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Full Show 10-13-16

Oct 13, 2016|

Full Show 10-13-16 by The Financial Exchange

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This is the financial exchange with the very Armstrong and chunks of you're exclusive look at business and financial news affecting your day you're still leave your world. Stay informed and up today about economic and market trends plus get breaking business news every day. And now the financial exchange with the Barry Armstrong and sharks done us. It is a busy Thursday here on the financial exchange we have a whole slew of economic data we had a good beat minutes released yesterday. We've got CEOs being fired we've got phones exploding still whole lot of stuff going on trucks not in studio as well. As John Moody very Armstrong. With the day off today so we're going to be run in the show here. And John I think you know best push star every Thursday we get unemployment claims data. That that comes out on a weekly basis and the last couple weeks we've seen some of the best numbers that we see in decades now from a weekly claims perspective. Yet they were looking at here chuck is reinforcing some themes that we guarded believed in. Unemployment claims have been low and they just set a 43 year low coming in at 246000. You wanna see that number under 300 so obviously there's a lot of room to spare. Expected 254000. Again these numbers bounce around but the fact is we have a undisputed bull trend here 84 straight weeks the low that 300000 mark that's what really matters. So clearly those situationally employment bases there's a lot of good note that news. So here here's what what I always wonder about in this situation as we know the people are being fired or laid off as frequently as they have been historically. Why are we not seen more higher next what we we know that they're more people out of work. That should be at work we know that they are these people sitting on the sidelines that aren't in the labor forced even though we saw slight uptick last month. What how come we're not seeing the progress that that most people ones who let me take a. Opposing view chuck I think we're actually seeing fantastic progress because if you think about it the growth in the working age population. Would be satisfied with 75000. Jobs a month for new jobs Coca. When you reach a step situation of 5% unemployment and oh by the way the goal here was to get to 6% so we've gone well below that. Just 5%. At that point. I would have expected fifty to 100000 jobs a month as being a very good report and a ballpark we're coming in at a 150000. Which is. Very impressive and also good to mention all the factors you mentioned there are true. The other factor that Anderson with a jolt report is people are now comfortable enough to quit. Jobs they don't like what they are and and one thing that we did see in last week's monthly jobs report. Was that if you looked at hours worked combined with hourly wages you're pretty close to a 7% annualized rate of wage gains now. I don't think that's going to keep up if you saw that that would be all kinds of speck tack gotten. But let's say the next month we see another number that's kinda north of 3% somewhere around 4% and all of a sudden you've got a trend of a few months here. It may be a situation where we finally start to see consistently rising wages as a result of the employment situation. And this is all very good news for the worker but are we looking at peak earnings because we're not seeing as we're not seeing great final demand. Which means no companies are having to pay more money in hire more people. And pay a lot more in benefits and things like health care. In the not sell a whole lot more stuff and that's one of the concerns your Wall Street. Well and and and let's talk about that a little bit because I've long had a theory that at a certain point you get choose a certain point where people just don't need forced off. Or the people who do any more stuff can't afford it. And and that's that's kind of where I feel that we r.s that look you can only buy so many or more he can only by so many Dick next enjoyed by so many cars. Before eventually is say look we just don't need this anymore so I wonder especially with what you're seeing. Rumble ideals and how they're moving away from traditional ownership in more towards things like car sharing home sharing with their B&B and things like that. You wonder if we have enough stuff. Yes and millennial you saying they don't want as much stuff you know said they are more interested in experiences travel vacations. Travel. Other less inclined to wanna own cars. There are now less inclined to wanna buy house's oval that maybe economic issue. Death to do with the cost of the house but also the more flexible they like to move from job one to job too and they don't wanna be tied down by a mortgage to keep them from going to jump to the opportunity so there's that issue but I think concern chuck for or over year. That profit margins have heat. And historically they cannot get better than where they were a year or two ago and in fact they've stopped declining but I think they clearly have peaked and I said a year ago. I think we're looking at a better environment for the worker. Maybe not such a good invite environment for the investor now the end this all takes care of itself but right now things are looking better for the worker. One and in one thing that I always find interesting to look at is if you look at. Corporate profits as well as a percentage of GDP one of the biggest things that we've seen if you go back through eighty's and ninety's corporate profits were typically somewhere around five to 6% of GDP meaning. That for every dollar that the US generated about five to six cents. Went to corporate profits yup where you're sitting today you've been up in the last couple years before 2015. You were up posted 10%. Of all money that was spent the US ended up as corporate profits pull back in the last year too with the energy bubble bursting. But you sit there and Elvis and you're seeing this rebound now. Although money is going and sitting in corporate coffers they're not spending it because we know the companies you're way they spend money today's on buybacks or dividends. I sit there and I say look you have a lack of investment but you have high levels of corporate profit. This is why you're not seeing growth is because companies arm they're making all this money but they're not investing it direct. The themselves and even before that you hit the magic the number which is the percent of the economy that's gone to corporate profits. Was right at an all time high and every time this has happened there's been a backlash and there is a political backlash. In I would argue that Bernie Sanders is a product of that number. When you get that number you are going to get pushed back from workers up and we've seen that we've seen profit margins come down. We've seen pay come up. In this is the real economy dealing with that that economic facts. And in its not necessarily. A bad thing be absolutely you know what what people after remembers that look profits may be down but if they're down because people are being paid more and that is a good thing in the long run because it helps the profit cycle. For the long run there let's let's talk a little bit about where we stand. In the business cycle right now we at a fed meeting are not fed meeting we had mere minutes from the last fed meeting released yesterday anything stand out here. I think it confirms that we thought which is that it was a very close call that there was in fact dissension. On the Fed. We're not sure exactly when the rate increase will come but you have to. Believe when you read those minutes that it's a pretty darn sure thing that rates are going higher likely by the end of the year and right now the odds are pretty heavily. By December you're gonna get an increased. What's interesting is I look at the op futures on the Fed Funds rate and for December meeting was only about 65% chance of a hike right now. It seems it doesn't I wonder if there's a whisper number Jack I don't pretty much what we came out in this meeting and said look we are going in December barring a complete collapse. Yeah I mean unless the futures market is seeing some eggs sergeant this event and we hate to say that. Something bad might happen but there's something really bad happens. Once again all bets are off I guess you've always got that chance there are so you know I think you know the Fed did pretty much guide saying look we're going to have a hike in December. And what I found interesting is that they also in terms of the pace if like next year seemed pretty clearly be guiding towards two hikes. Which is coming back we'll that we were talking about three and I think most of us kind of thought to was more realistic number and and we should say that unemployment mandate we mentioned earlier has long since been that the mandate was to get 6% were now 5%. But Janet Yellen did say the labor market has room to improve so that's important to keep that in mind. And on the inflation well where again an app that target but we're not over it and I think the Fed has indicated they're willing to kind of go over them little bit to get us. You know it's a clear sailing here dangerous prospect to do that at a time that's happened historically that had to play catchup and it doesn't end well. Yeah you wanna get it before it becomes a real problem and fourteen of seventeen fed officials. Said they do expect a rate increase by the year ended up here. Yep so it's you know pretty much again if it should be priced in right now it's not for whatever reason. But pretty strong guidance that the Fed is likely to boost interest rates by quarter percent at the end of the year. Other big news that we had yesterday this was late yesterday I think Iran may be. Just after the market close maybe 5 o'clock or so now word out of Wells Fargo the John Stumpf is stepping down and retiring. Saying that he did not want to be a distraction my guess is this was probably a mutual move. My guess is there was incredible pressure now again John Stumpf as bold CEO. And the chief who haven't board too I'm on Wells Fargo. Was in a precarious position but you know we have the two grilling on Capitol Hill the first one in the senate. Where stop was just awful I think everybody here's why arable widely believed that and the second appearance who's a little bit better but still pretty bad. And Ian against congress. Really Wells Fargo has to make major changes and starts with this in my guess is it's not over. And and you just wonder with this Wells Fargo situation here's here's what makes this such and such a complicated situation from my perspective. Is do you go back through the mortgage crisis and they were the best in the business at avoiding problems there they. They supposedly had better handles better internal controls and anyone else and that's how they were able to avoid problems you know. You just wonder with with this revelation with what's come out with this scandal here. I just wonder how much else is there now you know it's you wonder if you have this type of control issue. Is there another shoe that's waiting to drop and that's that's what makes me a little bit nervous if I'm sitting there's a Wells Fargo shareholder. Economically. There's no indication that Wells Fargo actually made more money doing this know which is really why it's incredibly stupid. It's so baffling because they didn't make more money doing it and Wells Fargo has reputation of being the best run bank in the country right when Warren Buffett says. I wanna buy every share possibly can. And I wanna put 25 billion dollars to work in the company that's over 100 year track record. So it and to prove your point whilst forgo the stocks since the crisis is up 27%. The banking industry is down. 43%. Yeah that's what kind of an outperformer wells has been and that's why this really such a dry eye dropper because. It's inexplicable how they would do something so. Still they they made what it was like two million dollars when it was all said and done if it was nothing for the risk that they talk and they just want to show. That for each customer they had more counts that day. Even though they weren't leveraging it for more profit they'd say OK. John Smith has an average of eight accounts as opposed the Bank of America four counts therefore you know we have all sorts of upward mobility and nonprofit. Abilities so even though there was no additional profit that was made necessarily is that the kind of thing that likely. What if you're an analyst looking at a bank stock is that the kind of thing that you look at when you're trying to make a buy or sell wreck on. I think you start looking now at at the at the statistics of how many accounts per account holder do you have yeah. Can be a fudge number Mitt make it to more legit now because they've been caught that. But yeah that's that's something they brag about that they are the leverage their business across multiple accounts. And I guess that they didn't really make more money doing it but they got themselves in big trouble real challenges to our rebuild the trust there amongst their customers quick break here when we come back. And talk a little bit about Samsung and how their problems continue. To deepen at that point you're listening to the financial exchange from our insurer match dot com studios. How all the upcoming election affect your finances and your