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tv   After the Bell  FOX Business  March 3, 2015 4:00pm-5:01pm EST

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the downside but it helps energy stocks. [closing bell ringing] david: bells ringing on wall street. it is not a good day for traders. it was down triple digits. concerned about what is happen being overseas, particularly the battle between president obama and prime minister netanyahu of israel. started with his speech today. president obama came out totally disagreed with his speech he apparently did not watch. that news, it was worse with the markets. it has come back a little bit. so perhaps they're more serious concerns about what is happening in the markets. the russell 2000, down significantly today. the worst hit of all the indexes. liz: indeed. this is just a march with a few little stumbles. or is it some way different, this time around? "after the bell" starts right now. liz: let's get to today's market action and spin it forward.
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we have rachel sasha to tell us why tech is the best place to put your money right now. jason pride of glenmede will tell us which sector he is buying into that he believes is a winner. and larry shover, joining us from the cme. larry, looks so much of the traders attention. we heard this from teddy weisberg on floor of new york stock exchange. went to what was happening in washington, d.c. if you were to pick the second hinge traders were watching can, what was it to drive the action? >> you know, i think what it was, signs of vulnerability and fatigue. that's it. we combined auto sales being very, very light. netanyahu, boehner, all those things combined. the fact is, we're in a news drought. we've been in one for seven days. right now very tired. the market is due for some type of a turnaround, one way or the other looking to friday for that answer. david: rachel, you're big on tech but look what happened to alibaba today. the sort of the tip of the iceberg. all of tech taking a hit today.
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why the pullback? is there correction coming or is this just temporary? >> i think right now it is temporary. the nasdaq made all-time highs. people are you know, starting to talk about that. you know, it is always going to bring in some sellers. will this be another top a double top i think baba is separate completely from rest of the nasdaq and other tech stocks are going along with the market right now. liz: but again, en, rachel, why you feel tech after tech seeing pretty strong move, is it cycle issue where big enterprises, companies, you know what, we need brand new pcs, we need brand new networking equipment? >> no, i don't think any of that the market went down today for really no reason at all. consolidating big move. tech stocks will get hurt with that as well. you know if you look at the longer term some of the tech stocks that you wouldn't think would be still going up, cisco, intel, they're going up just as well. not just amazon and googles
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going up. taking a little bit of a break is i don't think anything to get your money out of the market for. liz: interesting, jason, you call it grinding. the market is grinding higher. as it grinds higher, if i'm watching with a little bit of dry powder i want to get wet in the markets, where would i put that money. >> so, you're exactly right. grinding higher, kind of this idea of really working its way higher, but not getting anywhere very fast. because valuations are quite full in the u.s. we've taken a dual prong approach. in the u.s. we want to be more defensive because valuations are higher. might as well get stability when valuations are higher, buying more safe, steady eddie companies. dip the toe in international markets, european, japan, emerging markets. that is where discounts hit. that is where long-term value opportunity is. balance the portfolio that way. get your protection being defensive in the u.s. take risk on international side
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and discounts on long-term opportunity. david: we have breaking news on a stock. target is announcing they will cut a couple of thousand jobs at least over the next several years. now as you can see after-hours, the stock not being affected. very often this is a boost for stocks. i know it is counter intuitive, if companies cut labor force, cuts costs increase profits for shareholders. so far not one way or the other on particular move. jason is there anything in the retail sector that scares you? people are not spending as much as analysts thought they would in the holiday season and afterwards? >> retail actually is a pretty decent place to be right now. the main reason is consumers feel like they still have a pretty decent size price break at the gas pump. david: but they're not spending jason. sorry to interrupt you, they're simply not spending as after we thought they would be. >> that is normal. that is normal. people do not react immediately
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to the price of gas. it has to stay there a little while. as it piles up, okay, actually this will be around a little bit longer, i have a little more money to spend. typically takes up six weeks to three months for people to actually react to changes in that underlying price. >> larry, look, i want to throw out today because today is basically the worst day at least for the s&p and nasdaq since january 30th. so really kind of unimportant, but tell us what clues you get from the trading floors these days there will be some type of breakout whether it's a foreign investment whether it is a sector or commodity? commodities are beaten down on balance, not all of them. we just talked yesterday with jeff flock, the grains. there are overproduction of grains, bumper crop, things like that. what do you see on the horizon? >> yeah. when the commodities this is very broad term. structural change is going on by
