tv Markets Now FOX Business September 21, 2012 11:00am-1:00pm EDT
mitt romney on the outside looking in at least in some of the swing states, so, the question today, does he have a path to victory in 45 days. dagen: gold going to 10,000 an ounce? we have a guest that says it could happen. blame or rather, credit the federal reserve? imus: 10,000, man. a rare wrong turn for apple. the iphone 5 goes on sale and the company blasted for the decision to replace google maps with i guess, the new software here. and we welcome you to fox headquarters, kalamazoo, michigan. i'm connell mcshane. it's pretty bad. dagen: this says we're in the middle of the hudson river so i'll take michigan over the bottom of a dirty swamp water river. connell: we might be, if the jokes don't improve throughout the hour. dagen: and you look at the images, they're that bad. connell: no, i have a little bad. dagen: one of the hoover dam and it looks like, well, there's no dam and it looks
like an asphalt rollercoaster. connell: we'll talk more in a few minutes. i don't know if that's going to stop people from buying iphones. dagen: he's trying to stop me talking and going to nicole, and hey, nicole. >> hey, dagen and donnell, well, we're looking at the markets and first i'm going to kick it off with apple of course, today is the day, apple iphone 5, the lines are outside. people are lined up for hours, for days, sense early this week, to get there and there you go. up almost 1% right now, and it did hit a new all-time high and if you're a shareholder, you doesn't get bored of hearing that. up 44 times the new tie, 44 times this year. and the new high, of course, expected to set records with sales, and you guys, right there, that's a big, big issue, that they will have to contend with. and nascar, and positive s&p, both up arrows, and the up 1/2
a%. >> and told about the most important lesson he's learned so far. >> the most important lesson i've learned is that, you can't change washington from the enside. you can only change it from the outside. and that's how i got elected and that's how the big accomplishments like health care got done was because we mobilized the american people to speak out. that's how we were able to cut taxes for middle class families. connell: look who we have enside the studio, moernica crowley, and the author of the book "what the bleep just happened", we're looking for the first beat and what do you make of it? >> this was quite a profound statement. the obama statement was change, change, we believe in hope and
change. for him to make a comment like this, washington cannot being changed from the inside, changed from the outside, from the ultimate washington insider, the president who was a u.s. senator for two years before that. even if you take a step back and say that's not what he really meant. what he really meant if you want big legislative things done, get to support for that. even if you take him at his word, obama care and stimulus heel unpopular didn't have bipartisan support on capitol hill and still doesn't have public support. dagen: as astute politician, he says i'm going to reform health care and knew he had the political power early on to do it when everybody else was worried about the economy and turned around and did it. the thing is, if you try and run against him, mitt romney is clearly, he's got his whole massachusetts health care issue to deal with. but also, we as a nation
haven't really felt any of the potential negative effects of this, only the small happyinging fruit and the good stuff hit us early. >> yeah, he and the democrats did a smart thing when they built obama care, they backloaded the negative stuff, the higher taxes and rationing, all the things that are going to kick in with socialized medici medicine, what it is. they've built in positive things keeping your kid on until they're 26. but come january they'll hit with taxes and the public is going to feel it. connell: all of that stuff, let me ask you a different question. you're doing the radio show this weekend. >> right. connell: i assume you have conservative listeners and others, and someone calls up, monica, i'm worried about the last couple of weeks, i don't think this guy romney is going to win. you say, yeah, me, too, worried or make an argument in the other direction? >> i'm always worried, i'm a natural worrier, a virgo, that explains that. i'm still optimistic, when you
take a look at the fact that, from the time president obama became president, january of '09 every single time the american people had the opportunity to go to the polls and render a verdict on the state of the country and the direction he's taking us, they've chosen the other path, chosen the republican party. 2009, 2010, 2011 in wisconsin. dagen: and the tea party a few years ago. >> does that mean, connell, that mitt romney is running a brilliant campaign. he is not. the campaign is somewhat of a hot mess. what needs to do is make the moral case for pre enterprise, for the remarket. a moral case for it. and i think if he does that, and pounds away during the debates on these and the specifics of his pro growth economic policies, he will turn this around. connell: we'll look at numbers later. monica, thank you very much. >> a pleasure. dagen: look great. >> thank you. dagen: thank you as always, thank you. so gold could go to $10,000 an ounce because of all the hooch being poured into the punch bowl by not just our federal reserve, but central banks around the world? what does scott minert have to
say about this. scott, good to see you, missed you the last time you were there. apologies for that. >> thank you, dagen. dagen: and do you think that gold can really go to 10 grand an ounce? >> there's a scenario where he think that gold is over $10,000 an ounce and i don't think it's that crazy, dagen. if you start to look at things like the ratio of the money supply to gold, historically, that ratio has been between about 25%, the total value of the fed's gold, 25% of total money supply versus 120%. we're currently sitting around 20 to 25%, which means gold could easily go up by five times from where we're sitting today and those numbers don't include the money that's coming in in the new round of quantitative easing which could take us even higher. dagen: does that logic apply to all assets like gold and why
gold versus a copper, if you will? even a home at this point, and again, you know, the great thing about-- if you're talking about inflation, you borrow money and buy an asset that appreciates, that's your best bet. >> well, i think homes are exceptionally cheap and people should be taking advantage of that. i know, i personally bought a number of properties over the last year. and given how much leverage you can get, it makes a lot of sense. copper is an industrial metal and it gets driven around by strel demand and especially with you know, hard times coming in china and in europe. so, it's really hard to, to directly link copper to this monetary easing. you know, as a first order effect. but you know, dagen, what's interesting here, we don't even need inflation for gold to go higher. the reality is, is that with all this money coming into the economy out of the central banks around the world, people are having more and more
concern about inflation in the long run and they're looking to buy things where they can store value. and gold is it easing. and one of the interesting things i've learned about gold because of our investing the last year or so. you can go in and execute 100 million dollars worth of gold and not move the market. if you go in to buy 100 million dollars worth of silver you'll lose the market all over the place, it's a big, deep liquid market and that's the destination of choice for central banks and wealthy people around the world. >> even with the additional monetary moves by the federal reserve and central banks elsewhere, do you still hate treasuries as much as you did, say, earlier this year? >> yeah, i, you know, it's interesting. i remember the tech bubble and people used to make fun of me with the tech bubble because i kept talking about a bubble, '98 to 2000. what we have to remember bubbles often go on longer than
we expect and even more extreme levels than we expect, but the bottom line for anyone who is a buyer of tech stocks in that time and anybody who's a buyer of treasuries now, it's going to end in tears e end in tears for the entire country, scott? i mean, the tech bubble is nothing compared to a bubble in treasuries if interest rates shoot up with the 16 trillion dollars in debt that we have and anyway, i don't want to scare people going into the weekend. scott, good to see you. >> it's good to see you, dagen, thanks for having me on. dagen: we'll see you very soon. connell: some other headlines for you, including india welcoming a new retail giant in the country. yeah, wal-mart, announcing plans to open its first store in india. the next 12 to 18 months and this move comes just after the indian government agreed to allow mega store retailers to enter the country through a joint ventures policy. wal-mart has not yet decided how many stores there will be.
