Mar 21, 2014|
3-21-14 Full Show by financialexchange
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
Good morning new England and welcome to the financial exchange on Friday morning the 21 day. Of march and it's so good that go along with me to Friday tax -- -- -- -- when you start the week with the holiday. That's a long week from -- -- people like a confident there were lots of revelers. Who spent four days -- celebrating. So here's here's how long of a week it actually has been is when you set holiday I'm thinking back and -- and what. I'm trying to remember. That's so long of a week it's actually been at this point so it is now Friday it's about 1006 in the morning we're going to be within the next couple hours we do have quite a bit. Go on -- a great step but before we get to do you know anything of any great worst we've got to talk about -- brackets. So I just saw. That billion dollar -- 83% of of Bob sheets work cut out yesterday from the billion dollar contest with Warren Buffett I think he's safe. I think he can take that billion dollars invested elsewhere I know I know I'm not guy in the running. What is there under a hundred left is cowardice is I don't know it's it's there's there's way more real Erica there's it's so I forget exactly how many submissions they got they get the full fifteen and I think it was a little -- -- -- there are short fifteen million but Butler north of -- they still like 15% at 70% of all eligible bracket or brackets there are still. In the running for this so after tonight you would imagine that probably gets cut in half again. Again the odds of someone winning this one in something like 928. Billion I think -- I got that and it is as if you know what you're doing the odds improved to one in a 12728. Billions. -- you and I just talked about this I mean this is one of those things that you key at. I don't care what kind of odds maker or I don't care costs more or about basketball I don't care what kind of mathematician -- mark. You can not. You you have no influence on those young men when they take the court and you like you say now you have you have a sore throat you that at breakfast. Or you're just so gung ho you could run through anybody and anybody can win this is a much worse back into seeking safety on the first play of the suit up. Which is what -- Couple times actually dare say exactly but evidence but now we have a little office will go here and you are running force check in Europe are very. Good because you can't sent out -- updates more. Sent -- an update this morning I'm sitting in second place right like you said the update out right now listen I I got thirteen to sixteen right that's not bad last year in the first round overall I get when he at a thirty -- -- right on track to be somewhere right around there. The problem is last I completely fell apart after the first round which it it it's I have a bad tendencies -- let me ask you this losing games that you did have will they affect -- down -- are now. All the ones that lost that going out the next episodes is not a big problem for me so. I'm still pretty confident right now the -- in our -- at least range from getting nine to sixteen right fourteen to sixteen David and I are eleven yeah. We tied her up that's right we're connected not -- might have any long term you know finish after this round yet so I have a quick question on the chuck I should ask you this before the show. So I noticed that ESP yen rate at a record breaking year for number brackets filled out -- right they were up like 35% this year or last year. Why are people going to ESPN as opposed to going to Yahoo!. To take part this billion dollar challenge you and -- -- while people do that why's that. -- and everyone. Try to put this into account you know to be completely honest it might just be that people don't realize they have to go to Yahoo! and right now ESPN thinking that the -- that Miller. She's they might just not look it's it's if I get a perfect bracket were about to give this to me in the right. I think I don't remember do I don't even remember seeing in the story united -- -- in read stories on the news. Is -- a partnership between it obviously buffet it's Quicken Loans it is Yahoo! or their malt you know I it's run just -- yeah I'll -- it is -- it is just but. You know again you tell people a field of -- get a perfect and I don't care they'll still fill -- -- you know looking for the Quicken Loans bracket challenge any interest and okay and -- -- -- bracket. Bring it to mr. Buffett's house -- home on the -- gulf war when there are filling -- the Yahoo! bracket they got so annoyed by the questions of do you won't home how much you may follow blogs today curriculums to screw this I'm going Caspian. Yeah and a teacher. Yeah just thinking if you filed online viewer or automatically exactly. We got a lot coming up on the showed today folks aren't just kind of a sense of it here just few minutes -- talked OK he's gonna talk to us about. The banking stress tests for 2014. Results are out. Of the stress that's actually started in October and it's actually the -- results because it started back in October. In the looked at the thirty biggest banks in the country to see these banks could withstand. If we adopted to a deep recession and we'll see how turnout at. I'm a little bit surprised I have to say that they'll pass that they all adult and yeah are all but one past I'm actually a little bit surprised I would've thought -- -- of them would. It's interesting it really tells you how -- how much stronger there and how much better capitalized they -- than even five years ago because distressed has pretty much what it involves. A big rising unemployment rate equity prices fallen 50% home prices going back to what they -- in 2001 -- so it's a pretty significant test and again 29 out of the thirty big banks. All -- the only one that did was ions Bancorp and they came through little bit below in the tier one capital -- about 3.5 percent to five but. You know again and that they didn't -- -- it didn't fare so battle -- and they still had reserves they just didn't have adequate ones. In this stress tests -- Also want to let you guys note that columns Fitch ratings ski. In the United States and the Tripoli raiding their -- talk. Is that we're in we're talking about Chris our ability to our money did get a lot of talk. That Fitch was gonna downgrade. The status. And in the end they did not so with the highest rating which is a AAA crucial them back in 2011. As impede downgraded the United States to double late plots. That still has not come up. And it it's never good for the country if it for ratings service downgrades. But in this particular case it looks like count were in OK shape when it comes to Fitch. No exactly and along those same lines S&P just reaffirmed Greece's EU minus rating still. In that very dangerous category there are so not a whole lot of change they do think that the outlook is stable so they don't think that situation is likely to worse and worse and -- eighteen to 24 months. But they do still think that there are significant risks there with regards to the Greek debt situation. Little bit later in the show were gonna talk about Russia and what is happening in the airport yesterday they took Hewitt. On their stock market all because of sanctions and all of these salvos that are being shot back and forth between the two countries but I do want to let you know this morning. Vladimir Putin signed the final paperwork for -- SO. Crimea is now in Vladimir Putin's guys in the guys at the Russian people is now part of Russians that officially occurred this morning. All right very quickly before we go and not chat with Dick -- say. I wanna talk to everybody about. You're checking account you gotta check it got a savings account you know a lot of times we get savings accounts in the Koran we try to find great account that maybe it will make us a little money if we're planning a car. Our money away but we don't necessarily look for those kinds of things when it comes to checking account. Well tell you about physique that counts leader bank they have checking account and is it the savings account. And folks you know if you're if you're gonna have a checking account in all of us to do. Why not have one like -- -- -- count at leader bank you earn up to 1% cash back. On your debit card purchases and if you're like me at my debit card out for just about everything I don't write a check anymore. 