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5-8-15 Full Show

May 8, 2015|

5-8-15 Full Show by The Financial Exchange

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

I. This is the financial exchange we've Barry Armstrong. First greens stay on top of breaking business news and learn how to manage your money to help you towards a more secure future he'd still fine nation exchange with the euros. Barry Armstrong. Hi everybody you know I have a confession and we'll we'll. For me Christmas comes once a month with the jobs report comes out it is the most exciting day of the month for me. You know it it it's just and a day of of presents all day long that's because your dork and I am a dork and I am in I'm OK with the it's an eye on it it's okay my co host today the woman calling me a dork of course is the ever best and this it really doesn't isn't I would ask seltzer is yeah there's a power should give me crap for the next two hours you can rest and lower down so the idiots that look or are we have to get in. To the the jobs report. 200. And tore up a break down the basic data and then we can talk about as a. 223000. Jobs created the six month average now is about 255000. Per month. The unemployment rate declines. To five point 4% that is the lowest it has been since may of 2008. The revisions for the prior two months so. When they issue the jobs report at 8:30 eastern time they also say oh by the way we miscalculated. The prior two months. They came in down 39000. So march which is a terrible month was actually worse than what we've reported. February which was a bad month it was actually worse than what were reported to the revisions were down 39000. Slow wage growth point 1% for the month labor participation rate ticking up that's a good sign. Right labor participation you want. Is many people participating in the label labor force is possible that ticked up ever so slightly. At 62 point 863. Would be a number that you kind of look at as a minimal number he wanted to be higher than 63. The U six number will be the only media outlet reporting this but the U six number which includes those who are partially employed. And would like to work full time in and under employed if you will use six number coming in at ten point 8%. That's the lowest it has been since August of 2008. And where we side job creation was in the field of construction. And you know it had a chance Susan to break this dated down in trying to. Try to understand it and and I'll and I'll try to serve as an interpreter of this date that we receive when the market seems to be interpreting it positive. Yes the markets and as the market got the news I can tell you at 88829. The futures were up about thirty maybe forty points as soon as the market opened today the Dow popped up 250 points so. They the logic behind that Susan is. This investors are saying wow there is absolutely no way. That the Federal Reserve is going to raise interest rates in June based on this jobs report. And quite frankly they're probably not talked to analysts this morning. And both of those analysts earlier today. Said they don't think it interest rates start to go up until next year they're starting to push it off if pushed until 2016. A good data point that I wanna point out is median duration of unemployment. Dropped from twelve point two weeks down. 211 point seven weeks. And part time for economic reasons fell by another 125000. I'm trying to get the and there's just so much data that comes across the. The the pipeline that I've got to try to push at all so the markets they like the news. The unemployment re came down and so we had talked before we thought that if we saw the unemployment rate coming down one or two ticks that that would really pretty keyed them rise raising every. So now but now they're saying even further out. Yeah the defending the defense futures which is the gears up a place you can go and basically they gamble. On whether interest rates are gonna go up or whether they're going down. That's being pushed out towards the end of the year in the likelihood of that an increase in likelihood of a rate hike in June. Is is negligible at this point. So that's that's true extent. That's that's what we need to know on the jobs report we will be joined. We are gonna happen economics professor later in the show. Helping us give me a better. Interpretation. Of a bad job report I did want to call attention to be Mayweather pac you'll fight. The pay per view sales David were actually higher wheat we had anticipated we reported on this program last week. That the target number. And all that. Financial projections that we were giving on that fight in terms of how much the fighters would earn. Was based on three million people watching the fight turns out that number could be much higher yeah three to formally were expectations what Alex life. Almost easy five. Now does that defy Europe earlier statement this week in where you said. The fight was not delayed because the cable companies are having transmission problems that the UBE because you're you are skeptical. About the the delay for the fight his didn't start until what 45 minutes and yeah also with the cable company issues I haven't heard anything about that but. It's typical may weather and economy people way you know kind of part of it is still feel that owned the stats. I think they're prepared that they knew the potential is there what what could be the Mayweather agenda. For calling mainly pack you know race or loser and count at what's that. And if. You know he kidding me he's the biggest difference in speed for high life right now they're talking trash to each other. There's going to be you know the grudge match that comes out he's gonna build that well they'll be on Social Security expert on these guys are old is he crowded me. I mean it was a bad fight and he. Like we do you pay again yes that everybody. There are born every minute with standard let's go although they'd be playing at this weekend in charge that. They're replaying it probably an HBO or showtime and I will re re watch that and it's free and have a different attitude but they use it like every every review of the fight I heard people were falling asleep during the fight in such a lousy fight future is much decided on Saturday you go to the health it bill that would be a different view that is gonna have you'll be. But I mean look at world headlines about this fight a few days later it's tacky are being sued pack you know which was entered packet the packet that. This is Mayweather talking trash to get back into the he wants some kind of you know publicity still took so for another fight if he wants another fight and he is gonna probably now we have the right in September and Susie and fight. Out of their pocket that he is going to be another bomb for them if that. And never paid for anything if you don't know why are we sent this week we knew that that potential fight the exact way it went down. That it was that's what we all expected one's gonna happen we paid because we thought maybe pack you know could just go off. And beat this guy and now and Latvian had if he didn't need rotator cuff surgery probably would potentially and there's like three moments he just pummel via these that keep going and he pulled. You could do it he can do. We were about to talk about Tom Brady in that sting operation that that's the accusation by his agent but you know we did. Is we got a ghastly we have an attorney joining us who is the attorney did you you you've got Tony from northeastern as Eric. Sugar Roger Abrams OK he's an attorney in northeastern I brought up the the idea. I eat in in listening to the report now unlike chalks not a I've not read the entire report covered cover. It as as knowing what I know I'm saying to myself. Tom Brady why are you not suing the NFL. Force slander wire you know suing the NFL for defamation of character we're gonna have an attorney join us and explain whether or not comprehend the suit. You know whether or not he is whether he has grounds for losses because I. I tell you what I mean he is painted as a villain in this thing. And with no opportunity. For him to. His side of the story is not coming out. Correct that's that's my biggest PR plan last night. He he answered he said in in due time you will hear from you basically letting other people there was talk for a currently you know and then he will answer those questions right right okay. Well here's what we're doing a lot yesterday. There was a big election in the United Kingdom and the conservatives won. Surprisingly. It one which is not the surprise the margin of victory. Is catching others by surprise Stephanie baker from Bloomberg News is going to talk to us about. One the the victory in the margin and how. Mr. Cameron will governed going forward but more importantly what is the impact on stocks what is the impact on the world wide economy what is being kept impact. On the on the pound that and more coming up on the financial exchange. Breaking financial news it's the financial exchange risk Barry Armstrong. On the financial exchange radio that. Work but investors searching for relatively low risk investment that can easily be converted into cash often turn to certificates of deposits -- CDs leader bank is currently offering an eighteen month CD with an impressive one point 25% EPY for new accounts with these kinds of rates now as an ideal time to take advantage of this great opportunity from leader bank to learn more about the eighteen month CD with a one and a quarter percent EP why call 8776917900. Today or visit one of leader banks conveniently located branches in Arlington Belmont Cambridge or Burlington earned more interest on your money today stopped by a leader bank branch or call 8776917900. To learn more -- bank a step ahead minimum deposit to open and -- annual percentage is 1000 dollars Massachusetts residents only penalty early withdrawal including -- penalty which may reduce earnings -- subject to change without notice member FDIC rate effective November 4 2014. The decision of whether to accept an early retirement offer is not an easy one to make it may sound like a dream but there are tax and retirement plan implications that must be considered if you're not 59 and a half you may be faced with steep penalties for withdrawals from your retirement accounts will your employer paid for medical insurance or will you foot the bill until Medicare begins what will the impact of an early retirement be on your pension and Social Security can you afford to retire now and if so how much income what you need and where will it come from Armstrong advisory group has made available free guide called evaluating. An early retirement offer here's the phone number 866810642. To let us help you make an informed decision call Armstrong advisory group now at 8668106422. Securities topic is securities American member and IS IPC advisory services up with the securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies are not affiliated