Return to Transcripts main page
Quest Means Business
Dow Rallies Up 190 Points; Rebound In Oil Prices Helped Boost Stocks; Americans Split On President Obama's Handling Of The Economy, According To New CNN/ORC Poll; Storm System Disrupts Some Of Busiest U.S. Airports During Holiday Season; Affluenza Teenager Tracked Down In Mexico; World Of Heavy Metal Paying Tribute To Lemmy After He Loses Battle With Cancer; Top Business Stories Of 2015. Aired 4-5p ET
Aired December 29, 2015 - 16:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[16:00:00]
RICHARD QUEST, CNN INTERNATIONAL HOST: Ringing the closing bell on a day when the Dow rallies very sharply, up 190 points as we come to the end of
the year. Oh. Well, it was a very robust single gavel to bring trading to a close. I don't know what's going on with the gavels at the moment? They
haven't quite got the knack, but it's still Tuesday, it's the 29th of December.
(MUSIC PLAYYING)
(BEGIN VIDEO CLIP)
QUEST: Tonight, we're going to finish with a flourish. Stocks are surging. They are trying to wipe out the year's losses, and maybe show an incy wincy
bit of a gain. There's travel chaos across the United States. Historic floods are now battering the Midwest. And saluting a heavy metal hero. The
life and legacy of Lemmy.
I'm Richard Quest. We have an hour together, and I mean business.
(END VIDEO CLIP)
(MUSIC PLAYING)
QUEST: Good evening. It may be the end of the year within sight, but as the finish line comes into vision, markets are determined to enter -- or end
2015 in the black. Stocks are staging a miniature rally on both sides of the Atlantic.
(BEGIN VIDEO CLIP)
QUEST: If you joined me at the super screen, you'll see the markets just closed. We showed you that's the Dow to date in the year. We'll come to
that in a second. Up 192, a gain of 1.1 percent. It's the third time in the last week that the Dow had seen a triple digit gain. Only two trading
sessions left, and the interesting thing here, the interesting thing is that we're getting these triple digit gains, but we're not seeing selling
on the downside. So we're not seeing downward pushing volatility which does suggest the buyers are actually in the ascending as a trend rather than
just as a one-day wander.
A rebound in oil prices helped boost stocks. West Texas and Brent both up over -- well, one was up over 3 percent, Nymex Crude was up 2.8 percent.
Interestingly, again, look at that price. You often see either in contango, or the market is at the moment. But you're seeing a 37.8, 37.6, that very
narrow range of the two blends suggests what's happening in the market.
Oil at these prices is at 11-year lows, even with this moderate gain. The fate of stocks in the markets in the United States has been so closely tied
to oil for most of the year. Stocks and oil prices are moving in tandem, as you can see over here. This is where the Dow is currently trading at the
moment. Look over the year. Let's give a bit of a -- there you go. You start, I mean it's fairly obvious to see, but you're pretty much almost
even Stevens for the year over all to put a bit of perspective. That was the sum of volatility that came as a result of China. And the remarkable
point about this is the way the market did rally back up again to close basically or as we're heading towards the year just maybe half a percentage
point off so far.
As for oil, it's down 34 percent. There's the price of oil. Very different story with oil where the Dow rallied back up, oil has pretty much stayed
way down. Cheap oil, conventionally a boom for the market has not been the case so far. This is where you have -- oopsie daisy, there we go, you have
one big fall, but this is the fall in many ways is the more interesting one because having reached a support level here, the market headed down again.
Energy stocks getting hit. Cheap oil is likely to stay. Saudi Arabia, as we talked about on the program last night very much has already introduced its
own version of Saudi austerity.
(END VIDEO CLIP)
QUEST: Joining me is Bruce Kasman, the Chief Economist and Head of Economic Research at JP Morgan. Sir, I was not trying to do your job for you, as I
was going through the parameters, but what's fascinating is the markets' -- the stock markets' rally at the same time as oil has pushed further down.
BRUCE KASMAN, CHIEF ECONOMIST, JP MORGAN: Well, I think what you're getting here is a sense that the global economy is resilient in the face of
the oil price shock and in the face of other things which are certainly going to be weighing on us.
(BEGIN VIDEO CLIP)
KASMAN: The dynamic we've been seeing overall in growth in the big industrial countries, the U.S., Western Europe, and Japan remain solid.
There's a little bit more life in China. This is not to say that things are good, but I think some of the fears that were caused by the sharp fall in
oil, the way oil integrated with the credit market stresses, and also the fact the Fed has tightened and the world hasn't fallen apart, I think these
are things which right now are calming some fears, giving a sense that the world is still moving forward.
