Jul 17, 2017|
Full Show 7-17-17 FE by The Financial Exchange
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
This is the financial exchange with the very Armstrong and chunks of you're 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 and who. And now the initial exchange with a very Armstrong and shocks. The. Rules of the game are changing and I'm speaking as it relates to the purchase of automobiles. Hi everybody it's very sharp with you here on a Monday and the numbers are staggering. You know back in 2009201011. Automobile slipped automobile sales slipped to just. Terrible numbers if you're down a guy feel any personal eight to ten million cars a year. Back in nineteen Ted exhorted the job done and a great job nobody any money. And things have changed a lot you've gotten up in the last few years struck where automobile sales. Are right around that seventeen million mark in 1516. And seventeen. I think that might change the report. Yet as you mentioned we re down in that you know nine to eleven million vehicles sold per year back during the financial crisis. But what we're seeing now. Is that its dealers are really having a tough time getting not only new cars that used cars as well and moving them awful lot and it's it it seems that we have. I don't wanna say a glut of vehicles right now because that implies that we have way too many but. No I think that actually might be if there isn't right term but I'd I think there's too many guys like you are. And do and I speak of view and talk about trying to say here Chuck Todd is a guy that drives his Karros. Neo how many miles over the last cart before finally talking to get was about a handwritten 5560000. And I think the breaking point was a 4000 dollar repair bill wasn't yet and I realized that it was worth more in the cart environment and finally I said okay like it's time to give this up we're not doing this anymore. And and for the longest time I and and soccer and higher kind of the same guy we. We would buy new cars are talkers like the weeks cars. And we get new cars and then we trade him in every there for years Tucker I've been doing that every three years old car for three years. In who get to maybe 60000 miles on it and I'd get rid of how many cars must injured car have on the I've been doing three year leases at 45000. Miles and that's gone don't do that anymore like. Well the other and one half at any concrete here studies again just took an three months ago I thought that debit what do I do this that the rules of the the game have changed as a relates to cars that. The model that you and I've been following I in Adobe yourself up I've been doing this for thirty years. That I would always just say OK though you know my car's got three years to put a stop may you know only I I I was taught that. You know when you've your targets to three years old. It's lost probably 3040% of its knees you sell need to do you buy new cars now Tucker are depreciating in you. At a rate of 17%. Per year he used to be 10%. Just five years ago which talker right you buy a new car and down by ten or 11% per year so now what's going down in by 17%. So why would you please. Well the logic here right is your pain in the high premium to lease a car. And I think the new models somebody asked me this morning exit with better than there because I've put this on my FaceBook page said. You know I I asked people on FaceBook page how quickly does the card appreciate it and people are guessing 1011% to. That's what the rate of depreciate a car was for fifty years 70% now is is steep it's it's it's deep and it's after five years your car has. Basically. Negligible value. It did in this is why when I talk about one of the worst kinds of lending out their auto loans because you're. You're borrowing money that you do not happen for a depreciating us it is it is one of the things that it will ruin. Your overall financial picture. The most rapidly it's it's incredibly bad financial behavior and all of us do like. Everyone does that well and not everybody I talk I never once I talked to Jim Toledo this morning in his is that he drives a Ford Fusion that has like 160000. Miles on it and his previous car was Ford Explorer that had a 175000. Miles before it dies. He's like you you know that you know my new thing that I'm into now is an hour's save money with my car and hyper miles. It's so hyper mile is ways that you can effectively. Tweak the way that you driving or to get better gas mileage I've gotten into this the last couple weeks or so after the electric cars Gerald I've gone from averaging about twenty miles per gallon the last two weeks and averaging 36. Now I see that and it's better for your car to better for the car you know but here's the Illinois Kelly drive now but here here's rightly in here. The point that I wanna make. Between now in the year 20/20. I want you to rethink. Your car buying strategy. Maybe your driving around the clock in you're saying boy. You know I'm one repair bill away from goal and getting in new car what you rethink it. Because based on the depreciated value you can buy yourself. A three year old car for Euro car that has gone down in value by 50%. And still has a 100000 miles left. That I think is the way to go now I think the game yes change that you could argue. You know hey eat my father in law used to buy a used car forever right. And and his logic was the big depreciation comes in in the beginning of the the term. But now. At this price right and and with all these cars coming off of least that's the other problem jackets. There's a billion millions of cars that are coming off police and so between now and 20/20. You're gonna be hard pressed from an economic standpoint if you making a decision based on finances you are going to be hard pressed to apply a brand new car. You know what else is driving down resale values for used cars is. All of the excess wheat sales to rental car yeah. The rental car agencies Balt weight now bought police to rent and just way too many vehicles over the last couple years and they've gotten whacked because the growth of Hoover and left right and so they're trying to sell all these vehicles under the market and that's pushing down used. Car prices while I just think you buy a used car with 50000 miles and the problem was. Ten years ago you wouldn't wanna do that because you know that's what the big bills started coming. Redick totally last year 9000. NC wanna buy a car with 60000 miles on it because it was an analyst. Now these cars are last in a 15200000. Miles we've got guys that are driving around and she Evian for trucks and at 3400000 miles you're driving a diesel. Eat cake you'll things no no hope might might it is and I guess we should prime into our poll question is will York. You spelled that wrong. For. On Monday skills he still your roll off a bit snake and I I don't think because I how to dispel that look like an idiot will you'd Nick's car beaten to. A New York today she while I thought I was evident that Monday I'll fix that right. Now really pure horror rule in your next car be new or used on and I've been voted yet I'm gonna vote right now my. Next car will be used animal in a vote after the grammar. It's the U refined I have a spelling and grammar Nazi it's one of my pet peeves and only so just put it in perspective. Five years ago your new car would appreciate die by 10% a year that was the number you mean you used car now. Now it's 70% a year I am I would argue. That the the rules of the game that changed in you shouldn't buy a new car for another three or four years until the rules changed due to that was going to be my next question is do you think this is harmony were just go through three to four year adjustment is just an adjustment period EU's. Will be over manufactured. You know the the opportunity we think about all the exit cars that are getting used yeah they they bought a million of these cars and a nobody's buying nobody's renting them anymore. Avis and budget they've got a lot of cars coming off the least that's actually not a bad way to go you know by them directly from Avis Budget periodically. Sometimes they have deals where. You buy or go to the auctions he'd get a ticket to the very profitable business. We're getting people texting in one from on 978 chuck have 340000. Miles on my 96 GMC and other one. The 6032004. Toyota Tundra 309000. Miles so we've got a lot of listeners that are really you know matching these vehicles out to. Drive those suckers into the ground you know you do. Silly with it until until the repair bill was more than the value of the car. And that that's an awful lot of sense it makes more sense today than ever in the past. You know used to be where you'd say well drive the car for three years or five years my motto was a drive the car for three years. And I get 60% of the value of what it paid port to penetrate you're not that anymore now you drive that car for three years repair bill now and when I finally traded the car and I got 3000. Six or seven is asking are you telling us this is a good time to buy a used car yeah yeah ideas. And and what I would suggest to you. Is if you buy privately if you're knowledgeable enough to do your own research and buy privately. I think that's a great way to go. If you get into one of those auctions it if you get into. You know one of those lead auction a great way to go. Otherwise just find a dealer that you trust and I think he that you think we'll take good care. What one of the best values you can find as well as just learning how to do your own car maintenance. You know it's it's something that saves you a pawn of money on vehicles it plays out oil changes yeah. You do that and I don't it's one of the things I wanna get into in the next couple years just the presidency be so much money it's really mess. I can view windshield fluid affects the extent to my maintenance on our. DR Phil gast. I yes I do do unaudited ebitda stood up photos through things. It is a good drive around look for the full service station all the time. It has never been a better time to be a head hunter do you know would have thunderous stay with us in the next segment we'll talk to about ten thunders. From our insurer match that comes studios as the true agenda stalled. Bearing in shock of the latest every day beginning at ten and only on the financial exchange radio network. What are the most challenging aspects of -- life planning his understanding how to protect your assets from the nursing home if you've worked hard and have accumulated -- don't let those assets being drained by an unexpected long nursing home -- hi this is -- -- strong and I want you to know that the experts at Cushing and Dolan can help you they've got a new -- out this month that will help you create an estate plan that not only protect your assets from the nursing home but also helps you avoid probate and potentially eliminates the state taxes -- you need a life estate weren't durable global trust Cushing handle and can help educate you on the best course of action with the least amount of worry call their office today at 8668485699. 