please consult with your qualified tax expert for any activity concern. This season powers and I'm doing today by estate planning attorney Todd black ski. Aloft Herman could mean talent with your legally changed quick tip of the day. Today we're talking about last minute cleaning techniques for the per crap any air that can help seed here ask that if someone goes in to a nursing. Todd can anything be done to save the liquid assets of an unmarried individual. Yeah. There are some things now remember it's never as good as as advanced planning. But it's better than losing all the money and that's really the goal. In order or an individual who singled again on Medicaid. And have to half less than 2000 dollars and often times they won't they'll have you know few hundred and if that they seemed over their lifetime. While a bucket of money is there the individual what and how to. Purchase one of these Medicaid annuities and please let me just throw a reminder. That these annuities cannot be purchased prior to someone going into the nursing home so don't let somebody tell you that they can you donated annually today. It's a last minute planting technique. And once you buy this annuity lets me take two or 300000 dollars up excess assets. And purchase the annuity. And that was accessed assets are converted to an income stream so value and S and have less than 2000 dollars and assets because. Big chunk of that has now paying out income and a monthly check you'll receive. Over your life expectancy whatever your life expectancy is that the term of the annuity. The moment you buy that annuity you're now eligible for Medicaid annual stretch out the money make it last. Lot longer folks if you're single warm married in their feast with a nursing homes day the air is something that can be done to save your assets last minute that you need some guidance. Collar profits right now for the brain a guy from Cushing and Alan. Cleaning for procrastinators. 8668485699. And 8668485699. Helping you to understand how to best manage your portfolio. Includes financial exchange with Barry Armstrong. On the financial exchange radio network. Well connected. Seems to be bound and determined. To establish these satellite casinos and powers I I I tell idea. You report the news in and I've I've dug up some data as a relief to their impact on its side in Connecticut. Okay well it you won't be able to sneeze without running into a casino in Connecticut. Because the tribal lead is at foxwoods and Mohegan Sun can join forces and they're proposing three additional direct highway access casinos. To try and offset some of that 300 million in revenue didn't expected to leave when the Massachusetts and New York right. Parents know their logic is they're concerned that people are gonna go to the Rhode Island casinos would get the Massachusetts casinos they're probably really concerned about the one in Springfield does ring at a young especially that's going to be an MGM yes can be nice right in and there are probably think an almighty lord we're gonna lose all by our Hartford money's gonna you know. To Springfield. And they are looking to open one in Hartford direct highway accidents in Hartford. They want us try and save some of those 4200 jobs that they think that they say are going to be going out the door and what they are proposing based on the as surveys in the reports that they have done. That they and since then to the lawmakers in Connecticut is. Not only will they saved that money that's expected to be sent out the door that they will actually become a net positive as a result of adding these three casinos don't. They think they'll be able to increase the revenue right now the state of Connecticut it's about a hundred million in revenue if they do nothing they're gonna lose now. They are gonna have these satellite casinos these slots and a boxing of these can via. Conveniently out scene is like we talked about into every ten as well in if approved it it's unlikely. But they aired goal is going to be to have them open before the maps in the New York casinos open. Spark that well we'll talk about it because the and it give you the flip side of that whole story. But before we do that I wanna go to our guest her name is Stephanie baker Bloomberg News she's reporting to us from London England. Hi Stephanie are you. Very good did you help us break down the they they results from election how many seats did the conservatives win last night. Well it looks like they won 331. I think is going to be the final count. I'm in which is. Very unexpected it was a shock result because obstacles that indicating. That the Conservative Party in the labor party were in their virtual dead heat. Oh we woke up this morning or actually they were the next poll last night which which would pretty accurate predicting that conservative. Wouldn't. What is Leo how does that impact the stock market in London. Well we've already seen an impact. Today. The 5100 remained stock index gears up more than 2% and the pound has to Harvard it was sliding in before the election and against that your attitude I think. In the digital city is great at each because. To stick pro business. Tax and the policies of conservative government. And how many park seats to the labor party yet. 200 try to carry it 232. Says they did increases well. Right there are more than the labor party lost significant number see they do. Mostly because of the loss of seats in Scotland and that's the story of this election is. Lately its commercial break out and Scotland and they can't. It deletes six seats in Scotland and Scottish National Party. Swept stable heard. It's some serious soul searching going on in the labor party trying to figure out. Where they get in Pakistan and leader resigned at Miliband dominant type we've had three big piece to resign today. As a result it is surprising outcomes. Stephanie explained the national how many seats did that Scottish National Party get 65. I think it would. So. Bet that they didn't have a vote on succeeding last year and they decided to stay in the UK. Yeah I don't that is one curious. Outcomes. This election. There was a referendum and solid on independence. It was closed at one point particularly to illiterate down in the news that it dependent. Get excited forties I. Percent to. They're more than half. It's just got that they wanted but she's okay and the United Kingdom. To what he did it galvanized and and energized. A whole new class of voters in Scotland. Who turned out and support and it is at the polls yesterday. Intact turnout was higher in college that it was the rest of England. It it well and so it was higher in Scotland but. What does it mean does this mean that Scotland is gonna pursue the action of succeeding. Look at this late date today you know it's that was not about independent. And that they're not going to proceed another referendum. In the that is with their entire party based upon the one of the biggest challenges that pardon and to date and it's his right now. It has a dead heat brings contact in the polls. And what. In. Constitutional settlement he reached that would satisfy discussion national party and keep union together he would not be depriving. He did they want to in the devolved powers they want to total control over her tax and spend it and and at the question is how sorry he can count on that. Is solid very dependent on north C a little. It's been hit on day this fall in oil prices. And it is dependent on conduct and that conduct Barnett formula which means basically. Transferred from England and Scotland. Attacks are happening and if they do get total financial independence and under its control over tax and spending. Is curious leaders they're campaigning. A platform. That's frankly the current financial suicide if people leading economists have looked at numbers. Now what little of this due to the value of the pound increase it decrease it. Well the pound has rallied on the back of the result because everyone was expecting. A hung parliament that there's been no clear winner winner. And that there be protracted coalition negotiations. Or worse. The Labor Department. Backed up by the Scottish National Party that would perceived. More borrowing it and and would potentially resulting in and and higher interest rates in the long term. So I think they're gonna advocate at start relief. That hasn't happened at least some financial markets standpoint. And and the pound has recovered. What what provided. The key to victory for conservatives the you know it the wizard the Scottish issue was it. The improving economy and what was the found H and put them winning so many more seats than had been expected. Yeah well first of all I think the pulse where Prada and I think people are gonna go back and try to really dissect what went on there there's actually an depending created union looking at why the polls. Cult that they'll they're wrong. You know whether it was undecided voters. At a late swing and always at the polls got it wrong it looks to me that didn't did humane reasons why the conservatives won this time around it. What page. Maybe they campaigned. Odyssey that's. But perhaps prize skier. You know scaring people about the consequences of a labour government backed by the Scottish National Party. And and that that basically do of the labor party would be held to ransom by the Scottish National Party would be dictated not. National party would be. Dictating policy into the labor labor party because it the lady. That vote came out. That was number one but number two that it did the labor party has. Has not really. Shaken off. It is bad reputation that they had problems. When they left office and when he can. You know Ed Miliband. Refused orders to admit it to labour government overspent. You know he he he blamed the financial crisis which is quite fair on it was a global financial crisis but. Separates that did you know that labor government ran. A deficit when the economy was there anything and and just didn't didn't say about her for you know of the financial crisis and they came. Very good very get well Stephanie thanks for your report and we appreciate your time. Stephanie baker joining us from London England Bloomberg News up next. We're talking about why eight shockingly large number. Of Americans are giving up their passports are tech's number is 68680. Keep up with the financial exchange. Q. Download the mobile app by surging financial exchange in the iTunes or Google placed door from the financial exchange radio network. If you're landlord pay attention that. First of the month rent day tied chased down late payments and organize your files per trip to the bank now you can take back all that waste of time with something called C ranked leader bank's new product easy rent automatically deducts tenant rent and deposit it into the landlords account making rent 81 less thing to worry about visit www. Z rent dot net now to learn more no more checks or trips to the bank no more rent payments to lead or lost