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Full Show 11-29-18

Nov 29, 2018|

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This is the financial exchange with Barry Armstrong and sharks are down. 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 get breaking business news every day. And now the financial exchange with the Barry Armstrong and chuck Exxon. The president speaks and that chairman mr. J. P. Howell clearly listened. To what you hear actors lost two weeks tiger but it's very sharp with you here busy Thursday morning. And yesterday afternoon after we rough year. That chairman Jay Powell made some comments that inspired me 600 point rally in the Dow Jones Industrial Average and sort of a gun if the price of the ten year treasury didn't go up in the yield came down. Chuck an interesting turn of events yesterday afternoon. Yet I don't think it was entirely unexpected. That we got a little bit of softening. By Jerome Powell in terms of you know what the Fed is looking at now but. I do think to a certain extent I won't back in this morning I was I was reading his comments just because. You know obviously you seem reported all over the place and in so I wanted to dig in and actually go through and read them myself. I don't know if he said what people think he said. People interpreted and in that the quote that was tossed around was that the economy now is it that the Fed Funds rate. Is just below. The natural rate. That's that's what every one publicized. It that's the headline access these are the actual words from Jay Powell and am I gonna give the the whole paragraph just give little context of for the seven years during the crisis and its aftermath Federal Open Market Committee kept policy under. Our policy industry unprecedented Li lo in fact near zero to support the economies struggle to recover. The health of the economy is gradually but steadily improved in three years ago the Fed decided. It in the judgment and of the interest of the household and businesses of savers and borrowers we were no longer best served by extraordinarily no low rates. We therefore began to raise our policy rate gradually toward levels that are more normal and healthy economy. Interest rates are still low by historical standards. And they remain just below the broad range of estimates of a level that will be neutral for the economy that is neither speeding up Norse slowing down growth. My FOMC colleagues and I as well as many private sector economists are forecasting cock continued solid growth low unemployment and inflation near 2%. That's what he what he said actually. I. Just little just below a broad range of estimates of the level that would be neutral. Doesn't really tell you a whole lot. That means two more rate hikes one this year in December and probably one next year and thus the data. Indicates you know if you start seeing. Rampant inflation. And you know really hot market then you meet my race for export that we all likens. Glean from that statement and I are at the same statement last night news. Yet one more hike this year and probably one sometime during the first quarter first half of 29 team white unit or maybe that war. Well if he's saying it's just below right he means east he wants to get to neutral the the other thing build it. But he's not saying it's just below neutral. He say it that people keep leaving out this this phrase broad range of estimates and we know the Powell a month ago said that he thought we were a long ways from neutral. Broad range of estimates. Is a way that he can say look I might still think that we are a long way from neutral without actually saying. So is this statement yesterday just like the president get off his back no and I don't think it's to do that I think it's it's that's what it looks like. So that's a divorce things so I actually adults just worried about his job. I don't think Jeep hell cares about his job to be completely honest. You know it's it's it's analogous to a job Jay Powell was campaigning for saying I need to do this at J. P. Howell got the job because the president picked him. Well what I look at here is. I think that this is the first step in being able to pivot and saying look we're looking at the economy in the data showing a slow which by the way we just got pending home sales for October that work. And in absolute garbage numbers so it it doesn't it continues to not look good for housing. But it's. I look at this and I see him saying we'll come I'm looking at the data in the dated doesn't look good we think we're below this broad range of estimates but. I don't think he's conclusively saying anything either way at acting markets might have gotten ahead of themselves on this partly because I think they wanted to. Yeah they're they're looking for recent rally at the your Jersey question I had Ayers talking to an economists last night about the super bitterness that. You know even if they don't raise rates let's say you say all right in the Italy raise rates twice next year. But if they continue to sell off their portfolio remember they they bottle those bonds. Back in 200891011. And he isn't that the same is raising rates if that's that was the position of fellow economist yens and. In in you're seeing liquidity problems cropping up already but because of that so whether or not they continue to raise rates I won't say it's irrelevant because it is highly relevant. But it's not the only factor that's at play here and what they're doing with selling off some of these bonds on their balance sheet. Is another major factor in what's going on right now and that's something that absolutely has to play into all this so. I think that the big thing that I take from this here. Is you know it Jerome pals guiding towards say we're gonna be more data dependent. I think he's between a rock and a hard place because I think we got numbers on this morning also for personal income for the month of October. How those really strong really strong numbers for the month of October. But here's the thing. When you have really strong personal income growth and when he gets to the point where it near potentially gets out of control the number here by the way. Was point 5% for the month of October which should be 6% annualized rate. That starts to get to the point where you can't control business cost and you start to see significant in that is really hard to control. Your hear your story and it differ with you on track news. You had so many years how many years did you have where there was virtually no wage for eight years nine years about that yet. I mean it isn't there some kind of a catch up provision knowing that he doesn't work like Natalie Wood when inflation hits a mean you live through the seventies. Now you there was strong wage growth in the seventies the problem was there wasn't strong economic. See here's what to ice the disconnect chuck is. You've had rampant increases in property issues you know you look in the eighth struggling. Today part property guys have increased much faster. That wages and that's just one microcosm and look at the rest of the country could say the same thing you've had. What do property guy's been caught up 7% a year effort you know for the last several years yeah about that 6%. Now and we wages at noon today it wages if you measured though if you did an overlay. At wages vs property increases. During the last five years topping your wages or half of what property values increases. And I'm not denying that. But what I am saying here and in the critical point that I'm trying to make. Is that if Powell decides. That keeping the stock market an asset prices afloat is more important than controlling inflation tale inflation will get out of control. Any innate in aid in that kind of environment look at the seventies they were terrible for bonds they were terrible for stocks they were terrible for just about any kind of investment that you could own. The debt and I'm not telling you wake. In object to a different time coach markets it is like you don't have any population growth now there's a lot of pressures keeping inflation down today that worked in existence. In the 1970s and 1970s it resentment for five kids to fail that doesn't cause regulation kids don't call now elation. The its demand right if your population growth and increases demand. Oh demand driven inflation is great this is not demand driven inflate the league this is easier monetary policy like this this is not demand driven. If it was the 'cause GDP growth was so strong. Hey that's one thing if we're getting to the point where GDP growth is slowing and we're saying hey we just want to keep asset prices try to see if we can use this thing as long as possible. Yeah I don't know if that's doing anyone any favors here like I'm. A. You're worried I'd no like no year yearly Debbie downer worried about the economy forward I get that but it let's let's go to housing because we we didn't get home sales numbers this morning you alluded to them earlier. Pending home sales. Talk percent to Toomey woes embargoed and started to read it got distracted. I don't there. Down two point 6% the ten straight month of declines for pending home sales. And in particular not prices just didn't know a number of transactions right yeah a number of transactions and if you take a look. In in terms of the actual sales numbers about the pending ones sales were down six point 7% compared to October 2017. And if you look at signed contracts. Those are down 12% annually now while I think there's any problem in housing. With the let's talk about that because the other thing that got me a little spooked in that report was. Inventories are right I like that number of people looking to sell their property is increasing. And homeownership rates are still low millennial still don't know homes. There's a lot of things that don't make sense it's basically be it must be affordability and has to do. I guess prices went up to pass it here's Mike culmination rate. Be priced at prices increased too rapidly in the and you couple that with rising interest rates it just gets on affordable. Well and in. And that's I think what's happened there's charter has passed around in the office yesterday on the months of available inventory he Al. For pretty much when he call it 2013. Through 2017. We're between four and five and a half months of inventory out there and a healthy markets typically thought of around five or six minutes that's where we. Where we typically think of as a healthy housing market when we now seven sites we're now to seven point four months of available inventory the highest levels that we've seen since early 2011. So Tucker this is good news for you this means that you you know there's going to be stuff for you to buy and people are going to be anxious to sell your going to be of -- price may go keep an eye out you know. So that it doesn't it doesn't look pretty quickly here trucked to a buyer's market. It did. Does unless buyers say hey guys keep seeing home prices coming down why would I buy right now which is what we I don't know seven lake. I'd just are you know holed a couple. It ought not to let that sly what you tell you try to say that we're in an almost seven girls that are because I strongly disagree. No I don't think were innocent and real estate market. But I do think that you're seeing similar things in terms of how people are buying houses now we don't have the over leveraging that we did back then. But people actually underwrite the loans you have to couples do it to be of the fog here but that doesn't change the fact that things are slowing like. Everyone wants to talk about all things are gonna be fine things they're not I don't think they're going to be. Well the look each year these statistics. Are backing you up in terms of the number of months of inventory. But it didn't mortgage rates drop a little too please visit tenure came down it was tenure now. Three home to at the moments. So tenure pulled back about an eighth of a percent so that'll help you know that that's gonna help make things a little bit more affordable here. But I egged. Again I when you look at the data and I'm someone. Who