(END VIDEO CLIP)
[16:05:01]
QUEST: When I look at the graph of the Dow, it is -- I mean you could take the S&P, you could take any of them -- it is startling to have that sort of
UV shape right in the middle of those months of that month of September with that volatility, post-summer volatility, but what's remarkable, sir,
is that recovery afterwards.
KASMAN: Yes, and I think, again, when we went through this summer months, there was a lot of fear China was an important factor there. There was
credit market movements that were scaring people.
(BEGIN VIDEO CLIP)
KASMAN: And I think what we've seen since then is economic data that has been pretty solid in the United States, and, again, across most of the
developed economies, and I think the other point here which we have to emphasize is China's looking like its stabilizing. So after a real scare,
one that held the Fed back, I think we're starting to feel that we're, you know, we're on okay footing. It's not a great picture. I don't think the
kind of growth numbers we're going to see are going to really surprise people in an impressive way.
(END VIDEO CLIP)
KASMAN: But I think we've got a sense that there's resilience in a world that is bounded, probably, in terms of both upside and downside.
QUEST: Now I realize you're sort of economics and macroeconomics and not on oil commodities, but I do -- but you do look at what's happening with oil,
and you see now the two blends virtually at the same price whereas until now we had quite a disparity between Brent and West Texas, and yet -- and
you see the -- there's absolutely no support really beyond 37 or $38 a barrel.
KASMAN: Well I think at the end of the day the question if you're thinking about the broader economy picture is how much of that oil price move down
we've seen is due to weak demand and how much of it is due to stronger supply.
(BEGIN VIDEO CLIP)
KASMAN: Effectively the OPEC decision with Saudi Arabia continuing to pump it out. We think there's some of both, and I think there still is weakness
in the emerging markets we want to pay attention to. But I think a decent amount of what we're seeing is a supply environment that's not responding
aggressively here to a world that, you know, doesn't have that much demand for oil. And I think, overall, that's good for U.S. consumers; it's going
to be good for global consumers in 2016.
QUEST: Sir, thank you.
(END VIDEO CLIP)
QUEST: And I wish you a happy new year, and, as always, thank you for being on the program during the course of the year, it's always been lovely to
have your views. Thank you sir.
KASMAN: Thank you.
QUEST: Now for the American public, it's still all about the economy. Opinion polls still seem divided on whether President Barack Obama has
brought positive or negative change to the U.S.
(BEGIN VIDEO CLIP)
QUEST: A new CNN ORC poll shows the following: that U.S. economic conditions, when you ask them that about the President, 49 percent say he's
done good, 51 percent say he's been poor. President Obama's handling of the economy proved 52 percent they approve, 47 percent say whether they
disapprove.
(END VIDEO CLIP)
QUEST: Our senior white house correspondent, Jim Acosta is with me from Honolulu where the President is on vacation. I promise, I shall not join my
mean spirited other colleagues who insist on making jokes at your expense. I promise I would not. It would be unfair to do that, Jim while you're --
JIM ACOSTA, CNN SENIOR WHITE HOUSE CORRESPONDENT: You're not feeling the aloha spirit, Richard.
QUEST: No, while you're doing such yeoman service on the beach in Hawaii. Tell me about this poll and will the President be concerned? Will the White
House be concerned? That basically half say he's no good, half say he's good.
ACOSTA: Right. Americans are not feeling the Aloha spirit right now, you might say, when it comes to how President Obama is doing headed into the
final year in office. He is facing an angry public that is divided as ever.
According to our new CNN/ORC poll, as you expect, given some of the heated rhetoric from the campaign trail this year, Richard, Americans are outraged
with how the government is being run back in Washington.
(BEGIN VIDEO CLIP)
ACOSTA: You mentioned some of the dissatisfaction with Washington. Take a look at this number. 69 percent say they are either very angry or somewhat
angry with the direction of the country.
(END VIDEO CLIP)
ACOSTA: And despite the President's hope as a candidate back in 2008, to heal the bitter partisan divide in Washington, our poll finds Americans are
pretty much split right down the middle in what Mr. Obama has achieved in the Oval Office.
(BEGIN VIDEO CLIP)
ACOSTA: Most Americans do agree he has brought significant change to the country, but look at this number, 37 percent say that change has been for
the better, while the same number, Richard, , 37 percent, say that change has been for the worse. And as you mention our poll did find one area where
the public is optimistic and they do like the job the President has done on the economy. 52 percent say they like the way the President has handled the
economy, 47 percent say they disapprove, as you mentioned. But all in all, I think that's important, Richard, because he has the potential to be
remember more than anything else for his handling of the economy and heading into 2016, that's very important because Americans, as we know,
they vote with the wallets, vote with their pocketbooks, and that is a potential upside for democrats headed into the campaign.