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and large. industrial metals, base metals, ags, where it is just changing this might happen every 25 to 40 years, people trying to bottom fish now is a very dangerous game because we don't know where it is going to end up. my bias would be to stay short commodities. that said, the clues i'm getting here, people are far too cavalier not realizing there will be disruption with regard to monetary policy and inflation expectations. with that said i do believe we can have a sharp turn-around a downturn in this market not because i'm bearish by any sense of the imagination. seems like people are just too cavalier and too, just seems like prerogative of the markets they continue to climb. i'm just wanting to be counterintuitive on that. the 18 times multiples. we can take the negative shock we once did. david: rachel, let's get back to tech if we can because last night i was going back through some old clippings from the year
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2000, 15 years ago, last time we hit 5000. march 10th, we hit 5048. next several months we were nothing but down by end. year, nasdaq was 2300. it lost more than 50%. i understand. we're a totally internet market. people capitalized on internet like they couldn't back 15 years ago. all sorts of companies are making money amazon is not necessarily one of them. amazon is, this past time they did make some money but more often than not they don't in their earnings. don't they have to turn it around? because i know you like amazon. >> i do like amazon and, you know i think what you're saying about that is true, that they need to make money but they have started to finally make money and also people, when they invest as you know they're investing in the future. they're not necessarily investing in right this second. david: hold on. that's when i harken back to what happened 15 years ago because that's what they were
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saying back then. people are investing in the future. they're not investing right now. they weren't making money now. that's why the market crashed. now many companies are making money but not necessarily amazon. >> well that's true but you're also putting valuation on amazon is nowhere near the valuations what they were in 2000. maybe it's a little bit higher for not making any money but you look what they're doing and, basically it's a household name like no other. so if you think about it that way, it is not going anywhere anytime soon. you know amazon. you use amazon. they have the new, you know, one hour thing which in our society i'm sure will get more and more usage. so i don't see just because, you know, right now they're not making extra money or more money, they're starting to pull out some money. also if you look at the chart, it is starting to, you know, recover from last year's penalty box. liz: we're going in totally different direction, because jason, you and one of our
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stock-pickers yesterday pick the same name. two days in a row, people are liking abbott labs abt. what is it, 2% yield but it's a solid company and what is it that you absolutely love about this two days in a row, stock-pickers picking this name? >> so if you are following this strategy of saying, look, you have better deals for long-term investors if you're picking up cyclicality is overseas, in order to counterbalance that in the u.s. portfolio, you use that portion of your portfolio to be defensive in orientation. count of a counterbalance or different way to do it. instead of saying i will get my defensiveness buying bonds yielding 1% or something like that. instead you buy a more stable business like abbott labs, like medtronic. like any other names we mentioned, something with a nice, solid, cash flow yield. a nice solid dividend and extreme amount of return on invested capital. so it can churn out profitability and earnings growth in an environment, look,
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we're still at 2 1/2% gdp growth in the u.s. not something like groundbreaking number. david: that's right. >> you can get good returns on invested capital and good earnings growth by reinvesting cash in a good company. liz: which we love, we love that idea. thanks, jason, rachel and larry shover. good to see all of you. just hours ago israeli prime minister bejnamin netanyahu delivered much anticipated and controversial speech to a joint session of congress on the need to thwart iran's nuclear program. david: president obama and vice president biden were not in attendance furthering speculations of strained relations between united states and israel. with us is conor powell live in jerusalem with the reaction over there and peter barnes with our reaction over here. peter, it really comes down to who you trust in this debate because we had the two policies laid out today, first by netanyahu, then by the president. i want to play a clip and get your reaction because the
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president says trust me. let's play the clip and get you to talk about it. >> what i can guaranty if it is a deal i signed off on, i will be able to prove that it is the best way for us to prevent iran from getting a nuclear weapon. and for us to pass up on that potential opportunity would be a great mistake. it is not one i intend to make and i will take that case to every member of congress once we actually have a deal. david: so he says i will be able to prove it. will he to congress's satisfaction? >> well, david, i think that's why you hear a lot of members of congress including republican leaders in the senate today say that they want to make sure they have some kind of review and approval process involved in this because the fact is, is that, despite multiple agreements over the years, and multiple sanctions, iran has been caught cheating over and
