Jul 8, 2015|
Full Show 7-8-15 by The Financial Exchange
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
I. I. This is the plane eventually change we've Barry Jones drone. You're screwed stay on top of breaking business news and balloon how to manage your money to help you towards a more secure future he'd still play initially exchange with the euros. Barry Armstrong. I everybody very Armstrong and Gail Huff here with you on the financial exchange and I think we have to. It changed the name of our show gale to crisis to ensure it seems that way definitely effect quite the crises that this busy busy week. I just think he goes from Puerto Rico. Right now you Puerto Rico even agree snout today and I trying to he's not trying to anymore to change midstream now it's a United Airlines United Airlines. Apparently quite a problem now with the computer system and I knew this about a half hour ago because I got a nasty text from my husband who happens to eat and stranded I don't know it back at O'Hare Chicago's airport honey are you on the line Scott Brown. No sir and yes you are what thanks for being our intrepid street reporter today. What's there I guess that's a computer problem they've halted all of the travel united air routes across the country. I'll worldwide travel apparently they had allegedly preservation issues and a earlier request of the FAA to these you know shut down for a period of time Omar. Amount. I'd say well I think they might be I heard moments ago Gayle B just months before we came on air. CNBC reported that Logan Airport was boarding flights for United Airlines I don't know if they've gotten through part of the glitch or not. Yes so they kept them just came on the Ares said you know that's gonna try to clear people are so we landed about forty minutes ago. And you know I can you determine I was trying to get our news garage across the tarmac and up on you know. If I'm not sure they're going all of the other planes there. There's no movement in the united earlier reported the movement so it's a little bit frustrating is not everybody. It's flying united people people flying you know I young American though my best nation and look at numbers that you. Sense of frustration certainly growing and the first time over the last. Kurt and the united in this very serious. Problem with Scott the same thing happened back on June 2 I remember. On United Airlines had the exact same problem this time the FAA has calling it a technical glitch. Any word there on you know just what exactly is going on the computer system that forces them to halt their flights. Well they're saying that they still requested and there are so apparently a problem with a reservation. There who knows so we'll negotiate what the real story will be that there's very frustrating who they are here you look it up. Looking out the window and every every United Continental flight grounded. And it's. Obviously where it produced ignorant you need to be you know another part of the country. Well and Scott stopping in Chicago on your way to Kansas Kansas City is that it. Around our Internet out here in the murder which which tops are used taking another united flight from Chicago to Wichita. Underscore and spur Stewart's first event since it's breathing and a half an hour I don't know I deleted the end of an American played you know we can jump on the net smooth and good. Miller of course that it is so it's frustrating not gonna lie and out and you know not the only one you read some of the Twitter feed you'll of the other ugly comments and then they're lining up pretty quickly. Now you want to happy when their when their flights don't go because. You don't make it here meeting and a lot of times that's not a lot you can do about that Honeycutt that that time and possibly the money back. Well. Yeah. And good luck to you. Yeah. Happy travels happy travels on her at a moderate and if he didn't know we knew this ADV I would sign up for this. I'd like to catch him on the spot as well so I got to pay for this later yes and a tribute to them after Q Ari. And we we will be joined momentarily by Michael McDonough from Bloomberg intelligence to talk about the Chinese stock market. Before we do that let's address the situation in Greece and tell you where we are. The Euro zone has sent Sunday. For their Greek financing deal. And you know what's ironic about the scale is the deals that the rest of Europe offer Greece a week or two ago. Is off the table right and the new deal is not nearly as good as the old deal. I was going to say as they go back as this continues to progress it actually it's getting worse and worse for for the Greek economy. Greece is asking courts for its third bail out. Op promising reforms but they don't wanna give into the concessions that they're being asked to so it's going to be interesting to watch this. And you start to wonder at what point did I say okay. This is bad enough let's just let's just take the deal that's on the table here knowing that. It could get worse than yours rate well here's the when you look at this just from a financial perspective try to put emotions. And take your emotions out of this story many people are looking at this from. The passionate perspective. Bird for the rest of Europe to bail out Greece gonna cost them about a 120 billion dollars at all. To bail them out that's the cost that France. Norway Germany they would have to bear that cost a 120 billion to bail them because they're gonna restructure loans are gonna bring you. A thirty year note and turn it into a sixty year note to take that. Five billion dollar note and turn it into a two billion dollars. The cost is a 120 billion dollars the cost of Greece. Leaving altogether and just defaulting on their debt is 240. Billion euros so it's twice as expensive. To let them leave as it is to allow them to stay in the cost of trying is less than the cost of leaving. So logically when I look at this from an investment perspective I think well. You know Angela Merkel is a pretty level headed woman in Milan and you know beat despite his politics they're probably looking at this and saying it's cheaper it kind of a divorce later divorced it's cheaper keeper right it. Okay interesting ballot yeah its and and so. In that stage you'd say well they stay rate it Germany rates checked for 120 billion dollars or not happy about it. But at least Greece they say because it's less expensive than 240 billion. That they have to write off except the and they don't know when that's going to happen again and then it you know you kick the can down the road and it happens again. You know and again year looking at this situation where. It sets an example for these other European countries that's where where did you really hit the nail on the head I think the reason. Germany's turning the screws on Greece is too to demonstrate. To the Italians what would happen dared me. Try something of this nature. Sit sued if the Portuguese are thinking she maybe will do the same thing in restructure our debt and Spaniards are thinking will do the same thing. I think Germany is using Greece as an example. Writer Tom Brady. They're the they're using them as an example and they're just saying you know we're gonna put the screws to this country and weep you know yeah it's it's too bad but. I'll wait when you look at it from populations implementing eleven million people live and probably people it's a small segment of the European population which is I think running around. 350 million or so percentage wise and in terms of the political. Blow. For doing it. I I that that's my interpretation as we sit here today but it's a very fluid situation. And also in mansion historical implications and that has ever happened before means never having nation that that's been pushed out or fallen out. You know so cute to reach that point would really be something historically as well as in Great Britain. Look Smart now. Yes. Well sometimes that's just to be the the one opinion they stayed out of this. The currency deal. And for probably ten years Gail it was pretty tough on in the British people suffered for not being in net currency deal. But now my gosh. They're economies thriving when compared to the rest of the year rest of your and they kept their own currency that's. You see it if I liken it to. And police officer surrendering their gone right. Scott never surrender is done soldier never surrender his weapons rate eat and a nation never surrender its its currency that that's my interpretation. And I think that was the mistake. Bat in retrospect. I think a lot of these countries probably recognize including the others of the European countries there's so much pride that's rapped out. You know and nation's currency as well you know that's a hard thing. To put a price it is it is. Our coming up the as I promise you buried reported break the United Airlines ground stop has now been lifted across the country across the country. Across the country that so Scott Brown goodness that you are things are going pretty easy. He he must've been on the call somebody at the possibly at the FAA because I if I have to get to which. Acts. Our eight. Coming up as promised we will address the Chinese crisis their stock markets down five point 9%. Overnight that's our next topic on the financial exchange. I Barry Armstrong. Step on the financial exchange radio network. 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The decision of whether to accept an early retirement offer is not an easy one to make it may sound like a dream but there are tax and retirement plan implications that must be considered if you're not 59 and a half you may be faced with steep penalties for withdrawals from your retirement accounts will your employer paid for medical insurance or will you foot the bill until Medicare begins what will be impact of an early retirement be on your pension and Social Security can you afford to retire now and if so how much income when you need and where will it come from Armstrong advisory group has made available free guide called evaluating. An early retirement offer here's the phone number 866810642. To let us help you make an informed decision call Armstrong advisory group now at 8668106. Or two to. Security topic is pretty the American member in SIPC advisory services up with the securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies are not affiliated please consult with your quote a tax expert for any tax me to concerns. This isn't powers and I am doing today by his eight planning attorney Todd lucky. A lot arm of coaching and talent with your legally changed quick tip of the day. Today we're talking about last minute cleaning techniques for the per crap any air they can help seed here ask that if someone goes in to a nursing. Todd can anything be done to save the liquid assets of an unmarried individual. Yeah there are some things now remember it's never as good as as advanced planning but it's better than losing all the money and that's the goal. In order or an individual who singled again on Medicaid. They have to have less than 2000 dollars and often times they won't have you know few hundred and that they seemed over the like. Well bucket of money is there the individual what and how to. Purchase one of these Medicaid annuities and please let me just a reminder. That these annuities and not be purchased prior to someone going into the nursing home so don't let somebody tell you that they can you make an annuity today. It's a last minute planting technique. And once you buy this annuity lets me take two or 300000 dollars up excess assets. And purchase the annuity and that was accessed at our converted to come rain so value and a half less then 2000 dollars of assets. Because now. Big chunk of that has now picking out an income stream them we checked you'll receive. Over your life expectancy whatever your life expectancy is that the term of the annuity. The moment you buy that annuity you're now eligible for Medicaid annual stretch out the money make it last. A lot longer folks if you're single warm married in their feast with a nursing homes day. The air is something that can be done to save your assets last minute that you need some guidance. Collar profit right now heard the brain a guy from Cushing and Alan. Cleaning for procrastinators. 