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tv   Markets Now  FOX Business  October 10, 2013 1:00pm-3:01pm EDT

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adam: jack lew tells lawmakers if they do not meet their responsibility, the markets and the economy could be deeply damaged. according to fortune senior editor, is kicking the can the right move? adam: the american dream burns. mike brenner will join us to talk about how the fiscal limbo is making it impossible to get his dream off the ground. lauren simonetti is on the loor of the new york stock exchange. >> this is an excellent day on wall street. the nasdaq is up a solid 2%. it is a winning day here.
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the level is 16.67. down more than 15%. yesterday, the vix hit 21. it has certainly calmed down. hoping for a coup by jan moment in washington, d.c. lori: let's get more on that partisan logjam. it is finally showing signs of easing. rich edson with his exclusive reporting. rich: house republicans will present president obama with an offer. if bars treasury from extending that.
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he is taking nothing off the table. >> it is time for leadership. it is time for negotiations and this conversation to begin. i would hope that the president would look at this as an opportunity. rich: jackboot disagrees. >> i think prioritization is just default by another name. it is just saying that we will default on some of our obligations. by definition, if we do not have enough money, we will be in default on our obligation. rich: he also says it would be difficult to reprogram computers to pay some bills, but not all.
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lori: we want to go into peter's report. what is the take at the white house? peter: jay carney is in his briefing right now. they have not seen a bill from house republicans just yet. for now, they continue to support and push for a clean increase in the debt ceiling.% a clean continuing budget resolution to reopen the government. the white house continues to attack the tea party in all of this. the white house said while we are willing to take a look at any proposal that congress puts
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forward, we will not allow a faction of the republicans and the house to hold the economy hostage. congress needs to pass a clean bill to open the gooernment. lori: thank you very much. we want to stick around with rich and peter to bounce around these issues. the first thing that comes to my mind is our republicans seating on the obamacare issue. where are we with all of this. there are republicans who are not happy with that. the problem has been when it
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comes to debt ceiling they never really had a coherent proposal that could pass the house. they were unable to get enough members in their own party to get that through the house. we are reaching the point where we are getting awfully close. this simply extends it to another negotiation. i am sure that republicans will want to use obamacare in these negotiations. the idea that the president will sign off to any major changes, that just is not happening. these are other budget issues. it will be in the context to smaller pieces. adam: i have a quick question. let's say it is november 201. what changes between now and the
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21st? >> i think something closer to what congress man paul ryan addressed. a down payment on tax reforms. these talks could set the table for that. republicans are saying, we have to start having a budget conference with house and senate members to start negotiating these kinds of issues. lori: it is so fascinating. where do you think we go from here, peter?
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>> i think that most that he would agree to is an outline and a path forward for that. that is something that republicans have been demanding for in the budget fight in the last couple years. we are still kind of waiting for someone to blink. so far, we have not seen anybody really pulling. lori: all right. thank you for your insight. see you later. adam: we will bring in another person that is familiar with all of this. a thanksgiving fight. mina east -- thank you for joining us. we just heard that the president said he would sign a bill. what keeps us from going through all of this?
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>> i think you put your finger on it. the good news is house speaker boehner is focusing on the debt ceiling. he is taking that seriously. the potential economic consequences of blowing through the debt ceiling. that is good. by the way, speaker boehner has september 28 in his mind. we all remember the market tanked by 700 points. there is an underlying fear playing with this. the fact that they are taking it down the road, as you said, we will be on the eve of november november 22, the markets will go through a serious uncertainty.
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everybody is saying that this is a great victory and opening and so forth. i worry that it is just more uncertainty for the markets going into these next several weeks. lori: how do you change the cycle? how do we break this? @oday, we are rallying. who knows what tomorrow may bring. >> it is very tough. the white house has come out and said that obama has made it very clear he wants to break this cycle. the problem is, the house, that is their only leverage to get that kind of spending cuts and entitlement reform that they want. this white house has somewhat
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agreed to some entitlement reform. dennis: i am going to interrupt you. they have agreed to some entitlement reforms. there is no guarantee that they can get harry reid in the senate to deliver those forms. >> exactly. the question is whether he will stand up to his liberal base and powerful interest groups like the aarp. lori: how would you say this will all reflect on, i was going to say both political parties, but if you want to include the tea party and on that, we have this divided party, in the midterm elections next year? >> i have been attacked for that. we all thought it was a bad
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idea. i think the republicans we now know have dropped their favorability by ten points according to a poll out this morning. i think definitely in the short term it will hurt republicans. if they can get ahead of -- if they are making it overspending and entitlement reform, i think they can gain some traction there. i think keeping the government shut down with an unwinnable battle over obamacare is just a bad strategy. there is so much nervousness among other republicans on the hill. they did not want to go into this fight. i sat down with one member of congress who said i did not think it would shut down. now we are stuck here. what do we do.
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how do we get out of this. adam: as we report right now, the dow of 236 points. looking like there is a deal in the woods. thank you very much for joining us. >> thank you. lori: a temporary debt ceiling fix. causing lasting gains on wall street, well, we hope. the dow has a more than 200-point game at the moment. adam: u.s. shoppers are still showing caution. coming up, winners and losers. ♪ my mantra?
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well, not having branches let's us give you great rates and service. i'd like that. a new way to bank. a better way to save. ally bank. your money needs an ally. lori: hits keep coming for polling. to dreamliners were turned around because of technical problems. a tokyo flight was turned around because of problems with the
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anti-ice system in the engine were discovered. these technical issues, after the entire fleet words grounded earlier this year. adam: boeing is still up 57% for the year. lori: boeing and airbus. that is it. adam: stocks in rally mode. time to check the markets. lauren simonetti is on the floor of the new york stock exchange. >> you have to worry about the health of the consumer. four september, we will not get the government data. we are getting september sales today from the retailers. the teen retailer, that is down.
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they did report a decline in their same-store sales. they were expecting a 2% rise. the buckle, look at that. the gap will give us numbers after the bell today. lori: thank you. the dow is up 238 points. let's bring in charles payne to react. most people in agreement here that it is great today, but who knows what tomorrow will bring. charles: you know, i kind of thought this would be the news we would be greeted with on monday. as attn: scott tighter and tighter in the polls got lower and lower.