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Match insure a match works with the leading carriers in the industry like your bella Plymouth rock and more. Their license for all types of insurance and continued time stress the money we've just one phone call and one relationship. Called today 844 of 99 match or go online and insure a match dot com. Very Armstrong here and I'm joined by vice president G tool from leader bank. We're talking about zero rent. This is exciting because zero rent is a method for landlords to collect their rent electronically but there's now. Find refining. All right so he rented the product we innovative leader may. And can be founded www. Europe dot net and it's essentially. And online payment technology that allows landlords to collect the rent you electronic and it's. So there's several managers first you can say goodbye to being reliant on the US Postal Service. Goodbye to delays in the mail and no more need for paper check right. Where is really a laudable and it was don't even have a checkbook we're getting that all the time away in the roll call in and sign up because it's ten and saying you didn't check the it where this really starts to get funny is we knew if your landlord and you have. Multiple tenants living in units grad students your university. While right now they're all writing multiple checks and sending them in and Perot in order a source become confusing pain in the neck. So would you read will do is it likely. Deputy each tenant can individually patchy it's and one team unit the landlord. And then of course they're so reports in notification that all great stuff. But going back tier question about Condo association's a lot of Condo associations have been using humans well. Because the Condo. Payments that kind of the shirt do every month at the same. So they've been signing up and there's a version of the rent for Condo. I'll be darned well South Africa something that you need to learn more about folks visit zebra dot net to learn more that's a website address or call them at 8776917900. Toll free 87769178900. Why collect your rent or your Condo fees with paper checks get with the modern age go to Z rent dot net or call them toll free 8776917900. Security suffered two securities America into member finreg SIPC and advisory services arbiters securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Armstrong here. Bringing you the best in business and financial news every day. This is the financial exchange radio network. It's boom time for recruiters after the US job market tightens. Recruiters are also known as head hunters were joined by Patricia lay up. From Bloomberg. I don't paddy. I'm right here good good so why is this a good time to be a head hunter. It's a great time to go to employers have rarely been this desperate court that you're rated at six. Well not quite big and skilled workers out there are already hired. Companies are struggling to find. A good bit for the open but they have eight and that goes on topics like it but yeah. Got our attention it's temporary retail work there's been. The record we spoke could go that the companies are willing to pay. 25. 30000 dollar fee out for the heck opening that they have a what people like that one or you're a school and a lot of McCain's latter years ago. What about. The you've mentioned nursing is that something in nursing shortage on a national scale or that regional. Well as well the markup that I didn't I eat and let that you are but the problem that a settling up a crowd. All in the street crowd be a. So let's go to back this summer of 2009. If they had. You know a hundred job openings. How many applicants were there for every hundred jobs that are available back in the summer of 2009 not that long ago. Right exactly. The bill opposed recession he got a lot. Six point seven people hurt job opening act in the past is out of. That's apple appears that's that's number yet number of people that just put that in the back here netbooks. Six and a half people for every job right sister and a half applicants for every job opening. What is that number today to speak years later. I read that at one point two without baker were appropriate vacancy in April. While so literally the begs the question. How much longer can draw a job growth surge how can how can we create to 300000 jobs a month. When the unemployment rate is only four point 3%. I I think we can't you where that plane how job growth as expect that and a it's low. That there will be stopped but the but the not but we we've been used it for the past couple of years Ellie what we are used it over 200000. Euros a month ago op unit case that is not my day. Sort of save the maturity and their economic recovery that will probably get stuck it out. Stop them this year. So when we look at wage growth and I read an article in Bloomberg not too long ago about wage growth and its anemic. So our people discovering that in order to make more money they have to to change jobs like do you. Do you make more income by Sam Wong I'll leave my job at Raytheon and I'm gonna go work for general dynamics. So right yet wait could have been one of the bigger mystery. Economic recovery that they get is as workers are. These are the suspect. Let it does not work at the wire and it. Offering them my money right order getting. As bad that we that they are seeing other current app but they aren't. To get at least they're getting so dot the written about a now but people who change jobs 39% higher play. That a year earlier in the day while people who stated that they the only up 3% agree but it's a blatant opera. So that would lead me to believe patty that employers are gonna wise and up and say well. Is it because it's expensive to hire somebody and train them and and get them on board I've got to believe that an employer is gonna say well son of a gun this is this is too expensive. Now absolutely but that's. We've been waiting for that to happen for a month that they can't at a price only a long time. Not currently lives that end of the week at the end. All right well patty thank you very much for your time we appreciate it. Patricia Elia Bloomberg. You know the the commissions these guys are making as pets under. They're they're they're doing okay yeah it's I wanted to get a little bit too was that quick rate that you are talking about there is it's interesting when you look at it. The data that we have on the quick rate which goes back to back 2001 you know gets from the jolts survey was with started. And back then the overall average quick rate that we had. Was about 2.4 percent okay. Right after the recession we get down to one point 3% so you saw the the number of people who were leaving jobs voluntarily moon dipped by 50% effectively. Today we're still way back up to about two point 1% we still don't have people quitting in leaving jobs frequently and in particular. One of the areas you see that the most in the is they also break this out by sector which is fascinating. In the house hospitality and leisure section which one of the lowest paid industry took a referred all this talk about you know this this push for fifteen dollars an hour minimum wage. The quick rate right now in that sector it's always been higher than the average just think about that sector there's a lot of turnover right now it's about four point 4% via. Back in 2001 it was five point seven insists still. People are just not turning over in those lower paying jobs and off the set because it on skills. I don't know I think that's probably part of skills and confidence perhaps I think that's probably part of I think the confidence peace is a bigger one to be honest I think that is a very big piece there. But he still did not see enough people voluntarily quitting right now. Manufacturing is kind of the option manufacturing. Equip rate right now is actually above where it was back in 2001 I think because manufacturers say. Look I can go find jobs elsewhere if there are many people with my skills health care I've got to believe with the for what we are seeing in wages and health care sector I've got to believe that the quit rates jumping to take a look at health care fight and pulled up doing that to that I'd be real curious about would be health care in construction health care is lagging as health care back in February of 2001 it was 2.3 percent Italy one point nine that we and that's lagging a little bit those pensions are pretty attractive maybe that's what's keep it tied in construction. Right now BC here we go construction. Construction again back in march of 2001 it was a three point 0% quick rate today it's 2.0. And not seeing a lot of Pete not in construction does. Surprised surprises because look how often we heard on I can't find electricians can't plan partners. Do you eat your complaints from contractors yep that's strange that you're seeing at that alone construction. Time for trivia and we have a prize I can't remember what it is but we do have a prize. The park passes all night yeah. Disneyland Walt Disney metropolis of nostalgia fantasy and futurists and opened 62 years ago today were asking trivia questions. About Walt Disney. What is the title of the first animated short film to feature Mickey Mouse. And our text number is 686. CD there will be a prize it's a theme park ticket couples theme park tickets. If you know the correct answer your first one that. They can't give one everybody but if you're the first one that knows the correct answer that question you win a prize. What is the title of the first the animated short. Film to feature Mickey Mouse and I just wanna remind you our poll question today. Has to do with your next car will your next car be new or used Heidi participate couple go to our website too easy financial exchange show. Dot com. We want I think your next car should be used I just think the economics of it have changed so dramatically. That you need to buy used cars going for that is my point 04 I'm not gonna be buying any new car for the next three or four years. Will your. Next car be new or used Texas at 68680 or go to our website financial exchange showed dot com. Coming back we'll have an update from Wall Street. Making your Smartphone even smaller here download. Lab by surgeons financial exchange killed in nineteen Jordan who will play in stores this is the financial exchange radio network. This is a special announcement for a landlords chasing down -- -- payments and making trips to the bank to deposit checks take a hassle out of round date with zero and leader banks all mine rent collection tool -- it automatically deducts tenant's rent and deposited into your account visit WWW dungy rent dot net to learn more we see rent your payments for each unit received regularly on the same day every month tenants pay nothing in the first six months or free throw landlords visit WWW dug see rent dot meant to learn more or call 7816418691. With the market continuing to be highly volatile I'm sure a lot of you are refocusing on the types of investments that you're making hi this is very Armstrong and I'd like to talk to you about preferred stocks as an investment tool there are two types of equity securities common stock and preferred stock but the each had different characteristics preferred stocks per fide investors with a share of the company's ownership but the air typically purchased when they focus on income this means that the stock's value can fluctuate based on the movement of interest rates rather than the movement within the stock market called now 803934001. To get my free guide to understanding the basics about preferred stocks that's 803934001. Or you can download the guide right now at financial exchange show dot com. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Time now for mostly watch a look at the market's performance so far today but I don't Berrian jug right here on the financial exchange radio network. Time for Wall Street watching we're joined by Mike Armstrong you get an update on the markets might thank you for joining us. What's going on US markets today any movement. But pretty quiet right now still early looks like. Mark there's kind of getting ready for a pretty big week of earnings we've got a number of companies that have supported today and and a lot of most well. Talk a little bit about black rock here they missed out their earnings estimates a little bit. Looks like the stock opened down somewhat wares trading today would receive from them. Yes first off we're strangers symbol BLK trading at 42520. That's down about fourteen dollars from the close on Friday or about three and quarter percent. They report quarterly profit that beat 224 per share which is sixteen cents below consensus estimate that revenue came in lower as well we really saw it years they actually beat in terms of new assets in the door that you are seeing in the money management's based. B he's done that money had come down and date lower their fees to be pretty competitive to win that business so you saw the revenues come down as a. Another day another new low for blue apron stock now down at six dollars and seventy cents a share off 9% today. How come. Yeah out they like pretty big news Amazon just continues to either way different companies. They've. The London times reported this weekend or this morning that they are going to be get Amazon it would be getting into the deal delivery business and that Amazon that you just filed a trademark or that specific business so yeah like you mentioned. Blue apron getting crushed down 9% today below seven dollars a share remember this the company had very recently actually -- at ten dollars per share. Good Mike thanks for the time. Mike Armstrong by the way and blew a Princeton. Racing history and it's 670 share remember this the company they wanted IPO between 1517. There all 65%. From that part IPO price what did we have somebody tell us it was worth who came up Morgan last week and he said Cuba. I don't know I don't remember hearing that I remember hearing the that snapshot was downgraded couple places. But I think the whole prepared meal scheme. Scammer just like this yes that's the it to rip off you know for twenty bucks. When he dollars you know what I could make up. It's dedicated to serving I can make it darned good deal for sixty I'll tell you what you know you know what I think is the biggest rip off about it it's food related. Apple. US fifth you have to pay a whole lot of that you have to pay all thought about it picking your own apple users are making this race that is. An American. UF that is a big America Olivia you're gonna pick your own Apple's gonna pay more to do it chuck Allen apple picking once it was the only time I'll do with and all the apples or fell off the trees we had to pick him up off the ground yes but not even off the road let me talking about Al Ellison okay we're a bunch of millennial real jump up in the air and take a picture there and that we're gonna sip or iced lattes with pumpkin spice but all pulled me aside one donut holes well and wonderful apple picking can get lost. I'd like apple. And as a matter of fact I plan take my granddaughters. That step for you guys can all you know which actually kinda cool you know how the the picture trees. They have this big machine goes up wraps around the trunk in the shake the trunk of the tree you know drops down and he's a conveyor belt it's awesome. The very day they would love like that. Our eight the first short film by while. Disney to feature Mickey Mouse was 1928. Steam boat Willie. It was also the first animated film to use sound and Disney provided the voice for Mickey that's Walters. The winner on this question was Jennifer from a cougar town and Jennifer's taking home free tickets to Alpine adventures in Lincoln New Hampshire one of the granite State's favor. And we fun. Destinations. Boston has a classy problem. You know it is what's that on grass Boston is becoming like New York may and I Sydney in New York City. The rents are just it's it's become. Such a desirable. City to hire and build a business. That the rents have gone out of whack. I mean remember last week we reported that Amazon is hiring what 900 new employees not a new employees another word we say they're about it is they if it's a four point right down next GE. Yeah I mean that. That this city. Is is gonna what you're gonna see a thing now is Dorchester and take off even more than it already cats right you'll be a big beneficiary of this. Quincy. I think I think you're right Dorchester started seeing a lot of growth in the last couple years I think anymore though I think you're gonna see you start seeing a bigger push out to Revere Nolan. I think you can see a big push him there Lynn will be of benefit over those around and tough transit yeah that's topical from Lynn to four point isn't. It is but you can certainly see you likely an independent downtown lake or go into lodged downtown Boston something like that may or you're working for you might be going from Linda summer. Something like a lot of sense there is a health care companies in the depths of our partners but there headquarters right there in assembly row. But yet you're you're continuing to see rising housing prices. In Boston. And you know rents continue to move up home prices continue to move up inventories are way way down with the realtors say it's unsustainable. When I think they fail to understand. Is that when a company like Amazon. Brings it to I told my wife this is the ninth symphony the Amazon retiring 900 people she thought it meant warehouse jobs said unpopular stance the the New Haven got there actually north haven Connecticut got a lot of Amazon jobs and he got a couple thousand. And those are the low paying jobs that you are the jobs at Amazon tiring and in the city. You'll see the wages are going to be entry level is 150 with stock options right and they're not hiring entry now hiring they're hiring. Programmers with five years' experience he graduated from MIT they're giving them options. I I read some of these guys it is should these guys some of these new employees and Amazon's going to be higher track going to be getting paid 28450000. Bucks a year in his nine. Polygamy nine of them. 900. Right they need places to live don't let them play it in and they're coming in from all over the country. I think you're gonna continue to see this it's it's very interesting to watch the transformational Boston because. You know new England and Boston in particular it's been a very provincial city for a long time and you're seeing this shift where you have a lot more people from outside of New England. Coming into the area. And it does have the effect of displacing some people who lived in these neighborhoods and communities for awhile what they're gonna have to be a lot of but a lot of them will benefit. I mean imagine you bought a house in Dorchester twenty years ago I got that house has worked well yeah I mean you have the people who you know they they've owned property in Somerville for the last fifty years they bought the thing in 1960 for 101000 dollars and other song to family for a million bauxite itself there's a benefit in no doubt about it that's if it hurts local renters in those communities. To get a better education when it's true they what a mention quickly. A feature of see rent is the rent is a product that's offered exclusively by liter bag that. You could be a customer with any other ethnic and use the sea grant for collecting Condo fees. And rent for your attendance. So if you're the head of a Condo association you can use the rent in order to collect the dues that are. Did payable on a monthly basis he rent dot net is how you learn more about it. Or you can call them at 8776917900. I was talking to somebody who's in charge of the Condo association and they raved about it. They just said Turkey was the best thing. Bird may simplifying their lives in have to wait for tenants there for fellow Condit has a lot of the Condo associations in. In this in new Englander you know three condos UConn three units five unity and it's now an epic and it's a pain in the butt to collect all you have to wait for somebody slipped the rent that the check on your door. Don't worry about that stuff anymore good zero dot net to learn more or call them poll free at 8776917. B 900. Talk ourselves. Talk herself get on you eat what. Planet of the. All item as a planet of its rotten tomatoes I heard. Yeah had a 98%. Rating on rotten tomatoes is that true. Sent 95% yes I'd be fine as a fresh tomato for ever seen one that's unbelievable and inspired a man and 93% but I saw Spiderman over the weekly that Erica. I was disappointed. Reworked I thought it was very average room. Mole us army came in at 45 million and then clarity to beat that at 56. Willing and many of you guys been to see the plan I think that they're at a training. All my generation Alia we're goal because that was. There you go in the seventies knob and I've been to a movie years ago I will say day for me you know I did the eight. Maybe what I was doing or you are you like making dinner together. He's going on here just so expensive that little past little I have anticipated as he Spiderman for two of us it was 26 dollars and what was the snack. I'm effect only eat. Wasn't popcorn. Eight dollars for popcorn so it was big news like twice the size of my head and I don't have a big head Susie he's at 26 bucks for the tickets yeah. And in the eighth to 34 minutes she. That's a dance and horrible rates and figure out did you go out to dinner with that did you take her out to dinner that was my matinee. With two this weekend was to a matinee was wrong with you complicated. Why would it is beautiful it's really wanted to see Spiderman holy cow. Talk about bad judgment. That's how bad judgment shocked attractive to me was Saturday at least there was no Saturday. By the way I did see a new trailer for Dunkirk which I'm quickly coming around on a golf products what he's done occurred about it's it's about the evacuation of all. Yeah I'm all Friday. And it looks absolutely. Unbelievable. I've I've come around on this movie in the last two weeks. But it looks very very cool. What is it that we heard any ratings the guy was talking to know that they they have not shown this any critics which generally is a good sign. It for a movie like this okay this is otherwise you have already seen like something out there. And Christopher Nolan issues Chris wanted to list like directors out yet they they've they've tried to keep this very secretive which I like. He's otherwise yard year crap coming out it's like God's gonna be terrible to all of them. T think the Chinese will be here the Russians will be successful in getting in the jet and your big plane no I don't I don't think it will be ever. Not the next fifteen years now come no Chinese will be naked. This one NATO they'll sell planes of the Chinese airlines they might even sell to some other airlines in Asia I don't think you'll have any Chinese planes flying in the United States anytime soon that'll hurt Boeing anyway. It will Boeing right now sell a Boeing and Airbus a sell water jets in there on the Chinese it'll hurt their growth overseas in some of those markets say I don't know that. I'd be more inclined to buy Chinese jet then it would Russian. I mean keep in mind that you have you know you've got far more established companies companies like Embraer who have been you're trying to break into the larger jet market for awhile. They do very well in the regional jet once you know the two into that you have the smaller ones but they haven't been able to break into the large jet market. That the Chinese Government subsidize the date with the government's gonna want it and say why would buy and all these jets from the US. I think that we literally just make them ourselves I think that's the thesis behind it. But you've got to remember that Boeing has you know hundred years of flight experience behind them and that's valuable just all of the data that they have all of the information that they've collected. If you don't think the