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American Morning
Minding Your Business: What we Whine About
Aired November 26, 2002 - 09:24 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: Andy Serwer is here talking about the markets. And how we looking?
ANDY SERWER, "FORTUNE" MAGAZINE: We're looking like we're going to get a little bit of a weaker open this morning, Bill. Futures are down. GDP number came out, a revision for the third quarter, and it -- actually it was very positive. I was surprised the futures didn't move to the upside. Growth of 4 percent in the third quarter, which is actually very, very positive. Yes.
HEMMER: We'll take that relative of what we've been seeing anyway.
Top 10 consumer complaints.
SERWER: Yes, this is interesting. The Consumer Federation of America comes out every year with a list of consumer complaints, and usually it has to do with things like consumer products, that sort of thing. But topping the list now for the first time, home improvements.
HEMMER: Really?
SERWER: This has to do with people -- there you go. Home improvement is topping the list. This is getting driveways done, new roofs. And the reason why, Bill, is because so many people are refinancing, getting new money to do projects on their homes, they're hiring contractors like never before. Contractors incredibly busy, and some of them out there are doing shoddy work. It's not a very regulated business. You can just hang a shingle out and say I do roofs.
HEMMER: Even if you can get somebody to come out to your house too, because there's a pinch right now.
SERWER: Because they're so busy. These people are so busy. So obviously there's some shoddy work out there.
HEMMER: Yes, household goods is on there, automotive sales, repairs, credit and lending.
SERWER: Yes,...
HEMMER: Britney Spears quickly.
SERWER: Yes, Britney Spears. Maybe a theme today, we're doing celebrities and business. We had Fabio earlier on, that was a segment that peaked your interest I noticed.
HEMMER: Yes.
SERWER: Britney Spears...
HEMMER: Hardly (ph).
SERWER: ... has this restaurant in Manhattan called Nyla, which I understand is New York, Louisiana...
HEMMER: That's right.
SERWER: ... which is where she's from. This restaurant, Bill, there she is at the Nyla open. This was dubbed by some as the worst bash of the year. You know the critics can be cruel here. The restaurant, bill is not doing so well. It had a southern food motive. There was fried okra. They changed the fare of the restaurant...
HEMMER: To?
SERWER: ... from Southern to Italian,...
HEMMER: Oh really?
SERWER: ... as if there are not enough Italian restaurants in Manhattan. But you know their creditors are not getting paid, there are people complaining there's outstanding bills.
HEMMER: Right.
SERWER: Some people want to put this restaurant into bankruptcy. And really the problem with the restaurant is there's not enough Britney themed stuff there. So a lot of teenagers go to the restaurant expecting a Britney restaurant, it's an expensive restaurant with no signs of Britney anywhere. So these people got to retool this restaurant.
HEMMER: You know this summer when the -- that restaurant opened, you were saying quite explicitly under no uncertain terms that this thing is going to fail because...
SERWER: Yes.
HEMMER: ... you felt the fan base for Britney Spears can't even go there.
SERWER: Yes, exactly. I mean you're going to have a -- you're going to appeal to the people who buy your records who like you. I mean they weren't doing that. So I don't know, we shall see.
HEMMER: I don't think Andy's going to be spending lunch over there anytime soon, do you?
PAULA ZAHN, CNN ANCHOR: No, I don't think so either.
HEMMER: He's going out the other way. SERWER: I think not.
ZAHN: Hey, he still has his MREs to finish off from the last hour.
SERWER: Yes, I still -- I got some food already. Thank you. Exactly.
HEMMER: That is true (ph). Markets open in three minutes.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired November 26, 2002 - 09:24 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: Andy Serwer is here talking about the markets. And how we looking?
ANDY SERWER, "FORTUNE" MAGAZINE: We're looking like we're going to get a little bit of a weaker open this morning, Bill. Futures are down. GDP number came out, a revision for the third quarter, and it -- actually it was very positive. I was surprised the futures didn't move to the upside. Growth of 4 percent in the third quarter, which is actually very, very positive. Yes.
HEMMER: We'll take that relative of what we've been seeing anyway.
Top 10 consumer complaints.
SERWER: Yes, this is interesting. The Consumer Federation of America comes out every year with a list of consumer complaints, and usually it has to do with things like consumer products, that sort of thing. But topping the list now for the first time, home improvements.
HEMMER: Really?
SERWER: This has to do with people -- there you go. Home improvement is topping the list. This is getting driveways done, new roofs. And the reason why, Bill, is because so many people are refinancing, getting new money to do projects on their homes, they're hiring contractors like never before. Contractors incredibly busy, and some of them out there are doing shoddy work. It's not a very regulated business. You can just hang a shingle out and say I do roofs.
HEMMER: Even if you can get somebody to come out to your house too, because there's a pinch right now.
SERWER: Because they're so busy. These people are so busy. So obviously there's some shoddy work out there.
HEMMER: Yes, household goods is on there, automotive sales, repairs, credit and lending.
SERWER: Yes,...
HEMMER: Britney Spears quickly.
SERWER: Yes, Britney Spears. Maybe a theme today, we're doing celebrities and business. We had Fabio earlier on, that was a segment that peaked your interest I noticed.
HEMMER: Yes.
SERWER: Britney Spears...
HEMMER: Hardly (ph).
SERWER: ... has this restaurant in Manhattan called Nyla, which I understand is New York, Louisiana...
HEMMER: That's right.
SERWER: ... which is where she's from. This restaurant, Bill, there she is at the Nyla open. This was dubbed by some as the worst bash of the year. You know the critics can be cruel here. The restaurant, bill is not doing so well. It had a southern food motive. There was fried okra. They changed the fare of the restaurant...
HEMMER: To?
SERWER: ... from Southern to Italian,...
HEMMER: Oh really?
SERWER: ... as if there are not enough Italian restaurants in Manhattan. But you know their creditors are not getting paid, there are people complaining there's outstanding bills.
HEMMER: Right.
SERWER: Some people want to put this restaurant into bankruptcy. And really the problem with the restaurant is there's not enough Britney themed stuff there. So a lot of teenagers go to the restaurant expecting a Britney restaurant, it's an expensive restaurant with no signs of Britney anywhere. So these people got to retool this restaurant.
HEMMER: You know this summer when the -- that restaurant opened, you were saying quite explicitly under no uncertain terms that this thing is going to fail because...
SERWER: Yes.
HEMMER: ... you felt the fan base for Britney Spears can't even go there.
SERWER: Yes, exactly. I mean you're going to have a -- you're going to appeal to the people who buy your records who like you. I mean they weren't doing that. So I don't know, we shall see.
HEMMER: I don't think Andy's going to be spending lunch over there anytime soon, do you?
PAULA ZAHN, CNN ANCHOR: No, I don't think so either.
HEMMER: He's going out the other way. SERWER: I think not.
ZAHN: Hey, he still has his MREs to finish off from the last hour.
SERWER: Yes, I still -- I got some food already. Thank you. Exactly.
HEMMER: That is true (ph). Markets open in three minutes.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