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obviously, wall street is breathing a sigh of relief here. i think fast money is probably getting back in there. i think for the most part, everyone else is being cautious. there is some talk out there that they are covering. i think a lot of people believe these guys can fumble the ball. adam: what will bring us some kind of solution? charles: the only wild card could be the medical tax on obamacare. adam: are the democrats in the senate really going to give in on what everyone know has to
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happen? charles: i think that they have to. the president said he is willing to do some kind of entitlement reform. at some point, they will have to be able to say that okay, now do it. lori: what signals technicals, perhaps? >> it is really a tough one. for the last month or so, i have found my subscribers 20-25% cash. you want to hold onto companies that are great. they're earning estimates are going up. their margins are expanding. you do not want to blink on those too much. it is a good time to be honest with yourself.
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we talk about this pride and ego. take it. prepare yourself. over the next year for me is to be long on this market. take advantage of these short-term pullbacks. do not try to predict the top. you may be doing yourself a major disfavor. lori: charles paane. adam: thanks a lot, charles. kicking the can down the road on the debt limit will not do anything. mike brenner on the fiscal limbo that has made it impossible for him to open his new brewery. lori: we are in the pits of the cmb after this. ♪
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♪ >> 24 minutes past the hour right now. hi, everybody. i am jamie colby. former detroit mayor sentenced to 28 years in prison for corruption. convicted earlier this year of two dozen crimes. meanwhile overseas, libyan prime minister is a free man after he was abducted at dawn by gunmen. that kidnapping was retaliation
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for a u.s. raid that captured a u.s. suspect last weekend. the prime minister refusing to give any details. john kerry has canceled tomorrow's scheduled visit to the philippines because of an expected typhoon. the visit will be rescheduled before the end of the year. john kerry was filling in for president obama who canceled overseas travel. those are some of your news headlines. adam: good to see you. thank you very much. have a good day. signs of a u.s. that deal. phil flynn is in the pits of the cmb with the latest for us. tell us more. >> would you do not get a fiscal calamity, you may start thinking about this. oil up $1.83.
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leading the rally right now are the products. that, of course, comes as refiners are in heavy maintenance. that could tighten the supply at a time when the demand expectations are rising. you also have this incredible volatility. overnight, the prime minister from libya was kidnapped for a couple of hours. that caused that market to really rally and blew out that spread. on top of that, you heard an opec report that it is actually fallen pretty dramatically the last month. a big drop in production in iraq. that is driving us back down. adam: let me ask you about gold.
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are people expecting a pickup globally and economically? >> i would agree with you. think what the play is right now. when you have a big update on stocks, gold is falling out of favor. we are not getting that safe haven play. interestingly enough, as bad as the gold books right now, the silver market is looking a little bit better. maybe that is a sign that they think the economy will get better. adam: thank you very much. lori: interesting day. we are watching shares of best buy. the stock soaring on heavy volume. analysts noting that they are increasingly expecting to buy electronics. best buy is going to start a smart phone trade program.
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it would give customers a $100 credit. adam: the takeover deal of the new york stock exchange now has a closing date. fully expecting the deal to close on november 4. the deal still hinges on approval. the approvals are forthcoming. shares of both companies hitting 52 week highs on that news. lori: breaking up is hard to do, but it may be blackberry's best option. worries about the financial holdings will not pull through on the buyout offer. last month the smart phone maker agreed to a tentative offer. shares of black hairy edging down by about half a percent today. adam: john boehner is laying out a short term fix on the debt
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ceiling. the latest is ahead. lori: the short term debt fallout for short-term treasuries. adam: take a look at who is up and two is down on the dow. ♪ [ male announcer ] need help keeping your digestive balance in sync?
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♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ]'ll bust your brain box. ♪ all on thinkorswim from td amerrade. ♪ lori: and markets soaring on the proposed debt ceiling extension. let's head to the floor of the new york stock exchange and see what's cooking with lauren simonetti. >> hey, lori. it is getting better and better as the day goes on. if you look at advance-decline line, 10 stocks movings up for everyone that goes down so broadly higher market. financials leading the way. in the space you have credit
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card companies and banks putting in a strong performance. industrials, discretionary stuff, homebuilders, auto companies, office supply retailers out there. to the downside is some utilities like con-ed and southern company. that is down on a day mostly everything is up. back to you. lori: lauren, great stuff. thank you. adam: so word of a possible debt ceiling extension is good news for the market but will it all come together when republicans meet with the president later this afternoon? we want to go back to washington, d.c. with rich edson and he is has more exclusive reports on the battle over raising the debt ceiling.3 what have you got for us, rich? >> the house is settings up a vote to raise the debt ceiling t would give the government authority to borrow until november 20 second and ban the treasury department from using extraordinary measures until that date. the start of budget talks that have been so far unproductive between group of lawmakers and
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white house officials. still speaker boehner says he wants to start talking. >> that is the conversation we'll have with the president today. i don't want to put anything on the table. i don't want to take anything off the table. that is why we want to have this conversation. >> the white house says the president will sign a short-term debt ceiling increase with no strings attached. as whether the republicans offer meets that test the administration won't say so. >> if they, i think the president said the other day that if they were to send him a clean debt ceiling extension, no partisan strings attached, he would sign it but we don't know that is what we're going to get here. >> carney reinforced that congress must raise the debt ceiling and fully fund the government before the president begins debt talks. house republicans are scheduled to meet with the president at 4:35 this afternoon. back to you. adam: rich edson covering it for us, thank you very much. lori: okay. so with these reports of a short-term deal to raise the
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debt ceiling, short-term debt markets are starting to reflect that relief. is the worst of the uncertainty behind us or is that latest kick of the can just setting up markets for even more volatility in a couple of weeks? that question to anthony valari, chief vice president of fixed income for lpl financial. welcome, anthony. your thoughts. >> thank you for having me. i think today's news relieves some uncertainty. i don't know if it goes away entirely. quite frankly i think the bond market, most of the bond market is folking on the long-term. what does the economy look like? what are the odds of the fed tapering in december? we don't think it will happen in october because of the government, shenanigans in wash top quite frankly. where you have seen disruptions in the treasury market and shown the bond market is a little uneasy is in short it. bills. the october 24, they have jumped in yield. they jumped higher in yield now
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than they did in 2011 of the those yields are coming back down today. i think that is positive for money markets and quite frankly is a good thing going forward. lori: but to your point those medium term rates are higher today. so we have a steepening of the yield curve. what is the message in that? >> the bond market quite frankly has inshown a lot of reaction to the debt sealing when you move out longer. so steepening of the yield curve is a growth signal. it is positive for the economy. it is positive for stocks. we saw a little bit of that in the past two weeks. i think the bond market didn't really see risk of default. it is virtually zero. they can manage around it. i think the bond market message is, credit sectors outperformed. let's not forget the nomination of yellen is viewed as more growth friendly, and a little inflationary as well by the bond market. i think steeper yield curve reflects that as well. lori: anthony, we were discussing how the short-term
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rates were more volatile to the situation in washington than the rest of the yield curve. do you see in this cycle when the market might predetermine what happens in washington? in other words push those rates up, force them up to force washington to get a deal done? >> i think we saw a little bit of that and it will happen again. if we have another showdown i think we'll see it again. what is interesting to me the past few days, not only did you have those short it. bill yields rise but the two year treasury yield rise and short-term yields rise where intermediate an long-term yields came down. that is situation where the market prices in a little bit of distress. you don't want to see that. but that's another signal to washington, hey the bond market is not in agreement with this political brinksmanship. we have something to watch out for. lori: anthony, i want you to reiterate this of the you said this earlier in our conversation. the bond market is not reflecting, there is no message or concern about an actual default. tell me about that. >> the bond market doesn't reflect default.