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over again. prime minister benjamin netanyahu brought that up today. he says it has been a pattern of not hide-and-seek but hide and cheat on the part of the iranians. so very important question, very important issue. liz: let's take it to jerusalem and conor, you've been doing some very solid reporting on the reaction in advance to the speech and it mixed. tell us about how israelis were reacting? were they watching it, were they rivetted? tell us what is going on. >> as soon as the speech was concluded here it was being praised as a strong speech and laid out very well and explains what the dangers of a nuclear armed iran would be but there was also concern immediately following the praise what damage has this speech done to the american-israeli relationship. the headlines here on the newspapers, what we've heard from people on the street is, with president obama's dismissal there is nothing new, there is a real question did this speech do
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real damage to the relationship? now polls here have indicated leading up to the speech, iran is not the central issue going into the israeli elections in just two weeks. there is the economy. there is a whole host of other issues but for people who really do care about iran, as we heard today talking to them on the street, there is a lot of support for benjamin netanyahu's speech. take a listen. >> personally i believe if he says something is a threat to israel, i think he should speak up. if you don't like it, don't like it or prove him wrong. >> i think he spoke very well. i heard most of it while i was walking and the point he made was that if the united states won't take care of its business of the iranian regime, israel will have to. >> now it is important to realize it is really controversial speech here even in israel. 180 former members of the israeli defense force came out sunday night urging netanyahu not to give the speech because
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of concerns what it would do to the u.s.-israeli relationship. even some of netanyahu's biggest supporters and tomorrow morning we'll wake up, nothing in terms of positions will change. they support the speech. nobody thinks it will move anybody on one side of the aisle or another. guys, back to you. david: peter, i would say it has. that is an incorrect perception. just 60 members of congress who were not there. all the other members of congress were there gave him ovation after ovation. he had a 2 1/2 minute standing ovation at the end of his speech. >> that's right, david. there was also already wide bipartisan support in congress for even tougher sanctions on iran. so going into this the president was facing some headwind. although i would point out that nearly 60 members who did not show up for the speech today were doing so more as a pretest against speaker boehner for inviting prime minister
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netanyahu here rather, without telling the white house and without telling democrats in congress, doing it unilaterally, david. david: peter barnes. thank you very much. conor powell, appreciate it, guys. >> thank you what does today's speech by israel's prime minister and u.s. response mean for businesses? boy, we've got a lot of israeli businesses doing business here in the u.s. we're talking to two companies with a presence in both israel and the u.s., on how they bridge the gap of doing business in both nations. david: also israeli prime minister really changing the covers, making it a lot more difficult for the president to sell an iranian nuclear deal to the americans. but what is the cost of stopping iran in its nuclear tracks? we'll debate that. >> for first time ever, publicly disclosed, gm says, some people rejected settlement offers related to gm's defective switches problem. why, and will this pave the way for future lawsuits? we have ken feinberg, gm
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david: really a historical day today. not since winston churchill spoke in front of congress in
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1952 has a foreign leader affected lawmakers as netanyahu did today, arguing forcefully against making a nuclear deal with iran. president obama responded but he will have a much more difficult time selling his treaty. did netanyahu just win over the american public in this debate? sabrina schaefer, bob rice, fox business contributor, and our own cheryl casone who came in from the cold for this. sabrina, first to you, if you have to choose between one argument or the other, the president's or netanyahu's, which do you choose? >> look i'm firmly on the side of netanyahu. i'm concerned this is costing the united states a lot and the world specifically. i'm part of the jewish community so i have a particular interest but i don't think this is solely a jewish issue. this is an american issue. this is an issue for the west. we have thrown away decades hard work towards diplomacy, economic
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lobby had been built to try to change things in iran and six u.n. security council resolutions this is tremendous loss for us if we move forward with obama's way. david: bob, if the public, starting with a lawmakers, do accept netanyahu's version of things, there will be a cost. there's always a cost and we got an idea from netanyahu how far he would be willing to go for paying holding back their nuclear interests. let's play the sound bite. >> i can promise you one more thing. even if israel has to stand alone, israel will stand. [applause] david: that is israel saying if they don't get permission to go in and strike iran, they are going to do it anyway if they see it is vital to their interests. there is a cost if we support them in that. >> huge costs if we support them in that. real question, why would we race to a deal right now when a lot of things changed in world that really helped us, notably the price of oil? ed saudis are really helping us. they're hurting our energy