in the mail tenant pay nothing and for the first six months it's free for landlords. Landlords go to www. He rent dot net to sign up. Then invite your tennis so they'll never worry about late payments again visit www. C rent dot net to learn more call 7816. Or 18691. Sign up hers he rent that day and take that hassle out of right date for. Everybody this very strong and I'm joined today by estate planning attorney toddler from the law firm Cushing in dole in time for your legal exchange quick tip of the day. We're talking today. About the different ways that you can only real state and taught I wanted to ask you this one. What are the implications of transfer your whole seat is take your home yet and you give it to your children. In order to protect it from the nursing I actually get somebody asked me this yesterday sixty years old. In the heard about this thing transferring music like here comics Mikey thing. Really know yet putting your kid's name on anything while you're living it is frightening with or without the light the state a year question was interesting it was. At least using a life estate does provide the parent the right to live there that some protection night. I feel better about that. But I really don't like having the children's name. On any property. For the following reasons one when you do that it's a completed it true you've lost all control over your order anymore. I worry about if you go through divorce and ex son in law the ex daughter and when you're like. Number three is it you know Ali you know I don't you've now subjected manager Jim said Barry took their creditors and doesn't. Necessarily have to be divorced as he could be a lawsuit business day earlier and could be any creditor so they don't basically that creditor has the ability to get the asset to pay them back which means you lose your home I certainly don't like that idea not to mention there's also a tremendous amount of tax problems associated with doing that so don't. Don't do that. Our rate I've got some advice. Or you learn the best way to old and protect your home your vacation home in your rental property. Call for Cushing and old brand new guide to the risks and rewards of real estate ownership 8668485699. That's. 8668485699. The guide will teach you all about the risks and rewards of real estate ownership. 03866. 848. 5699. Advanced state planning has many benefits including avoiding probate passing your assets along to your bloodline protection from the nursing home and my favorite possibly eliminating the estate tax type folks this is very Armstrong from the financial exchange each week pod but a partner with the law firm of Cushing handle and educate our listeners like telling them how to protect your assets from the high cost of nursing homes a state planning has many benefits. Including helping you to not impoverish your spouse if you go into a nursing home Cushing and Dolan has put together a brand new guide top ten reasons to do estate planning call your copy now 8668485699. Cushing and Dolan can help you protect your assets that number again is 8668485699. Securities operatives securities America pink member of an SIPC an advisory services -- securities America advisors and Gary Armstrong representative Armstrong advisory group Cushing and talent in the securities America companies are affiliated hi this is Barry Armstrong from the financial exchange recently I'd been hearing many reasons why we should consider buying gold geopolitical uncertainties stock market corrections you name it I don't disagree with the idea of buying gold but I have always been suspect of the ads that I see on late night television or even the ads frankly that I hear on the radio I like to buy gold from -- local institution that I trust I. I owned gold and I'd buy my gold points from leader bank I walked right into any leader bank branch and I can buy American Eagle gold points leader bank is a local bank with. Branches in East Arlington Arlington center Arlington Heights at Belmont Burlington and Central Square Cambridge bank locally and buy your gold coins locally it just makes sense of leader bank a call and learn more about their gold coin programs 8776917900. Or visit leader bank dot com leader bank a step ahead not a deposit not FDIC insured not insured by the federal government agency not guaranteed by the bank may go down in value. There's only one way to get more of the big business and financial news and unfortunately crystal ball sorry you know it's the financial exchange on the financial exchange radio network. Time for trivia in what state was Harry S Truman forward. He knows the answer that in Texas at 68680. In what state was Harry S Truman. Boren and you text your questions your comments your loved familiar hate mail whatever you want tort text number 68680. A record 1337. Americans. Gave up their passports Susan powers and that suggests being in the first three months of 2000. And fifty how come. Well they're on track for exceeding all records of folks giving up there at their passports so there is seven point six million Americans living abroad are ex pats that are over the right. On their you know I had no idea so I had really given it I think half of the marked for State Street but regardless of there there is there's an awful lot of them. One thing that the US does which no other country does is they eat they meek the year. Citizens pay taxes and report on all of their income trite worldwide income so worldwide you could be. An American citizen. And you remember Eduardo saverin the guy from space FaceBook yes he he be porky the company went public. He changed his citizenship I think to the Philippines or camera from. But be that the promise are taxes are so high. That people are given up their citizens they married in one of the other problems is even for a simple tax return for US citizens their living abroad. Cost and thousands of dollars just for a simple tax three iron because they are required to file all the additional tax information. So there is more and more folks who are renouncing their citizenship. Fifteen times higher. In 2014. Then there were in 2000 and eat we've got 34. But 3400 just over he gave it up last year. So on top of that as a relatively new lot it's out there at the foreign account tax compliance act that's what requires individuals to report certain foreign house and it requires foreign banks to report all accounts held by US citizens as well. And in fact the regs were part of a bigger US government movement to. Battled attacks in Beijing you remember him you know couple years ago the Swiss banks CBS admitted to helping US citizens hide money. Well in that part of the problem here EU's. If you're an American living in Toronto and a lot of banks won't touch you say they will. Bill C eighty you you need to close your account because we don't want anything to do with you because you're a merit mention yet but you take an amount you get transferred to. I don't know Vancouver summit that and and all of a sudden EU you're doing business at a bank and they say because you're an American. You can't have an account here because they are required to file reports Friday Delphi on they feet pretty steep penalty submitting my deal with both said I don't they you know I got to tell you I don't blame Clinton but he paid their other institutions such as Canadian it's. European its Australian mean Americans of all over the world. Current and it it's just this is an example. And of of what happens when you have onerous tax regulations and eat it. You know these people are giving up their passports. But that's a big step it is a big step but don't think the you can just give up your passport to avoid paying taxes because that's illegal aunt uncles and find you for back taxes yet bright yet right into the no breaks there via. Quick announcement here from leader bank this is small business week I had no idea there's sanction something called small business week. And leader bank would like to be your small business lending partner. They have a four and a half percent interest rate on a four year loan with no closing costs maximum dollar amount as 50000. Dollars. They use recently made a small business loan to a laundromat. That needed to buy new machinery. They can help you they can help a law firm they can help a restaurant. If you're looking for a business lending partner I would encourage you to call leader bank a terrific lender. 8776917900. That's their phone please call them and that number in and you say handy to help with a small business loan 8776917900. The interest rates four and a half percent the term of the pay back. Is four years and phone number is toll free 8776917900. You know I get a kick out of these lists Susan of entry level jobs with the potential for huge wage growth but a lot of them require a very specialized in advanced education. They do but there are some out there for folks who are just you know maybe your fresh at a graduation your graduating next week the week after that no jibe yet. Here's what you can get the biggest thing for your buck. Inside sales. So I telemarketers someone this is good for someone who's okay hearing the word no over and over and over again. The median wage for this job yup he is 60000 dollars now. That's not if you're coming out near it you're willing to take no for an answer over and overplay it it's in good. You know when your kid graduating college route if you don't have a computer science degree that's the kind of job you have to take. Yeah in eight the down sales manager is in these positions. The average is about a 126000. Dollars. If you're looking at graphic design is media attention for artistry of median job starting is fifty green and not bad work you way up to our director just 190000. Dollars. Financially honestly a couple of those hanging out in this building but again those require. They do you know you have to be a math major the U frankly you've you've got to be terrific in in analytical skills yet to be studied for your CFA Al for the I need to in is absolutely absolutely. Starting salaries typically is about forty green and the median is about 92000. Senior financial analyst can earn up to a 100000 so if you're actually going into college trying to pick a major this is regardless to go by fantasy where you gonna start out. Human resource specialists again you need the education behind you the median. Wage is gonna be about 63000. Dollars. The senior HR directors are going to be more than median is about a 1141000. A tough job it is a tough job managing people that part of it will. On public relations specialists then think about Brady's cup media and people get no work out this week's certainly. Median. Specialists is gonna be about thirty grain and via PR assistants about 24 or old that's lol it's so low in your honor I Ollie when he forced seven how do you live on why he can't live on you can't you're living in your living in your parents' basement and now. No no choices on that one. Marketing specialists