Financial Exchange- June 8th

Unite WR Kyodo news a close call -- -- Boston the FAA saying jet taxied onto an active Logan Airport runway without authorization yesterday. And that's forced a delta flight to abort its landing the incident is expected to trigger a thorough investigation. Boston Police looking for a 23 year old Salem man now in connection with a deadly shooting of a soldier. More recently returned from Afghanistan officials saying an arrest warrant for appeal Peter is still low. Was issued late yesterday for the murder of 22 year old Stephen Torres of -- -- more than 40% of high schoolers in Massachusetts who drive. Say they also text while driving a new report from the state department of public health saying texting while driving. And the most common among high school seniors and nearly two thirds admit to doing its. This week is the 100 anniversary of the first minimum wage law in the US and it all started right here in Massachusetts. State lawmakers currently considering a bill to increase the minimum wage. From eight dollars an hour to ten. Mitt Romney topping President Obama in fund raising for May Romney in Republican groups raising nearly 77 million dollars. But that campaign last month Obama and the Democratic Party raising sixty million dollars for the president's reelection bid in May. And some of fresh data has command of the trade deficit in the US has narrowed as. Imports and export ports have fallen. Andy -- from Bloomberg News is up first on the financial exchange. With all of those details your sports your weather and traffic next. I Juno I WRKO news. A 42 winners 42 days played to win the O'Reilly auto parts summer gas giveaway starting may thirtieth and every day through July 10 O'Reilly auto parts will be giving one lucky winner free gas for an entire year. Play every day to win that O'Reilly no cars no purchase necessary seal O'Reilly auto dot com through official rules and details. Okay. Arnold markets on how to get my purse dot com is a ninety dollar pair of passes to Newbury port whale watch in historic new report with a 99% citing record you will see whales on this fun ocean adventure. Visit to get my purse dot com now where you can get a ninety dollar pair of passes to Newbury -- whale watch for just 45 dollars or. A family four pack of tickets for just eighty dollars -- you -- get my purse and 680 WRKO. Doctor -- -- seen as an economist you're saying business leaders don't understand the true cost of documents they just don't get it I managed printers and -- -- dysfunctional document workflow its profit killing chaos so what's the answer Kyocera with intelligent printers and with these customized apps and services Kyocera helps companies run more profitable -- Helio for us to Kyocera. Hey that's Moneyline doctor. Learn -- Quintero document solutions dot com. WRKOs -- -- court front you buy your New England Toyota dealers on the southeast expressway. -- little bit of a delay still getting by a bunch of circles solve problems doing okay group three not a bad right up from the South Shore. Barbara watch what -- north trying to hunt a ground rule 952109. Again from about stroke like Napster grew twenty. 24 and 95 looking pretty good so the master of bye coming up for under 128. You've got the latest just from -- way down to -- to move on looks pretty good sort of threw 393. North fumbles ball. For months eleven to 128 -- hang up ground efforts where the rest of the way to downtown Boston. The leverage connector a little slow getting by the told -- the Tobin Bridge summer Callahan took Williams tunnels are doing just fine. Toyota owners. -- you'll get a complimentary four wheel alignment when you purchase any four new tires from your participating Toyota dealership. See your New England Toyota dealer for details installation extra W -- forecast. Partly sunny with -- areas of -- chance of afternoon showers. And thunderstorms with a high near 75 cloudy tonight showers thunderstorms gradual clearing towards daybreak. -- 58 tomorrow mostly sunny with a high around 76. Right now we have 57 degrees in Boston W -- sports there will be a game 7 of the Eastern Conference finals the Celtics lost to the heat. 9879. And last night at the garden game seven will be played Sunday night in Miami. The Red Sox shut out the Orioles seven nothing last night at Fenway Park tonight they open a three game weekend series against the Washington Nationals. First pitch at 710. You can catch all the action on our sister station AM make fifteen an ID three point seven. WEEI FM the Red Sox will welcome starter Daisuke Matsuzaka back to the rotation tomorrow. Japanese righthander will start Saturday afternoon's game against the nationals Matsuzaka has been pitching in the minors working its way back from elbow surgery. Missed something on Todd. You can get it all at WRK those audio on demand page at WRK a dot com. I'm welcome altered WRK OU. You won't -- oh -- your truck moves -- your portfolio. It's time for the financial exchange rim. Armstrong from Wall Street do you order street Mario Armstrong -- got you covered. Here's the financial exchange -- very Armstrong's. Good morning and welcome to the show it is the eighth day of the month named after my co hosts. June night and you know June when we left the show yesterday at 11 o'clock the market was doing swimmingly everything was -- terrific and then you know kind of a mediocre -- the Dow finished up. 46 points but the other indexes whether you look at the NASDAQ the S and pier the Russell 2000. They all finished in negative territory and it looks like today we might have a little bit of -- selloff on. Yeah and you know -- Bernanke came out and spoke yesterday and that's we saw those numbers gradually start to go down so a lot there you go battle due to how futures down sixty S&P up one. Pretty much flat they're NASDAQ futures down seven oil trading down to 5710. -- US treasury at one point 584 Dow just a teeny bit there. Gold is trading down 540 at fifteen. 81 and not mentioned in the news media have some data command about at about 8:30 this morning Elena bask in the about that we're joined by Andy cinco from Bloomberg News any Harry you know and. Good morning Harry all right thank you good. We got to wouldn't trade to get an idea this morning that showed that we're importing even more in exporting even less than we thought we had great we have a fairly significant trade deficit gap. Yet it was pretty big in April it was fifty point one billion dollars now that. That sound like a large amount but it really would not all that far off the estimate of 49 point five billion from economists know you know. If not we're not quite exporting more than we import but it's you know dropped nicely in. And several years ago. Why why are stocks down today so much he had the Dow futures the market's not open yet for the Dow futures are down a good fifty points. You know they think continuing concern is what's gonna happen over the weekend with Spain we now know that there will be a conference call tomorrow. Among Euro group finance ministers they are expected to talk about some sort of need a bail out for if not Spain for their banks. You know and the size of that matters if it turned out to be a very large number than it means the Spanish banks were in much worse shape than we thought. If it turned out to be a low number that probably will not be good news -- there I would suspect because. That'll mean they're trying to you know bail out with a minimum amount possible. But they have to go back a second time and ask for even more money so it's a pretty difficult. Thread that Spain is trying to. -- on here and it just doesn't look good for the weekend I -- they were gonna have probably buckle our seat belts for a rocky Friday trading you may very wealthy barrier fell off into the close. Today for stocks because who was gonna wanna be long going into a weekend of uncertainty and a possible big sell off on Monday. You talk about the day traders trade the of the big guys that are short term. Traders they might just bow out of the market -- not -- holder. Yeah yeah exactly exactly and -- -- big institutional -- you're not gonna take any risks here you're you're gonna play this is conservatively as possible. You know there with the trade you're thinking of doing and -- not gonna do that. If there's the position you're not very comfortable with you're probably gonna wanna sell out of that so AE you know if it seems like the downside risk is much stronger. At this hour for stocks Benton. Then otherwise. In the the -- seems to be evidence that the worldwide economy is slowing down you've got China taking action. You've got Europe it is situation not even close to being resolved in here in the United States I think there's a genuine fear. We may not drop in her session I think it if you have GDP growth of less than 1% it's certainly gonna feel like recession in the unemployment rate data would indicate we're in a recession. -- what -- what are the central banks doing to try to calm out this downturn where you would and they do. Well look the one thing they can absolutely do -- to cut rates and we saw that from China the other day we thought from Vietnam this morning and we see it certainly in that continued commentary about what the European Central Bank -- -- next which everyone assumes will be another rate cut because they have increased rate. Last year which -- which seemed like a really bad idea. You know in terms of the US rates are already had zero the only other. Arrow in the quiver for mr. Bernanke is to buy after that whether that's mortgage backed securities the treasury bond but you know even as mr. Bernanke said yesterday. How much effect to. To -- to the fact that may have on the economy is really hard to say because frankly rapists alone we've been discussing with ten years already yielding only one point 6% the mean. How much more -- is there really left in the tank for them to do affiliate kind of feel like -- the central banks there have reached. The breaking point and the the road here and it really is now up to the politicians to take charge of the situation. There because they make you when you cut rates Yuri you are doing some damage there too because people who with money in savings accounts. They have less income BA there's still a lot of people are and and of people every day Indian they've got money in the bank. And all they're doing is they're living off the interest because that interest is so. Small they -- -- restricted their spending as a consequence. It ranks right -- and as we've discussed there's really not very good option you can go and high yield data junk bond. You know you can try and by corporate. Dividend either by owning the stock it's off for mutual fund but of course you you end up with -- but that's still a risk there of the share prices falling and eroding any sort of dividend that you're getting at least in the short -- so yeah there's not a lot of good -- he's here. And the central banks to pretty much. Pretty much stock they know they've reached a point where whereas we're printing more money will -- Perhaps only cause much higher inflation down the road or if not bad. And perhaps deflation because the more that they keep saying we're in a crisis. Brent Barry you're gonna keep sticking money in the mattress there in the bank you're not gonna spend it and we need people to and businesses as well to feel more confident. What about stimulus spending by the government is that. You know hey -- doesn't seem to be much appetite for in the United States here but what about in China mean they need to build out their infrastructure. He did to a great degree there's still many parts of of China that are rural and haven't been developed is that something that can. It -- it is is likely to occur in China perhaps in Europe. He had. You know Barry had -- I don't think China's got much more to spend on here they do build several cities that are. According to the negative reports both cities are pretty much empty yeah. They've been building homes that are unfortunately. Seem to be empty and now that prices are falling for real estate in China of course bad. Does not. Engender any sort of need to go out and run them. You know by an apartment building -- homer and build a high way to get to those places though in that. Stimulus spending seems like not such a great idea you're sort of throwing. Good money after a bad idea you know you might be better off. If you -- extra cash and being a government