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short-term t-bill yields are higher. short term was up to 4.5%. to show default you need yields to jump a lot higher, on order of greater than 10% quite frankly to show a significant probability of default. when you look at the overall market, half a percent in yield, you know, slightly less than year, that is peanuts, quite frankly. that is the markets saying we don't see much probability of default. another indicator of credit default swaps on u.s. treasurys increased to about the same level as 2011 but still cost to insure u.s. against default, just 50 basis points as well over a five-year horizon -- lori: and what are the credit spreads showing? >> only modest, really a lot of stability. any modest weakness and wasn't widespread quite frankly limited to a few sectors mostly financials. yields are hovering around 5% yield or 5% spread, pardon me, for about two months. it really hasn't budged a lot on
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this news. lori: antly, you are very calm and very confident about our fiscal policy. so let's hope that washington is listening to you. anthony valari, thank you very much. >> let's hope. thank you. adam: wall street is cheering house republican proposed deal to kick the can down the road six weeks on the debt ceiling limit but what about that government shutdown? ahead small business owner mike brenner on why washington's dillydallying is costing him his life's dream. lori: also the latest on obamacare. just how many people have actually signed up on the health care site since the rollout about a week ago. gerri willis joins us next. @??
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>> i'm dennis kneale with your fox "biz brief." weekly jobless claims hit the highest level since march. 374,000 people filed for first-time jobless benefits last week. that is up 66,000 from the prior week but half of that rise due to a backlog of claims and computer problems in california. st. louis fed president james bullard says the government's fiscal problems have quote, changed the odds on tapering. he said it is looking less likely the fed will taper 85 billion in monthly bond purchases in october. he cites the government shutdown and debt debate and lack of economic data. auto safety recall investigations all put on hold in the 10-day long government
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shutdown. national highway traffic safety administration was forced to furlough its entire defects team. that is platest from fox business, giving you the power to prosper.
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lori: and a stock alert for you. watching shares of teva pharmaceuticals. shares are jumping as the company announces it will cut 10% of its workforce by the end of next year..3 that is 5,000 jobs. teva is looking to save $2 billion a year by 2017. this move underscores the growing competitive pressures in the generic drug industry. adam: the first reviews are in for the new health exchanges under obamacare. they are geting a big thumb's down. only 7% of the americans say the rollout has gone well. that is according to a poll conducted by the associated press. issues go beyond computer glitches. gerri willis is here to tell us more about it. >> hi, buys.
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it is you all about not being able to sign up. we're trying to figure out how maay people are going on line and human people are signing up. it is darn hard to figure out because the federal government is not getting at all about we're not getting information about number of people locking on. i can tell you nearly 90,000 people signed up for exchanges run by states. take a look at the map. gives you an idea how many through obamacare in their states. if you notice california has something like 16,000 people have enrolled. you would think it is higher. in fact the government is relying on california to provide 15% of the seven 348 people they want to have enrolled. it is not impressive. kentucky is probably doing the best job. at the end the dave, 1.2% of the 7 million people the president wants to have enrolled are enrolled. would you think this would be the big push, the big rollout this week. lori: don't you think they should delay the fine goes into effect first of the year?
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adam: individual mandate. >> a great idea and great point. lori: seems only fair, right? >> people say 95 bucks. but also that or 1% of your income whichever is more. so you could pay a whole lot more for that. adam: would, you know the big question i was watching something about this, they need 2.5 million young people to sign up in order to fund it appropriately. >> right. adam: does it look like they will hit that number? >> it doesn't look like they will hit that number. we get big questions from young people all the time. i signed on. i logged on. see what i have to pay and i can't afford it. tonight we'll answer questions about this in a call-in show at 6:00 p.m. i want to tell you, one thing we found out today we should say in your show, this website, the cost over $600 million to put out. that is more than twitter and facebook paid for their sites when they first launched them. adam: 600 million bucks. gerri willis. >> your money at work. your tax dollars at work. adam: there is more on all of this. you don't want to miss gerri's special call-in on "the willis
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report" on 6:00 eastern time on fox business and your questions will be answered. thanks, gerri. >> thank you. lori: stocks in rally mode today. the dow is up 231 points at the moment. mark newton joins us now from the floor of the new york stock exchange. mark, is this rally all about washington and the hope that we are seeing sooe of a bit of a thaw in this stalemate and spending battle? >> i think you said the right word there, hope. anything that addresses the uncertainty we've had over the last couple weeks will be welcome by the market. yeah the market israeliing look if the government reopened and debt ceiling issues have been fixed and obviously that is not the case. as soon as the two parties come together and stop blaming each other and fix problems we'll have probably a berg rally. we're up over 1 1/2% today. more than six stocks rising for everyone declining so the brett is very good. 90% volume advancing versus declining issues. this is healthy rally across the
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board. financials, discretionary up more than go%. for now we need to back and fill a bit. we come too far, too fasttand need to hear more from congress and senate about what will happen. lori: one thing caught my attention, the headline from fed official james bullard. october looking less likely for a taper because of the shutdown and debt ceiling negotiation. boy, with janet yellen stepping into the job more than likely that also bodes well for stocks, doesn't it? how long do you think the sentiment will carry on? >> i think we'll see a little bit more, at least some signs of tapering potentially in november or december but the chick data just isn't there right now. lori: literally isn't there. >> we could be on the verge of tapering but splintered in terms of two different groups of people and difficult to come to consensus. you have a lot of fed officials and and everybody saying different things. there is lot of confusion much more so than clarity in my view. lori: you do have corporate earnings so how is that impacting things? >> corporate earnings are
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starting to slow down and that is a problem. this could be the 10th consecutive quarter where earnings are down not up to 10% or less than 10%. they're expected to come in 4.or 5% or so for earnings. we've seen a definitely slowdown in the last few quarters. people are hopeful to see some increase but we'll get it started pretty much in full swing tomorrow with at love financiils. we'll take it from there and see what we get. financials either people are covering shorts ahead of earnings or buying them ahead of time but we're certainly seeing a pretty big surge in the financial sector. lori: thank you. mark newton. >> my pleasure. lori: trying to keep up with the latest in washington may have you reaching for the bottle. good luck telling that to our next guest. adam: brewery owner mike brenner will join us to explain why the government shutdown is trying up his small business.