david, there's the stock by 25 cents. timing is everything of course, but in this case the timing could not be worse for the blackberry maker research in motion. on this day when everybody is talking about the iphone going on sale in apple stores, blackberry users overseas in europe, africa, the middle east, they lost their service for most of the business day. now, rim has since fixed the problem and apologized again, to customers. let's check that stock priest today as well. if we have it, research in motion is down by 37 cents, but what a mess. it's been there for-- >> settle got mine and this one, too, i know. if you know the drill, long lines, the apple faithful turn out to bethe iphone 5. coming up, rob enderle, whether you need this phone and plus this take on why apple blew it by changing the maps. connell: look at these people. and then-- >> what did i say earlier? you-- >> i know. and a day ma pakistan we'll get
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>> all right. heading overseas now, major protests in pakistan. they've turned violent. over a dozen people killed, many more injured. tens of thousands of people protesting this anti-muslim film made here in the united states. dagen: rick leventhal from fox news joins us live. rick. >> the pakistani government declared today a national holiday, love for the prophet. nonviolence, but things got ugly fast. and across the streets of pakistan including islamabad to keep protesters from approaching the consulate there. and demonstrations in karachi, five movie theaters were burned and a couple of banks on fire. and one officer killed there.
and in peshawar, hundreds of demonstrators set movie theaters on fire and police used tear gas. at some point opened the fire on the people and hit a pakistani news vehicle and killed the driver there. and they were marching through the streets and protesting the anti-muslim film and burned a makeshift coffin draped with an american flag and burned an effigy of president obama and around middle east and africa and security has been beefed up at a number of u.s. and western embassies around the region as a precaution, guys. dagen: rick, thank you for that reporting. connell: and nicole, the new york stock exchange, every few minutes. mcdonald's? >> mcdonald's, it's very interesting, shouldn't come as
a surprise, but it always is a surprise when you start to see about a company raising its quarterly dividend. in this case, 10%, so, raising by seven cents to 77 cents a share, that's some good news for the shareholders. what's interesting, dagen and connell, for the shareholders, you've been a long-term shareholder, you know how mcdonald's works, since 1976 mcdonald's raised its dividend every single year since paying that first dividend back in 1976. that really shows, obviously, continued belief in the company's competence for the long-term growth and strength as a company. back to you. connell: all right, nicole. dagen: long lines outside of the apple flagship store, what did i say earlier? you need to find a 35-year-old virgin, there you go, and will its replacement of google maps be a huge mistake for apple. connell: oh, man, really. [laughter] 45 days until election day,
mitt romney is it trailing the president in some of the key polls, especially in the swing states. we'll take apart the numbers, and trent duffy will join us. and will mitt romney have a clear path? and here is the your against the dollar. we'll be right back. [ male announcer ] at scottrade, you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start.
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>> at 21 minutes past the hour, i'm laura ingle with your fox news minute. syria president assad says this regime will not fall and rebel forces fighting against it will be defeated. in published remarks lashed out at gulf region countries accusing them of using their oil wealth to try to drive him from power. the 33,000 additional troops ordered to afghanistan by president obama nearly two years ago have all now left the country. defense secretary leon panetta declared the surge had accomplished its mission of reducing taliban attacks, but that declaration comes amid a new wave of deadly insider attacks in that country. and the university of texas anderson cancer center unveiled a ten year, 3 billion dollar effort to find a cure from
eight specific forms of the disease. the program comes after a panel of medical experts argued researchers are close to finding a cure for some types of cancers and those are your news headlines on the fox business network. i'm laura ingle, now head back to dagen. dagen: thank you so much. the wait is finally over, the iphone hit shelves 8 a.m. around the world. and nerds everywhere rejoice. and joining us now from mountain view, california i said if you're looking for a 35-year-old virgin who can give you advice about dungeons and dragons strategy there you go. rob, is it possible that this one does not sell as well as people are expected? >> no, the demand for the iphone 5 goes back, at least a year, so, it's pretty much unprecedented. and unless there's some type of
major disaster surrounding the phone and there isn't one on site yet. this thing is going to sell through the fourth quarter. any issues that apple has with regard to volume is going to wait until the first quarter or maybe second quarter of next year. dagen: virtually all of the reviews of this phone were glowing. walt mossberg called it still the best smart phone out there. but, with so much competition and so much-- so many newer phones coming down the road from other manufacturers, like samsung, is there going to be serious pressure though looking out maybe six months on the 5? >> yeah, i think there will be. and as we go through the year, i mean, recognize when this came out, it came out with a smaller screen, it came out with older technology, led, apple is playing to a base. they want to cycle the phone, keep the customers happy and this is really the replacement for the iphone 4 that came out two years ago and followed by the iphone 5 s or 6.
