This is on the money. Your money, your life, your future we begin with a peek into the future its arriving sooner than you think. New cars that will have you in the drivers seat. You wont be doing any of the braking or accelerating because you cant. Thats because these cars dont have Steering Wheels or pedals we have the cover story turning point. Reporter this is the future according to general motors. A selfdriving car without a Steering Wheel and pedals. Driving around cities. There will be an adoption curve. There will be time for people to get used to the idea everything were doing is all about safety we want people to feel comfortable with the technology from the outset. Reporter gm is asking the federal government the waive vehicle rules that have been in place for decades. So it can put selfdriving cars on the roads without Steering Wheels and other controls. Back to the days of henry ford, Steering Wheels and gas pedals have been at the heart of every car and truck. Gm and other auto makers believe there is though need for a Steering Wheel if there is no driver we see them deployed in a rideshare environment were aiming to have maximum Space Available inside the vehicle. As passengers. As customers is a benefit of what were doing reporter other Companies Like waymo are developing selfdriving cars without Steering Wheels. Late last year, an autonomous drive shuttle without a driver hit the strip in vegas and was almost immediately hit by another vehicle. It raises the question, will the public feel comfortable in a car if theres no way to take over steering in an emergency sounds very dangerous i would feel safe i would prefer an option to take control of the vehicle and remove it from automation. But i think, hopefully, the company put the time and effort and tried to protect the users reporter gms Steering Wheelfwree car has an emergency button riders can press if they want to stop the car immediately. Otherwise, gm says these selfdriving chevy volts will nowhere to go. Without a driver or a Steering Wheel. Will we all be passengers in the car of the future . Rebaek ka is an executive analyst at kelley blue book. Thank you for joining us the first time you pull up to a stoplight and look over and see a car that doesnt have a driver, it will be a shock to the system when will we start seeing these cars were seeing them in certain locations, contessa. It will be awhile before they really overtake the industry and its interesting that you use that example ill often tell people when you get to a fourway stop that is a very social experience you all get there at the same time you have to look at each other the car wont be able to do that theres been instances where, on a test track, everyone stops and nobody can go because nobody knows who go next. So, theres small things that we still have to overcome but, i think its going to be quite a few years before we see these really deployed widespread cross the country. And the federal government still has to approve a car without a Steering Wheel yes how do the manufacturers go forward and demonstrate to the federal government and to us as customers that they can satisfy those safety requirements . One of the things that is very important is that the government is a partner in the development of these this technology as you say, the regulations. I dont want regulations to stymie the creativity and development. We have to have a fluid marketplace here in order no come up with new solutions for those things like what do you do at a fourway stop the socialization of driving the more we can cooperate with the government and the more the government is a partner in the expansion, the better off everyone will be and the faster well get to adoption of some of the safe technologies phil mentioned in the story theyre being designed for Ridesharing Services like uber and lyft are we going to see customers buying Driverless Cars to have this is all part of the question mark we still have. What does that look like is the what was ownership look like in the puch the youngest generation, generation z sometimes its called, those people born after 2003, theyll be the most comfortable of this concept of ridesharing of not having a Steering Wheel of just getting into a pod what about insurance . Its a big thing that comes into play phil mentioned the demonstration in las vegas and the car immediately gets hit where will insurance rates come down on this the insurance companies, on the one hand, some are salivating especially the attorneys and on the other hand, theyre saying were never going to inhur that that will never happen theres all these barriers to actually deploying these types of vehicles. Now, you know, gm has ridesharing they have ridehailing in maven. They have an interest in lyft. Were working through some of these issues and challenges and obstacles. It is still very, very complicated. I will say. I have a brandnew 2018 car that has safety features i have never owned in a car its already saved me from a fender bender with the alerts and all of that. Were already heading the way where the car does know more than me, i hate to admit it. Rebecca, thank you for joining us right thank you. Up next, were on the money. After a whiplashinducing week in the stock market, what should you do with your retirement money . If your nerves are frazzled, youre not alone and later, finding love through hate how this went from a bit in a comedy routine to an app with more than a million downloads. Now, take a look at how the stock market ended the week. Heres a look at whats making news as we head into a new week even if you have a strong stomach, if you have money in this stock market, this was an interesting week the dow had its worst oneday point drop ever on monday. As a percentage, nowhere near a record and volatility returned to stock after one of the quietest years on record. Stocks bounced back tuesday. Then continued on the roller coaster ride the rest of