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Full Show 9-2-16

Sep 2, 2016|

Full Show 9-2-16 by The Financial Exchange

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This is the financial exchange with the very Armstrong and shut sun out. Your exclusive look at business and financial news affecting your day your city your world. Stay informed and up today about economic and market trends plus get breaking business news every day. And now the financial exchange with the Barry Armstrong and chuck saga. It is a day like today it gives him great cause for concern one of those days where. You wake up and you hope that what you predicted in what you anticipated. Does not occur does not happen. Because it would mean. That the economy is not doing as well as it should be hi everybody it's very Armstrong and trucks autumn with you here honey jobs Friday. And chuck. A what you breakdown the data that we've got. This morning at 8:30 eastern time but I think by any standard. It's a disappointing. Jobs report. And there are a lot of ramifications. From this report that I believe are going to hurt Americans are Tennessee. It's pretty it's average you know under you I would agree if you if it was what we like it at C means it's OK it is okay but it's less than we expected. Well it's elected didn't beat. I was hoping would you predict who's up and I had 261 clearly I missed on that I had I didn't want to remind everybody Tucker go to the tape. I had to do one thing that the theory. As talking to Jackie this morning. It does he he's of blogger he he'd be he. He made me predict early in the week what my number was 150 and I and and so I took a victory lap with my friend Jack but. Might my point is. I'm disappointed. That I was accurate with my prediction of 150 because. Chalk this is an economy. You look at GDP would do it's our year first half GDP 1% where on one. You look at inflation with at one point 616. You look at job growth 151. Look at wage growth giver by the way yeah I mean these are some numbers that are disappointed wage growth was terrible. Well wage growth was and in particular the big thing these on wage growth was that you actually saw a decrease in the average weekly hours. Which actually for the month ended up kicking down on the average earnings on a weekly basis for folks. The thing that I always do like to point out these August numbers is the average revisions that you see on the east and to be huge. August tends that's true it's a 70000. Handle so we can be sitting here in a month. Right and I can have egg on my face because the real number may turn out to be too late I went back and I will just the last five years the average 38000. In the positive for the revision any theories as to why at big revision number I think what it has to do with I think there's two real factors the first is. The shifting in Labor Day from year to year changes when college kids go back to school and so forth and so in a year were like this where maybe. Later earlier. You know you may end up with some people who are employed longer one year in order a different years because of when they're going back to school and things like that and argued that having another piece of it is that this time of year you have an open a whole lot of other factors that are playing and as well this is a time when a lot of people are moving OK if you I mean you go outside you look at all the moving trucks and so forth people make temporarily not have jobs during times when they're in the west and I want you to bridge. What's that you need to moving trucks that have not hit the underpass in the bridge. They do. A leading Ciba and unknown star drive there was one today and I just the other day oh there's always one I'd especially in the summer I know you see him occasionally at it realized there was another one in and one yep so volatile you know I think September tends to be it's a time when you know give kids go back to school people are making changes in their life you know people were potentially moving in the fall housing season starts up. I just think there's a lot going on and I think that August number always gets caught up kind of in the crossfire. And that's why I mean historically can you go back and I think it's sixteen at the last eighteen years in August and it has been revised up. Well your clearly trying to cheer me which I appreciate that thank you for that holiday weekend we have a lot to celebrate. The unemployment rate on the evening news tonight will be reported as four point 9% that is a lie it is not four point 9%. The use six is running at nine point 7%. And truck normally. The united I've studied this stuff I hate to admit how long absent in this this since the 1970s and give you that right. Normally the difference between use six and the stated unemployment rate. Might run two and A half 3%. In the U six should be if we had any kind of help the economy. That number might be as high is all I don't know 77 and a half percent it's nine point seven. So. It's a 100% right this is something that is a cause for concern just because you do want to see much more compression between the headline number. And that U six number right now again we're running four point 8% which is much higher then you should be as far as that gap. But I'm just gonna toss something out there I don't know this has any basis in reality or not but what if you don't need that many people working to produce the goods that yeah well I think and that's exited you know like what what if we are stuck in this area where we perpetually have higher unemployment. Because we're moving more automation because we're moving more. To automated systems. That's something in and again I've I've been sings for a couple years what do we have to deal with that now you know what if that is the new normal here. We you know we talked about this move towards robotics right and you are now and then you walk into a restaurant you order on kiosk as opposed to. Talking to a human being hurt talker. When he buys his Starbucks coffee talks to know but he he orders it on his phone picks up his bag. And leads to say thank you doesn't tip anybody does doesn't today talk to anybody chuck when he goes to panera. Talks to nobody orders and on his phone so that people on. At that there was no dog will so I walk past the line of people waiting we needed and and and answers. I thought that but it reminds me. You know hit it as we thought we all talk about oh my gosh what's gonna happen. But the banking industry and when we let ATMs yup you know how long is you know we've got so accustomed. ATMs. Never like I can't remember the last time I walked into the bank and talk to tell you know the first ATM came out. I'm gonna say the will be guests on this. It was in the seventies. 1969. Was Berkeley law 1969 to. They didn't start rolling out to consumers until 1971. The 69 was the protest I remember using them in the seventies anyway. A couple things to take away from the jobs report it was disappointing I I in my estimation it was disappointing trucks gave an integrated C. What I can tell you is that not every rate hike at the end of September chuck gate check in check is enough arc plot till the cows come home. But. I I would say the likelihood of a rate hike on your charts is probably close to zero now in its attempt. You know we're we're really duck and down there I think the odds of December ironically enough have actually bumped up this morning. Odds of December have bumped up by 5% of it is day odds of a hike in December now up to bat. 60%. Sixty look at death you curious you know your way in you know what if you get those revisions you're talking about you might be spot on you know what's happened though. He and August as looking at the financial sector and in some of the financial ETFs they were up when the market was flatter down. And today I just point one stock Bank of America which I own is up a penny or two. At sixteen dollars I would have thought on this report that bank stocks in the financial sector would have receded. It's kind of bizarrely you know bank Americas of Goldman's up JPMorgan's up Morgan Stanley's up Citigroup is up wells. Fargo's up then they're all up today and now it it is counter intuitive. I don't get it cut I don't get it I'm I'm right with you know I would have thought they would have taken a little bit of a hit just because of lower interest rates for longer than but the sectors up. Well Lou will figure you know we you know we're going to be joined by Larry Kudlow in thirty minutes. These are some questions that we can direct towards mr. Kudlow if you have questions from our cut the bodily text them to a 68680. Is our text number. We have a whole question today talkers so which I think. Boy I idea I took the pole very seriously because. It leads into our next story but what do you tell everybody what the poll question is how they can participate in and talk about cents. Yeah I mean I'm pretty sure know the answer to this or what's going to be a winner and that is could you live without your cell phone for two. Weeks and you can cast your vote on financial exchange showed dot com I couldn't. Yeah 30% of our listeners say they could live without that so actors for two weeks. 70%. Say absolutely not I am in the absolutely not came up locker room and boy am I ever glad that I didn't buy what is now Reid is the number one full. The number one Smartphone on the market according to wall street journal of the techies right. Is the Samsung. Goal galaxy note 71. Minor problems it's a very hot phone is yet it's. It it's a very hot phone it is to say the least the that they do seem to have a little bit of a problem. Yes and and the reason that we say that it is one of the hottest phones out there is because they're actually unfortunately having to recall a number of dumb. Due to reports of fires. That are caused by the battery in the Samsung galaxy note seven they chip about 2.5 million unit of this phone since its launch on October on our August 19 so two weeks that chip about a million and a million a quarter week. Of this phone and they are having to recall them because of people getting burned. By bit this phone due to wildfires when the battery kept. Well it's when they're charging incidents in general prob need like kind of what you guys that every night when I go to bed. I plug my phone in in the bathroom break gladly do that because it gets me out of bed in the morning when the alarm goes most of my alarm is on the phone you wake up your phones are down yet. It's better charging them you know when you're holding up your head yes you know as an image like the cross for you things right but. They catch fire. The update and I'm not wanted to know what we're not talking about you know small fires were maybe there's just barker to this but this is you know you catch fire near nightstand is trying to open flame. Yes and so anyway. The fix on it takes two weeks so. If you own one of these darn folds spent 800 bucks on right yet send it back to stamps on your without your phone for two weeks and then they send you new one back which I'm not sure I would trust either so there's. This is going to cost Samsung market share big big money big time and then apple comes out their new phone next week thank how many people are just gonna say you know what. I'm gonna go get new apple phone instead the it is Salem my money back yet and I'm gonna go to ES yeah I wanna wait two weeks giving my money back now get a new one instantly. Don't forget take part in our poll the financial exchange showed dot com if you wanna tell us how you if you could live for two weeks without your phone. Up next we'll be joined by date Helio logos from Suffolk University he has a new poll out it's a national poll. And the information in this poll is fascinating that's next from our insurer match dot com studios. How all the upcoming election affects your finances and your business find out right here it's the financial exchange on the financial exchange radio network. Your financial strategy has to include a thoughtful insurance plan insurance exists to protect your assets and our friends that the insurer -- agency can prepare a personalized plan to get to the best coverage that the best price call insure a match at 84499. Match 54 for 99 match many of our listeners own hole and