i think they're on the s track for the alternate years. so it's better than the phone it has to replace and that's all apple is focused on. they're really not chasing technology and leaves samsung free to choice technology, motorola, rim, even if they can turn their problems around next year, to come out through apple hard on a technology angle because apple has to with a finger phone kind of play to that middle, be not too good, not too bad, be just right. dagen: with the new software, ios 6 and iphone 5, you've got a rare bruise for apple in terms of the mapping software and it really is pretty lousy compared-- >> horrible. dagen: it's comically bad in so many ways and that seems like such an epic blunder for a company. did they rush this they think out, trying to get one up on google? and is google not releasing its max app so they let apple
wallow in the misery of it all? >> well, i actually think it's more apple's problem than google's problem. google is more than happy to let apple use their app. apple doesn't want any revenue to google, they're at war. this was driven by apple, apple's decision to make and wasn't necessarily a bad one to lose the google property. they could have licensed a microsoft technology or gone to any one of a number of mapping firms like compound and licensed the technology. like a lot of things decided to do it on their own and didn't work out well. dagen: oh, it's so bad. i love it. >> it is horrible. dagen: it makes me happy all day long. rob, thank you, good to see you, thank you. and because you can't be perfect. who likes perfection? well, that sounds really weird. connell: we do root against a lot of different things, that's one thing we actually share in common. we're here a couple, less than two months from the election and coming up, the swing state
general motors recalling 500,000 cars. people lined up at the d m b in new jersey. have even less to smile about. anything to smile about in jersey? 30 past the hour. time for stocks now and every 15 minutes. what is the news on walmart? >> we start to see this with a lot of retailers as a bulk up the staff and better serve customers for the holiday season which obviously such a big time for retailers. walmart is up 1/3% around $75. i love how they go throughout the holiday season with walmart focused on helping more americans have the christmas they want and can afford. interesting when you see these retailers beef it up. associates for walmart, and on
the move up 1/2% coming out with quarterly earnings which climbed 11% and revenues and margins improved so that is good news for coal. connell: 45 days until the election. look at the polling numbers and some indicate time running out for mitt romney. this is the swing state hole, wall street journal and nbc news with mitt romney trailing in iowa and colorado and wisconsin and more broadly look at clear politics where they average the polls the presidency in a consistent bounce since the conventions ended. trend duffy joins us. former deputy for george w. bush and in the journal this morning, they bring up the idea that the path to victory for mitt romney now fewer or more troubling. how does he win? >> time is on his side.
he has seven weeks left and the race in florida is even. colorado is within striking distance. he is down in ohio and virginia and has to close that gap but has seven weeks. he has got to return to the fundamental message that got him to the nomination which is we like president obama but he is not a good president. four more years of his policies will keep us on the pact to ruin. connell: it is funny with that debate and all that he is funny when you look at polls, tracking polls are very close and it is the methodology of the way polls are carried out but some of these websites and i don't know how accurate they are but they put odds of victory on it and in trade where people bet money and 70% chance of victory today for president obama. i look at 538.com or what it used to be before the new york times bought it. a 76 chance of victory for obama as of today is what website says
and they were averaging these polls together. that is a tough quarter if it is indicative of what is going on in the country. >> it is a tough order. i am not suggesting mitt romney is it a hole. it hasn't changed. he has the money and the message and you can't get around the fact that the countries senate terrible spot right now and that is why mitt romney's numbers despite the rough patches he has had are holding up. is not over. para seven weeks left and he is within striking distance. i am not suggesting he is there yet but he has to get back to where he was which is we like barack obama but he is allow the president. connell: a disappointment in the words of romney -- weather that is something people identify with or not we will see. everybody keeps comparing it to past elections and they say 1980
was similar and president reagan took out jimmy carter in the debate. does romney have that in him? does he have a moment like that? a moment people will say it is romney's? >> debate to give romney the ability to give back what he needs to get back to which is talking about the state of the country which is terrible. twenty-three million people of work. foreclosure that all time high. unemployment benefits going on forever and deficits and moody's credit rating. he has more talking points and more data to deliver barack obama. barack obama and his team have been exploiting missteps on behalf of the romney campaign and that is to their credit but when you get the facts and the state of the country and focus the american people on where we are and will we get four more years given where we are that is the chance romney has that he has to split -- connell: three debates which we are looking forward to.
thanks. appreciate it. dagen: general motors recalling 426,000 chevrolet, pontiac and saturn sedans. in some cases the problem is causing vehicles to roll while in park. this is specifically affecting the chevy malibu, pontiac gmc 6 and saturn are of model. pontiac and saturn don't exist anymore. those cars made from 2007 to 2010. gm is offering free repairs for the beer issue and reimbursing car owners who have are repaid to have a problem fix. looking at shares of general motors, 24. connell: we head back to melissa frances in houston who will tell us why the city of houston is the best place to be investing right now. dagen: forgets what machines. one company wants to turn your gambling experience into a riot. jeff explains.
lori: i am lori rothman. stocks kicking an upward trend on the last trading day of the week. the dow is up 24 points at 15,621. how bad could going over the fiscal cliff before investors? at 20% drop in the markets by analysts at city research. with congress ready to leap down until after the e election and no visible progress on the fiscal cliff worst-case scenario could become reality. not get approval in europe. the pharmaceutical company says european medicine agency signaled it would not clear the weight-loss drug. back in july's it won approval from the drug is duration blocking a second clearance for new weight-loss drug in less than a month. the latest look at business from the fox business network giving you the power to prosper.
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connell: closing of the european markets for the day and ashley webster has numbers for us. ashley: rumors are running rampant that spain will unveil a economic reform plan that will pave the way for a bailout that calls for spending cuts. heading into the weekend the major european markets lost steam in the afternoon especially with the ftse slightly down but the cac getting a gain of 1/2% and it is up 1%. report that talks between spain and the e.u. focusing on conditions demanded by international lenders as part of a new rescue plan. the condition involves structural changes to save the economy and no new taxes or cuts. official with the italian finance officer calling the report rubbish. saying no government will voluntarily accept the conditions opposed for a bailout citing a loss of national sovereignty for the reason
italian, spanish and ten year bond yields dropping 1% since the ecb signaled it would buy distressed that. all rose lead to rome today for a bigger's banquet with italian prime minister mario monte pederson leaders say there is need to safeguard the integrity of the euro zone and stabilize markets and we should point out it is their countries that are threatening to bring down the euro zone. connell: thank you for that rubbish. appreciate it. see you later on. dagen: now we go to all countries. we say all where i am from. all down in texas and the booming energy sector is what you will find in the fine city of houston. where you should be investing your money and we go to melissa frances who is on the ground where -- a whole lot more. melissa: no matter how you say it oil is making the city bloom.
