Simon . The housing stocks going up. Earnings up 130 . If you like housing, own eagle materials. Dr. J . Stocks easing back a little bit today. Buy into this one. A lot of activity on april, 35 calls. Thats what did it for us. Surging for its next move. Is it going to be up . Is it going to be down. You have a jobs report at the end of the report. Anthony, you see that as the next big catalyst . The jobs report . Either way . It is going to be a short term catalyst but obviously the mega big catalyst is with the fed. Let me jump in. Itll be a catalyst because it will shape what the Federal Reserve puts out at the meeting just ten days later. We are still trying to figure out the whole sequester play out. We are watching the dow, down today, 38 points. It is trying to make the alltime high of 14,165 or thereabouts. You can see there is work to do. That does it for us. Dont forget to catch more, follow me on twitter at scott wapner cnbc. Power lunch starts now. Interview today only on cnbc. I like the fact that we made 24 million. Everyone that manages money is waiting it catch the signal that the fed will reverse course. Worldwide, the United States is doing better than many parts of the world. This is a special edition of power lunch. Buffet watch. Now the New York Stock Exchange and in nebraska, becky. He just kept talking and talking and talking. Becky, great to see new nebraska. Thanks for joining us for this special edition or what is is left of it and the announcement there. If you miss squawk box this morning, dont worry. We have you covered with the very best of mr. Warren buffett. We sure do. Great to have becky with us as well. Before we get to becky, lets run through a few headlines. 1 00 p. M. On wall street. Dow jones average is trading down about 40 points. S p 500 is off three. And oil and gold all on the move as well today. Nasdaq composite incidentally is about nine points. The gold market rebounding a little bit but oil dropped below the 90 a barrel mark for the first time this year. There is the retail index hitting alltime high today. Up better than four points. That comes despite a big jump in gasoline prices earlier this year, and the end of that payroll tax holiday. Netflix is in that index but it is down big today on the trading session. And dollar tree, home depot and target are also in that index. Now, we are also watching google. Which is now up 6. 70, and that would put it at an alltime high. Ty . Now on to the big story of the day. Here on cnbc. Even i got out of bed for the 6 00 a. M. Hour of squawk box today. Because becky quick sat down with Warren Buffett for three hours of squawk box this morning. We turn to her in la vista, nebraska, just outside of omaha. Becky . Tyler, thank you very much. I add list of questions for Warren Buffett today and had on the list is how he is making money. We started by focussing in on heinz. Thats a company he Just Announced last month that he would be acquiring. Heinz makes sense because we have a business we like and a partner we like. And weve got a price that i barely like. But weve got a great business. And thats the most important thing. Then we have these terrific partners, ive known for a dozen years. You cant find Better Business people. And they will do the work. Through a financing partner. And we hope to own heinz a hundred years from now. If you own great brand and you take care of them, they are trifing assets. What do you think of bank of america . Does the stock still have room to run . I noticed you picked that stuck a couple years ago with the preferred you got into. We have warrants that run for nine years. Well hold the warrants until the end of that period, 8 1 2 years. We expect bank of america to be worth significantly more in 8 1 2 years than it is now. I dont know if itll be next month or next year. But they are making progress on cleaning up mortgage mess, mostly which came from acquiring count country. If you could give any advice to tim cook of apple and shareholders, what would it be . Should they give more in terms of dividend . Should they split the stock . Is apple a long term stock you would with split levels . I dont own any stock. I did talk talk to steve jobs a few years ago about what they do with the cash. The best thing can you do with the business is run it well. If you run it well, the stock behaves fine over time. Berkshire has gone from 15 a share to 150,000. And at times when it is four times when it has gone down 50 . There have been all kind of times when people have criticized doing this thing or that thing. But basically, we just focus on running the business. But you never had to dill with a hostile investor like David Einhorn who is going after apple . I would ignore him. Run the business in such manner to cree eat the most val you u over the next five or ten years. And you cant run a business to try and run the stock up everyday. But if youre looking at apple, it has faced massive fluctuations. Tech stocks are more viable, including berkshire shares. Berkshire has gone down four times. Four times in history, its gone down 50 . And in that time just focus on yeah, if you have money, buy