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Leader bank dot com -- can go into what their locations East Arlington Arlington -- Arlington Heights Belmont Burlington. Central Square in Cambridge does sigma accounts -- I don't know why. You wouldn't check this out in immediately take advantage. Of them giving you 1% cash back every time Emmys or debit card and the opportunities that exist there. All right so we gonna talk this morning about banks we're gonna talk about that stress test. For the folks on Wall Street bailout system that they -- -- they called their March Madness they wait for all this information to come out. And dot -- Cuba yesterday and as we mentioned a thirty banks that were tested 29 of them passed. Yeah and definitely I think it's an encouraging sign here to dig a little bit more into this now. We are joined by Dick -- from Iraq pretty capital markets. And author of guardians of prosperity why America needs big banks and Dick thank you for coming -- with us this morning. Here so Dick let's let's take a look at these stress test from yesterday what is your take on how the banks actually -- during the news. Well like I wanna give it two different approaches one we know that the banking system in the United States is an extremely strong condition we know. From looking at their balance sheet repair percentage. Equity capital is the highest it's been or close to eighty years. And that is the liquidity on their balance sheet is that roughly a forty year highs. And that you know there -- loan to deposit ratios aren't. Forty year lows which means that they have a lot of liquidity. So -- that the question. You know that it's just residences as to whether they're in good condition and I you know it's clear they are. But you know department that the broader question is these stress test. Helpful or harmful. To the United States economy if you go through this list of banks do you find that those banks that don't lend money. Get the highest ratings on the stress test. Those banks that lend a lot of money or who are involved in the capital markets. Get the lowest rating told Europe bank and you want to -- game -- systems so to speak that you wanna get a very high stress tests. Rating do two things number one so a whole bunch of new loans take the cash and put it on deposits that the Federal Reserve. Which is exactly what the banks are doing or reduce your trading activities dramatically. Reduce the liquidity in the market. And put that money into either treasury or the Federal Reserve the what these stress -- do is they tell the banks. Two week in the economy. They tell the banks to increase unemployment they tell the banks you know to step back so non banks can take their business which increases the risk. In a financial system these stress test. It's so so we're looking at that then you know obviously those are some negative incentives for banks to actually go out. And earn more money so what is your take then on the banking sector given that these stress tests are going to be around for the foreseeable future what is your take. On their their outlook over the next couple years. But I mean banks actually earnings record amount of earnings because. Over a number of other effective interest rates and very low payment. Reducing the loan losses pretty dramatically. And I think the economy's gonna do relatively well so you know I think that banks are gonna continue to look. -- increases in earnings but I think that you know what would you need to look at is that there is 2.5 trillion dollars. In bank deposits is sitting at the Federal Reserve. Which is not being invested into the economy. Because there's stress tests or. Liquidity coverage ratios or risk weighted assets or all of the other steps that the federal. Regulators are coming up with. In other -- That the economy has a huge amount of liquidity which is not being used to generate growth. Because the bank regulators. Don't want that money used in the economy they wanted in the Federal Reserve they wanted in treasury securities. So the growth and earnings in banks. You know will be there will growth be what it should be. Will the economy be growing at the -- it should be absolutely not our stress test one of the key reasons so that. Absolutely. I stress test harmful to the US economy powerful total employment absolutely. So I think they should be eliminated. So what would you recommend in place of the stress tests in terms of you know that the big reason that people want those are that I think a lot of a lot of people publicly want those. Is to essentially protect against another scenario that we saw back -- oh -- -- nine what would you recommend in place of those. I would recommend system there existed prior to 2000. -- you know prior to the passage of the frank act. That's system if it was properly utilized. Would have it turned out the same things that give this stress test turns out that this system. Call Campbell it's been an existence. In the banking industry does in 1930. It's worked extremely well it doesn't work when the regulators refused to regulate. When people like she's a bit turn heads and say we're not gonna you know regulate. When Alan Greenspan says you know we're not gonna care about the regulation of banks when those things happen. Then basically the regulators and not regulating the banks do things which are inappropriate. And we've run into crises and I think that it was not necessary to pass so much of laws. Although it was necessary to do was to make people in the government do -- they were hired to do which they chose not to do in 2000. To to present time. So it into looking at this and obviously. You know there are a number of factors as you mentioned that still lead to a positive outlook for banks over the next couple years -- there -- outstanding factors so. What what could potentially be a drag on banks over that same time what interest rates going up have any impact or is there anything else that could potentially be a negative impact on these banks over the next couple years. Well I mean a rise in interest rates and he's he's going to be extremely positive for the banks it's gonna increase the margins on loans that they make you -- gonna drive there earnings. Higher than the biggest drag on bank earnings -- always low economic activity the recession is the worst thing. But after a recession the biggest drag on bank earnings is the US government. Which is preventing them from using the funds that they have. To -- stimulate economic growth but you know rising interest rates are. -- gift to the banking industry and and it's it's one of the primary reasons why bank starts was still a positive within the last couple of days. All right we'll Dick thank you very much for coming on with us this morning really appreciate the insight. In this and we'll definitely keep an eye on that next set of stress tests as well. It all right that was Dick -- -- from Iraq pretty capital markets also the author of guardians of prosperity why American needs big banks. Or he's not in favor of the distrust tax -- it and I think that the stress test what when you look at it. And on one hand you do it it makes complete sense in terms of look it it does force banks to be more conservative than they had obviously been. And it does reduce their ability to -- so. It it is a drag on economic activity. The question that you have to wait was that is is that drag. That does -- balance with what it's trying to do and that you want banks to be more -- by so that you don't need to get into a bailout situation -- that you had back in -- known nine. You know I I I go back and forth on it to be honest and I think especially having seen what we had back into -- to does not and so recently right. I think that at least in the short term I think that it -- you've been in place in and I understand that that is a drag on economic activity. But so was 2008 -- that's exactly -- he was a drag on economic activity as well and I think what you would rather have. That slow you know if you slow economic growth a little bit each year you would rather have that and the complete collapse that you saw back in a way don't know. Well and I think anybody says that this has to be forever you know this could be loosened some. You know -- with time and again we we have to we had to recover ahead be of a recovery. Well and and keep in mind the banking regulations have changed over time anyways what do right major things that led to 2008. Was defective mortgage backed securities the fact that they were able to be rated so highly. And they actually lowered capital requirements on those securities so traditionally you have to -- -- 8% in reserves for any loans that you made if you had triple -- rated mortgage securities it was pretty much is good is holding -- so you'll need 1%. And that's part of the reason why these banks were so under capitalized to begin with was bad regulation not necessarily you know the fact that that they warping it was just. It was it was a very -- -- -- adversity is not about having an all right I you know he made it clear though despite the fact that he doesn't like the testing. Banking is in a much better place and while maybe this may be a drag on the economy. Banks do look better and so I guess really in the end that's what we're trying to figure out here. You know. Are they better now than they -- the answer is absolutely yes. Day and I think both from a pure top line perspective you know when you look pat. What they should be doing in terms of sales that should be going up over the next couple years and also you know some of the things that factor into the bottom line like all of the legal action that was potentially out there the last few years you're starting to get resolutions as far as that goes. And I think that is a major factors well. That some of the risk from a legal perspective is diminished going over the next couple years too so I think that's