make this case one of the reasons we're seeing relies of trumpism this kind of economic anxiety out there, and people i have talked to are just saying i don't see the growth where is it? >> yep. >> i think you are absolutely right steve a huge part of the trump populist band wagon i don't think trump is remotely the answer i think free market capitalism is does note represent i understand the anxiety and frustrating with regular americans wall street very lows to all-time highs scene 500 regular americans middle income in particular no recovery in expansion a very tepid expansion at best. maria: sure has when you look
at jobs in 2016 are we going to see similar situation as 15 do you think. >> i do think when we talk to employers one thing look for is more flexibility in workforce, and so i really believe, that we're going to see an increase in that freelance contractor even temporary employee at all different levels of jobs so not just that old traditional temporary, you know, we're seeing up you will see temporary cfos come in. >> they are not -- staying 20 years one yob to get gold watch. >> so seeing changes there, as well we want to hear more about 2016 we will moments away from november jobs' report employers expected to have added 200 jobs, numbers back in a minute. the pursuit of healthier.
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report. the expectation 200,000 jobs in the month of november, unemployment rate of 5%. kevin kelly, what is most important here? >> what's most important, we see a number that's coming in line, right? so the market is not going to be scared. one way or the other. and we've seen the markets react especially after a tough day like yesterday. we need a calm, we need a calm, flat number. >> and we want it all day, steve cortez, will we get it? >> right, you know, i don't know. i like exciting days. i'm a trader. >> i'm sorry, go ahead. >> we're watching this with great trepidation. kevin mentioned, we have a pretty bad session, both stocks and bonds globally. the ecb didn't serve the stimulus that we're looking for. if the fed is going to start on a tightening trajectory, it doesn't matter that much
because we're getting so much stimulus from the ecb it's roughly offset. maria: not enough. >> and because of that, i think the fed is really in a corner today. so, they-- i think they, of all people, are desperately watching and hoping that this number is trending positive. >> steve, the three main things we have to look at in this report, even more than the headline number, did we see positive revisions to september and october, have wages really moved and are we seeing labor participation move in the right direction? if those things don't happen, then we're back to really a weak report, which would be a concern. i'm not even as concerned about the big headline number, i'm more concerned with those three points to see, are we making some headway and moving in the right direction. you're hitting the nail on the head. we want to see wage growth, because that leaves healthy inflation to the economy and getting the fed to the
inflation they want. have you seen the numbers? are you anticipating wage growth? >> it's small, 2% year over year, not much. maria: we are going to get that number now because blake burman is standing by in washington with the numbers. go, blake. >> maria, nonfarm payrolls rose by 211,000 jobs in november. 211,000 jobs. that's a slight beat of the estimates and with it the unemployment rate stayed at 5% right in line with estimates. as far as revisions go, they were positive. in october, it was up 27,000 jobs. september, up 8,000 jobs for a combined total of 35,000 jobs. areas that gained improvement in the economy, construction was up 46,000 jobs in november, that's the best since january of 2014. professional and technical services added 28,000 jobs and health care added 24,000 jobs. and areas that lost no surprise here, mining, another 7,000
jobs, that makes 123,000 loss since the peak of december 2014. a lot of focus or you've been talking about manufacturing in the last week or so, that lost 1,000 jobs. the labor participation rate fuelly rose to 62.5% average hourly earnings to 25.25 an hour. a 2.3% gain. the work week edged downwards by .1 hours to 34.5 hours a week and as far as the u-6 goes, a measure for those unemployment, all persons marginally attached, plus, part-time workers for economic reasons, that edged upward to 9.9%. the headline here, 211,000 jobs added in november, the unemployment rate staying at 5%. back to you. maria: thank you so much, blake with the latest there, breaking news, steve moore, better than expected. what's your initial thought
here? here? >> everything i just heard, i like a lot. 250,000, when you include the revisions and that's a good number. it's not a great number, but it's a good number. the only thing i would add, look, we saw good across the board increases across industries and jobs. the one thing that does concern me, this goes back to what we were talking about a few minutes ago. most americans think the important unemployment number is that u-6 number, maria, and that's still at about 10%. that includes for people that don't understand, that includes people who can't find a full-time job and a lot of people that is out of the labor force, that's still 10%. we need improvement there. i root for american worker and i want to see them have higher wages and a lot of jobs, we got that in november. >> the hourly average wages rose .2%. and that's in contrast when it did raise .4%.