one or two cars if that describes you you're the perfect candidate for free consultation to make sure your property and family are safe and properly covered will also dig out all the discounts preferred customers like you can qualify for calling sure match to compare multiple rates and carriers at 84499. Match that 84499. Match insurer match works at the leading carriers in the industry like -- -- Plymouth rock and bore their license for all types of insurance and they can save time stress and money with just one phone call and one relationship call today 84499. Match or go online at insure a match dot com. Today the senior citizen has a one in three chance of spending time in a nursing home is your plan to give your home another acid steer kids in order to protect them from the cost of long term care. Do you feel about asking your kids permission to sell your home or spend your money out of field to lose those assets to your kids divorce or other creditors there's a better way to keep control while protecting your home. Call the office of Cushing and Dolan right now to request their brand new guys -- the states vs a reputable trust they'll teach you gotta protect your primary residence your rental properties and even your vacation property this guy will also show you how to avoid probate keep your money in your blood letting him potentially eliminate estate taxes co lead 668485699. Or download the guide for free by logging into legal exchange showed dot com fishing in Dolan has been helping families like jurors for the past thirty years called to see if they can help yours 8668485699. That's 8668485699. Or visit us online -- legal exchange showed done. Com hi everybody very Armstrong here from the financial exchange and I'm joined by. Leader bank does tremendous amount of mortgage loans as a matter fact I've used them a couple times to refinance properties in the past. Jake how's the mortgage business these days it's been an extremely busy Barea. There are a lot of people buying homes so that's kept the purchase market very very busy you know on top of that racers still an all time lows so we've a lot of folks who are refinancing their homes either get a better rate or or some cash out because the properties appreciate that Susan asked how does somebody know where they should call to refine. Well you know. Dude there's really 22 ways if they feel that the rate can be improved. Give us story now and you know thirty year fixed racer all time lows. If you have anything in the in the 4% range frankly give its rate in my view he's something. Or if you need to take some cash and of your property wondered for a college tuition for kids or you guys have home equity lines of credit me at home equity lines of credit as well and the cool thing about that is. If you already had a green looked great on your first mortgage you know home equity line of credit which will leave your first loan as it is allow you access the equity. Makes an awful lot of sense and you've got fifteen year fixed rate mortgages by your adjustable rate Mort all types and hopefully we we have all types of that in addition to that were actually very active Jumbo and yourself. As properties have really appreciated in the markets in Massachusetts. There's been higher demand for Jumbo loans that we do a lot of that so last year Berry were actually not the number two home purchase later Massachusetts. Good for you congratulations. Folks that's. 8776917900. You can check out all their rates on line at leader bank dot com or you don't talk to human being in my called it loan officers standing by right now. 8776917900. That's told free. 8776917900. Security securities America ink member in PC. Or operative securities America advisors. Are represented our target recruitment securities America companies that. Jacob field new financial exchange showed dot com take part in our daily poll question and stay on top of the latest stock market trends it's all in one place financial exchange show dot com. Not all polling companies pulling him through and there are. Pretty equally as some are biased one way or the other. We are joined by what I consider to be the gold standard of political polling in that is. Suffolk university's David daily low post and he joins us today an opening to exchange. To share the results of his most recent poll and they are published in USA today. I David are you. Our good morning. Poll results just. Yes I I I actually cut the the precursor of yesterday so. Tell us what you learned in this national poll that you conducted. Was this September dollars in August poll right. That's right August 24 to the 29000. Likely voters. A lot of happens DePaul closed so you know in three days as an eternity but in our poll. We still show Hillary Clinton with a comfortable lead and other polls have showed it close opting out of this hole not saying that won't happen. But in our poll we have a seven point lead. No matter how you slice it and a two way race or reform. Our way race with the libertarian and Green Party in the two way it's 4841. And it's 4235. In the four way race with our reach aren't getting aren't and tilt start getting war. What percentage. Of the population David is undecided. Because it if it strikes me there's probably going to be a billion dollars spent. A small group of people. Art to your point it's a great point only 10% and our poll and what you think about the split. It's very unlikely that it's at ninety tents literate 82 when he split so you're really looking at percentage points or or. You know. Breaking it. You know seven to two. Ray Inman is strong break you know unless you have a big didn't vote so that's one piece of that and the other piece is that Johnson. Voters out to big blocked two yellow. Not that there's 20% up for grabs but. You know it's definitely more than 10% up for grabs because Gary Johnson voters. Tend to be demographics that you would think would paper trop. Higher percentage of men in dependence. People say they're moderate or right of Margaret. And so and so. Those of the two bit while carts going into the liberty we can. What my co host chuck has always maintained. That the Stein and Johnson poll numbers. Won't actually shell law meaning that the numbers will be half with a poll that and those people are either gonna vote for Hillary. War or Donald Trump it is that consistent with your thought process on it like Johnson you've got Johnson pulling at 9%. He actually gets 9% of the popular vote. It's hard to say a lot of it will depend on what it is what what the discussion has around the debate and people were addressed that in. Learning about what. Polls is on a call one US stated day on our it which you can access but basically. The short answer your question is that he's right. That his history says that people rotate. Out of the third party choices and a lot of the two major party nominees and the problem. In this apple. I could see with Johnson voters is on the one hand he's pulling 18% among young voters ages eighteen to 34. Which seems to her Hillary Clinton but he also appalled that 19%. Among independents which. Currents are Donald Trott and I think that's why are people that seven point margin sticks whether it's two way ward for. What's the breakdown on the female vote because that you know the Hispanic and black vote we know is gonna go. Toward teller colon but women woody what did you pull demonstrate in terms of how women are gonna vote in this election. It's a sixteen point margin of forty aren't that dirty. Three. Are among man I'm Hillary Clinton is. Within the margin of our she trails by a few points but she's within the margin of error so that's a big plus you know the poll also showed issues as you indicate. That a big difference between white sort of who we spoke to trot. As they have historically for Republican candidates and minorities. For the Democrat east and West Coast was strong for Hillary Clinton. You don't really be key. Going forward. As I meant that I conceit is what people do with the third party candidates and Johnson will be on that looks like to be our office deep. Ballots. Stock and be on. 7580%. Of the State's ballot after all of the legal challenges and and so in addition to the undecided voters those voters really matter. You know. With ID with Johnson sock and be on the debate stage though right. The presidential commission and department that. There have to be polling showing him that 15%. I haven't seen it 15%. In any abrupt polling. He does better in the national polling because we you know obviously he's got some of the sit in the states they're not being pulled a lot and strong. Like the Mexico's Homestake Colorado Utah are. Sperm. California. But in the battleground states that would 66 states in the last six weeks. She hasn't told about five point 8% in any of the six battleground state so. It's going to be hard to tell him to say that. Poll wise he should be. On that debate stage however I 82 bit in this poll. 76%. Or we ask people. A third party candidate gets on a majority of state ballots that mr. Parker president should that person be invited to participate in all debates Japanese 6% said yes to that so. Paul statistic. And pulse statistic. Statistic like. From other surveys are going to be wood Johnson presents to the commission as evidence that he should be on stage. What's your next pole day. Okay good we will track you down thank you very much for joining us they appreciate it. Take the gold standard the poll Suffolk university's David really low Lewis joining us today on the financial exchange act posted this by the way yesterday. I got a sneak preview of that night posted it. On our our financial exchange FaceBook page. You know the polling chart indicates that Donald Trump will generate less of the popular vote in any Republican in history. And that goes back to Al Landon in 1936. I mean we're getting she was the point you know you get to the start of September and you start to generally sees things settle down a pretty close to where they are going to be. In November. We're playing out we'll find out any up next we have a trivia contest for you we're explain why the cost of life insurance is increasing. That more coming from our insurer match dot com student. Making your Smartphone even smarter Dell logo mobile lab by surging financial exchange killed in nineteen Jordan who will play in stores this. And the financial exchange radio network. Barry Armstrong here did you know that there are legal restrictions as to who you can name as the beneficiary of your retirement account it's true federal law requires that you're surviving spouse has to be the beneficiary of an employer sponsored retirement plan did you know that upon death your hiring can be taxed four times all fiery surtax that state and federal income tax rates but they're also taxed like federal and state death taxes that can mean that as little as 20% of your retirement plan will be passed on to your airs we're giving away guide that will teach you how to avoid excessive taxes on your IRA and it will also give you guidance as to the beneficiary designations on your retirement accounts imagine if 80% of your irony was lost taxes call 803934001. Call now 803934001. Or downloaded for free on our web -- financial exchange showed dot com. Juries are for the securities America incorporated numbers and SIPC advisory services offered through securities America advisors incorporated Armstrong advisory group in the securities America companies are not affiliated please consult with your qualified tax expert for an tax related concerns today the senior citizen has a one in three chance of spending time in a nursing home is your plan to give your home another acid steer kids in order to protect them from a cost of long term care. Do you feel about asking your kids permission to sell your home or spend your money how to feel to lose those assets to your kids divorce or other creditors there's a better way to keep control while protecting your home. Call the office of Cushing in Dolan right now to request their brand new guys play for states vs a reputable trust they'll teach you gotta protect your primary residence your rental properties and even your vacation property this guy will also show you how to avoid probate keep your money in your blood flowing and potentially eliminate