business but no right here in the financial exchange on the financial exchange radio network. The 2016 presidential race has been volatile emotional and completely unpredictable but one thing is for certain on November 9 will have a new president elect and whoever wins investors should be prepare for market fluctuations hi this is very are strong and I'm not here to tell you who to vote for what I'm here to tell you is that my team and I have put together a guide can help you evaluate your financial strategies regardless of who wins call today 803934001. Request your free guide how a Clinton or trump victory would impact the market and ask about our free one hour review of your current investment portfolio take advantage of this free guide and our free review of your investment strategy before a new president is elected call today 803934001. That's 803934001. Or download the guide from our website financial exchange show dot com. Securities offered to securities America incorporated member and as a DC advisory services are with the securities America companies incorporated Armstrong advisory group the securities America companies are not affiliated. Advance the state claiming has many benefits including avoiding probate passing your assets along to your bloodline divorced proofing your kids' inheritance estate tax reduction and possibly eliminating estate tax each week Todd lets you know partner with the law firm of -- dole and educates our listeners by telling them how to protect their assets from the high cost of nursing homes and this month he's offering a brand new guide called back to the basics to help you avoid this very important factor call 8668485699. To get your guide today don't put added financial strain on your spouse if he or she has to go to a nursing home called -- for your free copy of back to the basics -- 8668485699. You can also downloaded by logging onto our website at legal exchange showed dot com the law firm of -- in Dolan has been helping families protect their assets for more than thirty years let them help your family 8668485699. That's 8668485699. Or visit legally exchange showed dot com. Hi everybody very Armstrong here from the financial exchange and I'm joined by. Leader bank does a tremendous amount of mortgage loans as a matter of fact I've used them a couple times to refinance properties in the past. Jake how's the mortgage disease it's an extremely busy very. There are a lot of people buying homes. So that's kept the purchase market very very busy and then on top of that race are still at all time lows right so we've a lot of folks who are refinancing their homes either to get a better rate or pull some cash out because their properties appreciate it. That's I was gonna ask you how does somebody know whether they should call to refinance. Well you know. Dude there's really 22 ways if they feel that the rate can be improved. Give lesser rate down and you know thirty year fixed raise her all time lows. If you have anything in those in a 4% range frankly give us a ring canoe might be able to do something K okay or if you need to take some cash and of your property wondered for college tuition for your kids are you guys have home equity lines of credit we have home equity lines of credit as well and the cool thing about that is. If you already had a great look raid on your first mortgage and get a home equity line of credit which will leave your first loan as it is and allow you access the equity built up in your home. Makes an awful lot of sense and you've got fifteen year fixed rate mortgages five year adjustable rate mortgage all types and flame we we have all types of that in addition to that we're actually very active Jumbo lenders so. As properties have really appreciated in the markets in Massachusetts. There's been a higher demand for Jumbo loans we do a lot of that so last year Berry were actually not the number two home purchase minor mass. It uses it for you congratulations. Folks that's Jake too early from leader bank they can be your mortgage bank call them toll free 8776917. B 900. You can check out all their rates online at leader bank dot com. Or you don't talk to human being given McCall they have loan officer standing by right now 8776917900. That's toll free. 8776917900. Security security ink member in. Our securities America. On represent our target recruitment securities America companies that. It's our daily poll question had financial exchange showed dot com. Vote your conscience there aren't just vote. Go to financial exchange oh does come and test away. Over the last one there's so we've discussed the continuing problems with Samsung's. Galaxy note seven. To the point now where they have stopped production and pretty much. It's it really has just done some significant damage to the brand and I think John what I find interesting about this and this is my perspective and I may be wrong on this but I think there are a lot of people who may have looked at Samsung phones previously. That won't look at them now just because they don't realize this issue is limited to one of their phones it's not affecting every model it's just this galaxy nobody I say other Samsung phones explode I don't wanna get one now. Right now the question is what do they do I think this narrative that the raw gonna be buying apple. Is using correct because these people are used to the android operating system. Scene and I would think it would create opportunity for other android's especially some lower priced ones. But again I read that it even if just a small percent of them went to apple it would be quite a boost like several million. New iPhone so this is this is definitely help helping out a lot but. I think what's most disconcerting your jock is Samsung's really warm response to this crisis everybody realizes something bad can go wrong. But they've watched this so bad by number one denial. Number two coming up with the solution of piecemeal kind of replacing phones as you go. And then the disaster of having one of these things blow up on a plane. In someone's pocket. It was a replacement phone well in what I find. Interesting about this is that they're different ways that companies deal with crises some of them admit to a right away and try to handle it some of them denied denied denied. With Samsung and that the vibe that I've continued to get from them this whole time. It's almost one of incompetence it's like they still don't know where the problem actually is yeah and I don't know that's better or worse than denying it and. You know you're you raise a really good point of the bottom line is Samsung is a massive conglomerate that has so much going on. Cellphones or just us tiny part of their overall company right people here may not realize that he is just a massively large company ticket GE almost 80 a lot bigger yeah what would she used to be right before exactly broke up. But yes so the question I have to ask serious you know. RT on top of what's going on is this true bigger bureaucracy running to a larger company right and this is this raises serious quality issues and one article that we we were both of us read which got our attention was this is this happened with all the products Samsung is that. There was a story here but this woman who through lower bed sheets into her Samsung Electronics washing machine would offer dip in the pool. Fifteen minutes later she heard a fire alarm with a thick plumes of black smoke and bright orange flames roaring from her laundry room. Now they saved her house but she. And here's the real ironic thing she joked her friends that maybe Samsung should stick to making phones oops. While they try to do that it didn't work out either but again they have the same issue there with that problem where they ignored it. They kick the ball down the road and they they just they just did not take care of the problem. Yeah it it is really be in a lesson in what not to do in crisis management from Samsung. And it's unfortunate because they look they have historically had good products but the management here. Just seems unable to get out of their own way. And in its cause some real damage to that brand right now. Folks wanna talk to you briefly about something that we've been talking about for the last couple weeks here. I'm November 16 Berrian are going to be doing a seminar. At Wingate residences in need and we're going to be broadcasting from there and then afterwards going to be talking about what might happen with the market. And how may affect your financial strategy investors need to be prepared. For potential market fluctuations yet the chance of seeing that we're already seeing some fluctuations heading into the election in this election cycle has been volatile. And we will be providing information that may be able to help if we see this volatility continue. The event is limited and it will fill up quickly so make sure that you reserve your spot today all you have to do call 80393. 4001. That's 803934001. Securities offered through securities America incorporated member Finneran SIPC and advisory services offered through securities American companies incorporated Armstrong advisory group in the securities America companies are not affiliated. Let's talk a little bit about a partnership that Toyota and Suzuki announced. Yesterday announcing that they will explore and I quote cooperation on new vehicle technologies. Dickerson stuff by they'd be working on somebody says the new vehicle technologies and when you think about Smart cars autonomous. Electric vehicles there's so much going on here. But it really is almost beyond the scope of woman midsize read a large company and I think. What Toyota and Suzuki doing here saying you know what there's that managed to scale there's an advantage to teaming up here in putting our brings together. In come up with some ideas that may be revolutionary and require a lot of different people and a lot of input in a lot of different dot shared expenses and development teams. Accusing a lot more cooperation between auto makers these days and this continues to obvious sign of that with this deal let's let's do a little bit of trivia here. We are doing trivia about the Cuban missile crisis that began 54 years ago this week. Where we want to start here. OK we'll start off with an easy one here who was the leader. Of the Soviet Union during the Cuban missile crisis once again who was the leader of the Soviet Union. During the Cuban missile crisis Texas at 68680. First response that is correct gets a 25 dollar gas card additionally. I wanna make all financial exchange listeners aware that Armstrong advisory group is offering free portfolio reviews at AG. We're ready to help you pursue your financial goals so call us today toll free 800. 3934001. And set appear appointment today that's 80393. 4001. Once again text us at 68680. If you know the right answer when we come back. We're going to be talking about recreational marijuana in Massachusetts we're gonna be joined in studio. By Rick Steve and our insurer match dot com studios. Making your Smartphone even smarter. Dell logo mobile lab by surging financial exchange show in iTunes or those who who played stores. This is the financial exchange radio network. 2016 presidential race has been volatile emotional and completely unpredictable but one thing is for certain on November 9 we'll have a new president elect and whoever wins investors should be prepare for market fluctuations hi this is very are strong and I'm not here to tell you who to vote for what I'm here to tell you is that my team and I have put together a guide can help you evaluate your financial strategies regardless of who wins call today 803934001. Request your free guide how a Clinton pour trump victory would impact the market and ask about our free one hour review of your current investment portfolio take advantage of this free guide and our free review of your investment strategy before a new president is elected call today 803934001. That's 803934001. Or download the guide from our website financial exchange show dot com. Securities offered to securities America incorporated member and SIPC advisory services are with the securities America companies incorporated Armstrong advisory group in the securities America companies are not affiliated. Advanced state claiming has many benefits including avoiding probate passing your assets along to your bloodline divorced proofing your kids' inheritance estate tax reduction and possibly eliminating estate tax each week Todd lets you know partner with the law firm of -- -- dole and educates our listeners by telling them how to protect their assets from the high cost of nursing homes and this month he's suffering a brand new guide called back to the basics to help you avoid this very important factor or call 8668485699. To get your guide today don't put added financial strain on your spouse appear she -- go to a nursing home call now for your free copy of back to the basics and 8668485699. You can also downloaded by logging onto our website at legal exchange showed dot com the law firm of -- -- Dolan has been helping families protect their -- for more than thirty years let them help your family 8668485699. That's 8668485699. Or visit legally exchange showed dot com this summer is still. -- of the kids are back in school and raring to go in this is a perfect time to reset your schedule in its priorities it's amazing how much you can accomplish by taking a few minutes to look at the big picture and part of that for me it was reviewing my insurance plants -- this