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adam: so we've got a plan emerging in washington that could allow for a debt ceiling increase but this deal would do nothing to tackle the now 10-day shutdown of the federal bought. our next guest says, while politicians struggle to reach a deal, it is quote, his life's work and dreams they're playing with. mike brenner is the founder and master brewer at brenner brewing and he is here to tell us why the government shutdown is preventing his brew company from actually getting off the ground. thank you for joining us. you've got what, $750,000 already invested in opening a craft brewery, correct? >> yeah. just over a million actually. >> just over a million dollars. you're getting ready to bring your product to market. i know it is successful because people used to gather at your art gallery to get free beer and you realized switch it, charge them for the beer and let them
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see the art. what's the holdup? is it some kind of taxing, the ttb, alcohol tax trade bureau, tobacco tax and trade bureau? >> yeah. part of the problem is so many craft breweries are open in america right now. this trend just exploded. there is this incredible backlog of all these breweries trying to get their doors open and get the businesses started. so on top of that you have the government shutdown and it slows everything to a crawl. now it is just completely stops progress. adam: right. in fact there was a 75-day backlog when they were up and running. this is an office out of treasury we should point out. you can't sell the firss bottle of your brew without that okay from treasury from this office. and how much is that costing you a day in delay? >> well, it is roughly about $8,000 a month that i'm, you know, paying for rent, utilities, you know, employee benefits and everything else
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that i'm covering that is going to vanish as they keep this shutdown going. adam: have you gotten any indication, you haven't even filed paperwork yet, have you, or was the paperwork in process and now you're in this kind of horrible dante's limbo kind of situation? >> yeah. the initial, the initial paperwork to have the brewery registered actually went through fairly quickly. i was actually really impressed but then to get, as the shutdown approached i start to really worry because i've got beer labels that need to go through. i was about to submit them when all this happened. now i'm totally at the mercy of the ttb. adam: wait, they have to approve your label? what is it they approve on the label? the design or ingredient list? >> it is the design, it is the ingredient list. making sure you have the warnings on there that everything is just in order. adam: this is also, this sounds orwellian in when you're going through. how many people rely on you and this brewery getting off the ground for their jobs?
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>> well, actually it is a pretty lean startup but, you know, i have 17 investors who have been waiting as this thing progressed and all kind of believed in me and everybody else that is connected and it's a risky process to start a small business in america in this economy. adam: very quickly, if you could speak to john boehner and president obama, what would you say at this moment to them? >> i would say, listen, guys, to you this is all day-to-day politics. you're making jokes. you're, you know, laughing at each other and trying to get this through but you know for a guy like me who is a small business owner in america, this is my life's work. if you don't get it together soon it could crush my dreams. adam: mike brenner, we wish you the best. we should check back in with you as the potential deal over the debt ceiling would be resolved but we don't have anything in the shutdown. you might send a pack of cigarettes to john boehner.
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>> i'll do that. thank you guys, so much. lori: cooler heads prevailing in house's goppleaders offer up a short-term debt ceiling plan. jerry wed man, chief economist at oppenheimer friend join ashley and moi. adam: who? lori: we're merging languages, we're so pathetic. very latest on the new deal. the markets love it. the markets love it. more on that after this. copd makes it hard to beathe...
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lori: top of the hour. i'm lori rothman. ashley: i'm ashley webster. maybe a path to a plan? house republicans offering a new plan for the debt ceiling increase. the question will meetings at the white house over the next 24 hours, there by the way, a picture of it, could that result in a deal? in case you're wondering. what could come from a short-term extension? you know what we'll do this all
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over again anyway. jerry webman, from oppenheimer funds will join us on that. lori: a possible debt deal does not change the shutdown and no lending or financial verifications. we have a ceo on the shutdown impact on homebuyers. twitter question of the day, so how long will the shutdown shuts down the nascent housing market recovery? tweet us at fox business #mkm. ashley: what it doesn't need. lady gaga, you know her, encouraging the little monsters to get covered. she doesn't cover up. hey,,but why celebs are jumping on the obamacare bandwagon. always a good show when you get lady gaga in. major averages moving because of a possible debt ceiling extension. we'll take any good news i guess. lauren simonetti down on the floor of the nyse. lauren? >> ashley, that is exactly what it is. we'll take any good news.
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we got hit hard over the past 10 days with the partial shutdown. the dow industrials are three or four paints away from the highs of the session. everything is sharply higher. even the nasdaq is popping 2%. financials, banks, credit card companies are leading this market. everything is up. the only sign of weakness is some utilities out there. that goes to show you investors are not playing defense anymore. that popular vix index we like to talk about? remember that spiked to 21 for the first time this year yesterday? it is down substantially now, to under 17. that is a 4% decline. investors wanting to buy today, looking to d.c. as the reason. lori: thank you, lauren. senate democrats at the white house today. we go to our peter barnes live at the white house for us with the latest on the washington melodrama, peter. >> the latest meeting here at the white house, lori. the senate democrats are over here right now talking to the president about next steps on the fiscal battle, going on right now. this after the republicans have
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proposed a six-week increase in the debt ceiling in exchange for launching talks in a house-senate budget conference committee on moving forward on the budget, moving forward on a plan to reopen the government. take a listen. >> it's time for leadership. it's time for these negotiations and this conversation to begin and i would hope that the president will look at this as an opportunity and a good-faith effort on our part to move halfway, halfway to what he is demanded in order to have these conversations begin. >> house republican leaders will be over here at the white house in just about 2 1/2 hours from now to put this offer on the table. white house press secretary jay carney though just finishing up his briefing and saying once again that the president will, that the house republicans can not, particularly the tea party, tea party members in the republican caucus, conference as
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the white house puts it, can not hold the economy ransom in all of this. the white house still wants a clean increase in the debt ceiling. no conditions. a clean, continuing budget resolution. no conditions. but the white house not, not ruling out that the president might sign something short term here, but, it is still waiting to see the exact legislative language. here's what jay carney said. >> we knew that all along they should turn on the lights and open the government. they should raise the debt ceil ing.3 they should do both. so, if they, i think the president said the other day that if they were to send them a clean debt ceiling, ten shun no partisan strings attached, he would sign it but we don't know that's what we're going to get here. house republicans bring to thehe meeting later and wait for
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white house reaction to all of that. lori, ashley, back to you. lori: so the temporary deal, peter, to raise the debt limit, no conditions but not to open up the government at least not yet, that is the information we have at the moment? >> that is the latest offer. lori: peter barnes, see you throughout the day. >> you bet. ashley: thank you, peter. washington standoff showing signs of slowing perhaps but it is far from over. even if the white house signs off on the house republican six-week increase in the debt limit we'll be back here again right around thanksgiving giving us lots to think about. could there be a silver lining to the fiscal battle? maybe. jerry webman, chief economist at oppenheimer fund is here to weigh in. jerry, thank you very much for being here. so we've got the republicans look, we'll offer a six-week extension on the debt ceiling limit but the government remains shut down. what is the white house going to respond, do you think? is this a sign of things coming to an end? as i think it will be very tough talking to a bond
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investor last hour who says look, that spike in the short-term rates we saw last couple days may have actually influenced washington to do something or at least take a first step. so as an economist what do you think the markets role is in all this? do we need big gyrations in asset classes to get things done? >> sometimes the markets get a littleeself-important just like politicians get self-important but there was a clear signal in one-month treasury rates who went from nothing to a whopping .3 or .4 of 1%. that is not much but a big increase. lori: that is a big message. >> it was a big message. i think, maybe, i will really go out on a him here. ashley: all right. >> what if the guys actually said, we do have to govern the country on both sides of the aisle and maybe we, we have done some good things. we forget since the 2011 ugly mess over the debt ceiling we got sequestration.
