onset, we still have marc chandler. numbers, $100 billion worth of infrastructure, they are really big numbers. is that a government thing, a public thing, a private thing, how do you deal with it? marc: i think from an economic rent of view, the destruction will hit to the economy. california, our largest state, if it was a country, it would be one of the top 15 countries in the world, a serious economic unit. i think was the fires go out, rebuilding -- we saw this last year with the hurricanes, we lost almost one million vehicles to in texas and florida, which sales. auto so this is another thing come other human tragedy, destruction thing.erty, horrible but if you look past the tragedy, it means that it will boost that u.s. economy by early next year. david: so in effect, we have a short-term hit in a gdp and then economy gets triggered again. when do you think that will be? marc: i think that will happen earlier. some people need their vehicles replaced immediately. we saw a big increase in auto sales area some of t

chandler, we're going to start on that end of town. so you will have the first question and you have 3 minutes to respond. and i ask you, respectfully, if you will respect our time limit and end sdaexactly at 3 minutes. the question is on working in the community. >> yes. >> what are your plans for working with neighborhood groups and organizations to gain information as to what community needs really are? >> the gaining the information is communication. communication is key. its about having a relationship with the community. if you don't have a true relationship with the community, you cannot organize. i've been doing this work for 29 years and almost everyone in bayview know who i am. why? because i'm not a higherling. i'm born for this purpose. i love my community and i love humanity. >> all right. thank you for that. next, working with the community. what is your plan to dramatically improve safety in the district? >> i don't know how dramatically i will be able to do that. it depend on what part of the community and exactly what

in the meantime they're telling them to go to chandler city hall not just in these individual precincts. so a little snaf ewe there in the phoenix suburb of chandler. >> thank you so much. >>> it is 6:21 right now before we go to break let's take another live look outside it is 6:21 right now. 38 minutes before the polls open on this election day. >>> eight straight wins. a league best 10-1 record and undefeated at home. let's face it the only thing that could derail a warrior freight train are injuries. he came down awkwardly. green missing the entire second half with a right foot contusion. golden state took off he had 14 off the bench. even jordan bell got a few minutes in this game mckinney with a flash on the other. warriors win 117-101. they are 6-0. billy bean has been named the executive of the year by major league baseball. this after the a's mraed the playoffs with the lowest budget former raider omari cooper making his cowboy debut on monday night football. wouldn't you know it cooper had five catches, 58 yards but cooper can't play defense. marcus mariota calls this. titans

this is in the suburb of chandler right outside of phoenix. >>> we are good everyone got out safely. that's a good thing. >> it's stunning when you think about the fact that the 12,000 square feet home and only three people live there. that's what you can buy in arizona. >> a lot of fuel for the fire. thank you. >>> back to the storm watch right now, this morning we are seeing localized flooding on some freeways. >> kpix 5's katie nielsen is in oakland this morning with more. >> reporter: we're here at the 7th street on-ramp on 880 in oakland. if you look behind me it is currently closed. that is because of flooding underneath the underpass. there was a car stalled out here earlier today. we have seen road crews on hand trying to clear out these storm drains to allow this water to go down. but until that happens, this 7th street on-ramp to 880 southbound still closed. in san jose, just a few hours ago, firefighters helped rescue the driver of this car that got stuck in a flooded intersection on alameda you near the stockton under crossing for the rail line. firefighters walked the dr

live pictures coming from chandler, a suburb outside phoenix. you are looking at a huge mansion fire. fire crews are on the scene trying to get this extinguished. we are told this fire started 3:00 in the morning in a second story bedroom. three people were inside at the time. they were able to get out safely. we will keep you updated as we get new information as it comes in throughout the newscast. >>> facebook considered charging companies access to user data. >>> a new study reveals more of us are sleep texting. here's's "techbytes". >> in today's's "techbytes", was your facebook information nearly for sale? >> "the wall street journal" said court documents of e-mails show facebook executives possibly charging companies for user data. they decided against it. it would have been a shift in the policy of not selling that information. >>> so you heard of sleep walking. well, now a researcher is warning of sleep texting. >> more young people are sending messages to their friends while they're still asleep and don't even remember doing it. a study