a big thing to look out with regards to those back. We've certainly seen that that case with Bank of America. Got their legal issues clear -- up and make America has done pretty well just what delight you know that. This tube top performing banks in this stress tests were Bank of New York Mellon. And State Street Corp. with thirteen point 1% and thirteen point 3%. In the tier one capital respectively Aso. You know lot folks out there listening now actually work for both of those banks here. In the Boston area so both of those ranked in the top. Of the thirty some. And still -- waiter at the financial exchange this morning we are going to be talking. About and -- I have to have you -- walk me through this 'cause I'm not sure I completely understand it which is is losers bracket. No and no I Anderson in my bracket completely thing you know if I'm doing just fine thank you. Played its -- beard gets back I'm still gonna have you on the air strike in just -- new I'm expecting my tires to be -- next month on something like that you have no idea Monday why directly to Monday. You know what I talked about this Time Warner Cable. Comcast deal and what Netflix is talking about it the CEO of Netflix you know getting on his blog yesterday. And I I'm not -- -- fully understand this whole deal so I want you to explain that to mean -- you explain it to the folks who were listening. But it it does lead our first for your question of the -- element of that out there were quickly Time Warner Cable being sold to Comcast 45 billion dollars. Well in January. Robert Marcus became Time Warner's chief executive. He was on the job six weeks when this deal was struck and now he's being paid a severance package how much. Is his severance package worth. It's a big number some. This is the financial exchange on the financial exchange radio network. Breaking business news first. Scenario mr. -- -- -- On the play -- what's changing radio network. Americans -- -- checks out of this morning we got trivia question out there to view it's a police on the line. And that's our question Time Warner Cable is being sold contest for my billion dollars in January. Robert Marcus he's 48 years old it became Time Warner's chief executives. -- executive. That it was six weeks later they struck a deal with Comcast and now she is being offered. A severance package how much is that severance package worth he's essentially on the job six weeks. You can text has its X 8680 -- their FaceBook page we would love to hear from you and again there's police on the line a very quickly let's take a look at what's going on the markets right now the Dow was up 95 points NASDAQ is down 21 ads in key. Is up five points it's huge IPO date today I think that going IPO Friday and six of them too which is pretty trees. Six IPOs markets outside from the NASDAQ are up so looks like I'm pretty good chance going four for five -- week which it's not quite up to my usual standards. But look at occasionally occasionally got a nice ones. That's exactly right to do with the brackets. All right so -- that it could be and CEO of Netflix whose name is Reed Hastings and Reed Hastings yesterday. Went on his blog Hastings law. It. Off all these -- knows -- out. The Verizon's. And the Comcast's. Of the world and the way that they allowed street bailout streaming out exploited because. I really don't fully understand this world so I want to hear what you have to say. So here's pretty much how breaks down as prior to February there were in place what we're known as net neutrality laws kind of guy. Net neutrality laws essentially what it says is that Internet service providers ISPs. Have to treat all data at the same across their networks they can't say we're gonna send your data faster organist and yours slower they can't discriminate between -- that. What would that essentially enables is something like -- blog. You have the same. Access and breath as something like I cnbc.com. Okay you and I were two completely different sizes were treated the exact same way. By the Internet service for -- What happened is in in February. Essentially the laws related to. Net neutrality were actually struck down and so. Pretty much wrapped with Verizon and a bunch of other eyes peas we're going after and trying to get these law struck down. And -- the FCC right now is trying to get some form those laws back up but the reason that these ISPs want. Those laws to be struck down is because company like Netflix okay during peak hours. Makes up in in this is amazing actually Netflix will make up a third of all band -- That is used on the unit that that doesn't mean that a third of all people are looking -- no question about it because video is so big. But the ball band -- is going through Netflix and so what Verizon wants. Is for either customers that use Netflix to have to pay more right or to go to Netflix and say look you wanna be on our network you have to pay us more money in order to do sell. So what Reed Hastings -- obviously this is a massive threat to his business. Since Netflix is trying to push people streaming and away from this which is really where the future in that industry and so he's command said look I don't like that this is going on. I think that you know to be honest it's -- I can even use here that he would use to describe it. But it's a case where he's obviously being very protective of his business shark -- he sees this as a threat to its future which it is quite honest -- is likely cost him some money. Or she's trying to say it's gonna cost consumers money it it can cost consumers many more in what what he probably wants to say that he -- says this could actually cost him his company just because of expensive to potentially be forced them. And so Verizon the reason that they're pushing for this they want more and more. Money coming in obviously but if they are able to get a company like Netflix out of business what it does for them then is they then become the new -- -- and they actually pick up business from this. So. The two sides really come down to you know what should consumers expect to have to pay for different types to contact and what should. Essentially the laws be with regards to how that -- Richard is right now if you look at. At cable the way it's set up right now it's okay and this is separate from data. The cable industry OK you have different packs you have your peace -- where maybe get fifty channels that you -- sports your premier -- -- -- -- the world. And you pay for those different years that you want. Well if you are if essentially if you enable net neutrality actually McCain if if you keep the net neutrality laws in place. What you are essentially doing is you're creating more of a free market for those Internet companies come and say look you don't need. To have your cable company in order to do this site right whereas if the cable companies can then go back and say look we want to charge you more to be on our networks. They're essentially creating a bigger monopolies so. From my perspective just because. I tend to look at this as the Internet is. For the better for worse this is where some people have disagreements I believe the Internet public utility right I think it's the same as access to. Your water I think he seems access to your electricity whatever it may be. And so it needs to be governed as a public utility the FCC is re writing though the rules right now. To attempt to make that distinction because previously they haven't. And so in that case I think that net neutrality needs to stand actually because I think that when you get into this it it. Raises all kinds of problems -- that okay if you know let's say Netflix competitor who comes out and says look we'll pay you a ton of money cut Netflix -- are now you have them essentially influencing through. -- in this where you get in the -- taking issues rent seeking issues rather. Is -- not making their business better in order to get more consumers they're essentially trying to use the law. In order to get -- customers and I don't like that I like businesses to be able fallen rise based on their own merits not based on how much they're able to pay someone else -- to get in front of some. Which is exactly what will end up happening are you -- it up for us so. That's what's going on and that's that's why Netflix CEO was not talking about yesterday big and certainly. There was a stir as a result because it because it's interesting he's. You know he's against what might -- benefit to his business but could cost a lot of money absolutely you know he's kind of -- catch 22. -- we asked the question about Time Warner Cable and CEO. And we do have a winner Brian from Woburn as the winner and Bryant in his car listening in Bryant thanks so very much he had at. Right off the bat it's eighty million dollars his name is Robert markets. He's the chief executive Time Warner and started -- less than a year ago we started there January. And less -- two translators had been part of the agreement to sell the company to Comcast are selling at 245 billion dollars. So for that work she is gonna receive nearly eighty million dollars if that deal closes -- closes. And they're calling it a severance package. And