it is another gorgeous day in houston. we are downtown and we were here yesterday and today seeing what makes this city kick. employment is through the roof. tremendous business. what do you think makes houston take? >> energy. houston is one of the energy capitals of the world. it has its downside when you talk about oil prices like in the 80s and it really drags. [talking over each other] >> a ton of diversification over time and we saw oil drop $100 in 2008 and it did not have the same devastating effect. >> that is correct. we have done a good job diversifying out of technology and engineering and other areas. we didn't have the housing bus or the ramp up in housing like other cities did. when the bust came in housing it didn't affect us as badly.
melissa: not sure i introduced you. i was interested in talking about the city. the ceo of street talk live. you have a radio show. what do you like right now? what you saying? >> we have the wind at our back at the moment with the latest round of q e 3. this will put all asset prices higher. i still like the areas that benefit from these programs such as energy and finance. those will all do well. the problem is we are much further into the cycle than we were the first two times around. it is any issue of being careful where you invest because people have been placing junk-bonds and high yields. those are risky areas that if this ends badly and there will be a recession at some point in the future of those areas get hurt. melissa: what do you want to avoid? >> i think there are some great companies with a rated balance sheets and those are bonds,
chasing high-yield bonds and people by double bonds and a lot of european credit. those are issues that if we have an end results and i think we will be personally unwinding of this leverage boom, those are areas we had the most an artist. liz: what the light? >> i still like companies with good revenue growth over time. proctor and gamble, kelloggs', regardless what happens, people will buy deodorant and they will eat food. those are the areas that will be more stable in any type of economic turmoil you might have in the future. melissa: are they more patient or riskier? anything you would say about that? if you look at the fortune 500 lists a lot of folks here with a lot of money. >> if you stay with the
investing, invest differently because they are energy centric. these are the companies they know and in most cases the companies they work for. a lot of people have a large preponderant of stock in their portfolios and in the energy sector. what you will find in houston is more overweight and india and less in other areas. melissa: at 1:00 with lori rothman we will be talking to the managing partner at northwestern mutual of houston and talking about how much the economy has been diversified and how they have gotten away from oil and gas and what else they're doing. look at that beautiful city. we will see whether riches he is going to offer. connell: let's go to nicole petallides. stocks every 15 minutes. a big winner. nicole: taking an ax look at michael course. stock is so well for 2012 and up 96% year to date.
you see an up arrow, 1/2% because they came out with same-store sales and raising their quarterly and full-year guidance for earnings and revenue guidance so this is the apparel company and affordable luxury and very well known for their watches. you may recognize michael corps as one of the judges on that show project runway. there you go. it is up connell: all right. [talking over each other] dagen: multiple times. w m f taking slot machines to the next level introducing a new machine the company says will be a new fully emerson of gaming experience. connell: jeff flock is on the story and joins us now. jeff: could ibm las vegas? i could be but it is better than las vegas.
this is where the games start before they get to las vegas. we are privileged to be joined by the chairman and ceo. we really appreciate the opportunity to showcase a game -- essentials be the big deal -- >> gaming show in the world. we launch all of our products at this show a week from monday. >> this is a slot machine essentially. >> not your mother's what machine or your dad's slot machine but current slot machine. >> you sit in a chair and it moves with the game. >> this is the sensor and version 2.0 package. incredible pinpoint accuracy on the sound. it moves along with the game and
provides a real ride. >> i want to show your stock compared to your competitors beating down a little bit on the online because you are involved in online overseas in the u.s. getting a slow start. >> business has been difficult last w. ears but we are going to more games and platform and innovation than we ever had so we are in good position to come out of this last couple years of difficulty and create demand. >> take a look at that stock. exclusively live on the fox business network. with us later in the day and show you some more excitement from here in las vegas and actually chicago. connell: thank you. dagen: the new jersey dmv ads new restrictions the driver's license photos. built in hand gestures? connell: we will get to that and also have markets to show you. here are the winners on the nasdaq.
earning season, it is not ready at all. the lord fully year and 2013 forecasts and guess what happens to the stock and the picture says it all. in telecom will weeks ago, a weak global economy. and a picture -- their earnings were great and assigned to analysts who made mention of the fact that more folks are not buying new cars but maintaining and sends a signal and oracle, not sure we have the full screen. this is telling us a lot heading into the earnings season and what they have been doing will they be able to remain propped up? more details on what you see.
>> would you be smiling if you live in new jersey? some folks are smiling. the state motor vehicle -- keeping people from smiling or grinning in a license photos. and new facial recognition, residents are also asked to remove glasses and head where unless it is more and for religious reasons. you fit right in. [talking over each other] connell: look at that. too many jokes. and in the hands of colleagues, a soccer game. piece of trash thrown on the field turns out, middle of the game. the nation champions quarter match with iranian team, if you
watch it here. casually tosses it aside. the thing explodes and hurt somebody, did not. imagine the middle of the game picks up a piece of trash. dagen: a lot of folks -- [talking over each other] connell: giving of seven runs. zero innings. dagen: we shouldn't laugh. they are slugging it out, increase in entitlements. connell: they will be on to referee this. cheryl casone and dennis kneale have a liberal who do not agree on the thing. markets now continue.