that cut taxes or else cut regulations do something else that tries to boost -- up the economy get those. Those juices flowing to get businesspeople and and regular citizens spending again. Are you lady thank you very much for your time I sure appreciate it here all American. Talking about stimulus spending there's something called the jobs act which was passed. And that's going to stimulate spending and investing because it'll allow. Small investors to make investments in companies that wanted to public member we were talking FL from -- spike isn't a -- Be you know the small investors people that are are going to be able to invest like two or 3000 dollars in start up company starting January her own experience and how is this connected to a jobs act well it would it does is it creates liquidity. Any creates jobs and health erratically because let's say your friend -- that's right you've got a friend from college and he calls you and says look -- -- -- starting up this company. And the you know I need to raise some money. And it's say he I don't know it's some kind of a web based business -- when you look at and say while this is a great investment I I'd like to put 5000 dollars into it -- you will be able to do that in January whereas right now you can't do that it is no mechanism for him to be able to come dealers say hey who do want to invest in Michael there is -- now -- So it's kind of cool in and we're to talk we have an interview coming up with. Do with John Miley from Kipling and he's gonna tell us all about the jobs act and how works. We also have a couple things I just wanna set the table we're giving away some whale watching tickets and yeah. And we've got the pair will watch tickets out of Plymouth of course you've got to be the fifteenth berths in the text in the show. On the pole and mortgage sex line at 68680. And that we also -- of aid text question yes of the day to share and I love risk is that you are so strange sometimes. Barry wants to know. All right we want to know back to today because Barry claims he doesn't get sick when he's alien of some kind of I've just never taken a sick day I get sick I'd just. I work through it to yet but then you're not sick enough -- to stay home -- -- we do think about it though when you stay home would you do you -- year you did you really if you really sticking on a high fever and a sore throat and you can't get out of -- Barry needs somebody to help -- mean we've never had that. But that's all right I get it I just to take couple aspirin go to work kinda odd all right well coming up. Next on the show we've got. A Stephen hammers he's the chief investment officer of companies -- Which you -- the latest launch of his mutual funds you know that's cool if it's kind of an instinct pundits it has to do with the volatility in the stock market. It's gonna be really good interview stay with us on the financial exchange. 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National Grid your safety matters to us that's what we'd like to keep passing along important safety tips and now that summer is just around the corner chances are you might be planning some outdoor projects from planting trees to installing -- chance to extending a -- if that sounds like you here are some important safety tips in regard to your outdoor gas meter. The first thing to remember is not to Alter the height of the soil in the metre area. It's crucial to keep all above ground piping valves and -- -- clear of plants soil -- and any building structures if you plan on -- please call 811 to find out the best way to safely avoid underground utilities follow these simple preventive measures to ensure a safe environment for both -- -- your family. And learn more by visiting www. National Grid dot com and clicking the energy information and tips -- So that's it for now have a safe summer and best of luck with your doctor projects from National Grid. Your tune into the environment it's. WRKO. Radio. Looks like we can be -- rocky road on the stock market today. Futures are you negative territory whose pictures. So we don't hurt me don't look at you like that again -- like somebody's got to -- somebody's. -- we're joined now by Stephen -- Steven is the chief investment officer at compass EMP funds. Stephen welcome to the show are you don't. I'm doing a fantastic carry you all. Good they tell us about these new indexes that EMP air event that you folks who have come out with that with act compass the MP funds. We have been tracking an enhanced index for many many years. We actually design it index that actually. Look at the market and look that only productive stock that actually make money we've done an unusual concept. And then take those stock and awaits them based on their risk contribution to the entire market. If you compare something like that too may be a popular recipe 500 where there's over a trillion dollar following the -- sure. It actually waste or stock based on the on a market capitalization weighting which means. If you look back many many years consistently the return of the S&P is caused. Over 80% the return. It's caused by just a few stock. Namely the top 25% of stock in this type of index and it actually wait all the securities. In -- index. Which represented. A broad market. Based on their risk contribution to Marcus you actually wind up equalizing the risk among all stock. Too ironically getting significantly. Significantly better returns for. That are so how can our listeners use this strategy. Or use these indexes to make money Steve. Well that's when -- started learn what the index is due to it is on campus index dot com yup but second of all there are mutual funds in filing now. Which is. Access to any investor. To look at their perspectives which they will come not in. Actually in August to pick up the PMP fund the annual most likely EPS coming out this feature on this too. True compass -- gonna do it. By either us or other ETF companies you've had a lot of interest and -- from other ETF companies. We just haven't decided to who -- -- that. To get. Are they -- lag a bull market like say the markets gold member of the first quarter of this year when the market was just taken off Brady had a really strong rally January through the end of march. And -- funds like this lag in a raging bull market. The answers no they outperform in eight days have outperformed -- bear market and a bull market. No matter how come I guess that's that's than usual that dealt performing both markets. What actually remember there's a big difference between some index is out there they call themselves low volatility index is up yeah. They just pick the lowest paid into stock. -- sample put him an in depth look at -- what justice. Correct yup and it's so let me give you a brief example. To run to a couple bull markets and bear market. In the bear market of this early 2002001. And two -- And the SMP declined 36 and a half percent. And me can't be US large -- 500 only declined sixty basis points that's one. If you go to 2003. -- seven bull market yup. The SMP increased 81 point nine he can't US large -- 500 increased about a 106%. Now how does that happen -- mediate if it scene itself you know the old adage if it sounds too good to be true probably is. How how did how can they perform in that fashion. Because they're really represent the broad market the broad market in 2001 and two really didn't fall there was only. The big names they go way too much money in the late nineties. And remember what what goes up more -- more yeah it tends to be more about bad inside an index like the S&P 500. How -- doing 2008 when the mark. In 2000 they would say true broad bear market I think we all know that in 2008. And the yes and 500. Well. About 37%. For the year you know. And our index fell about 3% better which is 34. Now the key is what did it do the next year and -- covered -- In 2009. Yes and he recovered 26 point 4%. This recovered almost 30%. So and a year after year even the bull market of 2009 intent. What -- what is important to understand and -- a perfect example. If we look at the bear market already bull market. If you dissect the SMP. If you look at 20012. For example -- 81%. Of that 84%. Of that index fell 36%. Now the other 75%. Didn't ball at all. And -- what -- you know you'll during come because I gotta tell you I meet a lot of folks that they're they're coming out of money that they had in the bank her and they're saying in the here's 500000 dollars that I used to have been that in CDs which should I do with that money because I'm not getting any interest on it so they're asking about dividends and yield any yields on these indexes. That's certainly so and actually the international indexes are even more yield and then the common international. And act like the MSCI -- but in the US. As of the end of march it's about 2.4 eight compared the SMP around 2.2. I would not obviously recommend. CD buyers conservative buyers go to giving get a dividend as it is it is in the stock market. But I just because you take an indexing -- enhances and you say hey you gotta make money. A -- large cap or small operator national but -- you take all those stock and you wait them based on the risk contribution yup it. Yes you can enhance and significantly richer not giving away dividend and some Casey you're actually enhance bit. Because cap weighted indexes. They geared more towards your biggest name. What those biggest names. May not really pay big dividends and so this actually gives an opportunity. And all cases per to have a little bit better of a dividend also. What about their -- CEOs are coming out with a reach 100 volatility weighted indexes act and have a pretty good dividend on it. It is the next -- that dividend is close to 5% new kid yeah and let me see what it was as of march as a march it was about a four point seven. Mean -- -- try to -- noted that that has to be a real strong. Play up for inflation purposes too wouldn't it make you a loaded question -- by somebody like that that's gonna. You hold it for ten years you're gonna be rewarded I was bank. There's no question I mean do you hold any -- -- pace tonight dividend for ten years but you'd be rewarded but. Investors also need to keep in mind it's also about the total return saying many many in. Investment portfolios that paid a nice dividend and actually lost money over several years. -- didn't. Build. But did it did investors have to understand it does go both ways. But they need saying it we've all heard you know out there in the last ten years 70%. Of mutual fund large cap mutual funds have not BP S and -- And that's been an issue for many years. Well I am really sorry to say this but nanny nine point 81. Percent of large cap mutual fund did not beat the camp large cap by about 500 index. Is that right at Bristol when these coming out you said these are going to be available what lay in August. Mutual fund will be available sometime in August we will make announcement. There's been a lot of media exposure already -- So they are in filing. No load funds by the way. It depends it can be determined there's certain platforms. Like in our existing cavity MP fund where you -- image rather meet TD Ameritrade fidelity that you can by no load up. Which means there's no offer until -- Up. So it just depends whether the investor wants to work for the financial advisor. I got it I got our it was Stephen thanks her joining us I hope you'll come back when you get closer to the launch date. Because I guess some are listeners might wanna learn Morgan perspectives. Certainly would -- of one of today. Our and it's Stephen hammers chief investment officer of compass EMP funds. Anything that. Takes away from the volatility. Of your portfolio like -- like that I like the idea night Jenkins some of the risk out of the portfolio that is that Justin yes just good business it's been a roller coaster ride the last month or so well and I'll tell you -- June -- middle roller coaster ride the last thirteen years we just. It has yet when you really put this thing about infants and now it's got a lot of gray hair and I'm only 29 years old you couple all around 890 really you put your prematurely grey area right here is that you forget. Hello and no big deal greedy you know lately we asked this question about whether you left -- -- -- call in sick when you're really not we're not getting many responses to unite. -- they get I think everybody's either lying and right they don't wanna tell us the -- or know where we're not gonna tell your boss would. Do you fake sick do you call in sick when -- not I don't come it's how -- how many six days have you taken -- a landowner is -- -- -- the people that don't take -- it right like your mother you know your mother would you retire like 306 days. Yeah she's and it's amazing. They will be right back we'll have the opening bell and we're gonna be joined by John Miley from kip Winger talking to us about this new jobs -- goes into effect on January 1. A 2013. Gonna have big ramifications on companies trying to raise money got more coming up on the financial exchange. No tuned into the financial extremes here on the W. Radio network. Six degrees partly sunny skies today with some scattered showers and -- -- the seventies and you know I W argue news and a few minutes President Obama will be making a few comments from the White House to -- -- a jobs agenda. He'll also address the European debt crisis and crisis in Syria the states stepping up efforts to kill mosquitoes that Health Department saying that aerial spraying could happen more often this year. To fight triple. The defense could rest its case as early as today and that's federal retrial of baseball star Roger Clemens in Washington DC. The Miami Heat with a 9879. Beat down of the Celtics last night in game six game seven is tomorrow in Miami and a record crowd of some 100000 people could attend the Belmont Stakes tomorrow I'll have another. We'll try to become the first Triple Crown winner since affirmed in 78 the market is open we've got those numbers next stay with us -- -- -- WR KU news. 