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infrastructure but helping us a lot. they're making this much more difficult for the iranians to suffer through the sanctions. the pressure points are increasing. we have some leverage. let's use it. david: cheryl, now is the last moment you want to do it, finally because the price of oil way down these sanctions are having effect. >> really sanctions aside, the oil markets aside at the end of the day, david, first question is the best one, did he win over the american public today? yes, i think he did. the president will certainly have to reevaluate his relationship with benjamin netanyahu. we've had such a chilly discourse this career with the israelis. look at nasdaq, you want to make this money story. that is israeli companies. israel is under threat. they were surrounded by enemies. david: cheryl, tough speak the truth. his netanyahu -- his relationship with netanyahu won't change in rest of his presidency. the guys are too dug into their
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positions. will the president's next executive action to raise taxes? he could do this. play the sound bite. >> president has not indicated any reticence about using his executive authority to try to advance agenda that benefits middle-class americans. david: he could do it, the question could he get away with it, cheryl? >> certainly this president has no problem using executive orders. we've seen this again and again, when comes to issue of taxes this is very, very different. any rhetoric comes to raising taxes will not be popular with whether democrat or republican. he will tread very carefully. david: sabrina, what if he does it? we've been surprised how far he is willing to go with these executive actions. what would the congress do? >> that is a good question. obviously we want to grow the pie for everyone. this policy would take us in the wrong direction but i think bigger issue is the abuse of executive orders. david, we talk about it. executive orders are there for times of emergency when you don't have opportunity for debate. talking about paying for his
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immigration executive order or paying for any other economic policy he is trying to push through we should have public debate. congress should talk about the best ways to tackle these issues. executive orders don't allow for that. >> bob, it is against the constitution. that hasn't stopped obama before. >> right. dirty little secret about taxes, corporate taxes are so complex, every administration can change the way they interpret. david: you buy a tweaking would not be against the constitution saying it is congress's right to do this? >> huge amount of authority rests in the irs to enforce laws. that is reality. david: gang, thanks very much. the nasdaq breaking the 5000 barrier for the first time in 15 years this week but is it different this time around than it was 15 years ago when we slid right after? liz. liz: relations the u.s. and israel have huge implications for the business community. we'll talk with two companies who do very big business in both nations. will today's speech by israel's
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prime minister change any of that? plus, tickets to see the grateful dead going as much as $15,000? we're talk to tick i.q. about the growing secondary ticket market. we'll get a look at what the tickets may cost for the may mayweather pacquiao fight. at ally bank no branches equals great rates. it's a fact. kind of like mute buttons equal danger. ...that sound good? not being on this phone call sounds good. it's not muted. was that you jason?
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it was geoffrey! it was jason. it could've been brenda.
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at ally bank no branches equals great rates. it's a fact. kind of like shopping hungry equals overshopping. david: back with our panel, back to the markets. nasdaq break above 5000 for the first time in 15 years begs the question whether this record could go down as fast the last one did. shortly after senates dach -- nasdaq hit a record 15 years ago did not stop a slide until it hit half its value. bob, could that happen again? >> i'm not predicting it could happen again? could it happen a again, absolutely. there is a lot of downside risk in this market. let me give you a fact.
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trailing ratios are at all-time high. higher than they were in the 2000. higher than the last great crash. there is a lot of downside risk in the market right now. david: cheryl, will we have redo what happened 15 years ago. >> i'm not a journalist but bob, respectfully disagree, look at nasdaq, 10% is apple, 5% is microsoft. they are making money and products they're selling. i understand valuations but the nasdaq is not what it was back in 2002 when it hit just above 1,000. this index is full of health care and financial companies and, consumer service companies. so i think, i just don't think we're -- david: sabrina even internet companies, nasdaq figured out a way to make money unlike 15 years ago. >> right. i want to be cautiously optimistic but we have to be realistic, the tech economy, yes it has changed but a lot of sort of big chip companies like apple make up pretty small percentage of nasdaq. so there is a lot of smaller companies. the thing at that worries me in
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washington a lot of economic policies that could impact those companies. we've seen the kind of policies, micromanaging of wages and mandating of benefits. we were expecting changes in obamacare. david: we don't want to go there. you're opening another kettle of fish. i want to leave enough room for this next subject because it is near and dear to my heart. the price of colleges. after spending a fortune on their kids college education a lost broke parents are wondering if it was all worth it? new research indicating is it not. sabrina is expensive education worth the cash you pay for it? believe me you pay a lot. >> i'm writing tuition checks for my littlest one. all of us realize college degrees are inflated. no longer worth what they were at one time of the answer is yes or no. what we'll see difference do people choose to go to harvard or choose a really good state school that might be comparable without that many differences. david: that's a great point. or really good or inexpensive private school. "wall street journal" put together a list of colleges.