is Jason Walsh chief marketing officer of the financial exchange radio network in if you're like me and needed to reset on your insurance policies I want you to call the insurer -- agency one call provided me with multiple quotes from several of the top insurance carriers I wound up with a revised homeowner's policy in a brand new auto policy that included coverage of a third car from my older daughter because lord knows she doesn't wanna wait around to borrow my college -- match today at 844 and 99 -- -- -- -- four and 99 match and through their Massachusetts division in charter let -- research and present you with -- information that is bound to help you are saved over a thousand dollars a year in my new deal and I know they'll try to do the same for you call today at 84499. Match or visit them online at insure a match dot com. It's not too late to get a great raid on a whole mortgage leader bank specializes in a wide variety of purchases and refinance loans at some of the most competitive rates in New England a dedicated loan officer will work with you every step of the way and their local decision making means a faster closing call 8776917. To 900 that's 877697900. Or visit leader bank dot com. Your dream home is within reach with a Jumbo mortgage loan from leader bank their jumble loan program designed for financing in excess of 500000 dollars offers fixed or variable rates for both purchases and refinances all originations are managed by your bank's local underwriting process and teams for additional information call 8776917900. That's 8776917900. Or visit leader bank dot com. Member of the NC equal housing lender and -- number 449250. Subject to credit approval leader bank a step ahead if you're like me I'm sure you've been following the presidential race it's been unlike any -- seen in recent memory and regardless of who wins it's very important for you to take a look at your investments so he can be prepared for any changes that may come to the market hi this is very Armstrong and I've put together a brand new guide titled how -- Clinton or trump victory would impact the market call for your free copy at 803934001. That's 803934001. Or you can download it from our website financial exchange showed dot com don't wait until the election is over to evaluate your current investment strategy calls today get the guy and take advantage of our free one hour portfolio review the election is coming and that may mean more market instability call for your guy today at 803934001. Or download it from our website financial exchange showed dot com. Securities offered through securities America incorporated member been SIPC and advisory services are offered for securities America companies incorporated Armstrong advisory group in the securities America companies are not affiliated. The markets are still well lol yeah. Get our weekly monthly recap by becoming a member of batteries for gates' visit financial exchange showed dot com and sign up today. Our trivia question prior to the break was who was the leader of the Soviet Union during the Cuban missile crisis the winner. And the winner of the correct answer. With Nikita Khrushchev who wet the Soviet Union during the height of the Cold War serving as premier from 1958 to 1960 or who the right answer. John it was brought him from Salem New Hampshire and he went to 25 dollar gas card to show. And don't forget about the Armstrong advisory group's offer for free portfolio review. Let aging help you pursue your financial goals cultivate toll free 803934001. That's 803934001. And set up your appointment today Armstrong advisory group and the securities Merck companies are unaffiliated. We're joined now in studio by Rick Steve not going to be talking about travel though. We're going to be talking. That legalized marijuana Rick thank you joining us today it's my pleasure and it is kind of its travel I mean. You know I as a place total Monica and it does take you somewhere so there's there's no doubt about that to talk to me I guess about how you became involved with this issue to begin. You know I've been tucked speaking out about drug policy reform in the United States for about twenty years have been a board member of normal the National Organization for the Reform of Marijuana Laws for ten or fifteen years. And it comes from my US spending a third of my adult life in Europe hanging out with people who. Find deterrent about as exciting as it can appear in Europe they really have taken the crime out of the equation. And they recognized that the challenges of drug abuse and they want to include it as say education and health challenge traffic in the criminal one. In United States for more and kind of getting the boot legislate morality and tell people to just say no and and so on and in Europe they have a an idea about pragmatic harm reduction. Rather than incarceration and and sort of inspired by that and it's interesting how in Europe and United States are dealing with same problems and we can learn from Europe. Pretty feel about the progress that's already been made on a state level whether we're talking about medicinal marijuana in a number of states as well as the several. That have now fully legalized it at the state level we tell you feel about where we've come in the last ten years. Ovals from a drug policy reform fatigue I think it's time it's it's breathtaking how fast to where we're moving in this direction and I think 26 states now have legal medical marijuana and of course my state Washington State along with Colorado for years. Decided to legalize. Regulate and tax marijuana. I do want to stress that check that this is not pro pot this question for his anti prohibition it's pro civil liberties and look at this pro fiscal responsibility it. It's anti racism in our drug laws and so on. But it's not pro pot I'm not pro putt I do not support pro pot legislation and there's a lot of that I just haven't supported yup this is a public safety block and it's something that. Law enforcement can can. Conceivably get their their arms around and I know in in Massachusetts there's a lot of opposition to this. But I find that the discussion among your your states at political establishment is like it's 2010. And they're wondering what's gonna happen if we legalize marijuana. That we know what's gonna happen when we legalize marijuana nothing that you will not go up crime will not go what teen useful not go up the only thing that would go wept his tax revenue. For our listeners that are unsure of the difference between pro legalization in pro marijuana. Can he can you give us a little bit of clarity in terms of what the with the differences in your opinion on those ideas and and really where the line is it. Okay well in in my state and we had a question for four years ago Coca and it was them highly debated and 57% of Washington State voted to legalize tax and regulate marijuana. I'm a friend of army apart governor Tinsley and he wasn't as he was not pro pot or anything that he just didn't think about it much he was elected the same day we Wheatley plays Maryland and suddenly he's in the port friendly sitting on an elegant well any ethical and I dissect him a week ago and he's thankful that we do not rest 8000 people a year in our state that we would have arrested otherwise pretty nonviolent pot smokers can and in my state our governor has a 120 million dollars of tax revenue every year he wouldn't have had otherwise. 120 million dollars now that's not because more people are smoking pot. That's not coming out of anybody's pocket that more people are not smoking pot it's just we have been huge and thriving. Black market that was empowering and enriching gains in organized crime and our state. Four years ago the illegal marijuana rival Apple's as the because cash crop in our state and really in Washington that's a big deal. Now today. That consumption has not got to bet the black market has had the rug pulled out from under it. And that 120 million dollars is coming out of highly regulated. You know government checked and controlled retail outlets. And it also creates a lot of jobs in Colorado they just released a statistic pretty crate 26000 new jobs in their marijuana industry. But in a 21 stress it it's not because use has gone up most of the opposition's points are assuming you Cisco and happened. Every society that that had to struggle with this challenge has found there's no correlation between consumption and how strict laws are. In Europe that the debt repayments you know for their copy shop at their liberal approach to marijuana. By every estimate that every credible statistic estimate they're government our government that you government that Dutch smoke. Less than the European average and they spoke far list that per capita than Americans do and you can do part time for smoking pot here in the United States. But in terms of the political reality the fact of the matter is that right now drug overdoses in the form of OP notes. Is arguably our greatest social issue at this moment. With that now when epidemic I'm just wondering if the timing could not be worse. To say let's legalize a gateway drug to this. The current year assuming two things that marijuana a gateway drug. In the use will go up if you if you leak was not gonna go down know no one smoking posthumous like they legalized it therefore I'm not going to take it anymore no but there's not a risk or decent people that are just thinking to doctor and my black smoke and partly it was not gonna let people who wanna smoke pot today smoke but they do it for idol I don't know that I'll effectiveness of Olympic ice I don't smoke pot right now but if it was a readily available. I have a joint what would happen. Again. That's civil liberty you can do that if you're over 21 in the privacy of your home and if you drive. And your intoxicated or the author of the book and the margin Manhasset on paper but getting OK let's do have to OK let's assume these will go up a little bit. You're assuming marijuana is weaker now. Europe has dealt with this for a long time and so have a lot states and our country and who we found that the only thing gate way about marijuana. It's edited to illegal because at the chief legal you gotta buy it from a criminal on the street has got a vested interest. In telling you something more addictive and more profitable. When you take the crime out of the equation yet to buy it from a regulated shop and they're gonna cards you are under when he went. In my state for years ago the children's alliance now this is not grannies for guns. This is a hundred organizations church groups and so on whose mission is to take care the well being and safety of families and children. They debated this issue and he Yunnan it's mostly endorsed. Our question for yes on question four in Washington State for years ago because people in this business of protecting children know. You'd the most dangerous thing about marijuana is that it is illegal. If you're a parent and you've got a teenage kid and they have a little in discretion and they get past it. That kids can have a tough time getting into college they're gonna have a tough time getting a chopper getting alone. That's a real. Difficult bump in the road not for rich white kids. But reflected in people of color this is a racist like a rich guys like stoked that if it's small part with with the with discretion for the rest elect never had any problem. It's that black people and the port people dedicating disenfranchised. And rested as the new Jim Crow. There's so many just common sense reasons to. Two to take the crime out of the equation and deal with drug abuse as a serious problem help and an education challenge and about the OP John. Portugal and the Netherlands have had a huge opium problem. And what they did was they took the marijuana out of the equation they got credibility for their law enforcement's in the focused on the hard drug addicted population. In Portugal the work for addicted is inflate. These people are not criminals they're sick people there and slaves they don't need cops and judges and lawyers they need counselors and they need nurses. After Portugal had a terrible experience with a dictator Seles or they got rid of the dictator when it society does that. They have hedonistic flame and had a lot of people the cut in production at a 100000 are predictable period. That people. And in ten years since they legalized it consumption of all drugs. Marijuana has not gone up. The populated addicted population has dropped by 50% they've saved millions of dollars that law enforcement as people focus on serious and violent crimes are drug problems. And the conservative people who opposed that law in 2000 when it was up for re assessment in 2010. They were in power. And they said let's do it again this is Smart drug policy. Rick what are the questions that I have gotten from folks in law enforcement when I talk about this. Is regarding the issue of animals and how to properly. Figure out how to deal with them just as it's it's very challenging especially when you're talking about situations in vehicles. To figure that's it to figure that out is there any thought with regards to. How to handle huge that this is a very important public safety issue is at a balls and part of legalizing marijuana is having notables and remember this is an initiative and the great thing about an initiative is state legislatures can tweak the rock the rules when that they get it up and running. And wheat in oak. Organ in Alaska learned from Washington after we leave list