earlier this year were in when this housing issue first started I think it was April or may when when we first started talking about it. I was unconcerned at that point. And I remember we are talking on the air and he says hey housing sales missed this week and in a symbol and to give means anything we need to see more. Right we've seen are the next six months now and does it its early in like ten months and again it it just is not being good end. I don't think we are any 2008 scenario because I don't think the users overpriced I don't think the over leveraging is the same and to give the same problems that you did you know wait. But that doesn't mean that you can't have a garden variety bear market and recession have come at some point the next twelve to eighteen months. You know we we don't have a credit bubble on the consumer stamp because you try to get a hole blown use you know it's very difficult talker sure knows that it hardly at home long. Where do worries about credit bubble and in terms of corporations yes look at a company like gee holy cow ate the more I read about that company and then there's a million other companies. That it borrowed money. And Russia they have the ability to pay back. Yet he's been a whole lot of chatter over the last month or so about what's called the leveraged loan market high four corporation's leverage loans are pretty much companies taking out loans and Larry have significant debt. And you've had a whole bunch of issues that have been pulled there is they couldn't find buyers pricey dipping so there's some there's some issues with credit on the corporate side. And that you know people don't understand and appreciate I think Jay Powell maybe getting influenced by some of those. Corporate card numbers. But visiting our website which is financial exchange showed outcome I know many elected text us with your thoughts. Our text number is 63566. Don't forget my first name. In there. I I was gonna say vote no I haven't voted yet. You've convinced me to vote yes that housing prices have peaked we are right you voted get struck I. I did I I voted that they have the the only thing that change is if the Fed makes a huge have it in by huge I don't mean you know statement like this I mean cutting rates and go to quantitative easing if they do that obviously housing hasn't peaked but barring that. I do think in the cycle were pretty close to that. We get a handle on Orioles during the night this kind of thing I've checked on him 3 AM. Is the price of oil it went under fifty dollars a barrel we will talk about oil prices when we return to the financial exchange. Breaking financial news. The financial exchange with Barry Armstrong and chuck saga on the financial exchange radio network if you're at or near retirement age legacy planning is something that you're going to want to be mindful of that goes without saying that we wanna leave our children in great shape for camp but gifting RSS beat at home or vacation property can create huge capital gains tax problem that the kids choose to sell the home Todd let's -- is an expert on elder law and taxation and he's been helping families like yours with their state planning needs for years let him help you do if you're beginning to think about legacy claiming for your family. Go for drugs brand new guide to discs or not to gift at 8668485699. Gifting assets to our children has special meaning of the children have creditor issues or go through divorce problems to arise the could be disastrous. Protect yourself and your family by getting this free guide to gift or not to do if you worked a lifetime accumulating wealth now you should spend a few hours to make sure it stays in your family the right way call 8668485699. That's 8668485699. Or download the guide right now from our website legal exchange showed dot com. Are you having problems the block sink or drain. What a leaky Foster a shower. These types of minor problems can become big headaches if they're not dealt with quickly and efficiently in believe me. I've that all kinds of trouble trying to get people who can come in and do capable. Qualified work I talked easy plumbing in their professional punctual and thorough and all the work that they do so if you need a reliable plumber. With fair competitive prices cult easy plumbing. Easy makes it easy either experts they're knowledgeable they're courteous. They will be on time to take care of your issue and make sure that it doesn't happen again all you have to do is call today in your plumbing problems. They're history call easy plumbing at 781. 119 B that's 781. 8621190. Or you can visit them online at easy plumbing MA dot com for more information. Massa master license number 10. 183 again the number is 781. 862119. No. Hi everybody it's Barry Armstrong and I'm joined today by executive vice president from leader bank mr. Jake tool and were talking about this account today. It's called the Zuma rewards account and the thing that really caught my eye on this account is it's a savings account but sort of again if you guys are providing. Two point 05%. EPY. On that account how do you do. Yet it's one of our most. Popular. Retail banking products vary so. It's it checking and savings companion Oka and if you qualify. You get some great reward so for example you 2.0 5%. EP wise your savings account up 200000 dollars 100000. 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A bounces up to a 100000 dollars. To learn more call leader bank at 8776917900. Or visit them on line it leader bank dot com. It's called the Zuma rewards account ZEUGMA. 8776917. B 900. Securities offered to securities America income member Sandra SIPC and advisory services arbiters securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. Join our brand new tax club by texting the word ferry it's a 63566. To send your first and last name and get involved today you're listening to the financial exchange radio network. Meet frequently receive text messages that are quite poignant or raise good questions today is no exception. 954. Makes a comment chart. Very builders are paying too much for regulation the easy and local towns keep raising an inspection these. Boy isn't that the truth. Well it is and that's that's the reason why you're seeing this mismatch between what builders are building right now. And what buyers want builders are predominately focusing. On three bedrooms and up four. You know 2400 square feet and out just because that's where they think they can be profitable. It's really tough to be profitable building you know 18100 square foot homes today with two bedrooms just because there's regulatory costs as well as. Your labor costs and everything are so high. It's you that your new home people back and should help people that are trying to sell a home that might be forty years old are you that got thinking about that from the seller's perspective. The fact that new construction in New England DeSoto. That makes existing homes a little easier to sell that they might be say in a market like Florida or Arizona oh yeah absolutely. Now and its excellent seven asks this question truck and I think it's very it and it was actually the information was contained in today's report. How closely does the Boston area or New England housing. Market mirror the national figures I believe were actually ahead of the the national trait or are we stronger than the country. Little bit yes so I have data from my case Shiller just comparing the twenty city composite to lob Boston. And over the last is three months or actually about the same pretty much both flat. The last three years Boston is run five and a half percent compared to five point 4% nationally now if we're looking. At TU look at that that report that came up this morning depending said that the northeast was still. Doing Horry. The net. Well I'm just looking in terms of home prices via okay so it in terms of sales yet the northeast is a little bit stronger discusses. You know parts of the country like the southwest and southeast that atomic construction of a really hard time selling that new construction and where is Boston and the rest the northeast. Didn't quite have as much new construction no hope toll. Everywhere and drive around and other stuff going up the place yeah and he's got we are building in. You know yet but it's its terror announced it is up and down houses built the fifties if they're not I mean action it is yeah. 69 point 2% of our listeners think that the housing market has peaked. Which means it is probably hasn't rate is so are we usually wrong yeah just behavior. They at mental attitudes are usually wrong like it would everybody thinks that the stock market is peak that means you should. Now. So that that's were extent. Oil prices. I don't know what I can't get a handle particular quote oil must be moving a lot about 3 AM it was under fifty dollars a barrel for the first time. A year. Yeah I've got arrested just over or just under 51 now it's rallied a little bit since then up to 1595. As the latest one that I have. But what oil prices it here's I found interesting about yesterday okay in in this is getting back to the Fed a little bit. Yet the feds saying okay we might beard people interpreting the feds saying hey we might be a little bit more dovish. In the oil goes and sells off after that. And you know really that's that's kinda conflicting signals that you're getting there so. Well the end there but that is it conflicting if there be more dovish beat it's because they see softening and inventories were way up that was. This would cause the price to drop so. Maybe the Fed saying the same thing York. Economy's soft and we have slowdown. Except this is like the message that you're getting here from oil is hate. But the Fed isn't doing enough in others what what what I'm what I'm saying is that there's further softening in demand. That is isn't being resolved there at least that that's how I interpreted is that what's happening what there's a million things they don't win this but oil go below fifty. Again if they can find some stability in the fifty dollar range and there's all kinds of chatter that OPEC's gonna go through cuts in Russia will go through production cuts. If ever has not cut anything if you find stability around fifty greats now. But if you don't I think there's some stuff to worry about. That coming up we're gonna exam American life expectancy. That news as it turns out as it relates to Americans and their life expectancy that is next company to post it. Life goes on FaceBook and followers on Twitter. Joke breaking business news is always first right here on the financial exchange radio network. Are you having problems the blocked sink or drain. What a leaky Foster a shower. These types of minor problems can become big headaches if they're not dealt with quickly and efficiently in believe me. I've had all kinds of trouble trying to get people who can come in and do capable. Qualified work I talked easy plumbing in their professional punctual and thorough and all the work that they do so if you need a reliable plumber. With fair competitive prices. Cult easy plumbing. Easy makes it easy they're experts they're knowledgeable they're courteous. They will be on time to take care viewer issue and make sure that it doesn't happen again all you have to do is call today in your plumbing problems. They're history call easy calming at 781. 862. 1190s that 781. 8621190. Or you can visit them on line at easy plumbing MA dot com for more information. Massa master license number 10183. Again the number is 781. 862119. 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And get this free guide to gifts or not a -- that's 8668485699. -- Dolan has over thirty years experience helping families like -- let -- help you do call 8668485699. Or download the -- right now from our website legally exchange -- dot com. It's pretty hard to find a bank that as a checking and savings account that can provided decent return and if you're in the market for one I've got to deal that you're gonna wanna check out hi this is Barry Armstrong and I've been doing business with leader bank for many years so if you're in need of a bank with great rates on checking and savings accounts look no further than leader banks -- rewards account qualifying customers will receive 1% back on debit charges 10% back at featured businesses no minimum balances required and no monthly fees but that's not all leader banks zug will rewards account has a two point 05%. Annual percentage yield if you're searching for great -- it's time to call leader bank at 8776917900. 