8668. Or 85699. At 8668. Or 85699. Securities offered through securities America income member finreg SIPC an advisory services offered to securities America advisors and Gerry Armstrong represented at Armstrong advisory group in the securities America companies are unaffiliated. Follow along and interact with the financial exchange on FaceBook. Get out FaceBook dot com slash the financial exchange this is the financial exchange radio networks. Our text number is 68680. Gail and we're already getting a lot of questions about whether or not this collection that we're experiencing right now. Is that 10% per per correction that everybody's been anticipating. You have to wonder that united us air questioned yeah we'll try to get to the bottom of that question and many more with Michael McDonough from Bloomberg intelligence. I'm Michael Dario. Good so he knew I know the situation is in China is very fluid. I think I just saw something cross the ticker Bloomberg saying that they have banned sales of stock in China and am I interpreting their correctly. I have not seen that headline that that would definitely be a pretty substantial movement that extra. Now. What day what what what is the cause EE NS 6% selloff last night. In in the Asian and Chinese markets what's causing your from your perspective. Well you know I think there are ways to a bit too much euphoria if you look at how we got here I think you had did. Shanghai Hong Kong connect back called some euphoria in the equity markets in China. Solid big rally in the tend to be this. Herd mentality in China. Think about it if you are a Chinese investor on the mainland. You've really only three options. You have your savings account because they have a close capital cal remember yet your savings account you have the housing market and to have equities. To what you often the is a lot of money rotates from one of one of these sectors to the other sector. And you see me helping market doing pretty poorly recently seen how upright is coming down etc. well equities were doing really well. So you had all of these reasons that you think we're optimistic for the equity market like this said he had Shanghai Hong can't connect that you think would bring more money and he saw that money rotate over. You eventually realize that. How these Chinese stock market was trading was really uncorrelated to any fundamental like. You know you have a slowing Chinese economy growth it's right now looks like it could be hovering slightly below the 7% growth target. The Shanghai Hong Kong connected and have the impact that people thought it was gonna have. And suddenly you realized wait a second it has been as good as we thought. You start seeing some selling and it basically you know ignite their herd mentality. Which is causing the developers seeing today but there's a big problem. Pat sell off we've seen in China but it hasn't been a lot of leveraged this is the first time you really can't a lot of leverage in Chinese market. So this could sell off that you're you're having right now it's having a much deeper impact then what you would have seen previously. Well isn't it true Michael that ordinary citizens were being encouraged by the government to make these investments many of them borrow money they tuck cash out. To make the investments and then. Unnecessarily inflating the prices how sustainable ones that. You know I mean like it's headed in the 88 he did feel a Republican you know what the data showing that it what's it been a bit frothy. And you are seeing a lot of you know I wish I was out last night with with some people who are. Court Chinese. And there are New York but they were telling her mom said that she has this patriotic feeling and she said. She must hold onto our equities cannot sell and even take a lot because there has been a bit of a message. That don't tell you you should put on the these equities I think a lot of the a lot of these financial government institutions that come around that we are going to be selling we're going to be holding on the other is a bit of that. Is very is the market still up over there at like a lot before this selloff. I think the actions and was up about 36% so I'm guessing it's still up what 25% year to date. I know it's up on from a a good start of Tony fourteen it's still up pretty substantially year to date I'm not sure of that number off and I. I think it but I think yeah I think it's still up I think it started the year around three Calvin I think it's about about 35 under right now don't get tickets go up for the year. Spokesman for the China Securities Regulatory Commission. Used the words mechanics sentiment in irrational selloffs do you think those are appropriate. You know move. Laugh so hard for me to say I mean when I look at this chart I definitely when you CA line. And that all bets deeply that quickly night I think that indicates to me there's definitely a bit of panic in the market I think you know the fact that. Leverages the new thing in China people trading on margin is a new thing if you know. You've borrowed several thousand dollars to buys several thousand dollars worth of stock and finally that were passed and you saw that several thousand dollar loan. You know you're gonna have you're gonna come either gonna call you would say hey you need to repay the money you're gonna have to sell some other assets in order to repay that loan and it is but something that. That market that you do and having that much leverage in a market that historically is very volatile and I think all of these types situation. You know Michael you when we see a major stock market sell off. Of that magnitude in fort tells a recession right it is it I look at the stock market as being an indicator. The American economy. In the same thing be said for China likely to see this huge selloff in stocks does that necessarily mean that China's economy is gonna go in the tank. No. Like I said they're there has been almost no correlation between the fundamentals in China and how the stock market trading. But there is concerned elect has said with the leverage. This could have a bigger impact on the wealth effect in China and consumption. And we've seen in the past and it's a bit wearing producing China's slowdown the export sectors slowing a bit. Manufacturing slowing a bit one of the bright spots in the economy has been consumption has remained robust. So if it does spill over into consumption it could make it didn't make it's another headwind for the government to reach there's 7% growth target. And that could force them that have to step in with a couple more stimulus measures are probably gonna have to do anyway. We touched on this a little bit before but hundreds of Chinese stocks are frozen from trading today effect 12187. Companies. Do you think more should be frozen do you think that would help to sort of stop the flow. I I I think actually if you I mean it is my own personal opinion but if you start show that that just makes the situation worse I think that that's that's you know you're reducing liquidity in the market. The people are that's in the stock said that that would make I. My personal opinion about a portfolio all of the sudden I have to stocks and I couldn't trade. I would be kind of worried about that. Now and they're gonna have difficulty attracting investors when they do that kind of thing that hedge fund isn't gonna go over their buy stocks given that given that. I think. Certainly not I mean if you're if you're financial professional period you're managing money right and you're like wait a second B shares are locked. Liquidity is really love the markets in a panic that's not gonna have that you know you're gonna you're gonna think twice about that. You're garnering exactly. Even high quality bonds issued by top state owned companies are getting dumped I mean it isn't and a bit unusual for them. I mean if you know is that the Chinese bond market the fixed income markets build a lot of development that do that so that's an even now. It's more difficult market to understand but I know I mean I just think you know it's Rick Scott in China. Now Michael thank you very much for your time we appreciate it thanks. Michael McDonough Bloomberg markets you know what's happening over their Gail. Is the reason those bonds are selling off is when they have these margin calls and he can't sell your stocks. Would he sell you have to sell some of the south something right you have to pace right they pay something back and it's in and that's what ends up happening that's why you have. Good assets. Selling. At ridiculously low price as we saw this back in 2008. We saw. Canadian treasuries we saw just crazy. Selling of things that we're not gonna go bad look at it like to look at think about some of the stocks. That decreased in value could have bought shares of GE. For six dollars while six dollars that it was shot by shares of Bank of America for two dollars Citigroup for a dollar I mean that's. The it's irrational when those margin calls start coming in and the volume is so heavy that. As an investor you don't have any choice so you you go and you sell whatever is liquid. And that's what's going on in China now do you think they are the impact of this is going to be stronger on our. Stock market overall in our economy then the situation in Greece. Who will question yeah I think it is it if things really unwound in China. Because it's such a much bigger economy talking about what a 1000000001. Point three billion people. He got ninety million stock market investors in China Ukraine have ninety million people in Greece. You don't agree that's a good point it CD so when you look at China as an economy. It's it's a powerhouse it will be bigger than our economy how long does that take. Five years ten years fifteen years that the Chinese economy will certainly outpace the American economy during liked. And that's something to kind of keep in the back in your mind as well. Hate when we come back we'll have trivia for you and we're also gonna talk to you about the educate education department's proposal. To expand student loan repayment programs that's next Gail Huff joins me today. And financial exchange. Keep up with the financial exchange. You. Don't move the mobile app by surging financial exchange in the iTunes or Google placed door from the financial exchange radio network. If your landlord pay attention to them first of the month rent day tied chased down late payments and organize your files are trip to the bank now you can take back all that wasted time with something called C ranked leader banks in new product easy rent automatically deducts. Tenant rent and deposit it into the landlords account making rent a one less thing to worry about visit www. Z rent dot net. Now to learn more no more checks more trips to the bank no more rent payments to lead or lost in the mail tenant pay nothing and for the first six months it free for landlords. Landlords go to www. Then invite your tennis so they'll never worry about late payment again visit www. He rents dot net to learn more call 7816. Or 18691. Sign up hers he rent that day and take the hassle out of great day for everybody. This is very are strong and I'm joined today by estate planning attorney Todd luck ski. From the law firm of Cushing in Poland with your financial exchange quick tip of the day we're talking today about. The top misconceptions. About Medicaid durable global trust. I'll tell you what Todd. This is something I hear every April. And that is here's a great fear among listeners that they're going to have to pay higher taxes if you transfer your assets. In two and irrevocable trust is that true or not true. It is not true but again I hear like you here I get calls from the accountants. No offense the accounts they can't tell that the trust is what we college grant tort trust for income tax purposes by just looking. So when they give us a call we let them know let me explain. Yes it is very true that there are kinds of irrevocable trusts out there. That if not grant torch trusts will be taxed at a much higher rate. Then individuals. When I say a higher rate they don't actually pay higher rate but their rates are compressed until after 121000 dollars of income can you imagine being at the tip top rate for income tax purposes not happy with that. These trusts we make our grand tort trusts which in English means that. Mom and dad the creators of this trust are considered the owners of the trust for income tax purposes which means any interest dividends rents capital gains. That are generated inside the trust during the year are simply reported on your personal income tax return just like before and if you've never done the trust you. The facts as it relates to protecting your assets. From long term care expenses. Request this brand new guy from Cushing in Dolan. It's called the top misconceptions. About Medicaid durable global trusts here's the phone number 8668485699. Toll free 8668485699. That's toll free 8668485699. Advanced state planning has many benefits including avoiding probate passing your assets along to your bloodline protection from the nursing home in my favorite possibly eliminating the estate tax type folks this is very Armstrong from the financial exchange each week pod my