Chinese steel they make it the old so many of our jets. Also it's not the individual played if the collection of all the the dated you've got from you know the building processes in this in that. Those are very tightly held secret how are you here's a question. How long before airline pilots are obsolete. Never all know never I was talking to an airline pilot he says pilot for death delta. And he thinks it airline pilots will be gone before truck drivers. He's especially FedEx and UPS because who care is just but true washing machines with felony and by Amazon and body the this it fell. That has flown for a living for thirty years and he thinks. Air airline pilots earn endangered species I think that there would be so much even though I think that it's plenty safe to fly without a pilot at the controls I just think there'd be a lot of public hesitates to you know play big smile I would I guess I do I just think that that's something that would cause mission because keep in mind the biggest problems that we've seen with. Aircraft in the last twenty years. It's all been with places like you talk about the stuff with the the Air France flight that went it was going to Brazil that you know fell it was problems where the auto pile would've picked up on. Stock stock is next from our insurer match dot com studios. Trump's first 100 days didn't pass any significant legislation put tax reform and Health Care Reform are still on the table. We'll either passed before the end of the year keep it here with the Berrian chuck for the latest on the president's agenda and how the markets are reacting. This is the financial exchange radio network. If you're real estate or property management company Unita banking partner that has all the right tools to keep your operation efficient -- bank is one of the premier banks in the property management and real estate space offering a suite of unique products and cash management services to help you collect rent managed Condo association payments and digitize paper checks leader bank utilizes state of the art technology to offer convenient banking services to its real estate clients such as ECH payments mobile banking remote check scanners and it's innovated to see rent payment platform leader bank has -- business bankers that are on call to help you and they'll come to your place of business and make it as easy as possible the number to call is 8776917900. That's 8776917. B 900 find out why many of greater Boston's premier property management and real estate companies -- leader bank as they're banking partner call 8776917. To 900 or email BBO at liter -- dot com for more information member FDIC equal housing lender. Your financial strategy has to include a thoughtful insurance plan insurance exists to protect your assets. Our friends that the insurer imagine 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 and carriers and 84499. Match let's 8449. B nine match insure a match works with the leading carriers in the industry Laker bella Plymouth rock and more their relations for all types of insurance and continued time stress the money -- just one phone call and one relationship. Called today 844 and 99 match or go online and ensure a match dot com. Hi everybody it's Berrian talked with you here with a quick tip from the legal exchange showed doc common. Todd I wanted to talk to you about the five year waiting period for Medicaid eligibility. As it applies to the use of the medic and like the state so let's say. I Cree act. Do you buy house away. I give it to the kids. Does that five year clock start taking if I'd done elect the state yes so if you take your house and many people do this if you take in your house and transferred to the children. And reserve the right to live there you know does that create a five year Medicaid out absolutely it and that's the definition of collects it right getting your stuff away. Give it away but you you do reserve that right to live there so that's at least something that you're keeping which which is certainly helpful to you goes to pay the property taxes and maintain the property. Are the property taxes and maintaining it is all done by a lifetime and it looked at you know but I I want to stay on the five year waiting period just for minute because so many people think that it doesn't apply even to the light to stay arrangement like you mentioned very. And also too when they may get cute here people I can give 141000 dollars a year away because I I can do that and not pay any gift taxes. That's true. That's an IRS regulation. You'll pay any gift taxes but you will have a five year waiting period. For Medicaid eligibility so it does apply to almost all transfer some. Including. A life for state arrangement so yes it does apply folks Cushing and Dolan is making a brand new guide available and it's very helpful for those of you were thinking about giving your house who use like the state compares. The advantages and disadvantages. From a life at stake to an herbal Coble trust the phone number to receive the guide. Is 8668485699. You can download the guide right now. By going to legal exchange show dot com or call toll free 86684856998668485699. Stay on top of breaking financial news by becoming a member of the carries brigade blog on the financial exchange showed dot com and sign up today. Foursome mutual fund talk here on a mutual fund Monday on the financial exchange. The drug by Susan wasserman problem Morningstar and Susan thank you very much for joining us today. Student the first on the we're going to be talking about here it's the MFS total return fund stickers and aunts and our acts what do you tell us about this phone. This is traditional balance you're talking beekeepers and equities 40%. And it only really ever keep heat from that I've two percentage points in either direction though it's traditional and that is stick to that. Dot let and it's also mostly US stocks. And look clean you up and though. Equity leaders from buy them pretty well known as value managers for the fun of rocket about tilt though. A bit more industrial that mark staples and financials. And the Barkley is pretty straightforward so tent looked pretty similar to the act in terms. Credit quality injuries and. With with a fund that's set up in this way what does it do aside from maintain that strict split differentiate itself because I know this is a pretty crowded category. It is geared absolutely great I think what it would. You know I can think about that and the and that is really instrument and that strength though. It had. Ian who really want and value managers like in poor women to Brooke Taylor who ride. Well and that at night. And that the that's kind of what distinguished itself does not appear in a hundred equity component. Actually tying run on them the loan research and the. What are expenses on this fund and what kind of income doesn't produce in terms of dividends or interest. Affiliates some currently paying and then about. 2% monthly distributions to yield on it and error number of different here carpet for the arm but they eight share classes and work eight point. Very good now let's turn over. And talk about another fund here the fidelity puritan fund what exactly is this Monday was this in the same category is a little bit different. It isn't in category but it. It's different Philly it's neutral weighting at 60% equity 40%. And again mostly US stocks and bonds but. Heatley portfolio manager on this meter Ronnie has a lot of flexibility and so equity is actually hovered around 70% of the last forty years. And look different you can bet on my other category in as well as and the past two or turn on the talked about. It it really got more for growth count that you're seeing lowering consumer discretionary more intact than others you know out of that. The apple. Although there are some of the top names than on the the fixed income leave the portfolio manager has the ability to turn it down further in the credit quality scale but there's a bit more in LA couple. Very good Susan thank you very much for the time today we appreciate it. That's in the wasserman from morning star in the two funds again the MFS total return fund. As the ticker MS FRX. The fidelity puritan fund with a ticker FP you are little more defensive in nature. Little bit yeah and in I think in general these are the kinds of funds where you kind of just starting out in you don't have a ton. It's something where you can kind of get everything in one place and then start to diversify into into more. As you go that they're nice balanced funds they give you. You know some good exposure to a lot of different areas I've always thought that's a good fun for a new investor exactly ability and not those particular funds that you're referencing that balanced mutual funds. In general. I always thought work you know it's a good way for an investor to start because. Those funds on a typical basis you they're gonna lose money what maybe one cent of every eight to twelve years yeah in that ballpark and not gonna kill with return to not gonna make 2030% a year typically. That you're gonna you know when you look back. After you loaned for a long time you probably gonna make 67% of thank. Yeah after 1015 years and it's that's what you would expect to at least assume the market performs normally there. Miette bad tenure period of time for that kind of investing between 2002010. Doesn't and usual period of time mystery yup. Thanks for tuning in to this hour of the financial exchange the Dow was up four points NASDAQ up five crude oil trading at 4644. Per barrel. All of that and more from our insurer match dot com to. With the market continuing to be. Highly volatile I'm sure a lot of you are refocusing on the types of investments that you're making hi this is very Armstrong and I'd like to talk to you about preferred stocks as an investment tool there are two types of equity securities common stock and preferred stock but Pete each have different characteristics preferred stocks per fide investors with a share of the company's ownership but the air typically purchased when they focus on income this means that the stock's value can fluctuate based on the movement of interest rates rather than the movement within the stock market call now 803934001. To get my free guide to understanding the basics about preferred stocks that's 803934001. Or you can download the guide right now at financial exchange show dot com. Securities offered to securities America incorporated member finreg SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. 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. Generous DNC equal housing lender and Miller number 449250. Subjective credit approval leader bank a step ahead you're financial strategy has to include a thoughtful insurance plan insurance exists to protect your assets. Our friends that the insurer match agency can prepare personalized plan that gets you the best coverage at 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 -- -- -- get all the discounts preferred customers -- you can qualify for call insure a match to compare multiple rates and carriers and 844 and 99 match let's 8449. -- 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 continued time stress the money we've just one phone call and one relationship. Called today. And Buffett buys preferred stocks that very few individual consumers and investors buy preferred stocks. A lot of people just don't understand what they are that's are having a conversation with regard to preferred stocks. What makes chock what makes a preferred stock preferred an amusing air quotes. One of the biggest things is that. Preferred stock owners tend to were rather are required to be paid. Before common stock owners both in the case of any bankruptcy but also in the form of dividends and distributions so would it does. Is it puts you ahead of the common stockholder. In the overall corporate value chain. All right so. If that something were to go wrong with that company there and go bankrupt now often think about Wells Fargo right if Wells Fargo were gonna go. Out of business preferred stockholders would get heat before common stockholders on any company Freddie fuel preferred shares now. Not that many companies actually issue preferred shares. Doubt that many do it's it tends to be typically financial companies that do they typically do it is a way of raising cash without deluding common stockholders. But the benefit of this is that those preferred stocks typically pay out anywhere between five and 8% and as I mentioned. That distribution has to be paid before the common stock dividend so once again it gives you a little bit of a leg up in terms of priority to collect income. Would you like to learn more about preferred stocks call my office 800. 