for years ago and illegal is two years ago. Colorado Islam has learned from Colorado artwork messages that's why has learned from these other states. You have a Smart are right now and we've learned in Colorado a certain this in particular. That packaging and labeling is really important when it comes to cannibals and we need to be vigilant about fat. But I I also wanna remind you that that. You know when people are bringing up these kind of issues there. They're cherry picking the problems and yes at doubles is an issue but the big issue is what is best for kids and as I mentioned earlier months ended to know. The this situation knows that the dangerous thing up marijuana for their kids. Is the fact that it is illegal we need to regulate we need to get it up the street. And that's what societies have found is the great accomplishment when you get Smart about drug policy reform. Or did what Rick thank you very much for joining us someone does want to learn more about this is there anywhere that they can go they can go to the yes on question for web site thickened Google Rick Steve's and marijuana and learn probably more from the ever wanted to know I've I've been studying this for a long time and I'm really proud to come from Washington State. Spoke to Massachusetts and and just try to raise awareness of this important issue and I want to stress again that it's not pro pot this is Smart policy this is the end. A bit of it very difficult prohibition and back in the thirties when they legalized alcohol after prohibition. They were thing booze is good they were recognizing that the laws against alcohol were causing more problem to their society than the soft drug itself and that's what we're doing today in the United States. And it's then when you take on a federal prohibition ticket down when stayed at a time. And we're about to ready to end to the federal Warren Maryland. Very good richt thank you very much for joining us Rick Steve's in studio with us we're gonna take a break when we come back David Peltier from thestreet.com is gonna join us a little bit of stock talk for march or match dot com studios. Isn't really but Marion -- Got -- -- -- exchange on the financial exchange radio network advanced state planning has many benefits including avoiding -- passing your assets along to your -- -- proofing your kids' inheritance estate tax reduction and possibly eliminating estate tax each week -- a partner with the law -- of -- -- educates our listeners by telling them how to protect their assets from the high cost of nursing homes and this month he's offering a brand new guide called back to the basics to help you avoid this very important factor call 8668485699. To get your guide today don't put added financial strain on your spouse if he or she gets to go to nursing home call now for your free Columbia back to the basics at 8668485699. You can also downloaded by logging onto our website at legal exchange showed dot com the law firm of -- and Dolan has been helping families protect -- -- for more than thirty years let them help your family 8668485699. That's 8668485699. Or visit legally exchange showed dot com. If you're like me I'm sure you've been following the presidential race it's been unlike any we have seen in recent memory and regardless of who wins it's very important for you to take a look at your investment so he can be prepared for any changes that may come to the market hi this is very Armstrong and I've put together a brand new guide titled how -- Clinton or trump victory would impact the market call for your free copy at 803934001. That's 803934001. Or you can download it from our website financial exchange showed dot com don't wait until the election is over to evaluate your current investment strategy call today get the guy and take advantage of our free one hour portfolio review the election is coming and that may mean more market instability call for your guy today at 803934001. Or download it from our website financial exchange showed dot com. Securities offered through securities America incorporated a member of the SIPC and advisory services offered through securities America companies incorporated Armstrong advisory group in the securities America companies are not affiliated. Tiger but it very Armstrong here from the financial exchange and I'm joined by Jay tool who's a senior vice president at leader bank. And leader bank has an exclusive. Program for those of you who are landlords if your corrupt collecting rent from one tenant for a 101 tenets. He ran it might be something that you want to look into Jake talked to us about zero how long has it been around. We've been offerings he ran for almost two years now two years and his have been successful spent extremely successful we've. Offered this product to really target our landlords who are still collecting checks in paper form in this day and age. And the purpose of zero needs to really bring everything online meets electronic. But more importantly. Had to be said it and forget it so what's a landlord has their tents set up. And really there's nothing that needs to be done until the leases over. The ranks is automatically drafted from the Tenet's account can you choose the dates of the month as it always the first of the month or could it be the fifth there. That's a sign attendant on the fifteenth to to be the fifteenth of every month yup absolutely so landlord cites the initial date. Whatever day of the month that is. It'll be the same date every month that'll be collected how much does it cost the landlord to set this all so it's absolutely free if the landlord banks with us OK so if you're a landlord you have your bank account leader thank you get this is you rent service for fully get for free now if you have a bank account elsewhere will still provide a service for small monthly charge. And if you ever decide to move your bank relationship over waive the fee so it's pretty pretty simple it's pretty cheap. And it's a great product are landlords are absolutely loving it. Love it all right it's called see rent and the website for it is www. Zero rent dot net. Or you can call leader bank get 8776917900. To learn more 8776917900. Collect your rent electronically makes an awful lot of sense to me the phone number again 8776917900. Or visit. Zero rent dot net. If you missed any part of today's show not to worry for the financial exchange showed dot com and click the listen. Then click on demand and catch up on every segment. You'll also find podcasts of all of our poll shows just punch up that listen button had financial exchange show does come. This segment of the financial exchange is brought to you by C rank if you are landlord. Take advantage of zero and a fully automatic online recollection tool that is free for landlords and tenants signed up an average checks deposited directly into your account. Call 8776917900. Today or visits he rants. Dot net we're joined now by David Peltier mr. we're going to be talking couple stops them is that right John yeah David Pelletier from thestreet.com joins us David Dunn thanks for joining us. Gentlemen thanks for having it done at the pocket. Great to talk to you David now we talk about a couple of stocks your VCs. Is one of the VF corporation. Lifestyle apparel and footwear that's a that's very you'd better get right right. Exactly and they have been in a lot of ways it you probably know of the upper. Like north Bay's been. And and not occur batter and the F corporate belt but the the company it's got that right gore over the past or decades. They he consistently reward their investors with the event. And berated every October and in general I credit the good. To invest in the company before they raised it dividend and I think that management will do so once again this year. You need that really got my attention company like if you do worry that they might not get. The apparel mix right or that you know what they have right now might end up being a little bit of a fan that might Wear it Wear off but. When you look at in nineteen PEN a two point 7%. It looks like sustainable dividend echinacea protection. Absolutely. In the the company also paying doubted that. That the I think at this point in the market and interest rates will be moving higher reporting Lou lower but when you look at dividend wanna work with companies. Better steadily increasing their pay out Europe per year and not just chasing the highest yield out there. Good advice there were seeing a lot of rotation going on Wall Street does specifically event for that reason. Eaton Vance core is symbol EV. Now they are global asset manager been around since 1924. What you tell us what that. Yet not what little larger that managers out there but the company then moved in lockstep with each other. And in general stock are steadily and consistently moving higher annual heed these companies continued to attract that's all happen. And again very much like yet are the band they're boosted their dividend 35 consecutive years. It'd two point 7% yield about 1% higher than the ten year treasury. And again when you're done with country like Eton I think there's room to raise that they have it and bring earnings growth dividend growth. And investors can get consistent double digit returns over time. Yeah how bigger they in the United States relative to the rest of the world. Eaten isn't like it that are not one of the biggest players they're not. It is one of those firms that if they're not managing your 401K. You know we a lot of advertising from them there's only four billion dollar market earned. But in general we like the played some of the names that by under the radar from. Banned by just the blue chips out there in general I think is that for investors to make more money over the long run. With such a race to the bottom though on expenses. My only concern David this is do they have the scale. To be able to be a top player in this environment that is so cutthroat. There's probably room for consolidated in the debate going forward and I think they've eaten whether they're stand alone. Or they decide to do it similar drug. Emerge with a bigger player over time I believe that investors will continue to get ordered the stock up 4% year to date. You getting and I 3% dividend on top of that. And I think they'll continue to be consistent returns over the lot aura could dispute takeover candidate. Outlook we don't we we never recommend doctor Biden early on takeover speculation but I believe there is room. Or consolidated in the states and eaten as one of the smaller players. There's more likely to be bought and the buyer and a bigger. The question to you in the global asset manager space or in the asset management space. Are there other companies that you like besides eaten that but that that deserve attention. Well he would Europe but they acted Merrill a law. That base is getting interest from from Wall Street these days. And that's because you are being people move back into the market you are being trading activity pick up. They're frankly right now there's a lot there's not a lot of market visibility right now then you have to be selective in where you put it past the work. The financial aid is an attractive base right now. And again the Eaton you get that buffer from the dividend that a lot of the other financial firms don't currently copper. Great points yet two point 72 point 8% to. In this environment you can be very patient is that if you think that is a sustainable that dividend to. Absolutely I mean at the company that they've they've raised the dividend every year. Almost before as Bart I mean they've been doing it from a forty years now they're gonna do it again. And that is something that investors can really really paying a year after year quarter after quarter. Excellent advice David Peltier thestreet.com thanks very much have a great guy. Your critics. Couple stocks there from David again the stickers on them should you want to do a little bit of research on your own VF corp has a ticker the FC. Eaton Vance with a ticker UV and as you mentioned in a couple dividends there need advanced and VF court both up in the high two's which. Isn't a ton of money obviously but it's enough so that if you believe they're good businesses helps to supplement that total return. You know the best of both worlds oftentimes you get that yield somewhere in the twos to give a company that really can grow up you can get your growth indicated dividend income to get a lot of times a 5% dividend payers are some of the most dangerous wants the growth he ones that are in the twos I think sometimes there are most attractive. Absolutely thank you for joining us for this hour of the financial exchange you've been listening to the financial exchange from Orange or match dot com studios. The 2016 presidential race has been volatile emotional and completely unpredictable but one thing is for certain on November 9 we'll have a new president elect and whoever wins investors should be prepare for market fluctuations hi this is very are strong and I'm not here to tell you who to vote for what I'm here to tell you is that my team and I have put together a guide to can help you evaluate your financial strategies regardless of who wins call today 803934001. Request your free guide how a Clinton or trump victory would impact the market and ask about our free one hour review of your current investment portfolio take advantage of this free guide and our free review of your investment strategy before a new president is elected call today 803934001. That is. 803934001. Or download the guide from our website financial exchange show dot com. Securities officer securities America incorporated member and SIPC advisory services offered to securities America companies incorporated Armstrong advisory group the securities America companies are not affiliated. 