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Licensed in mass Vermont Maine license by the New Hampshire banking department rate based on APR three point 05% already subject to change without them this year more than 242000. Men will be diagnosed with prostate cancer this Father's Day. Team up with Major League Baseball in the Prostate Cancer Foundation to keep dad in the game. Go to PCF dot org to make a pledge or donations. We've got more on -- financial extremist right now here come on don't you are Jones radio network. Good morning and welcome back to the financial exchange we. Been waiting for the opening bell rang about two minutes ago and things are slightly in negative territory do not not not green like we had yesterday is it tell red. All read today on a Friday Dow down 47 S&P 500 down for NASDAQ down eleven I like defected -- -- down to 32 to 8250 a barrel. A ten year treasury is known as well one point 581 gold is down five dollars forty cents to 1581. You know seven they weigh in says in response to our question do you fake sick T call in sick when you're not. Says yes I call and you're not necessarily him but he says yes I call in sick when I'm not sick it's called a mental health day. Neither did -- Now I don't mind color true mental anyway everyday and mental health day for -- according to listeners -- you know what I found out some alarming statistics. That men do it more than women. Many fake. Calling in sick and more than ladies do and they do it more often if they have a female boss is okay -- track they think they can get away with -- I don't know not and then people. Text or email. In sic you up to their boss or they leave it on a voice mail her. So we do with that boss and I handle. An interest in 686 cities or text number do you call in sick when you're not. They our next guest is John Miley from -- your magazine John joins us to talk about the jobs act that passed earlier this year John welcome to the show. Thanks so what crowding me I think it passed earlier this year at the job sector was a late last year that to a kind. April 5. Tell us what what's contained in -- because he didn't get a lot of media attention but I think if it warrants some because when you look at what's contained in there really opens up. Basically the ability for small companies to raise revenue and raise money privately. Yeah exactly and that's the big thing are focused on with the crowd funding section. Palm which is at the start of 2013. And this is I guess the biggest thing for individual investors. It's possible happen is you'll be able to invest in start ups and early companies that are just taken -- just individual people who troop through online crowd funding -- that they get this setup -- presumably be like the kick -- once where there. Raising money for projects although that's that's just donations in this will be actually buying a share of the company. It is so they'd tell us how to work -- you've got to start up company. In the city and they've got an idea. Didn't do they have to have books and records and you have to file anything with the SEC gaelic or Canadians. Go to their friends and neighbors and say hey we like to invest 50000. And that's it it's sort of some of the lingering questions right now. In the law they have. -- they will have to disclose certain financial information but they're making their revenues are over 500000 ought to have audited financial statement to let you know the name of the owners. And things like that but yes he's he's still has to weigh in on what exactly it's gonna take to be to be put on these online crowd funding -- -- what they're called. And -- sounds to me just from a L layman's perspective it sounds like a fairly risky proposition is that an accurate assessment. It definitely looked and this statistic -- -- startups fail within five years -- So that's what you're looking and you have to time. Include everything basically -- and in the other half I mean you don't know what's gonna happen. On the Indian it companies can only raised up to a million dollars so old sort of be the captain them but. Well at this could be transferred to accompany story is money that's for a lot of people were saying this is great start ups and stuff up but pretty investor discussed the question. Well it depends on how well you know the company I guess right now on how well you know the management of that business if you. If you're looking at the business and you say wow this is a a home run. You know it it gives a little guy a chance to play the role of venture capitalist doesn't. Yeah -- exactly right and into keeping his due diligence and it's a part of it's going to be what -- SEC decides that you'll be able to see if there's more rules and you'll be able to see more than it might be more difficult for the startup actually. Take part in just. Because there are in the -- -- there's some limits on how much in individual investors allowed to put in Vermont reading your article. Yeah exactly if you have a network -- income that's less than a 100000 yup. It's going to be the greater of 2000 dollars or 5% of that per year okay and that's all you can do -- you have over a 100000 dollars. Then there's going to be either 10% of that and that's capped at a 100000 dollars for the year so that's a total that. You can put it -- Her interest think so when will we get more details on this like when will this be rolled out and when will people have a better idea as to house working. So this will be yes TCU's do. On the 2013. January 1 to have all their rules. Don and right now they're putting up frequently asked questions on the web site and they have been taking down. Trying to take notes and opinions on our website to. I'm so that's where it's gonna happen to play and it does open -- marketing ability for the start -- yeah the crowd running parochial to market these opportunities. So right now if you see something that's being marketed. It's not actually. Really yet -- they can do it until 2013 will be the first time. Okay so you rolls out next year end I guess we have to wait and give more details at that point right exactly all right you'll write more about it I'm sure. They're definitely real police following this closely. All right John thanks very much for joining us -- thanks so much appreciate your time. He had Judy if he's given out of the win tickets yet or not. Not yet they -- the wait a year to listen for the splash is this huge splash sound that our producer Dave hate Yates playing it. Any hates it analyse -- we disagree a big -- -- grumpy kids that as well I shouldn't call out sick that I can no no call in -- -- sick. Well he is a gut it according to those stats you guys and more than -- do you know why don't do it at all because of big table here's you know you're not a real person in Africa if somebody else I don't know what it is but is there another planet. Don't know none of them still like being sick. -- out and our next guest is gonna talk to us about a company whose stock price is down almost 50% during the last year we're gonna talk about that and did this is at an old company you're gonna know it went as soon as we say the name of the company you know we're talking about. Is there -- a retailer. Were you shocked probably at some point during your lifetime. They've really fallen on hard times were to talk about that and more when we come back on the financial exchange. We've got moral -- financial it's very dry here Obama WR stereo radio network. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- My business partner Joseph has an expression for everything. The -- in our court Sam we got to strike while the iron is hot. So when I told Joseph about this great offer to give Verizon high speed Internet and phone for just 84 and 99 a month for small business actually got a lot to say it. Opportunities knocking let's switch to Verizon. -- get this off before. 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Investing in bonds -- risk including the possible loss of -- -- -- -- -- state local or federal Alternative Minimum Tax some people may find municipal bonds boring they typically don't have the thrills and defeats of the stock market what they typically do offer is a stream of income that's tax free municipal bonds from opinion and Walsh can give you wouldn't come that's triple tax free and you have to admit tax free income can be very exciting. An opinion and Walsh we offer you tax free municipal bonds from across the country so you can benefit from tax free income wherever you live there's nothing boring about that if you have at least 101000 dollars to invest we want to send you our exclusive -- guide for free please call us now while supplies last 1808288285. But it's 1808288285. We are out to prove that triple tax free income can be very exciting indeed. For your free -- -- please call 1808288285. Let's 1808. To wait aid to wage five penny in Washington member of fin -- as I PC. We got more real -- Armstrong who -- golf on both WR TL radio network. We asked the question whether you -- in. Six when you're not and I think five always Mikey. Guilty of being a hypocrite here -- he says I never -- being sick however I do call in sick once or twice a year Winamp. Not sick and need a mental health day we'll come and that's that's that's -- -- we have mental health fake out that's called in sick that's that's taking advantage of the system now that's just means he you don't feel like going to work that day so you just don't go -- -- hear from any of your union brother yeah -- and his brother had hit the -- season is -- yes this is convening unions do Barry iPad as -- guys -- -- it says I would not call in sick -- -- -- take my vacation one -- time. -- -- union worker and then they put your favorite -- in little parentheses we have 56 days. Three option days -- here on top of our vacation. But when we did our vacation it is for full weeks only which forces us to call in well when we have. But you know a day totally unemployed about unions -- -- I think people think armed anti union and they do what -- -- ridiculous and I on the anti union because I think it hurts the workers I think unions do damage to the workers they cause higher rates of unemployment among union members. And they depress your wages you're you're making a lower wage if you especially if you're good worker you're really good electrician. Your wages being depressed because Jure net unions. Be if if your. If you're unemployed if you're union member and you're unemployed the reason you're unemployed is because Jure net union. You need it because you're not allowed to take a job at a lower wage if -- What you do to you know I think some unions it depends so they're all different but there's some corruption involved in -- a lot of these unions really so idea idea is well well that's the thing that you should probably be more against is like you know you like the unions but you don't like