estate taxes co -- 668485699. Or download the guide for free by logging into legal exchange showed dot com fishing in Dolan has been helping families like jurors for the past thirty years called to see if they can help yours 8668485699. That's 8668485699. Or visit us online at legal exchange showed dot com. If you're looking for a great deal on a new counter program you should check out the zoom rewards program leader bank is now offering is checking account along with the companion savings account and as long as you qualify you'll receive three benefits. First you'll get a savings rate of two point 05% annual percentage yield up your first fifty K all of your ATM fees from you and other banks will be reimbursed and you'll get 1% cash back by using your debit card and visa credit purchases just sign up for these statement with the account direct deposit at least 1000 dollars per month and do eight debit transactions per month cult leader bank right now at 8776917900. To learn more about the zoo Murrow awards program that's 8776917908776917900. Member FDIC equal housing lender zero point 20% annual percentage yield earned on portion of daily balance greater than 50000 dollars those who do not qualify presume rewards will learn zero point 10% annual percentage yield on savings balance member FDIC it's. Not too late to get a great raid on a whole mortgage leader bank specializes in a wide variety of purchases and refinance loans at some of the most competitive rates in New England a dedicated loan officer will work with you every step of the way and their local decision making means a faster closing call 8776917900. That's 8776917. B 900 workers at leader bank dot com. Member FDIC equal housing lender and the lowest number 449250. Subject to credit approval leader bank a step ahead. Your dream home is within reach with a Jumbo mortgage loan from leader bank their Jumbo loan program designed for financing in excess of 500000 dollars offers fixed or variable rates for both purchases in refinances all originations are managed by your bank's local underwriting processing teams for additional information call 8776917900. That's 8776917900. Or visit leader bank dot com. Member of the NC equal housing lender and Miller is number 449250. Subject to credit approval leader bank a step ahead. Your financial strategy has to include a box full insurance plan insurance exists to protect your assets and our friends that the insurer matching agency can prepare a personalized plan to get to the best coverage at the best price call insure a match at 84499. Match that's for 499. Match many of our listeners all the hole and one or two cars if that describes you you're the perfect candidate for free consultation to make sure your property and family are safe and properly covered will also dig out all the discounts preferred customers like you can qualify for call insurer match to compare multiple rates and carriers at 84499. Match at 84499. Match insurer match works at the leading carriers in the industry like -- -- Plymouth rock and -- their license for all types of insurance and they can save you time stress and money with just one phone call and wanna relationship call today. Four for 99 match or go online at insure a match dot com. The latest financial trends team won't place it's the financial exchange we've Barry Armstrong and chuck saga on the financial exchange radio network. And trivia is brought to fire Arnold's lobster and clam bar located on US route six in east ham Massachusetts Arnold's a degree rob Bartlett lobster rolls fried clams and terrific and hearings and there'd be Jeff Susie. Has won the Cape Cod stopped. Clamp contest for the second year in a row. Call 5082552575. Or visit them online at Arnold's restaurant dot com. And here's your true you know Monday is Labor Day so we're gonna be doing trivia today about the holiday in its history. In which country. Did Labor Day originate 6868. This is an easy question in which country. Did Labor Day originate. The text number 68680. The first listener with the correct answer wins a fifty dollar gift certificate to Arnold's restaurant in clam bar. Now chuck. Several weeks ago you pointed out to us that. A lot of insurance companies were having difficulty with premiums because of the low interest rate environment in the bond market specifically. We talked about it in terms of things like homeowners insurance and car insurance and how premiums were going up. In those categories quite dramatically. We didn't touch on life insurance and consumers are seeing there like insurance policies and their long term care insurance policies. Increase in price quite dramatically. Yeah a lot of people laid you know people don't really think of this as a reason why your insurance premiums will be going up people sell the insurance companies are being greedy they're trying to rip me off well look insurance companies wanna make money there's no doubt about that but the fact is when you talk about the how the rates are set in a lot of states pretty much every state. They have to say look here's the profit that we are projected to make in this area and here's you know be they have to show their work in order to actually get rating Kris is approved while. What you've seen is that the pose interest rates have been so low. Insurance companies been hurt by the aisle and here's why when you pay a premium let's say. That you know I'll use myself as an example my auto insurance premium for a year I think it's somewhere around 11100 dollars Boca. So I paid I think it's twice a year just to get a discount you pay penance or what you do is you pay year you know 550 dollars the insurance company takes that money in. Now doesn't go into a pool just for you. They take that they say okay we've got a million people paying the sand. And they take that money. And they invested usually in bonds which are very stable you don't buy stocks and that because the money has to be there and has to be liquid and asked to be liquid so they buy you know latter bonds and they say okay. We expect to pay X amount on this date and so they say okay look we're gonna get some bonds that yield half percent on the yield 1%. And then they project out you know what they're able to what to do there. Well the problem is because rates are so low they can't earn much and what that does that pushes premiums up because instead of that 550 being able to turn in the 600 by the end of the year. It only turns in the 560. Dollars so you lose a lot of growth there that insurance companies would use to offset. You know cost related to claims and what you're seeing now is people are actually going out and suing insurance companies to price increases when really. One of them I saw it this poor guy he's in his eighties yeah. Right fit and he had bought a single premium universal life policy to pay for state tax he was an eleven million dollar policy. And the woody put two million dollars into it start off. I paid it to a quarter million dollar lump sum and it's also gonna cost him 300000. Dollars a year. Per year per year mentioned that you're here you thought you did your state plan put your money away and then they start sending you bill for 300 grand every year. And keep in mind this you know he thought that everything was kind of taken care and everything that 300000 here was not something he was expecting to be on the budget now and any says look I was sad ask some more questions in this and that. But yet it's you know this is he's not alone in this this is something that is affecting all Americans because with rates this low. Insurance companies have to pass on those additional cost to consumers instead of being able to earn it on their investments. Pay the poor man's a state plan is what's called a light the state and what I mean by that well let's say you own a home. And you're getting on in years her little long in the tooth and you no longer buy green bananas how's that for a reference point as Oregon that they're trying to learn things well. But I kept Eddie you're you're get old and you own a home. What a lot of folks will do is they will sign over their property via A like the state. To their children right so what that means is they say OK I'm gonna give this house to my daughter. And on the to retain a like for stay with me you're allowed to limit that Al's house until you die brightness and that's obvious who you. He had mine. And so what they would do that because it's free you don't have to pay any kind of peace that. Rife with problems it causes a major. Tax problem for your daughter when she goes to sell that property why. Well when you gifted it to her you also gifted her. Your bases in that property. Cushing and dole and has a guide available for the month of September it's called an operational guide to light the State's verses irrevocable trusts. And how would you rather protect your home from an arsenal made it that's why you do it that's why given way to protect the house from the nursing. But the temptation is to go to like the state right because it's very. To be a big mistake it's not for tax burdens divorce all kinds of problems can come up as a result of that. But you should call and receive Cushing handled September guide. The phone number toll free 8668485699. Its toll free 866. 8485699. Guide is free so as the phone call. Cushing and dole and 8668485699. Yesterday during the program we got I think tuck who brought it to our attention. A Twitter released that Wal-Mart. Was cutting 7000. Back office stored jobs. And chuck we now have a little bit more information on this story. You know what they're going be do we were kind of wondering what do what they meant by a back office store jobs in fact what it turns out to be. Is they are a lot of positions related to accounting invoicing. In my guess is a lot of that is going the way of automation music ended their centralizing it in the yen in the home office together yeah and so these these workers typically were among the highest paid in their actual retail stores. And so what Wal-Mart is doing is they're actually replace some of these positions but with lower paying jobs more in the front of the store and people working around in the different sections and so. Where they could use help needs just a suggestion that. Where they could use help is on the floor when you're trying to find something new Sony stores are so darned big right you can't find. You know you're you're looking for Phillips head screw driver Kenny by the hardware department. I mean that's that's one of the challenges that they face so if they do that that might improve customer service in the shopping expert. Yeah I think it's it's something that makes sense as far as trying to get more people out there actually in a visible roles opposed to simply working in the back crunch numbers especially with where technologies gone at this point on the back office jobs again you can centralized automate them and make it a lot cleaner X. Parents in this thing yet they're being offered other positions that you know only if you're making. Thirteen dollars an hour in the back office you're not gonna wanna go back on the floor for nine dollars and now is that about the the difference in compensation rules. Yesterday we also got news of the SpaceX. Explosion. Will we didn't know yesterday was that the FaceBook satellite was on the. Yeah I was gonna be a satellite that was going to help provide. Internet service to sub saharan Africa. And so this obviously is a setback for both SpaceX and FaceBook here. Mark Zuckerberg likely you know at some key phone calls to make yesterday on this news now but. He is counting on this for Africa he wasn't and what they'll get is launched again at a later date you know it's usually with stuff like this it's covered by it and believe or not they have the they have space insurance so this. Which it's kind of like catastrophe insurance delaying them. It's gonna delay any of us are like six to nine months it's gonna probably delay things out even longer than that I'm guessing twelve to fifteen okay. But you know what this thing happened that this this happens with rockets just because the technology that we used at this point in terms of the actual rocket fuel rocket boosters. Most of it's still for fifty years ago you know on average one out of every twenty launches blows