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The summer's over the kids are back in school and raring to go in this is a perfect time to -- your schedule in its priorities it's amazing how much you can accomplish by taking a few minutes to look at the big picture and part of that -- for me was reviewing my insurance plants -- -- -- Jason Walsh chief marketing officer of the financial exchange radio network in if you're like me in needed to reset on your insurance policies I want you to call the insurer matching agency one call provided me with multiple quotes from several of the top insurance carriers I wound up with a revised homeowner's policy in a brand new auto policy that included coverage of a third car from my older daughter because lord knows she doesn't wanna wait around to borrow -- call insure a match today at 844 and 99 match that's eat for four and 99 match and through their Massachusetts division in charter let them researching present you with -- information that is bound to help you are saved over a thousand dollars a year in my new deal and I know they'll try to. Law firm Cushing and Dolan and we're talking about the basics of estate planning. Todd I've heard that if you don't have a trusted place a married couple worth two million dollars. Could end up gifting 100000. Dollars of the Commonwealth of Massachusetts. Is that possibly true. And not only is it possibly true I think it's. It's a fact I mean Anne and basically that the reason that is folk says. Because you have a million dollar exemption here in Massachusetts. And that means that I can leave a million to someone other than a spouse and my spouse can leave a million to someone other spouse and there's no tax. But when you have that simple well in place that leaves everything to my spouse when I got a picture and you think you don't have anything else to do well. I die I pay no taxes my wife pays no taxes but my wife now has. Two million dollars for example right so she's got everything that we had together. Well when she dies as in two million bigger than one million. Her exemption is one million. My exemption is lost is wasted so now that two million dollars is gonna be taxed and in Massachusetts state tax on the whole ball. Not just the amount over. And attacks on the whole boat and two million dollars in Massachusetts is. A hundred brands such a voluntary tax like you say you're making a gift to the commonwealth you put together that trusts whether they be re vocal folks or irrevocable if you wanna add nursing home protection at the same time. These trusts will shelter. The million dollars purse by house thereby eliminating your estate tax or your gift to Massachusetts that's an example of what is covered in this month's guide it's called back to the basics 8668485699. It was created by Todd what's key in Cushing and Dolan. 8668485699. Call now and get your free guide back to the basics. 8668485699. 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Stay informed and up today about economic and market trends plus get breaking business news every day. And now the financial exchange with the Barry Armstrong and chuck soda. Well I'll tell you what this is a week where we are starting to steal a little bit of volatility in the markets. To exotic here along with John Moody very Armstrong. Out for the day so we are run in the show. And markets today. Struggling I think is the right word to want to use right now Dow Jones is down 177. The SP is down twenty. The NASDAQ is down 57. Pretty much a broad based sell off the only sector that is up today is the utilities sector which it sold off a whole lot the last month anyway. Yeah when utilities erupt you know there's concern is that were people hide out when they're most worried this a lot of concern about growth here at some numbers from China that make it. Mickey questioned how much stuff they're selling to people overseas like us that like we're not. Creating that much demand and give concerned about the global economy and make your concern about interest rates I think at the Fed minute shift concern that rates are going hires this matter when. And you get a lot of concern about politics what you like one side or the other the fact that we don't know. How the house and senate are gonna go low another's a lot of variables that could affect stocks. A lot well I'll tell you what we also got some data coming in just a couple minutes ago crude stockpiles while natural gas stockpiles. Both of those numbers up crude up by four point nine million barrels as the first jump in six weeks now. Natural gas inventories. Up as well so continuing to see some movement here natural gas interestingly enough even with that news. Moving up now on grass now at 330. Yard now alien BTU's natural gas he's been ignoring the news and just wants to go higher it's up 3.3 percent today. Which is the big move. And oil is predictably down but yeah natural gas is acting strange it's it's ignoring them sort it kind of makes little sense to me because I wondered about it when we first started seeing that. Over the last. Three to four weeks and it kind of it's and it's a wise natural gas moving up you know more than what we're seeing in oil. And then it kind of struck me that look with orally you're still seeing increased production out of places like Iran you're seeing production come back on line in Nigeria and so forth. Those places are typically using traditional drilling and I'm doing anything complicated when he's coming off line is all your fracking in the US that did produce a ton of extra Nat gas in addition. Yeah and that's why I think look. You may see Nat gas continue to rise because the new fracking activity we what do the rig count yesterday we doing about 570 rigs that are active right now that is a third of what we had. During the peak fracking boom back and thirteen fourteen. And you know what big big big picture. If you think about the role of the United States relative to natural gas verses the role of the United States relative to oil. Our influence I think is a lot greener in the area of natural gas in if we go to an administration. That's kind of against fossil fuels and that wants to move more quickly to renewal bulls you wonder if there may be actions that may hurt production of both. Which would adversely affect or would actually help the price of natural gas because it might be less of. Yeah it's it's interesting to watch him continuing to see some movement in and if you will keep you up to date David's is obviously look we're heading right into law. Written to prime heating season I mean it's it it doesn't see the environment it was what 72 degrees yesterday I think upset them though. Should have been in shorts like it was I mean we're talking with warm yesterday you can dentist about it that you go to the beach if you wanted to at a news much natural gas yesterday no I did my part now and go to W over this fall at least I can say that so far. Well let's talk about some some other good news that we saw. This is coming out of not Tennessee based CBL & Associates who is. Major National Mall operator they operate about 89 if regional malls and they're going to be closing the doors and almost all of their properties. For Thanksgiving and this is the best news I've heard all week so. You know I really think he should be a third party candidate who runs only on the issue of everything needs to be closed on Thanksgiving. Make you regret again yet make Thanksgiving Greg let's start with that day will work with the other 364 days that we fix that you know it's in and look at I've heard all the arguments effort well people wanna get the overtime that they will look fine for hours of overtime and the other 364. Daisy. You can do literally one hour per quarter and you can find it so you know. Thanksgiving if you can't respect the fact that everyone should have one day off there. It's tough so I applaud CBS and so it's been doing this this is going to be when it's all said and done is about 15100 mall employees now and also. The averaged can be almost thirteen to 14100 people are malls you're talking about ninety plus thousand people that are going to have the day off at these malls. And I want I. I know some people again I've I've heard the argument well what if someone wants to pick up over time. You would another day there's other overtime you can pick up it's that important to start driving over you can figure it out but close on Thanksgiving. And CBO says its workers deserve the day off. Kudos to them and this comes one week after Mall of America to the very same thing and I wonder if Mall of America basically raised the bar. For other mall operators to say this a good idea. Workers deserve it and yet in addition the fact that people deserve the right to have overtime. For every one person who wants to working overtime I can't keep your five people who didn't want to work who got forced the work that day because no one else wanted to. So I've got an interest in theory on this as well. And I wonder if part of this is due to. The declining importance of Black Friday due to online shopping and I almost wonder some of these malls saying look. It's costing us more in overtime to get people in here. There were actually making on the day right now I wonder if that's what's happening on Thanksgiving and Black Friday obviously look. It's it's still not you still of people getting into fights at wal mart's over shampoo and stuff like that that still happens but I wonder if they're just not seeing the response on Thanksgiving they want and almost wonder if this is just the business is where they're saying. Look we're gonna closed just we can't make enough money than to just by being open. I think the answers all of the above down just doesn't make a lot of economic sense and they also get a lot of goodwill by doing it people like us talking about how wonderful business. So good on a multiple front. So let's let's move now and and discuss our financial exchange poll question for the day to participate just head over to financial exchange showed dot com. We do a new poll question. Every day so the first thing when you wake up in the morning. Go check it out because you concede what we're talking about and he can vote and it Tucker where we run today where we stand self. That question today is our youth saddened or glad that John Stumpf has been fired. By Wells Fargo. Vote for satin or glut on financial exchange showed dock on top what is I never like to take joy in anyone's firing. But it was the right thing to do chair. You know yeah I mean he ultimately he's responsible and you know what you like him or not like my own opinion as he had ago classics. By demand with great power comes great responsibility delivery day you know you wanna sit in the big chair and make a hundred million dollars. This is what you have to deal with so both in our financial exchange polyp financial exchange showed dot com. Once again are you sound and are glad and that John Stumpf has been fired. By Wells Fargo I'll tell you used got to be sad is people over in the UK right now is Ben and Jerry's coming off. The shelves move boy this is a real life example of something we talked about earlier which is the impact of wrecks that on on on your economy. Britain's biggest supermarket. Tesco. Has pulled bad injuries. As the pound has launched its directly there the consummate. End it's pushing the cost of imports much higher you say Gotti got a what does that mean what it means is. Vermont ice cream is a victim. You know what it means because the dollar has gotten so much stronger it's more expensive for grocery companies over there to go. And by products from the US and Ben and Jerry's great product made right up there in love with Vermont some of the best cows you find in America. Well unfortunately it's gotten too expensive for Tesco to be able to sell out there are so it was a disagreement about whether they would opt charge their consumers or whether. Ben and Jerry's would end up bearing the brunt here and what you're seeing when it's all said and done is just loses and you know what. What we're we're we're done we're well were pulled it off the shelves until we can resolve the issue and I'll tell you. If people over in the UK had known that breaks may know Ben and Jerry's. You might see different vote dollar swung 2% at least it would have been if you could had a different vote there okay and and the consumers actually do. Pay a price for this because they're gonna get less products they're gonna get fewer choices. And less competition usually means higher prices as is the downside. And having a more closed economy is as a consumer yield less the change from. And the person who makes that product has more pricing power that. Absolutely so that is what we are seeing over in the UK right now let's take a quick break here when we come back and be joined by Bob Davis from the Wall Street Journal. Talking about. The tech boom that's happening in America. But how is impacting the job market that's coming up right after this break on the financial exchange march or match dot com studios. In. And chuck. Alex. This is the financial exchange radio network the election is almost upon us and regardless of who wins it is certainly possible that we'll