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we got limitations on long-term growth, or long-term growth of the deficit. we got some more taxes which, you know a lot of people don't like very much but we actually got real progress on our fiscal situation. we forget that. and maybe they're saying, some more progress wouldn't be a bad thing. the market clearly, a big negative market reaction would be a real wake-up call though to the politicians and that could have been part of the story. ashley: the vix fear gauge is dropping. the market is up 230 points. the market believes we're not going to default on our debt, that's for sure. it was all interesting, about obamacare. now that has gone to the side a little bit we haven't heard that for a while. >> i think the problem with the debate over the affordable care act, obamacare, that is one of those binary, one, zero, all or nothing kind of issues the way it was being proposed. at some point you say that is the kind of thing you can't compromise on. maybe we take out the tax or
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that part of the mandate, kind of unrealistic in terms of the way the whole package was put together. ultimately you can't really compromise, on yes or no. you can compromise on how much. and i think when people began to realize, could havegoverning does involve some amount of compromise, it went to how much, rather than, yes or no. lori: but governing at least in this cycle is costing the economy more than, if they would just come to an agreement, obamacare or not. aren't they doing more harm than good? this is kind of a question -- >> i agree with you. there are a lot of things about obamacare i don't like. there are some things i think are probably necessary. if, the it need as lot of work. i don't think there is a single democrat or advocate of the program who wouldn't say, yeah, we need to do some tweaking. i think you make an important point. markets, businesses, hate uncertainty. when there is more risk, you're going to take less risk.
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you're going to invest less. give me a lousy program but give me a program where i know the rules. i would say the same thing on all regulation we're looking at. give me regulations that i hate but give me regulations that i know and can plan around. with you about that, lori. lori: thank you so much. >> my pleasure. lori: no one ever agrees with me. ashley: come on. >> everybody, we all got to like certain things. ashley: jerry webman of oppenheimer. thank you so much. >> thank you. lori: how about this? another dreamliner problem as japan airlines was forced to turn around a tokyo-bound flight from moscow today because of a problem with the plane's lavatory. on boeing shares, next. ashley: we don't want all the details on that. closing time, continental exchange takeover deal fort myerscy has a closing date. we have the details straight ahead. first as we do every day at this time let's take a look how oil
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is trading, climbing on a possible debt ceiling deal. we'll have to wait and see. as well as a drop in opec september outlook. $103.17 a barrel. we'll be right back. [ woman ] if you have the audacity to believe
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at edward jones, it's how we make sense of investing. ashley: looking to make some of those dollars with making money. time to make money with charles payne. micron tech up slightly ahead of today's earnings release. charles is here to talk about it. >> two things i want to talk about. this is a stock i mentioned many times. my subscribers are about 16%. any viewer who did it the first time has to be up at least double digits. the dilemma. do you hold these stocks, double-digit gains into these earnings? that is one of the things i want to talk about a little more than micron itself. here's the thing. micron, they finally beat last time they reported by 100%. three quarters before they missed. the stock had a history of missing although i think they ought then it i cannily turned it around. if you're investor who thinks i missed out, take all or half off
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the table if that is your personality. if you're someone that looks at numbers, this is me. i think we have authentic turn around and use fundamental metrics, trading two times book, two times sales. you look at a one-year chart, golly look at the chart. it is off the rails. ashley: yeah. >> in 2000 this was $88 stock. lori: this is one of the survivors of the tech bubble. >> you have a an argument for holding it. even if they stub their toe and take a bit of a hit tomorrow. if i'm willing to hold more than next three months, i think it is a hold, the moral of the story you have to sometimes game your own personality until you change your personality. i do this all the time by the way. we ask people to put positions into a tracker. when it is time to exit i will track the techer, see how many people are holding. lori: no when to hold them, no when to fold them. >> nothing to do with the company, nothing to do with the stock. ashley: it was a tuesday. >> it was a tuesday. are you kidding me? my dog, when i walk him he
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usually goes right, he went left. any reason because the fear is still really, really high. ashley: yeah. lori: do you have to watch orders and see what the customers are? >> i'm kind of watching the broad market for i think where they're really smart is automotive solutions. they make memory chips. autos will be good for them, data centers, networking. you don't necessarily have to do that. with any individual stocks check at least four times a year. that is when the earnings come out. that is not to panic but bring yourself up-to-date. maybe not to panic if everybody else is. ashley: thank you, as always, charles payne. >> we'll talk about it tomorrow. >> indeed we will. thank you, charles. >> see ya. lori: it is a quarter past. let's get you up to speed on the markets with lauren simonetti on floor of the stock exchange. shares of boeing are higher despite more dreamliner issues. >> more issues. the stock isp boeing's gains is contributing 20 points to the dow. we have breaking news. the commercial marketing chief,
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make bayer will retire november 1st. he was first 787 dreamliner program chief. there i will will be some restructuringstructuring in tha. the other piece of news. this is fun stuff. if you're flying somewhere far and scheduled to take a 787 dreamliner, would you? we have two new hiccups with this plane to tell you about now. one plane at seven toilets and six were unusable. they had to go back to the airport they started from. the other plane at an issue with the deicing system. lori: don't you love stories we assign to you, lauren? >> it was fun. lori: do the boeing lavatory story for us. flush it out. >> if we had more time i could have gone into more detail. we had breaking news first. lori: nice job. obamacare, everyone is talking health care. so our elizabeth mcdonald is live at the forbes health care summit with exclusive interview with the ceo of athenahealth.
