tv FOX Business After the Bell FOX Business December 14, 2012 4:00pm-5:00pm EST
nicole: stifle nicholas downgraded and some of the stuff had concerns about the fiscal cliff and shoppers being worried about that and consumer confidence, higher taxes, and we cited under pressure. yesterday's game. nicole: they go up and down. every headline, taking it over and not taking conover. liz: the bells ringing in on wall street, last trading session of the week and the numbers, dow jones industrials losing 39 points. regained ten loss points though not a bad move in the last couple minutes, the s&p down 6 and the nasdaq down 20, the nasdaq is down 5% over the past three months but apple down 27% in the same time.
dave: let's talk oil ending higher by 1% settling at $86.73 a barrel, today's move helped the commodity end with gains of 1% even though it was up, we will talk about that in the show. liz: the shanghai market, the shanghai composite in china, closed well below the markets opened but here are some names posting solid gains when it comes to the steel world. optimism on china coming back giving the steel sector boost. prices for iron ore hitting a decent high lately, not a bad move, translating to a lot of names in this space for a while it looked like the economy was weakening and now it is coming back. dave: we want to let you know we will throughout this hour ridge you -- give the regular updates on a horrendous shooting in connecticut. that is coming throughout the
hour. liz: how about alternative investment? putting money behind a pop culture icon. we are looking at other ways to make money than stocks but what about judy garland? the rights to her tv show are up for auction. did you know the rights and royalties of an investment can return 8% to 11% on average? better than a kick in the head. we have the man who is selling rights that he bought from judy garland's former husband. dave: today is the deadline for states to say if they will set up their own health care exchanges or leave it to the federal government to take care of. coming up an expert telling us why these exchanges could spell trouble for doctors, hospitals and insurance companies. liz: but what drove the market in the data download? stocks erasing weekly gains with all three major indices ending the week lower with the s&p snapping a three week winning streak. consumer discretionary and utilities for the week's worst
performing sectors. the euro surged to its highest level in seven months at the dollar dropped for the fifth day in a row versus the euro to go up another penny to $1.31 is pretty significant, language for the dollar 30, see you hitting the intraday high, u.s. consumer prices dropping for the first time in six months in november following 0.3%. the decline was driven by 7% plunge in the government's gasoline price. dave: a lot to talk about and we will get those details. dan is in the pits of the cme. jason fried telling us why european equities might be the best place to be. and brian is going to tell you how to play these markets if we go over the fiscal cliff. let's start with dan. i want to start with apple. what to you hear from folks in chicago? where is the floor? >> you are close to the floor
right now. everyone panicked when apple doesn't meet some guidelines or whatever and i heard about the sock chinese opening but in fact when they come out with their figures every time they beat them, apple probably a cautious by right now, it is getting hammered and if you look at the fundamentals of that stock is relatively cheap value. liz: especially considering the pe ratio under 9, 8.8 as i last saw it but apple represents 4% of espn is a big chunk of the nasdaq as well and that is worrisome because right now it is not the cool kid in high school and looking at that you say i might not know that stock but it is hurting my index investments. sort of investing in an index fund is not the way to go at this point especially when you have apple plus the fiscal cliff. >> the apple thing is more of a side note than anything. the fiscal cliff is the issue. there is none other out there right now. i am shocked markets are not
down further given domestics in d.c. right now. it leads me to believe there is some sort of agreement or framework for an agreement out there or the market is in complete denial. if we don't get a fiscal cliff issue the s&p we are seeing right now is going down considerably. dave: i have heard other people say it has been the uncertainty, even the possibility of not reaching the market before we go off of the fiscal cliff has been worked into the market. you say no way. >> no way this has been worked into the market because we have had decent underlying economic strength but not enough to justify what we have going here. if we get a fiscal cliff agreement, yes. but this fiscal cliff agreement or non agreement is not baked into this market. dave: watch out below. have a great weekend. we will come back when the s&p futures closed just to get a preview what might happen monday morning. liz: we have jasonmac pride,
director of investment strategy and wells fargo advisor's managing director. i don't know if you heard dan say it is the fiscal cliff, that is it. that is one thing that matters. do you agree? if so the ways to invest around it, over it, through it. >> it is the preeminent issue of the market. the key thing with the fiscal cliff is there are some many variables is hard to say what will happen. markets are struggling with that. i am impressed by the fact that the s&p is 12% with the all this uncertainty moving ahead but playing it a few ways, if we do have some volatility there should be some volatility in the next couple weeks, you should have a shopping list ready for yourself. from our perspective that wells fargo we looking at 2013 as being more economic improvement here and abroad and we will be looking at cyclical assets so should we get a pool that? should we see some volatility in
the marketplace? we want to look at areas on the isn't beside like material consumer discretionary which are weak today, looking at technology as well and also playing the other side which basically says not feeling that siren's call to want to buy long duration government bonds for safety because that is where investors go for the liquidity. we have issues with the fiscal cliff? we don't think it is a good long-term position. dave: there are a lot of folks who are literally paralyzed with fear, the fear of the fiscal cliff, what is going to happen in europe about the future whether their taxes are going to go aboard not. the problem is if you are holding on to your cash because darrell issa fear you are losing money. is that -- can you get that message out? is there a way to address the people who are so fearful, who don't want to risk a lot of their money but to recognize it just to leave it stand is not helping them at all. >> i appreciate your question. this gets to the heart of the