partner with the law firm Cushing handle educate our listeners like telling them how to protect air assets from the high cost of nursing homes the planning has many benefits including helping you to not impoverished or spouse if you go into a nursing home Cushing and Dolan has put together a brand new guy at top ten reasons to do estate planning call your copy now 8668485699. Cushing and Dolan can help you protect your assets that number again is 8668485699. Security operatives securities America pink member of an SIPC an advisory services opted to securities America advisors and Gary Armstrong representative Armstrong advisory group Cushing and -- and the securities America companies are affiliated hi this is very Armstrong from the financial exchange recently I've been hearing many reasons why we should consider buying gold geopolitical uncertainties stock market corrections unique I don't disagree with the idea of buying gold but I have always been suspect of the -- that I see on late night television or even the ads frankly that I hear on the radio I like to buy gold from a local institution that I trust I. I own gold and I buy my gold coins from leader bank I walk right into any leader bank branch and I can buy American Eagle gold points leader bank is a local bank with. Branches in East Arlington Arlington center Arlington Heights at Belmont Burlington and Central Square Cambridge bay locally and buy your gold coins locally it just makes sense give leader bank a call and learn more about their gold coin programs 8776917. B 900 or visit leader bank dot com leader bank a step ahead not a deposit not FDIC insured not insured by the federal government agency not guaranteed by the bank may go down in value. It's a good signs of your portfolio that matters it's how you you get the information you need to know or right here on the financial exchange enough financially during a radio network. My cohost today Gail harper text number 68680. Gail did Scott. Brown your husband did he know Ted Cruz very well when they answer in the senate I don't know what it. I don't know they under the asks. He gets up and are. On our first trivia question of the day is how old is Ted Cruz. That's a yes I don't know he was as young as he is so if you know the answer that question or if deduced Texas here at the show were 68680. Wanna know how old is Ted Cruz first person with the correct answer will win a prize. And will announce the winner well Tuesday it tells who the winners. On let's dig into this story about the Education Department they are proposing. An expanded. Student loan repayment program. Yeah well they are proposing it that I don't think there's any question that this indeed is going to happen which. Basically it means that six million more people become eligible this fall for the. Pay as you earn program right many people have taken advantage of this and they've had really good success with it and basically what it does is it. It defines anything anything more than 10% of the borrower's discretionary income they cap what you have to pay off on a monthly basis. You know to bring your your student debt at least lower in the short term. But I have to tell you my son in law. He knows 120000. Dollars for underground yup he applied for attacks and ended up not taking advantage of it because it is a variable rate. Hold that zone you know in shots in mounted dad you saw the same data. Right Ivan niece that's on this program and her debt is increasing. Because she's making such a small payment rank and so you're still saddled with a debt. The only way around it this is what we're learning videos. If you take the job lets you view. Roll up a bunch of debt under acute sense 125 that's just for undergraduate wreck that's a lot that any anecdotal law school. And truck tuchman I try to pick up after at this. Good level I I don't Harry Kilroy here I get a anyway. So the the way the program works as I understand it. Is you are limited to 10%. Of your compensation. To the degree that it exceeds 150%. Of the poverty act. Correct so it's a pretty small payment that you have to make any if you go in to public service like if you're working. At the district attorney's office rate would they make 3540000. Dollars a year. So it's a good way to. To get that before and you can get the whole long forgiven. If you had to social worker education that whole loan can be forgiven after only ten year period time is that what it it's ten years and years. So from a consumer standpoint that if you're the one that has the world this is heck the deal it definitely it's a heck of a deal right if you're addicted. If you're talkers generation if you have to have graduated. You have to have incurred these loans since 2007. He can't be something where you're sitting on loans date back cat 1999. Is these are for kids that have incurred the debt since 2007. But. Effectively. If you go lean too. You know nonprofit work or government type work in your earning a low wage and you if he doesn't you could have. 500000. Dollars worth of debt rung up after ten years it's all gone. That's music to your ears right. Music two you're years if you're the guy with the loans not music to my ears is a pain on the taxpayer. And that's. That's where it's it's it's frustrating. From I at least for me because I'm not in that situation I'm defined how much does it cost taxpayers billions to to flow a program like that means that the number is billions that. If it's it's one of those programs that. You know it it makes it it's great for the colleges and universities right because it makes. Money readily available law schools are recruiting students based on this program they're saying. Com to school here Bora sixty grand a year don't worry about it because we will help you get it all forgiven. You come here you 48200000. Dollars to go to law school. At that in the end of that period time you get to work for the DA's office you'll have to make it payment while you work for the DA. You worked at the DA's office for ten years hole little to forget it seeded walk away from. 3400000. Dollars student that's what's gonna happen and who pays that anybody with a job anybody who pays taxes the rest of us. Well we have all sorts of different proposals coming out of the candidates were running for president to for a free college. You know tuition. There that some of these loans that are delinquent that's a lot of talk about forgiveness and and allowing them to you know not have to pay it back so try a lot of things what's thing I've told you about leader bank. Many times and I was just down at their grand opening for their new branch in the seaport district. To celebrate that opening. They're offering a tremendous deal. For a small business loan this offer is only good for a limited time so if you own a small business and you're looking to expand your small business. This is a deal that you should really pay attention to. You can secure a four year loan. And he fixed rate of three point 99%. With absolutely no closing costs the loan could be up to a 150000. Dollars and leader bank promises 810 business day turnaround. In its underwriting decision. That's a four year loan at a fixed rate of three point 99%. That's a tremendous offer but it's only available for a limited time. How do you learn more about this we call toll free phone number it is 877. 6917. B 900 that's 8776917900. And you can walk in this great offer 8776917900. Or visit them online they have a website its leader bank dot com. Leader bank is one of the largest SBA lenders in the state. Hey let's talk about this new drug. I've had my first heart attack yet but he kept far. I'll. Take you now no heart attack just if they keep having these crisis they like it every day there's a new crisis writes I feel like. One of them has been triggered the big one. You remember that as the named Sanford and you would you and I'll do yeah that's how you. That. A great show it did it you wouldn't worry about the big one based on this new drug permanent no words. Well that would be good the FDA's approved a new drug itself heart failure drug so yes it could be used for. Situations like that it's called in fresh stow it and they're saying that's actually better. Van the leading drugged out there for at this particular. Problem and that's I don't know how to announce this and and now yup it's our ties and basically acting. With the drug does is not trying to I'm interpreting or just what I read it. Isn't it for guys that have had heart failure rate you you've got to degraded heart and it helps your blood. Pump through your heart better by taking this to play today. That's what I understand it's supposed to exactly help with the pumping capacity at the heart rate. Right and it's not one of those drugs that cost you normally I shouldn't say it's 25 dollars today. It's twelve dollars and fifty cents. Her pale in you have to take it twice a day by today's high salt 25 dollars today it's still pretty good trumpet change. But it would be covered by your assurances but what. Oh I think so I I think this is the of the doctor prescribed this it's not like that Pepsi drug with a thousand dollars a day this is 25 dollars today. I think insurance companies would be. Likely to cover the vast majority of the cost of that drug but there's so many generics I mean aren't they more likely to say you have to get the generic. Would it be if the doctor and it's the drug company can demonstrate that these these markedly better. Then they'll give you the the expensive drug and that's from Novartis. There's an estimated gale at six million just in America there are six million people that would take the stroke. That's a blockbuster drug. That's a blogging and I'm sure Wall Street would be happy to hear that because say can be a real blockbuster for for this particular company to call him. I impact on the stock for 25 dollars a day it's it's still have to yep yep it is. They coming up we're going to be joined by Christopher in Taiwan from Morningstar. We're going to be talking about the mining company grab your pencil and paper stock tock is up next. You work hard to make your money. This is the show that can teach you how to make your money poured crews do things the financial exchange with. Barry Armstrong on the financial exchange radio network. Many people are concerned with saving money on taxes and avoiding probate and while that's important sometimes we need to take a step back and remember that there's a friendly behind every state plan it's great that you've been able to accumulate wealth but what happens to those assets if you get sick and going to a nursing home the answer is they'll be spent done in a hurry to the tune of twelve to fifteen grand a month the Medicaid rules change almost every year and asset protection strategies that may have worked in the past may no longer work for you Todd let's -- a partner in the law firm of -- Dolan is updated all of the facts for you in a free guide that he's put together an operational guy delay for states vs a remarkable drug called the office of pushing him Dolan right now at 8668485699. To request your company don't publish your spouse by a lengthy stay in a nursing home protect your assets now to ensure a sound retirement -- 668485699. -- in Dolan has been helping families like yours for more than thirty years let them help you 28668485699. If you're thinking about retirement in the next few years it's time it makes the big decisions do you know how to change your investments from a growth portfolio to one missionary thing in common few know when he optimal time to collect your Social Security is did you know Betty you lopped from monthly pension net income can be at risk for the nursing home perhaps a lump sum pension option makes more and leaving a legacy for your spouse injure children there's so much consider before you stop working and we've put together a 26 page you re aiming guide they can count 8688106. Or two to you worked your whole life aiding towards retirement doesn't make sense to get professional advice to make it last 86881. Hero. Sports UTU. Securities offered through securities America ink member finreg as a PC an advisory services operatives securities America advisors and Barry Armstrong represented at arms and advisory group in the street America companies are unaffiliated represented as a securities America do not offer legal or tax advice always seek it by a professional familiar with the laws in your state. Are you thinking about transferring your home your children in order to protect it from the nursing home. Did you know that if you do you put it at risk for your children's creditors including future divorces. If you really wanna write a check tier performers on her daughter and not just to buy back your own home. Not