ops. Up next we'll be joined by Larry Kudlow senior contributor to CNBC begins his interpretation. Of the jobs report they came out at 8:30 eastern time today we'll also have the answer to our trivia question. Hope you'll stay with us from our insurer match dot com studios. He doesn't really talk but Berrian chuck dude you've got the financial exchange on the financial exchange radio network. There are -- here did you know that there are legal restrictions as to who you can name as the beneficiary of your retirement account it's true federal law requires that you're surviving spouse has to be the beneficiary of an employer sponsored retirement plan did you know that upon death you're hiring can be taxed four times all fiery surtax that state and federal income tax rates but they're also attacks like federal and state death taxes that can mean that is a little as 20% of your retirement plan will be passed on to your -- we're giving away guide that will teach you how to avoid excessive taxes on your IRA and it will also give you guidance as to the beneficiary designations on your retirement accounts imagine if 80% of your irony was lost to taxes call 803934001. Call now 803934001. Or downloaded for free on our website financial exchange showed dot com to. He's offered to securities America incorporated numbers and SIPC advisory services offered through securities America advisors incorporated Armstrong advisory group in the securities American companies are not affiliated please consult with your qualified tax expert pre tax related concerns. Today the senior citizen has a one in three chance of spending time in a nursing home is your plan to give your home another acid steer kids in order to protect them from the cost of long term care do you feel about asking your kids permission to sell your home or spend your money how to feel to lose those assets to your kids divorce or other creditors there's a better way to keep control while protecting your home. Call the office of Cushing in Dolan right now to request their brand new guide late for states vs a reputable trust they'll teach you gotta protect your primary residence your rental properties and even your vacation property this guy will also show you how to avoid probate keep your money in your blood flowing and potentially eliminate estate taxes co lead 668485699. Or download the guide for free by logging into legal exchange showed dot com fishing in Dolan has been helping families like cures for the past thirty years called to see if they can help yours 8668485699. That's 8668485699. Or visit us online at legal exchange showed dot com. Hi everybody very Armstrong here from the financial exchange them joined by Jay tool who's a senior vice president. Leader bank. And leader bank has an exclusive. Program for those of you who are Landler your Cora collecting rent from one tended to 401 tenets. 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Become a member of Barry's brigade at the all new financial exchange showed Don come get the business and financial information when you wanted sign up today I financial exchange Joseph Johns come. Labor Day in Canada. Began in here 1872. In Toronto and eventually made its way south the United States. Winner on this question was Alex from Quincy takes away fifty dollar gift certificate. To Arnold's lobster and clam bar located on US route six in east ham Massachusetts their leadership's Susie. As when the Cape Cod stuff planned contest for the second year in a row. Get down to Arnold's and check out their great food for yourself call 50 wait 2552575. Or. Visit them online at Arnold's restaurant dot com. We're joined now by CNBC senior contributor Larry Kudlow he's also the author of the book JFK. And the Reagan revolution. Out in September can I get one now Larry is that it can be a big order one on Amazon. Yet I can bring order to do September 16 day of publication date and we have I attempt out of the kind of media stuff coming up but yet you can get go I give it a quick read. And it's great but JFK. Connecting dots there Ronald Reagan did both worst supply side tax cutters and those policies work you both time big time. Soft jobs report this morning Larry. Thought I agree with that exactly the right word. I think inside this thing. I'm just looking at the weakness and you know the goods producing sector and the manufacturing sector. Because they've been blowing for quite some time and as you saw quite yesterday or. Booted for ISM manufacturing has slipped in once again below fifty. You know we've talked a lot this show. Falling profit. More recently five consecutive quarters of the year on year profits decline according to the GDP numbers which are the best. And you've got business investment fraud and few doubt productivity far. So I would still argue already in filed business recession. I had an overall recession. But you know and businesses are are are contracting and that means. Jobs are gonna start blowing and blowing an area so. It's not good golf soft is the word of the day. They when you look forward day he give any projections for Q3 and Q4 GDP because to your point. You know you talk about being at a business recession we're not far where where it wouldn't buy a in year old colleague warned mows the refers to a stall speed. Yep guys that's right look I think Q3. We'll see a balance up. Largely due to a reversal of inventory. I don't wanna get too terribly. Technical and a wee bit. David president brought the last couple quarters. Probably dragged out GDP appoint herself. Each quarter I think got a reverse. So you could get down. What two and a caddy get 3% economic growth that's caught three. In history and many are probably level back to. The trend is still I think Barry's numbers between one and after 2% debt to Trent Lott for the economy I don't see any break out. And birdied 900 million. I would recommend you large scale our product support. Business tax cut its business that's hurting its business taxes that are not competitive led to lead the paper that. Rate hike guy pretty sure is off the table in September what about December Larry. I don't think they'll always be and looking at the point out that this story. The Federal Reserve. Which made the whole overall I mean oh really yeah overall. They should not be using wages and jobs as their barker for policies to be using inflation and price stability. And by the way stable dollar now. We have a priest able that's good we virtually had no inflation. That's good OK so I would ought to tighten that. I wouldn't want to wait is coming got it turned out its regulations. And taxes. That's the biggest impact on the real economy. Those are the incentives that they that make people work stated that they list about that I can produce money. But it can't produce jobs and I for the life could be just can't stand this idea. That it wages go up a little bit by the way wait were lousy. It has support average error and zero point 1% to 2.4 percent a year I'd yourself. That's not a big play. If you have price stability and Abbott steady green back that's how bad do not. I think I'd recommend it that it. Let your massive three and a half court trillion dollar bond portfolio. Let it start. Writing all normally you don't reinvent the pros that would gradually start running all out today that the best way to hospitalization. And let markets album went to raise rates you know have to by the use surge if if the ten year rate is surgery then that that should probably stop that and I don't see any of that happen. Larry it's interesting that you mention that it's one of the things that I had talked about. And I believe it was when the Fed was meeting in Jackson Hole last week that they came out and they said they'd talked about it but big they couldn't predict what effect that would have my argument route would be put. You still bought these bonds you can predicted so why not go the other way right. Now that's but I agree with that. Different. They have to get Abbott a tough spot I was not a fan of annuity. After QE1 you know back and that is that yes. Beyond that I'd well. Consider race at target rates. Internally to if you remember you got back in the picture chart this CPI. Actually got aside three point 8% back and I think that is quite elaborate. That's good opening you know to tell rule basically says that by Israel should be one wanted to happen that they should dug out three years ago four years ago booted. I wouldn't do it out but let the Basra up. You're obviously old. Good signal it shows that they can get you know we read control of their own portfolio. And then let the market talk about it just straight that's my whole point out if the ten year rate. Had jumped from what was the low 140 what thirty you want to do it jumped two to put two and a quarter. And I stayed up there that would help with that okay follow market rates but the only way I'd see that happening job. I sound like you know I'm an echo chamber here. He is just blessed business tax rates if you lower regulatory burden and you know energy and health care and all the small business. That would grow the economy is three or four more and that means real interest rates will go up actually. And then that that kid followed that bit of the Fed tries to manufacture tightening it could do much more apartment there. Very good Larry thank you very much for your time we appreciate how do an economic. And banking and congratulations on the book next week I expect that's Larry. Cut those senior contributor to CNBC if you wanna get on the waiting list for his book or dishing go to Amazon.com. It's called. JFK. And the Reagan revolution if you wanna order the author Larry Kudlow of course you know the the thing that I took heart problem. As it relates to the Jackson Hole meetings and I know those are over a week ago. What I like about those truckers there was repeated conversations. About the need for structural changes and that's what Larry has been preaching. The last several years you've got to change the tax cut why don't think the Fed wants to be stuck in the position there at IA and but be in the past they've been very quiet about that. It does come out and make that statement here now being very brazen but in relatively speaking. And I and saying hey congress get off your rear ends and do something that's good for the American people death. We we've talked about it before you can't create jobs Blair said do you can't create jobs with monetary policy you have to do with changes to the tax code changes to spending that's how you do. Any you know I think part of the problem is congress' said well if we did anything the president would veto it anyway in other words they're not that he. He got a president who does not like success you'd Andersen the president. Who thinks that wages are too high on Wall Street the doctors make too much money in lawyers make too much money and he thinks that he's not wrong about the lawyers yeah that's true not wrong about oil revelers. But he right with his his perspective seems to be chuck. One where. You know you punish success. And I think Wall Street reckon urged corporate America recognizes that the congress recognizes absent we have no chance of getting anything through. With this guy in the White House. What thank you all for tuning in to this. Our of the financial exchange. Chuck is not a talker Silva and very Armstrong signing off for this hour of our financial exchange show from the insurer match that comes. There are strong here did you know that there are legal restrictions as to who you can name as the beneficiary of your retirement account it's true federal law requires that you're surviving spouse has to be the beneficiary of an employer sponsored retirement plan did you know that upon death your hiring can be taxed four times all fiery surtax that state and federal income tax rates but they're also taxed like federal and state death taxes that can mean that is a little as 20% of your retirement plan will be passed -- your -- we're giving away guide that will teach you how to avoid excessive taxes on your IRA and it will also give you guidance as to the beneficiary designations on your retirement accounts imagine if 80% of your irony was lost to taxes call 803934001. Call now 803934001. Or downloaded for free on our website financial exchange showed dot com. Series offers you securities America incorporated number and SIPC advisory services offered through securities America advisors incorporated Armstrong advisory group the securities America companies are not affiliated please consult with your qualified tax expert for any tax related concern. 