from. They are at 69000. Men being waged the marketing managers will be about 140. Computer systems the analysts big money big money. Being on any short supply short supply and I'll tell you what it's gonna get even more and more as you look into security of of online data things like that they're going to be in big demand even more so. Median wage 7000. I'm good yep beyond top 25%. Of the seniors in these. Area I'm 61000 so good money. Now permanently. All right you know we're gonna do next is very be joined by Larry Kudlow. End but oh I talked to Larry about is how do the Republican candidates for president addressed the immigration issue Hillary Clinton is come out. This week instead she's gonna provide a path to citizenship. For the eleven million illegal aliens that are in this country. The Republicans after a sponsor that's and I wanna find out how Larry would coach the Republicans on that topic that's next on the financial exchange. Does distance does Dr. Phil hope your portfolio. It's the financial exchange we've Barry Armstrong. It on the financial exchange radio network. A state an asset protection planning can be overwhelming where do you start and how do you know what type of trust is right for you and your family with numerous types of trusts available I can understand your confusion when it comes to a state plane do you need to revoke bull or an irrevocable trust what's the difference would that tax implications of each type of trust Cushing and Dolan an expert in elder law and estate planning prepared a brand new guide called. To request this free guide call Cushing handle in right now at 8668485699. You can also reduce and potentially eliminate your state taxes and protect your assets from the nursing home all at the same time read this free guide and get the answers to many of your state planning questions 8668485699. That number again is 8668485699. If you're thinking about retirement in the next few years it's time to make some big decisions do you know how to change your investment from a growth portfolio until one missionary thing com do you know when he optimal time to collect your Social Security is did you know that if you lopped from monthly pension that income can be at risk for the nursing home perhaps a lump sum pension option makes more spent leaving elect as he for your spouse injure children there's so much consider before you stop working and we've put together a 26 page re aiming guide they can help 8668106422. You've worked your whole life saving towards retirement doesn't make sense to get professional advice to make it last 8668106. Or to kill. Securities African securities America ranked number finreg it's like PC an advisory services offered through securities America advisors and Barry Armstrong represented at arms and advisory group Ministry's American companies are unaffiliated represented as a securities America do not offer legal or tax the guys always seek the price of a professional familiar with the laws in your state. Are you thinking about transferring your home to your children in order to protect it from the nursing home. Did you know that if you do you put it at risk for your children's creditors including future divorces. You really wanna write a check to your former on her daughter and not just to buy the Acura own home. Not only does transferring put your home and read it can also create a huge capital gains tax when they ballot. Right now the federal capital gains tax can be as high as 23 point 8% and that's in addition to your state taxes. Here are better ways to own your real estate Beckham protected from the nursing home. Keep it away from your children's creditors avoid probate and not cause unnecessary estate taxes. Talk about in a lot from at Cushing and Elena put together preen your guide to the risks and rewards of real estate ownership. This creek I'd say the best read on your real estate call now for your copy at 866848. 5699. At 8668485699. Investors searching for relatively little risk investments that can easily be converted into cash often turn to certificates of deposits -- CDs leader bank is currently offering an eighteen month CD with an impressive one point 25% EPY for new account with these guys every now is an ideal time to take advantage of this great opportunity from -- bank to learn more about the eighteen month CD with a one and a quarter percent -- why call 8776917900. Today or visit one of leader banks conveniently located branches in Arlington Belmont Cambridge or Burlington earned more interest on your money today stopped by a leader bank branch or call 8776917900. To learn more with the bank a step ahead mineral deposit open and -- annual percentage -- as 1000 dollars Massachusetts residents only penalty early withdrawal including -- penalty which may reduce earnings -- subject to change without -- member of the right effective November 4 2014. Follow burial and Twitter. Barry G Armstrong. Is a financial exchange radio network. And it's. I. Clear here's the top. Mrs. Hillary Clinton I don't know if you heard of her before she's running for president. And earlier this week she forcefully backed creating a pathway to citizenship. For many illegal aliens. The Republican contrast. Field by contrast features well. Well a lot of different opinions on on that on that topic is map fact. You know we had Jeb Bush came out. And he was speaking in Puerto Rico and he's speaking in Spanish saying not a pathway for citizenship. But he's talking about a pathway. Were illegal aliens to be allowed to stay in the United States we are trying to track down Larry Kudlow it's a busy man. He's a very busy man. And and we wanna talk to about that topic is the Republicans have to address after they have to have a stance on it one way or the other. They can't get by. The witty the last election went when they only got to 22%. Of the Hispanic vote that says that's what they got in the last election. Where's George Bush god I think 44%. Of that Hispanic vote so we'll talk about it if we assuming we can track down. Larry Kudlow in the meantime let's talk about Hoover. Bloomberg is positioning sell itself as a logistics company Susan powers and they're trying to divide this division. And it's Nokia isn't there yet here that it's individual knows we did get Larry. Oh we did after the let's let's go to Larry Kudlow on this very important topic of the Republicans and how they deal with the immigration issue hi Larry how are you. I could very very good so I'm trying to have been waiting to talk to a weakness I wanna know. How the Republicans should deal with the immigration issue they have to do better with Hispanic voters than they did in the last go around. Right. Right so there are at a map the Arctic there all of them at a I'm like yeah it's very discouraging because. Yeah I think there's a clear policy. A border security. And they should. Focus on skills based legal immigrant. Not Stanley days you they have left Abreu acts open up the door of the Brady act the what is an H one B visas right. The foreign student they should be allowed to stay. You've got to figure out a legal mechanism. Further farmworkers to growers in the planting season so they can come over here and I go back. Some kind of a red card green cards and it got to figure out what to do with the people here to do whatever 1112 million. Which I think if you ask me if they pass tests and you know according criminal record and it taxes patient yet. I'm legal status legal status that bat speed citizenship and had you know you got Teddy bear crisis. Or are those who work here it. I mean look out I'm pro immigration reform I think immigration if done properly this program yup. I think this country of immigrants they're very entrepreneurial. An update you know work hard fight hard to get here yeah it what does that tell you that president coming here for the right reasons the. How does the Republican candidate do that and still win the nomination. Well that's a great question and you know we're gonna find out I don't know the answer that has. To be honest with you right now. I think Jeb Bush has the best policy yet bird. And yes that restriction is way in the party. Is against that Rick Perry has a pretty good policy to. As a you know former governor senate receive. Constantly dealing with the issue. And and Rick Perry would get 4050%. In the current. I don't our basic it is rubio has flip flopped on the issue Scott Walker's flip flopped on the issue. Ted cruises. Pretty much negative on the issue probably Rand Paul's little better but they're all over the place young you know they don't have a policy Wednesday. And the team really came she she can borrow it yeah right this past week cheek and always. Immigration. And so he's got a marker she should she supports Obama's position. And I personally. Don't agree that you could do it by executive order bigot has begun back rest of boat that's my biggest problem Obama up by. GOP is you know they have figured out that if they're not area. They need to because if if they dole and Hillary maintains her position she's gonna get 7580%. Of the Hispanic vote she's going to be our next president. That's correct I basically they were basically you know I think it's stole over. In two Asians. And African Americans. And probably nobody knows there it is that the message that this statement yup you're going to be in exclusionary. With a big tent. Or you're going to be exclusionary. And I think the latter is that now. And while it's not the most important issue out there made national security's future issue. Growth economy jobs huge issue that you know immigration will be in the top five. Top six or whatever so yeah I really. They're not there yet. Larry I know you're busy man today I I appreciate Thomas site on und die CNBC yesterday with Barney Frank great interviewed. You have the Larry Barney show god bless you can't I don't know I don't do that stuff that set you. The price vast region disagreed but we can do it politically yes you can write bad but we disagree on any at all. Very yet Larry and Larry thanks for your time. And I I couldn't help was watches yesterday about almost been 2 or 3 o'clock in the afternoon iconic for a couple minutes and but Larry and party shows through here. Is the the big issue for the Republicans. For how do you. He can't have Mitt Romney numbers. In the next election with minority voters and went not with 17%. People here beings. Well if you've got unity they the numbers have changed so dramatically. I did these numbers out in the day gave me if I screw this up you have to bail me out but in 1950. The country was 85%. White. In the last election Arnold last census which is you know 2010. If you decline from EB five to 63%. And it's probably epic day I looked at projection to get sixty or 61%. Today. And in. In the year 2043. They'll be dole. And or majority in me in the country in other words will be just a mishmash and so. I don't know how a Republican candidate. And have a position on immigration. That allows