(END VIDEO CLIP)
[16:10:07]
QUEST: Jim, you raised a very good point there with 2016, and it is usually at about now that the White House and any administration starts to obsess
about legacy, and starts to try and massage because now is the moment when you're not going to get much more done for the next 12 months. So do you
get the feeling that that's starting to happen? What -- although, the Obama White House is saying, what will people remember us for?
ACOSTA: I think so. There is sort of an unofficial legacy project that's underway inside the White House. They don't like to talk about it much, but
at the same time, what the President stresses and what his top aide stresses, that they're in the fourth quarter, and they want to get things
done. And Richard there are some big ticket items that this President is planning to tackle over the next 12 months, top among those items is guns.
His top aides have been saying that the President is planning some sort of executive action to tighten restrictions on guns back in the United States.
That would cause a huge political controversy among democrats and republicans, really set the table for that topic to be discussed during the
2016 campaign. And also Guantanamo. The President is determined as ever to close that terror detention facility at Guantanamo. And so that is
something that he's very much determined to do.
On the economy, though, and getting back to that, you know, keep in mind, the last -- the two most popular Presidents of the last 50 years, Bill
Clinton and Ronald Reagan, what did they have in common? People really liked the way they handled the economy. And so if Barack Obama can close
out this second term in office with higher than 50 percent approval ratings on his handling of the economy, that going to help Hillary Clinton
tremendously heading into the final months of the campaign.
QUEST: Jim Acosta who is in Hawaii. And by my reckoning Jim, since the election is in November, the transition takes place November-December, the
inauguration's not until --you've got one more Christmas of hardship duty, sir.
ACOSTA: We might have one more.
QUEST: Hardship.
ACOSTA: We might be able to squeeze one more in.
QUEST: Good to see you, sir, thank you.
ACOSTA: That's right. Come on out.
QUEST: Oh, there's an invitation. Get those surf boards out. As an epic storm system, we mustn't laugh about this because whilst Jim is obviously
enjoying some extraordinary weather out in Hawaii, across the domestic United States, the mainland United States, passengers are getting stuck.
(BEGIN VIDEO CLIP)
QUEST: Actually it's the contiguous United States is the correct phrase. A look at the weather affecting travellers across the contiguous U.S. after
the break. Its Quest Means Business. We are in New York where it's raining.
(MUSIC PLAYING)
(END VIDEO CLIP)
(COMMERCIAL BREAK)
(MUSIC PLAYING)
[16:15:24]
QUEST: Travel disruption is hitting some of the busiest airports in the United States, and it's all because of that storm system which claimed
dozens of lives and is now shifting barreling East. It's expected to drop heavy snow in the Midwest and northeast. There will also be intense rain in
the southeast too.
(BEGIN VIDEO CLIP)
QUEST: Chicago O'Hare, the airport tweeted that airlines have cancelled more than 260 flights on Tuesday. You can see the sort of -- and this of
course is in the winter (inaudible) between Christmas and New Year's, people obviously trying to get away for the new year holiday. A thousand
flights cancelled on Monday. Let me give you an idea. This is known as the flight aware misery map. It shows where the cancellations, it shows in
real-time between 2:00 p.m. and 6:00 p.m. today, 945 delays, 58 cancellations, and there is going to be many more. And if you come over to
the map that's up, let's just pick for example, Chicago; delayed 119 cancelled five or flights to major destinations. D. C. you get an idea as
well, and you can see how that -- if we can superimpose on top of that, you'll see how the storm is moving across. As you can clearly tell I'm a
total amateur when it comes to describing exactly what cumulus nimbus, nimbus strata is moving across.
(END VIDEO CLIP)
QUEST: But the man who is able to describe it beautifully Tom Sater at the world weather center. Your map, it's showing the same thing, but I have a
feeling that your explanation is going to be far more elegant and sophisticated than mine.
TOM SATER, CNN METEOROLOGIST: I hope I don't let you down, Richard. What a crazy week, though. The flooding in parts of Argentina, Brazil, Northern
England, South Central Scotland, Australia, and in the U.S.
(BEGIN VIDEO CLIP)
SATER: This is a system that was raking the south with tornados, and then the same system drenching parts of the Midwest. I'm going to take you to
the city of St. Louis, born and raised there, I know it well. In fact just got back after spending a week, a deluge of rain, every day, 150 200, 250
millimeters of rain. The watches for flooding in Illinois, almost all of central and southern Missouri into Arkansas where there are major problems
as well.
