Adam the competition in new jersey is taking a map but money is on the move today. Jo ling kent has details what you need to know is happening in markets overseas which were trading, jo . European markets closed. Look at dow futures. They were closed up 2points this morning. S p up two points and nasdaq up six points. Nice green arrows across the board. In terms of data tomorrow and today nothing today. Very little data tomorrow. Were waiting for fomc Meeting Minutes from Ben Bernankes last meeting that comes out at 2 00 p. M. Wednesday. Looking at commodities right now, oil is trading up. 62 . Gold was trading at. 79 . Nice green arrows there. In europe look at markets. Ftse was up but the cac and dax were actually down and hang seng was actually up 1 . So good news over in asia. Adam, back to you. Adam jo, thank you very very m. Lets talk about volkswagen and the employees who reject addition to organize at the german automakers plant in chatting into tennessee. That will have major impact on labor unions and their future. Rich edson is live in chattanooga to bring us up to speed. Rich, i can imagine some are calling this a big victory and others are calling it an important loss. Absolute live of the fight will continue here, adam. The reason antiunion groups are claiming such victory on this was really the best opportunity for the uaw to organize workers here in the southeast for foreign auto plants. When you look at what the uaw had available to it, almost a partnership with volkswagen of the company agreed to expedited union election. They agreed to have uaw representatives to come and pitch employees directly. Still 712626 the workers here decided they do not want to join the auto workers. Why that is . One worker says he is doing just fine without union representation. I great pay scale, which is more than what the uaw workers are making now and more time off, a car program, the benefit package is out of this world and we produce a quality, awardwinning product. Why would we need anybody to come in and talk for us . As part of this, adam the uaw agreed not to try to union eyes for one year the chattanooga plant. After they can can try to continue unionizing efforts. Doesnt mean the uaw wont try to unionize plants around the southeast. They have been trying to unionize nissan plants and mercedes plants not with the same cooperation from volkswagen. It doesnt prohibit another union to organize the plant here in chattanooga, tennessee. As for now this is vick at this for antiunion group, 712626. A week after it happened. Both sides say they will continue efforts on one hand, unionize a number of plants down in the southeast. On the other hand to try to prevent it. Back to you. Adam rich edson, it is important for the labor unions. For inmanufacturers setting up shop in the south. It started with honda years ago in ohio. That is another story, rich, thank you. What does this vote mean for unions Going Forward . Lets bring in former National Relations labor board peter someburg. Sir what is the role of a labor union in this day and age . Thats a question which i think the uaw did not answer. You know, my understanding from people on the ground is that the workers voted against the uaw, one, because of its history. The one common denominator among the detroit three when they declared bankruptcies was the uaw. In fact employees would say to one another, i vote for the uaw is like buying a ticket on the titanic. So the uaw really seems to me didnt make its case. I also think it is overplayed its hands. You know, it entered into a neutrality agreement with volkswagen but didnt tell the workers about the neutrality agreement. It promised the workers that it would get them a 40 pay increase but the neutrality agreement has language in it which says the uaw will work with volkswagen to contain costs. Adam let me ask you this question real quick. Want to point out for the record, ford never declared bankruptcy. It was chrysler and general motors. Thats correct. Adam ford did not declare bankruptcy but they lived with the previous contracts they entered into with the uaw. When senator bob corker what they wanted me to know, volkswagen, unsolicited, if the vote goes negative they will announce immediately they will build a second line, was he influencing the vote . The labor union is saying that, statement essentially said if you vote for the union, you dont get the second line at wv. If you vote against it they will announce it. Now a twoweek clock running to see if senator corker is right or wrong . I think that is difficult question to answer but the volkswagen was constantly telling the employees prior to the election that the decision as to the second or expanded production would be made without regard to how they voted in the election. Immediately after senator corker made his remark, i think it was unfortunate but immediately afterward the president of vw once again he wanted to emphasize the decision would be made regardless how the workers voted, whether they voted for the union or voted against it. I dont think his statement would have impacted the vote. Adam could the senators statement have any bearing if they try to bring this nlrb to bring revote before the one year period. I think the union could definitely try to do that. I dont know how the nlrb would decide the issue. It would be based on facts, based on the fact as i know them, both what vw was consistently representing to the workers. I dont think the board would be correct, if it were for example, set aside the results of election. Finally 11. 