it. Just keep working on building value. But four times. I heard from people that those times that said you know, why dont you do this or that. And usually pay a dividend. They think it might go up because of that. Might have began down actually. We just kept focussing on building value. And i think apple has done a good job of building value. They may have too much cash. One of the reasons they have cash around is because two third of it hasnt been taxed yet and they dont want it bring it in because they dont want to pay the tax. When steve called me, that was a few years ago. I said, do you have more cash than me, and he said a little bit. Okay, you just said, what you told steve jobs a couple years ago and you just said yourself when berkshire went down, if you have cash, by the stocks. So you are basically suggesting a stock buyback . If you dont have uses for the money in the business. Lets talk about another stock. This is one of your big four investments, cocacola and chris coweller writes in, why dont you increase the coke stake . It is near an eternity and it seems to be a cash cow. We own 400 million shares. We havent bought or sold any stock for 20 years. There are other things that i think are cheaper. We bought wells fargo this year. I think wells fargo is cheaper than coke. I may be wrong. I think they are both wonderful companies. But and then now im giving money to the two other managers. Last week i said i would give another billion each. Youre talking about todd and ted. Todd collins and ted wechsler. Yeah. They are making me look bad. Im going to give another billion so they dont talk about it. One of the changes in the annual report is of the stocks that you break out and investment holdings, there is a new one added to the list. That is directv. Right. You only put stocks on the list that have you over a billion dollars in. This is the first time that someone besides you invested enough money to be on the list. Right. That is directv and because the pension fund management. And there would be more directv because they have that in Pension Funds too. They concentrate investments like i do. One has i think only five stocks. The other may have 11 or 12. They dont check them with me ahead of time. I look at some reports at enof the month so i know what they buy or sell. But we just make sure that the things that we wr we have to file a 13d or something, we make sure that is coordinated. But other than that, they have total carte blanche. They can put it all in one stock. Is it coincidental they both put it in direc tv without talking to each other first . I think they aboth smart. They dont balance they have every reason to be cooperative. They work quite independently. You tried to slip this through. You mentioned there would have been another stock over a billion if they ran the pension fund. What is that stock . Davita. What . Davita. Do you think stocks are undervalued or overvalued. I think underval id relative to other assets. If i had a lot of money today, i would rather own equities than own fixed dollars, longTerm Government bonds, junk bonds, farm land, and you know they will be affected, if Interest Rates go up dramatically, all assets go down in value. Because Interest Rates to investments are like gravity is basically the physics. Everything goes off of Interest Rates. But the cheapest thing around, i wrote that a year ago. Ive been writing for a year after year. They are not as cheap as they were four years ago. But you get more for your money. And thats why we like buying businesses and we like buying stocks. You get more for your money there. The one thing that, the dumbest investment is, in my view, is longTerm Government bond. I think Single Family house is good for people where they can make it fit. And you can can finance it extraordinarily favorably and that makes sense for people. Were not done with the best of buffett. When we come back, his take on washington, tax policy and death threat. But first, market flash with jackie deangelis. Hey, becky. A stock halted for volatility, it is trading and up now more than 22 . They won a dismissal over a lawsuit with bank of america. As you mentioned, a lot more of the Warren Buffett special when we come back on power lunch. Sngs welcome back, everyone, to the special edition of power lunch. Im becky quick in nebraska with a special interview with Warren Buffett. We talk about taxes, death threat and what has been causing the gridlock in washington. Probably will it sounds like we are having problems right now with that video coming in. Warren buffett did weigh in on washington. He talked a lot about the grid locks there and what he thinks is causing it. He came up with an interesting analogy where he talked about how when you get to negotiation in business you have to have two sides who both kwum to the table and are able to go ahead. Are able to o go ahead and negotiate on both sides of it. Both sides, he says, needs to be able to say with authority that we are they are ne negotiating with both parties back to 2011 when things really went wrong. He said it doesnt do any good to rush to people with teleprompters and that