3934. Zeros or ones and receive our guide to preferred stock. The phone number 803934001. Or download the guide right now at financial exchange showed dot com. Toll free 803934001. Securities offered to securities America incorporated member finreg SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Whether you're celebrating a milestone or diversifying your portfolio precious metals are Smart meaningful investment one ounce and 110 ounce silver and gold bullion coins are now available at all leader bank locations bank locally and buyer gold locally we just make sense of leader banker colon learn more call 8776917900. Or visit leader bank dot com not a deposit not FDIC insured uninsured by any federal government agency god guaranteed by the bank and may go down in value leader back a step ahead. Many be listening today are probably retired getting close to retirement age so have you taken time to think about what happens if you or your spouse gets sick and needs nursing home care hi this is very Armstrong with the question what would you do if your spouse didn't have enough money to live on because you were in the nursing home and depleting your assets like tens of thousands of dollars each month how long we Germany last if you share these concerns that I want you to call Cushing and -- they've got a new guide out this month that can help educate you on how to deal with this problem you might needle like the state or an irrevocable trust which one would work best for you give the experts at pushing and dole and a call and let them help you create an estate plan that will not only protect your assets from a nursing home but it will also help your family avoid probate and potentially eliminate estate taxes call 8668485699. That's 8668485699. Or download the guide right now on their website legal exchange show dot com. Your dream home is within reach with a Jumbo mortgage loan from leader bank they're Jumbo loan program designed for financing an excess of 500000 dollars offers fixed or variable rates for both purchases and refinance this all originations are managed by a leader bank's local underwriting and processing teams for additional cost information call 8776917900. That's 8776917900. Or visit leader bank dot com member FDIC equal housing lender and MLS number 44950. Subject current approval leader bank a step ahead. If you're real estate or property management company you need a banking partner that has all the right tools to keep your operation efficient leader bank is one of the premier banks in the property management and real estate space offering a suite of unique products and cash management services to help you collect rent managed Condo association payments and digitize paper checks leader bank utilizes state of the art technology to offer convenient banking services to its real estate clients such as ECH payments mobile banking remote check scanners and it's innovated to see rent payment platform leader bank has a team of business bankers that are on call to help you and they'll come to your place of business and make it as easy as possible the number to call is 8776917900. That's 8776917. B 900 find out why many of greater Boston's premier property management and real estate companies choose leader bank as their banking partner call 8776917. To 900 or email BBO at liter bag dot com for more information member FDIC equal housing lender. This is the financial exchange with Barry Armstrong and chunks of you're exclusive look at business and financial news affecting your day your city your world. Stay informed and up today about an economic and market trends plus give breaking business news and good. And the financial exchange with the very Armstrong and shocks. Have you guys noticed that the price of lobster. Is skyrocket. Very difficult to find a bargain on laughter I remember I remember in years gone by can buy lobster. I don't know 399499. Pounds sometimes. This year best price I've been over get this 599 this past weekend and inviting as the story cheapest they have lobster four was 99 paneled. It's not cheap right now wholesale prices at the moment. 41 and a quarter pound hard sell up to 763 per pound in early July. Wholesale. Keep in mind that price was a little higher last it was a little over eight so they're they're high but they're not quite it you know what we saw last year. The big thing. Is you're just seeing you know kind of a consistent harvest in terms lobsters right now but the numbers are as high as I think some people were expecting we'll get most well written. The total for me to get a ton for Maine obviously means an overnight remains the biggest but you get it from you know all off the coast pretty much and as you go down you start to move away from the main offices and down more towards the Caribbean options which are really the same no not good not just not nearly as good order and all but I like doing it I really you know how to cook the I like the main stuff but the crooked ones I find maybe of just never had a trip but I find their little bit tougher knock way to suite more I don't know I I actually enjoy Korea and they're very different yeah it. The match Massachusetts is the second state. For lobster production but there's you're addicted to have a good season. In a lot of demand coming for lobster we've got coming out of China. Yeah and China is kind they'll just do two. The the lobster party this is a country. That really never. Had a huge demand for lobster. In the past and so if you go back to me see when it was. You go back that seven or eight years. Didn't really buy in US flops you know they they really were kind of you know wondering OK what what what's the deal what are we what are we doing this and all of a sudden you've seen them become a major major buyer. Of American laughter particular made possible through trends because they used to be member Paris. You know there's the trendy New Year's Eve party was discovered lobster and gets it he goes geographic. It does but what what you see here is that in terms of the volume OK I didn't China. Imported somewhere around 6000 tons of US law student you go back to 2008. They have any week it was less than a hundred tons so there's been this huge explosion in growth were set about a 10220. Million dollars lobster they imported because China must put tariff on yet. No they let it it's coming his way. They're probably growing in the world to wait for a South Korea formally proposes talks with the north now South Korea has a new president is name is moon. And Carol maybe this. This is the most promising story we've had a North Korea in quite some time. North Korea snubbing their nose at China's theoretically certainly. You know giving the middle finger to the United States yet repeatedly yet in South Korea reaching out but it doesn't sound like they're making much progress. No it doesn't it's it sounds like they want to try to have these talks here but it doesn't seem like there's a whole lot that's going on South Korea that is South Korea does. On at the end of the day you'd have to match that North Korea does as well but they just. It's almost like they can't admitted because the second they do they give up any leverage that they have. You know it's I mean it's gonna be kinda weird being. Late it was a. Her reports because I saw this report in the Wall Street Journal. We're North Korea told them to screw. And then I was watching another report on Bloomberg this morning in notre North Korea's coming back in Salem and would like to talk having. They're people are starving neither here economy is miserable and if you'd think. That logically if you if you're dealing with a rational human being you would think it would be in the best interest to sit down and try to work out some trade deals you would but. Remember this is a country where the previous leader claimed that he had shot a hole in one on every hole and eighteen hole round of golf so. They're not quite dealing with reality in a case. Snow that's for sure. Retirement at 65. Becomes a reach for some. And seniors are staying in the workforce nearly 20% of people age 65 plus. Are still working full or part time that is the highest rate since 1962. After. The end of the Great Recession more and more seniors were forced to stay in the workforce for longer in order to make ends meet I think that's absolutely true. It is and and what you're seeing right now the projections are that by year the year 20/20 one. 32% of baby boomers will still be in the workforce. Even after they hit age 65 so. I think that the the financial crisis no way to know nine wipe people out if it is absolutely crushed me a lot of people lost their entire. You know what happened is their home values went down. And then they invaded their pension plans in their hiring money just eat in trying to stay afloat so they lost all their forward came money during the Great Recession so they ended up. Be you've got people now chuck that are 65 years old and had 101000 bucks and an irate or nothing. And all safe and they're gonna continue to work even ten years beyond after they've collected Social Security. What's interesting is that our ports according to ARP research. They found that only 5% of people open their own individual retirement account if they don't have one through work now and so pretty much if you don't have one BO through your job. It's very difficult to panic is very difficult people. To start saving money one of the approaches that I found that way I think will be kind of interesting. Is some kind of opt out program where. The second that you become a worker at any company. Much like you see with Social Security you have something that's automatically deducted from your paycheck into an IRA now. You can opt out if you want to but as opposed to being opt in which it is today and it just gets more people into the retirement system. But I haven't seen anyone really doing that. Now the U. The one idea that was floated years ago was four blue collar workers. Having an extra fund that they could put money into because he talked to a lot of Lleyton you know. People that are in real physical jobs you know I I push a pencil read for a living. That if you're a physical job. Your ability to do much beyond age 55 is often times diminished in every year old's your body simply rejects. In and it will respond got a bad back bad knees he can't do is going to try being an electrician. When you're sixty years old it's it's probably not even beaten you plumber is filled time with you know delivery guys to the UPS drivers via post office drivers the guys are beat up by the time the fifty years old so what about not an option or not view it where. If you're working in