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cheryl casone. dennis: romney and obama slugging it out over entitlements spending. christian dorsey and curtis of the heritage foundation face-off on the issue. cheryl: bold taking off. we will tell you why it is just the beginning of a long run. phil flynn at the cme with how you can play it. dennis: apple makes a rare long term as the i phone 5 goes on sale and the company getting blasted for its decision to replace google maps. cheryl: speaking of apple it is the top of the hour and stocks every 15 minutes. nicole petallides on the stock exchange. there's so much going on with apple. where do we even started? nicole: let's start with the share price and it hit another all-time high for apple again on this the day the iphone 5 is available in stores. you saw the lines outside the apples for and i saw the line that the verizon store.
apple is up almost 1% and traded as high as 70507. research in motion is down 6%. the ceo finding himself apologizing because in europe and in africa there were outages for the blackberry users for of to 3 hours they couldn't access e-mail. that is a huge problem on the same day the i phone 5 is coming out. let's look at the dow up 1/4% and the nasdaq up 1%. connell: dennis: mitt romney says the campaign is about the 100%. the fallout continues from comments from 47% of americans who pay no federal income tax and entitlement culture is at the core of the controversy. here to debate, curtis doo-wop of the heritage foundation and christian dorsey of the economic -- thanks for being with us. first of all is what mitt romney said from claims about basically
right? >> no doubt. the numbers not in dispute. 47% of tax dollars have no federal income tax liability. the question is what should we do about that or why did that result? so many people are not paying income taxes because the economy is so weak for several years that they come down and shaped the way of obama's economic policies. dennis: is what romney complained about right or wrong? >> completely wrong. it is a distorted picture. 47% may not pay income tax but most of them pay payroll tax and not all of the 47% are people who are low income. some are quite wealthy and what mr. ronny doesn't mention is many more people disproportionately wealthy receive most of the benefits from our tax expenditures like mortgage interest tax deductions. dennis: which benefit the middle class obama wants to build.
[talking over each other] dennis: 40% of households get some form of government benefit and you see that breakdown. 26% medicaid, 16% social security and 15% medicare but let's look at the payments side of the equation. does turn out that 47% don't pay any federal income tax. >> that number is not in dispute. we can talk about this. they do pay other taxes. no doubt about that but when it comes to the federal income-tax refunds national defence and:security and food and drug safety and education and welfare they are not chipping in anything for those programs. that leads to them not having any -- when it comes to people in washington want to expand those programs further. just breathing a culture of dependency. our index of dependency in 2012 shows 67.3 million americans were dependent on the government in one way or another. it was a% increase over the year before. [talking over each other]
>> these people receiving government benefits because their low income, their low-income because the economy has failed them. if we had a minimum-wage which kept pace with inflation we would be able to reduce the number of people receiving government benefits and put that burden where it belongs, in the economic sector. not failed government policy. not quite working the way it ought to. >> only a few percentage point to the population on minimum-wage and they say they're a year or two, and studies show raising minimum wage costs hundreds of thousands of jobs. 47% of americans, is that a problem? >> they don't make enough money to pay federal income tax. that is the issue. that is something governor romney doesn't seem to get. the issue is not with them. they are not doing anything wrong. the economy has failed them.
these people would gladly pay income taxes if they earned an income which allowed them to. connell: you have to agree with him on this one? >> if you build an income tax from scratch, no doubt a certain amount of federal income tax. the economy started growing again and more people pay income tax. it would not get down to an acceptable level. we need tax reform so everyone has some -- the payroll tax into the income-tax. and paying for other programs the federal government pays for. >> the top 1% of earners control 19% of annual income and they pay close to 40% of federal income tax. president obama says they don't pay their fair share. tell me instead of 40% of federal income tax the top 1% pace what is the fair share?
what percentage should it be? >> 40% is roughly fair because 40% of all the income gains we had in the economy over the course of the last 30 years have gone to the first -- they have not paid disproportionately high percentage of the burden. [talking over each other] >> factor in some much in tax expenditures that disproportionately accrue to the wealthy, they are not paying their fair share. a situation where 80% of all tax expenditures go to the top 20%. [talking over each other] dennis: thank you very much. good weekend. cheryl: members of congress on leaving washington. serious issues are facing our country most relating to the living fiscal cliff. peter barnes joins us from washington with more on this
story. >> the house is finishing up, of the campaign for reelection. the senate working today and over the weekend, to keep the government funded and operating until six months where the legislation would do and it will -- lot of unfinished business to tackle when it returns for a lame-duck session. avoiding a fiscal cliff. that is the small one out there doing something about the expiring bush tax cuts. spending cuts over ten years, sequestration and half in defense spending and also on the agenda and finished farm bill land reform of the postal system that house democrats and republicans sought to turn this recess thought to be one of the earliest in several decades into another issue on november 6th. >> since august 3rd when
congress adjourned and november 14th, when we are called back into session, we have been in session only eight days. >> president obama won't work with us to urge senate democrats to take action. why? democrats have failed to lead. dennis: all the partisan gridlock in washington over issues big and small left this session of congress passing the fewest amount less legislation than many congresses, 173 so far compared to 500 or more in congress ten years ago and a lot of those bills naming commemorative coins and post offices. cheryl: peter barnes in washington with the job story. thank you very much. 45 days to the election president obama leading in the polls and at the bank.
latest fund-raising figure shows the president's in august, and republican mitt romney brought in $66 million donations to the president's continuing at this stage with obama on track to pass $50 million he raised in 2008. cheryl: coming up, this charge is just the beginning of a long climb from precious metal. dennis: like clint eastwood must criticize convention speech meets box office gold. as we do every day at this time we look at oil. [ male announcer ] you are a business pro.
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cheryl: jay carney calling the deadly attack on the united states consul in libya and act of terror. president obama still citing an anti muslim film as the cause of the violence. in tripoli, the latest on the investigation and the administration's conflicting statements. >> through the investigation speaking to a u.s. official on the ground in tripoli and confirms fbi agents are holding back in the city. we have no confirmation any of the agents have reached benghazi, the scene of the
killing of chris stevens and three other americans. that area is not a safe place to operate in if you are american but there are concerns at the crime scene ten days later might be contaminated. likewise confirmed the marine rapid response anti-terrorist squad that was thrown in here last week remains here in tripoli. the embassy is well guarded amid other questions that u.s. military teams were not dispatched fast enough. critics are saying that and some say the security at the consulate in benghazi was not strong enough and might have led to the problems and warnings were not taken from other attacks by militant groups in benghazi in months prior to an attack. militants strong on that side of the country. in defiance of that and honoring the late ambassador, is killing hitting home, we are watching live scenes coming from benghazi of a protest.