is a problem in washington today. What does he think the Market Impact will be if any at all, if indeed two sides cant get this done quickly. Cant come to some sort of resolution. Did he talk at laul about the possibility of the volatility of the market or the economy . He didnt get into where he thinks it goes once we get to continuing resolution. But he said for right now, he agrees with the markets reaction which is basically a big yawn in terms of what is going on. He said, when you look at what happened with the sequester, we are in a situation where you should be rolling back some of the stimulus. He pointed o out that canes would look at all of the spending going on. Spending going on as a massive stimulus. He said you should be stepping things down a little bit during recovery. So while the sequester is a way to go about this, he seems it is a better way to go after it than ignore it and allow the spending to rise. You know, becky, turning back the page to the prior segment, he talked extensively about the managements he has at his various operating companies and how strong they were and how critical it is to the success of those businesses and then more broadly to Berkshire Hathaway itself because of the people running those businesses are so dog gone good. He really rifed on that and talked about that extensively. Tyler, thats an excellent point. He looks at berkshire as a big conglomerate. At the Headquarters Building here, they only have 24 people, including mr. Warren buffett, who works there. He doesnt want just the businesses teams, he wants the managers. He pointed out they have eight companies. This is even before the heinz acquisitions. But they have eight companies with eight members of the s p 500. With heinz, they will have nine. He says they dont have managers that go out and work the entire operation. And for heinz, the reason he is doing it with this private equity group is not because it is private equity, but he thinks his partners are very good operators and he wouldnt do it otherwise. Thats why heinz made sense for him at those prices. What about the two Portfolio Managers that he talked about and how they are compensated and if they were working in private equity or taking 2 and 20, they could make hundreds of millions dollars more than they do. I thought that was interesting. Really interesting. This is todd combs ated wechsle. He talked about if they were hund mhedge fund manager they would make millions more. He said they are a perfect cultural fits and thats why he likes them so much. Guys who are very glad to be doing this and to be here in omaha doing things as they go through it. It is a different scenario and different situation but he thinks he has the perfect cultural fit in the two gentlemen. Thats probably why he gave them an extra billion dollars each. A hundred million goes further in omaha than in greenwich. Indeed it does. Indeed it does. Thanks, becky, for staying with us. Great to have you with us today. Becky quick. Thank you, both. We told you what has been on Warren Buffetts mind. Now the streets take on his strategy. Thats in a couple seconds. Back with more on power lunch. Everyones retirement dream is different; how we get there is not. Were americans. We work. We plan. Ameriprise advisors can help you like theyve helped millions of others. To help you retire your way, with confidence. Thats what Ameriprise Financial does. Thats what they can do with you. Lets get to work. Ameriprise financial. More within reach. Transit fares as in the 37 billion transit fares we help collect each year. No . Oh, right. Youre thinking of the 1. 6 million daily Customer Care interactions xerox handles. Or the 900 Million Health insurance claims we process. 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Change your number. Turn it up. Androgel 1. 62 . Welcome back to power lunch. Lets look at Warren Buffetts Top Five Holdings and Berkshire Hathaway. We have wells fargo, ibm, American Express and proctor and gamble. Mr. Warren buffett saying he is still buying stocks because he sees good value there. Berkshire raising 128. So lets analyze the strategy here. Joining us from nyse is director with oneill securities and from cme group, director of tjm institutional services, also a cnbc contributor. Good to see you both. Kenny, i will start with you. Do you agree with the way mr. Warren buffett is investing these days . I do. First of all, it is Warren Buffett, if you have his money and buy these things, no matter what you have goes up. We hear from economist and strategist that people looking for 2013 and 2014 to be a real return to equities. I think when Warren Buffett stands up and makes that solid commentary about what he thinks, and he also has a big surprise sending us over the edge, by the way. I think it is a good shot in the arm for u. S. Equities and it is a good message for individuals that are trying to get back into the market. That is still nervous. Does it reassure the individual investor, jim . Yeah. I think that after after kenny and i critique Warren Buffett, stick around and we will critique Michael Jordan and teach him how to shoot hoops as well. Excellent. The point Warren Buffett made, what he said about Interest Rates and the thing thats interesting to me, is im not positive it means with Interest Rates where they are, there will be a ton of borrowing and some of that loose money will end up in stocks or if he means at a tenyear hovering around 1. 