Z. Physically. Stressful job. Where you put an extra 2% into the retirement system your employer because they're making you do physically stressful job also puts another 2% and other retirement system. And that allows you to retired and they agree to it make sense it's the problem is getting everyone on board because there's politically right. If it's it's the politics of dealing with that are incredibly difficult. It makes sense to you and I it it's something that you know seems like it would be a solution because otherwise feel deal with that moves the deal with that risks and now you're saying OK now we've got all these people that don't have money and retirement what do we do. Is this thing. Snooty. Mole and schools look down on people who don't travel news speed than you is this thing Tucker is again if you do that took. I mean I don't but I concede that generation doing that yes I could definitely see of all my kids obviously. This hired traveled the world went take pictures on much of peaches just like it all and l.'s all these cute. I have one I can't tell you how many pictures I've seen from the top of my GPU. Yeah I mean it's. It's kind of a FaceBook page of things right people want bush should I or photos so what is the status symbol and an athlete traveling is that assemble your your generation packets that yet if it's definitely don't know homes it's a place like he's been all your money on trial it's it's replaced the car as a status symbol. Yeah yeah it could get to grips about cars could care about Korea. Couldn't care about it now travels a big thing. Yet throw travel is big and why what you would the I enjoy travel to a degree but he is nothing better than it. Honestly I mean. I've talked to a town of baby boomers and they've always said you know I I do one thing or Greg is not traveling enough I've been outspoken in numerous beavers who said that and I think that's why would tell you my wife and I hope to travel lately as and we are doing it. Now they're being very I know about it traveled allow younger we are. I think it'll be about if you would on this poll like forty years ago it probably would have said lake 40% of baby boomers look down on people who don't have a nice enough car. I got I've got like I've that's what it would have set it's that you're driving a Chevy all absolutely out of a nomadic cattle your your your Rite Aid cars in my generation. You know the big status symbol for my generation watches cars. We'll watch this bill but house rules. Realistic about the real status right that you wanted to show you need you had the big house with. Tennis cord swimming pool back I guess now affordable meals it's the cool city apartment fuel. You know and I think that'll change you know yeah cool city apartment looks great the three kids right you know and it sucks. It just missed it I hear you kids take up your whole house. But in our generation whose cars and holds yep there's there's always some kind of status symbol out there today it's become you know really cool to travel and people Mike to brag about how they travel and they can definitely. You have and too much Q. Is hard earned going bankrupt Hartford Connecticut. Is the city of Hartford Connecticut gonna go bankrupt I don't know the answer to that but damn hard from the Hartford current. Will join us next to tell us what the future of Hartford looks like that and more from our insurer match dot com studios. The debate over tax reform and trump care rages on them. Varian chunk of the latest on how any changes may affect your portfolio for your financial strategy only here on the financial exchange radio network. Preferred stocks are unique investments that can be an effective part of a financial portfolio but it's important to understand the various types and the various benefits that come with any purchase hi this is Barry Armstrong there are several types of preferred stocks including straight preferred and cumulative preferred you can also purchase preferred stocks through exchange traded foundry TX if you own preferred stocks or are interested in adding them to your portfolio called now for my free guide understanding the basics of preferred stocks call 803934001. That's 800. 3934001. Call now 800. 3934001. To get my free guide for you can download the guide right now at financial exchange showed dot com. Securities offered to securities America incorporated member finreg SIPC and advisory services suffer through securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Your financial strategy has to include a thoughtful insurance plans and insurance exists to protect your assets. Our friends at the insurer manager 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 -- that describes you you're the perfect candidate for a free consultation to make sure your property and family are safe and properly covered well so they get all the discounts preferred customers lake you can qualify for call insure a match to compare multiple rates in carriers and 844 and 99 match that's 84499. Match insure a match works with the leading carriers in the industry like your bella Plymouth rock and more. Their license for all types of insurance and continued time stress the money with just one phone call and one relationship. Call today 844 of 99 match or go online and ensure a match dot com. Markets continue to fluctuate but we've got you covered get your daily update on what time and what's not from Mike Armstrong every morning at 1030 only on the financial exchange radio network. This segment of the financial exchange is brought to by zero you're landlords take advantage of zero and a fully automatic online red collection tool. And it's always free for landlords and accounted any participating bank in free for tenants sign up and have rent checks deposited directly into your account. Call 8776917900. Or visit C red dot net for more information. We're joined now by Dan Har from the Hartford current to talk about the status of Hartford Connecticut hey dude and great good good so loop Ronan the mayor. Of Hartford has gone out and hired Greenberg try our great Jews a firm that it's specializes in bankruptcies. Well they have a lot of specialty but then a big special being in bankruptcy and restructuring yet. Yet no was it a mistake for him to do that publicly or was that part of the strategy. That's part of its strategy of it it was out of respect not only what is not a mistake but it served to read different. Goals for the mayor it's sent the message that the legislature do you base period and that they don't come up with or you're fifty million extra dollars. Over the 250 that the city now get on there's gonna be filing. It sends a message to the union. That. We are now commencing and negotiate with the bondholders. Because that's the best arm does this arms specializes in restructuring. Municipal debt not necessarily in bankruptcy because as you know there have been very few municipal bankruptcies. Over the years and what has been plenty of restructure. It and so it sends a message to the union that you know get in line there's going to be a bankruptcy filing composure out. And it sent a message to the bondholders. That they were serious sorry guys. What oh what do you power of their unions responded thus far did you for this came up last week. Have the unions say anything positive. No public statement and there's been no private movement. As far as I've been able to sell. From. I thought if people there is that there beings do not appear to be moving the police union. And the the main that he all union. I do not appear to be moving out of the opinion that they've already given back to the teacher's union is at some euros. But that's not what is they got the mayor doesn't negotiate with order that union. But. You know what every time something is is done in a contract that is what they want that that can be considered a concession. It carry forward for years as a cumulative give back in the minds of some and of course in the mind of the man that's not nearly enough. So what is the what are the options facing the mayor. It is right now. He's gonna have to wait. One way or another you're gonna have to wait we're all gonna have to wait and see what happens with the state budget is up in a color negotiations whether the negotiations are in court or out of court. I would draw. If there's a big distinction between negotiating. Yet. Out of bankruptcy court and in bankruptcy court. Financially maybe not quite as much as it. Bank in other words. As you know if you're in the business when you go to New York that folders and say you know look you're gonna have to pay less you're in negotiation yet. And of course bankruptcy filing is a warmup negotiation it's a court ordered negotiations. And if there if the party don't agree on the court orders that result of the negotiations and you know you but eight is that back. That they're saying openly we're gonna go to the bondholders Brett Eric no haven't they. You know percent less on either principally mr. vote. It is it's the start of processed that bankruptcy as a part of and so the first thing that happens happens everybody wants you know hey are the police and ideology is gonna get something back and deep will the state give forty or fifty million dollars it will break that. And very far without knowing that it. When you when you look at in when you talk to vendors. To the city are they getting paid there and earn that is the city still paying their bills and keeping current has. Out of Illinois as you know we hear about a lot of bills that are not getting paid. Yes and it. One of them sort of hallmark of this process is that. That may opponent is keeping the city running smoothly. Last night for example I was that the state jazz festival and count them out of people with air. And and the mayor got up and spoke and said you know look how clean this place that we were up ball might cleaning it up and so the student functioning well right now and when I asked the mayor Eddie. If you're functioning so well how can you can't stop anything we're not gonna allow ourselves to become the sort. And so for the most part to my knowledge the vendors are being paid certainly the services are being read. Now are you are is a city going to be looking though it less policeman and less firefighters. Probably not less police. Because there was. There's all of those already had there shortfall or deficit under. They're sort of stated ideal levels that can buy about a hundred officers. So I would I do not anticipate any effect. That may be one of the reasons that they can't reach an agreement on concessions is because the police know you know that there's no layoff threat. Because you need the level you have right now I heard it more difficult situation. Because that has the they would reorganizing the way the department runs and there's a lot of discussion with that but of course the fire department did give back. Equivalent of four million dollars a year and so that sort of implicitly buys them up. When their other cities that you look out throughout the country were they've cut back on the number of cops and it hasn't been pretty in terms of primaries and get the correct correlation. Cemented it that's absolutely true and the mayor has been abundantly clear that he's not going to allow the city go into it services deficit before. Declaring that city installment in the form of bankruptcy in other words. You may be a well what looked on the surface Stabile world running city mile for bankruptcy if they don't come with money and that's going to be an awfully odd. Situation because worse you know we thought Detroit where it got it Rio where 55 minutes for police call. And and we're not going to see that in Hartford in