the corruption that's all I got I like the workers. Think they're being abused by the unions I think the unions to a lot of damage when they never good wherever you were were -- back in the 1930s era got him in the -- maybe you can argue that they they had a role. In the 1940s but now I I think unions have outlived their usefulness and end. You know you wanna know why there's no auto jobs in the United States that's because the unions got June those those jobs are now in Mexico South America. They're in Asia China Korea Japan you think it's all because of the union yet because they'd be don't give the user in those countries June whose unions don't have the power that they have here in the United States and so what if you're a company your -- your responsibilities. To the shareholders -- -- your General Motors right. You're gonna say well -- I can hire. Assembly line workers in China for eight dollars an hour or I can hire those assembly line workers. In the United States for 85 dollars an -- that's what they -- -- the peak of the auto workers. A way to us what. No wonder he I mean just common sense would tell you that those jobs are gonna go overseas whether it's union or not -- don't you think if people think that way anyway well liken like you were saying on that show the other day what -- you can hire a kid that's 25 or 23 just get out of college for less money from a mean that that itself it happens whether you're a union or not speed do you ever shop at JC Penney. I -- if there was one close to Idaho but not recently been noted -- evidently nobody is shot not JC Penney based on their recent same store sales numbers that came out we're joined now by Michael brush. From MSN dot com Michael -- you know it. This is a company might -- that seems to be in turmoil I'm looking at the stock chart on the -- This was a 43 dollar stock within the last year today it's trading at 24 dollars us a share what's going on here. Asked what happens when you put the genie assistant charge right. Yeah this this they brought in I think his name was Ron Johnson. And he was formerly the I've been a genius from apple right. Well that's true and also at the top you have hedge fund managers. Who will think they can improve this store. Really calling the shots as well and -- mainly bill Blackman at pershing square. Now so what how bad a shape as this company and because I remember it had to be within the last six months. I saw Ron Johnson doing the tour on CNBC and a store within a store concept right so you'd walk in and their media outdoor section and there'd be. Today you know -- different stores within JC Penney evidently consumers are not crazy about it. Well they're making a lot of changes and they're making a lot of changes too fast and that's problem here. And did that that's store -- the -- one of but what really -- customers words that they took away most of sales and -- to quit most of the coupons and customers do not like that and we saw that sort. So sort traffic declined 10% in the first quarter and we trust phils down 1%. So now it's just. It's just too much stressed out. Their point of view is well. Because it goes through some pain urged. Before the success comes in our captain and 2000 at thirteen reduce reforming everything -- But I don't know are in you know they do a bit of racial what looked like a lot of stakes is well run well not quite sure that -- right about that. So -- Legally to what do you think it ends up happening is this company go the way see -- spike -- -- that that's that. I think it's a possibility you know because. -- should just do -- moving too quickly and they're doing things like for example and how much money into the weeds on this but. Very you know. Removing the coupons is is not a good thing -- -- they went to every -- fair pricing which generally has not worked well pretty low pricing people get that every. You know like sales they like bargains like I love coupons. Exactly and -- -- -- even though you may -- prices are -- he can't prove it to the customer and the customer is not really sure either and just like cute they wanted to they're getting depressed price and it -- almost a fair price you update importation sort of -- -- about it is that the best friend mr. strip so. That's what they're reducing the number partitioning -- -- inventory costs -- territory particularly these low lower moving goods so removing good. Wal-Mart a lot of things they've tried it -- return to try to help. Wal-Mart tried that and Wal-Mart found that it that people would come into that our brand of -- that dozens -- very much and Margaret there they are a lot of the. Absolutely. No cut out. That she might do for a retailer to have. Store sales down 20% is catastrophic. And here is Wal-Mart. Says they're down half a percent market crashes so this this is not good news for JC Penney I just wonder how long they stick with the CEO. That's the thing you know it is this CEO order order has strong guys on the board. Because at some point or could be sure -- golden -- solicit these people that is just too much it's ridiculous and the CEO rhetoric. -- -- All it's cracked up to be -- in the slide -- presenting care reforms here. They'd love to you now have pictures of Steve Jobs which just means that -- -- because. You could put. The apple products and homeless shelter people line up but no I'm not so sure that Johnson is really can take all the credit for the success of Apple Store yeah. -- all easy they were well designed they'll you have to admit -- -- media -- -- -- corner pretty cool story out there are there to. But he it is not translating into the retail sector it is just that it's not. Very worried yet you end up. Well and and and again their point of view is look we just wanted to get over so would make a lot of changes and we're in the process out. 2012 is saturation here to tester it'll be secret and they can be right to be right I mean I think. If penny stock it's you know like twenty retrained continue to be cheap enough to have to take a gamble along with I think it is Campbell. All right -- JC Penney by the way losing a dollar 77 to share still paying a dividend they had cut the dividend. That's -- It's gone it's gone more and that's a good thing it's not that people are gonna sell the stock because -- -- brought it right that that's probably the -- Brent so. Well I use we use latency right. Yeah exactly what you just try to market value is based. Hi I'm -- I gotta tell you I think about the only return you're gonna make on the market for the next 20/20 two months is going to be your dividend. That's it -- then I got. But he's got the tax Clinton overhanging and you've got Europe is that he's gonna take at least a year and a half could solve the problems in European China slowing down. I think you've got a disk kind of neat trading range and stocks for the next twenty to 24 months I hate to say it you know because it's this is my business but -- the I don't see a lot of impetus for the stock market to rally tremendously. Any time during the next year and a half. And big deal there living -- do lower interest rate really you know I mean how much lower can they go. Are you and when they do this when they keep the rates low they're hurting people as well so -- they can do QE3. But until our incompetent congress gets off their fat rear end and does something. We're out of lock in that's not gonna happen to -- your Mike. Mean yeah I guess since it's gonna have to happen right that's -- -- -- here gonna have to have a eurobond in order ability Spanish -- Went to the government's you know at the break but -- so the Germans -- -- going back to the game of chicken that we saw. Germany will take over Europe again. -- the third time all right Mike we -- -- can get this Michael brush from MSN dot com joining us on the financial exchange June did you tell me that to. Bob Kraft has a new girlfriend. Well I I was going to tell you -- since this is leaving this they business oriented or kinda have the you know you're ahead of the curve here I mean this morning. So I was about to tell you and you kinda new and then we both public chat about a will that you got this really weird funny funky smile like hey I can affect affecting The Herald today. And it viewers saying he was -- he's your -- now and I don't. Say that my wife's listening Voronezh fewer presidency deep Abraham Lincoln could hit it. We'll be right back with all the juicy details on Bob Kraft and what perhaps might be his new path right here's how he Appel and -- that and more coming up on the financial exchange if. I've met George Jerry we're very Armstrong I. Right here on the WR hill -- -- the. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- many states my wife and I bought our home in 2008. And just like a lot of homeowners we watched the value of our home dropped dramatically. We knew mortgage rates were historically low but we wouldn't be able qualify for a new mortgage because we lost only equity in her home. What a friend mine told me that powder house mortgage -- thousands even though she lost the equity in her home. And since I got my mortgage before may of 2009 they can help me to. -- folks this is Jerry Nissen bomb and 29 years ago I founded -- house mortgage will always treat you with respect. -- straight chances personalized service and help you save money right now how to host mortgages offering rates in the threes with no closing cost called powder house mortgage company today. At 807830309. 807830309. That's 87830309. Or apply online at PH MC direct. Dot com. You'll save thousands without low rates in those closing costs called powder house mortgage. -- under MC 2577. National Grid -- safety matters to -- that's -- we'd like to keep passing along important safety tips and now that summer is just around the corner chances are you might be planning some outdoor projects from planting -- to installing -- -- to extending -- -- if that sounds like you here are some important safety tips in regard to your outdoor gas meter. The first thing to remember is not to Alter the height of the soil in the metre area. It's crucial to keep all above ground piping valves and your meter. Clear of plants soil -- and any building structures if you plan on digging please call 811 to find out the best way to safely avoid underground utilities follow these simple preventive measures to ensure a safe environment for both -- -- your family. And learn more by visiting www. National Grid dot com and clicking the energy information and tips that. So that's it for now have a safe summer and best of luck with your doctor projects from National Grid. Sounds. Can handle that big screwed over. Yeah. I know that's a wrench I need to go along one close your -- night. Because I need to -- this group. Life. Because I have the change you oil field. -- -- -- -- Yeah -- smallest moments can have the biggest impact on a child's life gives you can. I'll read. Now pass the new Phil black -- I'm very funny. Time to be -- dad today. For more information. Dial 18774323411. Or visit us at www. Former -- doesn't go. Brought to you by the US department of health and human services and he had come. You can imagine Jerry and we're very strong talk a lifeline -- W walker. -- -- The owner of the past. As the day -- well I can tell Barry can't last night at the Celtics game against it he -- -- all the sudden up on the big Jumbotron you love you would see above crap with his. A thirty something year old gal -- there's so much about it though Clinton names Ricky yeah and so I ask you as a guy. What is it can help help make what does that mean I -- I've never been called that I don't know if that's a good thing or a bad thing. So what is that -- too soon for him to be dating -- it's been almost a year on July 20 OK thank my past and I think they say you should wait a year I thought it was a Julian king do you make any major decisions or anything like that so. I mean Anne and I guess an -- you're OK with it up. -- it's a year and this. Surprised that he is another prospect off the -- well yeah I'm I'm I'm surprised that he would go for some but the so much younger. It's late I'm just -- surprised and and he was added I think he was that guys. They somebody called me out on my hockey rink knowledge saying he finally says hey Barry they're not three hockey rinks and to spur you there are none. -- well I would beg to differ at twenty Carter street there's something called the break away ice center and there are three hockey rinks there. I have a precluded that facility on many an -- thing you. You -- three separate lockyer. And one facility was three -- yeah that's exactly what I mean hey I let -- -- -- -- -- and 1969. You know I've been there are only a Condo now hockey family -- -- three boys that played hockey I trust have been at that rate on many occasions Perry will be right back with more on the financial exchange when we come back manifesto my good buddy from Yahoo! finance is -- first. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Especially since we. The -- low level on Boston's talks measurement AMs attribute WRKO. Boston 58 degrees partly sunny skies with scattered showers today -- the seventies the full forecast is coming up -- unite WRKO news. How early winter the 83 year old former powerful head of the winter hill gang. And predecessor of James Whitey Bulger arrested last night on charges of trying to extort two people. 38 studios officially declaring bankruptcy now Rhode Island -- state and federal authorities have launched a joint investigation. Curt Schilling's video game design company in default on a 75 million dollar loan from that State's approximately six point six million young adults likely. Joined health insurance plans of their parents last year thanks to the healthcare reform. But now a study by the Commonwealth Fund showing that 36%. Of them still saying they had trouble paying medical bills. Current home mortgage rates are at their lowest -- -- now in more than forty years according to Freddie Mac the average rate for a thirty year fixed rate. Mortgage was just three point 67%. Last week. Penn State will soon have a new administrative policy concerning child abuse. Giving guidance to university employees about reporting requirements. And there is word that the new operators of Faneuil Hall Marketplace considering opening a hotel. At that historic shopping plaza along with adding more restaurants and small food stores inside the market. As skin -- -- that's a New York real estate firm bought that -- last fall and has been working on a proposal. Stay with us your sports you whether and you trafficker coming up next and unite WRKO news. Who's looking out for you -- still Kelly of Kelly financial during the market meltdown we are open Saturdays and weekdays until -- call 888800. -- they want for an analysis. Call 88880181. For a copy of -- now famous stock market heart attack reports. Get your copy of the twelfth threats to high net worth investors call 888800. 1881. Calls received in my crunches command for free analysis. 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And not a three point seven WEEI FM the last night the Sox beat the Orioles seven -- thank. And the Celtics will play the Miami Heat tomorrow night. -- 7 of the Eastern Conference finals in South Beach. The winner will advance to the NBA finals it's game seven tomorrow night -- and gets a game on our sister station as well AME trip -- united three point seven WEEI FM. Last night the Celtics lost game six. To the Miami Heat 9879. At the garden. Well did you miss something on the -- financial exchange you can get at all at WR TO -- audio on demand page. At WRK OV dot com more of the financial exchange with Barry Armstrong in June night is next I'm Mike Bradley. WR TO news. WRJ. -- You won't see oh look your truck moves its report. It's time for the financial exchange rim. Armstrong from Wall Street do you order -- Mario Armstrong knows got you covered. Here's the financial strength and we're very Armstrong's. Well here's the good news price of oil June down two dollars and 22 cents a barrel. And 8259. Let's party like it's 1999. I wanted to know whether the gas price gonna come down well I I'm I'm almost -- -- gas they have I guess they have fortunately. I'm going to be going to look -- if they're all by might gasoline it's always cheaper in the colonial and I can get gas today June. For less than 350 gallon in the -- you get the -- you go to liquor store slash gas station all once you just get it all done this is the beginning of like we -- not cool did you have a a bike thing until this you know and get a bike you know the bicycle to cook. All right the Dow's down ten points S&P 500 down two NASDAQ is flat oil trading is very sit down to 22. Continued US treasury at one point 573 gold is down 840 everybody to fifteen. Seven DA the president's OK I know you don't like this but he's about to speak now how many minutes. A bulk jobs and about Syria and about Europe. All you should be good for a hundred points you know what happens every time he speaks very sell this -- -- back away now at eight. That's for sure well maybe mad best token sheds some light on that -- that you good morning Matt are you don't want. I'm doing good you guys had me -- -- -- by quicker -- ago. Possibilities like nine -- -- -- a motorcycle so. That's right it's very you fire up the Harley in your head down to winner's speech and have a beer too and lord knows what what else is happening down there a -- it's it's a wild it's a wild week if you -- people watching that's the place to be that so. -- that's who getting naked -- we -- the financial exchanged that do I think finally. Have you ever did -- ever have given up silicone yeah. Only reporter in New Hampshire for years of my -- I am I'm all about. New Hampshire from you know from key into the seacoast right on up to the way amounts. That's a lot of -- -- Eight you know what's going on with the market today I mean we keep be the there seems to be an awful lot of headwinds yet we had a two or 300 point rally one day this week. He had and that's that we need a little follow through group that rally was I don't wanna say. Built -- -- foundation of sand but it was built on hopes that things are turning around in Europe will get some confirmation. That -- things might be progressing at least have a stopgap basis. If Spain indeed does get it bank bailout money from the EU that there are reportedly. How much -- not be more orderly or would they need fifty billion. It's big and enormous sum of money -- the -- it and I'm glad to bring it up because you know we talked about Italy Portugal and Ireland. It and I'm in Greece but. That the fact that he can't lose sight of the fact that Spain is twice as large. As greedy. Ireland and Portugal combined -- terms of its GDP you know it's -- it's a whole different it's a whole different stories. And neverland quiet a typical day it's a big deal because if they let Spain go the Euro dissolves -- immunity greatly increased they can let go and they can say OK see you later get the heck out here. But with the with Spain they really can't because from what I've read it means the end of the Euro the end of the Euro zone. The whole thing breaks up they have to build these guys out. Too too big to fail their banking crisis -- big -- -- be you know it to assist or just -- you know. Theoretically. You know they they also they they can build this thing out but that these things of that that and they had a gap guess they earlier about show this week. About half life of peace. Settlements and the used. Solutions. Keeps shrinking every single time you know we Italy you know we we struggle so let's just say they solved -- OK we we bailout the banks -- period of time. It's all I would bet my life one bit about that part of that -- That Italy will be back on the old look at the Italian bond yields are rising Kerry -- I mean they really need to do. 28. -- it's all encompassing deal with the goal. Piece by piece like we did we -- financial meltdown at 2000 and a bank by bank if automatically just -- with the guns blazing and people know that there is no limit. To your firepower. That's -- -- stop -- -- and how long if you did. Predicted timeframe for that to a -- I I've as client asked me yesterday I said look this kid could go on for another two years. Based on my understanding of of of when these bonds are coming due. And and how long it could take to resolve. I I look at this and I say there's a two year time horizon we're we are dealing with turmoil in Europe and it's affecting the worldwide economy. -- and there's a difference too because well you know if it was the US just because of the nature of the US treasury market. And the US dollar in its status. As the reserve currency of choice in the world of the safe haven -- the world. Act gives us special status people can argue all -- -- -- it's right or wrong -- there whatever but it is. Factor and because it is you have to play by those who also it does allow the US to take longer to solve our own problems which -- exactly the -- Fundamental problems in Europe Europe does need to act it's gone on too long and you know we -- spillover effects. And our economy we saw beyond import data today they export data they are being affected. By the strong dollar which is a European fallout and the weakness in Europe and China those are starting to affect our economy as well. Did you read did you see that article posted on your website this morning by a Rex Nutting about the US debt load and then how our country -- Deleveraging. Relative immediately when a country -- when your -- economy like the United States as large as our economy is. And it's deleveraging that's gonna take some growth out right because consumers what they're doing is they're paying down their -- they're not going out and buying a new car fixing up the house or even new clothes so that's part of the reason that we've got slow domestic growth I would think. Absolutely at an an -- that's not a bad thing people are still getting stuff done but this whole economy has been -- sixty years. Been operating and a different under different systems so transitions are. Are always talk it's you know one of the reasons why they always say the last thing you want to root for as a low gas -- That might be good that might help people look at -- for a little bit less money but the fact remains. It's a bad indicator terms of underlying strength. -- me eight because it because we're deleveraging -- It that that's the bad indicator. The F say exactly when you -- -- -- people are are spending the last it and it's. Ultimately it's good but getting there. You know is going to be is going to be difficult. Now that's been going on for three years how long does it continue that they have much longer until we start. Borrowing more money and spending more money than we have figured this. How long does it continue or we go through this deleveraging process couple warriors. That's up you know are there I don't have the answer that question I think it would change to borrow. If if credit was certainly available like it was in 2005. At sixth and seventh yup before this. This situation I think people will be more than happy to go out charge and span didn't. You know to take second entered mortgages on properties and by house doesn't do that they would like they would go right back to you I don't think I don't think it's. I don't -- it makes well I don't think we are reform. Yeah I don't think the banks are willing to do that as they -- they took such a beating in the in now -- there early rules that prohibit them from going back to that type of landing. Right there I think they weren't happy that there's also the good of the great time they were hiring would growing it. You know that they were so -- you know dominated the economy. More than they ever have before so far out are they would go back to whatever they would -- there were allowed to but that they believe we can't and the rules have changed. And that's why it's very hard to say you know what is the what is the ultimate end game for the whole deleveraging. Crisis and such as households to you -- -- due to meet its stations are coursing in Europe. It's states like we're seeing in Wisconsin to California. So what are all level stability of the great past the blocked -- great debt grenades. And where it finally and who's gonna be laughed when I'm holding it when the music stops. Is -- still a question that's being resolved three and a half years and that's. Both -- and ultimately it's a good thing because theoretically you become stronger the problem is you do a lot of pain in the form of unemployment. And deep glacier and that come along with that that's of people -- says they they say oh I love the fact that we're paying down our debts right. But they understand. You didn't -- -- cheapening their right what doesn't kill me makes me stronger right. And that's the problem is liquidated -- I think -- that transition. Sure the the end game. Strong savings rate households with you know money in the bank that you know are still purchasing but. Being wise balance budgets on you know state and federal levels all the wonderful things but the transition tool that the golden. You know pot of gold it is very difficult and hurt especially given that it's a multi generational. Build up. Yup yeah it is it's a long term it's open it's a lasting effect so. Good news on one hand that on the other all right Matt thanks for joining us sure appreciate it. They're always a pleasure a couple of -- yeah. I sure will that's manifesto from Yahoo! finance joining us today on the financial exchange store up I wanna mention this because. The you know from a long term. Fundamental investing perspective. I need to remind you that the yield on the ten year treasury note is one point 57%. And the dividend yield on the S&P 500 is about 2.2 maybe 2.3 percent so you still make it higher dividend. On the overall index of stocks -- that is S&P 500. Then you do in interest on the ten year treasury note that's a startling statistic. Gotta tell you when you look back at that number. 