only does transferring put your home and read it can also create a huge capital gains tax money Allan. Right now the federal capital gains tax can be as high as 23 point 8%. And that's in addition to your state taxes. There are better ways to own your real estate Beckham protected from the nursing home. Keep it away from your children's creditors avoid probate and not cause unnecessary estate taxes. Tugnutt in the law firm of Cushing and Elena put together three new guy to their risks and rewards of real estate ownership. This creek I mostly the best read on your real estate. Call now for your copy at 8668485699. At 8668. Glory by 699. Investors searching for relatively low risk investment that can easily be converted into cash often turn to certificates of deposit or CDs leader bank is currently offering an eighteen month CD with an impressive one point 25% EPY for new account with these guys every now as an ideal time to take advantage of this great opportunity from leader bank to learn more about the eighteen month CD with a one and a quarter percent -- why call 8776917. New 900 today or visit one of leader banks conveniently located branches in Arlington Belmont -- or Burlington earned more interest on your money today stopped by a leader bank branch or call 8776917900. To learn more with the bank a step ahead minimum deposit to open and current annual percentage -- as 1000 dollars Massachusetts residents only penalty early withdrawal including -- penalty which may reduce earnings -- subject to change without -- a member of the right effective November 4 2004 team. Lower from Barry on Twitter follow pat Barry Jeanne Armstrong. This is the financial exchange radio network and. Gil are just talking about. Student loans and we had two questions that came in honor Tex and our text number by the way folks is 68680. Perry with student loans and 7% range when will the cost of borrowing and the government Costa Boris 2%. Why is the cost of the student loan so high in those lies a seven wood in the government's borrowing the money to. The problem you have galas kids tend not to pay these pulled back the default rate is 32%. That's how many. Are in arrears of the one point two trillion of student loans. So it is just it's it's a credit pro it's. Partly that but it's also the government is making money on this. I don't know that the our government is making ammonium and perhaps how I know aren't part of obamacare part of the whole plant went when it got through congress was the fact that. Money was going to get kicked back from. Student loans so yes I mean the money is definitely going to the government as well. I tell you eat given an opportunity to low money loaned money to college students I would do it. My entire in my own personal money. You know I I wouldn't invest in student loan bonds for instance is because I know with the default rates and it is so high. And then now another question from 978 asking where can we get information on those student loan forgiveness programs Department of Education rate that would be good place to start Gail. And then the story that we had was in the Wall Street Journal. Tucker I'm gonna ask you to post that story on our FaceBook page we are the financial exchange on Facebook's a lot of what we talk about. It's posted on that FaceBook page. Right now though we're going to Christopher in tonne from morning started talk about a mining company. I Crist for hurry you. Good so I didn't think he could make money in mining stocks anymore would have you got a. And it's about a gold miners actually Agnico-Eagle mines. And actually one of the higher quality gold miners that we cover. There are low cost coal miner and you know that's really good for these situations like now where where it called disputed kinda been steady and not really increasing by a lot. That low cost allows them to generate pretty decent pre catch vote even without going in an uptick in coal prices. And we'll look at the stock price Agnico-Eagle. The stock just several weeks ago it was trading at 34 hours it's 2829 dollars. To the recent. Downward pressure on gold prices is really opened up. A kid up buying opportunity in what we consider to be at really high quality coal mine. How high do as the price of gold have to go for the stock to go a lot they'll. Like what happens to this stock if gold goes down to 900 dollars an ounce. But clearly that's that's a bad area for all coal miners but. We think that when you look at. Coal mining universe clearly in a situation where that's concerned. That the first thing you need to look at it is who's a low cost minor because they're going to be the most. Insulated from the downward pressure. And technical eagle is one of those miners. In the first quarter of their production costs. We're just about 800 are now seen this scenario where coal dull. Definitely brought 1210900. Noticed the making 200 art announcement that. OK so there's still room for the stock to go now will it. What if we bought it for twenty dollars a share where would we sell and I see it's been as high as 42 during the last year. What we. They're value estimated 37 dollars and so you know at any. Any anywhere race side project started out party pretty decent selling point when react today. All right well listen I appreciate your time Crist and Christopher thank you very much for joining us. That's Crist for in tonne from Morningstar Agnico-Eagle. Mines the symbol for that is eighty EM. And Gail Ted cruises 44 years old. He is 44 yeah that's that's pretty I think it is very unity he am how long you been in politics. That I can amplify that by that the next break and a look it up but what what is always Wear for he is she aware. Bigotry that's you know he he's a graduate harper. Yes he graduated from Harvard Law School. And he's married. To be an investment banker for Goldman Sachs I did not know that man I don't know is why I think she actually took a leave one hour is no longer. Working in that capacity. That sheet that is her background investment bank in us now so. Will have more Ted Cruz trivia for you as the day goes on Bryant from natural by the wing idiots that so Brian you get a problem. Gradually. You know like I saw the headline and I must confess. It in just not in this world that. The number of heroin users in United States has exploded over the last decade. Obvious question is why what's going on. It's so much cheaper it's so much cheaper on the streets it's five times cheaper on the street to buy heroin than it is to buying an opiate. Madame painkillers so full problem is people that got addicted to painkillers in the first place like an oxy OxyContin exactly like it didn't those same folks couldn't afford to keep up the habit with the cost of those drugs a lot of them and on the street buying. Really no houses showed sheep do they injected with a dealers sometimes most of them take it. Yeah yeah I mean they're different ways they that you can take it now and that's made it a lot more accessible the fact that you don't have to inject acne. Olden days right in your head right wing had to use and needle and it had a much much. Darker reputation if you will I agree dirty reputation I agree but now unfortunately. It's become much more popular not only among women in fact. According to the Centers for Disease Control that the ones that came out with this is out with this really really startling report heroin use among women via. Has more than doubled. It has more than doubled among whites. And it's a problem that's been seen more in. Rural areas as opposed to the cities which typically we think of the east. The courage of drug problems being in our city that is not the case at all for. Or the use of heroin. You know actually you you mentioned to me earlier that Charlie bakers can come on the show. Tomorrow this is one in the news this one of his big issues in the campaign last fall. Heroin use and know his wife was very involved in this whole thing. Pro talked about it yet this is something that he has so I've been very forward in. Trying to get more money for treatment trying to get more bids obviously in Massachusetts too tough to read it goes. Eating some difficult I was talking to a friend the other day who's sending someone. To rehab for the fourteenth. Believe it and this person is addicted to heroin and under thirty years old with Tucker here's a homework assignment for him and will do this collectively. But let's look let's see if we can't get stats related to heroin overdose deaths in each New England state. Because that's gone way up through its New Hampshire notes rampant yeah him for a haven't seen stats in Connecticut but I know. Because you hear it like. In its if it's that children. Of of our peers. That are dying from these heroin overdoses and it's in the hundreds of not talking about you know ten people died last year from heroin overdose I think. It was something like 700 Massachusetts residents died from it but I know New Hampshire is got a problem. And I know Connecticut has one of the good things though about treating this I think from a social. Standpoint is the fact that. People are talking about it outwardly you even seen obituaries where families are coming out and saying you know. So and so died from a heroin drug overdose. That was something that you know would be the shameful and embarrassing. Maybe by years ago but now people are saying okay. We need to really look at the problem and face it we can't. Really tackle it if we don't look the problem in the yeah I mean I know two people would this year who have. Died of from heroin overdoses these are kids that you maybe you went to school her life. Friend's sister overdosed and then. One of my mother's coworkers Brothers he sent me overdose Tucker did they die from the over correct. I did a story recently on television story about this exact problem might it a couple of rehab centers and these are not high and you know thousand dollars a day. It San Francisco but lower cost and it was mostly young white male. While Ari thanks for tuning in to this hour of the financial exchange you're listening to Gail Huff and very our strong don't forget to like us on FaceBook. We are the financial exchange on FaceBook. I. Protecting your credit and identity is more important today than ever before bad credit report can cause your car and homeowners insurance rates increase and could stop you from getting a job or promotion the Bureau of Justice Statistics estimates that sixteen point six million people had their identity stolen in 2012 count myself among those victims my name is very Armstrong and I want you to learn how to protect your identity and prevent credit card fraud -- a free report that provides you with tips on how to avoid identity theft and it also provides you with reforms needed to request a free credit report from all three major credit bureaus call this number 8668106422. And will milieu of free report it teaches you how to protect your credit 866810642. To the cost free and so the forms needed to check your credit call now 8668106422. Securities operative securities America incorporated member of an anti PC an advisory services up with the securities America fighters and arms on advisory group in securities America companies are not affiliated. Mortgage rates are still at an all time low and it makes sense to take advantage of these rates when you're refinancing or buying a new moment leader bank is a local bank that is one of the largest mortgage lenders in New England with a very competitive rates as they're experienced staff about mortgage financing options and get a very competitive low term fixed rate for your home whether refinancing or buying a new home work with leader bank calling 776917900. Or visit leader bank dot com leader bank claimed over one billion dollars last year to homeowners in the Commonwealth of Massachusetts. They're the true experts and mortgage financing deal with a local bank today and call 8776917900. Or email us and loans as a leader bank dot com visit leader banks for all your home buying or refinancing needs 8776917900. That's 8776917. -- 908776917900. Or visit the leader -- dot com. Hi I'm Joan Lunden and appear worried about your parent Carol Loveland living alone like I was. And you are reliable senior care information. And call a place for mom. The nation's largest senior living referral service you'll get free information on assisted living. Alzheimer's care nursing homes even important financial information. They had obviously researched every place not just given me names. They found me a place for which he could afford and it was magnificent. We're now. Very confident that she's safe and they just helped every step of who to thank them and so if you're struggling to. Find reliable senior living information call place for mom this is a free service and you can trust them to help here. If you are struggling to find reliable senior living information for your mom or dad. Didn't call or go online to get the free help you need during this turbulent time call now 8048 by vice president of leader bank mr. GA truly. We're here to talk about gold coins and sober cold leans in and really everything that goes into precious metals would kind of. Gold coins are available through liter tank. Thanks very resell two different types to sell American Eagle and crew ran its record to different types of gold coins that probably the more popular ones. And we also sell a fair idea of denominations so we shall coins we fell in ounces you'd still gold bars. If you go further we sell in silver coins as well so where we found is to be I'm attracted to customers or those types of folks coming in. Neither one abide his gift sure. Or sometimes or investors who come in and they wanna by the real gold said his alternative to buying you gold beads yes or right of mutual funds that focus on commodities so I've heard a lot of people say that to me that they prefer to own the fiscal lacks asset that but it is safe deposit boxes and put it in a vault. They like that better than. Paper which they really don't know what's behind the paper absolutely and we sell them and all over different branches they can be. But you know at the branch in Belmont Burlington Arlington Cambridge Boston and right checker brings absolutely. All right folks if he'd like to learn more about buying precious metals through leader bank. Go to any branch of leader banking you can buy gold coins silver points you can buy gold bars if you're so inclined. They even come with an authenticity. Certificate leader bank is the only bank in New England where you can buy gold point 877. 