see an effect on the market hi this is very Armstrong and I'll be holding a free financial seminar on Wednesday November 16 at Wingate residences in Needham Massachusetts where all explain what changes may be coming to the economy and how they might affect your financial strategy space is limited so reserve your spot today by calling 803934001. That's 803934001. No presidential election in recent history has been as volatile as this one join me for this free financial seminar at Wingate residences in Needham mass and let me help you understand how we trump wind -- Clinton win may affect your portfolio call today because space is limited 803934001. That's 803934001. Securities offered through securities America incorporated member can SIPC advisory services offered for securities America companies incorporated Armstrong advisory group in the securities America companies are not affiliated. Advanced to stay claiming has many benefits including avoiding probate passing your assets along to your bloodline divorce proofing your kids' inheritance estate tax reduction and possibly eliminating estate tax each week Todd what's being a partner with the law firm of -- and dole and educates our listeners by telling them how to protect their assets from the high cost of nursing homes and this month he's offering a brand new guide called back to the basics to help you avoid this very important factor call 8668485699. To get your guide today don't put added financial strain on your spouse of -- she asked to go to a nursing home call now for your free copy of back to the basics at 8668485699. You can also downloaded by logging onto our website at legal exchange showed dot com the law firm of -- in Dolan has been helping families protect their assets for more than thirty years let them help your family 8668485699. That's 8668485699. Or visit legally exchange showed dot com. This summer is over. -- the kids are back in school and raring to go in this is a perfect time to re check your schedule in its priorities it's amazing how much you can accomplish by taking a few minutes to look at the big picture and part of that for me was reviewing our insurance plants by the Jason Walsh chief marketing officer of the financial exchange radio network in if you like me and needed to reset on your insurance policies I want you to call the insurer matching agency one call provided me with multiple quotes from several of the top insurance carriers I wound up with a revised homeowner's policy in a brand new auto policy that included coverage of a third car from my older daughter because lord knows he doesn't wanna wait around to borrow Marc Collins -- match today at 844 and 99 match -- eat for four and 99 match and through their Massachusetts division in charter let them researching present you with -- information that is bound to help you are saved over a thousand dollars a year in my new deal and I know they'll try to do the same for you call today at 84499. Match or visit them online at insure a match dot com. It's not too late to get a great raid on a whole mortgage leader banks specializes in a wide variety of purchases and refinance loans at some of the most competitive rates in New England a dedicated loan officer will work with you every step of the way and their local decision making music faster closing call 8776917900. That's 8776917900. Or visit leader bank dot com. Member FDIC equal housing lender and MLS number 449250. Subject to credit approval leader bank a step ahead. Your dream home is within reach with a Jumbo mortgage loan from leader bank they're jumble loan program designed for financing in excess of 500000 dollars offers fixed or variable rates for both purchases and refinances all originations are managed by leader bank's local underwriting processing teams for additional information call 8776917900. That's 8776917900. Or visit leader bank dot com. Minarets PSE equal housing lender MLS number 449250. Subjective credit approval leader bank a step ahead. Stay on top of breaking financial news by becoming a member of carries brigade mug on the financial exchange dot com and sign up today. What are the biggest things that we've been chatting about on the money it's exchange over the last year. Is the rise of automation as as the tech industry in the US continues to boom and talk a little bit about how this is affected. Every day Americans now will affect everyday Americans you were joined by Bob Davis from the Wall Street Journal bought the author of an article. Americans dazzling tech boom has a downside. Not enough jobs Bob thanks for joining us today. Sure to be here Bob what was the the Genesis where this article. Well we've been doing a number of stories on that economic and social foundation has. It's so backlash we see and you know basically it's that this plan with the economy. A lot of that gets shifted to trade. And trade isn't remotely the most very technology tightly you drove in all those. And working out what you what you see from. The tech boom at this point. Is this different or similar to previous chips and technology that have disrupted the US economy. I would say it's it's similar. In the future might be somewhat different is that. Analysts debated as to whether or new technology produces more jobs are more. You know it takes away more jobs I think what's. What's you know and arguably true is that it takes away lesser skilled jobs. And in the current situation takes away middle class jobs to that part probably you know. What's let's dig in there a little bit in terms of the middle class jobs that are being lost during the shift to that are projected to be lost in the shift. What industries of the is that predominantly affecting right now. Well these yeah I mean if you think about it in the last. Ten years or fifteen years. Can't had been things like libraries and secretary. Maybe some sort of simple computer computer entry kinds of jobs. You know those sort of things but when new. Look at what's happening now he seem more programming jobs getting. Automated. And a lot but I even engineering jobs. Are getting automated a lot of minutes ago clerks and and managers. Also that things where you can basically think of what a person does and figure out a way to write a computer keys to it is same thing. You know I'm interrupting you talk to others such as looking at a company today and thinking. Every time they rent the troubled team they just axe tens of thousands more workers Cisco Systems is not a classic example of what you're talking about. Yeah I mean you know it's productivity is. For the economy are great things in means you can make more with less and who would disagree with that. But if you're one of the people that are the last time that he's got a real problem and so we technology to follow on the one hand. May improve their systems so they need fewer people to produce. An effect this could produce this servers and other stuff. And then to the rest of the economy and make the it makes it easier to replace workers with that with technology. And further workers involved obviously that's not a good thing for the economy as a whole. You might argue that it yeah that you know what we want that but again. He can be a person who's. You know in this site to the the robot. One thing that it is interesting with all of this odd discussion about robotics and automation is that historically. The jobs that have been lost you can make the argument that OK can pick up some kind of other scale in still finds something to do. But we appeared to be getting to the point where you may have robotic replacement it's not a job being outsourced to China or India Vietnam. It's job it's not even being outsourced to a person and the replacement job maybe done by a robot as well as that right. Yes that is right I mean intentionally if you think about it I spoke to I just very. Where the main company would leave side jeans maker and one has their senior executives told me and had forgotten. Which is think of automation. And outsourcing is one thing. I mean it's their companies looking to reduce costs. So the simplest way to reduce cost system movement to China Ramones China at the simplest way to reduce cost is through automation they'll do it that way. Even here in China. And you're doing simple things like. Gosh standing genes which they do to make them look I used to make him look worn. I mean he's I think these things they're amazing you have people with sand paper and literally standing genes and they make almost nothing about there automating those jobs because they can. And even if you're paying their people a couple bucks an hour even a little less than that and machine to do it less than they'll be left tackle. So I even in those kind of jobs terror emanating. Is there any turning back from this at this point Bob. Now there's a turning back I mean I think the question is that. You know what the award technologies will argue is that. You know in in the aggregate. You've produced more jobs because shall create. The more different kinds. Work and that different kinds of work will need more workers and power lines so. If he can't quite apple argued for instance is now all these apps well you know these caps mean people telling things and so date. People selling things produce jobs and talents of course. But you know I think Corey in the Wear and have a point in history where. He just don't know what dance is gonna be I mean that's tonight and turn and it's been true sure. 150 years but it doesn't mean that it is necessarily true in the future that there will be more jobs as a result of automation as opposed secure. Seems to me also that with this round of automation your you're seeing as you mentioned middle class jobs being eliminated as well. And it seems to me that this is almost leading to more of the bifurcation that we've seen in society in the last fifteen years meaning that things might get a little bit worse before they get better. I think that's definitely care I mean. Yeah they'd be less than certainly for our you know young people is is is not just go to school and learn skills that. Definitely you know been true. At least since 1980 where you know these guys and education and the the pay off as just an enormous compared to not have an education but there's that any any addition. Have a social skills as well because it's not just being able to program a computer. And allow those jobs like ours are required he be able to talk as a human being. A lot of those are difficult to replace. I. It would be targeted attack. That common forest and I'll tell you that they are coming for us to buy a drawing a line now right there. Thanks for joining us again Bob. Here Bob Davis from the Wall Street Journal talking about the down side. Of America's tech boom it's tough. I mean it's and it's again this is affecting industries beyond what we've seen historically every industry that exists has a deflationary aspect due to what he just talked about it and I think what is also a little bit scary about this is the pace. It's unbelievable it's warp speed and it makes me wonder what every industry has been impacted but I think he underlined this may be no industry morsel. Then ironically the technology and doctor yep you see it is it's fascinating that. The tech industry almost eats itself as it goes through this it's it's it's kind of mind blown to watch. How that all ends up happening let's let's do a little bit of trivia I think it's it's about that time here. Today we're doing a trivia based on the Cuban missile Christ is the reason being the 54 years ago this week. Cuban missile crisis started so what's okay this is. That one is too easy we can't do that Erica we'll do this how many Americans were killed by enemy fire during the Cuban missile crisis Texas at 68680. Once again. How many Americans were killed by enemy fire during the Cuban missile crisis Texas at 68680. If your first. You get a 25 dollar gas card additionally I wanna make all financial exchange listeners. Aware that our strong advisory group is offering free portfolio reviews AG were ready to help you pursue your financial goals so call us today told free. At 800. 3934001. That's 800. 393. 