8, does the cocacola 2. 2 look attractive . I think he means the latter pip think people will look for yield and thats what Warren Buffett has done as well. Kenny, let me jump in. The end of Warren Buffetts interview, he talked about the healthy suspicion, my words, not his, that individuals need to bring whenever they are invited by a salesperson to buy securities. And he made the case that cost, especially for vids individual investors, is absolutely critical. By inference or implication, he doesnt think much of investment professionals. How do you react to that . He is an index guy, basically, for individuals. Right. Listen, i think that part of the issue with that is that theres been such a crisis in this country. And people have gotten so hurt that i think that what i think is what he is saying, is a lot of individuals lost respect also for the industry. And i think that on a certain level thats wrong. I think if you have a good financial voizer, someone thats really thats involved and understands that, i think it is worth its weight in gold, absolutely. I dont think people should. Part of the problem is people are getting so used to going online to Td Ameritrade and they think they can do it all themselves and they are getting slaughtered doing that. I think you cannot appreciate the experience after good financial professional at all. Do you have any comments . Yes, i do. One thing he said that i dont particular aagree with is people getting rid of professionals and have the Investment Fund and pretend it is the next five years i cant get on board with that. Thats where im going with that, jim. He said that the recipe mostly because he thinks people overtrade, number one. That raidses expenses. I agree with that. But to go five years and not even look at it. Maybe in the middle, something in the middle. No doubt. Look at every six months, every year, maybe rebalance. But jim, the problem is the retail investor, the last thing they should do is pick highs, pick lows, thats the wrong thing for retail longterm investor to do. I agree with you. Im just saying five yearss too long to close your eyes. I agree with you. Couldnt agree with you more. Very dynamic investing. Exactly right, you dont do that. You stay on top of it, but stick with the plan. Gentlemen, thank you very much. Kenny, i still love ya. He called me on my cell phone on friday morning and he was saying i love you to his wife or to somebody. And i said to him, i love you too, kenny. You got to be careful with the cell phone conversations, kenny. I didnt think you had picked up the phone yet. See what i miss when i leave for just two days. You guys run a amok. Foesh saforbs has a new list and we have the person behind the list. War on money in europe goes to the next level. We will tell you about that when we return on power lunch. Seems like etfs are everywhere these days. Tdd 18003452550 but there is one source with a wealth of etf knowledge tdd 18003452550 all in one place. Tdd 18003452550 introducing schwab etf onesource™. 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Tdd 18003452550 please read the prospectus carefully before investing. All right, gold market, gold stocks dropping to 3 year lows. Med metal prices dropping. Hi, bertha. Hi, going into the close, we will see if we manage to close up a penny to break a threesession losing streak. We have basically seen a lot of investors, including Retail Investors moving out of gold. Spider etf saw big outflows in february. What weve seen some big funds do according to the cftc is go net long, the dollar. More constructive on the dollar. Less constructive when it comes to commodities. With george at rbc says at these prices with the possibility that perhaps with those negative pmi numbers we saw last week we might see stimulus from china notwithstanding tightening when it comes to real estate. Some may want it stay with gold and not continue selling here. Copper rebounding today despite concerns, sue, that we may not see any more demand coming out of china because of the real estate curves. Bertha, thanks so much. Appreciate it. To the action on the floor of the nyse, unchanged according to the level. Bob pisani is here. Sounds like holiday trading. 