the view of this may. Well at in perhaps in the view of the mayor that the bankruptcy court could have another opinion. I couldn't agree more intimate and and the City Council may even have another opinion there are lots of opinions but the fact is that. We can't argue with the logic but it doesn't make sense if you haven't financially insolvent steady and to wait until the city is. Basically broke. Before you do something and that's the purpose of this mayors. Push right now with Aaron Greenberg. Got it Dan thanks as always for your time. And our Hartford current joining us today. On the financial exchange I'm told on the text line that the that we didn't tell everybody who won the trivia question in the first hour. I believe throw it out no we've we absolutely yeah I wouldn't know we've got to it and we tie for another trivia question. And I made the the reason we're doing tribute today is Walt Disney. Metropolis of nostalgia fantasy and futurists and opened 62 years ago today that's called deceit and out in California. In which year. Did the Walt Disney company become a publicly. Traded company 68680. Is our text number. What was the year. That the Walt Disney company became a publicly. Traded company. And Texas at 68680. In order to participate in or trivia question did you know that Walt Disney was it. Just a noted anti semite. That was not you do that idea sounded out Cuba's. He was right up there with Henry Ford is those are good too and that's a pretty well documented airport I knew about your read day the four papers on the Jewish problem. The you've got to fill it prefer not to do it if it's shocking really see if you ever you know you'd be looking for them to do on Saturday afternoon. Anyway when we come back we'll be talking about the Miriam. That's our next topic from our insurer match back on student. You've got Barry Armstrong. Extra pressure on the financial exchange radio network. 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The market continuing to be highly volatile I'm sure a lot of you are refocusing on the types of investments that you're making hi this is very Armstrong and it's like to talk to you about preferred stocks as an investment tool there are two types of equity securities common stock and preferred stock but the each have different characteristics preferred stocks for five investors with a share of the company's ownership but the air typically purchased when they focus on income this means that the stock's value can fluctuate based on the movement of interest rates rather than the movement within the stock market call now 803934001. To get my free guide to understanding the basics about preferred stocks that 803934001. Or you can download the guide right now at financial exchange show dot com. Here he suffered two securities America incorporated member finreg SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities American companies are unaffiliated. Many of you listening today are probably retired are getting close to retirement age so have you taken time to think about what happens is you or your spouse gets sick and needs nursing home care hi this is very Armstrong with a question what would you do if your spouse didn't have enough money to live on because you were in a nursing home and depleting your assets like tens of thousands of dollars each month how long would your money last if you share these concerns that I want you to call Cushing and -- we've got a new guide out this month that can help educate you on how to deal with this problem you might -- -- -- the state or an irrevocable trust which one would work best for you give the experts at -- -- -- a call and let them help you create an estate plan that will not only protect your assets from a nursing home but it will also help your family avoid probate and potentially eliminate estate taxes call 8668485699. That's 8668485699. Or download the guide right now on their website legal exchange show dot com. Searching for the best savings rate leader banks do my account doesn't two point 05 AP and that's just one of the perks qualifying Zuma customers receive 1% back on debit 10% bracket featured businesses and reimbursement brother bank's ATM fees to learn more about Zuma accounts call 8776917900. Or visit leader bank dot com minimum deposit to open and an annual percentage yield ten dollars two point 03% interest rate mass residents only he's may reduce earnings -- subject to change without notice member FDIC leader bank a step ahead your financial strategy has to include a thoughtful insurance plan insurance exists to protect your assets. Our friends at the insurer -- 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 then one or two cars if that describes you you're the perfect candidate for a free consultation to make sure your property and family are safe and properly covered -- so they get all the discounts preferred customers like you can qualify for call insure a match to compare multiple rates and carriers and 844 and 99 match let's 8449. B nine match insure a match works with the leading carriers in the industry like your bella Plymouth rock and more. Their license for all types of insurance and continued time stress the money we've just one phone call and one relationship. Called today 844 of 99 match or go online and ensure a match dot com. 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Subjective credit approval leader bank a step ahead. The financial exchanges live on FaceBook so make sure like your page and watch the guys break down the latest on the markets every day beginning at ten on the financial exchange radio network. Walt Disney stock went public on November 12 1957. At thirteen dollars and 88 cents per share. Previously the stock had been. Closely held by the Disney family and other partners the winner on this question was Chris from Sudbury Chris is taking home. Free tickets to candy is springs adventure park in handy in New Hampshire one of the granite State's favor and we fund destinations. Might suit for the benefit of me and so are thicker. Audience members are. With that await pummel no doubt the dump it if this whole digital currency. Wait I mean first there was that point now there's the theory with. Melissa this is actually about 200 of these leaders. Agree. There's a whole bunch are they all used for and nefarious purposes they're actually not that's not what most of them are used for to be honest. Used to be it your idea he hired me as you pay them and let them play it's so sick. I know today that's like saying that cash used for nefarious purposes just if you buy drugs and Pittman and cash also yes that is clean yes what they're going bad the ugly. But he went bad cast good member of the year all the hacking that was going on in May generate the ransom where we operate ransom thank you yeah. Yet to pay them and it. That's right I just feel it's it's a tough criticism just that's like saying why don't you dollar bills because when kidnappers take people they want dollar I don't know I don't use Dick calling a lot of people ask me about the clinic tell my don't use it. Because I think it's a red flag for the FBI the Secret Service in Austin I don't like a couple of adult I bought my first pick when asked why would you buy what you mean. Like why it's what. Fascinating technology. So let's let's talk about what it actually is what it does let's let's talk about a theory okay so bitcoin the way that it works is. There are people who set up what they call mining computers but okay. And what the mining computer sell for is they solve all the transactions between peoples of a process all the transactions that happened suits decentralized there's not one server a there that's processing it. To bunch of different people all around the world that are processing and the benefits of this is that it can it go down. Okay it doesn't crash because you're not processing on one computer you processing all over the world that's what it points meant to do so. If theory and isn't meant to solve the proper role problem of processing transactions okay. It's built so that you can run any application you want on the platform. Through that decentralized computing. How does this relate to currencies all right Al all people care about it and people have been buying bit cold and as I understand it up because they don't trust the US dollars they don't trust the foreign currency based on the country they live so there's a lot of foreigners that are by bit so big point is meant to be purely a medium of exchange because remember the technology behind it it's built just a process transactions are suits built to be. A medium of exchange with its theory and it's not meant to be. That same media because remember with it here in the processes that are solving things. They're meant to open they're able to. Really execute any program out there so let's say that you have an idea for a business okay and you want to. Track all of the planes that are in play all around the world let's just say that's what you wanted to do cut okay. You can set up it computer program him and you can run it on this decentralized network. And you used as the year and effectively. As the method of payment in order to use that network that's how you solve the problems. Does it make it exits the talker no good. There's a legal wasted five minutes of it while I just don't understand what the purpose of the it's too late Latin like to thank if I wanted to do that business went on my to protect idea mansi do this because even FaceBook goes down. It's easy to on the theory that was no call it an op. EU can't. The only way that it goes down is that every single computer that is processing this goes down at the same exact time that Tucker based on what we've Wheeler and hit a rush out and Z. In a down payment money Mel. I'd like oracle as communities theory that says. So if it's if it's so great why did it cool down about 20% so what do they wanna do and bit and got them values as a bit big. And that'd be in the entire crypto currency. Ecosystem is pretty much sold off over the last couple weeks and the reason for it. Is that with the decentralized network that they've built and they've got some problems with. OK first being how would you decide what happens how do you side with the rules are now and so. One of the biggest issues that they're trying to figure out is with that point it's become popular enough that they need to be able to process more transactions. Okay. So they potentially need to change the back in the software in order to do so. But the concern is you devalue everything else that's happened before hand. In doing that so. From my perspective you look at this this is why. These currencies are very very volatile A there's no well not an awful lot of them that's traded every day in beat. There are these major lingering questions about what is the future of these whether or not they're going to be able allied companies writings life. Because the potential. War where these are going to go is just mass. Okay because the potential uses we are barely scratching the surface of what these kinds of things can be used Morton and with that. There's a whole world of possibilities is a very good chance that these are completely gone in ten years because we say hey look it's just not gonna work and it doesn't work out. There's also a chance this completely transforms the way the technology operates within the next 1015 years in you don't. Think Peters and he increased scrutiny by governmental agencies based on the use of that it could mean I don't know. That's by the and and and I didn't understand missile and love it but that's the objective. Understand I've talked a lot about our friends at the insurer match agency may