The amounts of rain as mentioned, tremendous but we're not seeing the problems on rivers anywhere else like we are seeing in the Midwest. Let me
explain St. Louis for you as I break it down.
Along the mighty Mississippi, that is the main river that flows north to south, obviously, typically, we see the flooding occur in spring after the
snow melt. Not the end of the December. But in St. Louis, other smaller streams and tributaries that have been inundated with record rainfall have
been filling other rivers like the Missouri river, which flows to the Mississippi in the downtown area.
To the south of the city in the southwest is the Maramac River, but they are not able to flow because the Mississippi river is seeing very high
levels. The benchmark here for flooding? 1993, flooded hundreds of thousands of homes and businesses, so they fortified the levies, they built
areas up, but the flooding is still continuing, and now the historic levels are seen on the Maramac. These are some very large communities in this
region. Hundreds of thousands, and the Maramac will see all-time levels getting well over, we're talking about 15-20 meters.
In fact, some rivers, Richard, have risen 8 to 9 meters just since Saturday evening. So the amount of rain is amazing. But it's not just St. Louis. If
you look all these dots from areas of southern Texas to Florida to the Carolinas, all the way to the Chicago, the Great Lakes, Pennsylvania, New
York, river gauges reporting major flooding 443. Something almost unprecedented for the end of December, more like that for spring. But what
has been normal about the globe in the last week? Crazy. El Nino to blame for sure.
(END VIDEO CLIP)
QUEST: Well, we'll take El-Nino to task.
SATER: Yes, we will.
QUEST: Now one quick -- now I can here views saying St. Louis or St. Louis. You're from the area give me the correct pronunciation?
SATER: St. Louis.
QUEST: Missoura.
SATER: St. Louis. Missouri.
QUEST: Missoura.
SATER: Well in some parts of the state it's Missouri, if you're a politician and you're out west it's Missoura. So, whatever way you like it.
QUEST: Thank you very much. I remember -- I remember those floods of 1993. I covered them. I was all around Davenport Iowa and all around in Dubuque,
and towards (inaudible). All right, Tom Sater at the world weather center, thank you.
Now when we come back, it was called, he was called the affluenza teenager, now he's tracked down in Mexico.
(BEGIN VIDEO CLIP)
QUEST: They're expecting the judge to throw a book at him. Be warned.
(MUSIC PLAYING)
(END VIDEO CLIP)
(COMMERCIAL BREAK)
[16:22:30]
QUEST: Tonight, the so-called affluenza teen could be returned to the United States in a matter of hours.
(BEGIN VIDEO CLIP)
QUEST: Ethan Couch who's avoided jail by arguing he suffered from the condition, Affluenza has been arrested in Mexico with his mother. He gained
notoriety after a psychologist argued his rich parents raised him with no boundaries so he could not take responsibility for a 2013 motor accident in
which four people were killed.
Our justice department, Evan Perez is live from Washington. Now, we need to take this bit by bit, Evan. So you've got the 2013 --
EVAN PEREZ, CNN JUSTICE CORRESPONDENT: Drunk driving --
(END VIDEO CLIP)
QUEST: Drunk driving, thank you -- thank you -- of which he is convicted of, but he gets a different punishment. What did he then do wrong that
caused him to be recalled or wanted again?
PEREZ: Well, as a result of that trial, Richard, he got a ten-year probationary sentence which outraged the victims and parents of the victims
that were killed in that drunk driving accident that he caused.
(BEGIN VIDEO CLIP)
PEREZ: And so as a result of that, he was on probation for the last couple years. It turns out in the last few weeks, a video surfaced on social media
appearing to show Ethan Couch playing a game called beer pong, and that would be a violation of his probation because it involved alcohol.
(END VIDEO CLIP)
PEREZ: So the local authorities started investigated it and that's when they believe he made a plan, with his mother, to leave the country, to
flee, and they decided to go to Mexico.
(BEGIN VIDEO CLIP)
PEREZ: They went to where Puerto Vallarta, which is where Mexican authorities arrested him yesterday with the help of the U.S. Marshalls,
Richard.
(END VIDEO CLIP)
QUEST: Now, and, of course, Puerto Vallarta in and of itself is a place for the ritzy and the well healed isn't it, on the West Coast of --
PEREZ: A lot of tourists, right.
QUEST: Very well healed tourists. I think Elizabeth Taylor and Richard Burton used to spend a lot of time in Puerto Vallarta in another era. But
that's by the by.
So is -- they've agreed to come back voluntarily haven't they? Or they're not going to wait to be extradited?
PEREZ: Right, that's right. The Mexican authorities arrested or detained them because they determined that they did not -- they were not in the
country legally. So that's one reason why this has been -- it's going to be an expedited return to the United States.