1020 years from now if you're if you're young lad and you're studying economic history like I do it never happens to this is this what we're living through today. Is an extremely. Unusual -- thing to to see occurring and -- talking about during the last 120 years I'm talking about you go back 200 years you don't see this occur very off. That's here's people I think when they hear even somebody like you say that in -- -- we talk about things like uncertainty and investors and we don't know where we're going -- we can't see. Through the end of the tunnel. So that's theory index yes -- you -- I'm scared to death evidence that there is it there's a lot of people afraid of what's going on our economy that's it. Speaking of our economy we're gonna be joined by Larry Kudlow from CNBC next he's our next guest -- here in the financial exchange. And. -- how -- we want your own radio network. Why would you worry about the cost of a nursing home hack your only your sixty. And hoping nursing homes a long way off. Nursing homes cost more than 111000 dollars per month and the best laid retirement plan will fall apart if that cost it's your personal balance sheet. I've been working with clients for more than twenty years and I don't meet many. They can afford to ready check to the nursing home for 111000 dollars per month indefinitely. At the same time. You're probably asking yourself what to do about it too simple solutions one go out -- buy lots of long term care insurance and I mean lots of it. The second solution is to create what's called an irrevocable Medicaid trust and the key is to do it soon as you need five years to make it fully protective. Call my friends at Cushing handle it. They'll mail you a free report that teaches you how these trusts work 7815349555. Don't call while your driving but do yourself a favor and call really soon 7815349555. I know on the lawyers at this firm Cushing and old for more than twenty years they're honest hard working attorneys and they'll represent your family with integrity 7815349555. The series of reports and see -- to the benefits of home ownership. You can't imagine -- daily -- is a -- winning -- key to my teachers. Independent studies show that homeownership not only benefits families and it also creates jobs and helps build stronger communities to find out how homeownership can benefit you talk to an agent -- a real tour and -- house logic dot com slash buy and sell for more information every markets different -- real -- today we'll tours are members of the national association of real source for. This Father's Day give -- gift of doing with the gift card from The Home Depot. You choose the amount you want and he chooses the gift he wants like a new tool around on his Greg poured him a more powerful lawnmower. That grill he's been dying with unique card designs to choose from -- you can't miss. So -- picked up big gift of doing a gift card from The Home Depot. More saving more doing and that's the power of The Home Depot. Are now at The Home Depot by any special order laminate flooring professional installation in your whole house for only 397 blocks. For the cost of a single room you can cover every room and the top brands like Pergo and and they do we covered too and thanks to 397. Dollar full house installation on any special order laminate flooring. More saving more doing that's the power -- call Home Depot values and basic installation -- as soon Macy's store for details of exclusion and license numbers. National Grid -- safety matters to us that's what we'd like to keep passing along important safety tips and now that summer is just around the corner chances are you might be planning some outdoor projects from planting a -- to installing -- to extending -- -- if that sounds like you here are some important safety tips in regard to your outdoor gas meter. The first thing to remember is not to Alter the height of the soil in the metre area. It's crucial to keep all above ground piping valves and -- -- clear of plants soil -- and any building structures if you plan on -- please call 811 to find out the best way to safely avoid underground utilities follow these simple preventive measures to ensure a safe environment for both you and your family. And learn more by visiting www. National Grid dot com and clicking the energy information and tips -- So that's it for now have a safe summer and best of luck with your doctor projects from National Grid. Financial exchange. Obviously this is all about. Radio. I can't remember who said he yesterday and I think that might have been Adam Shapiro from the Fox Business Network said we've got the best congress that money can buy. We have not just a lot behind netzero and certainly as they -- guest is Larry Kudlow and I've been dying to talk to Larry about. This tax cliff that we're headed for Larry welcome to the show hurry -- Thank you thank you have great good morning. Larry the you don't do you think you just your opinion that you worked in the White House you've been around this game for awhile. Do you think Washington is gonna get a tax deal done before the end of the year are we gonna see these huge spikes is a big article in today's Wall Street Journal. About the this the the tax increases that are gonna go into effect in less than seven months. Right I can't Leavitt today at street ago but frog in my throat I interviewed. Speaker of the house John Boehner yesterday. And of course a lot of beer -- precisely about this tax split. And he was very clear. That he did not expect. Attacks. Extension to occur before the election. Now the house is gonna pass its own tax extension OK they're gonna do that next month he said that today. But he did not think that he could get it through the senate. The president has not cooperating not there's really no discussion between them about it so therefore our. -- yourself that. After the election was going to be a key point in this so called lame duck. Congress -- he would prefer sooner you and he didn't wanna make a forecast I think he believes. That. Obama and the Democrats will come around after the election okay -- -- match against that's good. My problem with this is that this discussion is gonna go on. You know all summer long sure and people are gonna go back and forth asked the question that you just asked which -- the right questions I would got to get it what are we gonna get it. And it may cause some problems I mean it's gonna cause some uncertainty. And that may stop business from Ireland and that may weigh heavily on the stock market as you know. You've got a big capital gains -- American you've got a big dividend hike and there. You've got an advocate tax hike in the air and you got and come to expect so I worried about this story. I'm really worried about the dividend hike I mean I'm looking at the journal today it says the top dividend tax rates gonna go from. 15%. Which is what it is today for qualified dividend. All the way up to 43 point 4%. Right that is correct. Throw in. The president wants to go from fifteen to 39 point six get -- on the obamacare stuff that's exactly right. That is a huge increase in the cost of capital. It's been a huge reduction in the investor return on capital I it's gonna do a lot of damage to dividend stocks because obviously. For many people not qualified plan but it's -- lower there attorney enormously Beckham last attracted sure it's nothing but bad news. And regrettably you're gonna have nothing but uncertainty about this because who the heck knows. What's gonna happen after the election we just don't know. No we don't you what is the Republican plan look like is it a one year patch or is -- a permanent extension of certain tax cuts would. Boehner told me it would be a one year extension. That's already set. You can't I do they that you can't meet your. This -- testy I know you want something permanent right. Well I think fit in I can live with a one year extension and then develop a tax reform bill afterwards no words. If you can lower the rates and broaden the base and simplify the code you'll get rid of a lot of the are necessary deductions. I can see that. As a very positive development I think that would have very positive supply side growth suspects and certainly simplify the code. That's basically what Mitt Romney want to -- That's what Paul Ryan wants and that's what John Boehner wants Spain and self possessed. Supply -- yeah so I'm okay you -- it -- a one year extension. While you're developing catch reform I'm I'm the bad times I would bet I'd just wish. We could. Take the uncertainty out of the next several months and I'm afraid we're not going to be able to. That's going to be bad for stocks you the it is a stock market. He you've taught us many times Larry that the stock market does not like uncertainty when I don't know what's going on people who just say you know what I'll sell my stocks and I'll go to cash. Well it's possible I mean this thing now is kind of like the sword of damocles you're gonna get a lot of speculation back and forth they will know or they won't. Why can't we get. Something like Simpson -- going with the spending reforms and entitlement reforms. I don't know that this could be as bad as it was last -- With the debt ceiling which was just terrible for the stock market and the economy I don't know it's going to be that bad. But I don't see any good out of it and -- so I agree with you right here this is certainly not a plus and maybe a minus for stocks. I'm a little worried about stocks not only the rest of this year but also next year because I figure. He no matter what happens you're gonna have a divided congress and house and senate. He -- could have a few you could end up with or Romney in there and even if he wins he's got a lot of bad issues to deal with he's got to do of Medicare and social security and entitlement programs. It is -- not a lot of reason to be. Too bullish about the stock market -- -- from my perspective Larry and incorrectly if you think I'm wrong I'm not a very bullish on stocks in the next year and a half herself. And I appreciate that but let you know on those points and he will really talk -- straight politics here and the impact on money. You got -- -- what's gonna happen I mean I can conjure up for you. 83 out of sweep. And I happen to think Romney is trying to win. My numbers fifty to 48 right now looking at the polls I also happen to think. This planet is going to go into Republican hands. Probably by something like. I don't know 51 at 52 -- they're gonna get that's my prediction but that's all it is just prediction that the possibility exists. That we will have some programs reforms that will have limited spending would get some marks on entitlement reform and contacts reform. That is very possible I looked. One of the most post things happen I wrote a piece about this people pick I'm not. I don't know the stock market went up almost 300 points. Wednesday that was the day after the Scott Walker land line up in Wisconsin. And I think there's a relationship there I think the walker victory. First of all was the victory for a limited government and lower taxes therefore pro growth but secondly the walker victory. Open the door to Mitt Romney possibly taking the state of Wisconsin. Which would really give him a big look. Big got a leg up on I'm becoming president and I happen to think Mitt Romney is the market