6917900. Is their phone number. The website address is leader bank dot com but give them a call and learn more about their precious metals program. 8776917900. That's leader bank. 8776917900. If you're thinking about retirement in the next few years it's time to make some big decisions do you know how to change your investments from a growth portfolio to one missionary thing come you know when he optimal time to collect your Social Security is did you know that if you lopped from monthly pension that income can be at risk for the nursing home perhaps a lump sum pension option makes more sense leaving a legacy for your spouse injure children there's so much consider before you stop working and we've put together a 26 page or reach high aiming guide they can help 8668106422. You've worked your whole life saving towards retirement doesn't it make sense to get professional advice to make it last 8668106. Or to kill. Securities offered through securities America ink member SpinRite as a PC an advisory services offered through securities America advisors and Barry Armstrong represented at arms and advisory group Ministry's American companies are unaffiliated. Had boo in here with a word about banks' safety you think your money in the bank is safe. Don't own bank Garnett a generation ago bank account felt secure and they paid interest. This encourage the virtue of thrift savings but today. Bank accounts paid virtually nothing. And that shifted from low risk to high risk for example did you know your money deposited in most US banks could be subject to limited withdrawal. And even confiscated by existing executive orders or be hit this. And that's just the first of nineteen risks explained in a new 32 page white paper entitled don't bank on. Still think you're bank deposits safe. Yet this vital new white paper now call toll free 8051962. Said you want. That's 8051960. To 71. Fight your favorite news photos and sports updates on your phone when HP mobile from the Associated Press the new HP mobile is now available for free and iTunes AP mobile where the news gets its news. According to a recent survey conducted by Genworth the average cost of nursing home care in Massachusetts is a 134000. Dollars per year how quickly would your assets be depleted if he had to write checks to the tune of 111000 dollars every month while it's certainly ideal to develop your asset protection plan in advance like tends to get in the way if you or a loved one are faced with an unexpected nursing home stay. You haven't done your cleaning before you write that check pick up the phone and get some expert advice. A lot permit cushion into Allen has put together a brain you guide for 2015. Called cleaning for procrastinators. You cannot put off this call any longer call right now to get your free guide and learn how to protect your assets 8668485699. Don't impoverished your spouse or use up your kids' inheritance call a year free procrastinators guide right now at 866. 84856998668485699. Said. This is the financial exchange we've Barry Armstrong. No sweet. Stay on top of breaking business news and learn how to manage your money to help you towards a more secure future he'd still play an Angel exchanged with the euros. Barry Armstrong. Karrie are foreign and Gail Huff with you here today in the morning on a Wednesday where the Dow's down 162 points busy day busy busy day it's just every day there's a crisis China today it's China. Well and still Greeks still Greece now Greece is an over is just being overshadowed exact by China. And pearl Puerto Rico isn't getting any headlines at all. While they'll change that I'm sure I next it will be on to that yeah once they stop making their payments that they'll be back in the news. They just give you some of the highlight numbers. I mean the ten year treasury note is it to 23 that's good for those of you who might be thinking about refinancing because interest rates have come down a little bit. The Euro is trading at one tense that you're going to Europe and you're happy about that Europe was in the Longo in the Euro was trading at 160. Gold at 1115 and outs and I must confess with all the fear that in the market today Gail. I'm surprised that we are seeing gold rally in price as opposed to decline if you would think that we knew that people would want to it to put in a safer alternative yeah yeah for things. Anyway so that's where we stand. Trading has been going on for about an hour in 36 minutes. And we'll keep you prices to how the market moves during the balance of the day. I'll tell you in eight at 1145. We're gonna be joined by I lean Norcross. From George Mason University. They did gale a fiscal health study. Each and every New England states we're gonna take a look at the fiscal health of Vermont New Hampshire Maine Massachusetts. Rhode Island and Connecticut. Will it states in new Englander at the least healthy where you're gonna find out if you stay with us for the balance of the show. But be start off today. With a story about why. It is fair that female athletes make less money than male athlete. Their counterparts while I wouldn't call it fair not to you know it in in the markets at a competitive. Cents of how market works it is fair because the bottom line is that athletics are supported by sponsors. Advertisers sponsors as the ones that that paid for now. What are they going to advertise they're going to advertise where they're going to get the most exposure of the most fans. The problem is really in society because we don't have enough. Fans. We're watching and going to women's game whether it's soccer whether it's bombs softball what the roots but the other night we have 24 million America what I was about to say except except. We hit a real current year and if you're going to see a change because now. After this latest and we we had. More people watching the women's World Cup. Then watch the men watch the NBA finals right right and that's where I was trying to figure out because the these women. Made very little money. On on Sunday night rate it we knew it would be split up two million among the whole team that women ended up with two million rats. Okay just give you a little bit of perspective on that. They got two million while the men's tournament. 576. Million last year 507 of the winning team. 576. That was the entire world tournament but still I. Mean it's just the the gross unfairness. Right it is like here's the here's a good example right. The US women's team they win the hole on to a lot of and they share two million dollars. The men's team which is really I don't wanna speak ill of the men but they're not very good relative to the limit right in in World Cup soccer they got kicked out. The turn knocked out of the tournament in the round of sixteen and they got nine million right right so they didn't even make it. In two beyond the round of sixteen. And they get nine million dollars and two women got a mere two million dollars or rice otherwise 76 million that's that's the whole tournament together. But again it really represents the fact that they can't seem to our hadn't been able to get the kind of. Interest in women's sports on television that they've been able to get men's sports and. I hope that. Bursting change and that may be the soccer game in that World Cup soccer game this is the beginning of that it was pretty exciting. It was CSX rays game night I I enjoyed it and I'm not a soccer fan and I I watched the darn thing in night I stayed even though Europe for nothing when it turned it on. The US team was up for nothing and I stayed to the very end and I watched the whole thing causes I guess it's up you know patriotism kicks in. But Mitt women's soccer post pretty good like if you compare his what's the knock on the WNBA. The fact that they. I don't see that speaks I love women's that deal I love my daughter played at PC. Went every single game I love women's basketball more fundamental. It's a totally different in the men's basketball. So I really enjoyed it I love watching the WNBA but they don't get I mean you can't begin to compare that. The NBA and the champion in terms of sponsorship for orpheum base right now affect. Tom there's a big shift. Coming to the main lobster population. I don't know if you notice is it more difficult to get lobster you pay more for your lobster this year than having your. Don't buy it like it on the Bryce Harper. To buy lobsters right up the vote there it's seven 759. Right now. Around via her pounds so. That's pretty much even with last year that's pretty much even with last year but the problem we're seeing is that. With the water's getting warmer. The lobsters are migrating further and further and further or sell our lobster men have to go further and further away in order to catch the lobsters. I mean they're predicting in thirty years that you'll have to go into Canadian waters to catch any upstairs because the water temperature. Here off the collective of New England would just be too warm while. Oh so. The that's getting packed the cost rate. Oh absolutely and consumer standpoint we're we're gonna end up paying more I still see lots of lobster pots around them I mean and it now they're everywhere I need to be very careful when you vote. We were not on a whale watch. It's like fourth weekend and you're right it's just it's like a navigation course out there but you have to remember that that doesn't mean as anything in them. And now I mean they can sit there underwater in and petulant seaweed and I'm sad story coming out of infield Connecticut this just announced. Hallmark will close its one million square foot in fuel distribution center in 2008. 