the week tumbling more than 1,000 points again on thursday. The s p 500 followed along falling nearly 3 thursday the nasdaq had its worst day on thursday since june of 2016. The moves, in part, based on concerns about Rising Interest Rates and the return of inflation. Americas Services Sector is doing just fine. The ism nonmanufacturing index hit a 12year high in january, pushed by an increase in new orders and capital spending. This is the latest sign of a strengthening economy at the start of the year. Amazons whole foods will test a new Grocery Delivery Service in four cities it begins if austin, cincinnati, dallas, and Virginia Beach its available to prime members and guarantees free, twohour delivery for orders of more than 35. This was the wild roller coaster week for stocks. The steep dives have rattled nerves and shaken safe vers im stressed. But time son our side. The markets gone straight up i dont think its unusual to have a pullback. You have to invest for the long term ill still contribute theres waxes and wanes. Well have to wait it out. This is kind of the first down if awhile hopefully, it will pick up im really not worried yet david kelly is j. P. Morgan Asset Management chief global strategist david, good to talk to you this morning. Glad to be here we just heard from people concerned by the market swings what is your best advice after a wild week . Think you can do an fvp test. Fundamenta fundamentals, valuations, anlds positi positioning. The first thing you ask is, how have the fundamentals changed . They vhavent. Interest rates are slowly moving up its just a healthy economy. Valuations the stock market is a little bit more ek pensive than average bonds are push more expensive than average u. S. Stocks still look a little bit cheap relative to u. S. Bonds. And the real question is positioning. Nice to hear people think about their own portfolios swings will occur. Are you positioned correctly for the long run should you have less money depending on age more money in bonds . How do you guide people about how to distribute that well, generally speaking, as you get older, you should try to be a little safer. Its a little by trickier today. Interest rates are so low. The bond rate is not as safe as it used to be. Be a little bit overweight on stocks than bonds. Have a little bit in short duration things close to cash to act as ball lasts the other thing is, invest around the world the u. S. Stock markets had a very long run. The International Stock markets are doing better i think its a lot of opportunity if overseas equities people should take advantage of that a lot of expert investors are looking at volatility. Nay have special indices i dont think it will be that long volatility is normal its not normally distributed. Its either very high or very low. We have switched on to a very high regime. It could last a few days, a few weeks. Once the market calms down or settles down in fact, probably settles up to higher levels, i think volatility will come back down we have relative stable longterm Interest Rates there is not much opportunity in other Asset Classes outside of stocks thats made volatility low to this point youll have technical issues from time to time. In the long run, i think volatility will be lower youre seeing the stock market landing 10 off of its highing, or the volatility, do you recommend going in if the midst of all of it and sarks how should i balance my longterm Retirement Savings plan . Its a good time to take a look am i positioned the way i want to be positioned i urge people not make impulsive moves here the main problem is a lot of investors dont have enough International Equities if you go back the last 35, 40 years, a 14 correction in a year is normal david kelly, thank you so much for adding perspective and insight. Any time. Up next, were on the money. Cargo shorts hate em daylight savings time . The worst. The new app that matches people based on the topics they hate. And later, pizza just got a little sweeter the pie your valentine might crave this year. Ead more. How do they find the time . With audible. Audible has the Worlds Largest selection of audiobooks. Books like peak performance. And endurance. Books that energize and inspire for just 14. 95 a month. Less than youd pay for the hardcover. With audible, you get a creditamonth good for any audiobook. If you dont like it, exchange it any time. No questions asked. You can also roll your credits to the next month if you dont use them. Audible members use the free mobile app to listen anytime, anywhere. On the go. Or in the car. The audible app automatically keeps your place, no bookmarks required. So youll pick up right where you left off, even if you switch your phone. To your echo at home. Get more books in your life. Start a 30day trial and your first audiobook is free. Cancel anytime, and your books are yours to keep forever. Listening, is the new reading. Text listen 4 to five hundred five hundred to start listening today. When it comes to finlding love, folks are embracing technology fearly 60 say Online Dating is a good way to meet people. And most Services Match people based on their shared interests. But hater is taking a different approach its an app that is finding love through the things you hate. Brendan alper is the ceo of hater joins us now how did you come up with the concept of finding someone based on the thought that they hate the same thing you do . I started in finance. And quit to be a comedy writer i told everyone about hater, i thought, this has to be a real app. When did you launch february of last year just about a year ago, on valentines day. Osf course perfectly for valentines day. What have row found by matching people by the things they hate people who hate the same things actually form closer bonds than people who love the same things. And, it makes intuitive sense, i guess. But, you know, you just feel more intimate with someone when you hate the same