thousands of people out in the street basically calling on the government in tripoli to do more to crack down on this militant group. there was one hitch today which is one of those militant groups said they were going to protest too in the same place peaceful moderate protesters were coming out. no trouble there but so far no answers to that killing of the ambassador and other americans. cheryl: the story continues. thank you very much. dennis: 15 past the hour. stocks every 15 minutes and nicole, cooking with gas. nicole: when we talk about gardens under the umbrella let's review. olive garden, red lobster and another good one for them as well as longhorn state house. they came out with their numbers. stock is that a new 52 week high. you see and now up 1 and 1/4%. beat the st. the first rise in
sales for all of garden in six months working so hard on marketing and promotion and something they let go by the wayside as other casual dieters have been out there doing that and they started to lose traffic so value tight menus and such a clear winner. the dow and the nasdaq and the s&p, the dow is a winner for the week we should point out thirty 3 points. if i said 33% -- the nasdaq composite up 1/2%. cheryl: a lot of people would not like it if it was 30%. especially on that stock. gold is climbing and technical analysts say there's good reason it will keep on going. phil flynn of price futures group and fox business contributor has its eye on --
phil: i tell you this is something. traders, technical analysts look for technical signals like this and they wait years. it is like the technical analysis and what it is is the 50 day moving average passes through the 200 day moving average for bullish traders and technical traders that is very bullish and one bullish signal in gold after another we had flags and tennis but nothing so awesome as the golden cross. look at bold today. by highest level since last february. $17.90 an ounce and not backing off. the spirit of 1776 almost exactly and traders won't get away. the more traders look at these charts the harder it will be to get out of these markets. every traders looking to buy a break right now and with all the help they are getting around the globe, it will continue to
shine. back to you. melissa: only phil flynn to make technical analysis fun and engaging. thank you. dennis: the lines are stretching around the block for the i phone 5. a backlash is building over the apps that apple left out. cheryl: i have opinions about this and protests turning did me in pakistan. blame being placed on the controversial anti islamic film. as we do every day let me show how it is fairing against the u.s. dollar. the euro is pulling back. look at that. do it now.
>> 22 minutes past the hour your fox news minute. protests in pakistan against the anti islam film have turned deadly. pakistan officials say 15 people have been killed and dozens more injured as rioters threw rocks at set fire to buildings. the government declared today a holiday so people could rally against the film. the house ethics committee won't charged california congresswoman maxine waters with ethics
violations. the committee found no violations in their probe of allegations. she steered a federal bailout to a bank in which has been known as stocks. her chief of staff was found to have violated standards of conduct. washington d.c. baseball team has clinched of playoff spot for the first time since the senators did in 1983. the national be the judges to reach the postseason for the first time since the team moved from montreal since the 2004 season. that is your fox news minute. now we head to you, dennis. dennis: apple fans rejoicing as the latest iphone hit store shelves. you can buy an online but why did that when you can stand in line for days and days? robert gray is in manhattan with reaction. robert: iphone draws a crowd, should be diagraming plays. hit right bigger still go downstairs and hit you for $700. boys did joining me here and they got a new iphone here.
you had the iphone 4s before. why is it important to upgrade to the next cycle? >> it completes the whole screen so once you touch it you can bring the whole screen up and it covers the wood of the iphone. >> i like the speed of an all. the speed of the internet connection. unlimited face time to any phone line so i have to download -- i can just face time instantly with anyone without having to get that apps or anything extra. robert: that is the compatibility people are talking about. performers out here this morning singing about how much they want an iphone and now that you have one. are you ready? here we go. ♪ take the 0 live phone off the shelf ♪ the iphone 5 is bias of
♪ got the new hd ♪ now everybody comes sing with me ♪ i want the iphone 5 today ♪ robert: they are singing on the streets at the iphone store or the apples for. dennis: thank you very much. they are pretty good. we stay on the iphone story. the latest update, apple replace google maps with their own apple maps apps on the i phone and a lot of apple faithful are upset. geographical error is beleaguered and missing information and features are some of the complaints about the apple mac apps. i abraded and now you tell me. dennis: clear diminishment in service. cheryl: i use maps all the time
they. dennis: this is a big gap. when you have the wall street journal first page story that they comes out that there's a backlash over the map apps shows you how users and the faithful get caught in the crossfire. when they get into this ridiculous spitting match over whether we use our air when map or not. cheryl: it is all over. dennis: one of the biggest gaps of the republican convention may mean big bucks for clint eastwood's new movie. cheryl: violence continues in the middle east, one of the leading money mind the emerging-market is here with his thoughts on what is happening in the region. as we go to break look at the next s&p winners and losers and on the winner side you have expedia and cbs. right back. [ female announcer ] they can be enlightening.
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>> pressest it -- protests turning violent, and there's a 20% drop in stock if washington doesn't fix the fiscal cliff by the end of this year. they call it mommy juice. how wine companies market to the new generation of moms. that's hade. dennis? dennis: 30 past the hour, stocks every 15 minutes. >> i'm still stuck on the mommy juice. let's talk about kb home in particular, the ones out with the news today. the stock right now up almost 13%, as you know, right there, and they came out with quarterly profit that surprised everybody on wall street, and the revenues
have rises risen to a four year high, the recovery of the housing market seen so far helped to push up prices, push up demands for cues mothers, and the housing market shows improvement, and kb homes and so many of others have done well year-to-date, up 173% year-to had date. how about when you look at toll brothers, 80%, kb homes, 118% year-to-date. there's a lot of winners, and 167% year-to-date. a lot of folks hep with those types of returns. the major market averages, dow up one quarter of 1%. >> see if they see are return on the home value as well. i'll save you mommy juice because you have two kids. protests in afghanistan against an anti-muslim film turning deadly reporting 15 people
killed. israel says they thwarted a major terrorist attack after three militants tried to cross into the country through the israel-egyptian borderment you know, jim, we have new waves of violence now happening. your biggest point from an investment perspective is keeping the eye on iran. >> yeah, there's nothing good going on anywhere in the middle east, but most of the issues are strategic and long term. in the short term, iran is the issue because if there is a confrontation of israel and maybe the united states, the issue is the availability of oil, not only the price, which would be a negative, but if the availability was disrupted, you could grind the world economies to a halt, and the world financial markets. >> especially when you have the israelis, jim, that are now -- they made a huge natural gas discovery off the coast in the waters. i mean, for them, that was a
major milestone, and then the military threat from iran or the israelis threatening iran with a strike, i mean, that's, you know -- >> what you worry about is a regional confrontation happening quickly if the israelis or the united states went after iran, and hezbollah said they would attack israel, and then there's a fellow in syria on the last legs supported by iran and hezbollah, and if there's a confrontation, he might lobby israel to change the signature given his own issues. that could spread quickly. it's a real threat. >> the concern about syria, we went target -- together a few years ago, and the concern is it will be another libya and if there's complete unrest, any government that tries to come in will not have a stronghold. >> at this point, there's no good outcome in syria.