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you wouldn't think of these as biggest ones, think of princeton and harvard. return on investment. brigham young. four years of education. brigham young charges 80,000, all-in, room, board tuition. 20,000 a year. very low as far as private colleges. tuoro, harvey mudd college, way land baptist. caltech. most of these haven't heard of. >> most employers would rather hire a top kid from small school or big public school than middle of the pack skid kid from ivy league school. excel when you get there. you will get a job offer. if you don't you won't. david: cheryl, sometimes best place, best return on investment is not most expensive. >> northern arizona university, a great school in arizona i went to. look at me now. that's all i'm saying. david: there you are. you have arrived. talk about great return on investment, thank you very much, folks.
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thanks to bob rice, cheryl casone. sabrina and myself, catch us on "forbes on fox," every saturday, 11:00 a.m. eastern time. fox news channel. you don't want to miss it. liz? >> five victims of gm's faulty ignition switch defect turned down their compensation settlements. that is new news. what does it mean as they pursue new lawsuits? ken feinberg has very definitive statement for us. he is giving it live next. president obama react israeli prime minister's call for tougher action against iran's nuclear program, in essence saying he heard nothing new, no new ideas from netanyahu. can companies, that straddle both companies, doing business in both, do they continue business as usual? is it worse, is it better? we're talking to two of them straight ahead. ♪
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>> the alternative to this bad deal is a much better deal! [applause] a better deal that won't give iran an easy path to the bomb, a better deal that israel and it is neighbors may not like, but with which we could live literally. >> on the core issue which is how do we prevent iran from obtaining a nuclear weapon, which would make it far more
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dangerous and would give it scope for even greater action in the region, the prime minister didn't offer any viable alternatives. liz: okay. there were all kinds of big words in a major war of words today on capitol hill, with president obama responding to is israeli prime minister bejnamin netanyahu's speech to congress. how is the business community responding to all this? in fact let's distill it even further. how is the israeli business community that does business here in the u.s. feeling? right now we're joined by a company that does business not only in the u.s. but israel as well. we have the cofounder and ceo. they make ship tracking satellite based predictive analytics for maritime. that alone blows us away. we're happy people like you do business here and employ americans as you looked at all that went on today, from an israeli standpoint, what did you think? >> well, that's a good answer and goo question to start with.
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at the end of the day comes down to interest. we as company need to create enough value for americans to work with us, compared to anybody else in the world, compared to american companies. we always compete against everybody. the same as startup from silicon valley competing against singapore, hong kong, europe. we need to be better than anybody else. that is our challenge. liz: warren buffett brought an israeli company is car. they make drill bits. it is one of the smartest run companies he ever purchased. they do amazing business, surrounded by enemy nations. imagine what they could do not being surrounded by countries that want to kill it. iran has been very, very vocal and stated, in fact today i thought it was interesting when netanyahu he actually tweeted. rouhani, leader of iran, actually tweeted they want to annihilate israel. how important to stand up to that was this speech today?
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>> well, i'm a humble business entrepreneur. i'm not sure i can tell you how important was that i can tell you think that, throughout history i think for 60 years, this has been coming again and again and again and again. so i had a good conversation at aipac talking about two parallel groups. liz: let's back up here. you were at the aipac speech yesterday as well where benjamin netanyahu spoke. >> correct. liz: a little bit of an electrified atmosphere there too, right? >> it was. we as business community we look at two parallel routes. diplomats the prime minister will do whatever he needs and government whatever they need and see right together with the u.s. but we as a business community need to generate enough value, be innovative enough, be groundbreaking to, create big companies out of israel which we've been doing past 20 years but we need to do much more. liz: okay. but every, every israeli serves in the military. >> correct. i did as well. liz: men women, everybody. were you in any conflicts?
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>> yes, i was. liz: as you are a businessman, you're an israeli first. is it fair to say that? >> definitely. liz: so looking at this, does that standing ovation, let's take it from a positive angle, standing ovation -- by the way there were not just republicans in the audience. there were democrats there as well. we had one of them, brendan boyle, from pennsylvania, standing ovation, does it make you say, we belong together, america and israel, we should be working together? >> yes. but what makes me feel much more we belong together, real business happening between real companies. reallies israelis creating innovative technology, partnering, i came from across the street 3 a hundred people we want to partner with their technology and our technology and revolutionize more a markets. government does their own business. we as entrepreneurs, as innovators as people need to work more together to build big good economies. liz: how american do you feel these days?