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Mortgage and leader bank specializes in a wide variety of purchase and refinance loans at some of the most competitive rates in new wing and call it a bank today 8776917900. Or. Visit Lida back dot com for more information member FDIC. Anything get catches your eye on the market anywhere down a little bit but not much of new Europe 600 points on the Dow yesterday were down 49 today. Nothing terrible there. Yeah looks like maybe a little bit of profit taking going on as you've got that the sell off that's happening is intact in financials which are to your biggest winners yesterday some might just be some people. Saying hey now things have rallied a little bit there let me you know take some profits. But other than that there's nothing that really stands out too much share me the ten year treasury about where was yesterday at three point 02 with a moment. Pretty normal day GE's down again 2% yeah it's it's what is it going to do just go down 2% a day until it no longer exists. It kind of feels like that doesn't it it just like them or read about the stark company. That disgraceful people should be in jail for what's been going on here you know it tonight with. But I I don't want to get into it now I actually have a whole segment on GE that we will address. Is that going to be today. Yes I think I'm but it it it may take me an hour just to do G opener. Editor did you hurry this report from the CDC on American life expectancy I did it's disturbing. He had just the one thing caught me. The CDC released yesterday. Or today Tuesday. A report showing life experts say is life expectancy fell by 110. Of a percent to 78. Point six years. Pushed down by the sharpest annual increase in suicides in nearly a decade. A continued rise in deaths from powerful OP UA drugs like fentanyl. Influenza Newman at pneumonia and diabetes also factored in to last year's increase what strikes me about this is. It's all self induced. Illnesses like obesity in and diabetes largely self induced some people are born with diabetes and it is nothing to do about it. Most diabetics. Are diabetics because they're they're overweight. Drug abuse. I mean that continues to be a factor if you look at the numbers track it's it's shocking. To see how many people are dying in near lake in their pride their 2.5 to 44 years old and they're just evaporate. Do you know when the last time was that we saw three straight years of falling life expectancy for US citizens I have no idea. 1916. To 1918 do you know why. Yet the influenza yep so that was something that was outside of our control where today we didn't have the technology in the resources to to fight it then. We suck I mean if Americans should we do which is a country. Let's listen to the lateness so just put this in perspective 78 point six is what Americans. In Japan it's 84 point one years in Switzerland it's EB three points second seven yours. The United States is ranked 29 and that's of developed nations we're talking about countries like Canada Switzerland. Japan and Norway Sweden Great Britain so 29. Here's my question. Is. Where is it that were going wrong and I don't mean you know you know pay we we know we're eating the wrong things we know we're smoking too much we know that we're using too many drugs we know that. Why are we doing why is that happening here and not elsewhere. Affluent society made me you know we've got too much money. I don't think most people would feel that way. You're probably right we have very wealthy at the top end. But it you know for it may have to do with the bastard because of all those issues right. It be the one that is most troubling and most easily controlled. Is obesity. And that is that right if you talk to doctors dale tight and neat with it's it's only 40%. Of American adults are overweight rightly yet we overweight. It's it's hard to control drug addiction because once it gets a hold of you people it's it's tough to get people out of that cycle but you get something like obesity. And you say look if if we were educating people the right way early on and shown them of the right things to eat. It's not that hard. To get that under control. It's deaths from synthetic open your rates rose 45% faster track it continues to get worse. It's just. The here's some good news I was looking for good news in this report as a wasn't much to cancer deaths the nation's number two Miller. Our continuing if steady decline so we are. You know Iowa caucus they were winning the battle against cancer that we're we're fighting part yet you know we're doing well there. But it did it discouraging report suicides. Rose three point 7% last year accelerating. An increase in rates since 1999. And it tends to be. The suicides are in rural areas not in our cities via the news it's a big problem. In the rural parts of America suicide. Yeah and you know what that an in again with with with suicides and also partly you see higher rates of OP you it's a lot of rural areas as well you know. Those are the areas that have been left behind economically. Now I like some of this I think is due to feel feelings rightly or wrongly. Of economic hopelessness there now. And it's just I think it's just people feel left behind in that they don't have anything else that they can do and it's it's a problem that we need. To address. You know during the last I've been have been on the radio for what two years. In the show and during that time I've had an opportunity to meet with many view in person. Sometimes its offices sometimes it's been one events we are having another event on Monday its December 10 it. And it will be held at the Tuscan kitchen in Burlington mass in the way we do the events today. Is we actually broadcasts. From the Tuscan though we use. Calmer box that we do the show remotely. So if you want you can come and watch just do the show from ten until noon. Then we'll have lunch and then chalk and I'm happy spirited conversation. About the volatility in the stock market. How one can take advantage of that volatility. And then I passed shocked to looked at the different sectors. In the market to try to find and try to determine which sector is most. Well I'm a business efficiently priced but that's wrong word. Most the best buys it is that the utility sector is the financial sector. Where should you be focusing your efforts in your research we'd like to invite truck and I will both be there I'll be there to action. Bureau confirmed. Oh who is the duo where me. From there yet. So the solar soda tea yet this is your first event so you'll be able to see me make fun of Barry check lives finally out of his cage. Yet. A little bit as dogs are running pretty. We're a muzzle on a talker so at any rate. The space is very limited at least three or holding him at a restaurant they don't give us the entire restaurant that you as a rule with in the restaurant so it's limited size. And we've actually had a very robust response thus far if you would like to join us the date is Monday December 10. The location is that Tuscan kitchen in Burlington Massachusetts. Have to fold and you should vote now. To make a reservation number is 803934001. Is that Tony reserve your spot you call 800. 3934. Zeros or one if you have a friend. Who is an investor in interested in the economy and interested in money. And perhaps not a listener to the show feel free to bring. He's in the eighties explorers and and bring your neighbor to the event 803934. Zeros or one it's Monday December 10 at the Tuscan kitchen. In Burlington. This you know we we started to talk about G in the more I read about GE chuck. The more I really. Question there long term economic viability it all comes back to these long term players policy's face they sold back in the 1990s. Yeah it's it's it's goes and then some bad decisions made by Jeff Immelt in terms of buys and sells for being different divisions but those are already baked it yet they say that. His colossal investment mistakes are addicted. The things that are not. Are all the bad loans they've made and the east darn long term care popped up yet that they they're trying to unload some of these insurance. Units but they can't find buyers just because. A lot of companies have gotten out of this business before gee you know what they're no buyers don't you bet you it works you have to pay somebody take over the octopus and he's not exactly you know flush with capital Kabul but they're not yes and around saying gee what do we do with all this money there's a reason why they cut their dividend significantly twice in the last year. They burn through seventeen billion in cash in the first nine months of this year. You know this problem it's when you look at this and again this was unfathomable even three years ago when GE was Tripoli rated. There on the verge of junk status. With that you can make an argument that they should be that being priced like it already. The one thing that they have in their favor and I hate to be morbid but it's just a fact. The people that bought those long term care policies in the 1990s. Talk about twenty years at that point five years ago. There dies. And so. The bit that liability as soon as that person dies they might be a claim where they may never going claim. But if they're even if they have a policy so you've got an 85 year old who has policy and you have to reserve. For that eventuality that person potentially going into the nursing home needing Walter care. Craziest have to cash reserves for that if that person dies the need for that. Reserve dissipates and that's. That's the the it's it's like it's terrible games they're playing because they're literally waiting for their customers to die in order to return to profitability. Yeah I mean it in it in again iced I don't know if that's. Would G he wants to hang its hat on lake is what they would never save the area but I've I've just looking at it from an actuaries perspective right gave me. Beat the other problem they have of the start pensions like. I'm I'm shocked that the heaven while their pension plan and they would it was the unfunded liability on the pensions. It was like twenty billion dollars somewhere in that ballpark it was like times when he it was it was something ridiculous. But it's it's just you look at G-8 compared to it yet successful businesses. Successful ones that you know you'll get Microsoft Microsoft says they are crop a cloud computing 220% year over year Tyler profitable great that's or hang our hat on. You take a look at Wal-Mart says hey we just bought an e-commerce retailer same store sales are moving faster than expected things are good. G es point of view no hope is well our long term care patients might die. If that's terrible that you it's just like that's what it's gotten to this and yet the it's it's a real. Quandary because you have people that askew you know I know you've gotten the questions and I know when with the Tuscan restaurant in Burlington and get the question somebody you'll G stock in the say idiot. Should I buy more or should I sell what I have. I don't know what to say developers you know they it usually I have an opinion I got a big mouth and have an opinion. On GE. I just. A good friend of mine asked me the other night it Perrier inherited some stock in GE which should I do and and for the life of the truck I don't know what to tell them you know yes they all I can tell you is it down. Two and a half percent today. Maybe I I have an idea. Let's throw this at Adam Johnson ask him. What he would do that is you an idea he's he's gonna join us next he's from bull's eye briefed dot com. Adam Johnson struck rocket tell Adam and advance trucks gonna just blind side them with a question about gee that's coming up next on