40point range. Got down at the open. Havent done much since then. We are near highs for the day, believe it or not. Doesnt seem that way. Wh what the big losers are, pretty simple. Largely commodity names. Thats because we have a scare. Im calling it a growth scare out of china and can you see that today and the dow loses. Look at stocks down on the dow. That is big global, industrial and commodity names. All the big global names are weak because of can concerns about china slowing its Property Market down because that has impacts on potentially commodities all over the world. Copper, zinc, steel for example. Countries that are commodity bases, all down about 2 today. Finally a little bit of good news, after the closing with sue, for the supporters of the pipeline, transcanada, the main oil Company Involved in the Keystone Pipeline got good news from the state department. After the close on friday, releasing a draft impact statement, seemed to be favorable for proponents. Next up is a full Environmental Impact statement from the department of state. Thats 45 days. They will have comments for 45 days. Then they will release it and the president has it make a decision. But this thing is slowly but surely moving forward. Thank you, bob. Appreciate it. Now to a tale of two stocks. We have going to the nasdaq, google hitting a high. But apple hitting a low. This is the chart that the street cannot get enough of. Google versus apple. Shares of google, as you point out, hitting an alltime high with shares of apple hitting a 52week low. There is a rotation of capital between the two tech titans. Apple lost 262 billion since september high putting this into perspective, thats more than the gdp of greece. We know the apple one of the main reasons nasdaq is underperforming. But to gauge the performance of the nasdaq 100, you will see it is actually trading in line with the s p 500. A couple of other tech stocks were watching, groupon shares seeing the second day of gains avenues broke that andrew mason would no longer be ceo. Zynga also on a tear. And netflix still up 95 just this year. Back over to you. Thank you very much, seema. We heard mr. Buffet talking about yields. And the fact that he doesnt like the longer Term Government bond market. Rick santelli is at the cme to tell us more about that and how things are performing today. Hi, ricky. Hi. Everybody agrees with warren that treasuries are a crummy investment pu but he said that for a number of years. Maybe they are a little less crummy but lets face it. You do the math. Look at the tenyear, and look at two days. And you can see we are balancing out. Just kind of recooping. Earlier today and fridays sequester, fell on its face with regard it market movement. Now lets look at every central bank that meets on thursday. The euro versus dollar, virtually unchanged today. But hasnt add good time of it. Lets look at the dollar yen. Yen is going up today but wow look at year to date chart. The last one, central bank meets as well. Pound versus dollar. Even though it is having one of its bigger updays, ill let that chart speak for itself. Tyler, back to you. So it does. Thank you very much. Black eye for some of the nations biggest banks according to new york times. Bank of america, city group, j. P. Morgan chase and wells fargo forclosed on more than 700 military members during the housing crisis, and it wasnt legal. They uncovered the foreclosures while analyzing mortgages as part after settlement with federal authorities. A split ticket of america and jpm and wells fargo ahead by pennies as well. Pitting himself against the banks he covered, including citigroup. Kayla joins me with the full story. Long saying that his opinions got him kicked out of meetings and blocked him from Key Executives at the banks, he wrote wroet a book about it last year. Is this type of investing crossing the line for an analyst . Mayo this morning on cnbc said no. Im reflecting what many shareholders already say. Look at criticiz citigroup and banks the past year. Greater earnings volatility. Lower risk. Lower roe. Lower roa. Worst stock Price Performance and lower valuations. I dont think of myself as being too far out there. His spokesperson called Current Investments quote dimin muss, and said analysts are precluded from can companies they cover. Mayo is restricted to buying only in companies he recommends. Ironic he is buying citigroup, a Company Formerly his enemy, number one. But mayo said the ceo change has been quote, epic. We will see what he does at the Shareholder Meeting in april. Not quitting any time soon. Thank you very much. Jc penney, talking about stats here, ron johnson fipishing testimony here today in the retail fiest century. And the prize is, Martha Stewart. Courtney reagan is at courthouse in new york. As jc penney repleases a statement. Courtney . Thats right. I caught up with him as he was entering the courtroom. He said, im excited to be funnished. Relying on mslos aversion that there was a break through and that jc penney and Martha Stewarts company could put up a shop in jp penny even if macys wouldnt give permission. Macys is giving more rights than it has under its written contact with mslo. Jc penney would not have pro veeded with the agreement if jc penney thought it would interfere in any way with the macys and mslo agreement. Perhaps one of the most Interesting Development in jeffrey saying is frustrated with the lawyers and he is listening. He has been thinking about the case, frustrated they keep presenting the same emails over and over again. When a he is pushed against the wall, he kicks. Despite the fact he asked them to settle the case before it got to this point. On friday when the case is expected to wrap up, judge will hear oral argument from both sides. Is