things has anybody found true love through hate we dont have any marriages yet. Its only been a year. We do have people dating for pretty much a whole year we had one couple last year hated the super bowl they got together during the super bowl who hates the super bowl, just as an aside what are the topmost hated things this year, bullies. Tangled earphones. And slow walkers yeah, i can see having long conversations about that and how it might morph into Something Else exactly are you making any money at this right now, were not monetizing were doing some advertising with partners. Were working on a premium subscription that will come out this year. I like to think of myself as an optimist. Then when im thinking about finding someone through hate, it just seems to negative to me is your relationship doomed to a glass half empty sort of journey . Yeah i mean, we get that a lot certainly. There are optimists and pessimists out there we really emphasize that this is about hating stubbing your toe or, you know, crowded subway its not about hating groups of people you can break it down by states like, oh, some states hate this the most are there any funny stories . Yeah, we dade study we figured out what each state hates the most and what food each state hates the most. We put up graphics that went viral. Oregon hates spin class and california hates the fingt spinners who doesnt hate those next, were monetizing this year and rolling out some big features we think lit change the dating game thank you for coming in, brendan. Good luck in finding hate love up next on the money a look at the news for the week ahead. And how this Chocolate Company is making name for itself with pizza. Here are the stories that may affect your money this week. On monday, President Trump unveils his infrastructure plan. Its expected to total 1. 5 trillion over the next ten years. Nearly 3,000 dogs will compete in the Westminster Dog Show on wednesday, well see how retailers fared last month and flowers, chocolate, or a nice dinner may be in your future or at least in mine, i hope. Valentines day is wednesday and on friday, how many new homes were started in january. This valentines day, why not think outside the traditional box. Rhino vak is the owner of the chocolate pizza company. As a kid, he loved visiting the store with his mom he started working there as a dishwasher when college, he took the plunge and bought the company at age 21 ryan, great to have you here first of all, we have to give a shoutout to our joint alma mater, syracuse. You were studying entreprene entrepreneurship there was that a big driver for you . Yes, it was huge. The Entrepreneurship Program gave me a feel for what it would take to run a business in my senior year, i had the chance to buy the company. I said, lets go for it. Tell me about it. Chocolate has been around forever. How did you decide to offer something different. I wanted to do something unique with chocolate. Theres a chocolate shop everywhere you look. Chocolate pizza is something you dont see. We took a premium, highquality, swiss chocolate. Put it in a pizza box and sold it as a kour may, highend chocolate. Its a bit of a novelty how do you eat it . Break it into pieces. Wait. Or we have this one right here can i take this one . Yeah. Not destroy the set but this one is a valentines day one. Absolutely. How did you find customers to be able to grow the business because it is such a novelty its such a great product when somebody receives a chocolate pizza. Theyre so excite because they have never seen anything like it they want to give to it the next person to receive it you have all kinds of different toppings our candytopped pizza. What is bigger . Retail bricks and mortar or online we put a lot of time into growing our website. We know being able to go online, order a pizza, having in a day or two is a huge advantage how do you advertise it facebook marketing. Continuing to get our name out with different programs and shows. Its a fun, unique, great gift i understand that youre constantlying look for new ways to deliver this product. So, what about airports . Were working with local airports laguardia and jfk will have them in some of their shops there its fun in the new york area. Were a new york company as a Small Business owner, are you looking ahead at next year and the tax laws and all of that absolutely. And how might it affect your business absolutely. Anytime theres economic excitement and optimism, its great in our business. We saw great increase if 2017 in our business there was optimism that translated into bigger online sales. We have corporate business we saw a big increase in our Corp Corporate business this year, they upgraded to our Peanut Butter wings and gift baskets. Who is the big competition . Harry david the Edible Arrangements sharis berries. We take a unique strategy. Its a chocolate pizza its something no one else has its a trademarked product you dont need a pizza wheel. Heres the valentine piece let me taste its really good happy valentines day. Thank you happy valentines day. How much has your business grown . 600 since i bought the business and thats the sweet show for today. Im contessa brewer. Thank you for joining us becky will be back next week next week, facebook, snapchat, instagram and more how to keep your kid safe on social media each week, keep it right here. We are on the money. See you next weekend have a great one breaking news. Youre watching options action on what has been a roller coaster week for stocks. The dow bouncing in and out of correction territory and erasing all of its gains this year the index tanking as much as 1600 points at the lows on monday the dow traveling 22,000 point this is week with major interday swings all week. And closing out today, higher by more than 300 points the hordest hit, energy. Crude breaking 60 for the first time this year that could be your
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