the financial extra. It's hard to dial a phone or send an email list to dumb but it's easy to text we've got and tech sign up and running to when you can tell us what you think right now by texting us at 63566. The skewered Barry and join our exclusive club this business financial exchange radio network. The midterm elections have passed in the stock market remains unpredictable which means you should always be prepared for the future hi this is -- on if you have at least 400000 and investor blast that's I want you to join me -- Barry Armstrong on Monday December 10 at the Tuscan kitchen in Burlington for special broadcast of the financial exchange followed by an educational lunch with the Armstrong advisory group we'll talk about the current state of the markets and discuss strategies to help you become smarter investor you need to have at least 400000 investor -- assets to attend a call now on reserve your spot at 803934001. Space is limited so call now -- -- Armstrong advisory group and the voice of Boston AM six AB WRKO on Monday December 10 at Tuscan kitchen in Burlington an experience true artisan Italian cuisine and find a location near you at Tuscan brands dot com register now what 803934001. That's 803934001. Securities offered to securities America incorporated members in as the PC and advisory services are with the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group the securities and are two companies are unaffiliated. As you age it's not uncommon to entertain thoughts about how your passing will affect your family legacy claiming there's not easy. Well and make sure that our kids are left in the strongest possible position financially and otherwise but gifting assets to our children is not always the best way to make sure they're taking care of public -- senior partner with a -- -- of -- -- -- can help -- -- an expert and a state -- elder law and taxation and if -- in the process of -- -- you need to call him right now and get his new free guide to gifts or not a -- in -- you'll find information -- to the -- process -- Texas issues may arise from a significant -- -- at home -- vacation property and what happens to the -- of the child has -- issues these are all things that you'll need to consider is you begin your planning -- call 866845699. And get this free guide to gifts or not a -- that's 8668485699. -- -- has over thirty years experience helping families like -- let them help you do call 8668485699. Or download the -- right now from our website -- exchange -- dot com. Are you having problems the block sink or drain. 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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. -- 900 or email BBO -- -- -- dot com for more information member FDIC equal housing -- On top of breaking financial news by becoming a member of the calories per day blog under financial exchange or does come in sign up today. Something. Joining us on the line now from New York just Adam Johnson from bullseye Greif dot com. At a mobile had a good Thanksgiving good to talk to today. It's extra great being with you it was the the good break. I purposely didn't work. You know you gotta you gotta keep the pressure up from time to time but could be beckons that'll only you know got agreed on the street. Well it's it's it's been a good weakened markets and that that the two big things that seem to be in focus. Our rates with Powell speaking yesterday and then you've got trade with the G-20 meeting. Coming up this weekend president trump signaling just earlier this morning I think his quote was that he is hopeful that he can get something done. With China this weekend. What what's your sense of what's going on on both of those issues. Yeah well. I mean first thought just on that front I think he is hopeful as frankly needs it he'll make the fuel guy that he effectively got himself elected by saying you know. We were gonna win so much you're gonna be tired of winning. But you know he actually lost the and it though you know he needs that we. And but there's one way to do it you know treated bed over shattering. So much right now means to operate. That he really needs ED ED that would mean you know he says though he needs that I think they've been working behind the scenes to make something happen. Though if they get you know any sort of agreement even if the small and I think the market because you know that the cloud. Adam on that do you think that any deal can be reached on the more substantial issues like intellectual property protection joint ventures and things like that or is this likely going to be more superficial. As far as they were agreeing that we're going to be able to import and export you know soybeans oil and things like that easily. Yeah I think you're you're absolutely right on the money here created distinction between the EC. Wins and partly. I think we Kennedy. There are no good if we put things both times. Yeah oh yeah I mean what they go yet you know. Former mid western and really getting hurt by this. And and the subsidies that the federal government could gather or report a vanity you know that. Robert street traders rate. And they don't want it they can't they wanna be at the velvet. The strong crop they wanna be so. So I think we probably get beat he went when he talked about order would be intellectual property. He makes it difficult. To accomplish that is the rupture. Whereby if you were an American company wanted to visit to China yet that a joint venture in China that includes each. And now that there Chinese partner at full access all of your intellectual property. That relief across the apple they don't do. It changed that. Structure is going to be very difficult probably doesn't happen simply in it at dinner went buried. You know on Saturday night but if we get some progress that we need to I I think the market. At a what are your thoughts on oil at the moment we've seen you know about a thirty little bit north of the 30% dip in oil prices touching below fifty a barrel for the first time in awhile earlier this morning. Concerning or do you think we're near the bottom. Well okay folks. Well first ball you know. I think a lot of people get the oil thing wrong people think though the price of oil was falling app in the demanded following in the economy right. No there it would be be emphatic about that. UN Saudi Arabia and Russia are all of them for that it history. Producing more than eleven million barrels a day back in the US the web that the so it's not a weak demand issue. It's a high of Y. Issue that's what it welled up at very different there are a lot of oil out there. So the fact that Willis Ali actually the good thing in this particular. As to when it stopped falling. Well we may actually. Or is it stabilized because who. As suggested that well you know maybe. We in that back on production app that he's probably still think the pontiff is they need to be in the from the paper. Disaster but. You might get. Russia to back off lightly that will greet them the ability US open there's so very profitable at the Mac cast the vote work. They probably wanna keep pumping. I don't think we get a run back to sixty but you know that the camera he'd actually by you which is if it cheapens a couple of board you know get. Down in ninety abide unity. You'd see. In other words exploration and production company US. I'm actually like marathon petroleum because the root Sochi. They can buy cheap regret refinery built athlete remember like this that the puck a lot easier than. He is so the margins for refiners you know their inflate here and overall I think it. You know follicles. Very good Adam we've got to run but thanks for joining us that is Adam Johnson from bull's eye brief dot com it would just picks up every weekend so make sure you sign up so you can get. Dallas down 141. Points the S&P down nineteen a little bit of a pull back we'll see with the next hour brings us will be back. With a conversation about treating severe strokes tables. 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Or you can download the dead right now from our website Armstrong advisory dot com securities are the securities America incorporated number two wrestler PC advisory services are registered as American advisors incorporated Barry Armstrong represented their arms from advisory group the securities America companies or an affiliated as you age it's not uncommon to entertain thoughts about how your passing will affect your family legacy claiming -- not easy. Well and make sure that our kids are left in the strongest possible position financially and otherwise but gifting assets to our children is not always the best way to make sure they're taking care of public -- senior partner with a -- -- of -- -- -- can help time -- an expert in -- -- -- elder law and taxation and if -- in the process of -- -- you need to call him right now and -- his new free guide to gifts or not a -- in -- you'll find information related to the -- process -- taxes issues may arise from a significant -- -- at home -- vacation property and what happens to the -- of the child has -- issues these are all things that you need to consider -- you begin your planning -- call 866845699. And get this free guide to -- or not a -- that's 8668485699. -- Dolan has over thirty years experience helping families like -- let them help you do call 8668485699. Or download the -- right now from our website legally exchange -- dot com. 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And you have IRAs are 401 k.s are 403 B is yet have to take out those required distributions before the end of the year. Otherwise you face some penalties Mike how steeped in the penalties be on our d.s that are taken out. They can be very severe so. Let's say your first year required distribution is. 5000 dollars and you fail to take that money out to you can be penalized. Up to one half of what you're supposed to take out but didn't so let's say you didn't take any of your part distribution you can be phased in IRS penalty in that case. Of 2500 dollars so it is a significant amount. And in terms of you know that penalty it's not just that you faced on that one year if you miss 2345. Years those penalty numbers to add up to significant amounts of money absolutely deserve this is something that you cannot ignore folks and if you find yourself where you find a loved one in the case where they a didn't know about it largest beef failed to take action don't ignore. Address it. You know identify what the issue is how much you might oh. And get on it right away it might involve writing a letter to the IRS and explaining the situation but do not ignore the required distribution payments on your retirement accounts. Required minimum distributions can be a little scary but our strong advisory group has a new guide out this month titled required minimum distributions to help answer all of your questions. All you have to do to get it is call 80393. 4001. Or you can also downloaded for free at Armstrong advisory dot com. Once again that number is 8039340014. Armstrong advisory 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. 