t is possib t is possible that the judge could rule that jc penney needs to keep all Martha Stewart products off the shelves al info until after a decision. Jc penney lawyers not excited about the fact that it is possible shelves could be empty. Back to you, sue. Courtney, thank you very much. Lets recap the top headlines of the day. Whats going to happen to the hes trucks at christmas . Hess will exit its retail flrg and marketing and trading businesses. That follows pressure from third larger shareholder, Hedge Fund Elliott management. They are calling the company to break it up, and it isnt going to do that. Hsbc fell 6 below analyst forecasts. Boyd gaming gaining ground. Selling its echelon site on the Las Vegas Strip to malaysian Gambling Companies with a price tag of 350 million in cash. Ty . Forbes list of millionaire. Did they make it and where did they come from . The real estate bubble and how it could pop all over your portfolio. Well be right back. No two people have the same financial goals. Pnc works with you to understand yours and help plan for your retirement. Visit a branch or call now for your personal retirement review. [ cows moo ] [ sizzling ] more rain. [ thunder rumbles ] [ male announcer ] when the world moves. Futures move first. Learn futures from experienced pros with dedicated chats and daily live webinars. And trade with papermoney to testdrive the market. All on thinkorswim. From Td Ameritrade. All on thinkorswim. Try running four. Ning a restaurant is hard, fortunately weve got ink. It gives us 5x the rewards on our internet, phone charges and cable, plus at Office Supply stores. Rewards we put right back into our business. This is the only thing weve ever wanted to do and ink helps us do it. Make your mark with ink from chase. Fresh decline there. Lets look at universal health. The president saying he is open to cutting entitlements. Cuts are also hitting other federally funded programs. Theres universal health services. Up nearly 18 year to date. Ceo is alan miller and he is here to break down the future. Thats a tiny topic, mr. Miller, future of healthcare. We are going to solve it all right here. Lets talk about the impact that cuts in medicare or medicaid might have on your industry and your particular part of it. We have been calculating this as weve gone along. We figure it is about 40 million this year. Both in our Behavioral Health and acute business. About 40 million in lost revenue potential to you. Right. What does that do to your business and its profitability . Obviously it doesnt help. But how material is it . Were going to apply a scalpel to all of our expenses as opposed to the way the government does it, with meat axe. And we will reduce work force over time. We are going to reduce agency. Look at supply chain. We already are. We are going to look at physician preferences items. And see if we can have more standardization. So we will do what we have to do, but the main thing is that the quality of care isnt going to change. One of the points he makes in it, that is that unlike many other industries, where technology and automation have brought have brought down the costs, in the healthcare business, technology and automation seems to have worked the other way. And it hasnt reduced costs. In fact it has made costs go up. Would you like to comment on that . I havent read the article but i think one of the things you have to keep in mind is that quality of whats happening to the patients or the population in general, has improved. So sure, every time we get a better machine, an mri is much better than the old radiologist machine, youre getting a better picture and patient is getting a better treatment. So, yes. Every time we find something in technology as an improvement, it may be more costly but the patient is getting much better treatment and people are living longer and people are having better results when they have procedures and that is certainly a tributable in part to the great physicians and great technology. Mr. Miller, thank you very much. You are getting good results with your stock price up 18 in a short period. We appreciate you being with us. Thank you. Sue . Ty. They are the 1,426 people who control the global economy. Forbs has the list and details on where they come from and home of the billionaire is changing ra bit. Thats right after a quick 30second break. Coming on you street signs. We will talk all things china. And whether or not traveling to china and its property valuis means trouble for us on other side of the world. We will bring you a wrapup, and the Warren Buffett buffet. And are you saddled with student debt . You wouldnt be the only person. We will look at whether there are any dangerous Student Loans ending up like sub prime mortgages. Lots of things coming up at the top of the hour. 2 00 p. M. Eastern time, make it a date. Back to you. Thank you, mandy. See you in a few minutes. Forbs ranking of the worlds richest people finds more billion airs than ever before. 1426, to be exact. With a total net worth of 5. 5 trillion, with a americans controlling a good chunk of that money. 