essentially what it is is a million dollars a day. For the days that he worked to get this deal club. So. Who went -- finally gone next next Monday like this ever in spurred the work -- are not coming back. On the I'd like to -- that severance -- cut ties we sever that means you go away in the -- you'll come back I'll I'll I'll consider -- -- What you're talking -- it I think that's what you are looking force that's violent kindness that you go low might get anything added that the I would say this. You're not get a million dollars a day the days you've been here as the day as if that's case I want a separate account as well how. -- Barry Armstrong. Right here on the financial exchange on the W. You are OK okay radio network ice. Follow him on Twitter. -- KK Kerry did -- Barry Armstrong and can carry him on the financial exchange radio network. Welcome back everybody finance. -- And Valentine's Day was last month. Side I don't know that are actually. -- your column. My mom's in the finally passed and he's -- got -- North Carolina right now. It is only so as -- -- -- We definitely by the way thank you very much thank you mean you make easy money and so it's great he out Google CEO. This first read this and check out. CEO. Says that he'll leave his fortune he'd likely misfortune to line mosque in the most of course CEO out Tesla. Well when you go ahead you read this little thing. Larry Page says essentially. He would want to leave his billions with someone equivalent Ilan mosque because he'd like to complete his money with somebody who he believes is gonna change the world. And when you have billions like mr. page does obviously cam has been to enter and so and so forth you know he says instead of leaving it. With a philanthropy he would prefer to leave it with someone who can music and change that world. And he -- mosque is -- innovator. And world change one thing they might ran into -- little bit of trouble with Elon -- is two years older than him actually so I might have solid. How he might -- some -- in terms of actually pull that off. But we -- you now go over you speak with one of our favorites here on the show where a couple of from CNBC is joining us there -- that coming on with us this morning. So let's talk a little bit about the big news from this week the Federal Reserve meeting continuing to taper. As well as a little bit of a change in their guidance don't -- what is your take on what they came out with this week. Much. As well. I mean. I didn't learn anything -- -- papering they're gonna get out of the bottom line bit that's good. I by the end of the year it beautiful. And add to that they're gonna wait awhile. And then interest rates are gonna start -- Going to be whatever that six month I don't know if you don't want it there that are not that. Keep him out is that it in -- -- said it is because they've been talking about it internally so good and I've yet noticed that raise rates sooner. Back to John Taylor rule says is that -- they -- have percent right now normalize that if you were let's get back. -- you know looks more like a normal money market. Normal bond market without -- Soviet style central planning agency trying to allocate credit here with the marketplace the sooner the better. That's what stops is gone out that the good thing not a bad. And Larry digging into that a little bit actually what we saw when the shortly after the Fed made that announcement. Was that the biggest change in the yield curve was actually some of those shorter term rates sell off in high expectations so. It in your opinion did did quantitative -- actually do any it didn't actually have the effect -- the Fed intended really. I think it did. The first time. Which was what late oh wait earlier and not. I think that we badly need it and liquidity and all the other things that were done you know guaranteeing. Money market funds guaranteeing. Commercial bank debt yet the markets were frozen and we were at a terrible crisis. And I think that done. It was handled very well by Bernanke also by the people who handled well by India. Chip by -- to a -- -- FDIC -- guaranteed all the debt that was good. QE2. And QE3 and I don't see it I mean I think. Hope springs eternal that you know the Fed putting cash and would be put to work in the economy but it wasn't. That -- never circulated through the economy the technical term has a lot of velocity crashed so we didn't get the kicker. In nominal terms you know what's called nominal GDP we didn't get any real kicker were still broad. Let's -- 2.3 percent. Annual rate for nearly five years of recovery make you one of the worst recovery is on record and a -- yeah that's normal recovery. So the Fed did its job in the beginning that they had over -- what's holding back the economy in brief. Two lead tax hikes on capital on investment too much anti business rhetoric coming from this White House Obama care has -- people for hiring. And paying out wages. EPA's try to -- the coal industry too much regulation. Too much taxation. Too much obamacare isolation. That's what's holding back growth and jobs business that is not -- do -- -- -- that did its job they should quit while there. -- -- as you mentioned the Fed they obviously injected this liquidity but really there there was no multiplier since didn't actually get used there. -- Multiplier like that that's exactly -- -- you're exactly correct it. I'll -- you get a Nobel Prize for. You know what that might be the best Friday that I've had this year -- We'll -- movie stop pumping his ego actually. How it got really I call it a lot but he but technically. Tactically. The difference between the monetary base -- and two is that both are you are exactly. Well I don't need a bigger head and I already have but let's let's take a look now at some of this economic data because you mentioned that. We are still kind of in an almost I'll use the same term that used earlier this -- period where there's nothing really moving is there any thing and I know we got the leading indicators yes -- is there anything really suggesting that we're moving in one way or the other right now. I think it's a mixed bag and I you know I agree with people that the weather confuses the issue that you may not know until. -- it may not know until well on an XX on April to may not know until today. I don't. Just my cursory view it just still looked like about two and a half percent. I don't see anything -- I don't see anything but ST I just figured that Roddick law and I think the key variable for investors profit. Because wages. Have been very well control it rather weak labor market. Businesses have taken advantage is that. And held down their costs and prices are rising you know very small but enough to generate a profit margins. Profits of the others -- of stocks as long as profits continue to rise. The market to continue to rise I don't think interest rates are gonna get in the way up maybe periodically. You'll get a little interest rate correction but that's all. Likud permit but it great two days ago the candidate. Deputies say anybody who thinks rates are not gonna rise in the next year to. Are so dark nations get out of our day -- kookmin is right at locally -- very Smart -- We all -- rates are gonna go up it's called the business cycle. At last night on our show the current reports that the elect is very very good investment managers said look when rates are gradually rising. You probably a lot of -- typical you know growth the growth these stocks. Because -- signal tells you that the economy is that you -- I like that I think that's a very good strategy. But out any big -- -- -- 45% economic growth I don't see it. All right -- Larry thank you again for coming on with us today. Enjoy the weekend and we'll check in with you next week. I was Larry Kudlow from the Kudlow report on CNBC we're gonna take a quick break and will be back right after this. Business news first Eric Armstrong. RK OL network. Text your questions or comments or 68680. You're listening to Barry Armstrong and Ken Carrington. On the financial exchange radio network. We liked it. -- -- comes to asking him some different -- going on right now right here in the middle of taxis -- 120000 taxpayers in the target. Of this IRS. It's AM you know out what's happening is these people calls houses. And they tell people they owe money to the IRS Iranians they either pay up -- go to jail. And that he unbelievable atomic -- prepaid money cards. Or making given their credit card. You know our bacon said the money order to a certain place. And it's just it's so despicable because number one iris does not call you on the phone folks they do not call you about this kind of thing. And the iris is not taking prepaid cards you know -- If it's any it's it's sad that 20000 people have essentially been. It's when that people reported supported it right ever fallen for helmets they think they've lost over a million dollars total. In the stand out especially in a tax time tends to be one of those times that. Does the uptick in the number of scams whether -- -- people simply filing false returns on your behalf in order to try to get money they have. There was a report I think it was down in -- a guy who filed 