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In addition you'll receive a free information packet featuring a guide to Zuma businesses that number again is 8776917900. Or visit them online at -- bank dot com. In a deposit to opener annual percentage yield is ten dollars to 23% interest rate messrs. insulate these reduce earnings re subject to change without notice leader bank a step ahead member of the icy. This is the financial exchange with the 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 economic and market trends plus give breaking business news every day it's. And now the financial exchange with the very Armstrong and chuck son. That Dow Jones Industrial Average surged more than 600 points yesterday. You racing. It's November tumble after Federal Reserve Chairman Jerome Powell eased investor worries about an aggressive increase in interest rates at the headline from the Wall Street Journal. So that was good news the Dow rising 600 points on that. And then this morning that president of the United States quoted as saying I think China wants to make it deal a little surprised mark stocks are rallying on that news. But they are down today the Dow down 119. Points the S&P 500 down fifteen points. And the NASDAQ down 58 tell everybody it's buried truck with you here it is a Thursday. And chuck my question to you is what you think the president meant by I think. Think China wants to make a deal trying to I know it's a tough job asking you to be present crop to interpret yeah. I wish I knew exactly what Bo what's going on their 'cause I think I'm a little confused as well listed you know what that means. The of certainly I think that part of the reason why don't think you have markets necessarily rallying. On that news today is because we have heard this a couple times before. And then haven't gotten anything on that. I do think there's a difference and were heading into the G-20 this weekend which you know does give an opportunity. To really re engage and a at a high level and try to get something done and according to. Larry Kudlow this week there there have been negotiations going on multiple different levels. And so that's something that in theory bodes well. As well according to Larry at least that's that's what's going on right now did. Peter Navarro de yeah. He did the those those poorly timed that sirens I thought that that that was poorly at times you better. And I ate it gives you guys in the air like Kaiser in Navarro who are talking of the presidency in dough to deal or hold your line here. And the other that the president. He's he's a tough guy and I adults like at torturer. So there's a report he's going to be at the dinner this is according to the south China morning post this morning. That sit in the VAR was going to be attending. This dinner and the Chinese hate Navarre. Actually despite you ever read his book or book yeah I would imagine that he's not exactly the China is telling us CFO and represent the most highly held person over in China. Sending a polite as they beat the U and that's actually a good thing that they hate him because it gives us a hardliner Ian strike. That the prize here's the problem that I think we have in dealing with China chart. Is that the president is likable in China shop. And Canada is supposed to sign this not new NAFTA agreement and Trudeau will sign. Eat he won't go to the it's a ceremonial signing great science yup and Trudeau. Is it just feels embarrassed by this whole agreement. And if he doesn't wanna go and wheat we haven't made any friends you know like the and beat the Chinese. If it's like Tom Brady who they claim this weekend. Vikings. To that is so if you put Tom Brady out there by himself against the vikings you get smoked right you need a line back you need a running back needles off at some point. Will the president needs that too he needs candor he needs Great Britain knee sprain he needs Germany and he's. It's all these people off to the point that they're not really anxious to help him in his negotiations with China. What position would Canada play if it were football player linebacker now I would agree. But I did I do agree to a certain extent met. You know one of one of I think that the biggest issues. In dealing with China was the complete pulling out of the trans Pacific partnership the DPP break at the beginning. Of the truck presidency. And not saying that that is a perfect agreement. But saying that the goal of that was to provide you regional counterbalance to China. And you potentially at all these other trading partners that you can use in negotiations. And now you don't necessarily have them. Not only do you not have them they hate you. Well and and China is obviously sadness saying gee there's a power vacuum that's been created is one that we reach in and say oh. The US was going to make loans to you to build this this in this. They were gonna make those loans now instead. And in you're certainly seeing that though I have been reading a number of stories about some push back that China's been getting on some of these deals. But is it still has left a vacuum where the US used to and and was felt going to be. It in the rest of the world looks to the US to lead to. But the US has ticked everybody off. In and we need we need friends are in order take on the Chinese we need. A lot of friends and right now we are absent many of our friends who have traditionally been corporate Canada. They beat Canada. If you eat like John Moody used to say. Yeah you'd take it along with candidate means that you can get along with the Golden Retriever they're very nice people. If we are thank you and that's try again. I I haven't had my first stroke yet. An interesting choice of words why haven't I haven't had a heart attack yet haven't had a stroke. My first or my first or I would have meant to I'm sorry to hear that. Just you know when you get older you start to. Read articles like the one I read in the Wall Street Journal it and I'll read it the headline news for treating severe strokes all hospitals are not equal. Now there's this procedure. Called me from back to me. Do you know what that is. I do actually numb and pretty much what they do is they go win and they try to while remove the blood clot before it damages too much tissue. And that can dramatically reduce the amount of damage that's done because pretty much what that the clock does it blocks flow to parts of the brain. And the longer that parts of the brain go without blood flow of the more damage is done and in that damage can be anything from. Language processing to walking balanced things like that different things you've ever may have known anyone with a stroke who's who's who's had a stroke. They'd likely have one or more symptoms afterwards because oftentimes they are significantly damaging. But there's only a 175. Of these hospitals. In the entire country. Yet that that they're just aren't enough of them and it's it's for a couple reasons I mean part of it. Is simply because their ardent of doctors trained to do these procedures are located the the these are not exactly the easiest up for seizures necessarily talking literally about brain surgery yes it it is BO really challenging stuff here and something where if you neo. You messed around some of bringing you Leo move the wrong way. They could end up worse than if you hadn't done the surgery. And so there are enough doctors that are trained to do this there are enough hospitals that have facilities with a specialized equipment that you need to be able to do this. And so Andy. And they might take it to the wrong hospital electorate this thing is that if you have a stroke. Right you have to get to one of these from back to meet hospitals within thirty minutes where you are screwed. Thank you feel very good does it. Not when your 58 Utley that you know again it's. You've got an. That doesn't do it from back to me. And then they say oh while will send you to a another hospital might lead to rally while yet if your if your more than an hour. It just from back to me is not going to be effective you've got to get there. Fast. And and that's a real problem match what it's like in the rural part of the country early on you you'd probably have state where he could be two and 300 miles away. 400 easily from yet being able to get it from back to easily. Easily scary stuff. Yet that's scary when your thirty years old it's scary when your 58 and a note and a 68 item but you had a heart attack two years ago age 29 so plan. It's out there. And a Dick's Sporting Goods sales were hit by tougher stance on guns were they ever their same store sales in this as. You know I know you like to look at the balance sheet and they're in debt ratios and all that stuff I look at same store sales from Canada retailer. Same store sales and their web site. Fell by three point 9%. For the period ended November 3. And that wasn't the first quarter that they it was the chains fifth. Consecutive quarter of sales declines is is exporting goods circling the drain well I don't think there's. Word golf. And hunting. Over the two things they kept the moving well now golf is struggling Tuesday at Tiger Woods was bad for about ten years getting back but you know it doesn't seem like people get back in the gulf at least playing it is much. And your watcher what he's playing the adult thing he ever look at the viewership numbers what he's playing in what was the the PGA it is here that was up like a 170%. From last year something like. That was basically sees me he is the the PGE. Gas latest while not televise it let's he's yes it's the professional tiger association and everyone else is just kind of along for the ride. And you know so that obviously is hurt them him not being there for the last decade. Yeah and then you know the fact that they're now moving away from. You know hunting it to a certain extent with near the stance that they've had on guns this year. It's it's a problem for them and that they're not going to go out of business because of this but they're not necessarily going to go anywhere because of either. There is gonna kinda sit there. Well if years at the same stores are down 3% I mean is that your thoughts you'd love to peace will sitting their means that your your. Your same store sales have seen their their same store sales are down prices are up. Yeah and I think the big thing though is it hasn't been a full year yet so we don't have a comparison point you know from him reduce gun sales to reduced gun sales that we don't have something out here it is there. It yeah it's is not good but look at the discontinue product obviously you're gonna have same store sales declines. Our coming up we are two things that are really important one we're going to be playing trivia. And then secondly Arnold Tucker if you saw this story are not new parents are complaining. About in a solid. And they have a justification for their complaint I I've read this story and I said wow talk about deceptive sales practices. Amazon in my opinion. Is guilty as sin of deceptive sales practices will explain to you what I mean by that when we return to the financial exchange. Business news is constantly break. And we're here to break it down and show what it means to your portfolio gives the financial exchange with Barry Armstrong and John soda on the financial exchange radio network. We're all trying to think outside the box when it comes to giving gifts for special occasions so this year I encourage you to call Peter bank the bank you ask why would call bank for Christmas well first because your Smart person and second you've heard me talk about Peter banks incredible assortment of precious medals tied this is very Armstrong you can visit. It all leader bank locations from Arlington to the seaport in Boston they've got one ounce and 110 of an ounce silver and gold bullion coins at all of their locations and other precious metals are available. Upon request these types of purchases can be Smart meaningful investment in addition to being a great gift for someone you love cult leader bank today at 8776917900. And learn more about its precious metal collection that's 8776917900. Or visit them online at leader bank dot com for more information. Not a deposit not FDIC insured and uninsured by any federal government agency not guaranteed by the bank in May go down in value leader bank a step ahead. As you age it's not uncommon to entertain thoughts about how your passing will affect your family legacy claiming it's not easy. Well and make sure that our kids are left in the strongest possible position financially and otherwise but gifting assets to our children is not always the best way to make sure they're taking care of public -- senior partner with -- laughs -- of -- and -- can help time as an expert -- -- -- -- elder law and taxation and if -- in the process of -- -- you need to call him right now and get his new free guide to gifts or not -- -- in -- you'll find information related to the -- process with Texas issues may arise from a significant -- -- at home -- vacation property and what happens to the -- of the child has -- -- these are all things that you'll need to consider -- you begin your planning -- 8668485699. And get this free guide to gifts or not a -- that's 8668 -- 5699. -- Dolan has over thirty years experience helping families like -- let them help you do call 8668485699. Or download the -- right now from our website legal exchange -- dot com. Are you having problems the blocked sink or drain. What a leaky Foster a shower. These types of minor problems can become big headaches if they're not dealt with quickly and efficiently. And believe me I've that all kinds of trouble trying to get people who can come in and do capable qualified work I talked easy plumbing in their professional punctual and thorough and all the work that they do so if you need a reliable plumber. With fair competitive prices. All easy plumbing. Easy makes it easy either experts they're knowledgeable they're courteous. They will be on time to take care of your issue and make sure that it doesn't happen again all you have to do is call today. In your plumbing problems they're history call easy plumbing at 781. Each seeks to. 1190 that 7818621190. Or you can visit them on line at easy plumbing MA dot com for more information. Massa master license number 10. 