him to win or her. To win the national election against Hillary Clinton or whoever the candidate news from the democratic side. But how did they get the nominee I don't know the base. Will will lob and that's that that is the nose and a Smart move is Ted Cruz the got a good flies under the wire here. But what Ted Cruz has said is I won't even have a conversation. About. Immigration reform until we secure the border. So he Andy and years of Hispanic descent rate so he's coming out and take you very clever position on this because he could say. I'll give. After reason elected or even when he's running instances get the nomination. He gets the nomination. And then once he gets the nomination he says I've got to packaged deal on the to secure the border and then I'll give you eleven million here a path to citizenship. And he can appeal to them and who better to appeal than Hillary. Will do a good job appealing to she's gonna get in the house right. But Ted Cruz is suspect. He's of Cuban descent I that's. That would be the plate Marco Rubio. You know could he play that card as well I don't know I think he has a harder time because he's already. And on the other side. Yard flip flopped on that issue so which their team's position because it it it was good at that time and others in weighing in an demographic and what are voters think it. We have to cater to. They do in any eat you know. As Harry Reid would say you have to win you know Ali these it's all about was the winner and Heidi the end and that's. Unfortunately that's how politicians. Have to think. Maybe they have no choice but to to think that after. Scott Walker being all this is gonna be fleshed out in in the coming months it's still really early so when you're looking at polling data as a people ended the day and you know the front runners were Jeb Bush in Scott Walker those of the the top two Republican candidate thinks markers declared. I. Know Jeb Bush hasn't so. EP. This landscape on. The pot political side as it relates to who in the Republican nomination with changed tremendously. Over the next nine or ten months. All right don't forget you can text us or text number is 68680. Can find us on FaceBook here at the financial exchange on FaceBook. I. A. This is the financial exchange we've Barry Armstrong. You're street stay on top of breaking business news and learn how to manage your money to help you towards a more secure future feeds the financial exchange with the euros. Barry Armstrong. Wow. Stock market loved. The jobs report this morning came out at 8:30 eastern time we're going to be joined by an economist. From Boston College. And he's gonna talk to us about the hard numbers of stay with us we're gonna really break down the jobs report that's been occur. Aaron the next 2030 minutes. Right now let me give you the hard stats. Dow up 259. Points S&P up 25 points NASDAQ up 57 point. Ten year treasury to thirteen Euro is trillion dollar twelve. Gold and 1185. I love this oil down 5853. Earlier this week I reported it was over sixty dollars a barrel if you recall. My co host today Susan powers. Good market returns. I did wanna talk Hugo about the organic. Markets and will lose our I don't think of Trader Joe's is being an organic market is it true. This it isn't it's good food cheap and I haven't been shy about my affinity towards them vs the whole foods which. I think is. A little bit of highway robbery yup good food but I think it's way way too expensive among everyone else your time battle who's the multitudes yes yes what leverage ratios well what kind of a shopping experiences that I act. Not that familiar so Trader Joe's has a lot. Unique products 80% of their products in house product with means you can buy them. Anywhere else that will give. Two thumbs up Ted there multi green ink it makes excellent they've got the Boxee got to try look at it I get ten year old kids eat these things that don't taste like pricks. It's definitely worth it so. Whole foods has been taking notice of the growth in treated as in the trend where people want good food cheap they want that organic experience but they don't wanna stay spend their whole paycheck they're so. They're actually going to be launching a cheaper grocery chain to compete directly with trader Joes out there cannot do it. You know what I don't think the have a choice but to do it Barry being need to adapt you know the growing competition Wal-Mart is moving more green products in their stories at once they are unhappy and wagon. Their pricing power they don't have a choice but it to go along without that cheaper experience that the. Sprouts is also in trouble enough sprouts I've never been in the sprouts but my understanding is that there are just another. Competitor to whole foods their stock price today by the way the owner and I'm sorry they're down nine point 3% to 27 dollars and 39 cents a share. Yeah they're getting they're getting crushed today Gary when he fell 9% in after hours trading yesterday as well. They reported earnings and sales that were well below expectations there. Their net sales were even though there are up 19% they came in at 857. Point five million. But we'd expected 863. Million earnings per share only eighteen minutes when he force sense they were expected to come in at 26 cents. There's same store sales were up four point 8% they had expected them at five point 6%. They're really just facing intense competition you know that the organic food market the 34 billion dollar industry. But they're still on track to open 27 new stores in 2015. Our idols Lowe will follow that I'll be curious to see how the whole foods. Strategy work and you know if indeed the it's all about price. It is because. You know week. What do you buy something organic Eddie really know with him you know it's always been my point McKee you go to whole foods and there's salmon their fish is 25 bucks a pound do you know that it's really worth 25 bucks a pop. You know like Heatley and never got down and he could be due to become from the same count now. I I would be very impressed with CNN coming from a how it now that the you know he'd be shadow but let them work. I Siemens Siemens has slashed a further 4500 jobs that that's there's got to be energy related. Yeah it is you know they they announced a couple of months ago there Guinness I've 7400. Jobs and now with the addition of this 4500 jobs. They're gonna and they're gonna be eliminating 4% of their workforce overall. It's really the powering gas division it'll feel most of the impact when he 200 jobs are gonna be in that industry. In Germany alone. They had higher profit in Q2 but that was really as a result of their selling off their hearing needs union near health care. I T business for one point three billion dollars. They're attributing most of the job cuts as a direct result of regulatory changes. Falling prices stiffer competition in overcapacity. In Europe's electricity utility divisions so. Lot of issues in net profits came in four point four billion. They had expected to more than that revenue was 90% new orders were up 16%. But lower oil prices really squeezed their profitability. There industrial profit margin was down one point 3% vs last years that that's the bad that they don't yeah that's the biggest culprit but they're still planning on buying the oil equipment maker Dresser radiant. This summer and they'd act bound to shake shack locally. Yet on just a no no no one in Dedham this morning that on an error an upper room 128 there's a shake shack I have not tried. The shaking. You sure about that I was told by a client yesterday per day because something shack by legacy place that I do not think it's shake shack. You would mean and that's Packers in the Tucker. While team Dave. It did so check out that doomed to be fair check and see if there's a shakeup summer shack it's most of just open. And it was I was told that it is very good anyway the reason I bring up shake shack is their shares. Down five point where they down yesterday too. They were down yesterday beat fell 12% yesterday today they're down 6%. But there's no big news stories that's driving this theory you know gain trading activity about it we have a confession here. Commitment that. There's one in both going to be O. Low. Lows to the old guy gets one rightly so I guess the US open now and must have recently opened. I know I have to state needed a few folks here came activists office that she checked food. That while ago I never not needy couple weeks ago what can you put winked at me incentives like budget and get the chat. So it is not confirm that maybe you were wrong I was right there is a shake shack and I will confirm that I was or did it but you didn't see the effects on the commute criminal and a client by client side in the she told me. He's got a I into the union that's part I don't understand why you wouldn't do something. It's an area offside analytic on my iMac is their needs something that's that's why I never call you fill it. I don't think you don't have my battle on the list when you don't have my back I'm doctor colleague fairly well aka. Guys use Yelp at all. No you know they're not 1 of my I am. Go to places I do you any use of but I think I'm in the minority made their growth of their rate of growth. In terms of users has really slowed down they put themselves up for sale. They are right now while I can't believe it they they're considered to be three point seven billion dollar company I think FaceBook could recreate what Yelp has. In a heartbeat. Well you know why a lot of. The barrier to entry if you will from creating a new thing is that the time it takes to amass such a database that reduce their. A lot of value to did all of the reviews that they have there. And there's been a lot of activity. Buying up these so my advice them. So for example trip advisor how they'd buy. Five new restaurants it's over the past the area so they're buying up. Priceline he two point six billion dollars for Opentable which I found out about from your son yeah which is to make reservations where you are to. Find out what's which works pretty well Opentable fantastic. Why do you like I just love it booked solid off the call maker reservation it's fantastic do you get points and stuff yeah and argues that but I did you think it does feel. You just use it for the book no annuities they give reviews of the restaurant police felt and a with their on there yeah upstart. Now if that's your politics that thrill that is garbage it's for sale Barry Diller tells me that he would not ideal. So I would hope that now night all right I tend to agree because I think. It's a crowded space but the stock is rocking. Greatly right now the stocks at six and a half percent fifty bucks it was trading at 37 not two it's all advertiser support. As opposed to a but we. It's primarily mom and pop advertisers that's what they're running into the issue is it's hard to get a mom and pop type shop. You're being of their advertising after one year yet it isn't Opentable don't