570. Jobs and markets such a wonderful company I'm sorry. My daughters tonight we can sit on the couch for hours at a time and gorge on hallmark TV yeah. I get that's chick thing by. But their cards it's expensive I think they are very expensive. If you compare mean there are other car companies coming out with. 49 cent cards 99 cent cards. Paula mark modern digital cards twos in the cart industry in general kind of on the decline eggs only newspaper industry physical newspaper. I haven't read physical newspaper in years well. I I do read the physical newspaper Jeanne I absolutely do and I still stand up we're gonna harper her before I. But I mean. I think Tucker your generation more now worries about or is is I guess educated to worry more about the tree population. Yeah I would say itself I mean from my from my point of you know line item and Eric and Andy card and percent in the corridors of the CVS and all by hand. A card you know Mother's Day or whatever I do the same Curtis and a team and I get an. It's like they can even get in the car and go to the store all they had to do is get outlined to to get yet to login and. I've never done a few paper I wore I don't think so on and I know the Eric I'd never done it either. Be proud to say. But it is too bad 570 jobs over the next year to be lost in and field and hallmarks been a wonderful company for at that region they're moving the jobs where they move if she Illinois it's no wonder what they closed at about Missouri plant in Georgia but they're moving a lot of the jobs to misery which is basically there. Their main headquarters I think they are saying that you contain eaten. You know you can re apply for your job but it will be in Missouri and knocked in Connecticut. And you know if you've got your and we see if kids in school right pretty tough to just pick up but even go to misery exactly. But you know we we can't overlook the fact that there are some political implications in this as well in the senate Republican leader Kim Johnson take Connecticut's business environment just can't compete with these other states we just can't compete he's right when a company is trying to decide between two different locations. He says you know it's sadly not surprise in the Connecticut's going to lose that battle because the taxes are much higher. Energy costs. Connecticut and into state pitcher Kent. Hey there's a new technology. That's gonna be released by Amazon next week. And they say it's the biggest thing to be released by Amazon since the Kindle. We're going to be joined by Walt Mossberg. And we're going to be talking about this new device that's being released next week. By Amazon.com. The device is called the echo Walt Mossberg will explain what it does to us in our next segment. Financial news business news and what it means see you all right here on the financial exchange with Barry Armstrong on the financial exchange radio network. If you hold a substantial amount of company stock in your employer for one K plan don't roll over that money into an IRA until you find out. About a little known tax secret they could save you a bundle. When you take money out of your 401K plan it's taxed as ordinary income at rates as high as 39 point 6%. There is however a strategy that can potentially eliminate the tax on the dean's on the company's stock portion of your 401K plan don't do anything with your former employer's 41 K plan until you request this important information. Call 8669579902. And will milieu this free report 8669579902. Don't make a costly mistake with your 401K call now 8669579902. Securities offered through securities America and an advisory services are with the securities America advisors think member of the recipes he Barry Armstrong representative Armstrong advisory group in the securities America companies are affiliated representatives of securities America do not provide tax advice always seek the guidance of a qualified tax professional. The decision of whether to accept an early retirement offer is not an easy one to make it may sound like a dream but there are tax and retirement plan implications that must be considered if you're not 59 and a half you may be faced with steep penalties for withdrawals from your retirement accounts will your employer paid for medical insurance or will you foot the bill until Medicare begins what will be impact of an early retirement be on your pension and Social Security can you afford to retire now and if so how much income what you need and where will it come from Armstrong advisory group has made available free guide called evaluating. An early retirement offer here's the phone number 866810642. To let us help you make an informed decision call Armstrong advisory group now at 8668106. Or two to. Today's topic is pretty American member and IS IPC advisory services up with the securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies are not affiliated please consult with your quote a tax expert for any activity concern. Mortgage rates are still at an all time low and it makes sense to take advantage of these rates whether you're refinancing or buying a new moment leader bank is a local bank that is one of the largest mortgage lenders in New England with -- very competitive rates ask they're experienced staff about mortgage financing options and get a very competitive low term fixed rate for your home whether refinancing or buying a new home work with leader bank calling 776917. B 900 or visit leader bank dot com leader bank Clint over one billion dollars last year to homeowners in the Commonwealth of Massachusetts. There's a true experts and mortgage financing deal with the local bank today and call 8776917900. Or email us at loans at leader bank dot com visit leader banks for all your home buying or refinancing needs 8776917900. That's 8776917908776917900. Or visit leader banks dot com. Hi I'm London and you're worried about your character Loveland living alone like I was and you are reliable senior care information. And call a place for mom. The nation's largest senior living referrals or a screen remain on as the living. Alzheimer's care nursing homes even important financial information. Obviously brie or every not given meaning. They Downey plays or which could afford and it was magnet. Where now. Very. And it's helped every who. So here's struggling to find reliable senior living information call her mom this is a free service and you can and help you. If you are struggling to find reliable senior living information for your mom or dad didn't call or go online to get that we help you need during this turbulent time call now 804677530. 804677530. Huge greens. Finance and news in stunned to learn how they all work together this is the financial exchange on the financial exchange radio network. All right it's time for another trivia question. Where was Ted Cruz Bork text number is 68680. My cohost cities Gail Huff. And we play trivia every day here on the financial exchange and to win. The prize all you have to do is no we aired here out there and worked. Her. Now where if you know where I was born and you get you get to price doubles crude double credit debt doubled credit for that by the way one of our listeners and I did chime in the new. Exactly what kid wears on his feet all the time and that is probably. But those are my goodness yes 68680s. Or text number where was Ted Cruz born he you're the first person with the correct answer you when you're up prize. CBS. Getting in some kind of a battle with the US chamber of commerce. Related to a stay in its line cigarette smoking is they don't have that right yeah. You do well this this is a little a little tricky. Basically there are a lot of different advertisements that are going on overseas a lot of them an undeveloped countries where. I'm they're trying to cut down on smoking obviously. Com and the chamber of commerce as well you know we have to support this tobacco companies I mean as long as it's illegal product and as long as you know it's it's an industry and their members of the chamber we're going to support them. So you have to remember CBS made a big deal about the fact that they stopped selling cigarettes. Months ago right remember that yup getting into the matter of their stores and and I thought that would be bad for the company turns out as early part of now. Now it turns out that well I don't know how much of a part of their their revenue was anyway I don't know how many people go to drug store to buy cigarettes and in. But in any event they certainly were making a political statement by saying we are gonna sell. Tobacco products anymore. So they are angry over the fact that the chamber of commerce is actually helping to pay for many of these ads and in this campaign. That sticking place and other countries and and it's encouraging. Encouraging people to go by. That's necessarily. But it's encouraging that tobacco companies and in a fact you know it's it's not yes just to disagrees with a from a moral exactly. Exactly they're stock down a dollar 61 but a lot of stocks are down today. CDS trading at 10476. Our guest now joins us his name is Walt Mossberg and he's gonna tell us all about this new device being released by Amazon.com. Next week. I Walt Oreo. I carried her hood it. Good actually on Barry and Michael host is Gail talkers are Purdue IR that's okay first part of the game out if that's at all. So what is this thing called the echo will it lit the can you describe this is a device that we're going to be of the buy from Amazon next week. What you can actually order out gonna be shipping next week. So what it is it's a standalone. Voice controlled. Sort of artificial intelligence device. Think of maybe. Theory. In eighty. Still under a black cylinder. That can sit on your pitching count her or nightstand or anywhere else shoot like it. I think think of Siri think of Siri in AE. In a form like the size of may be. Nine inch tube or something it Kotnik finds a therm. And nine inch tall to GAAP and it. Picnic area ailing means that as something which what we you can. Command or ask questions to. Which your voice oh. No pressing buttons Ernie thing and it will to a variety of things not everything you'd expect but it. Article wider movement or what's called at least. You why. Which you or not Smart on it and eat an apple watch. It is this is. Dubai entirely. That. So you sit in the kitchen you saying instead of saying hey honey you know what's the weather going to be like today it's. Yeah I have to do this is asked the device attention of the weather what the sports score weather the Red Sox won last night tell you what the average doctor's appointment that day I'm wondering if you still need a husband. Him. Galaxies could they are he probably has been gnome many things. And whether the Red Sox won you know debatable but. Badly. But. That that's exactly right here you're in the kitchen and I mean dare I year old. Amazon I yield an area that he used in advertising this. Is you know someone's cooking their answer apple. And they forgot how many Internet cables for the day. The trigger word that you need to trigger word could not eat strapped in on all the time and the trigger word is elect yeah he's say elects. It tables and it hamsters Greece say elects so what's the weather going to be or you can state. Elect. Give me a slash news briefing. And depending on argued that it up unique and an app on your ball on yup. It will give you a news briefing from NPR or. The yes and it would. Does it do anything I can't do on my Smartphone. Well L. I don't think. But it but it. Movies you've been needed to get out yours mark I mean even if you're using voice. Typically. Not always but typically. You're gonna have to in a button. Two. You know to get information. Right at some day it can be done by Google. Competitors eerie. Or vice theory. About a Microsoft thing corporate and a this is an attempt to just day. You don't need your pocketbook beat charging somewhere out them and just be walking through the room. And or you could even be my best to work even from the next room that has very good microphone. As long is it that trigger word. It will. It will attempt to answer work attempt to do distinct wind. Set a timer. You know you can do that on here yet to have a bomb there and find out what I have a program when your cooking and things that are. In messy. But this is sitting somewhere else your kitchen nearby and you just say that it art does. Says charging a 180. Dollars for. For the pac. I guess it is down from 199. Tom how how popular do you think this is going to be I mean what are your early starts and where people or. Well. I don't know my guesses. You empathize is notoriously terrible about ever revealing sales figures or there popular. Device. I am not right now butter and never really tell that sales and echoes for all of that part worse that could. But my guess is this will not be a giant overnight it. But they're very serious. They are. They just release it developer kit. Which has two aspects to what is. Collapse people who make more apt. Connect to Mort servers that Britain is now in Dora. You have indoor out. It will just tell ought to play the year end or. Oh. You know Taylor Swift station or whatever. He can next to Gmail so it will. To school calendar are there will. Are you worry Dave looks like BEU's school calendar so bill that the developer cues and get warm or those. In addition Allen as interest thing. They're willing to. They'd be they've put up tool. For people take. Smarts behind it and put it in other devices that they go mate. Though it. Other people while we get out. Okay all right thank you very much wealthier description of the device we sure appreciate Walt Mossberg joining us today on the financial exchange the device is called the echo. Her from gonna Russia abide I don't know I don't think so I still have the husband yeah. Up next rated talk to you about another company that is cutting ties with Donald Trump. Barry Armstrong and the financial exchange on the financial exchange radio network. Mortgage rates are still at an all time low and make sense