4001. To set appear appointment today Texas at 68680. If you know the right answer to that trivia question but a quick check on markets John let's let's humorous and it what are what are we sit now right now mark. It's come back a little bit down a 133 in the Dowell down fourteen points the S&P 500 recovered about a thirty or forty points. But Doug S&P down fourteen and a half it's been a rough morning end up a little bit of an attempt to come back here. A little bit of a move back the only sector in the S&P that is still positive the utility sector up about point 9%. Everything else in negative territory for the date thus far on a sector by sector basis so pretty much anything the only out there. Little bit of a rough day to this point we'll see if we can continue to bounce back as the afternoon. Gets underway quick break here we come back talking about Internet cables over to Hong Kong as well as the next big IPO that's. Coming up on our from our insurer or match dot com studios. You've got to Barry Armstrong. Financial exchange on the financial exchange radio network. It's not too late to get a great raid on a whole mortgage leader bank specializes in a wide variety of purchases and refinance loans at some of the most competitive rates in New England a dedicated loan officer will work with you every step of the way and their local decision making means a faster closing call 8776917900. That's 8776917. B 900 workers at leader bank dot com member of. The SE equal housing lender and MLS number 449250. Subject to credit approval leader bank a step ahead. Your dream home is within reach with a Jumbo mortgage loan from leader bank they're jumble loan program designed for financing in excess of 500000 dollars offers fixed or variable rates for both purchases in refinances all originations are managed by a leader bank's local underwriting processing teams for additional information call 8776917900. That's 8776917900. Or visit leader bank dot com. Member of the NC equal housing lender and Miller is number 449250. Subject to credit approval leader bank a step ahead. Hi everybody very are strong here from the financial exchange and I'm joined by. SBA loans. Boy they've been around for awhile but not everybody takes advantage of them and very few people know how they work. They Sperry yes we we to a lot of small business lending its leader bank. We're preferred SBA lender which really means we can maker decisions in house and you quickly within a couple weeks good. So we've been very active because a lot of small businesses have been growing in this economy so for example we have a special right now. Which is small business loans up to 50000 dollars were offering a fixed rate of three point 99%. Fixed for four years and no closing cost. It's been a very popular product but more importantly we're really helping small businesses who need it grow and expand their business. There's a lot of uses for these small business loans and give you a couple of examples so we recently helped the restaurant in Cambridge that was. Doing so well they actually need to expand in the space next door. We help them local law firm. Who need a line of credit to help expand its business sure we helped a young local trucking company by a couple of new trucks. Because they're expanding could so there's a lot of different uses there's there's really no limitations on and is longs for a good corporate use but it's 50000 dollar you pay it back over four years into an interest rate is three point 99%. Exactly. With no closing costs it's a pretty attractive program and it's our way to canning work with the local community and build small business relationships. Very good folks that's. SBA loans call them toll free 8776917900. Three point 99% to pay it back over four years. 8776917900. Toll free 8776917900. Or checked them out online at leader bank dot com. Advanced to stay claiming has many benefits including avoiding probate passing your assets along to your bloodline divorced proofing your kids' inheritance estate tax reduction and possibly eliminating estate tax each week Todd lets you know partner with the law firm of -- -- dole and educates our listeners by telling them how to protect their assets from the high cost of nursing homes and this month he's offering a brand new guide called back to the basics to help you avoid this very important factor call 8668485699. To get your guide today don't put added financial strain on your spouse of deer -- to go to a nursing home call now for your free copy of back to the basics at 8668485699. You can also downloaded by logging onto our website at legal exchange showed dot com the law firm of -- in Dolan has been helping families protect their essence for more than thirty years let them help your family 8668485699. That's 8668485699. Or visit legally exchange showed dot com. The summer is still. -- the kids are back in school and raring to go in this is a perfect time to reset your schedule in its priorities it's amazing how much you can accomplish by taking a few minutes to look at the big picture and part of that for me was reviewing my insurance plants -- this is Jason Walsh chief marketing officer of the financial exchange radio network -- if you're like me and needed to reset on your insurance policies I want you to call the insurer -- agency one call provided me with multiple quotes from several of the top insurance carriers I wound up with a revised homeowner's policy in a brand new auto policy that included coverage of a third car for my older daughter because lord knows she doesn't wanna wait around to borrow -- -- insure a match today at 844 and 99 match that's eat for four and 99 match and through their Massachusetts division in charter let them researching present you with -- information that is bound to help you I saved over a thousand dollars a year in my new deal and I know they'll try to do the same for you call today at 84499. Match or visit them online at insure a match dot com. It's the financial exchange at your fingertips I thought. X 686. AB it's the financial exchange on the financial exchange radio network. Our trivia question prior to the break how many Americans were killed by enemy fire. During the Cuban missile crisis credentialed one route Rudolph Anderson. Was a pilot who was killed when his U2 spy aircraft. Was shot down over Cuba who the right answer John. Justin from Halifax is the winner gets a 25 dollar gas card to go. And don't forget about the Armstrong advisory group's offer free portfolio review let AG help you pursue your financial goals cultivate toll free 800. 3934001. That's 803934001. And set up your appointment today Armstrong advisory group. Big news about the next big IPO potentially. The parent company of snapped chat called snap which day they could work on the name in my opinion. As apparently. Hired investment banks Morgan Stanley Goldman Sachs to potentially IPO as early as the first quarter of next year. And I'll tell you get your big names their mortgage there was tech escort widely renowned as the best. Not tech desk for IPOs and Goldman Sachs obviously needs no introduction. It looks not chat is used by hundreds of millions of people I think they have a 150 million daily active users which is impressive. But they have a bit of value right now in the private market of nineteen billion dollars. The rumor is that the IPO would be in the range of 25 billion dollars plus. This of course the latest in the batch of you know what's called unicorn is these are private companies valued at more than a billion dollars and the class includes over obviously the enormous right healing service. And air BNP both of those worth tens of billions of dollars really interesting that years ago these companies who have long since gone public. But they're very comfortable as unicorn is being private being valued. At tens of billions of dollars are being owned by the Fidelity's of the world. In other investors. I have a hard time. Valuing companies that has that makes pictures that disappear. At 25 billion dollars. This my problem I have a hard time with that and it's got to say they can't make money yeah it's not to say they won't make money could they're they're generating revenue and people obviously is the platform. But what's the long term strategy for you. And think about this is snapped jets that we're charging ten bucks a month Libyan members probably nobody would be a member. If they went and sold advertising. Who buy advertising in something that disappears in three seconds divert time to see my message I. We talked about how difficult it was to monetize Twitter. And the fact that you thought I was about nineteen billion dollars over ballot you and I agree if you get a lot of that back this week it's given a lot of that were being. What how do you monetize snapped chat. I mean look they've they they're trying to do things with the advertisers. I don't quite get it but. Tucker I came to a realization today what's that old men are on old white where you'll have I think I'm too old to understand this now. Why because apparently this is cool and I don't get an aunt in this is kind of a wake up call for me I guess that book I don't get it. But that doesn't mean that this is. I'm having real problems with this he's old and I'm Prius a large order we got to turn to use your doctor did tell us why is this is a ninety this is causing all kinds existential problems formula. Yeah I mean not really debt. Technology I just read downloaded it the other day just 'cause I feel like it's called. I just I just don't. Yeah I our solar using like a lot I don't get how it's worth 25 billion dollars I don't either unless there's some progression here I mean. It pretty much we know what it is now it's very popular there's no question about that. I don't know how to it's similar to a urged come plateaued at the end of the estimate is that snap Chad is going to do somewhere around a billion dollars in revenue next year in 27 team we're beginning net revenue for advertisers who post on the platform in you know it's a Coca-Cola does you know videos that are on the platform and you could follow Coca cold because that's a cool thing to do for some reason. Even though it will just really. A logo in a bottle so the other thing I've noticed is that when you're going through people's eyes snapped chats of stories. You know wedged in between those are going to be out advertisements like a saw a Coke and a story the other days so awesome I don't know I mean look if if you don't a company. Is it that is if you value this company at 25 billion and they're doing a billion in revenue next year after the 125. Times multiple of revenue. And their or their grown revenue quick they're grown revenues still somewhere around 21% a year. So it's it's quipped yeah but 25 times revel here's the thinking to get that to pay off even grown that quickly. You've got to do that for the next like five years in we all know that that growth is gonna slow you can't you 2% revenue forever. And something will be the next big cool thing and I don't get how snapped chat is proprietary I don't understand why some new thing. Two years from now. Will make got beat yeah I used to do that 2016. This gimmick written all over it kinda does it kinda does not know they tried to brought in by yet changing the official name this happened they're coming out those glasses that you just take a picture from sunglasses which I think is the dumbest thing ever. But someone's and it paid 25 billion dollars. The shares affect you know that the that the public market is gonna value than that highly as remember Twitter was right not people low flooded in the buyer of naval lost money so you member group on. In Groupon members red hot Preval was gonna change the way that we shot well what happened it changed the way people lost money and and other people didn't. And there there's nothing really proprietary here you know Facebook's argument is interesting because they have truly scale. They have global scale. They're there and ubiquitous and they are advantages to that they're the global locked in you going to any happens right login with FaceBook it's not login with snapped chat it's not going to be because of what the platforms designed to do absolutely there will be another of version of snap Chad five years from now will be the cool thing and you're right you'll probably go to FaceBook first. I think when you go on to snap jet Tucker don't the first time you login there does that say login with FaceBook yeses. Yeah if that's one of the options strike can log on FaceBook or your email account yet so it you know I look at it and I say. It is a greater likelihood of it being the next Twitter Groupon and being the next face. You know I agree I just I think that's the direction it's going let's talk IPO is a little bit longer Saudi aramco. Biggest oil producer in the world saying hey we're get ready for something. 28 team will still a year and a half off. And you know we're all excited about the valuation of apple nor the 500 billion dollars in talking about. You know someday it'll be the first trillion dollar company Saudi aramco is valued at two trillion dollars. It's just that a mind boggling number they are if you go by this the most valuable company in the world. Probably not a good idea though for them to start a price war. A couple years before they took this thing public because that's obviously adversely impacting their revenues. And I wanted to be really interested in seeing what they are publicly disclosed information is because the one thing about offices that Saudi aramco has always been a great mystery. We we assume that they make zillions of dollars with no. We don't know you know what their profit margins are now we don't know what their financials are we're gonna find that pretty soon it's going to be very revealing. Well in this is going to be a little bit odd. For. Saudi aramco because. The way it's run right now. It's pretty much a couple guys sitting around in the room deciding what they wanna do they ever had to deal with shareholders they've ever had you know with. You know and and I don't know how much of the company they're actually gonna float publicly I can't imagine it's a more than 10% of the very small percent it's gonna be tiny but. They never had to deal with that before you know it's always has been hey. The royalty and in Saudi Arabia handles Saudi aramco that you know he's got you oil minister and what what he says pretty much goes is this going to be a lot of different for them and I don't know if they're gonna like it. Yet the saudis are selling I'm not sure wanna be buying but this also is so. Of all and a very historic day because the saudis really wanna boost their non oil revenue. And this is an indication that they want to raise funds to try to diversify their economy they realize there are great risk being completely dependent on oil. You're financial strategy has to include a thoughtful insurance plan insurance exists to protect your assets and our friends the insure a match agency. Can prepare a personalized plan. They get you the best coverage at the best price. College or match 84499. Match that 844. 