183 again the number is 781862119. No. It's pretty hard to find a bank that has checking and savings account that can provide a decent return and if you're in the market for one I've got to deal that you're gonna wanna check out tie this is very Armstrong and I've been doing business with leader bank for many years of fury in need of a bank with great rates on checking and savings accounts look no further than leader banks Zuma rewards account qualifying customers will receive 1% back on debit charges 10% back at featured businesses no minimum balances required and no monthly fees but that's about all leader banks -- look rewards account has two point 05%. Annual percentage yield if you're searching for great -- it's time to call leader bank at 8776917900. In addition you'll receive a free information packet featuring a guide to Zuma businesses that number again is 8776917900. Or visit them online at leader bank dot com. No deposit to opener annual percentage yield is ten dollars to 23% interest rate messrs. until late fees reduce earnings re subject to change without notice leader bank a step ahead member of the icy. We have part of the financial exchange in an instant by texting us and 63566. Starter tell extra keyword Barry and become a member of our brand new textbooks tell us what you think 24/7. Right here on the financial exchange radio network. We play trivia every day here on the financial exchange and it brought to you by seasons 52. 55. Years ago today though Warren commission was formed. But president Lyndon B Johnson to investigate the assassination of president John F. Kennedy. We will be asking trivia question about the war mission now for those of you were new program but what you plea trivia. If you text this the correct answer to question him about askew. Text number is 63566. My first name Mary be a Y at the beginning of your text message in the correct answer. And you'll be entered into the front 63566. And by the way if you win the test. You get a fifty dollars gift certificate to seasons 52. It rip rest. All right which. Future US president was one of that's seven and means committee members of the Warren commission those of you war history buffs this answer. Those you're not struggles. The text number 63566. Which future. US president. Was one of the seven means committee members of the Warren commission and again our text number 63566. So soccer. Your babies to a less than a month Gloria you know we're under a month now. Are brilliant at crunch time touch you much I field. Oh good god. Notre expert on the record dinners and we here's how you feel out of your wife this answer back Butler outer banks are others. She's working excellent work she still work and don't tend Florida's order. Dealing with more children. Yes well at any let's get to our era our story which has to do with it is and this is sent to you. The way you do did you did you register with Amazon for that baby gifts. I don't know her as a meteor one home. Oh not now when I department there. It means your department so. Busy you're going to be up to your years in diapers different Dell and but yet the way it Amazon's. The thing works is as a new out there Tucker's wife. With sign up register. And Amazon.com and eats it while these are the things that we don't have yet that we need for our grants are our son. And you list items. Like it everybody's immigrants. If your daughter for what I can't remember you do it needed India bureau. But you you you'll probably changer that three times before the actual Tuesday. No idea I stick by it aside from Amazon. Amazon I've manipulated the results completely. Beat out with this. Check the the weight when Amazon does is you you say yeah Tucker's wife registers. With incomes under twenty items that she might like her son. We do is they sell. The information. To advertisers. And somebody goes on their thinking that Parker wants. A group burst open that. It doesn't hurt us really want is deceptive sales yet it. They they dumped those advertisements then you two were like right in the middle of your yeah registry. And so it it has all of the same Blake you can't well it's difference as far as what's an add in what isn't what does it say it like sponsored it says it has a small gray spots jacks are defined knees but it's it's not like. Eat it it's right in line with everything well so it looks like it's something that you are actually trying to get very sneaky and so it just it's like you know let's say that you sit OG I want you know of this you know toy for my age you daughter. And instead. It says no you actually won this one because this hour on the list mirnyi gets audiences they're owned and registered with us and a. Very sneaky because it's eight in my opinion it's dirty pool on the part of him. Now there on the likes it that you can keep things like registries free of advertising. You know it gets I don't think that's too much to ask for. Or for you you you make it very obvious. That it's and write it Nike you don't try to piece to see the consumer arms khakis with thirty lake Hughes. Think about how it used to be like let's say that you registered at Bed, Bath & Beyond for wedding and you went into Bed, Bath & Beyond. They would give you a list and you say okay wanna see the registry for you know the selfless. And they would give you list and no on that list would be an advertisement for something all right you didn't want to. You know lake just if it's a registry make a registry like. How a little secret space relate okay this is what we want as opposed to. I'd I'd I'd I'd I'd I'd I'd. This is ticking off consumers people are in their you know it's. That for Amazon this young consumers re elected what that if you tick somebody off like me because I'll be absent. But younger you don't want to time you made a comment like that today try to tell something personal gonna get multiple strokes now you're gonna soon I mean what's going on here. As just speak the truth you know we knew going year by a Jew you know you have a limited shelf I don't even buy green bananas and let's because there's nothing to sneeze or yellow to. But they go. With Billick as I've as an example I registered at Amazon for my wedding. This would make me think twice about doing it for eventual babies are definitely. Would like to eat your action and happy pieces in you said the east pearl at some point. Swap this is where mail admin. Tucker we're making progress and it'll it is that a tough road. But. Chalk talk and I got married he says though you'll never make it a couple years we'll hear I am on the two year we're still out there so keep wait. Buckle up Tony nineties the year Berry. And yet in at the belong on that might be normal. Whirlpool. The I think whirlpool is paying via an appliance company and ridiculous stuff. But they were the poster child for companies that were being hurt by a cheap. Asian imports right there American company and they are the poster child now it turns out to get crushed by the tariffs. Yet they are and so while manufacturers as a whole have marked up appliances by about five point 4% but washing machines and dryers are up thirteen point four. In thirteen point 1% since January. And soon you're seeing higher prices and it it's either case where world war world pool. It is either able on some cases to be able. Suited to raise prices to match their input cost but a lot of cases there and give discounts it's affecting their profitability. On their stocks to expect Scottish aux down 27%. This year down and that's even after rallying over the last little bit here so it's. You know that they've they've had a rally of about 15% over the last couple months so it's been worse but. Is not been a good year for them so far. No pain in this is. You know when you start messing with trade this is one of the the things that you know people don't understand it those General Motors layoffs. The more I read about that. The majority are attributing some of those layoffs like apple. Is to the trade and you just need to be aware and I think that's why the president is anxious to make a deal was China. Which you alluded to earlier this morning. The Dow is down 92 point when we come back we're gonna tell you how to become a millionaire that's right. How to become a millionaire is next on financial expect. The financial exchange is alive on FaceBook so make sure like your page and watched the guys break down the latest on the market every day beginning at ten on the financial exchange radio network. As you age it's not uncommon to entertain thoughts about how your passing will affect your family legacy cleaning is not easy. Well and make sure that our kids are left in the strongest possible position financially and otherwise but gifting assets to our children is not always the best way to make sure they're taking care of public ski senior partner with a laugh from of Gershon and Dolan can help time as an expert in estate planning elder law and taxation and if you're in the process of legacy claiming you need to call him right now and get his new free guide to gifts or not a gift in that you'll find information related to the gifting process with Texas issues may arise from a significant gift click at home or vacation property. And what happens to the asset of the child has creditor issues these are all things that you'll need to consider is you begin your planning circle 866845699. And get this free guide to gifts or not a gift it's 8668485699. Cushing Dolan has over thirty years experience helping families like yours let them help you do call 8668485699. Or download the guide right now from our website legal exchange showed dot com. It's pretty hard to find a bank that has checking and savings account that can provide a decent return and if you're in the market for one I've got to deal that you're gonna wanna check out tie this is very Armstrong and I've been doing business with leader bank for many years so if you're in need of a bank with great rates on checking and savings accounts look no further than leader banks Zuma rewards account qualifying customers will receive 1% back on debit charges 10% back at featured businesses no minimum balances required and no monthly fees but that's not all leader banks zug will rewards account has two point 05%. Annual percentage yield if you're searching for great -- it's time to call leader bank at 8776917900. In addition you'll receive a free information packet featuring a guide to Zuma businesses that number again is 8776917900. Or visit them online at your bank dot com. Minimum deposit to opener annual percentage yield is ten dollars to 23% interest rate messrs. insulate these reduce earnings re subject to change without notice leader bank a step ahead member of the icy. Are you having problems the block sink or drain. What a leaky boss or shower. These types of minor problems can become big headaches if they're not dealt with quickly and efficiently in believe me I've had all kinds of trouble trying to get people who can come in and do capable. Qualified war I talked easy plumbing in their professional punctual and thorough and all the work that they do so if you need a reliable plumber. With fair competitive prices. All easy plumbing. Easy makes it easy they're experts they're knowledgeable they're courteous. They will be a long time to take care of your issue and make sure that it doesn't happen again all you have to do is call today in your plumbing problems they're history call easy plumbing at 781. 