hillary vaughn is live in chandler, arizona, with the latest. hillary? reporter: just because the polls are open doesn't mean the campaigning stops. both candidates in arizona, republican martha mcsally, kyrsten sinema are hitting the campaign trail. we're in chase's diner in chandler, arizona, where martha mcsally is meeting voters on election day. sinema stopped by university of arizona campus to energize college students to vote. sinema said happy election day. i started my morning with a run on u of a campus in my hometown of tucson. next stop, thank arizonaians for voting. i'm glad to be here on this gorgeous day. mcsally is here with voters. i caught up with mcsally at polling location, she thinks this race is down the wire and thinks her opponent to scaring her supporters to the polls. >> seems like fear and anger coming to the left, motivating, organizing lot of people. we need to make sure a lot of people are happy, like the direction we're going in also have their voice heard. if you want that to stop, things will flip in this election. reporte

this is a live picture from chandler. it's a suburb outf u are looking at a and you can see the huge response there from firefighters as they are trying to get this thing out. obviously it is a multimillion dollar home that has gone up in flames. they are hard at work. we have no reports of injuries or deaths associated with this. >>> a lotto scam is making rounds in the south bay. >> officials say scam serious often target the elderly by sending mail or making phone calls that say that you have won the lottery. to collect the prize, you have to wire some money to cover a set of fees or taxes. >> the last thing we want is for these elders to lose their nest egg during their golden years to a scammer like this. chances are we are not going to be able to get the money back. >> the da's office has seen two dozen cases since september. an 81-yeaol hill sent $54,000 after he was told he won a $2 million prize. detectives tracked the money to most of it back. >> that's good news. >>> a desperate plea for a life-saving donation

this is in chandler. it is a suburb of phoenix. a huge fire at a complex, a mansion where a family lived. the good news is they were all able to make it out all right. but you can see some serious damage there. these are pictures from our chopper there in that area from our sister station. firefighters continuing to try to put thatan iright by a retirement community called sun watch,ght now 4:34 this mor new video showing rain gets a b this storm. santa cruz is expected to get at least a couple of inches of rain and see gusts up to 40 miles per hour. this week's storm brought in high surf, as well. in aptos, park rangers ordered campers at seacliff state park to move to higher ground and with more rain on the way, county leaders are concerned that this winter's weather may add on to the long list of damaged roads still being repaired from last year heavy rains. >> if we back these storms up year after year every other year we are going to be in a permanent state of disrepair on our more than 200 roads damaged last year, crews have

midterm resulted in two with some not even getting to cast their votes some stations opened late in chandler a suburb of phoenix the polling station there was closed due to a failure to pay rent although it was later reopened by local officials elsewhere one new york polling station still technical difficulties four hundred people there also found themselves trapped in a long queue after scanners and machines broke down people claimed only one machine was working and then in south carolina one man had to vote shirtless apparently that's because the state does not allow anybody to display any campaign material within seventy meters of the polling station he was forced to take off his trump shirt despite the fact the president of the and a candidate. well the run up to the midterms saw the reemergence of meddling theories but former f.b.i. agent clint watts claims it's americans themselves rather than external actors who are spreading lies and steering a vision online the most everyone's witness the playbook playing now they don't need russia so much they've learned the tactic is devastatingly

and the artist is one of the most famous artists in america at the turn of the century, howard chandler christy. what we see here is a christie girl. they were all beautiful, they were all the girl next-door. they used this beauty, the girl next-door to make you stand up. -- up and maybe be a man. if you cannot fight, by some bonds. thank you. this is one of my favorites. what came first, the boy scouts or the army? look at that motto. the boy scouts are telling the army be prepared. very small army in these days. -- those days. everybody knew everybody. -- everybody knew each other. at one time, up until world war i, the first called for enlistment, they had 73,000 men sign up and had to initiate a draft. and they drafted a million men from 1845. within months later, half a million were in the army. they had to be prepared. we had the boy scouts as an inspiration. look what happened to lady columbia now. lady columbia with the hat, you see the statue of lady liberty starting to evolve. she is very muscled up. he's handing her the sword. another symbolic gesture is like being knighted.

cords in some places there was a shortage of machines and ballots and some stations opened late in chandler a phoenix suburb the polling station was closed due to a failure to pay rent but was later reopened by local officials now donald trump has dubbed the result a tremendous success democrats though say it's a huge blow to the president. caleb maupin takes a closer look at what it all means for america. this is the first time in eight years that the democrats have had control of the u.s. house of representatives now this is centrally means a split government and with control of the house of representatives the democrats will have the ability to launch more investigations into donald trump they'll have the ability to subpoena people and bring them before congress also they'll have the ability to get their hands on some key documents now people are asking could this mean impeachment now the way the u.s. constitution lays that out the democrats with control of the house will be able to bring impeachment charges against the president however it is the senate that would vote to remove the pre