did did raise, but it's slower. maria: and fed raises rate on that. dagen: fed was going to raise rates even it was 100,000 jobs. >> joni, getting back to the american economy, 46,000 with are your thoughts on that. maria: we talked about that before. >> i did think we were going to see a strong number. it's stronger than i did expect. but i think that's a great sign. you know, because the construction and the manufacturing jobs were the biggest job losses during the recession. and we really haven't seen those positions come back. so, this is a very strong number, but it does show that, you know, home, retail, the real estate step is moving in the right direction and certainly the professional sn business services jobs and health care jobs, overall, this is a real good report. across the board. the things that we were looking for. >> and home construction, it's a really good data point yesterday, that 1 million fewer home owners in the third quarter, are now underwater,
than they were even in the second quarter, that the number, the percentage of people underwater on their mortgages is down to 13.4% which frees up people to buy, build, buy and purchase. >> even before this, when we were talking about sort of a slow recovery, it's been housing and autos. that's where the money has been. >> i guess the danger, and these guys, steve and steve can speak to this, because those are driven by incredibly low interest rates and very cheap money and easy money. maria: guys. dagen: with auto and homes. >> particularly for autos. we've seen lending standards have gone out the windows. autos are where housing was in '06 and '07, not as big a part of the economy, but the lacks lending standards you basically sign your name and drive away with a car, no matter the credit is. and i think it's a ho-hum report.
i really do. america should be a straight a economy and we keep getting b's and we seem to be happy with that and i don't like and i think that's going to change. one of the encouraging things to say something positive, the fact that construction jobs came back so strongly, that is a male dominated industry and that's important because we talked about work force participation. for men, it's at an all-time low right now. this report gains the fed the absolute cover they needed. i mean, think about it. if this number came in above the average for the year of the average, 206,000 and this came in at 211,000. the domestic economy is stronger. health care was up in the 20,000's. this is giving them cover. they have to raise, but this leads to the overall gdp number that steve alluded to, you know, steve cortez alluded to in the last segment. we're at a sub 2%, possibly and
with the seasonality, the first quarter gdp could be really weak. you've seen that happen over the last couple of years. this could be where the fed raises for a little bit and then waits for a couple more meetings. maria: look at the market reaction, guys. dow industrials are looking up 70 points. we haven't talked about the revisions, october is revised up big, these are private payrolls up in terms of october and we had a blockbuster number in october and now we're getting revisions that look good. >> yeah. maria: definitely moving in the right direction. the one thing, if i could say, not that it's a negative, but definitely a step backwards is the professional and business service sector, normally creates stronger jobs. last month they created 90,000, this month, in this report, we're seeing 27,000 jobs created. so, we still created jobs, but not as strong as we've been trending over the last two years. so, that was a step back. >> you know what worries me? addition to that a little bit, maria, is these manufacturing
numbers because, you know, you would expect we would be seeing a boom in manufacturing right now. we have the lowest energy prices we've seen in many years, we've got low gasoline prices, slow electricity prices and you would expect that to be a boom in manufacturing and one thing that people realize about the unemployment reports, they're lagging indicators where the economy is because we're kind of running behind and as we saw as i mentioned earlier some troubling numbers on manufacturing, i'm worried about that sector right now. those are the people who make things. >> and it's been under a rock now for a long time. what is the catalyst that's going to turn it around? >> maria, that sector is being impacted so much by automation and robotics, and so even though we may see more productivity and seeing more innovation and manufacturing in the u.s., those jobs, i have to say, have gone more to automation. those jobs are probably gone forever.