(BEGIN VIDEO CLIP)
PEREZ: And these two, the mother, Tonya and Ethan Couch, are not fighting this effort, they're going to get on a plane possibly in the next couple of
hours to Houston and where they'll face new charges, both the mother and son.
(END VIDEO CLIP)
[16:25:02]
QUEST: So what is the jeopardy here for -- I mean, for Couch? First of all, he's got -- he will have potentially, allegedly broken his probation
therefore, there are consequences for his original conviction. But then there will also be new offenses that will have been committed as a result?
PEREZ: That's right. That's right. The sheriff there in Tarrant County Texas which is near Dallas said that Couch will now be moved or at least
the authorities there will try to move his case from the juvenile court system which is where he was tried over to the adult system and, therefore,
be able to, perhaps, get as much as ten years in prison for Couch in addition to perhaps additional charges for fleeing during his probation.
His mother now faces her own troubles. She is -- she is facing charges of helping her son flee authorities, and she could face ten years in prison as
well.
QUEST: We look forward to you watching closely on this in the New Year, and as matters progress we expect you to come back and report to us on them.
Thank you, sir.
PEREZ: Thank you, Richard.
QUEST: Thank you. Reportedly, bars are selling out of a particular favorite whisk whisky. It was the favorite whisky of Lemmy, the heavy metal legend.
(BEGIN VIDEO CLIP)
QUEST: Lemmy has passed away, Motorhead may now be silent, and we look at how the band liked rock n' roll.
(MUSIC PLAYING)
(END VIDEO CLIP)
(COMMERCIAL BREAK)
(MUSIC PLAYING)
QUEST: Hello, I'm Richard Quest; there is more "Quest Means Business" in just a moment. The band is over. The brand survives. The world of heavy
metal is paying tribute to Lemmy who passed away.
Bernie Sanders is flying high in the polls and flying economy on his travels having report. All of that, this is CNN, and on this network, the
news always comes first.
An ISIS leader with ties to the Paris attack has been killed according to the U.S-led Coalition. An airstrike reportedly killed Charaffe al Mouadan,
who officials say he was actively plotting new attacks. Police in Pakistan say at least 26 people have been killed in explosive in the northern city
of Mardan. It happened that the city is National Database of Registration Authority offices.
Police believe a suicide bomber drove his motorcycle into the building. They say several the people were also wounded. A faction that the Pakistani
Taliban has claimed responsibility. The group's spokesman said in a statement the attack will continue until Pakistan is fully under Sharia
law.
Police in Belgium have arrested two people for allegedly plotting New Year terror attacks in the capital of Brussels. A counter terrorist and official
tell CNN the suspects were inspired by ISIS. The prosecutor's office says they were planning to strike high profile targets and sites.
British official say a married couple have been convicted of plotting a massive suicide bombing that was supposed to happen last July. Mohammed
Rehman and his wife Sana Ahmed Khan were arrested in May. They were charged with planning a bombing on the 10th anniversary of the 2005 attacks on the
London underground. The arrests were triggered by Twitter posts including one seeking advised on which London sites to bomb. The source uncovered
bomb making materials in the couple's home, and sentencing is expected in the coming days.
Russian prosecutors will indict five suspects in the murder of outspoken Kremlin critic. Boris Nemtsov was shot while walking on a bridge in
February. One of the five suspects has recanted a confession, another says he has an alibi. Russian's political opposition has blamed Vladimir Putin,
the president for Nemtsov's killing.
Two years after the start of a devastating epidemic, Guinea has now been declared free of Ebola. The World Health Organizations says the country's
government showed extraordinary leadership in fighting the disease. The last epidemic began in Guinea killed more than 11,000 people. The country
now, in just a period of 90 days to make sure any new cases are identified.
It is arguably a motto by which we could all live our lives. He said, I don't do regrets. Regrets are pointless. You lived your life. No point
wishing you could change it. This is a quote from the legendary Motorhead frontman Lemmy, who was died following a short battle with cancer. Lemmy
lead Motorhead to four decades, hugely influential in the 1970s British rock scene and continued to shaped doing hard rock and heavy metal was
played and appreciated worldwide.
Tributes on heavy metal community have been received, including the follower rocker Gene Simmons from the band Kiss, tweeted a picture hugging
Lemmy and saying, "Lemmy, Rest in Peace, my friend." Nikki Sixx, the guitarist from Motley Crue Tweeted, "I'll miss you buddy and our
conversations. You were always a pillar of dignity. R.I.P. Lemmy."
Lemmy lived life like his music, hard, loud, and fast.