resulted and you can see here some not even getting to cast their votes some stations opened late in chandler serve a phoenix for example the polling station there was closed due to a failure to pay rent that was later reopened by local officials one new york polling station saw technical difficulties to four hundred people there also famine selves trapped in a long queue after scanners and machines broke down people claimed only one machine was working. and then in south carolina one man had to vote shirtless apparently that's because the state does not allow anyone to display any campaign material within seventy meters of the polling station and he was forced to take off his trump shirt despite the fact that the president wasn't even a candidate in the midterms. last america was covering midterm elections in its early stages and debate on the channel got pretty heated. so many new voters and people who are engaged truly was an indication of the blue way i saw in my own neighborhood people who were out knocking on doors for the first time these are people who could have done it during the ob

power cords at some places there was a shortage of machines on ballots some stations opened late in chandler a phoenix suburb the polling station was closed due to a failure to pay the rent but was later reopened by local officials lossy america was of course covering the midterm elections in the early stages and the debate on the channel got quite heated. so many new voters and people who are engaged truly was an indication of the blue way i saw in my own neighborhood people who were out knocking on doors for the first time these are people who could have done it during the obama era that means they were pushed and they were pushed by that blue way that's going to take us on to the next election i think that you're going to have a congress a democrat congress that's going to really alley and eight its own party going to be fighting their own little war between themselves and i think in two thousand and twenty you're going to see a different picture presidential election more turnout on the republican side i think the democrats really push it this time and i don't think you're going to see m

international is the company's lack they lack legal authority to buy or sell the data of online consumers ali chandler legal officer privacy international said part of the company's business models are about fundamentally exploiting data and they therefore clash with many of the provisions of the e.u. as new general data protection rules. and now we move to cars and we have a car coach with us or a self lauren fix lawrence thank you for being with us you know consumer confidence is still high but these interest rates start increasing and some buyers car buyers that is appear to be moving to used cars or even light trucks what do you make of these october numbers lauren. actually the october numbers have been much higher than expected a lot of analysts said that all it's going to be totally down and we're not going to sell as many cars in as many light trucks but what ends up happening was car sales actually bounced by one percent so it's been an average of thirty percent i mean i have to be a genius to know that s.u.v.s and trucks have really taken over the marketplace but thirty one percent of octobe

like the time joey wore all of chandler's' clothes on friends.. ok i don't wear everything... let's just say i layer.. but a found this guy in ireland who takes flying luggage free to a new level.. he jammed an entire rollerbag worth of stuff in to his coat: (ácommercialá) the tempur-pedic is now morebed in amerrejuvenating,better. more pressure-relieving than ever before. experience the superior sleep of tempur-pedic and save up to $500 on select adjustable mattress sets. visit tempurpedic.com to find your exclusive retailer today. ( james ) it is looking like ano

. >>> the taxi of the future is getting a road test in chandler, arizona. that's where wemo, a sister of google is kicking the tires. >> reporter: we're in the back of wemo, that's google's self-driving car company. this is something you've never seen before. they've never let cameras back here. but very soon they're going to let the general public use these, hail them like an uber, except for one difference, the car will be doing the driving. >> all right. i've requested the ride. >> reporter: barbara adams used her phone to summon the self-driving future. we're riding with her to the drug store in what will soon be the nation's autonomous ride sharing taxi service. she has been part of the program made up of more than 400 households. >> i usually use it for date night on saturday night. and my favorite thing is going to the mall. >> reporter: hundreds of autonomous driving wemo vans operate daily within a 100-square mile area. for now they have driver who can take control. screens inside show what the wemo cease around it. cameras, sensors and lidar allow

john kilduff mark chandler. and talking equities, scott nation i'm just going to go -- start here with you, mark, on this one. yesterday i was looking for -- >> a reason, right >> no. i was looking for the dollar to get weaker or to get stronger yesterday because people were rushing. and it didn't. i thought it was going to be down at -- i don't know. it ended at 114 against the you're row how do we gauge what's happening here >> yeah. bond yields easing you expect the dollar to be weaker i think the dollar showed itself yesterday to be the safe haven yesterday. people have an alternative to the stock market cash at home >> it was weird. i thought it'd be like 112 or something. and that's part of the problem the market sells off, the dollar gets stronger, we worry more about exports. right? >> i think the biggest problem with exports is the trade war. it's not really about the dollar right now. part of the problem is the third and fourth biggest economies in the world contracted in q3 the japanese economy contra

