tv Your Money CNN September 28, 2013 6:30am-7:01am PDT
government? think again. >> you don't shut down obama care by shutting down the government. you do disrupt the economy. >> we will see you here back at the top of the hour. "your money" starts right now. obama care. it is the biggest change to your relationship with the government in your lifetime. guess what? that government could be shutdown say midnight monday. i'm christine romans. this is "your money." there is confusion with the law, but congress is adding to it. fact, a government shutdown will not stop obama care. it is funded through taxes and fees and mandatory spending. fact, the pseudo filibuster by ted cruz, was never going to stop obama care.
fact, obama care doesn't start on october 1st. this law has been on the books for more than three years. if you had a mammogram that did not cost you a dime out of pocket, that is obama care. if you have a kid on your insurance and graduated college, that is obama care. fact. with an undertaking this large, there will be surprises both positive and negative. we don't know if the affordable care act will destroy jobs or create them. we don't know if it will cost you more or less. we know the u.s. government will shutdown on monday if into deal is struck. in three weeks, if america doesn't raise the debt ceiling, america could default on the debt. the dow is suffering five straight days of losses. republican senator johnny issakson has spearheaded to sit
down with the congress. he is a grown up. he is an adult in the room. senator, you are no fan of obama care. you voted nearly 60 times to defund it and repeal it. a government shutdown won't stop it. how far are republicans willing to go, senator? >> hopefully we will come to our senses and won't shut the government down. you are right. you don't shut down obama care by shutting down the government. you disrupt the fragile economy. >> tell me, what did your fellow senator ted cruz accomplished this week with 21 hours in the debate? >> every member of the senate has the same individual power that every other member has. our reputations as senators are accumulation of how we use the power. it remains to be seen how mr. cruz's 21-hour speech will matter or not. it did take away 21 hours from the debate toward this, which was unfortunate. we have until midnight monday night to make a decision.
one of two things probably will happen. either a short-term to buy a cr or a shutdown which would be wrong for the american people and wrong for the government. >> this country does have a debt problem. america's debt will hit 100% gdp by 2038. is obama care the wrong target for republicans here? >> obama care say very unpopular law with the american people. we should make changes. this process is a matter of mathemat mathematics. we are in the minority right now. we can't stop it. we need to put pressure to negotiate the very best changes we can. >> all right. if this train keeps going down the track with or without a shutdown, we have a hurdle. the deadline. the treasury department says october 17th is deadline. the congress says threatening
default on obligations because of obama care amounts to blackmail. listen. >> if republicans do not like the law, they can go through the regular channels and processes to try to change it. that's why we have elections. so they can go through the normal processes and procedures of a democracy, but you do not threaten the full faith and credit of the united states of america. >> senator, will the gop demand a delay in obama care for individuals as a condition for raising the debt ceiling? is your party willing to risk default because they hate obama care so much? >> that remains to be seen. i don't think default is a good idea. i do beg to did he evffer with president. it is all about negotiating. the last change took place in august of 2011. we got the sequester which cut
$1.2 trillion in discretionary spending. we should not shutdown the government. >> senator isakson, good luck to you. i'm ready for the day we can talk about long-term solutions and not crisis government. thank you, sir. speaking of crisis, the financial crisis is not over. not for jp morgan. ceo jamie dimond met for the role in the collapse. for more stories that matter, give me 60 seconds on the clock. it's "money time." >> illegal immigration is on the rise after falling during the recession. the attraction? low wage jobs are added. there is also optimism that congress will reform immigration. more happy housing news.
home prices jumped 12.4% from a year ago. with rising mortgage rates, new home sales climbed 8% in august. apple hits a high and blackberry a low. 9 million iphone s sold in the first weekend. blackberry shares will not be around much longer. five years ago, blackberry had more than half the smartphone market. today? 2%. chrysler is going public. the automaker filed for an ipo. it has made a comeback since going bankrupt in 2009. french fries that might not make you fat. satisfries. the catch? they are slightly priceyer than the original. forget next week or next
year. education secretary arne down c duncan is talking about crisis abouted education. >> i worry what south korea is doing. >> find out what a government shutdown could cost your children. that's next. ose ts when it's more than a bad dream, be ready. for the times you need to double-check the temperature on the thermometer, be ready. for high fever, nothing works faster or lasts longer. be ready with children's motrin.