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And irrevocable trusts Todd what happens if you happened owned two properties you've got. Vacation home on the Connecticut shore. And your primary residence in Massachusetts somewhere Chara and you're thinking. T I just satellite mistaking you put like the state on more than one prop. Pretty at a time you know the answer is AE you can you can hand but you're not gonna get the benefit your thinking that you're allowed how communities built Alia put lights on you know both vacation and go home but when it comes to protecting that home from the nursing home which is part of the reason they're doing that the only reason like this to arrange your right it's the only reason I'm at that moment when you apply for Medicaid after five years have gone by remember you still have the five year waiting period when you create these like to state arrangements. It's not overnight so you create it in five years is gone by and then you apply for Medicaid if it shore home the home a special. The home would be non accountable and therefore your life is they peaks and would also be non accountable but if you're a vacation home in which you have a life estate peace in that you capped that portion which still be accountable so. You don't credit to the remainder piece that you gave away even on the vacation home would be protected. You still have a problem with that like the slight tendency peace so yes she can. No I wouldn't do it in two properties and our also be very careful how you create them. Market you know using a like the state could be a very expensive mistake. Cushing handle on is making available guide for the month of September it's called the comparisons between like the states and durable global trust don't make that expensive mistake call Cushing handle and told free. Their phone number is 8668485699. Toll free 8668485699. Like the states can be an expensive mistake don't make it 8668485699. 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This is the financial exchange with Barry Armstrong in chunks of you're exclusive look at business and financial news affecting your day your city your war. Stay informed and today about economic and market trends plus get breaking business news every day. And now the financial exchange with the very Armstrong and chunks. This. Our market is an hour and a half into a mild rally. In the rally is occurring because we a disappointing or what Larry Kudlow refers to. As a soft jobs report hi everybody very Armstrong and trucks ought to with you. And you know. I don't like it a and I hate to a you know and I don't mean to look a gift horse in the mouth like I own stock side benefit. From stocks increasing in value. Personally. But I don't like it when they rally for the wrong reasons and I think that a disappointing jobs report. Causing the stock market to rally is not necessarily good news. Well you know you don't like the whole bad news is good news I don't I never happened and I don't like you know what I really don't like track. Use artificial stimulus I like. Real stimulus I like win the market's rally. Because. Although I don't know maybe somebody. Made some money. Or like it when the market's rally his profits are good at like two in the markets rally because he had a bad jobs report GDP is terrible there's no inflation. And there's just no other place to put Rosie put in stocks I think that is a recipe. For a correction in disaster. But tend to agree with you it's you know again we've we've gotten this cycle and it's been the last five or six years where. We're so focused on the bed and now what they're going right and on the macro is opposed to. They can this company make more money next year than the year before and it's it's a bad trend to get into it's something that we've come close to breaking a couple times but we've never. We've never been able to it achieve that escape the loss you know we've we've we've always kind of been bumping up against that ceiling and never quite. Getting there. And it feels like we're there right now again it's it's pretty obvious they. Reasoning why I'm more convinced now than ever before. That the reason the economy. We call it stagnant is that a fair phrase he has subdued subdued OK be reason the economy is subdued. Is taxes to. Looking your paycheck. It take a look at your paycheck take a look at what you're paying in fike attacks take a look that we are paying in Massachusetts tax. Take a look you're paying in federal income tax your local taxes and think about what you pay for sales tax and property tax and you know holes in gasoline tax I mean why not making people do this on holiday weekend well you might. But at all you have to do if you want to unleash the economy. If to reduce taxes. You know Larry's hell bent on on reducing a speaker Larry Kudlow. He's a big proponent of reducing corporate taxes and I am too. But frankly truck at this point I would take a tax cut of any kind and I know. That it tax cut would work the evidence is you go back to when we had the payroll tax cut for two years. You know you look at those younger than GDP was all sudden chug along at 33 and a half percent that the take away the payroll tax cuts and boom we go back to 1% GDP growth. FB you've had this continued continued headwind over the last several years where. You know we went through this period I think was from 1213 fourteen and fifteen where every year there was either an old tax that was coming back in our new tax that was being instituted. And when you try to fight against that every year you just you can't get that escape velocity that you want when you continue. To add a new taxes year after year after year and it makes it more difficult to grow the economy there's no doubt about it. So were auto sales were using trucks new word were auto sales band or were they subdued. I think there what I expect it. They go to center ice I think they're back would you remember when when we are getting up in that eighteen million annualized pace range I was saying look I think this is probably the top but why he had any date because there's only so many people with the money to buy cars you know. In this economy where you have such a division between people at the top and people at the bottom with very little in the middle. In this type of economy there's only so many people who can afford to buy cars even look. There are probably a hundred million people that would love to go on by car today but they can't do because they can't afford supposed to be bored yet they're not going to be buying. New cars there's probably you know anyone it at the top book when they wanna go buy a new car they go when they do now. But there's only so many of those people so. You know I said at the beginning is you look this eighteen million ethnic getting kinda close to the peak you've got people using longer loans to try to make payments and so since having your car loans and it and I think that auto sales probably have beat me and it and. And they are down at one point out very few dealers I think Diaw was up a little bit but I think all Toyota is off pond it was. Nissan was really I figured out six and a half percent GM was down. Korea could cry Fiat Chrysler. Parity mentioned Ford was down was four to 8% or was down a little over 8% eight point two. Well maybe we have reached peacock and maybe I thought based on population. You could still see you know half a percent auto growth this year I don't think you're gonna get I think you could have lower auto sales this year than had roster. Oh you're going to ponder a 100% or you are going to war on pace right now to be. Lower this year than last year and I think. You know it's is that the big thing is that just aren't enough people with the financial resources to buy vehicles these prices are you know auto companies keep trying to you know keep prices up and move them up by going to we talked the other day about Ford go to 0% interest for a 72 month loan. They're not doing that out of the kindness of their heart to another trying to move so that it wanted to try to get that inventory move. Go by car this weekend folks. If he can. Get that the economy. They CBS paying Massachusetts. 700 in 95000. Dollars and kind of settlement. Yet the settlement related to the practices. Related to dispensing OP Lloyds and the the charges effectively were that prior to 2013. Several CVS locations failed to provide pharmacists with sufficient. Internet service to access the State's prescription monitoring program. So yeah it's kind of a big deal yet people that are out in this program that. Have a history of abuse of OP Lloyds and your CVS stores that didn't have Internet access to provide. Now their pharmacist the resource is not a good thing. No and costing them 800000 dollars I was shocked by this I didn't know the numbers this high. 15100. People. Died from open you wait overdoses in 2015 masters is not a small amount that's a whole lot they think just the messages and that is all just. Masters 1500. People last year and I don't know what the numbers you should this year I have seen account. But that you know and I wonder how many died in didn't get classified. As openly deaths. I'm pulling up the I know that Andre you know worse and he's not getting better so as of. August of this year we are on pace. For our. Little over 18100 so with work continuing to get worse and to put in perspective just how rapidly ramp up has been moved okay. In 22010. So just be up five and a half years ago. Number was 532. And it'd been pretty consistent from 2000 into that 2010 rains since then we have. More than tripled now that's how bad it is if you wanna know where it's coming from it's coming from two countries. China and Mexico. That's revealed that that's where they Maryland that is laced with fentanyl is going to be no where it's coming from these can't stop it from here selected in not. It's a bad that that's one of the stories that you wish he didn't after report notes off here's a good story to report on. To Qaeda is going to develop this cica vaccine. In the unit do that in Cambridge Massachusetts. To Qaeda is a good sized pharmaceutical company in their gonna hire this is a part of like 120. Scientists. Yet to Qaeda you probably pretty familiar with the and they are one of their relatively large pharma company they have been awarded twenty million dollars to attempt to develop. As he can vaccine they also moved. Last year they began the process of moving. Their vaccines division from Illinois to Cambridge oh largely due. Choose the talent that is available in the area which is something that we've remarked on quite a bit over the last year to hear enough for the company's. That are moving in to the Boston area continuing to see them do this as you said they are going to be bringing in a number of scientists that are going to be very well paving continue. Two gross and some good paying jobs in the New England area. I up next we will be joined by Anna Louise Sussman from the Wall Street Journal and were talking about manufacturing. Jobs now. What I tell you. On this topic you're not gonna believe me but and it's OT anyway. The number of manufacturing jobs that are unfilled right now. It higher than any time in the last fifteen years and that's counter intuitive if you're thinking no no we're losing our manufacturing jobs to China. And to Mexico and other parts of the world it's not true. It there's a lot of 353000. Unfilled manufacturing jobs in the United States today. Will talk about that story if you wrote in today's Wall Street Journal and a leak Sussman joins us next from our insurer match dot com studios. Barry and chuck. Felix. 