this is chandler, just outside of phoenix. you are looking at a huge mansion fire. fire crews are on the scene trying to get this extinguished. we are told this fire started 3:00 in the morning in a second story bedroom. three people were inside at the time. they were able to get out safely. as you can see, it's a very large home. no other injuries have been reported. >>> new this morning, china is putting an end to a controversial experiment. >> we have been talking a lot about this. government officials tell stayed media, they have ordered that the scientists on gene edits babies, have been told to stop. a second potential pregnancy was part of this experiment. critics say that team crossed an ethical line. >>> napa police are on the hunt for a man accused of beating a woman unconscious. we want to warn you that the video you are about to see is graphic. take a look. here you can see a man throw out a woman at stone sports bar in napa. this was just after 11:00 p.m. on november 17th. two of the men with pool sticks come out to help her. one of them is also attacke

voting and ballot counting processes have been mired in controversy and is pursuing legal action.john chandler / legal team for stacey abrams: all the votes haven't been counted. how can anybody claim a victory when there are enough votes that have not been counted that could cause a runoff here. and in the florida senate race, republican governor rick scott has a slight lead over democratic incumbent senator bill nelson but the vote is so close that nelson has already asked for a re-count.an automatic recount would be triggered if the final margin is less than a half of a percentage point. that initial vote count is not expected until saturday afternoon.and in arizona, votes are still being counted in the race to replace retiring senator jeff flake. locked in a tight race, it may be days before officials there can say whether democrat krysten sinema or republican martha mcsally will become the state's first female senator. in washington, i'm kelly smoot. coming up at eight.. a federal court deals a blow to the trump administration... the immigration policy it is upholding. a gunman kills 12 i

. >> i'm from chandler, arizona, a quick shout-out to my mom, my dad, my two homies, nathan and ken. >> i'm a specialist with the 24 currently stationed aboard the "uss iwo gjima." miss you, love you. dozen wings. and did you know that geico... (lips smacking) offers mo... (coughing) motorcycle insurance? ho-ho... my lips are burning. (laughs) ah... no, my lips are actually burning. geico. over 75 years of savings and service. see how much you could save at geico.com. it's too hot. oh, this is too hot, mate. starts with looking buiat something old,nkt. and saying, "really?" so capital one is building something completely new. capital one cafes. inviting places with people here to help you, not sell you. and savings and checking accounts with no fees or minimums. because that's how it should be. you can open one from right here or anywhere in 5 minutes. seriously, 5 minutes... this is banking reimagined. what's in your wallet? i am a techie dad.n. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your exp

our daughter, madeleine, is a junior at chandler preparatory academy. she's an excellent student and enjoys singing in the school choir, and she has spent her last three summers working as a volunteer at a program for children with special needs. i'm very proud of matthew and madeleine for their accomplishments, but more importantly, i'm proud of them because they are kind and compassionate and they care about other people. my parents, marlon and mary shelton have been the most important influences in my life. they were children of the great depression and my father was a veteran of world war ii and the korean conflict. together they raised a very large family and they made many sacrifices for all of their children, and they worked particularly hard to provide the opportunities for me to pursue an education. my parents are role models for integrity, hard work, and service to your country and community. my father passed away several years ago and my mom will be celebrating her 90th birthday in december, so she was not able to be here today, but i know sh

taking a leave look above this mansion in chandler, arizona. this is a suburb of phoenix near the retirement community of sun lake. you can see just massive amounts of smoke coming off this property. it is a home but it's huge. it's 12,000 square feet. this fire started four hours ago. so firefighters finally have a handle on it. this is what it looked like about 2 hours ago just the entire complex engulfed in flames. no injuries reported in this huge fire. three people lived in the home. they were all able to get out quickly and safely. but obviously, they have lost their home. early reports say that the fire started in a second-story bedroom. kenny and michelle? >> thank you. >>> a civil rights activist organization will be meeting with facebook at the company's headquarters in the bay area. according to the "new york times," facebook has hired a republican-led firm to discredit groups targeting the company including color for change. the group meeting with facebook leaders today. facebook coo is expected to attend the meeting. >>> all across