3 of the population is part of a labor union. A lot of that is the Public Sector. What is the future for the private labor number . Is it essentially overin the United States . I dont believe so. I really do think the union movement, and unions play a very productive role in some segments of the economy. However the unions have to make a case. And from my perspective, instead of spending 400 million on politics and supporting social causes many of the workers dont support, they should be out there making their case, responding to the arguments that are made, and answering the question, whether they still have a role to play. Adam all right. Peter schaumber, former nlrb chairman. We appreciate you joining us because this is lot of story people will be following. If flying isnt bad enough, a genuine shortage of pilots, is not on the horizon but already landed and could mean higher ticket prices for everybody. Marijuana is moving closer to legitimacy. New rules mean banks can finally do business with pot merchants. Well talk to people on both side of that story. More money coming right up. Picks so the Regional Airlines are facing big financial problems thanks to Pilot Shortage brought by about low pay, incredibly low pay and increased government regulation. Smaller carriers like skywest and Republic Airways have been forced to ground flights. Longtime American Airline partners American Eagle could be reduced to carrying baggage and providing fuel for other Regional Airlines. We have the president of the largest pilot union in the country, Airline Pilots association. He joins us now. This is serious shortage. What will be done to fix it . Well, adam, thanks for having me. We dont actually have a near term Pilot Shortage. We have pay commensurate with the experience, training and education that these pilots have. Many of these pilots are flying overseas right now. They would love to be flying here but theyre just not going to fly for 2,000 a year. Adam 22,000 a year. Adam nor should they with the level of experience. Resulting the shortage in the United States. First year officer makes 224,400. First officer, 50,000 at major airlines. When we talk about the regionals, essentially the same company . Republic and they are delta connection, united express, American Eagle, those are the regionals are they not . What were talking about is the same passengers, whether theyre on united, theyre on american or theyre on delta, these are the same passengers. To be clearer, we dont have a Pilot Shortage. We have a marketbased pay shortage right now. There are plenty of pilots, adam. Theyre just not paying them enough. Adam no shortage. I would use terms we all know, delta connect, united express, American Eagle, could they make money sufficient to give niece 6 these pilots an increase . If so, how much . I dont know any airline that hasnt been through bankruptcy at least three types in its life cycle. A few of them havent but they can make money. But what they did, they underbid the contracts for this flying. And really they are a labor arbitrage model. All they do is provide labor for these carriers. They dont, a lot of them dont own their airplanes. They dont pay for their own fuel. And their main concern is, labor costs. They underbid their contracts. They need to go back to the main line carriers and tell them, we dont have enough pilots. We cant pay them enough. Adam when we set this segment up with you, talking about a change in regulation as well, used to be the pilots could begin flying first year, first officer with 250 hours a experience. Now is it 1500 hours. Isnt that correct . Wasnt it lack of experience that led to the tragedy in buffalo . Good point. Those regulations were a partnership. They were developed through a partnership with the airline industry, government and Airline Pilots. We all agreed on them. They went into effect just recently but they have had a year to plan for this. Some airlines, as you know, some airlines plan better than others. Adam why yes they do. Let me wrap up with you. How, obviously the passengers who are ones going to pay. In fact we just booked tickets yesterday to fly on a regional version of one of the major carriers to a small city this summer. The price was outrageously high. I was shocked as years past it was much less. But pilots are not getting higher wages so how do you get the wages up and keep the airlines competitive . Wealth bottom line is, the tickets are marketpaced and the airlines are selling tickets, the passengers whether theyre on the brand or regional connect, the passengers need to fly. The pilot wages alone are not what is causing this problem. What is causing this problem is the underbid of these contracts by a few of these regional carriers. They need to rebid them. Adam the underbidding, wouldnt that, essentially big pop airlines, delta, united, american, could they not use their influence to raise those wages at regional level . Well the, folks that have the contract, they need to come back to them. Again, some airlines have done a better job than others. Adam captain, thank you very much for joining us. Thanks for having me. Adam legitimate marijuana businesses up to now had to deal in cash because they were not allowed to work with banks. The federal government is changing all that and well give you the latest who will cash in. Its smokin. Young people are feeling from traditional teen favorites like abercrombie fitch. So which retail remembers getting their business now . [ male announcer ] there is no substitute for experience. 