99 match many of our listeners all home and one or two cars if that describes you you were the perfect candidate. For a free consultation. To make sure your property and family are safe and properly covered. We'll also dig out all the discounts preferred customers like you can qualify for call insure a match to compare multiple rates. And carriers at 844. 99 match that's 844. 99 matched insure a match works with the leading carriers in the business like our bill. Plymouth rock and more their license for all types of insurance and can save you time stress. And money with just one phone call. And one relationship. Call today 84499. Match or go online at insure a match dot com. News coming out of New York today. We're drivers. Ruled eligible for jobless payments are for unemployment benefits. Saying that they should be treated as employees rather than independent contractors over worst nightmare is happening. Yeah this is the big debate in continuing battle are these workers employees. Or are they contractors. Taxi drivers are saying. This could be a game changer and level the field because Hoover drivers have been ruled eligible for jobless payments. In New York State. How does that work though. You can't be laid off from Hoover. They teach you claim when you're not thriving like they they don't fight or use so I don't. I don't quite I mean look I guess they can't fire you if you end up with you know do you wise in this now that you get rid of the year your ability to drive. But. No one quit school where you just kinda stop driving. Yeah what they're saying it's not clear it's not clear advocates will be able pushed the ruling. If you'll be able to push it. Unemployment determinations are made on a case by case basis. In decisions have been made supporting both drivers employees. But yeah you wonder if maybe this might affect only the busiest drivers who regularly do work 304050. Hours a week. If they could prove that they regularly work a certain number of hours. Maybe there are benefits they are entitled to I would think that that would have to be built in to the cost of the rides. For everyone which from the perspective of the taxi cab drivers would level the field. Some extent what's funny is I think there's such an easy way to get. These people classified as contractors is you let them sit there and pricing. You let them set their own pricing but that's not gonna happen it's. Otherwise you know if the question is what would you rather have people. Drivers had their own pricing saying hey I'm gonna be a dollar per mile albeit dollar fifty yeah you gotta fully functioning market in there and then you can legitimately say that person's running their own business how they want to. I think over rather have that then. This situation with them having to be treated as employees then all of a sudden you got to deal unemployment insurance get the benefits you got there's a whole host of things that you got to do that. At what point to the drivers just break away from over and become truly independent contractors who do the wrong thing. So and develop their own app that is if you wanna ride like Google just ditto yup. We're gonna destroy over the weight over destroyed taxis I mean this like a never ending game here that is where the future is going to be at. Quick break here when we come back we're gonna talk about sports teams now the trying to get you back in the stadiums instead of watching. On TV you're listening to the financial exchange for march or match dot com studios. The collection Toney sixteen who will have an impact on the economy going down hell right here in the financial exchange Obama financial exchange rates work. The summer is over the kids are back in school and raring to go in this is a perfect time to reset your schedule in its priorities it's amazing how much you can accomplish by taking a few minutes to look at the big picture and part of that for me was reviewing my insurance plants -- -- -- Jason Walsh chief marketing officer of the financial exchange radio network in if you're like me and needed to reset on your insurance policies I want you to call the insurer -- agency one call provided me with multiple quotes from several of the top insurance carriers I wound up with a revised homeowner's policy in a brand new auto policy that included coverage of a third car from my older daughter because lord knows she -- wanna wait around to -- Marc -- -- match today it eat for four and 99 match that's eat for four -- 99 match and through their Massachusetts division in charter let them researching present you with the information that is bound to help you -- saved over a thousand dollars a year in my new deal and I know they'll try to do the same for you call today at 84499. Match or visit them online -- insure a match dot com. If you're like me I'm sure you've been following the presidential race it's been unlike any we have seen in recent memory and regardless of who wins it's very important for you to take a look at your investments so he can be prepared for any changes that may come to the market hi this is very Armstrong and I've put together a brand new guide titled how Clinton -- trump victory would impact the market call for your free copy at 803934001. That's 803934001. Or you can download it from our website financial exchange showed dot com don't wait until the election is over to evaluate your current investment strategy call today get the guy and take advantage of our free one hour portfolio review the election is coming and that may mean more market instability -- for your guy today at 803934001. Or download it from our website financial exchange showed dot com. Securities -- -- securities America incorporated -- been SIPC and advisory services offered -- securities -- companies incorporated Armstrong advisory group in the securities American companies are not affiliated advanced state -- has many benefits including avoiding -- passing your assets along to your bloodline -- proofing your kids' inheritance estate tax reduction and possibly eliminating estate tax each week Todd lets you know partner with the law -- of crescendo and educates our listeners by telling them how to protect their assets from the high cost of nursing homes and this month he's suffering a brand new guide called back to the basics to help you avoid this very important factor or call 8668485699. To get your guide today don't put added financial strain on your spouse if he -- she gets to go to nursing home call now for your free copy -- back to the -- at 8668485699. You can also -- -- by logging onto our website at legal exchange showed dot com the law -- of -- and Dolan has been helping families protect their assets for more than thirty years let them help your family 8668485699. That's 8668485699. Or visit legally exchange showed dot com. It's not too late to get a great raid on a whole mortgage leader bank specializes in a wide variety of purchases and refinance loans at some of the most competitive rates in New England a dedicated loan officer will work with you every step of the way and their local decision making means a faster closing call 8776917900. That's 8776917900. Or visit leader bank dot com. Member FDIC equal housing lender and the lowest number 449250. Subject to credit approval leader bank a step ahead. Your dream home is within reach with a Jumbo mortgage loan from leader bank there's jumble loan program designed for financing in excess of 500000 dollars offers fixed or variable rates for both purchases and refinances all originations are managed by your bank's local underwriting processing teams for additional information call 8776917900. That's 8776917900. Or visit leader bank dot com. Member FTSE equal housing lender and MLS number 449250. Subjective credit approval leader bank a step ahead. Security securities America member PC. Or securities America. And on target recruit in the securities America companies. He made on the markets all day long. And our brand new website financial exchange showed does come could be on demand includes I didn't follow the markets from pillar to post Olympic financial exchange showed does come. News out of the Manhattan. Apartments. Industry business market market and gets network news out of Manhattan apartment market. Rents. Declining one point 2%. From September of 2015. Median monthly ranked in Manhattan by the latest numbers is mind blown to bill. 3396. Dollars a month. Unbelievable you know we're talking earlier about the fact that in like San Jose San Francisco and New York City. It's just beyond Bobble prices we think we have Boston side these guys like 30% higher than Boston or war. If what you're happy here is I think a little bit of bubble bursting on something that is way over the top. And a little bit of a warning here for the financial services industry because historically. This isn't a precursor of tougher times ahead in the financial services industry. It has and this is the the second your rear declined. Since February of 2014. Ritz also fell on March so you've got two out of the last seven or eight months now where you've seen falling rents. And what's also interesting inventory numbers up 35%. From a year earlier to 7392. Yeah that tells you that the supply demand game of more more stuff is coming on online here if there is a 35% surge in listings. That tells you that this market may not be nearly as tight as a lot of people believe so those those rights could come down quite a bit more. Absolutely folks wanna give you a heads up that on November 16 to Wednesday bearing and I will be broadcasting live from the Wingate residences. In Needham once we finish broadcasting we're going to be doing a seminar going to be talking about what might happen with the market and how may affect your financial strategy. Investors want to be prepared for market fluctuations and this election cycle has already been volatile and will be providing information that may be able to help. If we see that seemed volatility continue in the market. The event will fill up quickly and space is limited. So make sure you reserve your spot today all you have to do call 803934001. Once again that's 800. 3934001. Securities offered through securities America incorporated member in SIPC and advisory services offered through securities American companies incorporated Armstrong advisory group in the securities American companies are not affiliated with. There's cheeky aussies are at it again. Those cheeky aussies in these Apple Store employees Australia. Are going to be instant deep trouble it seems like he had an Australian Apple Store there been stealing customers photos from their phones the to quote right their bodies. This like a game that they were playing at an Apple Store in Israel do this late morning. You're in yeah I mean you see FaceBook a lot bottling people stealing from the photographs and creating no balls profile but. Have to go and steal customer there's so much crap on the Internet all yeah exactly what you couldn't find enough pictures on the Internet that you had to go and steal customers photos these of people who have sick minds and winning too much time on their hands yet this apparently was a and I quote. From this is document from business insider it was a quote. Covert photo sharing ring which just makes it sound absolutely awful that probably was. And we've confirmed that several employees have been fired due to violations of Apple's business conduct. Policy they're still investigating the the event. Now we don't know if it's an isolated case at this point or this has happened at other locations. But just not a good look for apple. And this case is that more than a hundred closeup and explicit photos were apparently taken. In the behavior was discovered after an apple employee found a technician using a customer's phone in the repair room so. You know good about those employees. You know routing and a person tell a meal what was going on here but the guys at six. It's it's just awful there so yeah you kind of wonder like when you give your phone to them to have repaired if you ever do that. Yeah I know a guy but. I did not sure I have yeah yeah you always think about it you know it's kind of scenario it will give them phone for like an hour and give them a pass code yet and what was your captors and what's happened is I know we're chuck go last week okay literally found here whole idea and we'll get. The view that so. And it's it's it's not good to see is it's not good to see not great news for apple on that front quick check of the markets hear now we have seen. The recovery continue a little bit weird down as much 175 on the Dow one point. Currently down 126 there fourteen on the S&P. 39 down on the NASDAQ. A little bit of money bonds are pretty much flat today's an autonomous and moving around. But it seems to be pretty much a flight to safety utilities the only sector still positive in the recipe. Yeah we are real think flight to safety and an increase also in the fixed which went nor the seventeen. Vick's of course a good indication of how much were read resolved there's so. Nobody recovery here a little better return to normalcy things look a movement. That's all the time we got for the day we are back tomorrow. You've been listening to the financial exchange from Orange shirt matched dot com studios.