>> it's going to be subdued because of the stronger dollar and the dollar is going to get stronger because the fed is going to raise rates right now. manufacturing is going to be in the doldrums for a while because the american economy is back and you know, people have talked about, we're still in recovery. we're not in recovery, we've already recovered. there's no recovery. we've been in a growing economy for the last couple years now. dagen: that begs the question to everybody, is this as good as it gets? >> i hope not. dagen: as keith keeps saying. maria: exactly, yeah, because think about that. >> look, i disagree-- i think it's the best we get until we get an administration that's going to incentivize business to reinvest the capital that they have. >> the physical policy. >> until the fiscal policies comes around, you've heard them talk about, don't blame the fed about the low growth, blame the administration. dagen: i want to point out the
editorial is about mario draghi and stop complaining about that. maria: i totally agree, you brought it up. how many times have times have we been talking about tax reform and fiscal policy. >> there are two or three things we could do right now that could super charge the economy. we could cut the corporate tax rate. when you talk about companies like pfizer leaving, in washington, there's something wrong there and we ought to be developing our energy and not curtailing is like president obama was saying when he was in paris this week and there need to be fixes to obamacare. people are facing big increases in their insurance costs here. that's a problem for family finances if the projections and big increases in costs, pocket books, i'm worried about that and i have to say, you know, i'm not so sure that this recovery is as all there. when you see the polls, i saw a
fox poll about two weeks ago, 35 to 45% of americans think america is still in recession. this hasn't hit a lot of pockets of the american economy yet. >> and he's hitting the nail on the head. the professional services numbers. think about it, most jobs on wall street are coming out of the fixed income side and going into compliance which has to do with regulation. >> and what the lawrence have and the legal jobs. >> and some of those jobs are moving more to project work, contract work, free-lancers, we're seeing increases in this area. i really predict that that will be the area we will see the highest percentage of jobs raeted. it's going to be in the free-lance, on demand, big economy. you're going to see more people participating in it, could get the labor participation rate up. the companies want to go there, too, because it gives them more flexibility in their work force. so, it's going to be on both sides. the work force is going to look
different. it's going to look different next year and really different five years from now. >> i want to point out, the labor force participation rate, i guess you'll agree with me on this, some of the reason it's stayed so low is because of the demographic shift in people. >> you know, it's projected that in 2016 we'll see 3.6 million baby boomers retire. but at the same time, we're also going to have the first generation z, which are just graedding from college. maria: generation z? >> after the millennials, another 80 million eventually, but the first college graduates are going to be entering the work force in 2016 and it's going to be an interesting dynamic, we'll have four different generations in the work force. >> generation z sound like a brad pitt movie, the generations. maria: steve cortez, what's the trade here? we're looking at a much higher
opening for the broader averages. once again, good news is good news and investors are buying into it. what would you do? are you selling this rally? >> no, i would. i know where you've been so that's why i ask you if you're selling the rally. >> investors are cheering this right now. let's keep it in context. we had a day yesterday, giving back a portion of what was given up yesterday. i think the fed is in a precarious situation right here. the fed raising in a global downturn, they're trying to thread the needle and trying to be aaron rogers and throw the hail mary pass. it worked for them last night, but they're closing their eyes and wishing and hoping. the fed missed its window and this is a dangerous time for them to be hiking rates in my view. maria: if they raise rates-- they're probably going to raise into the slowdown. do they start cutting next year? >> if they raise in 2015,
they'll be cutting in 2016 and apologizing. dagen: the reason, they've fouled up so royally in terms of communication. you essentially have bill dudley and stanley fischer essentially disagreeing in public which is what you don't want. so janet yellen's mission, we're leading into the final meeting, what they've done, they've made the bed and the rest of us have to lie in it. >> that's the problem with central planning, right? and it's really kind of pathetic, in a country as large and dynamic as the united states, we're relying on this very small group of bureaucrats and academics and that's what the fomc members are. these aren't people who have run businesses or lent money or traded on wall street. these are bureaucrats and we're relying so much of the country on them for our economic direction. we're going to get out of it 2016. dagen: with the central banks, we had booms and busts and
nobody could choke down like in the 1800's, come on. maria: i don't mind booms and busts, i think we need booms and busts, allowing new people to come into the market. dagen: depression, depression, depression. maria: i'm not talking that kind of bust. >> and asset inflation, the stock market would go like this, but we've seen commodities and currencies go down like this, it's a scary place and need tight lending conditions. maria: we'll continue 0 your conversation, back in a moment.