210 are those folks are firsttimers, including newly minted female billion airs. More from randal lane. Randy, good to see you again. Good to see you, how are you . Good. That is a record. Is that because of innovation from peoples particular companies or fields or is it due it something else, do you think . For the first time in five years we are seeing real asset growth across the world and you are seeing that reflect in the billionaires list. We see growth in every region and sector. We have wall street people shooting up and tech people. This is across the board. Top 20 billionaires on the list. Weve never seen anything like this. 19 of the top 20 are up and like you said, 5. 4 trillion. Billion airs are just billionaire palooza. Carlos slim retained the number one position this time around. What were the biggest changes this time . Mark zuckerberg suffered quite a solid facebook is down. Down to about 13 billion from 17. And the youngest person on the list just falls as well from 4 billion to 3 billion. We saw movement at the top on Warren Buffett for the first time in 13 years. Not the top three. He had the second best year of anybody in the world. Up 9. 5 billion. But ortega, number three, up 19. 5 billion so he shot up five to three. You are seeing jossling, but even those making it cant give it away fast enough. A Record Number of women made the list. Including tory burch, in the billion airs. Not just a billionaire but fill intl fi a philanthropist as well. And women dragging men into the billionaire circle as well. So thats cool. Very cool. Top ten from loreal also this year. It is not that there are so many women on the list because there have always been women, but it is selfmade women. Jz just drag me into the billionaires club. Drag me. Whatever you got to do. Rich keep getting richer. But are they paying their fair share of taxes . Europes war on money. First, banker bonuses. Banking switzerland. The power rundown next. Egal mats in just minutes. Protect your family. And launch your dreams. At legalzoom. Com we put the law on your side. Time for the power rundown. Michelle ka with us. Mortgage rates for second home buyers is there a real estate bubble for china and should we be concerned if there is . Of course there is a real estate bubble if china. It is enormous. The question is whether it will burst or deflate and what the political impact will be. It could be very concerning to us if it results in political instability. There is a lot of talk that a lot of the people made money on china real estate bubble are the wellconnected people to the communist party. If thats true, it could cause outrage and instability in the region. 10 of chinas gdp is driven by the property sector. That affects overall chinese gdp. Second largest in the world. And we know the wealth effect that happens when real estate goes down as it did in this country. There are those who say, this had to happen. When you see the empty miles in cities you sure do. The buildings there are seethrough building. Switzerland, country known for secret bank accounts, giving shareholders and executives pay an last week eu put limit or bankers bonuses. Is there a war on money in europe . Michelle . Oh, yeah. For years and now this is just a standing way that europeans look at things. They do not want to reward those who do well. And i think they will pay for it in the end. They will see the people go to other parts of the world. Asia is growing like crazy. Money moves. Money moves. Yes. In the u. S. And europe, when these things happen, what it is is a way to give different constituencies. So the ordinary stock holders gets kicked 06. They say, we will let you raise your pay if we raise our pay. Tax bills for the rich at 30year high it appears on average. Top 20 of wage earns paid 27 in federal taxes on average and top 1 pay more than 35 . Are we overtaxing the rich, michelle . Absolutely. I think the spread is too wide. Bottom 20 dont pay any federal taxes whatsoever. And im sympathetic, absolutely, to the poor. But with a larger and larger percentage of those that dont pay taxes, it raises taxes for oenchs aothers and it is problematic. Income built at the bottom end of our economy has done pathetic for the last 15 or 20 years. We need to figure out a way to grow the income of the middle class. Were not doing a good job of that. So therefore, the rich are paying a larger share of their taxes. I think part of the problem is taxes for everyone are too high and that makes the economy very, very stagnant. Fundamentally, i think everybody ought to pay something. Everybody ought to pay something. I got no problem with a graduated tax. But i want everybody to have a stake. Progressive. Absolutely. They are always willing to raise tax on everybody else. Thanks, guys, appreciate it. More on chinas housing bubble at at the top of the hour on street signs. Meantime, low for the dow is down 59. We are now very close to unchanged. Cant see it. There it is. Down 7, almost 8 points now. A cure for hiv. A story you might have heard about. Nothing short of incredible. Plus how hivrelated shares are trading right now. A talking car. 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