they get a commission on the reservation in some capacity. That is to me it better this is multi grain grammar you then when you can't trust the reviews. Right why would you trust to review from somebody commission on rent I wouldn't. Kazan Yelp you get good reviews like you'd get if you go through UC had the Austin it's doctor. You know in order to delivery was leaked via I order my pizza from. If I'm in a foreign area and I and I don't know the area go to Yelp in order pizza at a very good experience then I've heard from a business standpoint I've heard a lot of bad I have to I heard you over the the positive. Hey let's let's take a break as I do wanna spend some time on this next topic we're gonna be joined by. Roger Abraham he is a law professor and Northeastern University. I want to know and I know you want to know does Tom Brady have a defamation of character lawsuit that he could file against the National Football League that's we're talking about. Next. Including Barry in the financial exchange on FaceBook FaceBook dot com slash the financial exchange this is the financial exchange. Network and. Does your financial advisor working your best interest or do they just wanna sell you a high cost mutual fund or an annuity between now and may fourteenth we -- giving you an opportunity to get back question answered call my office and will provide you with a free consultation that includes a comprehensive portfolio analysis that will show you what you are paying of fees how much risk you're exposed to and most importantly are you receiving advice from fiduciary or are you working with the commission based sales person to book an appointment with one of my hand picked investment advisors please call 8668106422. In order to qualify for free portfolio check up you must have at least 500000 dollars of investor -- cents appointments must be scheduled within thirty days of this offer and appointments are non transferable the number to call 8668106422. 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To let us help you make an informed decision call Armstrong advisory group now at 8668106422. Member and SIPC and I think that -- America by. An armed group and companies and with your tax expert. And investors searching for relatively low risk investment that can easily be converted into cash often turn to certificates of deposit or CD leader bank is currently offering an eighteen month. CD with the impressive. One point 25% EPY for new accounts with these kinds of rates now as an ideal time to take advantage of this great opportunity from leader bank to learn more about the eighteen month CD with a one and a quarter percent APY call 8776917900. Today or visit. One of leader banks conveniently located branches in Arlington Belmont Cambridge or Burlington earned more interest on your money today stopped by a leader bank branch or call 8776917900. To learn more with the bank a step ahead mineral deposit to open and current annual percentage yield as 1000 dollars Massachusetts residents only penalty for early withdrawal including iris penalty which may reduce earnings rate subject to change without notice member FDIC rate effective November 4 2004 team. Hi I'm in London and you're worried about your character or a loved one living alone like I was. And you are reliable senior care information. And call plays for mom. The nation's largest senior living referral service you'll get free information on assisted living. Alzheimer's care nursing homes even important financial information. They had obviously research every place not just given meaning his. They tell me placed her which she could afford and it was magnet that we're now. Very confident she's safe and they just helped every star who. Examined. So here's struggling to find reliable senior living information call plays from on this is a free service and you can ask them to help. If you are struggling to find reliable senior living information for your mom or dad didn't call or go online to get that we help you need during this turbulent time call now 804677538046775. There. The latest business and financial news in your pocket and at your fingertips download our mobile lab by surging financial exchange Joseph when they're Google play your iTunes store is he's the financial exchange or radio network. Okay. Our guest is Roger Abrams he's a law professor at Northeastern University he joins us to talk about. Tom Brady and whether or not. He has a case for a lawsuit against the NFL for defamation of character slander wouldn't call it. I don't know if he does or not I'm not an attorney for mr. Abrams obviously is Roger how are you tonight. Just find buried so I I'm sorry that does not. A course of action for a predicament he does not. And be in any case. Any two like that would be thrown out because the matter to brought under the terms of collective bargaining agreement. And is preempted did it lowers. I would like to Saturday heck of a ball. Even under the law defamation he's a public figure. Edit republic figured have to prove. Not only that it was false and defamatory. But also that. Ted Wells in the National Football League but do in effect that. Full and they published. And pebbles to good order to Uga. Vote that is not what's gonna happen what is and what is gonna happen and what I hope will. Think it's a little slower you just cut the chase and prepare for this for Tom Brady personally I don't write to hit it to use Roger you're right if that is no but that's. Well I guess I'm not ordered not to that but he does have cause to be concerned. And you know it's it's really hard to see. Tom last night at that Salem state. Without a care in the world the idea of a lot of hitters in the world and there's a lot at stake and walked up. Are what would happen in the normal course is. The report gets filed with the commissioner. Roger Goodell. With or without calling in. Tom Brady. Can issue a discipline. And he is wide open in terms of what kind of disciplined. He could issue and after that discipline has been meted out. There would be the right to follow agreement. Under the collective bargaining agreement. With the matter heard. Apply if someone who has been designated by the commissioner it's not the traditional neutral. Labor arbitrator. If these kinds. And it felt that duplicated at least gains but more. This prior year. What commissioner doesn't viewpoint what is people. But this sounds. Roger like it's slanted. Entirely in favor of the leak. It is and that's why what has happened now in the Brady Kia. Is they have to create. A counter narrative. They have to do. Get out there story of what happened and I would be very surprised if it is Brady's lawyers are not doing that now. They are losing the public relations battle. They. That he had. Problem. Even from the beginning and convince anyone that that they were row. That they were innocent everyone jumped to the conclusion because it's the patriots beat ya. It's Brady who is. Who factored golden boy but. They must get control over this story. This story is from reading. That wealth is important. And I don't have wealth for twenty years he's a wonderful border Z yeah. That kept that. That story is. Brady. Probably. Isn't that we'd go that heavy Roger would you ever racial issue a report like. And he probably might have may be new I mean that that's week. Well it didn't exceed. Explain and explain it in the report that's the science standards included in the NFL rule. But that you don't have to. Remove anything beyond a reasonable doubt or by clear and can detect evidence you know it's simply sufficient that it's more likely than not. Why it. What bower is called the preponderance. Of the evidence. So circumstantial. Well circumstantial it efficient you can improve Wipro all kinds of the right circumstantial. Evidence. Aaron Hernandez Aaron Hernandez is doing life in jail on circumstantial and our. True and he stepped the question of course is not whether there's evidence there's always evident. The question is what inferences. Do you draw. From that evidence and whether the evidence. That we now know is complete NAND is not complete. Four similarly good reasons Tom Brady did not want everyone to see everything that was brought his self well I can actually itself all. I don't blame them I wouldn't want anybody looking through myself. I don't run around in those circles. Lord I don't know org or triple Berry and the whole. Find it very boring but I still wouldn't want anybody look at myself absolutely true and liked. That story has to get out and it is one more critical players in the and that's Robert Kraft. Robert Kraft we are told and it's true it is a man of considerable influence in this industry. And Kraft have to get on. Bull with fellow. Owners who know how much they killed Robert Kraft. And it's time to call and their chips on this one yet to make sure that the commissioner does not. If you added in more than. That financial. Fine. Yeah I have a big deemed guilty it would don't they open up on Thursday night you're saying at Pittsburgh that are so they can't afford to have a missed the game well. The date they can't buy it but so far. The patriots and Tom Brady and Robert craft you have not given. The NFL any reason to move in another direction they have to do that. They have to get it out publicly. I'm not sure that a press conferences the best way to do it. Thomas really bright. You could do at University of Michigan. It is hard to handle as it should be done. Barn yeah on our FaceBook page. Explaining. What really happened at least from their point of view one that comes commissioner. Issues. The discipline you. It's over. Because that he is committed to that discipline you and nothing and no one will will change and so. It's gonna be advising the commissioner on this. Our whole mission has has great folks. In. In that office is general counsel's reps and wonderful they. They think it's bad enough practiced screwing things up yup. And. You know what bothers me about this more than anything Rodney you know the U you've had issues with. Murder in FL players murdering all reaping people. You know beating up their wives beating up their children and we're here talking about a guy who scuffed up but some football both acute issues but so is the integrity of the game that well major issue to. I in my in my blog yesterday at a decomposed body. I did mention the fact that. As far as I know there was a domestic abuse involved in this day and in fact those very talented young man. Who give up their body of their minds for our entertainment and the year. Are not involved. On the other hand. There are probably a lot of people who would like to see the Beijing it's taken. Oh yeah you get outside in new England and we are heated. And and Tom Brady is the best of the best. And and soul. You know someone the talent but I have to do the endorsements. Edit it's if it's not going to be Brady might be. Somebody else some lesser quarterback. Larry Hernandez is available but it's at a discounted rate Roger we have to break up I'm sorry but it your terrific I'd love to have you back on this topic. Roger I Abrams. Talking to us about Tom Brady. It's Barry Armstrong in the financial exchange on the financial exchange radio network. Investors searching for relatively low risk investment can easily be converted into cash often turn to certificates of deposit or CDs leader bank is currently offering an eighteen month CD with the impressive. One point 25% EPY for new accounts with these guys have right now is an ideal time to take advantage of this great opportunity from leader bank to learn more about the eighteen month CD with a one and a quarter percent EP why call 8776917. 