reporter: deputy marcus barber is a father of two who served two tours of iraq in the army and is nala chandler. >> i say the sense of smell is pretty great. we can take very small amount of our training aids which are placed on small filters the dogs will find them. >> reporter: just watch what happens during this demonstration on a train where this dynamite was planted. when nala catches the scent, she lets her handler and gets rewarded with a ball. the addition takes the total number of k-9's at the santa clara county sheriff's office to nine. but these are the only ones dedicated solely to transportation. >> we know that transportation systems are often bricks -- read for attacks. we know that we have the best training and equipment to be old to do anything. >> reporter: the k-9's cost $12,000 each, paid for with a homeland security grant. they will be part of the security plan for levi stadium ahead of the college championship football game in january.rail talk -- light rail. they will be doing random sweeps and keeping everyone save. >> reporter: the sheriff's department says the dogs wil

tyson chandler comes through with the game-winning block as time expired. the lakers beat the hawks, 107-106. >>> patriots trying the trick play and tom brady is a receiver. unlike the super bowl, brady makes the catch, but the turf monster got him. he takes a hard hit there. again, like the super bowl, the patriots opponent are showing they are better at this play. marcus mariota gets a first down on the big one. titans blowout the patriots 31-10. i wonder how many more times the patriots will try that play. it seems like it never goes right. >> a lot of things tom brady does well. running is not one of them. it is interesting, scholes, matt patric patricia, thrashed the lions. now what is it about these guys that know the belichick system that know how to beat them. do you have theories? >> maybe it is that extra motivation and they do know the insides and outs of what belichick is thinking. that helps. >> a butt kicking on sunday. a andy, thank you. >>> more than 200 people still missing in california as firefighters work around the clock to get ahead of

she was at a diner in chandler. she came to the polling place trying to intercept voters on the way in, trying to flip people that may be on the fence. she told us in exclusive interview, she thinks democrats are using scare tactics to drum up support at the polls. >> seems like fear and anger coming up from the left is organizing and a lot of people. we make sure the people are happy, like the direction we're going in. also have their voice heard. reporter: turnout here is on track to surpass presidential 2016 levels, connell. connell: that is senate set-up, hillary, steve, jeff, thanks very much. melissa. melissa: great stuff. we're hours away from many of the polls closing. we're hours away from looking at scenarios that could ultimately look at the balance of power. even though the president's name is not on the ballot. president is making a huge impact on the election. guy benson weighing in on the trump effect. that's next. ♪ (vo) 'twas the night before christmas and all through the house not a creature was

chandler, arizona, just outside of phoenix, wins for the weirdest voting problem of the day. this morning when poll workers showed up just before 6:00 a.m. to open up, they discovered the landlord had foreclosed overnight on the office where people were supposed to be voting. foreclosing on the office, locking the poll workers out, locking voters out, and locking the voting machines inside. where no one could get to them. it's been that kind of a day. tremaine lee is at a polling place in atlanta, georgia. tremaine, thanks for joining us. what have you been seeing today? >> rachel, thank you very much. here in atlanta, georgia, where voters may be poised to make history by possibly electing the first black female governor in the united states. but this race has been controversial from the very beginning. concerns about voter suppression efforts, especially coming down from brian camp, the secretary of state, who is also running for governor. not the least of which is the gutting of the voting rights act. you talk to folks who have been around the block a few times and they sa

parish wilorl be h this sunday, 100 years after the armistice, in a commemoration organized by michael chandler. >> i think it's important to remember their contribution. it took away a whole generation. thank you very muc gr>> reporter: the phoh will help worshippers put a face to a name engraved next to the altar alongside his younger brother frank, who died in 1918 after losing his le. >> terrible. where on earth did you get these? >> reporter: unfortunately, they're replicas. the whereabouts of the originals is a mystery. brmefore leaving the battlefields, we had one remaining duty at the ploegsteert memorial for soldiers with no known grave. >> i tnk to see the thousands of names up here and going to all the unmarked grahams has reallyiven me a perspective of the waste of life that happened during the war. e don't think anyone has learned anything from ast 100 years, and i think in a lot of ways it still could happen again. i think the world is more divided than it has been in very long time, and something like this could very easily happen again. rl>> reporter: c swansbury fought for the

and visit kron-4 dot com. ( james ) we are looking at a giant mansion fire burning right now in chandler arizona. local news outlets are reporting the fire broke out about an hour ago. no word on the cause of the fire yet. but as you can see, several fire crews are out there trying to get things under control. we'll keep you update on any further you update on any further developments. (james) and here's a live look outside...at the san mateo bridge. (james) welcome back. checking in on your morning forecast. showers picking up today with pockets of thunderstorms embedded in these showers. expect rainfall to continue through much of the day today with conditions drying out into the evening tonight. temperatures will cool just a touch compared to yesterday with highs in the mid 50's compared to yesterday's low 60's. no major hot spots. bay bridge wb 80 is less then 30 min from the maze to sf. san mateo bridge less then 30 no major hot 60's. yesterday's low 60's. no major hot spots. bay bridge wb 80 is less then 30 min from the maze to sf. san mateo bridge less then 30 min from 880 to 101.