20% of your retirement plan will be passed on to your -- we're giving away guide that will teach you how to avoid excessive taxes on your IRA and it will also give you guidance as to the beneficiary designations on your retirement accounts imagine if 80% of your IRA was lost to taxes call 803934001. Call now 803934001. Or downloaded for free on our website financial exchange showed dot com. Juries are for securities America incorporated numbers and SIPC advisory services offered through securities America advisors incorporated Armstrong advisory group in the securities America companies are not affiliated please consult with your qualified tax expert for any tax related concerns. Today the senior citizen has a one in three chance of spending time in a nursing home is your plan to give your home another acid steer kids in order to protect them from the cost of long term care. Do you feel about asking your kids permission to sell your home or spend your money. How'd it feel to lose those assets to your kids divorce or other creditors there's a better way to keep control while protecting your home. Call the office of Cushing in Dolan right now to request their brand new guide like the states vs a reputable trust they'll teach you gotta protect your primary residence your rental properties and even your vacation property this guy will also show you how to avoid probate keep your money in your blood letting him potentially eliminate estate taxes co lead 668485699. Or download the guide for free by logging into legal exchange showed dot com Cushing in Dolan has been helping families like cures for the past thirty years called to see if they can help yours made 668485699. That's 8668485699. Or visit us online and legal exchange showed dot com. Your financial strategy has to include a thoughtful insurance plan insurance exists to protect your assets. Our friends that the insurer mention agency can prepare personalized plan that gets you the best coverage at the best price call insure a match at 84499. Match let's 844 and 99 match many of our listeners don't know home then one or two cars if that describes you you're the perfect candidate for free consultation to make sure your property and family are safe and properly covered -- should they get all the discounts preferred customers like you can qualify for call insure a match to compare multiple rates in carriers and 844 and 99 match let's 84499. Match insure a match works with the leading carriers in the industry like our bella Plymouth rock and more. Their license for all types of insurance continued time stretched the money with just one phone call and one relationship. Called today 84499. Match or go online and ensure a match dot com. It's not too late to get a great raid on a whole mortgage leader bank specializes in a wide variety of purchases and refinance loans at some of the most competitive rates in New England a dedicated loan officer will work with you every step of the way and their local decision making means a faster closing call 8776917900. That's 8776917900. Or visit leader bank dot com. Member FDIC equal housing lender and MLS number 449250. Subject to credit approval leader bank a step ahead. Your dream home is within reach with a Jumbo mortgage loan from leader bank they're jumble loan program designed for financing in excess of 500000 dollars offers fixed or variable rates for both purchases and refinances all originations are managed by your bank's local underwriting processing teams for additional information call 8776917900. That's 8776917900. Or visit leader bank dot com. Minarets PSE equal housing lender stimulus number 449250. Subject to credit approval leader bank a step ahead. Keep up with the latest from Wall Street by following our daily stock ticker at the all new financial exchange showed dot com you can also listen life and catch up on Pashos on demand can log on today had financial exchange showed dot com. Amid anxiety. About the disappearance of factory jobs thousands of them. Are going unfilled across the United States. That's the first paragraph in an article that I read in today's Wall Street Journal the reporter on the article. Was Italy Sussman and she joins us now on the financial exchange hi Anna Dario. I have bad thanks for having me. We're glad to an end I want to thank you for pointing out. That there are a lot of unfilled manufacturing jobs going begging right across the United States. Would not talk to us about the types of jobs because they're not the typical factory jobs that we think of in years gone by. You know manufacturing has teams collide in recent decades. There's been a lot of investment in equipment at one of the factors that our economy where you'd see the most productivity gains and compared with CNET certain. Service sector jobs psychic health care extra charges he productivity in manufacturing which I really haven't. Nancy piece of equipment and put a skilled worker he's confident he can get a lot of productivity out of networker. And so EDT factories that used to have 560 people are they now. Employ half stat and they're producing twice as much. But the key is you need someone at Wentworth not a lot more technical skills to use that. Machinery and then you also have another component which has done you need people lived the more managerial skills because you have just in time manufacturing shorter lead times I'm more digital technologies to someone who's gonna be. Yes strategic about meeting custard and meet customer demand and I think this new technology to works its 10-Q pieces of technical and managerial component. Well into your point here you're not talking about somebody who just has a high school diploma right gate in order to work in a factory today. They're hiring. Computer science engineers are higher in mechanical engineers robotic engineers. They're looking for a much higher caliber. Employee and they're also paying a much higher wage than you'll factory jobs that we think of. That's that's still you know. The added. There's one manager spoke to who haven't innings that he could get as skilled and maintenance technician or electrical engineer. He was paid something like when he create any kind times an hour. You know but at the same timing I heard from a reader today instead. You know I used to TDs scale and at times and I left Ford the same reason that Cummings started at the tip that. I can't I learn how to do computers software anemic sixty dollars an hour instead of twenty Q at the peak of my earnings. Many seven software is much easier to learn into I don't have to Wear protective equipment. And you know felt that the wages are are higher you know offer for certain people in the industry by united topped one consultant. Poole who specialized in digital manufacturing and he was saying. This industry is. Does they'll need to catch up in terms of wages like they're not and I used to the city new pays you don't necessarily. And yet that the kind of many engineers could be making in say Silicon Valley or other text field of course. Some very high margin parts of manufacturing. We pharmaceuticals cannot you know those those standards ballots salaries they know hat that they need to match that peace deals for the people it's binary each. Blood to your point. If these you know these 353000. Jobs going begging. But they would go begging they paid a lot more money and yet they're the reason Nate they're they're they're not paying a salary. Yes and now pianist just to copy that's about one has done. Even someone somewhere and told me coming interviewed said we'd love to pay more we're just a little margin. Business you know we we paid more we'd be in serious trouble and it's not. Clear that you could create a skilled people you'd need overnight into some of these things. You you can take a course for example at a community college in Erie can take an intensive training. But you know a lot of what am people coming actually cut by the quote unquote tribal knowledge you know that that that the kind of skill and experience that really with spending years around the equipment and knowing how factory work and being on the shop floor. Come and that's not something you can build overnight fell. You know that the question of a generational gap to third period when he manufacturing jobs being at the economy is it's hemorrhaging that until Lotta people turned away from the industry. You know they were told you should get a four year degree. You know the growing jobs certain services. That manufacturing is dying it's doing you know received and so. Can you hear executives say we need to build a new cohort. People wanna work in manufacturing news and so there's a lot of outreach. Now am I have heard executives say like what we're going to grade school of going to high school we just need to talk to people in their parents especially. I'm not not just disputing that you have to convince parents that that the best thing for their children. Yeah UV they need to understand that their son can make a lot of money working is an electrician or our daughter thank you thank you. Hanna thank you very much you did a great job on the pace appreciate it. Anna Luis Sussman and as you raise a great point there at the very end which is he really comes back to our educational system. Maybe we need a few less liberal arts schools. And a few more technical schools. I've been Sandra Oh all time. Obscenity and and again you talk about those jobs you know look even if it you might end up with skills that yeah your factory ins are being shut down at some point. But you still skills that you can then use for other jobs in the area if you you know you're talking someone who's experienced. With plumbing obviously can use those on a residential base is really not a commercial basis I mean there. There are skills that you can use. That translate to a number of different industries not just restricted. Into one job and I think that because that. You know it makes a lot of sense also the cost of the costs what's cheaper than sending some of the four years of college when they don't necessarily. Want to do anything wouldn't agree. Yeah and and what good does it do you to have me. College degree in philosophy. United and I don't mean to be critical philosophy majors and I go on to be a lawyer you're you know he did do something in your you make something great deal like that. It I I wish we had more engineers and carpenters electricians and people that can fix things and build. Tell you what that colleges don't want more engineering students learn more expensive to educate all tall not as profitable when. Colleges it is much more profitable to bring in a bunch of philosophy here English students than engineers that's why when you look at how colleges build their overall. Pool of applicants and they want a certain number of people that are going to go and engineer herb is helps them balance the cost bidder and did not know that. Time for trivia question here we're doing trivia today based on Labor Day because this is Labor Day weekend. In which year. Did congress passed an act making the first Monday in September of each year. A federal holiday 68680. Is. First listener with the correct answer wins a prize trivia by the way has brought you by Arnold's lobster clams are located on US route six in Easton Massachusetts Arnold says a great rob Barr. Lobster world fried clams and terrific onion rings and their lead Jeff Susie has won the Cape Cod stuffed clammed contest. For the second Euro call 508255. 2575. Or visit them online at Arnold restaurant dot com. In which year did congress passed an act making the first Monday in September of each year a federal holiday. 