to take advantage of these rates whether you're refinancing or buying in the world leader bank is a local bank that is one of the largest mortgage lenders in New England with very competitive rates as they're experienced staff about mortgage financing options and get a very competitive low term fixed rate for your home whether refinancing or buying a new home work with leader bank calling 776917900. Or visit leader bank dot com leader bank claimed over one billion dollars last year to homeowners in the Commonwealth of Massachusetts. -- -- true experts and mortgage financing deal with a local bank today and call 8776917900. Or email -- loans at leader bank dot com visit leader banks for all your home buying or refinancing needs 8776917900. That's 8776917908776917900. Or visit leader bank -- Com this is very Armstrong and I'm joined today by estate planning attorney Todd let's eat from the law firm of Cushing and dole and with your financial exchange. Quick tip of the day. We're talking about the top misconceptions. Relating to Medicaid your vocal trust in time a lot of our listeners are apprehensive taught. About transferring highly appreciated assets whether they be stocks or real state to an irrevocable trust because they feared their beneficiaries. Will not receive a step up in cost basis. Upon their death. True or false. It is false again they should not be out concerned about that because the way these trusts are drafted they will get a step up and remember. They should be concerned because most of these gossip that they're transferring. Art house or vacation right they spent very little on in buying it. And folks that's what's your basis is very little if you paid for it. And now it's worth a whole lot more well if you were to sell it they take the value of what you sell it for minus your basis to come up with a gain. Well when you die. If these are owned either in your name alone or included in your state even via one of these trusts in the government gives you this amazing thing called a step up in basis which means you beneficiaries. Get back home that vacation home on the lake as if you bought it. It at fair market value on the date of death that your parents died and now if you guys say you don't want it and sell it you salad and you have no capital gains tax to pay huge win so don't be afraid of that put the trust to protect it and get to step up in basis. Here's a little bit of advice from your uncle Barry get the facts about protecting your assets from long term care expenses request this brand new guide from Cushing handle at the top misconceptions. About Medicaid irrevocable trusts 8668485699. Its toll free phone number called now and get your guide 8668485699866848569. In asset protection planning can be overwhelming where do you start how do you know what type of his rate for you hi this is very Armstrong and I'd like to talk to you about the law firm Cushing handle it in creating the planes are folks in New England. For more than thirty years and they can help YouTube with all the different types of trusts available I can understand the confusion when it comes down to a plan do you need a revolt global truck do you need an irrevocable trust in what a difference you know needs an expert advice and they put it together free guide it will help you decide. The best plan preview the pre guide the differences between revoke global. An irrevocable trust is yours the call 8668485699. They can even show you how it's possible to eliminate your state tax I love that part call Cushing handle right now to get this great guy 8668485699866. 569. Hi this is Barry Armstrong from and it'll exchange recently I'd been hearing many reasons why we should consider buying gold geopolitical uncertainties stock market correction you name it I don't disagree with the idea of buying gold but I have always been aspect of the ads that he late night television or even the ads frankly that I hear on the radio I like to buy gold from local institution that I try I owned gold and I buy my gold points from leader bank I walked right into any leader bank branch and I can buy American Eagle gold points leader bank is a local bank with. Branches in East Arlington Arlington Arlington Heights Belmont Burlington and Central Square Cambridge say locally and buy your gold coins locally it just makes sense give leader bank a call and learn more about their gold coin. Programs 8776917. B 900 or visit leader bank dot com leader bank a step ahead not a deposit not FDIC insured not insured by the federal government agency not guaranteed by the bank may go down and out. We knew the trouble of Reading all those technical financial publications. Break it all down for it's the financial exchange on the financial exchange radio network. Ted Cruz was born in Calgary Alberta. Yes US and Kyle from Graham the New Hampshire knew that I was getting its future pack and if you knew where I was born to at least close to where I was born in the wintertime. Iowa says I actually Guthrie center Iowa. And in. Or cows I didn't. And Favre Favre Favre maybe ten people out and even after that. They would call. Did Ted Cruz graduate from in the year 1992. And this is a trick question Harry told you that he graduated from Harvard. But what college or university did Ted Cruz graduate from in the year 1992. Our text number is 68680. First listener with the correct answer wins a prize sixties to eighties or text number and Donald Trump. Is the subject of our next conversation him again again and again or Donald on. A color the trumpet dumping continues today the latest company PVH court. That's a clothing company that makes apparel for Tommy Hilfiger and for Calvin Klein. They announced that they too are not renewing their contract that would make that Donald Trump's signature collection audit of the the dress shirts the guys. Which are sort by the way at Macy's Macy's RD announced last week that they were your franchise. They don't sell it Joseph A bank and alma. Yeah we kind of got a picture that they think that's a great job on and no they don't they only sell Macy's this is something that you only notice that your Macy's shopper by. Tonight and jumping on dumped from Y and right when I talk to you about something called eat like the state like this state is a tool. That many senior citizens who used to deed over their home or their armor their vacation property. To their children why did he do it. They're getting on in years in the wanna get property and assets out of their personal name and pass that on to their children. One of the problems you have with a like the state is if you give your home to your children in the state to vacation property year your personal residents. If you give that property. To your children. In one of those children goes through divorce within your residence or your vacation property is an asset to marital asset in your gonna lose part of it in that divorce. Here's a guide that has been put together by one of our sponsors crushing and dole and and it contains a lot of very useful information that explains the differences. Between he like the state and in durable global trust now their law firm so obviously they're more inclined to suggest that use the herbal global trust. But I think it is in your best interest to learn. And read this operational guide to the use of light the states as opposed to your vocal trust you'll learn a lot and as always the guide is free. The phone number to call is 866848. 5699. At 866. 8485699. You can call that number two toll free phone number in the they'll mail you the operational guide to the use of light the state as opposed to the use of your vocal trusts. 8668485699. Is the number that you should call. I think I saw an announcement earlier Gail where there're about seven or 8000 job cuts at Microsoft. You know what this is an addition to the eighteen Alison that Microsoft and and let go a year ago so we're talking about as a major job cuts there. The market is applauding this news the stock price up seventeen cents. At 44 dollars and 47 cents per share. So most of these apparently mostly going to affect people that work in the Hartford group. The Nokia you know they'd deal that was worked out. My somewhat recently. Has certainly had an impact on this as well the Smartphone business yeah Betty the of the new CEO there and east lament that company down. Wall Street liked that I mean you look at the stock. It's trading at 44 dollars and 75 cents. Bid as high as fifty dollars during the last year and been as little as forty dollars it pays a dividend Gail. But two point 7% to be on the stock he's getting paid two point seven just for the that purposes. Of owning that stock. Apple apple music. Just came out and the reviews are mixed Tucker sober. He's a subscriber to apple music you get yes. Free for how long. You can get a three for three months and then after the three months is 999 month 999 in my correct yet you'll like it so far. Yeah I mean I just downloaded this morning Els playing around with that and so far so good to have it on my iPad. So I need to dollar in my iPhone still but. It's very very customizable compared to Spotify or pandora any other competitor. Some pretty much what it does is it starts you off with OK cure your show honors do you like rock. R&B blues jazz eccentric center. Double clicked for Bobble rock if you love it the interest or just click at once if you like that and you can it's what doctors many cat person who want. Then what she's lecture genres you continue on to artists. It's a click once if you like this artists or click twice if you love this errors. So I double clicked Rolling Stones because I love them. And and it light cold play out subtle at all their stuff but then. From that point it develops a bunch of play lists McConnell looks like this horizontal bars via and you can scroll down. And so this Fleetwood Mac this year to this Rolling Stones there in what's good about this is that you can actually click through on to the playlist that they created. And you can see the whole list of songs that are upcoming which you can't do with pandora or. A Spotify for the most part and this is all developed through what they think I might like. And then when you click through the song you can just like the heart in you to say hand like this play more songs like this well are you a subscriber to. Spotify or pain door currently I am actually the ball I just signed up her a three month trial Spotify as well which was 99 cents month. Just to kind get a comparison and while I do like Spotify I think this apple music can really take off. You do I do significantly more expensive US it is intolerable on the have anyway yes Spotify is hot by about ten dollars and yet so it is indicative introductory rates and elected newspaper oh right give you special deal for three months to getting hooked on it. And and you pay the real rate which use call ten dollars. Yeah I mean and then they have a category that just new music in conceal the different new music and playlist and they have this beats radio which is just it's 447 radio station. And listen to that yet I can give your Rihanna but. Yes so far so good elected. I'll try to on the phone bills say if we're getting conflicting reports the Wall Street Journal's reported they are looked at it and said he'd like Spotify better that's why it's good to try to get different perspectives on. It just came out. Be the apple I yeah I was just released on June 30 and there was a big controversy remember because they were going to pay the artists Carrie trial. Except where she showed her muscled and and apple watch sales. Dwindling as as the as we speak. They are up next we are going to be joined by I leaned Norcross from George Mason University. Talking about the fiscal health of all six New England states did you hit. The worst two. Massachusetts. And Connecticut but will run through all six of them with you next on the financial exchange. Radio that can enrich your life and help your portfolio. Well it's the financial exchange we have Barry Armstrong on the financial exchange radio network. Today the senior citizen as a woman four chance of spending time in a nursing home we'll UB one of them what would you do if your spouse didn't have enough money to live on because you were in the nursing home in depleting your assets by more than 101000 dollars each month think about it how long would your money last if you had to write checks like that each month the answer. It's probably not very long how would you feel if there was something that you could have done to protect your spouse but you failed to act don't put off protecting your loved ones any longer call the office of Cushing and Dolan right now to request their brand new guide that will teach you -- create -- -- -- it