400 different -- same dress -- In the -- didn't even notice. And kept sending checks. They can at at your daily chat it's like two million dollars out of absolutely unbelievable unfortunately can just imagine that preying on different elderly. For people who. Maybe don't belong in this country they -- that they're going to be deported. You know that that's kind of individuals that prey on folks the IRS is not gonna call you on the phone. So I think most our listeners understand it but they're not. In and if they do call you on the phone. Hang I cannot hold back on the grounds right -- website the same thing they do when anyone calls you like that hang up and called back -- Fight your favorite news photos and sports updates on your phone -- HP mobile from the Associated Press the new AT mobile is now available for free and iTunes AP mobile where the news gets its news. Hi this is Leo -- from financial focus tune in each morning from eight to nine right here -- AM 11:20 am thirteen 98 and -- money matters boston.com. Times are changing in your retirement plans are changing with -- hello this is very Armstrong from the -- to exchange my dad retired almost twenty years ago and he receives a pension and medical benefits from his old employer these types of retirement plans have been replaced by a 41 K plan with a match you're responsible for planning your own retirement this involves planning for income military benefits long term care and Social Security. We've created a guy that will provide you with the ten step checklist for retirement. This 27 page guide is available for those of you who would like help. Planning for a prosperous and worry free retirement 8668106422. Ask to have your retirement plan created now's the time to get started 8668106422. Securities offered through securities America -- member FINRASIPC. An advisory services offered through securities America advisors and Barry Armstrong representative Armstrong advisory group in the securities America companies Aaron affiliated. Some nights I can't get to sleep some nights I can't seriously if you know some I can do both. You do some sleep -- are clinically proven to help you fall asleep 33% faster and keep you -- longer on T get a more restful night's sleep. Meet with an ingredient not found another leading sleep aids -- some sleep tabs are safe and non habit forming just one -- takes the answer -- the other -- giving you this week you need so wake up ready to go. You know some sleep -- fall asleep faster sleep longer. There are strong here with your financial exchange quick tip of the day. You know there's a lot of people are buying homes but not that many first time homebuyers to rectify that problem we've recruited a resource is name's rob -- he's the president of rock's mortgage. And we're gonna talk about first time homebuyers is specifically. First time home buyers guide. Rob how does somebody who's never purchased a home before we go about the process of buying their first residence. A lot of people don't know that where where's that a lot of people think the first thing you do is actually found a house on line we wanna do. Is give us a colleague of pre qualified we want to find out what you can buy before you actually look how do you do that that would what's involved in getting pre qualify people credit we check income we -- assets -- So what if you're it's a married couple one spouse has a bad credit score 580 the other one has a credit score 740. Well we try to do in that case is get the bars that has a good credit score -- planet zone with they don't do it with they need both incomes do you need to. Get that by the -- increased and improved -- -- -- do refineries too low in this market do you help people improve their credit scores -- -- service you provide we actually -- that out a week and we can help people get those those numbers right. Well so what would you need is a combined credit score for young coupled by house about a 640 sit above a combined above the 640 -- -- all you have to be about six. All right well folks your learned a lot about being the first time home buyer and to that end. Ross mortgages are making available to you. A first time home buyers guy that's right the first time home buyers guide I have to do was call this number. It's 8889860060. You learned that you need credit score at least 640 to be ineligible first time home buyer. Call 8889860060. And request the first time homebuyers guy eating eight. 9860060. Get off the couch and buy yourself a house 8889860060. 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Heritage for the blind accepts cars vans trucks and boats whether they run or not donate your vehicle and you'll receive a free three day vacation voucher to over fifty locations. Call 1808958035. That's 1808958035. The well its hold on your checkbooks and did your portfolios break. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Welcome back. -- -- the financial exchange great to have you with us on this Friday morning -- or are. This girl was -- -- series yet but it's Friday long week and important things right in the world and so we need -- right well no -- that I'm saying basketball and more importantly you ride it out. That Pablo beaten the block well just occurred truck through the improbably Carol all all I know it is has gotten. Our listeners depending on your point of view -- very lucky very unlucky that the basketball doesn't start till 1210 because it started earlier I wouldn't be here. That's true that's very very I wouldn't. We're we're we appreciate all of you staying with us until you know we hit the 12 o'clock marks of thank you very much. It a look at how the markets are doing it actually had a pretty good week at one bad day this week you know shortly after. We heard from the Fed otherwise seems markets have stabilized not just in this country that around the globe. The Dow is up a 103 points. The NASDAQ is down EPS and and number IPOs going today which I think is at its impact on absentee. So. Anything else what do we get at this hour can share with everybody it's. They're coming up we're going to be talking in just couple minutes with Shirley Leung from the Boston Globe as well as treasurer Grossman is going to be joining us at 1133. So big event coming up -- with -- and so I think those are two big things but we also have a couple other -- we're going to be talking about. In particular. Some more information on tax returns some gas leaks in the Boston area and -- -- you know today is the eighth anniversary of Twitter. I didn't know did you know that I didn't know -- today marks the first tweet went out and as you're soda and amazingly us on the March Madness app from. It was at CBS is doing its -- from CBS. So I was watching yesterday and what was great was so I could have -- game on the TV and -- actually another on my iPad to a to a two games at once. But the iPad app actually tracks the number of tweets per minute that the game is generating which personally I think is kinda cool and really stupid sort of way act. It is cold out. Yeah -- a lot of entities are trying to work out that can deal with twittered that runs at the bottom of the screen. You know so it's really cool -- I'm sure that surely would like to chime in on all this -- -- here at the conversation crying happy eight Twitter birthday. Yeah I knew that cute yeah. I have I spit on Twitter for years. Have you. Yeah yeah I joined the party a little bit late as well at first that -- a lot of people opposite way archer but he really understood what that concept that was that. Now it's kind of become the the water cooler for a it really so it's cool ER earlier this week which everybody what you wrote about you wrote about white men in discrimination. Yes yes I'm happy -- a couple of kind of a powder into column without -- that the white men and in diversity you know a lot of people think -- you know a lot of people on the -- You know think that you know -- you know it'll we -- when we talk about at the lack of diversity in Boston and that in leadership roles here you know I think you know. The country's -- and felt guilty about it and my point was you know we should actually not make them so guilty that we -- you know. -- include that the cable which included in the computation because. Feel like you're not white men are still in charge in this town and -- They more than anyone have the power to. You know make this city more diverse -- can make -- would have more diverse leadership here and and this is offered an event that's happening next week where armed. Collects Phillip to his PR person in count two is some celebrating decide on our twelfth white men in this county who completion species called the white men who can jumps. And put up a it. Well it's it's very interesting because never you know never before had -- really stop to think about. You know celebrating. White males like that and and eight and needing to do so so I I really enjoy the comments really cut. Because you know why we know you'll hear a -- -- actually -- -- -- didn't study catcher arm that can mean -- -- I talked about my column it would called. I'll bite man -- leadership studied it -- a joke right. But they truly studied this