Transcripts For CNBC Squawk Box 20141003 : vimarsana.com

CNBC Squawk Box October 3, 2014

Last couple of days. S p futures up about just over 8 points. That jobs report will be indicative of how we made the move to the day. We have Alan Greenspan joining us this morning. First, steve has this mornings other big stories. Thanks, becky. An american cameraman working for nnz news in liberia has tested positive for ebola. He was one of three cameramen working with nbcs chief correspondent dr. Nancy schneiderman. Hes been working in liberia for the past three years. Nbc is sending a charter plane for schneidermans entire crew. Schneiderman on nbc last night. An abundance of caution. We have selfquarantining ourselves, even going beyond the cdc guidelines. We recognize that there is a big story back home. Meantime in texas, the cdc contacting dozens of people. Meg turrell joining us from dallas with the latest this morning. Good morning, meg. Good morning, steve. That nbc news cameraman, our colleague was the fifth american affected with ebola and is back here in the United States for treatment. Where they were in liberia and west africa and why dr. Nancy schneiderman were covering their story, it is the hardest hit country in west africa accounting for more than half of the cases and more than half of the total deaths. Right now, that count stands at about 7,000 cases in west cav ka. Coming here to dallas where the first u. S. Case with bowlen, here in critical but serious condition. Making sure this spread does not continue. Theyre casting a wide net of about a hundred potential contacts the patient may have come into contact with saying theyve identified just a handful who may have had serious, closer contact. Theyre monitoring all of those. Four close family members have been ordered to stay in their home not receiving any guests sense october 19th to make sure theyre not spreading anything they may have gotten. Of course, they are not showing any symptoms yet. The risk only becomes zero once there is no risk in west africa. And just getting a few more details overnight about why there was that mix up and the patient was initially released before coming back two days later. They say there was a problem with the Electronic Health records. They took the information that he had been in west africa, that information didnt show up when they were considering how to treat this patient. So he was released and came back on sunday. The thing that jumps out to me is that didnt that send up red flags, wasnt that the type of thing that maybe you note it in the chart, but you yell across the room, hey, dock, listen to this . This is something weve been on the lookout for and maybe you should Pay Attention to this . Ya he. Theres a lot of questions about why that didnt set off more flags, dr. Frieden calling this a teachable moment, saying travel history needs to be emphasized. A teachable moment, definitely. More than six months after an outbreak of ebola, the Health Officials have displayed an uneven response. The story this morning is that they didnt go on to sanitize the apartment. They entered it without protection on wednesday night. What kind of confidence should we have here, the one sample of response we have has not been all that great. Were hearing reports from the local and state officials here. They were telling us about the official reports it hasnt been cleaned. They say they sent a cleaning crew in, but they did have some trouble finding a cleaning crew who would go in and clean up the apartment. And then the kwan teened the four family members to that same apartment. The idea that they hadnt cleaned it, theyre keeping them in that apartment, thats the kind of thing that prevents people from coming forward saying, yes, we have been exposed. Theyre emphasizing that they wouldnt do that quarantine for most people in that situation. But that protocol or order was tightened from what it had initially been. That raised some red flags, as well, what was the family doing . So the hope is that this was a wakeup call to hospitals and cities around the country as we nationwide see more cases coming from west africa. This idea of finding a cleaning crew, that the municipality could not find something or accompanied to go in and go in and do it, how hard is that going to be in other cities as we get to that point. How expensive is it . I assume whoever is doing this is charging a kings ransom to do it. We did learn yesterday that theyre, woulding with a company that has done this before with hiv aids. Theyre used to cleaning up sensitive material. That makes it more difficult in this case. Medical crews do clean up. Sensitive material. They should be able to figure out how to do this. Not all hospitals have appropriate measures to deal with that. Thats something were learning about, as well. The government working on that, trying to make sure hospitals are equipped to do that. Ill throw this out to the table and, meg, i dont expect an actual answer on this, but it seems to me that there are two responses to Something Like this. One is an economic response where you are trying to limit the economic damage that comes along with any sort of outbreak. And it seems to me weve done a fairly good job of reassuring people things are fine, go about your business, things are normal. Weve made sure that the flights are still running. We are trying to minimize the economic risk but we Vice President done the best medical response for this and sometimes those two responses would conflict with each other. There are a lot of questions about whether the borders should be closed. He emphasized by isolating those countries, not flying in and out, aid workers cant if they go, they cant get home. So by isolating those countries, that would, in fact, do the opposite of containing it. It could rage worse there because treatment needs to be improved over there. Until its contained there, it cannot be contained in the rest of the world. Becky, i did have one thought which is what did the guy at passport control ask this individual . I think he lied about filling out this form. Thats one thing. He lied about filling out