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ashley: how is the dollar doing with the market taking off? there you go. the dollar is lower. euro gaining back yesterday's losses. only the japanese yen losing to the u.s. dollar today. we'll be right back.
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>> 20 minutes past the hour right now. hi, everybody, i'm jamie colby this is your fox news minute. former detroit mayor kwame kilpatrick sentenced to 28 years in prison after being convicted of conspiracy, extortion and bribery. they say his criminal acts robbed detroit of millions of dollars when the city was already in desperate shape. in sports the st. louis cardinals move on to face the los angeles dodgers in the national league championship series eliminating the pittsburgh pirates 6-0. the oakland athletics tonight host the detroit tigers. within the last hour, hard to believe, rockledge end paul mccartney played an impromptu concert here in new york's times square. sir paul played, hey jude, eight days a week and songs from his upcoming album, new. the album will be released on
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tuesday. knew i should have gone out for lunch. those are the news headlines on fox business network. back to lori. lori: it is me. >> hey jude is done. take care, guys. lori: hot topic of the day that isn't debt ceiling. health care. industry leaders gathered for what could be a called a revolution in health care led by patients. our elizabeth macdonald at the "forbes" health care summit and joins us with an exclusive interview, liz. >> good to be with you, lori and ashley. i interviewed jonathan bush, the ceo of athenahealth the country's biggest patient/doctor records keeper. he is in cloud computing. he is one of 200 executives hyped me at the lincoln center at the forbes summit. it is one of eureka moment this is is a trend in health care. of course this is coming at us in the future of health care.
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listen to what jonathan bush had to say. >> it will be great for athenahealth's bottom line, but sure good for the bottom line, more people getting health care from the established health care system means more people needin% that national health information backbone that athenahealth provides. we're up to 40 million patient records across the country, 45,000 doctors. more people covered the better we do. >> you have more people coming in. we talk a lot about the doctor shortage. i'm seeing sort of like the fast-food of health care. people going into cliniis wal-mart. >> that's right. >> or cvs caremark you. you guys in that space? >> because obamacare subsidizes doesn't mean we can afford it. robbing peter to pay paul doesn't last long. >> right. >> we need newer approaches to getting same care at lower cosss. at forbes conference, mini clinic on athena net. >> what is mini clinic is it. >> go into cvs store or target. >> walk-in clinic? >> walk in.
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easy stuff, talk to a doctor about fi infection or a flu shot or a -- >> ear infection, exactly. get your prescription and get it in. if you have a chronic disease and your medication isn't working talk about tuning it up without going back through the system again when you have been through it a million sometimes. >> so talking about nurse practitioners and physician assistants and shopping malls and drugstore chains. >> that's right. >> and not going to the emergency room hospital. >> that's right. you have a lower cost, easier access ab, more easily accessible front line of health care which will be amazing for the chronic disease and for the worried well, keeping our 91% of us not in real trouble covered and healthy and equipped. it won't work if those caregivers can't connect to the downstream, to the specialists to the hospitals, to the lab. that's what athena does. athena will be one of or the national health information
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backbone. >> health reform, good or bad, stupid or good or smart. >> serves us in the health care establishment. >> do you like it? >> to i hate it. >> why do you hate it? >> because it doesn't make health care more affordable. it is same choices but you call them bronze, silver platinum. it is the same thing. bronze, silver, exact same thing but hough you pay. you can't buy a crummy product for half as much in health care reform. >> right. >> the only reason we have health care reform because the health care establishment didn't do things discussed in this conference 20 years ago. >> which is? >> offer a cheaper front line. offer information-rich alternatives to returning into the hospital and getting your parts poked to get any kind of care at all. >> this is basically hmo model resurrected. >> gone wild. >> gone wild. from the '90s. hmo model from the '90s. >> hmos were first disruptive entity. i have a half million patients. i will shop for them. i want discount and coordinated
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and government regulated them till they were no different from the established insurance companies. who are the new guys that will disrupt the hmos? >> that makes sense. >> that is fox news point of view, right? who are the new entrepreneurial guys to create new jobs hopefully for something besides 1% that will give us more available, more human care. >> final thought on the government shutdown, what do you think of it. >> shut it, what the heck. i don't know. i'm assuming they will work it out at the final hour when done trumpeting their trumpets. stuff like that. >> so, guys, fast-food health care. health care coming out of wal-mart, target, drugstores like cvs and caremark. really interesting stuff. we also have coming up in the 4:00 hour, sir andrew witty. ceo of glaxosmithkline in another exclusive interview, coming up with david and cheryl in the 4:00 hour. sending it back to you. lori: emac, great work. ashley: should be lady elizabeth macdonald if we have a xircoming up. lori: you're not kidding.
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ashley: listen you can't read a poker face, ha-ha, but can read her hashtag. why lady gaga and other is a lens are pushing obamacare. lori: we have a deal that is helping vonnage hit a new high. you want to stick around for more on that. [ male announcer onc there was a man who found a magic seashell. it told him what was happening on thtradg flr in real tim ♪ the shell bught him great fame. ♪ but then, one day, he noticed that everybody could have a magic seashell. [ indistinct talking ] [ male announcer ] right there in their trading platform. ♪ [ indistin talking continues ] [ male announcer ] so the mac shell went back to being get live squawks right inour trading platform with think or swim from td ameritrade.