because they felt that. You know white men need to be included and they they they feel excluded and that it could be challenged in big impediment to her and so kind of getting them fully on board and also on kind of engaged in this issue. I'm looking at check in east east thinking about saying some but he's candidates and second thought and it may be better I don't know include. -- about it yeah I'm on the looted -- think I don't know -- what does. I feel included I'm. I would say that I faint. That at times I I agree is surely a 100% that. -- means you know run this city and they do have power hand and so they do need to be included. At. We've had a time period here where there's been a lot of emphasis on diversity and I think white -- have felt like they were pushed out someplace in some place. Yes I think they do it and it would bleach even the people reading my column like collects some of them didn't get past. The third graphic and they accused me out but what do you have to give a problem blatant and a particular read. I -- I actually. Was -- appointment and he would I have to say. It would I'll white men I mean I'd look at my own career and would not be wary of -- I mean there are many white men who have helped me in mentored me and help -- -- -- only depended on minorities and women. I mean -- there are few of them in higher ranks I mean I like it. I wouldn't be where. Let's talk about a woman and that's Martha Coakley who is running for governor. And at today's column prescription for healthy campaign very interesting. You know here we go in the campaign season with -- the Republican Convention coming up tomorrow here in the state. And of course it Democrats will meet a few months later. But it would got a sense of who's probably going to be out there are. Running. And here we go with this money is money trail and it's really interesting where you have tracked some of the money. I have an exchange student Steward health care which Dolan that came to -- hospital in this state to the old Turkish Christi Catholic. How -- change. And detected there to about 121000 dollars just since December Q Coakley campaign. And down the aircraft simply getting -- more than other healthcare company. Executives are from I mean to even our Charlie bit personal terms. Our Harvard pilgrim happy and not giving nearly as much to him. And even doctors are partners healthcare market -- -- -- -- the -- -- another physician who is running for governor. And down the other health care exec as kind of remained largely neutral. And so I'm scared they're coming out big going to be -- for -- And and what's her reasoning behind it did you get a sense that it. Well you know other chief executive Ralph de La Torre told you know said that you know I've been a long time supporter of Coakley is this not. You know out of line with with Omnia with it's not anything new for me you know pushed. You know her values reflect my old values so. You know oil you know promoting health care for all -- controlling costs and -- -- For surely. Hope. That other people stupid. No Coakley. Is done yeah you know Coakley is got a lot for extort. She. You know what they were. It is you know she approved hair she kind of pull the deal for them an early deal which allowed didn't convert from. And the armed nonprofit to a for profit hospital she'd been up toward genocide in their rival partners healthcare did. Big high car to hospital chain in Harold and -- and she's been trying to kind of controlled the growth partners and so on. You know there she she she played a role restore. Well this is just beginning we'll see a lot of these big companies are coming out of the woodwork and and suddenly have a favorite candidate who sees the world the same thing they do it's always happens. Yes it does and I'm myself that's stored at the end with what people. We're based her supporters can't tell me what had also at the property is that and then they might start hedging their -- It might spark -- -- -- -- -- month sprinkling their money and giving their money to a lot of candidates wolf if that happens. You look at as he says unity. Some -- employees have given -- -- in some of the given me Tuesday Grossman so -- there there have been some candidates who benefited from the folks to work. All right surely have a great weekend. Thanks to being a part of it right. So I I want a letter but he -- that actually Steve Grossman is coming on with this year about 1033. Arsenals but -- beat. Event that he's gat 113328. Tinted -- the clock -- because. I have no control they got to move the sadly it's still over Australia at least we have just -- it sprung forward Dave we've got to fix this thing 81133 for instance art. He's coming he's gonna talk about a program that he's got coming up and it has to do with veterans and and money. And it leads to our our next trivia question this morning that. I wanna share with few. National unemployment numbers -- been -- I'm -- is sitting right about six point 86 point seven kind of bounced around the right in that vicinity for quite some time right in that ballpark up. Unemployment numbers among veterans much higher. What is the number among veterans who joined after 9/11. Once the unemployment number. A veterans who joined after 9/11 it's significantly higher in and we can talk a little bit more about. Maybe why that's the keys that we'd like to know if you have run across that number you can Texas at 68680. The first person who gets that number correct. There's -- your future. Again what is the unemployment number among veterans who joined after nine elevenths. Let's talk about tax returns to. And so taking a look here on terms of the number of Americans who have submitted their tax returns. What we actually found is so we still up about three years it during a half weeks to go until like April -- a little bit about -- right -- that we right now right. And so what we've seen right now is that the majority right now have actually already filed. To this point that 69 million of 75 million federal tax for. Federal tax returns filed as of march 14 so -- as a about a week ago. And what we saw is that again about 69 million -- 39 million coming from tax professionals. About thirty million self prepared so nice split you see a lot of people that are still doing them themselves. The average return. The average refund a little bit higher this year it is 2917. Dollars. And so the ones that actually had their returns direct deposit that return receive that refund was higher at about 3013. Dollars. And you know that keep in mind if you are getting. That refund back every year that is money that you or -- to the federal government with no interest attached to it for the rest of the year. It it might make some sense to actually have your withholding adjusted it's nice to get those refunds I know. But that is money that you're down out of your pocket for the year and so it could be an extra 20250. On average coming back. Into you on a monthly base. I heard someone from the -- this morning talking about these numbers and how this is a lot better than it's been in years past. Eight because people have a little more cash that they can get taking care of be because the returns are higher so people are anxious to get that money back. And even more importantly it's the fact that they can. There. 2002001. I would say yes and it. And it was kind of April 1 couple years and I remember that I'm thinking why would -- once in attacks and. On line it's it's it's all I do I I do my tax I'd do it Alter who would've ever thought to do to bank you wouldn't bank. You know online for I don't know I just like the ninety picture of Jackson never even going to cost actions is amazing how times -- absolutely it absolutely is. All right what else technical environmental groups dictate to -- can we talk about this were quickly here. I'm it's crazy environmental groups on are starting to map out gas leaks folks we've talked about this. Issue right here on the show before you know -- thousand leaks were found. Are ready by National Grid and a lot of dates of these smaller. Utility companies here in the state 4000 -- them. This is number one this is gas that we're not using him or paying for and number two and maybe he should be number one. Ease the safety issues associated with -- after that explosion in the Bronx are at Harlem rather. Last week two weeks ago and eight people died. Mean they're they're now thinking it's a result of one of these just random leaks that ignited. And it sort of gives you a sense of just how dangerous this is an and they say that we of these leaks. All over the city Boston. -- all over and again the vast majority of them don't cause any problems other than. Again gas escaping and got our yet you have guessed that you're paying for that no -- using. But the vast majority of them are safe but again it's it's always it makes sense to deal -- this type of problem as I said yesterday with just about any problem it's cheaper to fix it before. You have the big. In this case blow up as opposed to waiting for that actually happened in the dealing with the consequences it's always better to be. Last well the burial is likes to blame this issue on the