the form in liberia. Are we not asking a guy who was in liberia, we can see it in his passport, apparently there was a stamp in it, where were you . What were you doing . Its very simple. He didnt have a you the, but this gentleman had four or five days previous to this. The gentleman in dallas, fourer on five days before that, he had been transferring a patient. He was carrying her body. She died shortly after that. Ive not heard anybody questioning the process. What is the process once you land. You get here, do they ask you any questions here, its not im amazed that this slths bit unrelated. It seems like the people who represent no threat get the extra scrutiny. And im talking about the white house where i have to do a whole shakedown to get into the white house every time i go there and is a guy jumps over the fence. I come into passport control, i get the third degree and this guy was in liberia and he walks in. And i love the way they shake down Senior Citizens. Not that Senior Citizens cant represent a threat. They can. Theyre all healthy, theyre great. Youre talking about profiling. Arguing for a little bit of common freaking sense. Can i say that . What i will say is meg is right, you need to have people getting in and out of these countries. But as steve was saying, some common sense on the return i think makes sense too. I think what dr. Nancy schneiderman and her team are doing is the is the right thing. We wish them all theell check later this morning, too. Lets tell you about corporate news. This is not good news. It hits close to home because it affected me, too. Jpmorgan warns 76 million how households and 7 million Small Businesses may have had personal data exposed in the cyber he attacks. They have no evidence that personality data was released in the attack. However, as a customer of jp do you have a chase card . Chase . Yeah. They have my name, they have my address, they have my phone number and im not sure whether they have my email address or not. But i think enough of that could maybe not in the context of the chase, but if you took that information and went to other companies and places where i might do things online or whatever, you could figure out. You could get passwords reset. I dont know. I dont know if thats enough y eoma ppl enoce t,poy oe oer ser ta ofhe tse henactaiths v e fuca yoount mor e,evreoio t annghife . Dnt asngoiasuyohe saqu on k inreeorar cnhai. No regdoem at itp un o cnd message on your phone so you have to put your password in. You get your password, you put the text message in. This computer is already in for my email. If i want to hack anything with you, i just go to that this computer works and it only works for 30 days. But if i were to go to a computer thats not my regular computer, i always have to have it sent and thats a great way to thats a good idea. That makes it i dont know, but its much harder to hack because you need the actual code and its a different code every time. What about the companies, though . What are we learning about how serious theyre taking sth this . Look, jpmorgan and jp diamond lays out every year where he says this is a Massive Initiative for this, talks about the amount of money they spend on it. But you say that and yet is this the second thing weve heard from nation states . There are nation states working against the banks, the big Financial Institutions trying to hack into them every day. Its the banks and the unfortunate position of them having to battle nation states rather than the United States protecting them. So you are referring to more government . And by the way, i think the government is also trying to step up and make Cyber Security a much bigger point of import. I think theyre working on that. I think theyre spending money on that. Here is a risk reducing your risk question. Would you put money in multiple Checking Accounts . Most people have one Checking Accounts at one bank. Would you put money and multiple no. After the financial crisis, i bought Life Insurance through three different companies. To make sure that the one because i figured if one went down, then id still have the two others. It wasnt because of the cyber hacking, but i do have multiple accounts. You know what it was . At one point, they have offering better Interest Rates. Its all i can do to find my debit card. If you find one on the table, its steves. We will be getting a key read on the economy with when we get the jobs reports this morning. Warren buffett weighed in yesterday on Economic Growth. Its really amazing to me since the Third Quarter of 2009, looking at our businesses, theyve improved at a rather constant pace. Now, we heard talk about double dips, we heard talks earlier. Theyve never decelerated much. Theyve never accelerated much. Now, autos are doing way better than average. Housing is doing worse than i would have anticipated. If you look at the overall, its been remarkably consistent. Joining us now with more on the economy, todays jobs number and recent volatility in the markets, michelle gerard, chief u. S. Economist at rbs. Also bob doll, chief u. S. Equity strategist at uvene asset management. Welcome to both of you. Bob, you heard what Warren Buffett had to say about that. Just his idea of a constant and steady growth. Would you agree with that . Constant and steady if he would have added at a snails pace, i think i would have agreed. I think he did add that later and i think we may have cut that off. So weve been growing until recently about 2 real as you know with lots of bumps along the way. Normal for the economy. But the question is are we upshifting from 2ish to 3ish . My guess is probably, but its not going to be smooth. Michelle, what do you think . I will say that has been one of the characteristics of this expansion particularly in the last three years is how remarkably kind of steady around 2 plus or minus. Even the sail numbers, to talk about todays jobs report. I know from month to month we get volatility. We grew 180,000 in 2012. Like 19 is 0,000 plus in 2013 per month. Not far off of that, a little over 200,000 in the pace has been so steady, the good news is weve havent shown the