friendly pro business guy these in my views I know people might disagree that makes -- so I thought this Scott Walker victory was. Hugely bullish for stocks and down therefore -- I'm getting my powder dry out tabloid that the American economy right now back -- back. -- good I think he would -- -- -- you know he's not a real conservative guy and I'm talking about Mitt Romney use our governor appear we've known him for twenty years in Massachusetts. Maybe he's more conservative than he let on because he was dealing with such a democratic state. But you know he did it wasn't like he went after the public pensions up here in Massachusetts during his administration he left the Malone Larry. I know we did -- and ask yourself with -- Loose date with a democratic legislature and I don't wanna defender all his stop and think he did something right something's not there right. I did think however is campaigning as a strong pro growth fiscal conservative and I like got a lot. And I felt I believe his business experience is gonna be very helpful I think given the stakes are very good so. I'm quite happy with Mitt -- Think I don't know a better job duties are do you think he's doing a better job on the campaign trail I I've been watching him. And I I I can't believe it's the same guy -- do so much better today than it was a year ago. That's right that is very key point at the very strong point I I can't myself could have interviewed him several time you know. It each time he seems to get stronger weather better grasp of these issues so. I I think that unfortunately President Obama is not the pro business guy I think Mitt Romney is the pro business guy I think Romney's the market friendly guy. And I I frankly think compact erotic victory will be a big booster for the stock market -- glory to make those that's like -- mentioned that. But to have right now I think Romney is almost good -- to west. All right Larry thanks for your time sure appreciate it great thank you that's Larry Kudlow from CNBC joining us today on the financial exchange. Up next second -- -- just asked the question she wants to know whether it's a good time to viral -- later that more. Next on the financial state. We got more -- Darrell Armstrong right now almost doubled your stereo radio network. Nine degrees partly sunny showers expected later highs in the seventies a nice weekend and parents unite WRQ news. A close call the FAA saying -- onto an active Logan Airport runway without authorization yesterday is forced a delta flights to abort its landing and then a thorough investigation will take place. Boston Police looking for 23 year old Salem man in connection. -- the deadly shooting of a soldier who recently returned from Afghanistan. Officials saying an arrest warrant for appear to still low was issued yesterday for the murder. A 22 year old Stephen Perez of Revere. The Obama administration preparing for a Supreme Court ruling. Expected this month on its Health Care Reform law meanwhile President Obama expected to make a statement about the economy at any minute now. The president will again urged congress to aggressively pursue a jobs agenda. And he'll talk about the economy in Europe the financial exchange continues next with Barry Armstrong I'm -- -- WRKO news. This year more than 242000. Men will be diagnosed with prostate cancer. This Father's Day team up with Major League Baseball in the Prostate Cancer Foundation to keep dad in the game. Go to PCF dot org to make a pledge or donations. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Talk about -- straight and we're very Armstrong I. Right here on the WRKO. Radio America. That had to be the most. -- -- -- -- -- Well I think you can -- already where do we get these producers -- not only like sixteen producers here and we can't get a decent -- he had a decent slash sound but Dave said he didn't like -- -- then he played that little whatever that does that sound in late an animal that's on that's out I challenge any listener out there to find a good -- -- sounded. Email at -- -- I challenge anyone I wanted to hear you but the -- us that you bemoan the easier when your scuba diving in here Wales who to talk existing economy for the whales to me I Gary -- So that was. The whale sign Barry and the will splash so if you text us right now it's 608680. You will win. Two tickets to go whale watching what number did you -- we haven't -- the fifteenth tax fifteenth the fifteenth Dextre will win the whale tickets for the whale watching tickets and aerial night our guest is Jennifer. After us from the Boston Herald did I pronounce your name properly -- -- Excellent excellent -- -- like Athens. I've been practicing. I've been practice he's for that -- the easy for you -- that's it that's your married name right that's I know that's. That's my maiden name as they might support -- You didn't take your husband's name and think our -- hall where we -- -- -- that that it didn't take her -- so that's that's part of the -- -- she's proud of her -- -- so why did he -- my wife took my -- -- -- you take Q what's the name and because I'm a guy -- take your -- -- hello Jennifer how do you honestly when -- got married well. How does he feel about it. How are we discuss that every -- have been debating it for six here's now. -- on the call me. I wanna talk to she's a strong independent woman who did tell on the call we will talk -- -- men and will will will work this out. Jennifer and I I was talking to June earlier and actually she came to me it would tell tell Jennifer we asked as I said very what do you think about home prices here -- nasty -- -- in -- mine and I -- properties I know some other people in the building to the office. Two other kids in the building or look at the five -- yes that's it you know do you think they gonna be going down like you know tweak a -- bought something for say 300000 today. We think it would be worth by the end of the year. With go to town -- gonna go down anymore would you buy when we too were voted by the end of the year. Just curious is -- -- -- to set you up I just threw a little penal softball at all right Jennifer take it away gates give her hell. Greatly different and I think that apple is if you see something you like. And you hear people to buy it interpreters solo you know it's definitely a good -- -- appreciation. Prices are -- up. You know in Boston. Very double digit increase and -- in certain areas at certain price point. You know outside of the city a little bit slower but definitely they're they're heading in the right direction and I think that's the take away. Here -- breakdown the numbers force if you would for Massachusetts home sales first quarter of 2012. Okay so the Massachusetts home as -- first quarter. Were up twelve and a half percent compared to the first quarter 2011. That's pretty good twelve and a half aren't. How about a month of may. So the month of may of right now made was up 23%. Compared him in last year that we are still being the strong. You know trend as strong increase were in double digit -- an -- and -- twenty. Now that that I wanna point something out here journey that means that the momentum for home buying in Massachusetts. Is getting stronger in IAE united -- Dirk -- and at least voiced some concerns back in February and march Jennifer. -- That that perhaps we do we're region we've just hurt pushed sales -- forward right like we were worried and -- that may be. People bought their homes in March that normally wouldn't buy to make we're telling us is that the momentum is continuing into the spring market. -- -- Well yeah I just I don't know that owns -- underwater and no -- owns something Mets northwest then you know what I -- on its. A year or two I don't think that's gonna happen at the top this that's what happens a lot of us like when we bought but 89 years ago. But we've seen volume increases right Jennifer -- the number of sales volume up -- and pricing what about pricing. We're seeing -- starting to inch up and again this is not you know we're not seeing what we can and we started 2006 where you can now. By something in the same year and then insert clip -- yeah. Yeah we're not things that were being. -- Well. Tom price increases. Well -- when you look at the if at the market now we eat and you look at the the price increases that we've had. How does it in the end the volume of sales activity you said that may was up like 23% over last year. How does may have 2012 compare to say. Many of 205 or may have to what you know of trying to think back to the boom years are we still lagging those boom years by quite a bit. You and we still -- but not that much not that much. About -- some you know if that trend has gone up. On that probably 2009 when everything just completely -- Is one of the gals in my office one of the young ladies and my officer name's -- you know or you don't give her yup she came to me and she said. I'm gonna buy a place because my -- -- they're raising my rent by a thousand dollar tomorrow how they'd be there to take her camera what are rent was that it was. Increasing by a thousand dollars a month. She's a financial person she's an analyst here as she did the numbers that said there I'd be a fool not to buy -- she did all the numbers it was cheaper just from a national standpoint it was cheaper to buy. And and to own place and on top of that she got tax deduction for Jennifer. The right you know I've I've been pro -- owning compared to ranting and you know ranking and a temporary situation that's fine but you know over a long term. You know 34 years you're just really trying your -- your life. You know now and you take the market's gonna sustain itself lady you don't pay because inventories are still fairly modest compared that. Think he that's another take away here that inventory is very very moderate and that inbox and inventories down. Thirty. Very per cent -- -- -- -- last year that's dispute though it's not like you have all that women can carry that you see something you like you can afford it. You know it does make sense -- -- But Jennifer how much of this is related just to Boston they get how how as the market like what kind of numbers do you have in Worcester. I eat a lot to stir bridge -- out a little bit further west. Or or even just in the suburbs outside of 128. You know we theory you you work in the cities are worried that some of the data that you're giving us is just relative to what's going on in the city like junior looked and went out and act and I saw yeah I I did I I saw -- townhouse in Concord. You know one bedroom for 225 M and not a 1011 months ago. Another one in that same complex still sold for 286 wow. So yeah I and that is further out I know and I know the city's hot right now Christina Jennifer tells us this. Moret great and I think across the state -- inventories down 10%. This compound might be obviously he had areas that are depressed terror. You know the further you get -- status -- -- -- -- -- being carried it is different stories right now the Boston numbers. Just to the city of Boston they basically make up a quarter of the state activity. So we pedestrians sort of a nice range to take itself you know Boston is up a lot the metro areas Europe. I definitely on a positive trend. You get into that 128 belt I think it's really you know a good rule of thumb. The critics say you know what's trending up -- again it it's pretty go out of the city and the way metropolitan areas you know you really need. Slower slower pace of -- All right well we'll keep an eye on it -- do suburban study for next week Jennifer thanks for joining your sound arrogant as Jennifer at fast. -- -- wrong again and come out that this happens ask us Jennifer asked us joining us today from the Boston Herald. Will be right back with more on the financial exchange will announce our winner of the -- tickets in just a moment stay with us. We're back we're more on the financial. On the WRKO. Radio network. Why would you worry about the cost of -- nursing -- -- -- -- sixties in a nursing home is a long way off -- is very -- -- time flies as we -- the only thing that seems to speed -- is the rate at which time passes us by nursing homes cost more than 111000 dollars per month and the best -- retirement plan will fall apart if that cost -- your personal balance -- -- been working with clients for twenty years and I don't -- many -- can afford to write a check to the nursing home for 111000 dollars per month indefinitely at the same time you're probably asking yourself what