exist to make sure that your assets are protected and if you're like many of my listeners knew or hole in one or two cars you're the perfect candidate for free consultation. With one of their agents to help you review your insurance needs called them today 844. Nine. 54 for 99 match. And then prepare a personalized plan. Though it the best coverage of the best price bill also dig out all the discounts that preferred customers like you can qualify for. Call insure a match to compare multiple rates from all of the top carriers including our bella. Plymouth rock and more added or Ford nine the nine match 94 for 99 match insure a match is licensed for all types of insurance. And they can save you time stress and money. One phone call one relationship that is all you need call today 8449. B nine match or go online and ensure match dot com. China maintains a six point 9% economic growth rate beating expectations. As Beijing walks. Do you believe there actually grow in six point 9% I don't either you know the best way to check China's growth rate electricity yet. Felix electricity easily and I look for the story couldn't I couldn't find it either but yet typically what the biggest proxy for Chinese why they so secret though they know that the rest of the world doesn't trust them. Probably you know just the care of the daycare. You know we've got one point five billion people few more concerned about those in the five point five outside mean that makes sense is the maybe you look at their growth when I was surprised and is looking at the chart showed their growth rate. Back in 2010. Economic growth rate in 2010 was 12%. Yeah they've they've gone through significant deceleration in the last 67 years we pick and roll like. Each April 20% for I think there'll probably grown three and a half before based on. They sodas in natural resource based on natural resource based on actress lake not nothing nothing in the 67% range makes any sense to me it's hard to know with their true natural resource consumption is. Because they're switching over like he used to be at look at their coal shipments and say OK based on that this is what they're consuming. But now there are you know to do more nuclear more renewable natural gas that is good time every goal yeah. Tolerant yeah it's I just generally. I believe that you're probably close to three and a half to four and a half percent on terms economic growth over their right now. Stupid or there easy final warning for its gone now you know they. They've they have some major structural problems in their economy still is still an awful lot of debt that they borrowed in the last few years. And at some point that has to come home ruse to keep pain at the right. They're making their payments they do for now mostly because people accept their currency at some point that's not gonna happen you know when they biplane. In this is you know think about how much money they spend. On jets from. Arrow bus and from bowling when they win China. Or Chinese airline buys a Boeing 747. Or any of these cats that they buy from bowling. They have to buy them in the loan terms are in US currency. Says they'll get that. You know they can't play the games with the currency. In in using their own currently in and remembered the Chinese had to unwind about twice why doesn't make sense for them to devalue their currency because they sell the knee pain will keep remind us dollars they don't they're trying as hard as they can't defend their currency right now they've had to sell off about a quarter of their Forex reserves over the last two years they've sold. About a trillion dollars worth of foreign exchange. In the last two years to try to Alexander RNC they've got three trillion laughed telling the saudis so they've they've sold a big chunk they're trying to decide if the saudis have been the same thing yeah yeah. As it doesn't do them any good to kill their currency is itself the tea. Boeing Syria paying dollars and you know the yuppie Wasilla they just won't pay the debt you'd won debt you pay you pay bowling. He'll pay bawling your jets are going in the year no. That's of last ask Iran that works yeah it does doesn't end well it it doesn't it doesn't take coming up. We're going to be talking about a new car. What are we all Hyundai Sonata wouldn't look at cars. They have a nice little bid this semantic when midsized vehicle similar cord yeah accept all and so it's a sedan not and that's not a that's you'd be correct yet this is the 2018. Nice. Right anyway. Annie Hall from the CNET road show. Will join us in the next segment to talk about the Hyundai Sonata and Lamar are in the market for a new car and maybe our maybe not that's we're talking about. Next from our insurer match dot com studios. The battle over trumps economics continues to affect the markets. Get the latest info on the sectors that are winning and those that aren't right here with Marion jock on the financial exchange radio network. If you're real estate or property management company you -- -- banking partner that has all the right tools to keep your operation efficient leader bank is one of the premier banks in the property management and real estate space offering a suite of unique products and cash management services to help you collect rent managed Condo association payments and digitized paper checks leader bank utilizes state of the art technology to offer convenient banking services to its real estate clients such as ECH payments mobile banking remote check scanners and it's innovated to see rent payment platform leader bank has a team of business bankers that are on call to help you and they'll come to your place of business and make it as easy as possible the number to call is 8776917900. That's 8776917. B 900 find out why many of greater Boston's premier property management and real estate companies -- leader bank as they're banking partner or call 8776917900. Or email -- BO at liter bag dot com for more information member FDIC equal housing lender. 3934001. Call now 800. 3934001. To get my free guide for you can download the guide rate now at financial exchange showed dot com. Securities offered to securities America incorporated member finreg SIPC and advisory services are for the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated your financial strategy has to include a thoughtful insurance plan insurance exists to protect your assets. Our friends at the insurer -- agency can prepare personalized plan that gets you the best coverage at 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 late you can qualify for Karl 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 like our bella Plymouth rock and more. Their license for all types of insurance and continued time stress the money we've just one phone call and one relationship. Called today 844 and 99 match or go online and ensure a match dot com. Security suffered through securities America income member finreg SIPC an advisory services arbiters securities America advisors think carry on from representative Armstrong advisory group in the securities America companies are unaffiliated. Get the latest on the economy from CNBC senior contributor Larry Kudlow every Friday at 1045. Only here on the financial exchange radio network. Joining us now to talk about the brand new twenty teen Hyundai Sonata is NB hole from CNET road show. And thank you for joining us today. I've it's. I mean the other 28 teams and out of first of all when does this sound new model year go on sale as a coming up soon. Yeah how did he hit by the end of the. And what kind of vehicle is this not my comparison was kind of your Honda Accord Toyota Camry is is that accurate. I. Hammering on it. You know we really declined and it and they completely beaten me on both of you think manufactured or opening effort at every bit by. And how it got and you. Oh it's. A bit I'm in your additional card. What do you make of this vehicle my first glances kinda looking at it it it it's a very good looking vehicle does does the performance and quality match up. Yet I would really really the right now. Well. Later. A pop the cart. Car and eat at work. There. Are still at all it. Probably not much the leader well at all. It is that. I. Like I bet. On it we area in which is. Like. I've always been in the that. They are or. You'll. Get the honor a lot all right. Who could feed at Hyundai has got the Eckerd automatic. It was one. Forty odd. I've been in get out of our. Really great elect you're coming out. It it ever. Likely order a red hot or better I mean I really really like it might be in here I thought it. I think. What's the what's the interior like what kinds of bells and whistles to us now. But. A lot. And it got a we're. Like on our. Art. You will see what you'll. I'm. Wondering if your cart all. A lot of they will upward like one knee out. That. Here it is keeping a technology. In it you ripped out. Of your art back it. We eat and I am I'm art. You back with. You look at all the not. What kinds of issues did you see did you see any issues with the vehicle. What I will issue. Linked it at them we're like hit it for you be used. It got apple and ot O. Be able at that in my own thing right there on the economy is great. Back. All you read it and I met in my own where usually read through the card isn't. I. Overall you're looking at this vehicle and grating and out do you recommend strongly with where do you fall. You recommend that people that we liked and there is a a little bit odd. I used up and I'd love. Love the ball. A lot personally. And it went right up there at. 8800. I would. You. Are. 1000 dollar or eight. Out of my mind it though. Out or. And you want but Obama. Very good and we thank you very much for the time and we'll catch up with the soon. Absolutely to that is any hope from CNET route to talk about the 2018 Hyundai Sanaa. A lot of talk about adaptive cruise control that sounds like really. Attractive feature is that I would bet is that let me explain it is I understand did tell me wrong you get on the highway act and I do a lot of highway drive race yet not a common world drive for 500 miles a week. Mark on the highway. So yet on the highway you say you're spin speed yet the right handling right. And you have to tax aghast and only to do steer right. That's correct and you know of highly Ellis theories. That's correct that's that's pretty much all you have to do there. What. What you find is that a lot of people don't actually like it in practice over this is they I have you try to. I I have not much Acker he's trying to. And but. Adaptive cruise control along with the lane assist a lot of people tend to turn them off just because they don't like them I heard about the lane assist. 81 of our coworkers tried the deficits I don't believe it. Aid now would trust that the cruise control just think like you're here on route three Decker Ivins now. Eight you'd just put it on cruise control via the right lane I guess it would stake if he got behind Russell book but they knew could just past the slow poke it get back in the rightly am I'm rarely in the right in the on sale in time. A plea in tough saints play go to lightly oil and if that. You'd go in the left lane help offset their drives today. Honda Accord and a black and I had no license plate is needed goal in the left lane Saturday at seven before right. And just stayed. Right and then if somebody comes up behind people and rightly but he. Not not have a big DG speed I like that you could. I've never driven one so I I don't have any firsthand experience but I know there's been some mixed reviews. Dow is flat it's a 21637. Yes and he is at 2460 in the nasdaq's also flat at two point 63 he. We're broadcasting from our insurer matched our country.