68680s. Or text number. First prize winner is a fifty dollar gift certificate to Arnold's. Draft king's race and money a a that you know they needed anymore and that's very profitable. Their coffers have been emptied a little bit by all the litigation filed edit they've been spending money on lawyer employers must be making a killing him all. Use oh lead lawyer for them as Martha Coakley. I didn't know that now I didn't know that yet they they yeah she doesn't come cheap. Well the other thing is this fund raisers there is about a 150 million dollars. And from people with knowledge of this financing apparently drafting as was valued. It around a billion dollars which is down about 50% from the valuation they raised out last year when they lost so many states you know it actually they're back in New York the though the back in New York now it's if that was their biggest state I think the big thing. This is not going to be something that necessarily has staying really. See I I can't wait to play draft things. I don't know it's something that has the staying power that people expected to move into that eventually keep in mind you go through it a bad year with this or something like that. You walk away you don't. We'll talk more about draft kings when we return we'll also have the winner of our trivia contest stay with us from our insurer match dot it's. You've got barrier and stronger financial exchange on the financial exchange radio. If you're looking for a great deal on a new counter program you should check out the zoom rewards program to leader bank is now offering it's and checking account along with the companion savings account and as long as you qualify you'll receive three Democrats. First you get a savings rate of two point zero I percent annual percentage yield up to your first fifty K all of your ATM fees from you and other banks will be reimbursed and you'll get 1% cash back by using your debit card and visa credit purchases just sign up for these statement with the count direct deposit at least 1000 dollars per month and do a debit transactions per month. Cult leader bank right now at 8776917900. To learn more about the zoo rewards program at 8776917. B 908776917900. Member FDIC equal housing lender zero point 20% annual percentage yield earned on portion of daily balance greater than 2000 dollars those who do not qualify presume we're awards will learn zero point 10% annual percentage yield on savings now a member FDIC. Hi everybody very are strong here from the financial exchange and I'm joined by. At leader bank. SP able. Boy they've been around for awhile but not everybody takes advantage of them and very few people know how they work. Sperry yes we we to a lot of small business lending its leader bank. Where preferred SBA lender which really means we can maker decisions in house you can quickly within a couple weeks. So we've been very active because a lot of small businesses have been growing in this economy so for example we have a special right now. Which is small business loans up to 50000 dollars rock bring a fixed rate of three point 99%. Extra for years and no closing cost. It's been a very popular product but more importantly we're really helping small businesses who need to grow and expand their business. There's a lot of uses for the small business loans and give you a couple of examples. We recently helped the restaurant in Cambridge that was doing so well they actually need to expand in the space extort. We help them local law firm. Who need line of credit to help expand its business sure we help today on local trucking company by a couple of new trucks because they're expanding it so there's a lot of differing use says there's usually no limitations on and is longs for a good corporate use but it's 50000 dollar you pay it back over four years he interest rate is three point 99%. Exactly. With no closing costs it's a pretty attractive program and it's our way to canning work with the local community and build small business relationships. Very good folks that's actually from leader bank if you wanna learn more about SBA loans call them toll free 8776917900. Three point 99% to pay it back over four years. 8776917. To 900 porphyry. 877697900. Or check them out online at leader bank dot com. Today the senior citizen has a one in three chance of spending time in a nursing home is your plan to give your home another acid steer kids in order to protect them from the cost of long term care do you feel about asking your kids permission to sell your home or spend your money. How'd it feel to lose those assets to your kids divorce or other creditors there's a better way to keep control while protecting your home. Call the office of Cushing in Dolan right now to request their brand new guide -- the states vs a reputable trust they'll teach you gotta protect your primary residence their rental properties and even your vacation property this guy will also show you how to avoid probate keep your money in your blood flowing and potentially eliminate estate taxes calling 668485699. Or download the guide for free by logging into legal exchange showed dot com pushing him Dolan has been helping families like yours for the past thirty years called to see if they can help yours 8668485699. 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Match or go online at insure a match dot com. Get your thoughts and questions seem instantly tanks the financial exchange at 6868. This is the financial exchange on the financial exchange radio network. This segment of the financial gains brought two in part by the event. It's not too late to get a great rate. And home mortgage meter bank has some of the most competitive rates around call 8776917900. Or is it meter bank dot com. For more information. And it was on. June 28. The year 1994. When congress passed an act making the first Monday in September of each year if federal holiday. Down from bars to bull had the right answer he was the first person with the right answer. It takes only fifty dollar gift certificate to Arnold's lobster and clam bar located on US route six in east ham Massachusetts their lead chips Susie. Has won the Cape Cod stuff clamped contest. For the second year in a rows of dip down to Arnold's and check out all of their great food for yourself call 50 wait 2552575. Or. Visit them online at Arnold's restaurant dot com for more information. So draft kings raises a 150 million dollars in an additional round. I I think you're probably right in much of that money went to lawyers and lobbyists. To two to take care some of the legal problems. But I'm curious. As to your generation you two are younger guys and you you both play drafting you you corrupted me and got me playing it now I'm hooked. Why do you think it may not have staying power and I'm curious talkers to win and you feel the same way. I actually disagree with tracker do you think it's nesting charges because people. A flow fancy football and be loath to win money you know and see they don't want to watch the product on their on the field you know every Sunday so I I do think it's gonna stick around and when their vines are as low as you'll read all three dollars yet. You can win a million dollars for paying three dollars and I have a new resource to wait for drafting teacher who's out you move past courses that I've moved past the horse idea. May I have an egg a secret weapon. Enacting gonna do really well in the draft what is it what is it about it it would be a secret anymore as he is going well he just you can't give us that too easily I absolutely again. It Jackie has been bugging me because I nailed it jobs report with him this morning. He has Perry you know patty had about it Jack exit it would lead secret until now I figured out. So I had a secret weapon we'll see if I win any money to target house who's never. And at the end of the season. No this piece of data keeps Chinese officials up at night as well it should because you know the problem with China. In and this is. The way of a coach my words carefully here. China has a history of fudging their financial numbers is that fair it I hope I didn't offend anybody oh yeah Chinese know cent of that with that. Common the Chinese Government does not. Really put out reliable numbers united way shape or form. You know the Chinese Government is telling you and told people last year that the economy there grew at 7%. No one believes. Most most estimates that I've seen show that the Chinese economy last year grew somewhere between 33 and a half percent. One of the pieces of data and there's a couple key pieces that people look at to try to determine the overall grocery one of them. Is detailed in this article here which is rail freefall right which have been falling for the last two years actually and is projected to continue to fall. This year and that's a really good measure of what the Chinese economy is doing like some will say he should measure measure electricity usage I look at that too but. Well that hears the knock on that stat. If a plant retrofit refit itself and becomes more efficient they're gonna use less electricity. If you are seeing some. But it's a minor peas and you know it's you look like overall. It's you know people are still talking about how the US is you know go through all these retrofit and new energy efficient buildings are energy still don't know. You know it's so and that's China all of a sudden does it all once which look they could do I mean that's what Communist do is they say look you're all gonna do this right now. Okay it it could be but. Again that they're rail shipments are declining rapidly. Rail shipments are declining and in in particular. You know you you look at just you know the sheer volumes continue to fall going from. Or decline of I believe. Around a quarter billion ton kilometers cargo. Again talking about it. Huge huge huge huge number you know Olsen know what's going to be interest in this year two's. He gears this Korean. Shipping company called hand gin and then maybe pronouncing your name correctly yeah. There's HJ NJ IE and yeah they're they're bankrupt just declare bankruptcy and the result of that is that a lot of their goods are being locked up and sometimes that happens to you could have. You know ship full of electronics are TVs there cars that are sitting in San Francisco Bay. And nobody can get them unloaded or they might be sitting in in China and India can't get loaded because they're in bankruptcy. And to put into perspective just how big guy engine is it is it be a shipping company that covers or that carries about a hundred million tons of cargo each year. And as 200 contain container ships as well as Balkan LNG cares so. This is not some small company with. You know ten vessels that does an occasional chipping and so forth this is one of the major companies is coming minarets in 1970 have been good for the other companies in that enter street though because they've been able to almost tripled their prices while tell you we've talked to help an awful lot about how the shipping industry the last couple years had overcapacity at me like that this is it you have one of the biggest companies out there not saying. Or hang it up we're done. They act quick announcement. And a suggestion he might wanna grab a pencil and paper this is an announcement on behalf of Armstrong advisory group. The average number of drugs. Prescribed each year to an American over the age of sixty. Is sixteen. Do you find that shockingly high a little bit. I I was astounded that. The average number of drugs prescribed. To an American over the age of sixty. Is sixteen. Drugs for years why do I bring that up well. We're getting long in the to unite and if you're getting of older age in your sixty year you're approaching sixty years in your seventies. You might wanna think about long term care insurance and there's new ways to acquire long term care insurance their companies that will. Refund your premiums to you if you don't use the coverage there's companies that will. Coupled your long term care insurance for the life insurance benefit there's a lot of different ways. To address the issue of long term care insurance and I know many of your reticent to do so because of the cost associated. Well I can assure you of this in his changed it is changed a lot. My wife and ire at the age where we are now about to embark on this journey of acquiring long term care insurance. So I asked my staff to put together some information that I think will benefit you. And and give your phone number that you could call to receive some information. About long term care insurance and if you're reached in learning about new ways to buy long term care insurance. Call 800. 393. 4001. At 80393. 4001. If you're I was most curious about the company's offer the money back guarantee that's the one that my wife and I. Are looking because I like the idea of you know one of the things that's frustrating is you buy long term care insurance as one of the things Turkey hoping never use it just I never get used in every used he paid all that money in and it's gone. So anyway. If you like to talk to one of my advisors call this number it's still free at 800. 393. 