do -- do about it too simple solutions one. Go out and buy lots of long term care insurance and I mean lots. The second is to create an irrevocable Medicaid trust and the key is to do it soon. And remember you only five years to make it fully protective call my friends at Cushing -- -- they'll mail you a free report that teaches you how these trust to work 78153495557. -- one. 5349555. George tune into the financial interim -- On the WOK okay radio that. Work we're joined today by chip -- like Jim does the president of the -- -- mortgage -- chip welcome to the show are you don't -- very does memory chip you know there's still a lot of people out there that are stuck in mortgages at six and a half and five and a half percent they have been able to refinance because they're underwater on their loans is there any relief in sight. The government came out years ago and in created this program to help the people who made their payments on time -- and we're underwater on their mortgage problem was is that -- harper is that it was also -- program and the problem was that no one qualified for it. What they're doing and what they've done in the last number of months and there is a new -- -- that made it so that people who actually are upside down on their mortgage and have made -- payments can get a -- -- it's it's a much better product and I think it's a great product -- let me get this straight -- -- -- my home is only worth 400000 dollars -- -- -- Unbelievably low interest rates and possibly at no cost would have a three in front of it could have a three in front of it it could even have a two front of it. All right low rates available if you're underwater on your mortgage. Pull my mortgage group has information about the harp program. That will allow you to refinance your house at a lower rate even if you owe more on your house then what it's worth here's -- phone number 808084128. Call them and ask for that chip -- life partner program how can I refinance my program even though I owe more than what it's worth. Programs are available to you all you have to do is call 80808. 4128 the -- -- mortgage group has information educational information that will help you. Refinance your house even if you owe more on it than what it's worth today 80808. 4128. All the souvenirs you can bring home from a trip to the best one is your own money motel six is still the lowest price of any national chain call 1804 motel six Republican motel six dot com. Are you -- homeowner have you been thinking about refinancing but haven't gone through the process they -- because you think it's gonna be too much of a hassle. Well now is your chance to find out how much you can save by refinancing into lower interest rates you could be saving hundreds of dollars each month on your mortgage payment. South Shore bank in Cambridge mortgage group are hosting a mortgage refinance event. On June ninth. From 9 AM until 1 PM at the South Shore bank branch at carriage crossing that's located at 225 Bedford street in East Bridgewater. They're experienced professionals will share refinance information advice and show you how much you can potentially saved by refinancing your existing mortgage refreshments will be served. Mortgage rates have been in the threes I highly recommend that you attend this event if your interest rate is any higher than that. Again the refinance event with Cambridge mortgage group will be on June ninth that's tomorrow. From 9 AM until 1 PM at the South Shore bank branch. Carriage crossing that's located at 225 Bedford street in East Bridgewater South Shore banking just better. Member FDIC equal housing lender. George tuned into the financial extremes here on the WR. Radio network. James from April was the winner of the women watching ticket so that's I mean these go and he's got something to do the kids this weekend that is a blast by the way is evident on one. Never done a tiny little seasick Sony can run those pills again and falsely. And I think it's a missile -- of the late hour to get out to the actual bank near Indianapolis the -- out earlier suggestion that's out stuff tonight. They with the market don't. Okay well the the president is speaking and so now down like 800 point oh now the fact it's actually it's flat right now doused led suvs led NASDAQ up eight oil down 18510. Years still at one point five B three gold trading down 840 so -- surprise. Susan and it hasn't fallen since he started speaking -- 50 -- says -- talk about real state earlier with Jennifer. He says they bury iPad could be gal to I don't know -- I believe inventories down because rentals are so expensive and people are taking. Property off of the market and renting it out. You know I hit I wonder if that is -- actually true but I'll bet you that there's something to that it is go want to any bills of real estate sites and look up houses that are for sale -- house is that a forensic -- in almost all of them that are for sale are also for granted out I found that and pretty good rates like you can get a decent rate now for a rental. Well you can rent it out for a lot -- anyway you have I guess a lot of people just want to cover their mortgage rate until they can get out of it yup. Now makes some sense splitting your question very you talk about go that you don't look -- for the weekend I am I don't like to see my dog gimme my dog yeah I did she's here in the art of adorable taking care of everybody -- -- she's so cute -- -- Susie mr. lighten natural instinct -- she looks decent shape. At chase sheep yet you Romania chip constitutional chipmunk last week that Beth and -- We what -- gasoline is cheaper in New Hampshire get just wondering why. Well it it has to do with taxes come I do I did some research during the break -- and you're gonna ask for this. On Massachusetts. Has the twenty ninth highest gasoline tax rate in the country are so weak tax gas. 23 point five cents per gallon. Right that's our tax rate and I'm trying to race matters of course and -- are just South Africa -- I think -- where's New Hampshire. Has the 41 highest. Tax rate on gasoline so it every time you buy at a gallon of gas in Massachusetts 23 point five cents of every gallon is going to. The dollar and his cronies where he's in New Hampshire only nineteen point six cents so theoretically. Gasoline prices should be. Four cents less expensive -- in New Hampshire than they are in Massachusetts and they're usually more than -- at least where I -- Well I'm thinking it's because they have higher property taxes in New Hampshire so they make up for it on that -- well the they have high property taxes but I -- the -- remember they have no sales tax in New Hampshire that -- lot of people shopping up there and they have no income tax in New Hampshire June. So I you know what you looking your paycheck break and you know darn well more than 5% of every penny you earned in Massachusetts is going to the state legislate on an. And bring in New Hampshire they don't have that that's why New Hampshire. If you look at New Hampshire's unemployment rate it's it's like -- under 5% -- Massachusetts has an unemployment rate in excess of 6% New Hampshire during this recession. Did not have anywhere near. The type of calamity economic calamity that we've had here in Massachusetts and New Hampshire was insulated from and I'm convinced it after studying this recession for a long time. I'm convinced that a big part of the reason behind the success of New Hampshire has to do with their reduced rate of taxes and yes absolutely and and look at all of the businesses that are going up there and retirees people are -- my -- was up there yet and if you talk to people they move up there because they say hey. You know it's lower income taxes no sales tax. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- to if you wanna get your fireworks shift to go to New Hampshire so you see a lot of EC a lot. You go up to the -- is the mall you go to the racetrack with that right Rockingham -- them all -- into the mall -- -- to drive around that mall more than 50% of the license plates in that mall will be Massachusetts yeah that's where people go to do their shopping you live anywhere close to the border. And you go up there -- if you talk to people who go up there -- -- they'll buy their -- Europe there though by their liquor and then they'll bring it back and Honda and their fireworks got to get your fireworks and -- tattoos that's it the law though don't do that. Julie you shouldn't be advising people to break the law any new tattoos -- their union down here not to don't know yeah I know -- piercings yes I just -- that now I'll come out. Used on coming -- -- What are you know maybe you'll put the -- a picture of your tab on our FaceBook page and she's. I don't have any -- is sure you don't all right we'll be right back with more on the financial exchange. 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Here's what they say he say that the European banks need to strengthen themselves well -- getting to know president and and it's it's really gonna be up to the European taxpayers. To bail out the European banks which made frivolous and wasteful loans. They've got a real estate bubble in Spain June that who makes ours. It dwarfs the realistic hope that we had here in the United States but -- of those countries just vote in. The liberal no austerity guy. And guessing like that was the grants that's a problem yes. Well at any rate may be the market is rallying on then news. The Dow up eleven points at 121000 for somebody to the president has also stated that American banks are much stronger which is true American banks. As near as we can tell. Perhaps with the exception of JPMorgan have gotten considerably stronger during these last three or four years. You know you go to the bank June and you've talked about me about this before off fair where you said hey there's no. Interest on my accounts right I'm not getting any interest on my CD from wealthy the the bank is making interest on it they're just keeping it to hang in there they're getting stronger as they keep that money. In on deposit so that's part of what's occurred that you know you you wonder why and how American banks have gotten stronger. -- -- They're still making car loans at six and 7% right so they're still making money when you borrow and do -- mortgage now. There's still making money when you go in there and -- -- the credit card thing about all the fees on your count on right -- don't even mention the credit card thanks so the banks are making money but they're using it to pay off all those bad loans that they made back in the 2000 -- so that that's what's going on. So American banks getting stronger European banks. I would say are probably five years behind our backs. So what did we think about that Europe and a recession until now there are are they definitely I -- haven't announced that it what you think it's in my opinion Europe is in a recession pin and I think that'll be proven in the net in the coming months he'd be the last quarterly report that we got. There growth rate was point 1% so. What you need to prove a recession yet -- two quarters in a row two consecutive quarters. Where you have negative GDP and that's coming. Most of the other countries like the Southern Europe European countries. Bigger GDP shrinking at 1015%. A year it's amazing what's going on -- you know workers. In the southern European countries there are having to go to Germany they've got any skills at all. They're leaving Greece to get -- job in Germany they are -- you're seeing this migration north in the United States everybody has migrated south. In Europe there's -- to migrate north as that's where the jobs. -- -- -- -- -- thanks for joining us all weeklong on the financial exchange will be back on Monday and because it's a Monday. We'll be giving away a gas heart during the financial exchange radio show. Have a great day the Dow is up eleven points and good news on boil boil down a dollar and eighty cents a barrel at eighty to ninety bucks see you Monday. -- The Boston business journal as your local source for business news news leads deeds movers shakers and decision makers. Get the original business news that's only found in the -- BJ yeah. Subscribe today at the special advertised price of 85 dollars that's 30% off the regular annual subscription rate. Call Shelby baker at 6173163207. To start your subscription today that 6173163207. To subscribe to the beat DJ. Today. 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