mark chandler talking about potentially testing 1.18. that is the flash crash low. would that be the case if the market believes the u.k. will crash out of the eu? in the gilt market, 1.40 is where we print. yields down 11 basis points. crude up .3%. for once, oil is not the story. we will get back to that. last 24 hours has not been easy for theresa may. a cabinet meeting resulting in support for her brexit plan, followed by resignations this morning of key cabinet ministers, including the man responsible for negotiating the deal that the cabinet reluctantly supported. to leave withse no deal, we can risk no brexit at all, or we can choose -- [indiscernible] unite andan choose to support the best deal that can be negotiated. david: to take us through all of this from london is anna edwards. even within the last 10 or 15 minutes, some announcements with jacob richemont. he leaves the european research group, the brexiteers wing of the conservative party. he has been huddled in a room in the last 20 minutes with like-minded mps from the conservative party who have be

marc chandler is still with us. i want to ask you about a santa claus rally. do you see one? >> we tested lows last month. it held. the scare in the market. we've been waiting for a long time for the correction. we had it. i think people are putting money back in the stock market. stuart: did you see the report on gdp today? one of our economist guys dug into it, found 10% year-over-year gain in pretax profits. you're up 10% on profits without help from the tax cuts. >> this is important part. second revision of the gdp includes first time look at corporate profits, stronger than people expected. that is also giving a boost to the stock market here. stuart: let's suppose, well, president trump will meet with china's leader xi xinping. takes place tomorrow. >> saturday night for dinner. stuart: saturday night for dinner, thank you, marc. do you expect any kind of positive statement to come out of meeting? >> here is what i think happens, under bush the lesser, under obama, we had regular talks with the chinese. trump canceled those. i think those come back on, regular talks. w

. >>> marc chandler, what is the name of your firm. >> bonnik global. charles: you think we're in wild rides? volatility is here in the market. >> trade tensions, with problems having in europe. volatility we should expect after the year-end. charles: so the volatility, does that mean all financial instruments? is there a safe haven? is there someplace you go to ride out this volatility. >> volatility in the stock market, but i think the safe place is the u.s. t-bill market, demand for dollars. first time in the u.s. cash is actually paying. t-bills give a yield, unlike year-and-a-half ago, two years ago. cash, dollar cash is a place to hang out while you have this volatility. charles: speaking of the dollar, i think the dollar is the biggest head wind for the market. i think the biggest risk is the fed and their ability to derail the economy, their history of derailing economies, but i think the biggest head wind is the dollar, 16, 17-month high. >> that is what they want to us believe? charles: multinationals want us to believe that. >> many are conce

i want to bring in mark chandler, chief market strategist, mark, where do you see us going from here you know i should point out wednesday looked like it was one of those relief rally session an we did get a good day out of the nays dc and s&p but dow gave up a couple of hundred point orderly nevertheless bias to the downside seems like once buying stops we start to fall. >> i don't think we're ready to buy yet i think we're going to gap lower at the opening and gap lower on tuesday and gapses are vacuum through market this is a gap that means we're down sight to it goes through that before we can find a more bottom. >> october 29th low, has been tested, though, nasdaq tested and about went under it so question is what happens if these other two major indices does the same thing. >> i think s&p will but that i think issue for many people is what federal reserve will do and power speak next week at the economic club in new york and i think you say that gradual rate hike is appropriate despite weakness in stock market and i think that will actually help the stock market find debate. >>

that's what we call the managerial revolution and i worked closely with the business historian, alfred chandler, if you haven't read his work, you should. 1977 book in particular. and that was complete by about 1920. and so we had employees by the 1920s in charge of major companies. and so where are the shareholders? the shareholders are buying and selling shares by that point in time. okay. i'll come back to that. okay, so it's a problem because you're taking the money that needs to be reinvested in the company. now, it's not just physical capital. what differentiates a company, one company from another, is not the plant and equipment they put in place because anybody can buy the plant and equipment. if you develop unique physical capability, new machines, well, you're doing that with people. you're doing that with engineering. you're doing that by investing in the productive capabilities of people. so you might call this capital formation. i call it investment in productive capabilities and what differentiates companies, allows them to grow, is when they invest in the productive capabilities