assad prevails, enemy of the united states, and if not, could be chaos. >> back to iran and israel for a second. from a perspective investment, what we saw, we're seeing not just from technology companies based in israel, tel-aviv in particular, but there's the palestinians, those relationships have been somewhat stressed over the last year or so, politically, and now more violence. are you concerned about that? a lot of the nasdaq stocks we track are israeli names. >> yeah. well, i think the israeli economy is very powerful and i think in the long term that survives and prospers. you could get a short term disclose cation from the war, and the positions that hezbollah has, the israelis suffer the most they have since 1948. i don't think it's a destructive kind of an issue. that's not the reason to sell israeli stocks. >> in ten seconds, how crucial is that the president meets with
benjamin netanyahu, does he have to do it? >> no, he does not. there's a case for tough love here to have him negotiate with the palestinians and the united states be tough love party. >> thank you very much. >> pleasure, thank you. >> clint eastwood trashed by liberals in the mainstream media for the obama bashing bit with an empty stool on stage at the republican national convention. maybe it was a crafty marketing campaign for the next film, "trouble with the curve," and the new film from warner brothers could top the box office this weekend boosted by interests by his cranky ramblings three weeks ago. they say they are more inclined to see the film, could rake in $18 million, the second best opener of any eastwood vehicle in the past decade. get that? vehicle? >> looks like a good movie. he's an amazing actor, i didn't
like the speech thing with the chair, but an amazing actor. >> he's playing a role that's 20 years younger than him. >> can't believe he's in his 80s. good lord. shoppers in san fransisco have ten days to go green or pay up. >> the battlefield in the board room. what executives learn from real life war. first, let's take a look at the 10-year treasuries.
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♪ >> i'm tracy byrnes with your fox business brief. how bad could going over the fiscal cliff be? try a 20% drop on the markets according to a worst case scenario done by city research. congress leaving top until after the elections, and no physical progress on the cliff. the worst case scenario could be reality. meanwhile, shares on the rise, after the handbag and fashion designer raised the second quarter and fiscal 13 outlook on strong sales expectations. motors revving up efforts in north america with the electric car dealer planning to open ten locations with the first one in garden city, new york.
>> reports of a coming spanish bailout lifted european markets today, but are the details behind the bailout really should be cheering about in ashley webster joins me now. i don't know, what do you think? >> they reported the spanish officials are in talks with the eu to come up with a game plan to announce an economic reform plan next week paving the way that triggers the bailout, the bond buying bailout. now, the question is not soon taf that, we had someone from the italian economic ministry saying no one's going to be asking for a bailout because what they ask for in return is too much. the worst part being you give up the national sovereignty. no doubt about it, something is underway for spain. they need help desperately, and i think that certainly if it's true, i think as early as next
week, we could see that announcement made that we've made structural reforms, which, by the way, will not include new taxes, will not include spending cuts, which i find remarkable. >> yeah. it's interesting, you mentioned they may not want to bailout because of the reforms imposed on them, but at the same time, the greeks are an example of, sure, we're going to do that, oh, nevermind, we're not going to do that, thank you very much. they missed every deadline in greece. the spaniards are saying well, we can do that too. >> that's the moral hairs aired. the spannish economy is stronger than the greece economy, but they are almost bankrupt. it will be interesting, but watch what happens in spain neex week. >> ashley webster see you 2 p.m. eastern, markets now, dennis, back to you. >> the next guest taking the scales from the cockpit as a fighter pilot to lessons in the board room. this is this week's small
business, big ideas section, the pilot and ceo, jim, thank you for being with us, your firm in business 16 years, advising 40% of the -- what could the executives take from military environments you grew up in? >> great question. one of the biggest things we teach is a process called flawless execution. in a business world that's about hostile, it's about striving towards the flawless outcome. there's a process around that, taking the strategy of a company, but breaking it down and looking for execution gaps and using a december plinked process of planning, briefing, executing, and debriefing to close the gaps. >> from a military stand point, what's the thing business people get wrong most of the time? >> one of the things is continuous improvement aspect. staying one step ahead of the competitive rate of change in their environment, and that not only happens in the strait joy
or the beginning parts of planning, but what happens immediately following your execution when you are finished with a mission. as a fighter pilot, in a room, the rank off the shoulders, name tags from the chest, and there's a debrief where we look at what we said we would do based in the plan based on results and we look for the gaps. the purpose is to eliminate barriers of over communication and focus on what we said we were going to do. >> a lot of testosterone rich ceos say business is war, but how you approach it, there's no room for passion, hatred, and anger, but about cool, calm, execution. >> that's right. it's about planning for that cool, calm execution, not just having a clear mission october ifer that supports the overall strategy -- >> six steps; right? >> that's right, but the last step is asking the what if planning. if you already plan for what possibly could go wrong, that probably exudes the coolness you talked about. >> you have to identify the threats, identify your resources, evaluate lessons
learned. there's always that debrief also you talked about in your so-called flawless execution cycle. this has been good advising big, big fish. can this work for smaller businesses and little guys? >> absolutely. we applied to the new york giants last year, a great opportunity for our company, but we just recently franchised after burner, and the purpose of that is to enable veterans coming back from the military now, 3 million veterans or folks in uniform with the guard and active duty, these are great men and women that exude entrepreneurism, and we set up after burner in local metropolitan areas giving them the services and products to prosper at the local level. >> that's great. i did not start with the new york giants, but you advised them in the super bowl season and they are kicking butt so far this season. what did you tell them? >> the coach is a great coach,