>> welcome back. we're 40 minutes away from the opening bell on wall street. let's check nicole petallides on the floor of the exchange and we're seeing a pretty good rally on the jobs. >> good morning, we saw futures more than double this morning after we got our nonfarm payrolls of 211,000. that surpassed 200,000 tacked on last month of 298,000 and the good part here, you saw jobs added in construction and continue to see wages going up .2% and .4% last month. everything is pointing in the right direction here and that's when you talk to the traders they say this is why you're definitely going to see or most likely going too see the fed raise rates on february 15th, 16th in at that meeting. and why you may see them get rid of the uncertainty. we had a selloff the last couple of days, 150 points, the
prior day and also somewhat of a relief rally as well and now fed funds futures are 78% likely that the fed will raise rates that december 15th, 16th meeting. maria: thank you. more with the jobs panel straight ahead. we'll be right back. surprise!!!!! we heard you got a job as a developer! its official, i work for ge!! what? wow... yeah! okay... guys, i'll be writing a new language for machines
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what happened in the middle of the day, we had this massive reversal of fortune because everybody was questioning the e. -- ecb. will we have another disappointing market. >> i don't know that it will happen today, but since two days ago since wednesday, and janet yellen spoke toughly and firmly about raising rates. stock markets have done nothing, but go down. and yesterday didn't help matters. look, i think that stock markets, unfortunately, are like crack addicts right now and absolutely addicted to central bank assistance. the fact that the ecb didn't step up and effectively offset what everyone thinks the fed is going to do, didn't deliver far more stimulus that would offset on a global basis what the fed is preparing to do by hiking rates in a couple of weeks, is really forboding i think for global markets. maria: go ahead. >> i think you need to be positioned defensively. >> yeah, you completely have to be defensive going into this market.
i mean, this is the first time we're going into a rising interest rate environment and figuring out what companies are performing well in that rising interest rate environment against the slower global growth environment as well. look at the price of copper and oil. look at the price of gold, too. it's not inventing any prices for inflation. we're seeing inflation across the globe be down so you've got to be very, very constructive on the market. there are great spots. we saw the health care number print well and the health care bull market is still in its first infancy and we're even seeing that with the allergan-pfizer tie-up and pfizer is giving a 3% yield in this low interest environment can i be the outlier, there's
like some kind of sword of damaclese will destroy this. it's going to be a positive thing in the middle of december when fed raises rates. here is why. basically, what the fed is doing is taking the training wheels off of this economy and basically saying, now what? we think this economy can move forward without the record low interest rates. seven years at zero. one other point, you were mentioning the question whether or not the fed would then have to cut rates next year. and the fed can't cut rates next year if they don't raise them now because they can't go below zero. >> opec agreed to oil absent policy rollover. oil-- >> that's expected by venezuela and other countries that they wouldn't do anything at this point. in part because they're concerned about the iran output. maria: a 2% rally going into the opec meeting, oil was up close to 42 now we're down
close to 40 again. >> for the market, rising interest rate environment, you stick to the nasdaq. and that's performing and got the top. dagen: the venezuelan oil minister will fall $20 more a barrel, they didn't and steve shore thinks they're going to 30. maria: any thoughts on that, real quick? >> i believe that falling oil prices are good for the american economy. oil is an input in everything we produce. let's not forget even though we produce a lot of oil, we're still a net importer. so this is like a big tax cut for the american consumer. i'd love to see $30 a barrel oil. i want to go to the gas pump and way $1.59 for gasoline. i don't think you're going to see $30 oil. >> i'd love to see it. maria: i know. back in a minute.
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bufrom our president:h you will not hear we are at war with radical islamic terrorism. it is the struggle that will determine the fate of the free world. the united states should not delay in leading a global coalition to take out isis with overwhelming force. their aim is our total destruction. we can't withdraw from this threat or negotiate with it. we have but one choice: to defeat it. vo: right to rise usa is responsible for the content of this message. >> the jobs numbers are out
and markets are looking higher.
i want to thank our guests, thanks, everybody, and thank you for being with us. have a wonderful weekend, see you sunday on sunday morning futures. over to you, stu. stuart: maria, thanks indeed. let's call it what it should be, islamic terror, correction, premeditated islamic terror. they knew what they were doing and they prepared for it. before the two jihadis shot those people. they smashed their mobile phones, destroyed hard drives and troyed to destroy on-line footprints, loaded up ammo and left their baby daughter with relative. the question this morning, was the terror cell planning something much bigger? we'll answer it. to the economy, i'm going to call the jobs report mediocre. 211,000 new jobs, but the real