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fan and media engagement center. hp's technology helps us turn millions of tweets, posts and stories into real-time business insights that help nascar win with our fans. deep spending cuts in education make an unknown future. often far less. u.s. high school students rank 31st in math. that is according to the highly regarded pisa rankings. more than 300,000 jobs in education have been cut. that is teachers and support staff. arne duncan wants to raise teacher pay. he wants to train and hire more teachers. he wants to place an emphasis on math and science. that sounds great for our kids, right? when asked how to accomplish this in time of severe cuts and
threats of a government shutdown just days away. >> we have been through this before, obviously. we are preparing for the worst. i really hope it won't happen. this is bad for children and bad for education and bad for the country beyond us. washington is very dysfunctional these days. i hope there is enough common sense. we are preparing if we need for that to happen. >> it will be furloughs? >> it will be bad at many levels and furloughs are one piece of it. no upside to the government shutting down beyond education. no upside. >> sequester cutting head start. department of education facing a shutdown. tell me about the political climate. >> what is sad to me is this is not how other countries are managing their education. they are investing childhood and access to higher ed. i worry about the economic competitiveness. our children are smart and
talented. i want to keep high wage and skilled jobs in the country. the only way to do that is keep an educated work force. i worry about what china is doing and india and south korea is doing. those countries are committed to having a great, great educational system. right now, our country is struggling. we are doing our children and ultimately our nation a grave disservice. >> you will hear a skills gap. companies will complain about a skills gap. research shows investing on the front end, better skills and better cognitive ability later on. why not invest on the front end? >> politicians think about the short-term. they think about the next election. early childhood investment is the best investment we can make. the president and i are convinced of that. it is the ultimate long-term investment. you have folks smarter than me. dr. heckman talks about a 7 to
r. you get less teenage pregnancy and more high school graduates and more folks entering the world for work. that is pretty darn good. why don't we make that commitment as a country? today, the average child coming from a disadvantaged community starts kindergarten at 5 years old in the fall. they start kindergarten a year to 14 months behind. why are we constantly playing catch up? we have to get out of the catch up business and have our kids a chance to be successful. >> a lot of people say forget about the kindergarten through 12th great model. we should start earlier. i call it crawl through 12. hopefully our children's future can make its way under washington's agenda. the agenda with threats to shut the government down and not pay our bills. that is some kind of role model. coming up, shaquille
o'neal's rebound after the comments made in 2002. >> we are not worried about the sacramento queens. >> now shaq says king me. first, a 21-hour speech. a banana republican comparison. does that sound more like politicians or coaches? we will play political football with john berman in just a moment. for those nights when it's more than a bad dream, be ready. for the times you need to double-check the temperature on the thermometer, be ready.
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there's a game being played in washington this weekend. we're not talking about the redskins. they are visiting the raiders. john berman will discuss this. >> maybe. for example, a democratic senator who once famously called obama care a train wreck now says? >> we all need to work together for families and businesses. instead of using it as a political football.
>> did somebody say football? >> this is the united states of america. we're not some banana republican. >> the pressure of the podium. this time of year it's a spotlight and often a frustration shared by politicians and football coaches alike. >> i'm moving forward. i'm moving on. i'm moving forward. i'm moving on. >> moving on to midnight october 1st. the deadline to avoid a government shutdown. now centered around a 3 1/2 battle over obama care. >> i will talk about defunding obama care. >> whether or not the government shuts down, obama care is the law of the land. >> what do you care? if you were 2-7, you would be in a bad mood too. what's next? >> what's next? politicians insisting they
understand the public criticisms and they are here to fix it. >> this place is a mess. let's get our house in order. we are legislators. >> come after me. i'm a man. i'm 40. >> and with the clock ticking toward a government shutdown, tensions are running high. >> they don't come up with one single idea how they might make it better. >> if you want to crowd them, you crowd them. they are who we thought they are. >> there have been 42 attempts in the house to delay, defund or repeal obama care. >> any bill that defunds obama care is dead. dead. it's a waste of time. >> or is it? >> you play to win the game. >> our goal is to cut spending and to protect the american people from obama care. it is as simple as that. >> hello? >> yes, hello. it is such a fun comparison. maybe it doesn't go far enough
unless we hear coaching reciting "green eggs and ham" like senator ted cruz. we will see if they have it in them. >> they never would. >> no, they have dignity. >> john berman, i love it. we're not talking about the purchase price. rachel nichols has the score. christine, this is part of a larger trend. star athletes don't just want to be coaching or broadcasters. they want to buy into team ownership. and with some of the players making hundreds of millions more than their predecessors, that lane is open to them. schack, for one, is taking advantage. one of the nba's smallest market franchises got a giant-sized boost, when shaquille o'neal bought a minority ownership stake in the sacramento kings. >> we look forward to bringing sacramento back to where it used