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you really love, what would you do?" ♪ [ woman ] i'd be a writer. [ man ] i'd be a baker. [ woman ] i wanna be a pie maker. [ man ] i wanna be a pilot. [ woman ] i'd be an architect. what if iold you someone could pay u and what if that person were you? ♪ when you think about it, isn't that what retirement should be, paying ourselves to do what we love? ♪ ashley: we are 90 minutes to be close. let's look at the top dow 30, 28 moving high. which two are not moving high? this very bullish market, merck and chevron of the two laggers. a lot of green on the screen, lauren simonetti at the stock
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exchange, we are certainly flowing on word of the debt ceiling extension. in other words we know what washington said will quickly go away so we have to keep an eye on this market. >> right now we are enjoying nice gains. in the past 16 days the dow is been higher five times and today is one of the five times. i want to show you the cloud computing softwaremaker. a lot of these had delays in closing big deals because their customers are cutting their i t budgets. they preannounced disappointing third quarter results and will give that the twenty-third of the month but investors not liking it and the stock is down this year underperforming the market. back to you. cheryl: the white house is leaving no stone unturned in the attempt to get young people to sign up for obamacare using social media and hollywood to spread the word. joining me without the
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administration recruits enrollees is the international co-founder and chief legal counsel. great to have you with us. celebrities supporting obamacare and appearing in social media campaigns. what do you think of that? >> the obama administration has a lot of allies in hollywood, particularly young celebrities and if you look at the way they have conducted themselves in political campaigns they views of media as seem less so they use every aspect of the media. they fight on every front so to speak and they use social media very well and understand the power of celebrity endorsements of they called the meeting back in july, and celebrities come in including jennifer hudson and representatives of other celebrities and they are able to come up with this hash tag, get covered, get these celebrities to tweet this out there twitter followers and if you have lady gaga and kenny perry you pretty
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much have all of twitter so they're doing that and what they're doing, it is a tough sell, they are using emotional appeals rather than selling on the price. in california we are having the problem of technical glitches, of reports of exorbitant rates, what lucratic rationing and to tell young people, healthy people they have to bite into this is a tough sell land you need celebrity endorsements to do that. >> to your point you have some much trouble logging on to these obamacare exchanges and the president's waiver that he instituted himself has a lot of opposition as well so really is this campaign going to be effective and could it hurt the credibility of these people? the celebrities who endorsed it? >> the question whether it is
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effective will depend of course on this entire ad campaign. the tee estimates when you look at federal money and state money there is going to be about $680 million spent to inform people about the exchanges. there is going to be a lot of campaigns but your second question about credibility, the web site and production company funny or die which is owned by will ferrell released its first two videos, one of the stars olivia wild and one point in the video is making the point that you can sign up for obamacare on line in ten minutes. that will hurt her credibility becauss anyone who tries it will find out that is not the case. >> my bigger question is about the republicans and lesson from last presidential election, this idea, this impression that the american people have that
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republicans may be out of touch. mitt romney's binders full of women comment suggesting that they haven't grasped the social media concept and understood thattit has got this park, don't republicans need to get on social media bandwagon better, that it has caused backlash and is hurting them? >> absolutely right. one of the things we know in hollywood is the cool factor and president obama as definitely surrounded himself with at and republicans to their detriment have been labeled and depicted as uncool. it is not true but that is what they see in pr firm's image is everything so republicans have to play that game. they did a very unique thing, a private republican group came up with a video before hollywood could release one that had
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character, creepy uncle sam and it went viral and add millions of viewers which is again republicans normally don't play well but they learned that lesson in the last campaign and are learning it now. they will have to play in that arena. lori: pleasure speaking with you, thank you for your time. >> pleasure to be here. ashley: we rocking about the new health insurance exchanges, not exactly had a stellar debut but gerri willis is doing her part to help those with questions about the obamacare rollout with a special call in show tonight. thanks for being here, maybe lady gaga will call in. how many people are registered so far? >> we have been calling the federal government and asking how many have registered for obamacare and are not answering and a won't dancer for a while. there are no answers to be had for the 36 states that using the
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federal health exchange but what we do know and what we know right now is about as the exchange that are run locally. almost 90,000 people, 89,000 and change have registered. with that this matter. the interesting numbers, calif. 16,300 people. they are expected to take 15% of seven million people obamacare wants to enroll. they have -- side of over a million people. kentucky is doing a great job. have an exchange that has been well marketed, well planned, citing a ton of people but for the most part it is not happening out there, people are e-mailing me, tweeting me. they don't know what to make of it. the have fundamental questions. what is this? why do i have to sign up? why do i have to be part of this? we will answer those tonight but
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90,000,.2%. ashley: thank you so much. don't miss the willis report that:00 eastern time. i am sure you have lots of questions, take the opportunity to call in. breaking news, oil closing up $1.40 at $103.01 a barrel, today's goes a gain of 1.3% for crudes of crude also on the way up today. shutdown shutdown housing. we will check all of it. the ceo with specific concerns next. ashley: blackberry for sale but the parts may be a better deal over all. we have details in our tech minute straight ahead. but [ male announcer ] need help keeping your digestive balance in sync?
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cme group: how the world advances. >> i am adam shapiro with your fox business brief. mario draghi says the world expects the u.s. to fix its fiscal issues but extended fiscal battle could cause, quote, severe damage. speaking at the economic club of new york he added there is agreement that provides less stability. duncan neiderauer says he fully expects to take over a deal with euro next by the intercontinental exchange to close on november 4th. the a$.2 billion merger would create the world's third largest exchange. st. louis the reserve bank president james brewer says the government's fiscal problems have, quote, change the odds on to bring. he says it looks lessslikely the
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fed will taper in october, citing the government shutdown, the debt db and lack of economic data. that is the latest from the fox business network giving you the power to prosper.
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ashley: the housiig market could be a casualty of the shutdown war with the irs and fha with a skeleton staff, potential home buyers can't close any deals because it is going to take a while for all the paperwork to get through and is that going to close down the housing recovery along the way? joining me tootalk about this is the ceo, thank you for being here. let's talk about the shutdown. when you think about it, the government is involved in the housing industry to large extent. what impact is this shutdown having on the housing industry as a whole? >> it will slow the process down
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because the irs is close, they can't verify your income. those people that need their income verifiable get delayed and may be their mortgage commitment which might be 60 or 90 days could lose it. so i am sure if it doesn't last too much longer they will be ok but if it lasts longer -- ashley: in the processing of mortgage applications and that will slow down as well. >> everything slowed down but it will affect first-time buyers that are using government to insure loans, veterans' and the fha, government employees and groups of people, 67th. ashley: do they move at a quick pace? from what i have been told it is pretty hard to get through the paperwork. is that true? >> it is hard. it is hard.