900 today or visit. One of leader banks conveniently located branches in Arlington Belmont Cambridge or Burlington earned more interest on your money today stopped by a leader bank branch or call 8776917900. To learn more leader bank a step ahead minimum deposit to open and current annual percentage yield as 1000 dollars Massachusetts residents only penalty for early withdrawal including iris penalty which may reduce earnings rate subject to change without notice member FDIC rate effective November 4 2014 Perry are strong here and I'm joined today by. A state planning attorney Todd let's from the law firm of Cushing handle and with your financial exchange quick tip of the day were talking about the top ten reasons to have an estate plan. But let's talk about number four if you have a child that's not really responsible with money. Is there a way to protect them from themselves when the paired up talking about the spendthrift child you know there. When it in the in my own children yeah some of their money in their pocket they burn through you know I agree. You wanna protect them from their future creditors whatever they may be. Going forward I mean and give them an allowance as opposed to lump sum yeah. You know figure out how the money can be accused interest rate out animal overtime in endured in a way that. And trust can do that so that they're protecting them that themselves from their own creditors. And if you just at today what the estate tax exemption as high as it is we tend to be leaving more and more assets to our to our family. Because less is going to the government well. We wanna make sure we leave it to them in a way that won't hurt them. Keep them productive members of society so and and quite frankly. The biggest concern I have sometimes is future divorces. I mean if you dump. You know half a million dollars in July your child's hands and they get a divorce five years after you're dead. They're gonna lose half that money on a good day. Put it trust the trust does a lot more than just probate and avoid taxes these days it can really protect your assets for your children's from your children's creditors. That's reason number four for you to have an escape and call now and received his brand new guy from Cushing handle the top ten reasons to create an escape plan. 8668485699. That number again is 866. 848. 5699. Call now 866848. 5699. Escape in asset protection planning can be overwhelming word you start how do you know what type of trust is right for you hi this is very Armstrong and I'd like to talk to you about the law firm Cushing handle it in creating the plans for folks in New England. For more than thirty years and they can help you to with all the different types of tracks available I can understand the confusion when it comes down to escape plan do you need to revoke mobile truck do you need an irrevocable trust and what's the difference you need an expert advice and they put it together free guide that will help you decide. The best player and we view this -- guide the differences between revoke global and irrevocable trust is yours for the call 8668485699. They can even show you how it's possible to eliminate your state taxes I love that part call Cushing handle right now to get this free guide 8668485699866. Eight or eight. 5699. Hi this is Barry Armstrong from financial exchange recently I've been hearing many reasons why we should consider buying gold geopolitical uncertainties stock market corrections you name it I don't disagree with the idea of buying gold but I have always been suspect of the ads that I see on late night television or even the ads frankly that I hear on the radio I like to buy gold from local institution that I try I owned gold and I'd buy in my gold points from leader bank I walked right in to any leader bank branch and I can buy American Eagle gold points leader bank is a local bank. Branches in East Arlington Arlington Arlington Heights at Belmont Burlington and Central Square Cambridge thank locally and buy your gold coins locally it just makes sense give leader bank a call and learn more about their gold coin programs 8776917900. Or visit leader bank dot com leader bank a step ahead not a deposit not FDIC insured not insured by the federal government agency not guaranteed by the bank may go down and out. The woman cutting their children business and financial. It's a financial exchange with the very Armstrong on the financial exchange radio network. Got to get straight day on the to our guest is Robert Murphy he's an economics professor at Boston College. Former economist. With the Clinton administration we will not hold that against him. Robert thank you very much for joining us appreciate your time you're very welcome. Brower can you help us understand. The can I interpret the jobs report Korean and you can tell me whether Oregon. He'd be years he may even and half on. An in your class. It looks to me. On the jobs report. As if we are still feeling the effects. Of royals reduction in price in a lot of layoffs that occurred in the oil sector. And we haven't seen the rebound. That we hoped for with two dollar and fifty cent gasoline. It in my in my 8 on base or am I misreading this entirely. Yeah I think you're Europe pretty much right on. Lower oil prices clearly have. Helped boost. Incomes under our consumers our sister panelists at the pump. But. We haven't seen the pick up a consumer spending that we might have expected the first quarter GDP reportage you know was. This very week. And now the expectation is that's going to be revised down negative challenge and negative quarter gross. And one component of that report once a relatively sluggish consumer spending despite the fact. That you know people were gaining on the on the oil and energy price front so so that's a concern. At the same time though I think beyond. You know the slowdown and actual hiring that we saw on March. Can be viewed as somewhat of transitory. Let. That you should note the months April now you notice about 223000. Job gains which. It's quite a bounce back from the revised downward number 85 cents as of march so that suggest that I think that is correct in that latest policy statement. Where they've argued that. The winter slowdown. Perhaps consumer spending as well Billick got a great respect question about before the oil prices. But the winner slowdown appears to have been really transitory phenomenon and that we're now moving. Back upward with a little bit. Better basic economic growth. What do you make of wage growth in reality we have been starting deceased gunman and waited just. It was a terrible number. Exactly note that's the other side of the point is. Wage growth this remains sluggish this latest report shows twelve month gain of just a little bit over 2%. It's been in that one point eight look 2% range for now a couple of years. If Federal Reserve is an extra 2% overall inflation which is their target would now of course still running below that. But has been moved back to what that target. But that I think needs to India focused on wage gains of about 3% to reap greater than 3% could they gonna want to some real income growth. And so we need which is outpacing inflation. At this point that's not happening. So I actually think. There's perspective they're going to be. Focusing very acutely on the wage number and in subsequent reports that. Labor market conditions are not firming. As much as they won't need. To have in order to start raising race. I would like I I was talked into another economist earlier today. And he's now suggesting we may not see rate increases until 2016. Is that consistent with your estimate. My view now is that very late this year or early next year is one we would you rate. Liftoff. But that's had. I still think it's very independent and if you read the latest policy statement right up front. They know. Notes that. Measures of labor market under utilization continue to be concerned. What they're looking at there are. Things like 29% of unemployed people being long term unemployed still at that point the incredibly. Never seen it like that let's start to believe that numbers it is it is but I. Think they're looking at that is obviously in excellent there's a lot of resources out there that are utilized there are also looking at the alternative measures of unemployment which include the discouraged workers should drop out. As well as people working part time. Who would really like old time jobs. And all that speaks to the fact that the labor market still is this quite we. And the effect has been very definite in their policy statement to sitting need to be. Progress on the labor front. For the move that they've also said of course. They will move as inflation is expected to go up 2% have a future. Focus. Which is fine they wanna move before inflation. Obviously moves too much and get ahead of but they're always coming out with this statement about we need to see we were market conditions firm so I think that's I think you're right and to concede. But later increasing rates that people have been expecting that may well be into 2016. Of course the other dynamic at play here 2016. Being the presidential election night. There's always been that view but that doesn't like to move. Too late in in presidential election year particularly with the change of touched this kind. Where we've been a hero now for a six plus years it's going to be a big shift even though the initial incremental small. And so that made a suspect in the direction. So that they may want to move a little bit shorter. That that's still could be early 2006 B. And if they do raise rates I think they just went to half a point to right and you've got Euro the European negative rates for. Then the dollar gets stronger and we lose manufacturing jobs in it like that that's what is very fearful to me yeah out. The Fed raising rates at all I don't think you have to just say you know what. Well what we're not raising rates and especially with Europe what's going on in nearby gosh the Eurostar from a dollar 68 to the dollar toi and. And and you have no that's and again that's the sort of dilemma they faced not to the extent that. Our rates start moving up in Europe should the other mode where under going to be holding which I think now it's zero for further. Year a couple of years at least. In Japan of course