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you spend a lot of time here. >> how do i feel about iran? liz: how american do you feel? has any of it rubbed off on you? >> i think so. i think i picked up more than a few sentences. i think, you, the americans, have an amazing capability to build big stuff. i think we as israeli entrepreneurs, we don't see the glass sealing in terms of product and technology. we can get there, no problem but in terms of building a big business that's why we're here to implement and learn and also pick the right talent from america to help us build. liz: as we finish up, are you angry at president obama or do you understand his position? >> everybody needs to take care of their own interests. he takes care of his own interests. we take care of, we need to work as allies. i'm not against netanyahu or obama. how everyone can bring better relationship between the companies. liz: your company is called,
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wind ward, satellite based predictive technology for maritime boat movements. love to have you again. >> thanks very much, liz. liz: come again. david, over to you. david: i think our interests still align. meanwhile gm payouts are rejected. some victims of gm's faulty ignition switches are turning settlements down. manager ken feinberg will be here with answers coming next. also talking about an ungrateful shakedown, ticket prices for the grateful dead's final concerts are risings exponentially above face value. we'll tell what you it costs by what for many would be the concert of all time. that is coming up. ♪ ♪ edward jones. with nearly 7 million investors oh hey, neill, how are you? you'd expect us to have a highly skilled call center. kevin, neill holley's on line one. ok, great. and we do. it's how edward jones makes sense of investing.
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and for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch to liberty mutual insurance and you could save up to $423 dollars. call liberty mutual for a free quote today at see car insurance in a whole new light. liberty mutual insurance. liz: there new developments in gm's faulty ignition switch compensation fund. turns out five people indeed rejected settlement offers from gm. david: now the question, will they go after gm with lawsuits? joining us is gm compensation fund administrator ken feinberg. ken, whenever there is a fire somebody calls you on the phone. what a life you lead. got to tell you. five is not a big number in the grand scheme of things. on the other hand, five people could start a wave, could they
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not of lawsuits that you want to avoid? >> no. there will be no wave. five out of 161. and i predict, that in the next few weeks those five, upon reflection will come back into the fund. david: you offer them more money. >> no, no. they will see that the fund is, provided appropriate compensation. 9/11 fund, 97% came in. bp, the 2% came in. right now -- 92%. right now it is about 95%. those five people will think it over. i predict that they will come back in and take the money. liz: can they? they can, right? >> oh, yeah, we'll let them back in. liz: why do you think they didn't? >> emotion. i see in these claims, gm, bp, 9/11, boston marathon, virginia tech. it is not money and it is not the process. as you can understand, get very
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emotional when you offer money in lieu of a death of a loved one or physical injury. money is pretty poor solace i must say. david: in these five cases you said none of them involve death case. >> no. david: in fact you go on to say they're relatively modest injuries. can you be more specific than that? somebody's relatively modest could be somebody else's serious? >> that's right. i don't want to put a label on it. these aren't death claims, are not life-changing altered claims involving paraplegia or qdro pledge yaw or brain injuries. these are modest physical injuries. i think the claimant will think about it. wonder whether or not they should take the money. i think at end of the day, rather than litigate for years, i suspect they will come back in and accept the compensation. liz: what is interesting, when you look at the total number of claims filed it, was 4343.