will not only protect your assets from a nursing home but will also help your family avoid probate if your money in your -- line and potentially eliminate -- state Texas -- 668485699. The law firm of pushing him Dolan has been a valuable resource to thousands of families for the past thirty years it's time you found out how they can help you 8668485699. That's 8668485699. You've probably heard that if your spouse goes into a nursing home your primary residence is protected but did you know that it is only temporarily saved if something happens to you your house becomes 100%. At risk for the nursing home advance planning is ideal however if you do nothing else you need to have your basic state planning documents in place this will allow you to save some if not all of your assets last minute if you or your spouse enters a nursing home Cushing and Dolan has put together a brand new -- back to the basics it's a complete guide to a state and asset protection planning call for your free copy now here's the number 8668485699. This guide will teach you fundamental basics that you need to know about estate planning 8668485699. This is a limited time offer so call now 86684856998668485699. -- in asset protection planning can be overwhelming word you start how do you know what type of trust is right for you hi this is our air and I'd like to talk to you about the law firm at Cushing handle it in creating a -- for folks in New England. For more than thirty years and they get so cute with all the different types of trusts available I can understand the confusion when it comes down to a state planning do you need to revoke mobile truck do you need and durable global truck and what's the difference you need an expert advice and they put it together three guy that will help you decide the best plan we view this pre guide the differences between rebel global and durable global trust is yours for the gas call 8668. Or 85699. They can even show you how it's possible to eliminate your estate taxes I love that part call Cushing handle right now to get this free -- 8668485699866. Eight or 8569. Mortgage rates are still at an all time low and make sense to take advantage of these rates -- -- your refinancing or buying in new Roman leader bank is a local bank that is one of the largest mortgage lenders in New England with very competitive rates -- their experience staff about mortgage financing options and get a very competitive low term fixed rate for your home whether refinancing or buying a new home work with leader bank calling 776917900. Or visit leader bank dot com leader bank claimed over one billion dollars last year to homeowners in the Commonwealth of Massachusetts. They're the true experts and mortgage financing deal with a local bank today and call 8776917900. Or email us -- loans at leader bank dot com visit leader thanks for all your home buying a refinancing needs 8776917900. That's 8776917908776917900. Or visit leader bank. Dot com. Valerie Armstrong knows who's fun minutes you care about your fine it's good for you you know Barry Armstrong. We'll be here for the financial exchange on the financial exchange reveal them work. Trading on the New York Stock Exchange has been suspended. Since it out 1132. So we're. And me fourteen minutes and what we're hearing is that the were unable to trade 220 stocks on the nicely. And as a result they've suspended trading across the board so as you're looking at the market. You'll see the Dow down about a 174. Point it is not moving this system halt. Began at 11:32. AM if we get news during the next ten minutes will certainly bring you up to speed on it. And they're calling it a technical issue. Without going any further into it right now yeah. Offices. Have you seen that before no now I haven't either no likeness and a little string value if so the world we live and our guest is Eileen Norcross from George Mason University. She recently along with George Mason University. Completed a study that ranked all of the states in the country. Hi Eileen welcomed to show. Good so tell us about the criteria that you used to rank the fiscal health of the fifty states. Sure I eat five criteria I'd look at their capture which is the financial statements in this state not the budget. And I I judge them on they can carry their assets and liabilities over the short term that's. Cash solvency and an over the longer term which is long runs solvency. And we also look at but it closed revenue to expenses for the budgetary solvency. I also to get deeper look at fair Michael trust fund solvency which which include pensions so pat and gadgets. And and look at that percentage. Total state income and see how big those were. Now when you did this you ranked all fifty states in the country correct. And is it true that Alaska is the healthiest country fiscally. Well you know I would even help figure it out liar they they have a huge amount of cash coming in 2013. That's because they rely on oil revenues for. You know that the means are they come and you have to be very robust. An oil prices decline that it lasted fiscal fortunes though a lot they would break last month on dimension I think there's a lot of volatility there. So I lean on the bottom of the list we have Illinois in New Jersey Massachusetts. Connecticut and New York. Surprising. Predicts payment last year and just stay here keep things in common. I'd say that. Connecticut New Jersey Illinois. And Peters states that have issued on pace for their pensions which state underfunded consistently ever carried a decade. These data take on a lot of debt. And they get to finance more debt so I think they have that common. And and and the electricity things take time to build up and I think that's why they'd they'd have to be at the bottom. The wait then we've got I mean at number 42 and a big problems in Maine. I believe Maine day or it can cash position enacted that year operable surprised by that I think that. There to be keeping going on there I would be price debate if they change next year. I'm I'm support cash position and what are we looking at looking at measuring he. Short term. To be clear accepts your cash flow to your. Short term liabilities though. It in the middle attack target state looking at New England on the certainly not. Not the worst of them and they were able to balance the budget. Today had. You know the attention there are high that I recalculate the tensions I was detentions that are guaranteed to be paid. Okay yeah you have to break is this people are liven and it's that part of the obligation of the state now Rhode Island and Vermont worth 38 and 39. In the country respectively. Better than Maine better than Connecticut better than Massachusetts. Yet again at Victor mixed bag or island had a pretty healthy. Cash ratio pre operating ratio short term looking good I await the short term or heavily in my ranking. In the long term of course the options stressed. It was with a pension system with some long term liability in terms of debt. And there'll have liability. Though. Some capacity with where we have to wait rankings if you're doing really poorly in the short run. Maine got dinged for that and it there again partly in the short run resort islands profitable that worked long term. The canyon and New Hampshire the healthiest state. It answers the healthiest state either get a little bit better on all of those dimensions. I think they tend to be a little more prudent in technical management. And I believe that that's a Japanese in the rankings. Does health care costs have anything to do with them with any of this this. Well it would come up in a pad that would be the health benefits of public sector workers and unfunded liabilities. That's right and hope have liability throughout the US are generally. Not well funded at all a lot of our operating occasional basis. The key states it's an asset aside. But generally speaking airport on and their rising Iraq they're writing as a percentage you know it's ongoing expenses it has been worried about. We're going to have to ask governor baker about this tomorrow when it comes on 1115 to step up how does it affect air raiding Eileen win account and when a state goes through pension reform like Rhode Island did in like Massachusetts did. Does it take awhile to improve their situation because it some of those reforms take twenty years to really kick in. Sure and I I don't Netflix I'll every you know credit report comes up elect he. One pension reforms undertaken it's generally in a positive because they're managing risks. And even though the effect might not eat for a few years that the signal. That they look at the long term and they know they need to make it changes the purchase stabilizer system. While while. Well this is how what did you do this study every year than. This is the second year we've done studies and we intend to update it. But wit when we get 2014 Dana. You know love does not put this on our FaceBook page scale that I would like to look at it thank you very much Eileen appreciate your time from great you know. We should write you know we should do is run through some of the other states if if we have a minute here. And you know Alaska is seemingly the healthiest state that they knew go down. In there's a common denominator here if you if you look at the states North Dakota number two South Dakota number three. Nebraska. Number four Florida. You know Florida does he have an income tax in their fiscally healthy. Now Wyoming Ohio you know the common theme is these are all conservative states. Yes absolutely you look at those used to cross the board. They are. Pretty darn conservative states but you're also to I mean for instance in the Dakotas you're talking about a great labor market. Yeah and that makes no unemployment yeah I'll be very very well lot of revenue coming in because of the energy sector running and is the same could be said for Texas Texas is ranked nineteenth. Iowa is ranked eighteenth Sarah South Carolina sixth seventeen. I give this to Tucker and and you'd be if you could throw that on our FaceBook page to be great. I asked that trivia question which was what college did Ted Cruz graduate from. In 1992. The correct answer would be Princeton University. That's right Peter from data and cancer and Peter it's a trap Obama. Trying to look for some more information just about again this breaking news we talked about it a few minutes ago before interviewing that is set. The New York Stock Exchange and and what's happening on the floor there we able to find out anything more Parker about them. I and it will now they're calling it a major problem. Yeah I mean the latest from the New York Stock Exchange on their status as. The market has temporarily been suspended trading in Olsen symbols all additional information will fall as soon as possible that's a centimeter technical issue. And I guess they said that they had some technical problems even before the opening today. Those from the director for operations. You know eat the thing it doesn't make sense years they have so much redundancy. Thank you once system that's now surprised that they have a backup system in the Davis Cup system in the backs of their back up systems so right for the ended ceased trading and know the volume steady. Well yeah and given what's going on in China and Greece and it's yeah this entity to aid that you wouldn't think that I mean you've never seen this I've never seen this analogy you've seen it. Trigger because they hit. You know these. Circuit breakers like if you had. These were the markets down an inordinately large amount of the circuit breaker that goes off and training or stop for twenty minutes or thirty minutes for trading to stop. Without a lot of volume and without the the market was down but it's down like 220 points now. Easy now getting fresh quotes so this isn't making sense and now being told that the Dow was down 223 points. But the New York Stock Exchange has suspended all trading. So how is that possible and CNBC is treating at the training us froze and not getting any data no trading going on right now. We don't know about the bond market shouldn't be affecting just the NASDAQ. And it shouldn't be affecting. The if the weaknesses that the bond market should be getting impacted by this. Gold is trading at 1160 announced oil's down another 1% gaelic 51 dollars and 85 cents. Well we have another crisis to talk us more tomorrow and some are going to be the crazy busy day in New York Stock Exchange busy day. All right thanks Gail hopper joining us have a great career. Security suffered through securities America and remember finreg SIPC and advisory service offering to securities America advisors our countdown representatives I'm trying advisory group in the securities America companies are unaffiliated.