just a wonderful organization. we worked with them, mid season last year. one of the things coach could cn talked about it focusing on the debrief. brand new rookies are hesitant to freely admit mistakes in film review, debrief, if you will. because they didn't admit mistakes, they repeated them team wide. by teaching them creating a nameless debrief, do root, cause, not just the coach down level, they exposed the defense, and that helped them. >> thank you so much. appreciate you being here. jim murphy with after burper. great company name. >> thanks, dennis. >> stocks every 15 minutes, and, nicole, expedia is up. >> analysts talked about expedia, put a buy rating on expedia, and now they have a 64
dollar price tart -- target. they think there's continued upside potential. the stock now is up 4.5%. i wanted to also take a look here at another analyst though, that's deutsche bank talking about the fact they, too, have upgraded expedia to a buy rating, and they noted recent tech upgrades that expedia has undergone, something they like as well, and they have one of the most risk-reward tradeoffs in the coverage of that universe, and so that's good news there. there's a couple buyer ratings, and that's why you see a nice move in the stocks today. back to you. >> all right, thanks very much, nicole. >> it is time for your west coast minute. california's greenhouse gas emissions law, a death nail for state businesses, that according to the california chamber of commerce urging governor jerry brown to halt the start of the new cap-and-trade program on
november 14th, a billion dollars from businesses will be levied # according to the california air resources board. october 1st, if you stop in a san fransisco grocery store, be prepared for byob, bring your own bag. in an attempt to bring the environment together, you bring your own bag, or you're charged 10 cents. the cost of treating the scorpion bite in arizona is cheaper. hospitals lowers costs up to 80% for the anti-venom treatment after a woman was charged $83,000 for one doze. it's produced in mexico, sells for $100 a dose there, but $83,000 in arizona. that is your west coast minute. dennis? >> thank you, cheryl. there's a chill in the air, and i'm not talking about the first day of fall, tomorrow, but it's the upcoming third quarter
earnings season that could give wall street a shiver. cheryl: moms bombarded for ads by diapers, formula, and toys, but now there's an adult friendly product on the demographic. that's wine. that's one of cheryl's favorite topics. that's coming up. let's look at today's winners over on the nasdaq. ♪ [ male announcer ] let's say you need to take care of legal matters. wouldn't it be nice if there was an easier, less-expensive option than using a traditional lawyer? well, legalzoom came up with a better way. we took the best of the old and combined it with modern technology. together you get quality services on your terms, with total customer support. legalzoom documents have been accepted in all 50 states, and they're backed by a 100% satisfaction guarantee.
majority of drinkers and buyers, they are looking at this demographic in a smaller market within, it, moms. ray isle joins me to explain. there was a big time magazine article called "mother's little helper" talking about alcohol. >> alcohol and the trend of wine at play dates, dinner parties, with the kids around, and it's interesting. it's been -- it's a human, you know, segment of the population. in 2008, since it's 83 million moms are out there, and the wine has never been marketed that way before. some people don't like the idea. some people do. regardless, it is successful. cheryl: from a brand perspective, called mommy juice, that's one of the bottles, does that work? i mean, mommy juice? >> it started in 2010 with 500 cases, and they are up to 10,000 cases this year in 2012, still growing. i mean, success in some ways in the numbers. i think, you know, it's an interesting brand because it was
started by a woman in the wine industry who has kids, and her kids referred to the wine she had as mommy's juice. there's legitimacy behind the story with it to help it move along, too. cheryl: there's a bottle here of the traditional wine, i mean, there's a lot of wine snobs out there who will be offended. >> i'm not going to buy mommy juice, i'm not a mommy, but there's an advertising campaign started specifically aimed at women that's in, and it's not in the wine magazines, but like in "better homes and gardens" taking faux refrigerator magnets, and that's another version of the same marketing. cheryl: crucial for companies? looking at consolation brands, these stocks, a business number, the stocks are through the roof. i don't know if mothers are drinking. >> well, it's also a lot of marketing to millennials. they are trying to nail that segment. that's what, for instance, with
the be flirty, be happy riesling, that's -- >> moscato, i don't know about that. >> but it's successful aimed at millennial women. cheryl: i don't want to leave men out. this is sledge hammer. it's marketed to men. >> to men in their late 20s, early 30s. it's got tag likes like sledge hammer doesn't wear skinny genes or give about your new app. it's working because it's selling 25,000 cases. cheryl: i don't have kids, but my friends with kids drink more than i do. they have to be on to something. 6 # 40,000 subscribers, moms who need wine facebook page. >> social it's stressful having, and a glass of milk at the end of the day doesn't do it.
cheryl: i guess not. thanks for the story. >> a wine named sledge hammer sounds like a hangover waiting to happen. could the latest market rally stumble on warnings from the biggest name on the street, sandra smith has today's trade. >> is there a taste test there soon? >> yep. >> these are some of the companies warning causing concern for the rally we've seen so far this year. remember, we are wrapping up september here meaning third quarter earnings season is upon us. fedex this week, a big warning from the company that basically their customers are trading down, not to air freight things because it's so expensive, and they did pander a weak global economy. chip sales down, they warned and lowered the forecast. auto zone, doing well, people were taking care of the ones they got. oracle, also a big warning from this company as well. weak hardware sales. that said, guys, here's what you need to know entering into that
third quarter earnings reporting season. wall street warning on profits, warnings now coming from s&p500 companies, the highest they've been since 2001, 89 of those s&p500 companies confessed they will be short of the estimate 21, just 21 saying they will top forecasts. that's the widest margin as far as that ratio's concerned. dennis, cheryl, take note in the reporting season. we have red flags from major corporations that the economy's just not that great yet. that could stall the rally. dennis: they are warning this early, though? >> yes. dennis: give the market a chance to adjust ahead of time; right? >> right. cheryl: thank you, sandra smith with the trade. there's a taste test coming up in two hours. the so-called jailbreak on congress, leaving town as the count down to the fiscal cliff ticks away. dennis: what could happen if
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