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is probably going to take longer but at the end of the day i just came back from chicago with the head of wire companies and we just say let us resolve this. enough already. it is all about negotiating. you have got to negotiate and get this over. it could affect a lot of things, mostly confidence. and everything in business and housing really has to do with confidence. connell: we have seen studies going up. it was flat for the last week but where do you see mortgage rates going? >> this cam back from the conference in chicago and chief economist lawrence young predicts this year 5%, next year 6%. >> that makes a big difference in monthly payments. >> make a big difference but relative to the last six years
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it is still not terrible so we are hoping the shutdown doesn't make it go up anymore than that. ashley: our banks becoming a little easier to work with with regard to qualifying for a mortgage or are they so is difficult? >> they say it is getting easier but it is a big process and to get your credit checked before you apply for a loan, better at your house in order and a lot of credit companies make mistakes on credit and they are really scrutinizing it and -- >> downpayment 20%? >> i down payment other than federal government loans and also they check before you close to say you have any change in status a you can't take a charge out of get another job or do anything when you apply. ashley: we have seen house prices rise. do you expect that to continue
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and bring more houses to the market for sales and inventory will improve? >> the country houses said increased and some saw a slowdown for the end of the summer, not here in new york. but nothing significant because the end of the summer's kind of the doldrums. the american dream is alive. people want to buy. probably the first shutdown that they actually would default for a long time and now it shakes people's confidence and not doing anything. ashley: thank you for joining us. we appreciate it. lori: it is time for your tech minute. shares of vonage soaring on news it is agreeing to acquire voice-over internet protocol company vocal -- the $130 million deal should strengthen its position in the small and medium-sized business sector. the deal is expected to close by the end of the year.
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blackberry sales financial holdings may not happen according to reports out today. with $4.7 billion buyout offer in limbo lackberry may get higher returns by breaking itself up. this would allow companies like cisco and samsung, the most valuable part of the struggling smartphonemaker. blackberry's founder, considering a joint bid to acquire the outstanding shares of the company. ecommerce giant holly by has decided against hong kong idea. the chinese company is not committed to listing on any exchange including the nyse. enron able to convince hong kong regulators to waive rules regarding partner should structure. analysts estimated an ipo could $15 billion. ashley: it is quarter till. as we do every 15 minutes, let's
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get to the floor of the stock exchange. mark newton joining us. as always thank you. the markets are loving progress in d.c.. >> almost 2%. we haven't given back anything from earlier highs. brett is impressive at 6:1, positive for every one negative and volume is said to be 90%, advancing and declining, an impressive balance that anyone is happy about, we have fallen 12 of the last 15 days and given back 4% but this time the decline from september feels very much like what happened in august and may. as it reached any technical levels, there will be a showing as a vehicle everyone is focused on these levels from late august and if congress and the senate can get together and make progress on the debt ceiling that would give the mark a little bit more boost and end
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october exploration which could be a bottom wrestle the news type of thing, momentum is still very negative and october dangerous month historically if you look at 30 points and the chance for above-average volatility in the market. ashley: absolutely no we have seen the vix. thanks sell much. appreciate that, the vix down to 16 or 17. certainly the markets seem to be taking some of that scheerer out of washington to hired mostly. >> the smart phone tv service, a tech no breakthrough or broadcast shows? in new court ruling out today. ashley: musical chairs not just a game anymore, employees put their buttons and impact the company's bottom line. that is next. when does your work end? does it end after you've expanded your business?
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ashley: the battle of broadcast networks against aerial tv service for smart phones heating up. aerial today just won another round. dennis kneale with the details. dennis: a federal judge denied preliminary junction blocking the service in boston saying plaintiffs, hearst tv hasn't shown irreparable harm or any likelihood the stations can win the case. this marks the fourth win against the big broadcast networks which tangled with burial in a york, massachusetts and two appeals court cases. now they are accused of pilfering broadcast signals and reselling the programming to smart phone subscribers without paying the networks a cut. the broadcast signal is free over the air programming, anyone
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can get with an antenna so it zaps the signal the thousands of times sized antennas it maintains, for each subscriber figuring it founded legal loophole but the broadcast airwaves are free, not necessarily the shows that run on board the spectrum, cable systems pay broadcasters for their local channels even though the signals supposedly are free of charge would broadcast model could be badly damaged by the courts if they met aerial proceed. look for this fight to end up in the u.s. supreme court. ashley: yes, it is free and floating around in the air but the content is put out by network broadcasters. to turn around and resell it doesn't seem right. dennis: without giving the networks a cut. barry diller started the fourth broadcast network fox in the 1980s when people said it couldn't be done and a friend of the networks is helping fund a company that could kill the net works. if you can just steal, why can't
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cable systems start carryingg these as well? they have lost the case or two also in the couple cases lost as well. there's a related rival doing the same thing that was the ninth recently. it is such up mishmash and some think this is going to thy high court. >> of the does not trickle-down dire cable bills and fees we pay for our subscriptions. >> nothing says you have to do anything. >> i have to have my cable. >> video babysitter. when the music stops, numerous companies discovered shifting employees desks and rethinking which department to place side by side increases productivity and collaboration. in recent years many companies move toward open floor plans and tried to bring together employees who normally don't
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interact with one another. this new strategy of the lies research that found employee temperaments are contagious and changing the seating brings about innovation. ashley: you don't get your regional desk. they keep moving you around. that would drive me nuts. >> i like the continuity, sustainability and organization. >> i don't talk to anyone before 11:00, before i am geared up for the day. i am really not that bad. i drink tea. coming up on "countdown to the closing bell," a traveling abroad and getting hit with extra charges? t mobile says it has the solution. the ceo joins us to tell us all about it coming up next. my mantra?
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so i can reach ally bank 24/7, but there are no branches? 24/. i'm sorry, i'm just really r. really? what's wrwith trying new things? look! mommy's new vacuum! (cat screech) you feel that in youmuscles? i do... drink water. it's a long story. well, not having branches let's us ge you greati'd like a neway to bank. a better way to save. ally bank. your money needs an ally. ♪ ♪ cheryl: hello, everyone, i'm cheryl casone in for liz claman.
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s the last hour of trading, and everyone is focused on what is going on in washington. it's been a day of fast-moving developments. the possibility of a break in the impasse over the debt ceiling helping trigger a broad rally on wall street today, numbers looking good. take a look at the major indices, they are all up right now. and for the dow this is the biggest one-day increase since the month of january. take a look at that dow, 232 points to the upside, session highs for all the major markets. so what is on the rise? well, it's everything. you've got named like unitedhealth group, nike, disney, boeing all currently leading the pack on the dow. and helping to power the nasdaq higher, you've got face abook, actually -- faithbook showing broad -- facebook showing broad strength now at $49.18, that is a nice 5% and change bump. so what exactly is going on in washington in that debt ceiling fight? have you been keeping track of
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this today? do republicans have a proposal that could end the stalemate? rich edson is joining us now from washington, d.c. with the very latest and the details change at every single hour. where are we right now, rich? >> reporter: we've got a little more information here, cheryl. the house will likely vote tomorrow on a vote that raises the debt ceiling to november 22nd and permanently ends treasury's ability to use what it calls extraordinary measures to extend the debt


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