the same boat. And so. All the dynamics on the international trying to turn against a majority are on the fact the reason why. First quarter GDP will be were I'd been counted and be in negative growth rates. Is the trade numbers. The monthly data that we can trade numbers. I don't and shifted shelves much larger trade deficits and that's a function of the strengthening dollar. Professor. As it relates to. The the oil prices are you gotta oil now it is fifty dollars a barrel and that benefits the consumer. EU had the layoffs I think there's been about domestically about a 150000 jobs lost in the energy sector and wind is wind is that. That carry over like when do we get the boost on the other side has everybody tells me. Their energies only 9% and 91% of the economy is gonna benefit with these lower energy prices. But we haven't seen Republican for a 3400000. Jobs month and and boy does he work we're gonna get when Thompson. Yeah I give a good question. And saving rate I believe has moved up a bit out so again it may be is that. Given what we've been through. People still very nervous. So it is and it may be that when they are now seeing their budget is a little bit you know eased up because of lower energy prices. There's that would save that because I don't know what's coming down the road so. It could well be that receive a bit of the paper shift. Toward being somewhat more conservative and that's playing out you know can I think that's something we'll know more about it. As you see numbers on consumer spending. Throughout the rest of the sort a year route through the summer into the fall you know. But. I think that could be an element here that. That is perhaps being under appreciated that it has been shift. I think in the way people that are arguing their situation their finances in the could maybe. Transition into. Somewhat higher savings rate what term. That's good force in the long term is an absolutely if you increase the savings rate the next time you have a crisis it's not as painful. Exactly right right and it also helps in terms of longer term channeling more fronts in capital formation and you know ultimately. Faster. Economic growth by. But those are long term chaos in short term as you know. Lower consumer spending and balance is all the economy back. All right well professor thank you very much for your time which direction or what. That's economics professor from. Boston College Robert Murphy joining us today on the financial exchange. When we come back but the talk about here you talked about. Oh we're gonna I think what the we just got new interest rates on line. Get the market updates and end. Here on the financial exchange in the financial exchange radio network. 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To learn more with the bank a step ahead minimum deposit to open and -- annual percentage -- as 1000 dollars Massachusetts residents only penalty early withdrawal including -- penalty which may reduce earnings -- subject to change without -- member FDIC rate effective November 4 2004 -- Emotional for everything business and finance it's the financial exchange with a I don't know. On the financial exchange radio network. United States it rates were good. That we were gonna tell you about the new rates that are available on double. EU savings bonds and remember. Shown each year but guys feast you divide at least savings bond. He was born half since news and interest rate back in the day they hit their face value in seven years it was great now. The current rates they're there announced each main October the new rate is three tenths of 1% I you site. And it's adjustable. Yeah I Willits it's less than 1% since November of 2011 it's a fixed rate. For thirty years but if you hold it twenty years it's gonna double in value. It'll continue to earn interest only for another ten years have had those W savings bonds the that are more than thirty years old. They are making no interests he need to cash after me yeah I cash humans so the ice the I bonds little different there. There morbid deferred it's it's here gradually how many of those bonds are just float around. I've never been cash there in big loss making Italian how many folks I've talked to and I said of the older than older than thirty as oh yeah we'll get rid of comment that I'd like you just think about it like sitting in a drawer Sox. And you just forgot about it more mom died yeah they think nobody cashes them in the government must make a fortune I have lost the bond. Yeah I rain into someone. A couple of months ago they were cutting out pork and cleaning not as they found 151000 dollars that was just the face value of bonds. So they could have been worth thirty Shuler you know if the problem it's. Once the darn things reach that Richard you don't get anything now rightly so there's admin that sock drawer. And it caught thirty grand right. Nice find it if it it was a very nice and they were an issue box Finnegan the top of the clot that informal get somebody died is and it it. They went well actually yes years ago so many died they'd given the day given the box of the got to proceed keeping the Shia pro and I didn't you know didn't even think twice about it plea deal bots of baseball cards you sign that the act of in about died. They need me and they have any rate they have no interest that the current reading zero so they're departed the age that the combination two things at fixed rate which Ray Allen zero. Plus an inflation and in inflation stepped up they stopped. Does the I bonds appeared their deferring them so you don't know until the end of when you panic after the men. He do have to keep them all are at least five years after all the media to keep them at least five years unrealized. If you catch him in early. Lose three months of interests not the three months you know three tenths of 1% in a lot but the same holds true for the. Issue in 2004 I think it does know and even those up now you know I just I got a text from 413. I'm cashing in some might parents evil. That they took out for me in nineteen EB laugh out 1980. 4% interest on them sounds great today no kid write but you know if he'd gotten in 1980 with a thirty year bonds back in 82 I think you're right. Yet the W thin I think they're all parties yeah so you shame on you forward Terry you guys zero interest for the last by the space and the money. 617 writes Berry on the unemployment report. I don't small service company and I can't get any help even alum offering above minimum wage 80% paid health insurance. Oral and K with a 6% match and lots of overtime nobody wants to work is that something. That's. Reality you wonder about that because there's this large pool of unemployed professor talked to that. And he said this large. Group of people that are unemployed it's never been this large Andy being unemployed so long it's hard to get back to share. They need they don't have the incentive and I just can't do the cantor or won't do. And then final story today and I would like to talk about Wal-Mart and one of my criticisms. About Wal-Mart over the last several years is that they haven't built up there e-commerce. Yep so they are the largest retailer in the country of 4800 get by far Alia I. I I think about a couple of after the title at one point rated at Wal-Mart represents something like 33%. Of the retail sales number. So you know IE get them economic or Arafat's the last record on the I Italian. But the last five years I've read that Wal-Mart would do with the way Wal-Mart goes kind of as a country. Yes yeah that makes sense so. E-commerce in our country it it's a small percentage overall of the retail market but at the fastest growing if you think about retail sales last year. It be increased by three point 8%. E-commerce over 15% growth. Last year so prominent primarily. Amazon right near there than 900 pound gorilla and a half calmer yet they have been ninety. Well there the ninth largest retailer. Wouldn't know brick and mortar stores so day you know. That comment I e-commerce. You have to adapt to that so Wal-Mart currently has one facility did geared towards just the e-commerce they're gonna be opening for Morgan Johnny facilities this quarter. And when AC Jain a typical warehouses and hold anywhere from thirty to 50000 items is it an hold over 500000. Items normally they're set up for forklifts and pallets that go into these trucks. These are gonna be picking individual orders so it's gonna be a combination of robotic shoot like almost a parcel. But they're pretty far behind Amazon. You know I am not out at ten year head start on certainly certainly so. They're opening these in Georgia Indiana Pennsylvania and Texas. They're gonna be feeling those individual customer orders their goal is to tripled their online sales by 2018 it's right now it's twelve it was twelve billion in when he fourteen. They wanna bump that up to 35. And so quite a lofty goal but they're they're put net foundation in place to do dat. You know didn't know overhead. Of having those retail for. See I thought with they can do is use the your retail stores. To serve as warehouse is that this strategy is not employing well they do have some because there are some ship from store locations that are out there now so those supercenters and those are designed and set apps so that they can do that because that's where they are closer. Yeah I think that's where they have their opportunity you know you live within I don't ten miles of super center. And if you get your groceries delivered he get the tires that you need delivered you need. Sleeping bag. I mean you just get everything. It's beneficial but there are any tiny have to have that human touches which is what you're gonna get when bachelor from a stores so. You have a Pickering have a shippers so that's that you know that added cost Unita had to do that. You know vs the the automated high tax. Option of one of these giants supercenters that they're gonna have but maybe he's in targeted you in the same thing target you probably noticed their marketing campaigns recently about. Life is busy guy means to do which are ordering online you can swing by the store and pick it up it's ready for. I like that option. As enthusiastic as I am about Wal-Mart strategy the stock market does not agree with me. Because Amazon's shares are up eight dollars today or 2% at 435. Dollars a share so. I've read that report David that and I I'd be you know black figure this out. You weigh in advance radical Wal-Mart to do this a year ago. Stock market is online growth is just really just an industry trend as a whole like I'm never gone to a specific website and bought the product because I like went to Wal-Mart first I just searched the product Leo and NC away so this is more about. Just industrywide trend that everybody has to have distribution centers. Everyone seems like your right to Zaire Taylor thank everybody for tuning into the financial exchange today in all weeklong. We will be back on Monday have a great weekend. Ceiling.