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Elliot klug is the founder of ceo of pink house a Marijuana Dispensary in colorado. I want to start with you first. This has been an issue for several years. As Washington State gets ready to begin the use of Recreational Marijuana, this has got to be a big relief to those who will be operating legitimately under state law, that the banks can now accept their cash or even use credit cards, correct . Thanks, adam. Thanks for having me. Not necessarily correct. First of all i would just like to say, this is a new enterprise, a new business entering Washington State and we feel that we really need to provide Banking Services to these folks. The guidelines at that came out last week dont necessarily, in my opinion protect the banks enough and give them enough assurance to bank this industry. Because after all the end of the day the guidelines provide guidelines but federal law still remains illegal under federal law to provide Banking Services. So there is big disconnect. That disconnect impacted people who operate legitimate marijuana despen is aeries in state of colorado. Elliot, let me ask you, you have had to keep huge amounts of cab on sidelines. You havent been able to use credit card machines. Has that changed since friday . Are you in negotiations with banks in colorado to change the way you do business . Adam, thank you for having me on. Nothing changed instantly. As james said, there is not a magic watched here and i think banks are still digesting it. I did receive a phone call from the banker. But even the brief conversation about how it is still unfolding and theyre still kind of, little bit of wait and see going on. Adam james the concern from the banks, right now under federal law if you take these monies you are essentially helping to launder illgotten gain and the federal government could move against your institution. Thats correct. Ion the guidelines, if the banks follow the guidelines to the t, it still does not guaranty protection for them or immunity from federal law. So we know that there is a solution out there. And like elliot said, its, banks are digesting this now and determining whether they will consider banking the business or not. Adam james is anyone from the department of justice, including mr. Holder, himself, reaching out to the Banking Industry saying how could we improve upon what was announced on friday . Well i know that attorney general holder with the guidelines that came out they were involved with obviously setting those guidelines. I also know that attorney general holder is working, i believe, both with congressman denny heck from washington and congressman perlmutter from colorado to see if they put something together that will give banks the confidence that they can bank this business without, without criminal repercussions. Adam elliot, i would imagine that the unintended consequence of forcing a legitimate business within the state of colorado to have do most of its transactions in cash invites unsavory characters to take advantage of that. Do you think doj appreciates the bizarre scenario they created . I kind of hope that is what drove the recent recommendation here. The department of justice doesnt want this cash floating around and that what helped us move forward a little bit . I havent met any unsavory characters myself but there is definitely pressure carrying around a lot of cash. As more people watch the industry growing, the greater that pressure is. Adam all right. I want to thank both of you, james and elliot. Thanks for joining us. Im afraid were out of time. Certainly an issue that will be big in colorado and washington but as many other states try to legalize Recreational Marijuana use. Money is flying around the world today starting in russia where the government is negotiating a bartering agreement with iran in exchange 500,000 barrels of oil. Russia is considering building a Second Nuclear reactor at iran power plant and they may provide iran with trucks and Railroad Equipment and other goods. In tie land, rice farm remembers seizing government offices to ppotest late payments from last years rice crops. They took over the prime ministers temporary office. Saying they will stay put until they get their hardearned cash. The countrys finance minister estimate that is they owe farmers roughly 3. 4 billion if outstanding pay. Landing in hong kong where one company is seeing magical results. Hong kong disneyland report as record profit last year driven by an increasing number of chinese tourists. The park is planning to expand adding a third hotel with 750 rooms. Up next, chipolte is doing something right. Fastfood lovers are giving up old favorites like the big mac and turning to a new favorite, jumbo burritos and mexican rise bowls. Rise of the billion dollar storm. Wild weather keeps on coming and the cost to the economy keeps on growing with each punch. We asked people a question, how much money do you think youll need when you retire . Then we gave each person a rib