to be. >> reporter: in an interview, o'neill said the seed was planted years ago by magic johnson. >> he came to me and said endorsements are fine, but you want to start owning things. at 18 years old, i thought what is he talking about? but as i go older f. i realized that you want to start owning things. for me it's about meeting people. >> reporter: we all remember when you were playing for the lakers what you said about the kings, especially back in 2002. >> we're not worried about the sacramento queens. >> reporter: so there are still fans saying, really? sacramento? that's where he's going to? >> i understand that. you know, i think they know now that i wasn't a marketing expert. what i did is i drove people to watch the game. i made the fans of sacramento so upset, because it was the toughest place to play. we want to bring that feel back. we want to bring that
environment back. >> reporter: the kings' majority owner, silicon valley tycoon said he isn't worried about any past bad blood. >> we have this concept there's lots of money. what you want is smart money. for the journey we are undertaking, there isn't any smarter money than dr. shaquille o'neal. so now that he's stopped calling the team the queens, is it time for a new nickname. >> of course it is. are you ready? >> give it to me. >> welcome to schack-ramento, the capital of california. >> schack told me he had dinner with the governor of california the night before his big announcement. he did clear the new name, so hey, it's official. christine earlier this year derek jeter told me after he retires his goal is to own a baseball team. to watch out for these athletes. they have money and they're
looking to spend. where were you planning to go on your next vacation? >> we'll start with giving people a taste of paste. we'll start building hotels in space. >> reporter: really? in our lifetime? >> in your lifetime definitely, hopefully in my lifetime. >> reporter: how many lifetimes of work would it take for you to afford that vacation in space. why richard branson said the final frontier is coming to the masses. that way with health care.y work with unitedhealthcare, i get information on quality rated doctors, treatment options and cost estimates, so we can make better health decisions. that's health in numbers. unitedhealthcare. from capital one... boris earns unlimited rewards for his small business. can i get the smith contract, please? thank you. that's three new paper shredders. [ boris ] put 'em on my spark card. [ garth ] boris' small business earns 2% cash back on every purchase every day. great businesses deserve unlimited rewards. read back the chicken's testimony, please. "buk, buk, bukka!" [ male announcer ] get the spark business card
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these people. how much to charter one of these puppies? >> 1.2 mill. >> reporter: and i hear you're going to leave two seats empty? >> no, not empty. there's two angels coming with us. >> reporter: passengers won't just check in and hop on board. the whole experience will mean three days of training and health checks, then a few hours in the air, and three minutes weightless in space. the mother ship will carry spaceship 2 up, then release it to glide back. unlike nasa's snop rockets, it won't orbit the earth. is this the new space race? >> i think it's the start. it's not been easy. it's taken us five years more than we thought it would take, but, you know, finally they pulled it off. >> that is, if the faa gives galactic the green light. >> you're broaches out into a
new field in the sky, and we're going to have some mishaps that happen now. >> reporter: do you ever fear that maybe you're putting too much at risk with this? >> people risked a lot to get space off the ground in the first place, but unless you risk something, the world stays still. >> reporter: branson is such a believer, he plans to take the first flight with his own children. david mckay will be at the controls. >> we don't want to push too hard too quickly. it would be nice to be first to do it, but the most important thing is to do it right. whoever does it first has to do it right. >> reporter: what is the ultimate dream? >> first a taste of space, then we'll send people into orbital flights. we'll start is building hotels in space. >> reporter: really? in our lifetime? >> in your lifetime, definitely, but hopefully in my lifetime.
>> reporter: will this be for the wealthier, the 1% only? >> initially it's very much the wealthiest will use it, but through these wealthy people being willing to be pioneers, i think millions of people will one day have the chance to go to space. >> reporter: like mikie, who has a dream perhaps bigger than most. >> i want to be the first -- i don't have 200 grand, but i have a dream. >> reporter: hoping he may get his moment among the stars. if you have the guts to boldly go is one thing. if you have the cash, it's another. industry watchers warn, don't expect this to become affordable for the masses anytime soon, but then again, this is a concept that knows no bounds. christine? >> thanks, pop,. coming up on a brand-new "your money at 12:003m eastern, obama care isn't coming. no politics, just the facts.
at 2:00 p.m. eastern. and at the top of the hour, she says it started as a joke. the new york post -- does she regret making that vow now? "cnn newsroom" starts right now. is it. sill can be so powerful. it can peacefully defuse -- >> it seemed xwokt two weeks ago, but now there's a deal on how to proceed with serious chemical weapons. >> do not threaten to simply because you haven't gotten your way. >> sorry. maill no deal on the other