862. 119781. 8621190. Or he can visit them online at easy coming MA dot com for more information mast master license number 10183. Again the number is 781862119. No folks it's chuck and Mike from the financial exchange we're talking about required minimum distributions are getting towards the end of the year now. In a few over age seventy and a half. And you have IRAs are 401 k.s for a three B is yet have to take out those required distributions before the end of the year. Otherwise you face some penalties Mike how steeped in the penalties be on our d.s that are taken out. They can be very severe so. Let's say your first year required distribution is. 5000 dollars and you've failed to take that money out you can be penalized. Up to one half. Of what you're supposed to take out but didn't so let's say you didn't take any of your acquired distribution you can be phased in IRS penalty in that case. Of 2500 dollars or it is a significant amount in in terms of you know that penalty it's not just that you face on that one year if you miss 2345. Years those penalty numbers to add up to significant amounts of money absolutely deserve this is something that you cannot ignore folks and if you find yourself where you find a loved one in the case where they. Eight didn't know about it largest beef failed to take action. Don't ignore address that you know identify what the issue is how much you might oh. And get on it right away it might involve writing a letter to the IRS and explaining the situation but do not ignore the required distribution payments on your retirement account. It's required minimum distributions can be a little scary but our strong advisory group has a new guide out this month titled required minimum distributions to help answer all of your questions all you have to do to get it. Is call 800. 393. 4001. Or you can also download it appropriate Armstrong advisory dot com once again that number is 800. 3934001. Or Armstrong advisory dot com. Securities are for two securities America incorporated member finreg SIPC and advisory services are there securities America advisors incorporated Barry Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. If you missed any part of today's show not to worry good financial exchange showed dot com and click the listen. Then click on demand and catch up on every segment. You'll also find podcasts of all of our poll showed us just punch up that listen but who had financial exchange show does come. The correct answer to our trivia question was Gerald Ford Gerald Ford was appointed by president Johnson to. Pair a biography. Of accused killer Lee Harvey Oswald he eventually became vice president. And then president when Richard Nixon resigned in August of 1974. And the winner on this question is Robert for master. 52. With 43 locations nationwide including two in the Boston area. In one in West Palm Beach seasons 52 was on a mission and that mission is to provide you with a better way to eat. Visit seasons 52 today in Burlington Chestnut Hill or Palm Beach Gardens or. Go to seasons 52 dot com menu information and reservations and booked their holiday party today Nielsen gives special gift for. For all of your guests. It's easy to be a millionaire but becoming a millionaire take some work in some effort. Use time to your advantage if you save 522. Dollars at the beginning of every month for forty years. And only had to do chuck concern about 6% on that 522. Dollars. You'll Q accumulate a million dollars. Not bad not bad at 6% I mean that's basically with pity you would expect as a return probably out of what I eat a balanced mutual fund maybe a probe. Or something it's in in this environment you probably need like a 6040 portfolio UCL like a balanced mutual fund or something along those lines. If you start ten years later in all we can say for thirty years as opposed to saving 522. A month at that rate of return. You need to save a 1021 a month. Time value of money baby it really is it did it's it's unbelievable when he actually do the math like that. Analyst try to teach my kids that jealousy when your young six start saving for retirement. When you're 23 years old he's just graduated college. And that way by the time your you know your 55. It is that 68. If you want to keep working due to hand you don't feel it yet and here it. Oh look you know the cut to buy time here at sixty feet saved a good amount every month. He probably you have enough money to retire yet to become an ice. The president is raising the prospect of an import car Tara. After that GM cutback plan he's referencing which I think is fairly poignant. Reference. The the pickup truck industry in the unit states. They're pretty much what he is saying is that because there's been a 25%. Tariff on small trucks coming into the country for. Think that's been. What about fifty years now almost on the that's been in place you have most of those almost all of those pickup trucks produced inside the United States. And so what he's saying is look for doing this for. Pick up trucks it's begun to pick up truck production in the US why don't we do it for. Other kinds of vehicles as well and put that in the place on other vehicles in order to encourage production. To move in to the US so. You know looking at this look out obviously I'd I don't like tariffs to begin now okay. But when you when you talk about what's going on as far as. Global supply chains one of the things that's really interest in right now is there's a bunch of European manufacturers. That are looking at moving production into the US or they could export. To other countries most notably South America actually it's it's. Yeah strange to hear this but there's actually a bunch that that's going on right now. And so one of my concerns would be if you see these tariffs on imports coming. Into the US to other countries were to respond with retaliatory tariffs in to some of the companies that have moved production over here in order for us to export. You know you you look at where a lot of BMW production Mercedes production happens to a lot of you know southeast US production that thing gets sent down into central and Latin America so. I look at this and I say. I'm one level I understand what he's trying to do I don't know if it's the best for. Policy given what you're seeing other manufacturers doing right now. With some of these other types of vehicles. Nigeria that you member when he went after the G-7 and he said hey they let you know I still like the fact that important tariffs on it. Let's let's everybody reduce all of our care is they limited no tariffs on anybody and all of a sudden Canada and France and Great Britain are ready auto and auto week we get to terror spree. Yes though. The the these countries speak out of both sides. Yeah. What's your point. 01 point that I felt the need to to match still doesn't mean terrorists are good. No light that and that's exactly what the president sent a note there's nobody charges any terrorist all free trade all around the globe you think that was a real offer. Well up he would take it you know if everybody said I don't retrain and now. Think about what happens the US farmers there get slaughtered. If that your doctor I would hope so. I would hope so. Mean maybe maybe that's just me but I'm I'm hoping that he would that mean a kind of an important you know group of people they provide us Leo. Food which is kind of big upwards of fat as it is right on this just early get a whole segment on obesity 40% of the country's. This is true folks were all trying to think out of the box when it comes to giving gifts for special occasions of this year. I'd encourage you to call leader bank a bank US why would I called bank for gift. Well first you're Smart person in second because you've heard me talk about leader banks incredible assortment. A precious metals you can visit all leader bank locations from Arlington to the seaport in Boston. And they've got one ounce in 110 ounce silver and gold bullion coins at all their locations in other precious metals are available upon request. These types of purchases can be as Smart meaningful investment in addition to being a great gift for someone you love cult leader bank today 877. 6917900. And learn more about its precious metal collection. That's 8776917900. Or visit them online leader bank dot com for more information. Not a deposit not FDIC insured not insured by any federal government agency not guaranteed by the bank in May go down in value leader bank a step ahead. There's a statistic that you can share at the hockey rink tonight this is pretty it's really interesting. In 2005. Chalk not that long ago where he talked with thirteen years ago yeah. Twenty point 9%. Of American adults smoked cigarettes Democrat. Today her it is the latest number have a superb twenty sixteenths eleven years later we've gone from twenty point 9% of adult smoking cigarettes. Down to fifteen point 5% what do you think that is. I think better education obviously has can continued to reduce use smoking levels older smokers to near typically smoked in higher rates. They obviously have passed on just as when we get old that's what we'll do. Into. Faster when you smoke merit we have a client who's who's a cardiologist he told me. He said that I asked about it this what he figures published a smoking shorten your life span by day and I was figuring he'd say like seven years he says seventeen. Years. It's a big chunk seventeen big chunk of news that it into the reason I bring this up was Altria. Which is a tobacco companies a symbol for his MO yeah they're they're buying. Chunk of this very controversial company called tools GUULT. Try to exploit because of it. A lot of people including me don't fully understand what Jules is in this whole taping thing it witnesses and my with the guy. Yes so what would bathing is there there's little things that you see people carrying around some of them look like guy USC stick some of them look like pens I'm a pretty much what they do is. The contain either. Actual tobacco in some cases or more more typically. A fluid contains nicotine that is then heated to a certain temperature word vaporized doesn't produce smoke just produces vapor. And so the thought is on one level it doesn't have some of the carcinogens that via traditional cigarette smoking happens the but it does have all kinds of manmade chemicals in them. That we don't really know if those chemicals RC four long term consumption. And tons of nicotine. Is really addictive. Is it it's got a lot of nicotine in it but jewel has you know grown very rapidly they had one point EQ yeah in dollars in retail sales for the year that ended November 17 according to Wells Fargo. You see their market to happen I mean this is a company that I barely have heard about two worth sixteen billion dollars that was last year measure like I. This thing is growing like a week. According to my wife who's a guidance counselor aha these things are all for high schools everywhere but what do they do an about. High schools are really sure if it's. First of all they're really hard to actually cracked down on just because they're so small that you know kids hide them Indian. Smoker and a bathroom as of smell or anything so it's in that no one really is it's really hard to crack down on. And so parents are really struggling with that I guess just because. Unlike you know what when he smoked cigarette you smell like a cigarette for the next week. Yeah when he spoke when these there's not really any smell it's just kind of again it's vapor just kind of give comes out in dissipates and that's it. And I have a friend who had a child who's in middle school solution thanks seventh or eighth grade. And he told me he said