4001. What's going on with the Volkswagen. In Tennessee if some kind of a dispute with the union. Yet this is a weird one and I don't quite understand this ruling actually. Effectively what happened is at one of the yacht plans for Volkswagen in Tennessee. There was a vote last year as to whether or not the members one of the workers wanted to unionize it was shot down. But what is happened is there's a separate group of workers to maintain and repair machinery as well as robots at the plant. And they have been declared by the NLRB. And the US Court of Appeals that they can actually looked. To work as a unique even though the rest of the plan doesn't. Which I don't quite get just because you have a different job in the plan doesn't relate quite compute to me does it make sense to you know you didn't it that's violence as curious about the story. It didn't make it wasn't logical. They get it doesn't make sense to separate these workers out if the rest of the workers don't want to unionize otherwise. Wanted to say okay I'm don't like what if they had the vote in the first brightly that's that's why he did it so. It doesn't make sense to me I'll say that. The higher risk is doing something that I really like and I can't say that very often though I said it last week remember the change the retirement rules friar race. Yeah they did so I arrest twice a twice a month they think they're they're two for two starting next year. The Internal Revenue Service will hold tax refunds for returns claiming the earned income tax credit. Or the additional child tax credit until at least February 15. In order to give them. Time to just tech possible fraud I think we learned. That's somewhere around 25 to 30%. Of the 27 million tax returns that were claiming the earned income tax credit. Were fraudulent. You know what we'd be at the data that we got this came about a month ago. In the the most recent data we have us from 2013 yeah. But approximately fifteen point six billion dollars of fraudulent earned income tax credit payments were made in that year one year one year so you're talking over a ten year period. You know 150 billion dollars in fraudulent payments and I think it makes a lot of sense and some people say oh well I should be penalized just because. You know because of what other people do well there's so many other people that are fraudulent fraudulently trying to get this. That it's kind of made it that they half. To do this with the cottage industry. He shoots it it's not only. Americans that are doing this it's it's illegal immigrants are taking this and and getting the earned income to having everybody. Is on the bike thing about that 27 million tax returns filed fraudulent. And the average the average of 2400 bucks a federal money that's your money that's my money huge it's going out the window big money it's. They they had to do something and I think this is a starting point I'd like to see more formed and is this is gonna get rid of well but it if he can decrease it by the murder half that's a stark yeah you know it gives you tell them where we are and you're never gonna get down to zero. You wanna get this post news there's possible right now. There's huge numbers. Right now the Dow was down 76 points in crude oil is up. Almost 2% to forty or sixty up next we will be joined by Paul La Monica from CNN money. He's got to stock to share of the so grab that pencil paper comes stock tock is next for mark insurer match dot com studios. The election 2016 member who will have an impact on the economy I don't know right here is the financial exchange on the financial exchange radio network. Okay. Go away. You going to do enough. At our notes there are three kinds of bonds around bar with oysters clams and shrimp hopeful about. A standby. Adjacent to the amazing mini golf course three bars no waiting well. Maybe a little waiting but worth it Arnold's 116 these stand. There you go on both. 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Juries are for securities America incorporated number and SIPC advisory services offered through securities America advisors incorporated Armstrong advisory group in the securities America companies are not affiliated please consult with your qualified tax expert for any tax related concerns. Your financial strategy has to include a thoughtful insurance plan insurance exists to protect your assets. Our friends at the insure -- -- agency can prepare personalized plan that gets you the best coverage of the best price call insure a match at 84499. Match let's before for 99 match many of our listeners don't know home and one or two cars if that describes you you're the perfect candidate for free consultation to make sure your property and family are safe and properly covered walls of the get all the discounts preferred customers like you can qualify for call insure a match to compare multiple rates in carriers and 844 and 99 match let's 8449. B nine match insure a match works with the leading carriers in the industry Mike Rabelo Plymouth rock and more. Their license for all types of insurance and can save you time stress the money with just one phone call and one relationship. Called today 84499. Match or go online and ensure a match dot com. It's not too late to get a great rate on hold mortgage leader bank specializes in a wide variety of purchases and refinance loans at some of the most of petted it rates in New England a dedicated loan officer will work with you every step of the way and their local decision making means a faster closing call 8776917900. That's 8776917900. Or visit leader bank dot com. Member FDIC equal housing lender and a well a number 449250. Subject to credit approval leader bank a step ahead. Your dream home is within reach with a Jumbo mortgage loan from leader bank their jumble loan program designed for financing in excess of 500000 dollars offers fixed or variable rates for both purchases and refinances all originations are managed by leader bank's local underwriting processing teams for additional information call 877697900. That's 8776917900. Or visit leader bank dot com. Minarets the icy equal housing lender and MLS number 449250. Subjective credit approval leader bench a step ahead. Security securities America ink member PC. Or. How web series so. Check out financial exchange Joseph doesn't come you can take part in our daily poll question can you find a daily recap from the markets activity visit us today had financial exchange showed Don come. As we are every Friday we are joined by Paul Monica from CNN money here to do little bit of stock talk with the us. Paul thank you for joining us today. Paper much. We're doing well Paul you take this back Jews somewhere in kind of the late 1990s it appears with this stock the stock is Abercrombie & Fitch. The retailer has pretty much been hammered since. The recession in 2008. Where is is is is this a company that can turn itself around. There had been hopes that it would be doing that after you know touch Herschel lives you know my jet stream that was forced out and that they've brought in. New management now Arthur Martinez. Formerly two years but. It appears that even though every pitch he is. You least scaling back some of the completions aspects of their marketing and not really taken that to excel to perch anymore. No one is really behind closed there are Hollister the company just reported. Really weak results you know sales decline into the same store level. And it it is raising some more questions about you know what the company continue to really turn things around again choppers back. You know political fast action revolution really seems to be turning them in and the gap which just reported terrible lot. Sales for August yesterday after the. What are the biggest problems that they're facing is just getting people in the stores are they getting any online retail presence going. There's a little bit of online retail but you clearly not I'm not. Move the needle significantly I really do think that big part of it is the perception and it's a bit of the conundrum you know accords and analysts in the piece that you knew debate. Like a big problems he had with Africa in the past. At least people were talking about them and people going to the stores even though there were no controversies now. It's hard to really differentiate apps premier page from the numerous other field mall based retailers out there. That are struggling in the generic Stahl yeah their reports about you know that media. Getting spot out of bankruptcy. You know obviously has been mentioned you know captive somewhere also. Gone bankrupt. If it's a very tough environment must have a bus apparently here here's our you know forever 21 agent and you know plot. What looks like one of the things on palm poking around the Abercrombie website right now which is kind of a first warming. But it appears you know one of the things I remember from the the late ninety's and early two thousands. They always tend to hat they tend to have pricing power they tend to have very highly priced. Clothing. It looks like from what I'm seeing that they've lost a lot of that in that they're doing some pretty significant discounts and in their. Really losing a lot in terms of their ability to price their products to. Exactly I think right now because of the past fashion revolution there are a lot of consumers that are more interest paid in. Clothes that aren't as expensive and in the Randy. Back Korean digital culture doesn't. Mean as much to a younger consumers that's one reason why one of the big moves that you Martinez and others think it means that the company. In the wake of such effort that you don't really see the logo splashed all over the place no studied people were wearing T shirts and sweat shirt that had. That clearly recognizable. Apple Korea pitched in apple logo on it and now that is something that they are not pushing nearly as aggressively as a result. You could argue that their clothes don't really stand out harder there's there's no different change. It is there anyone who would potentially want to buy this company and now I can't think of anyone who would want to bias struggling retailer right now but maybe I'm just looking at this wrong. Nothing off the top my head no companies specifically come to mind I would I'd be there the it doubtful that he competitor. Would spot them I think it has been the case with retail. For the past few years I don't think you can rule out private equity. But I would be stunned if it's a topic like academic network. To be interest you know we we have such an interest to you and other rival clone pictures. We've seen a lot of reports and there is one that came out I think couple. Couple weeks ago maybe a little bit longer than that. Not just that that's the seismic shift that is happening threw out. Malls today an in projections from. You know some people in the industry saying that twenty to 30% of malls may need to close in order to balance things out. Do you tend to share a similar view. I think that you have had maybe. Overbuilding with some of the malls. I've I've written some stories about how. That after the ball you BP. Beat hyperbolic a little bit of an exaggeration. A lot of the mall based we have continued to do really well I think what you're seeing is that. Some of the older bald particularly in urban areas are the ones that appeared to be in the biggest trouble but in the in the suburbs. You do you have symbols that are still. Doing really well attract shoppers I think it's just that the balls that are doing well it is no longer. Having these kind of you know ancient out of these. Department store chains and an older. Including retailers that are your means telling points in many cases it that's that's fashion. Companies mentioned it also apple Apple's increasingly showing up. In now mall so I think there at the ball is evolving as opposed to I. Very good Paul thank you very much for joining us and enjoy the long weekend all right thank you very much. Paula Monica firm CNN money ticker on Abercrombie & Fitch if you did wanna check it out on your own. Is a and app quick recap of markets here Dow Jones up about 81 points right now giving up some of its early gains. S&P 500 still up eight points NASDAQ leading the way today at 23 points. Ten year treasury at one point 61 that is it for us for the week hope everyone has a happy healthy and safe long weekend. We'll see you back here you've been listening. The financial exchange from our insurer match dot com studio.