on the government here in the state primarily on Martha Coakley because of so many regulations on these utility companies and can't raise rates in the -- -- can't raise rates. They can't afford to fix the infrastructure and thus we have all of these leaks because the the structure is so old. I think that infrastructure in general that's just kind of what happens is until until there's an actual problem people just tend to ignore whether regulations one way or another and that that's with. Regulated and non regulated industries people put off doing things until until it's too late in a lot of cases you get just about anything. Allowed my feeling about it is I don't care why it's not being fixed it needs to be fixed and I think most people would agree after we saw what happened in east Harlem. They'd be willing to pay a couple of extra box on their bill if it meant that we avoided that definitely. I I I just can't imagine there are people out there who would say -- they would -- I would certainly do that equipment upgrading the infrastructure keeping people's. Definitely and another story that we -- touch on as we mentioned a little bit earlier twitters eighth birthday. And -- Deaver about how different the world actually was eight years ago there was no Twitter right no iPhone. FaceBook was still in its infancy that it. Years ago there was no iPhone iPhone was summer 20077707. Was the first iPhone. That's really hard for me happily yeah. First iPhone was in the middle of July in 2007 is it so hasn't even been seven years since we had the I think it. Think about how much has changed in terms of how people actually get contents I mean no no one knew what an -- wise enough to go those those things didn't exist. That's true that's true well it's really interesting because who would've thought that this business that only allows you 140 characters. Would become such a big part of everybody's lives and you know there's 500 million tweets. That are sent a day more than 241. Billion monthly active users. -- that's pretty amazing and of course we know that they -- public now and their their issues you know trying to monetize. And certainly trying to get. Those subscribers from around the world to -- outside the United States now and get more more people on board -- They have this year and some of the eight most amazing moments on Twitter strategy check these out. Yes of some of these and you know the first one on New Year's SXSW. -- Twitter really got its start. If you remember. Wasn't very big obviously but the 2007 SXSW was where it first started to really develop a following. Possibly there was this one I don't remember James box release remember that either that it would do with the University of California student -- it. I think is to use a student that he was photographing you -- a picture of protests in Egypt but don't I don't remember that. There are a miracle on the Hudson this I do is obvious to remember that sir the Osama bin Laden raid yet guys. President Obama's reelection is on here. The first week from the Vatican in 2012. The Super Bowl blackout in 2013. Hours out at the superdome excellent. And -- cost yourself yet. I don't like owns ask yourself beyond us they thought it was a little bit forced. You know what I'm surprised actually isn't on here is after the the marathon bombings last year that the stuff that was coming out of order Twitter. I mean it was unable to as yet. You know that Friday here that Thursday night into Friday you -- people tweeting about yes -- color -- -- coming through the backyard our house and everything right right I thought that was absolutely fascinating. It just how you were able to almost crowd source what was going on there. I think it really. It's a great way to communicate with other people but what I think is really made the difference. He's the world impact you know in the fact that. You can be at any events anyone can be at any event at any moment and bring. Along all of the other Twitter users you know if you so desire. And I think that's -- I I like it but I I can't stand when I go to if it's a concert or any sporting event now. And everyone's got their phone out of Australia and you sit there and you don't. Like you pay -- 150 dollars for front row seats or whatever now. So mr. Adidas and yourself if you if you really wanted to do that to watch someone else's cell phone video games actually there and I'm in a it's -- socio. I. -- important tool though it's become an adult I have my statement is I have mixed feelings on things like that I think most people's personal use in terms of here's -- today. -- move move along let's let's go see something else but I do you think it has a very important -- in terms of being able to get quicker response -- right. Different breaking events and things like that I do think it is very useful there. But I think at this point the signal to noise ratio is is not the past. When we come back we're going to be talking with the state treasurer Steve Grossman did they have a big event coming up. It's related to veterans and their money in and let's share some information it's -- money conference -- -- share that information with all of us. It's attached to a trivia question we have today and that's this national unemployment numbers have stayed just around six point 8%. However unemployment among veterans is much higher especially veterans who signed up since nine elevenths. What is that number you can text it's XE 680 FaceBook page. And the first person to get that right there is -- in your future. Again the unemployment number for veterans who. Joint since nine elevenths we'd like to know a lot if you have any idea what that's all about. Our rights so Steve Grossman coming up were -- gonna talk -- little bit about what's happening in Russia. Again those sanctions. -- being reiterated yesterday -- expanded and the result was that the Russian markets had some real issues lost billions of dollars yesterday so we'll talk more about that and -- sending out some. Some. -- some bands himself he has some sanctions on some individuals here in the United States. Some of them. But the question. Is. -- I was following him. Order was Twitter feed actually just a follow prudent he follow you. If I was to volatile -- and no I what I wanted to I -- witness what I see Hughes tweets in English yes. This is actually true there's a Twitter is doing an anniversary tweet things right his first week was congratulating the election of Barack Obama. I'm not kidding comrade I think people that was fellow traveler remember you from world Communist meetings or something like -- -- -- -- no joke that was his first week. Lesson there is he can't take -- back folks. This is the financial exchange on the financial exchange radio network. Investors searching for relatively low risk investments that can easily be converted into cash often turn to certificates of deposit CDs leader bank is currently offering -- fifteen month CD with an impressive one point 25%. EPY for new accounts with these kind of rates now is the ideal time to take advantage of this great opportunity from -- leader bank to learn more about the fifteen -- CD with -- one point 25% -- call 7816463900. Today or visit one -- -- -- conveniently located branches in Arlington -- Cambridge or Burlington -- more interest on your -- -- stop -- -- -- bank branch or call 7816463900. To learn -- -- -- a step -- minimum -- open and current annual percentage -- -- 1000 dollars Massachusetts residents -- penalty early -- including -- penalty which may reduce -- -- subject to change without -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- 54 port four times are changing in your retirement plans are changing with -- hello this is very Armstrong from the funny to exchange my dad retired almost twenty years ago and he receives a pension and medical benefits from his old employer these types of retirement plans have been replaced by a 41 K plan with a match you're responsible for planning your own retirement. This involves planning for income military benefits long term care and Social Security. We've created a guy that will provide you with the ten step checklist for retirement. This 27 page guide is available for those of you who would like help. Planning for prosperous and worry free retirement 8668106. Or two to. Ask to have your retirement plan created now's the time to get started 8668106422. Securities offered through securities America -- member FINRASIPC. In advisory services offered through securities America advisors think Gary Armstrong representative Armstrong advisory group in the securities America companies Aaron affiliated. Hi I'm Jim Hunt and if you're worried about your parent or loved living alone like I was. And you are reliable senior care information. And call a place for mom. The nation's largest senior -- referral service you'll get free information on assisted living and alzheimer's care nursing home. Even important financial information. 