CNN Max Foster has our report from London.
(BEGIN VIDEO CLIP)
MAX FOSTER, CNN CORRESPONDENT: Lemmy, the legendary Motorhead frontman and bassist died after a short battle with cancer. He was 70. His band mates
announced his death on Monday. Ian Lemmy Kilmister found out that he was suffering from an extremely aggressive form of cancer just days ago on
December 26th. He died at home with his family in Los Angeles. Originally, from Stoke-on-Trent in Northern England, he was known for his hard living
lifestyle, as much as his distinctive style and massive influence on rock n' roll.
Before joining Motorhead, he was a member and sometime vocalist of the band Hawkwind in the 1970s. Described by critics as one of the biggest counter
culture freak bands of all time
JOHN ROB, EDITOR, LOUDER THAN WAR: I think while Lemmy behind is somebody whose quintessentially rock n' roll, somebody you can measure rock n' roll
by. Its indefinable thing what rock and roll is, when we think Lemmy his use to tone his voice, his bass, playing his song writing, the sound of him
and sound of Motorhead.
[16:35:10] We got (inaudible) that is actually pure undistilled rock n' roll.
IAN "LEMMY" KILMISTER OF MOTORHEAD: And gambling's for fool, but that's the way I like it, baby, I don't want to live forever.
FOSTER: Ace of Spades probably the band's most famous song, formed 40 years ago, hugely influential with the 1970's British rock scene. They shaped the
way hard rock and metal were played worldwide.
KILMISTER: The ace of spades. The ace of spades.
ROB: He's music that goes through generations. The Motorhead started that he was already old in rock in roll times. And his '30s, I mean he should
have been a washed up ex-bass band of Hawkwind and he became an escapulation rock 'n' roll. He represents rock 'n' roll to people that
didn't know what rock 'n' roll was. And that takes some doing.
FOSTER: Tributes have flooded in from fellow rockstars, Metallica, the Red Hot Chilli Peppers, former Black Sabbath vocalist, Ozzy Osbourne Twitted
"Lost one of my best friends. Lemmy, today, he'll be sadly missed. He was a warrior and a legend. I will see you on the other side."
A message from his band mates, we'll say more in the coming days, but for now, please play Motorhead loud, play Hawkwind loud, play Lemmy's music
loud, have a drink or a few, share stories, celebrate the life this lovely, wonderful man celebrated so vibrantly himself. He would want exactly that.
(END VIDEO CLIP)
QUEST: Motorhead's drummer says, without Lemmy, the band is now over, although brand survives. Motorhead logo and the t-shirts built more than
just heavy metal fans. It was Lemmy's idea to use the heavy metal Umlaut over the second owe as you can see. They were the first bands to do it.
Lemmy later said, is there any point that to look mean, synonymous with hard drinking, hard rocking lifestyle.
(BEGIN VIDEO CLIP)
KILMISTER: If you like to gamble, please tell me I'm your man. Win some, lose some, it's all the same to me.
(END VIDEO CLIP)
QUEST: Lemmy recorded an acoustic version of the band into "Ace of Spades" recorded where I got version in 2010.
He was famous for drinking something have little harder of the throwing back. It was Jack Daniels. His local bar in L.A. reporting to sold out of
the whisky last night.
Joining me is Mark Beech, a music journalist and the author of "All You Need is Rock", Mark, and you met, interviewed, and thank you for joining us
this evening.
I suppose that -- we know what the contribution, we heard the Max Foster's report, the contribution, if you like of Lemmy and Motorhead to the whole
heavy metal, but what about the man? What was he like?
MARK BEECH, AUTHOR, "ALL YOU NEED IS ROCK": Well, when I first interviewed him and I did a few times, then I wondered. I'd heard all sorts of things
about heavy drinking and the guy being totally off his rocker as we might say. And I found the very sweet, lovable, friendly guy who was very
interested in telling his story. And my worries disappeared within a flash. I immediately realized he was just a nice drinking companion, and we've
shared a bottle of Jack Daniels as one does, and that was the start of few.
QUEST: Right, and it was the start of few. And we now turn, if you like, to the contribution that he made, obviously, the backbone of Motorhead, but
the contribution you think he specifically made.
BEECH: Well, enormous, Motorhead essentially was Lemmy with whoever he gathered around him to do the stuff. And so the songs and a lot of the
things were essentially out of Lemmy's head, and that's how he went about things. Yeah, yeah. So yeah, it was Lemmy's role, and the whole thing that
they wasted was to turn it up to 11 as we might say he was the original turn it up beyond the point which it might be comfortable and play it as
fast as possible. He didn't like, actually this heavy metal tag. He just said it was just loud hard rock.