his daughter will news. Demonstrating it like addictive behavior towards the stuff like you with the you know had to have it not oral that's just socially Europe it's truly addictive. But boy at these sounds like it's the next. It seems that we go from one crisis to the next rate was heroin then and now it sounds like it's a stuff and and you thought Boris. Buying in and Philip Morse a stock by the way I should say Altria Group stock symbols MO used lethal force if stocks up one and a half percent on this news. Yep it's look this is a company in jewel that is growing very rapidly. And so obviously with Altria is core business declining year over year. No this is something that potentially gives them a growth area to get into the other one that I think they're looking at the bill eventually get into. Now is Canada. Yeah mode no doubt no doubt either that Murtha liquor companies are we have one of those I would imagine most of coming up or talk about an automobile company that is sneaking on Tesla that's right yet. Major automobile company that's gonna go head to head with Tesla. In the production of electric cars that's next on the financial exchange. The financial exchange. All of ordering and and also now in West Palm Beach, Florida. Check out our website at financial exchange showed dot com and find the station closest to you. This is the financial exchange radio network. The midterm elections have passed in the stock market remains unpredictable which means you should always be prepared for the future hi this is talks on if you have at least 400000 and invest -- -- -- I want you to join me in very Armstrong on Monday December 10 at the Tuscan kitchen in Burlington for special broadcast of the financial exchange followed by an educational lunch with the Armstrong advisory group we'll talk about the current state of the markets and discuss strategies to help you become smarter investor you need to have at least 400000 invest more assets to attend to call now and reserve your spot at 803934001. Space is limited so call now in joining Armstrong advisory group and the voice of Boston AM six AB WRKO on Monday December 10 at Tuscan kitchen in Burlington and experience true artisan Italian cuisine and find a location near you at -- brands dot com register now what 803934001. That's 803934001. Securities offered to securities America incorporated members in SIPC advisory services are with the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group the securities and are two companies are unaffiliated. If you're at or near retirement age legacy planning is something that you're going to want to be mindful of it goes without saying that we wanna leave our children in great shape for camp but gifting RSS be at home or vacation property can create huge capital gains tax problem at the kids choose to sell the home Todd let's keep is an expert on elder law and taxation and he's been helping families like yours with their state claiming needs for years let him help you do if you're beginning to think about legacy claiming for your family. Call for drugs brand new guide to gifts or not a gift at 8668485699. Gifting assets to our children has special meaning of the children have creditor issues org go through divorce problems to arise the could be disastrous. Protect yourself and your family by getting this free guide to gift or not to do if you worked a lifetime accumulating wealth. Now you should spend a few hours to make sure it stays in your family the right way call 8668485699. 8668485699. Or download the guide right now from our website legal exchange showed dot com. This is very Armstrong saving for retirement is extremely important those of you who have put money away for later life are probably in pretty good shape but did you know that once you turn seventy to have you are required to start taking withdrawals from your retirement account of course questions to arise how much do -- take when exactly do like take and ideally taking it for whatever reason these are all good questions and you need to know the answers before you do anything I've written a brand new guide which can help you with this process it's called understanding required minimum distributions at its worst for free by calling 803934. Zeros or ones that guide will tell you how much you have to take out based on your age and it also explains an exception to the RMD rule as it pertains to your current employer plans call 803934. Zeros or one where you can download it right now for my website Armstrong advisory dot com. Securities offered to securities America incorporated members in SIPC and advisory service is our with the securities America advisors incorporated Barry Armstrong representative Armstrong advisory group the securities America companies are unaffiliated are you having problems. The blocked sink or drain. What leaky Foster a shower. These types of minor problems can become big headaches if they're not dealt with quickly and efficiently in believe me. I've had all kinds of trouble trying to get people who can come in and you capable. Qualified work I talked easy coming in their professional punctual and thorough and all the work that they do so if you need a reliable plumber. With fair competitive prices. All easy plumbing. Easy makes it easy either experts they're knowledgeable they're courteous. They will be on time to take care of your issue and make sure that it doesn't happen again all you have to do is call today in your plumbing problems they're history call easy plumbing at 781862. 1190 that 781. 862. 1190. Or he can visit them on line. Easy plumbing MA dot com for more information Massa master license number 10183. Again the number is 781862119. No. Security suffered two securities America ink member finreg SIPC. Advisory services arbiters securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies are unaffiliated. The markets are still volatile. Get our weekly market recap but becoming a member of batteries brigade is a financial exchange showed Judd come and sign up today. Confirming what chuck told us in the previous segment 781 rights drooling is a real epidemic with our teenagers. Night's opening writes Barry he's at the ingredients in your typical hate Jews. EU liquid ingredients include probable lean Lysol vegetable place this current. Study we don't know yes and nicotine. I hurt I did what I read. Accurate portrait. Of the as a reference it but I heard that the the amount of nicotine stuff is just remarkable like much more than you would get cigarette. We'll keep in mind you don't smoke 11. Packet of this it it's it's not equivalent to one cigarette. It's intended to last for a day or two it's it's the equivalent of like multiple packs of cigarettes. And how much does it cost we know ladies is your wife know what they can accuse it. Ten bucks like pack a cigarettes I think is around ten bucks. I don't know when we take a look here. You have to wonder their web site. Let's see so they've got stars same one you heard slowing five bucks is that for the device yup. What about the like the pods that you actually have to filled up with the you know. Mighty fine. But there's one or any referred it was an oil. Yet it will that that they're difficult and ponds. And they get different flavors and different things like that. And so let's see here amidst pod and it's four pods. Come to pack looks like it's 1599. So I wonder like for a half stars. Suze one bought the quote one of the pack. Chuck is accurate I think it's something I guess accurate I think it's it's it's along those lines yeah that your whole work assign you need to do that for Moore show that's smoke Wednesday. And you have to do you have the do research on it okay. They can boast that people listening to show our our our fans they don't know this off. Right I don't island day I'd never done that so you better learn about the stuff your haven't kids you keep away from stuff. Mr. job. Future cucumbers flavor. That sounds nice mango and these are healthy you know means. Our let's talk about the car company that is taking on tasks there building electric cars in China starting next year. Yes and this is dying or moving into electric car production over in China and this is largely in response. To China's anti pollution quotas remember the trying to get 8% of their fleet sales as electric vehicles by. Twenty. Is 20/20 20/20 two. Illinois it was they moved up to because the it's such a pollution problem I think if at all the numbers are I think it's 101000 people a day die in China did air pollution. And ends so what they've done is they've escalated. It and inning increase the speed at which they're going to require. You know electric cars come wrote. Yes so I Don where is going to be making the Mercedes-Benz EQC. Electric SUV. Over in China again be selling that in China beginning next year. And you know Tesla has also said that there beginning to produce up for. Parts Ford's model three over there in their Shanghai factory next year's of their starting to get schooled up. And so there's a whole lot of activity going on to try to produce these electric vehicles K here's the interesting thing when I look at China. So they wanna move to more electric vehicles right during the primary way they produce electricity there is still coal. Abbott that that's not fair because they have reduced their credit they are reducing their coal fired plants just like we are maybe they're doing it faster because they're killing people. So it's it's plateaued. Like if you look at all know that's it the the usage that they're new production all coming on line is Nat gas and stuff like that but did a nuclear their end and their two and a lot of renewal. But the issue is that bear existing plants and most of them are still there like there there it's pretty much if you look at the charts and look at one right now from. The Brookings Institution. And they've they've Platt told but they're not really moving down significantly. Since. You know so it's like. Yeah I'm one level together not building new ones but they're not really doing a great job producing. That their coal plants over this and say OK so you move to electric vehicles but. You know you're not really producing your electricity in a way it's gonna clean things up too much. Hey I wanna mention Fiat Chrysler while we have time. Fiat Chrysler has come out in unveiled eight G branded pickup truck and I think it's a mistake because the Chrysler pickup truck. Target truck leave you look at those dodge trucks in this crescent trucks up. They're good looking and people like them and now they're you know they're they're kind of general cannibalizing that sector by coming out with the Jeep truck that's actually I'd looked as a you know I wouldn't buy it. I assured truck I share both of your opinions on this I think it's ugly and it's gonna cannibalize sales from their their main BO pick up which is that the ram. And so I I look at this and I just I don't whites. What I do get it on one level. America and my cell pick up trucks but when you go to Chrysler dealership are they selling cheap servers just a Jeep dealership. To know percentage I didn't keep Chrysler dealership so I've been doing Jeep dealership and they do a crisis there and see it that. The right idea. I because the I'm hearing really good effort to mine has Chrysler picked up laughs he's got the Dodge Ram accident. He says any used to be Ford liked this better the sport. I will say the Jeep when they're doing it does have some potentially cool features just is like. You know chief Eric is a vacation car I can take all the doors off and you can pull the top off silly gets its cool like that but. And I don't know the rest of it's kind of match. And it doesn't it doesn't do anything from what's it is a guy would I violent and I wouldn't consider buying. The markets are open and the Dow was down 72 points already just texted us that. President trump has canceled his meeting with who. At the G-20 good for him. Eight NASDAQ down 21 points the S&P down seven Russell is off for. The price of oil's a two and a half percent thanks for tuning into the financial straits we'll be back tomorrow with another issue.