desill ragz. The bad news is weve never been able to get the upward momentum. Now its late in the expansion to think were going to accelerate markedly from the current trend. Bob, all of these drops weve seen in the markets recently, big declines, a lot of volatility, that has a lot of people nervous. Ive seen you in action, i know what you do on commercial breaks where you go through and figure out how much money you want to allocate and which stocks you want to put it in. How much more of that have you been doing as these dips come in or have you felt these dips were warranted . The dips have been viable. Now this is the fourth. Like the one in january, this feels heavier. I think out of the august selloff, we never really repaired the divergences, the advance, the side lines, small stooks. This may take more to store out, the season of lets say a little bit more weakness post the election. The seasons would say were coming back and i think assuming the u. S. Economy is okay, which weve been talking about probably is, will be oxygen. This will be another viable depp dip, but maybe not quite yet. So i think theres more to come with this, maybe a little more blood letting . I think theres a lot least more sloppiness, no sidewise action. The Biggest Surprise to me would be we turn up and go make a new high right away. I think we have to consolidate, maybe correct some morning. How far . Who knows. But i think theres more time before we turn around and go back up. Didnt you just make an argument for more fed stimul ew less . The economy is consistently performing below, 2 growth with the official of 2. 5 , the book says the youre shaking your head. No. Am i wrong about the textbook . No. Here is the thing. Im right about the textbook, though. Were not talking about policy shift on the accommodative side, that if were only growing at a subpar rate maybe we should not be, woulding against it, we should be below neutral. But should we be at zero . Should we be sitting at crisis level rates when the economy has been growing 2 for the last, you know, three to four years. There may be less slack. Is there enough slack to justify sitting at zero when youre a half to 0. 75 points away from unemployment. I have three words for you and theyre not happy birthday. The fed president has been out there arguing this point that theres not inflation. But more money isnt going to solve this problem. And the fed can actually come up with. Thats a legitimate argument. Thats the point. The textbook says and ill tell you what the fed is thinking. The fed is thinking the risk reward here, if we move for whats preemptive, when we think unemployment should be better and stronger, if we hike just because the textbook that i would argue would say that its time to be moving to a more neutral stance and youre wrong and things fall apart examine things are worse, then that is a big problem. The fear if they start going, that they do not want to have to go back, they dont want to have to retrace the steps from the exit. Like what the ecb ended up doing. I think thats right. If you listened to legarde yesterday gave a fascinating speech, its the subtext, hey, the countries that did qe, the countries that increased the size of their Balance Sheets, theyre the ones doing better. Michelle, thanks so much for coming in. Bob, its great to see you. Thank you. When we come back this morning, protesters deadline for hong kongs leader to step down has pagsed. There are signs of a thought between the government and protest leaders. Well get a life update from hong kong right after this. And the nfl draft finding a new home. Yesterday will be the first time that new york city will impose. Well tell you which city won the top pick right after this. The First Pacific the nl draft location has selected chicago. The windy city will hold the draft in 50 years scheduling conference at radio city music hall forced the nfl to look they didnt figure out the date on that . You would think they would know. The theater of Roseville University will host the threeday event starting on april 30th of next career. Good for chicago. Im amazed over the last several years how this has become an event. Now its a Major Television movie event. Kevin costner playing that part. Hundreds of casino workers at flagship macau casino walked off the job today demanding better wages and benefits. Good morning to you. Can you hear us, susan . A little delay. We will try her in just a little bit. It does sound like they are a little closer. And it felt like the protests werent we had this build up this week as if announced doesnt seem to be as many in the ranks as they had. Yeah. A tipping over point. But it did make you think, didnt it, about whats going on in china, political oppression there and what happens if theres an issue like that. You start to spin that out and it gets to be very difficult or how does the u. S. Respond to china like it did with russia with sanctions . I think thats a long way away. But thats what i started thinking about this week. Like what we do with ebola, too, right . We thin et out. Do you think its crazy to think what if china were to clamp down on protesters there . No. But the stakes are high and i think they realize the world is watching. And its complicated because china worries desperately about this going to the mainland. Thats the biggest fear of the leadership there. When we come back, signs of weakness in europe. Can the United States flourish as europe falters . Ra global cut check right after this. Plus, gas price falling below 3 a gallon for much of the country. How lows will they go . Were going to talk crude rates. Right now as we head to break, take a look at yesterdays winners and losers. Mr. Daniels. Mr. Daniels. Look at this. Whats this . Clicks are off the charts. Yeah. Yoshi, were back. Yes, sir more shipping more shipping [ beeping ] e [ beeping ] financial noise financial noise financial noise financial noise good morning and welcome back to squawk box on cnbc. Joe kernen has the week off playing golf. I have seen the pictures. Hanging out with some actors

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