QUEST: Now I see that is interesting. The difference between loud, hard rock, and heavy metal, heavy metal Purists would say that there is a
difference. You would perhaps say disagree to say there isn't?
BEECH: Well, I say very much a sliding scale, but nonetheless, he managed to influence a lot of people which could be Metallica or it could be many
other bands that will come down the years. So I had a message sent to me today from Alice Cooper who is saying that rock 'n' roll heaven that just
gained another heavy weight, and Alice Cooper suddenly took something away from Lemmy was doing and they incorporated into he act too.
QUEST: So when you talk about heavy metal today, where does it stand in the genre? We can go back to the light to the '70s, and when it was very large,
very prominent, very -- oh not mainstream, but it was there in big letters, where does it stand today?
[16:40:07] BEECH: Well, commercially, if you look at that, and I did a piece for Forbes not very long ago, we're looking at heavy metal on grunge,
and stuff like that and doing and it's now bigger than ever. As results of the bands that they followed it on from it.
In the days when Lemmy started out in the 70's you've just saying that Motorhead moving next door to you lawn will die. Well it got a bit more
than that now. It got to the stage where like the serious commercial cloud. Motorhead managed to sell more than sold 30 million records in that time
which it isn't a huge amount, but, certainly there are bands today who sell many multiples that doing pretty much the same sort of thing.
QUEST: Sir, thank you, thank you for joining us, giving us the insight. It's appreciated.
When we come back, we're going to talk about traveling, traveling the economy. You don't often think of politicians slamming it in the back of
the bus. Bernie Sanders believes it's the only place to sit. He might look like he might have had an emergency exit there and bit more leg room he
probably paid extra.
(COMMERCIAL BREAK)
QUEST: Now if Bernie Sanders were to get the nomination and to be elected president of the United States for the Democratic Party, Air Force One
would be a major upgrade for him if he becomes President of the US. Fans of the Democratic hopeful have started an online campaign to outline what they
believed is one of his best policies. Bernie Sanders insists on flying economy about a month ago. A user called the people to tweet pictures of
him in coach with a hash tag sanders on a plane.
Now here he is, thank you. Here he is in -- he flies coach with crew (ph) hash tag Sanders on a plane. Move across as Sanders squats on the plane did
you all see this Bernie still flies coach, a true people's president. I can honestly say -- thank you very much there he is. He's got an aisle seat
there I think.
Here he is looking like he's trying to get a bit work done Sanders on a plane. And our own CNN John Vause spotted him flying Southwest airlines as
he was leaving Las Vegas. We're not sure where its part of the aircraft John was -- himself was traveling.
The Ashley Madison Act continues. China's economic slow down, and the unstoppable force of "Star Wars" after the break the top 10 business
stories of 2015.
[16:45:07] Meanwhile, we consider just what it must be like in economy with how many seats, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 of rest. Can you tell me what
that plane is? Is it a Boeing 747, is it an Airbus 8380?
I don't think it's a 777 dragging rights if you tweet me at Richard Quest with the aircraft and the airline at Richard Quest of the live it may
create innovation.
(COMMERCIAL BREAK)
QUEST: All the things that we have loved join the course of the whether its gasoline, China, Volkswagen, between this tumbling prices on Volkswagen
massive scandal it was all a year without a doll moment.
So Christine Romans and I took a look at back at the biggest business stories of the past 12 months.
(BEGIN VIDEO CLIP)
Companies cheating.
CHRISTINE ROMANS, CNN CHIEF BUSINESS CORRESPONDENT: Hackers exposing the cheaters.
Workers are winning.
QUEST: And the era of cheap money ending.
Our top stories are serious business.
ROMANS: And it takes big money moves to make the cut.
Here are the top ten money stories of 2015.
Number 10, daily fantasy sports on defense. The ads are everywhere and business booming and the payouts set to top $3 billion, but then a
DraftKings' employee is accused of using insider information to the win $350,000 on rival site FanDuel. An internal investigation clears him of
wrongdoing, but that leaves the question about the company's business practices, and calls for the regulation of daily fantasy sports.
QUEST: Number nine, the force is with Disney. A definition of a blockbuster redefined. The thrillers from "Star Wars, The Force Awakens" is seen by
millions of people on ESPN's "Monday Night Football."
UNIDENTIFIED MALE: It is true, all of it.
QUEST: Fans of all ages going wild for merchandise, and then invading the box office.
[16:50:06] Disney's $4 billion bet on the Lucas Film franchise which it bought in 2012 seems to be paying off.
ROMANS: Number eight, hackers expose Ashley Madison, posting information from 32 million accounts, names, e-mail addresses, credit card accounts.