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there were, what, 160 plus payouts, just about that right? >> so far. we haven't looked at 2000 claims came in the remaining last couple of weeks of the filing deadline. but most of these claims have no documentation. woefully deficient in backing up the claims. so we go back to the claimant. we invite them to supplement the record, get the police report. get photographs. >> right. >> but we can't play claims when somebody sends in a claim form and attaches zero in the way of corroboration. david: okay, but a lot of people, this is the first time they have been through something like that. you have to cut people a lot of slack on this, in terms of giving them the chance to fill out forms correctly, et cetera. i am wondering about the overall amount though because i understand it, gm set aside $600 million which is a big set aside for the payouts. what happens if it is more than that? are you guys going to have to borrow money if it goes beyond
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600 million? >> first of all $600 million is a great deal of money as you said. david: i understand. even for you, ken. >> i'm not prepared to say that isn't more than enough money. now if it is more, mary barra made it very clear at gm they will pay whatever it takes, to do the job and do it right. they have been very cooperative with the fund. and i have no doubt that if it turns out to be more, there will be money from gm to pay it. liz: money from gm to pay it. in the end what was different about this particular experience that you have been through, paying out than all the other major once that you've done as well such as bp? >> how old some of these claims are. we have, we have claims involving accidents that took place over a decade ago. so you don't have the automobile. you don't have the switch. you have to get circumstancal
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evidence, a police report. photos of the accident. maintenance records. insurance investigative reports. it is very, very difficult, unlike bp or 9/11. it is very difficult to reconstruct accidents that are so old, where the automobile and the black box in the engine are gone. and it is entirely circumstantial evidence type of claim. david: sound like getting record for an irs audit. something i don't, don't advise anybody go through it all. ken feinberg, we have to leave it at that. he is the gm compensation fund administrator among many other responsibilities. liz: good to see you. david: dead head fans, listen up, you could have a chance to see one of the grateful dead's last performances but it comes at a very hefty price. we'll tell you how much coming next. ♪ the future of the market is never clear. but at t. rowe price, we can help guide your retirement savings.
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liz: dead heads around the world are willing to pay top dollars plural for a chance to see the grateful dead perform for what is reported to be their last time on stage this july. 50th anniversary tour. david: that is jerry gasser seia. of course he died in 1995. he won't be there. just about everybody else is there. how much are folks will to be pay to say farewell? tiqiq cofounder, jesse lawrence is back. we can't get enough of you and
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whole subject. this is the about boomer generation, right? this is people with that disposable income, the folks who grew up in my generation frankly who have enough money to spend, crazy amounts for stuff like this. >> that's right. the average price for three shows is about $1400. the most expensive is little more than that. least expensive is little less. david: average is 14 grand? >> get in for $600. there is a cheaper option. you can also pay upwards of 10,000 bucks but, decent seats will run you sort of 15 to $2,000. liz: there is decent and front row. are there any front row seats available and how much? >> the most expensive ticket we're track something about $11,000. there is a pit in the front. there are rows. that is probably get you pretty close. might not get you in the front row. david: why? i just have one question. i mean why is it? do you ever ask people why they're willing to spend this much? >> nostalgia. they want to go back to 1960s,
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'70s, hate as bury, ethos of grateful dead. this is supposedly last show. david: we heard that before. frank sinatra had about 20 last shows. >> that's right. we'll see, with prices like this certainly reasonable. wait we found a few more shows here in the vault. we'll do those in other cities. this is the most expensive concert we actually ever tracked by decent amount, interestingly ahead of all the other guys from '60s and '70s like bruce springsteen and eagles and some others. liz: these guys are in their '60s, '70s. what is interesting, newer, younger acts auto tuned, heavily produced, heavily arranged, these guys, i would imagine the rolling stones and some of the other big names that can sell out an arena, some of the newer acts can not, it is because they are authentic. who else is behind the grateful dead in top ticket prices?
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>> guys like, you know, rod stewart, interestingly at msg was number two. liz: wow. >> wouldn't have guessed that. then you've bottom the eagles. they had a tour recently. liz: saw it. love it. i love the eagles. >> they have fan bases that stretch five generations. all these people want to see. not just the boomers, for this show in particular, grateful dead but the lead guitar it, a guy from fish, slightly younger jam band. david: only have 30 seconds. not just about music. there is sports and question whether the fight game is back because of mayweather-pacquiao. how is that doing? >> second most expensive event we ever tracked other than this year's super bowl. $9,000 of arage. david: is this rebirth of fight industry? >> this is super fight. people have been talking about it for years. there is a lost hype. next most expensive was 3,000. we'll see. this might be a one-time event but might be some others. liz: once they get
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100 million-dollar payout for one night of work, why not. great to see you, jesse. david: are you going to the grateful dead? >> i think i will go one night. got hall pass for one night. david: good for you. "willis report" is next. gerri: hello, everybody, i'm gerri willis and this is "the willis report," the show where consumers are our business radical plan from the white house. president obama raising your taxes by ignoring congress and using executive order. >> this is a lone wolf president, who has no regard for the limitations on his office. >> israel's prime minister make as strong case before congress for tougher action against iran. >> iran's regime is as radical as ever. its cries of death to america, that same america it calls the great satan, as loud as ever. gerri: we have analysis of a critical moment in u.s.-israel relations. brazen robbery on one of the busiest highways in the country.


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