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But the back everyone it's financial exchange great to have you with us today checks is months I've -- with -- week in the had a terrific week and I think I'm ready you know thinking again for being such -- -- and -- It's it's I'm I'm I'm still wait for best alongside -- on this are out again as I get so distracted us closer to the games actually started. It's it's it's been raped and it really adds Larry Cutler just email -- if you want to thank you as well for sitting in this. I'll be out. He's probably will be a. All right general bit. We've got a special guest on the line we're joined by the treasurer -- comment of this is Steve Grossman and and Mr. President thank you sir for joining us today could have -- Thanks revenue back in my really is. To have you -- -- listen you've got a money conference coming up tell everybody about this. Well the first and we haven't done that it's called operation money -- and and money conference that was created to help provide financial education. And financial literacy. Two veterans and their families. -- active duty personnel and their families. If you know -- 400000 veterans of the state a lot of active duty -- people. The need to those who come back from combat who -- back from Afghanistan. Have been back for a year or two are somewhat different than. Many others they come back with. Some mental health. Issues that they have to do -- they come back having left a job elected business. Insurance issues they have savings issues mortgage issues so the purpose of this money confidence is really to ratchet up. The sophistication. In the military personnel. Who wanna come free of charge. Nine to three tomorrow at -- speak community college we've done these all over the state over the past. Number of years we tried to increase their involvement in but some -- -- gateway cities. But one day got together with the adjutant general major general Scott -- And the secretary of veterans services Coleman the and I said boy if we. The three of us -- treasurer and chairman of the financial literacy trust fund. We oversee financial education for the state you major general overseeing about 9000. Guards people. And you Coleman who oversee well I think of the best veterans' benefits in the country if we can put this together. I think a lot of people come with a 300 people registered. And family members coming and I think it will be. A significant leap forward horror. In terms of the sophistication. Of those whom we owe so much you all the citizens of this state. Who Wear any uniform this country for defending their values I think we owe them. This kind of opportunity that increased their knowledge and sophistication how to manage money at a manage credit manage mortgages that's with the purposes. We know it interesting statistic out which just released this week in fact we're looking at unemployment rate from veterans it's really disturbing. Those who joined the military after 2011. To I mean as September 11 the 2000 want. The average unemployment rate for them is 9%. Verses. With the rest of the country's facing which is -- -- six point eight. You attribute that -- Well I think veterans come back a lot of them I mean there have been tens of thousands who have been in Iraq and Afghanistan and it if reentry is very very difficult I've talked to many veterans who are now in the National Guard who come back from service and they find it hard to get back into the workflow they've lost a job the recession hit the compact. Environment where they're job. They no longer be as needed as it was and I think that. We have to find ways to mean the governor and Coleman the secretary of veterans services and others have been working hard. To provide special kinds of opportunities job fairs are veterans who have lost their jobs are out of work. But it's gonna take a lot of extra work and hopefully part of what. This conference will do. Is to give some of those veterans a little bit extra confidence in terms of what they can learn what they need to know. I also think that education is going to be critical. How to get back into a community college program -- certificate. I'd even go back to a vocational technical school in the evening. To re learn a trade that you knew few years ago but. You need some work to get back into the work force. I think is advanced precision manufacturing. Starts to be resurgent in the statement start to create more manufacturing jobs. Many of those who have served in the military can be able to compact. And take those jobs to compete for those jobs we need to give them every bit of help we can. This is one way there are lots of other ways we have veterans services offices all over the state and served. Veterans and I don't think you can do enough for our veterans community. He think -- find -- a lot of these veterans that you will be meeting with tomorrow. Aren't even really aware of some of the benefits that exist out there for them. That's true of some for example we oversee -- treasury welcome home bonus we provide for the first tour of duty and overseas to Afghanistan and Iraq. A thousand dollar bonus people of the state have voted in the representatives to award over 25 million dollars. -- welcome home bonuses. In thousand dollar increments for the first time or less than that but the second or third tour to over 25000 people so a lot of people still don't know about those. We just allocated last year legislature did 50000 dollars from Vietnam veterans who would never received a -- 4050 years ago. So I do think there is a lack of full knowledge of all the services that are available. But I gotta give Coleman the and his team and that he has those veterans service does not mr. a lot of credit they work very hard all over the state connect with every veteran they can. Be in touch with the look middle help. Behavioral health substance abuse these are all issues that veterans are dealing with. In some cases in disproportionate numbers so we've got -- need to reinvest in providing. That helped those services detox beds she stepped out units recoveries -- these are things that the state I think has to invest in. On behalf of veterans. -- -- Oliver telesystems. As you mentioned earlier and it's so true that sometimes their economic needs -- so much different than the rest of hours. I want it very quickly without a listener who is right it just has a -- question lingers deep on this person is asking if this applies to reservists as well. Absolutely. Anybody who's a reservist army reserve any kind of reservists. And I served the army officers executed anybody who's been an army reservists active duty better -- -- any kind of unsure show up. Tomorrow Saturday the 22. 8:30 AM to register starts at 99. To three. Full program breakout sessions and -- kind of exhibited there will be there and provide other help and other services it's a -- -- community college. The Wellesley campus. And we hope the people comes we hope people enjoy it but if anybody is untrue instead -- I really wish I had signed up in advance and I don't -- last minute. We accept. We're happy we welcome. Walk in registrant we had many of them in the past. Anybody who thinks that they are in any way shape reform at any military service at all come you'll not be turned away we be thrilled -- As it sounds like a great event wishing you the best of luck tomorrow it sounds like something that a lot of people can benefit from. I think they can't and I appreciate it can't be with you this morning. RT thanks so much good academic senate's treasurer Steve Grossman with us. And obviously you heard the answer as we spoke there. To our trivia question which is the employment rate for veterans who joined after 9/11 it's 9%. Now that's actually down. -- from a year ago it was actually nine point 9%. But 9% still very teary -- but we're talking about a lot of young people. Who got out of school in 2000 allotment and went straight in. And went over or got out of school the following year went straight in. And these are kids who may be came back and were not as educated and a chance to pursue some kind of career. And now they're back. And again as as the -- just saying you're an economic situation we can't afford to go to school yet it. He edited there really facing some real difficult situations so finding jobs has become a real challenge for a lot of these. Well it's it's it's very difficult -- people who essentially they put their life on hold for her brother's 24568. Years they put their life on hold for a significant amount of time and it's it's obviously very difficult. To integrate back into kind of normal day to day life and I think that you know and a lot of cases with people. Who did serve they may not have gone to college as you mentioned and I think some employers tend to hold that. Against them well look I I went to college okay. And I I I can tell you that. And again I haven't served in the military but -- I can tell you. That people who serve in the military probably weren't a lot more do we got. And what the average kid -- in college actually we should they bring that to use they may not learn everything about English or history this that but they they weren't practical -- bad today skills that I think are incredibly -- -- from North Andover was the winner should listens in the cards -- at home and she listens or predict can't thank you very much. And Mary Armstrong. Right here on the.