The cheaters dating site survived the breach, and it still claims nearly 43 million members, but the hack resulted in serious social consequences,
including suicide, broken marriages and reports of extortion.
QUEST: Number seven, Greece in turmoil again. The country misses payments on its ballooning debt, despite deep cuts and two rescue packages.
Withdrawal limits are put on the ATMs and the banks, and the stock markets are shuttered. Protesters hit the streets.
Eventually, a deal is reached, and Greece stays in the eurozone, but its economy remains in the dark deep spot in a steady European union.
ROMANS: Number six, back in the U.S., the workers are scoring some wins. Unemployment drops to 5 percent in October, the lowest level since before
the Great Recession, wage growth is finally showing signs of improvement due to in part to a higher minimum wage in some areas. Several companies
are also doing out generous parental leave policies, among them Netflix, Spotify and Credit Suisse. Late in the year, Facebook CEO Mark Zuckerberg
joins the movement taking two months off to be with his newborn.
QUEST: Number five, cheap oil everywhere. A brief rally in the spring fades, crude prices plummet from end of last year, hitting a six-year low.
And that is giving a big break to U.S. consumers. Gas hovers around $2 a gallon in December, about $0.75 lower than last year.
While drivers are happy, OPEC is not. The world's major oil producers are struggling with whether to cut production to force prices higher. And oil
companies are cutting tens of thousands of jobs due to the prolonged slump in crude prices.
ROMANS: Number four, stocks summer slam. In July, a technical glitch halts the trading on the floor of the New York Stock Exchange.
ALISON KOSIK, CNN CORRESPONDENT: One trader is telling me it seems to be a technology problem.
ROMANS: The stoppage lasts four hours. By the next month, worries about the global economy have investors on edge. On August 24th, the Dow tanked 1,000
points at the open, an unprecedented decline. The average battles back to close with 588-point loss.
So, what made the investors so fearful? That's number three.
QUEST: Number three, China's economic slowdown. The world's second largest economy suffers it worst growth rate since 2009. In any other nation, 7.0
percent GDP would be something to cheer about, but in China, with average 10 percent growth for decades.
Emerging markets around the globe will feel the downturn as demand for commodities plunge, and China's stock market swings wildly throughout the
year, crushing the middle class investors until Beijing rushes in to stop the bleeding.
ROMANS: Number two, Volkswagen's emissions scandal and corporate cheating at the highest level. The automaker fits 11 million diesel vehicles
worldwide with software that can cheat emissions test. On the road, the cars pumped out 40 times more pollution than allowed in the U.S. The
fallout is disastrous for VW. Its CEO resigns, its stock falls more than 30 percent, and the companies November sales the month after the scandal broke
tumbled nearly 25 percent.
The question is not how VW will recover. The question is, if the company can survive. Analysts predict the total price tag for this fiasco, tens of
billions of dollars.
QUEST: And number one, the biggest money story of the year, something that hasn't happened nearly a decade. The U.S. Federal Reserve hikes interest
rates. Janet Yellen and company have investors confused and anxious for much of the second half of 2015. Inconsistent jobs data, a wild stock
market and mediocre growth statistics pushes the move to the very last meeting of the year, and with it, so begins the end, the era of cheap
money.
Mortgages, car loans and credit cards will get more expensive. The Fed finally thinks Americans can handle it.
(END VIDEO CLIP)
[16:55:08] QUEST: What a year, what a year and of course it headed right to the end with all the news from the markets, but I think, perhaps, if you
look earlier in the year and see where the market fell over September, as we showed to you in the beginning, that puts it into perspective. We will
have a profitable moment after the break.
(COMMERCIAL BREAK) . QUEST: Tonight's profitable moment. Well, we asked the question and here's the answer, of course, it is, a, Qantas A380. That was the economy that we
showed you. No prizes for that thing other than bragging rights that you managed to know your planes and probably have hash tag geek after your
name.
Bernie Sanders flies economy, and everybody makes a big deal about that. It made me think about this whole business of economy versus business versus
first class travel. The truth is, we make such a fuss about flying business class, but the reality is every plane, well let's take a flight from Tel
Aviv to New York for example where a friend of mine was moaning that he was in economy and I had to point out from my business class seat that there
were only 50 business class seats on the aircraft and that he was with the majority at the back of the plane some 300 of them. It didn't really work
out very well indeed, and the argument continues to Rangel on.
And that's "Quest means Business" for tonight. I'm Richard Quest at the front of the plane. Whatever you're up to at the hour's end, I hope it's
profitable.
[17:00:01] We will be together tomorrow. You had better be there.
END