question. people getting so focus on the fiscal cliff that they are missing the big picture. the big picture we are delivered in one way or the other when you think of things in three frameworks the the supergood growth middle and growth dealing with fiscal the leveraging in a small amount and the downside of the fiscal cliff. the first category is not something we can really obtain. the other two are the more likely categories and they are the way to invest in those areas and the portfolio of getting returned in those areas -- [talking over each other] liz: they fan your portfolio. >> they need to give away the more distant up side. don't buy the riskiest securities out there. it also does not mean hide the majority of your portfolio in the most protective cash and treasuries. it means find things in the middle of the risk spectrum. high-yield bonds, take credit risks, global bonds, emerging-market debt, invest in quality equities, dividend
paying growth companies, invest in a secured option, recovered call strategy, anything you can to give away the more distant upside return because it is less likely to occur in this environment a matter what happens to the fiscal cliff and intentionally give away some of the protection of cash and treasury because when you are owning that protection in your portfolio you're guaranteeing pretty much for that portion of your portfolio to underperform inflation and therefore lose purchasing power. dave: one equity in particular at the top of the list, the morris. you are looking for opportunities within the pool backs. you got to that apple. this is one of the biggest pullbacks we have ever seen. is now the time to go in and get apple? >> big picture we do like that. is going to be a driver and not only take the growth approach but when you look at that -- a lot of companies playing on --
[talking over each other] dave: i know you don't pick individual stocks but when you look at apple is almost an index in and of itself. when you look at a market cap even now the market cap makes it an index. if you are not going to recommend it one way or the other talk about the phenomenon and what it indicates for the rest of the tech sector. >> apple is its own animal. the thing is everybody is so consumed with this name because it has a big driver and school products but bigger picture, all this is 4% of the s&p and that is where the missing story, there's a lot of value placed beyond apple and that could be part of the risk portfolio but bigger picture, these small dividend growers in the s&p are maybe -- [talking over each other] dave: would you do a stock screener and look for market caps of $500 million to $1 billion and decent dividend? >> you want to look at names that are yielding 1% to 2% that
can grow the dividend with strong free cash flow and obviously solid balance sheets because they are not generally that levered. the other thing about fiscal cliff we need to focus on is from our perspective that wells fargo we didn't believe this is a game ending that the golden goose will be killed as a result of what happened in the next week to week and i think you need to take a look at the fact it china is looking better now, things are less bad in europe and as such the global growth story not only here but looking abroad may potentially down a road start to get a little more aggressive on emerging markets should we get through this. these are areas that are opportunities beyond we're seeing in the united states. dave: thanks to both of you. have a wonderful weekend. good to see you. liz: after meeting with the president last night house speaker john boehner back in ohio and congress is not in session today. what is happening as the clock ticks away? rich edson live in a bell with latest. dave: speaking of the fiscal cliff is it really changing the way companies plan to do
business next year? the ceo of stephen shipman joins us with an exclusive look at their latest cfo survey. how are cfos planning what washington can decide? liz: state across the country must decide today who will be setting of the mandatory health insurance exchange required by the health care act. the decision could have a big impact on your coverage and the prices you will pay and maybe insurance stocks. we will break down the numbers for you straight ahead. [ male announcer ] this is amy. amy likes to invest in the market. she also likes to ride her bike.
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no matter which list you're on. [ santa ] ho, ho, ho, ho! [ male announcer ] lease a 2013 ml350 for $599 a month at your local mercedes-benz dealer. liz: here is a name that is soaring today. back to nicole petallides on the floor of the stock exchange. nicole: one of the companies, the moves we have seen by the federal reserve time and time again keeping rates low, able to afford some financing here because of that and the extraordinary measures we have seen, really down, it was up
today and what we see is they scored a $2.1 billion financing, the telecom equipment company saying they will use this money for restructuring. it will help their balance sheet, it will help their long-term profitability. these numbers, this $2.1 billion financing package will help in the long term so this is some good news and stock is soaring. dave: s&p futures closing right now. let's go to the cme group and chicago and see what is happening now. the we have any indication whether we higher or lower monday morning? >> which of the couple points since we closed the cash market and it is more or less than the market feels nothing good or bad is going to happen over this weekend. things are on the sidelines, outlook for an opening on monday. dave: have a great weekend.
thank you very much. the clock to the deadline for solving the nation's fiscal crisis is winding down, the house and senate are not in session. liz: john boehner met with president obama at the white house but he has left town as well. rich edson sticking around joining us from washington. we know that the tragedy, the war going on in connecticut is taking the president's attention at the moment. >> the president's attention and members of congress and they're not even in town. there was a meeting at the white house, president obama, john boehner met for 50 minutes and aids say they accomplish as much as they have accomplished over the last few weeks which is very little. there are major differences between the two parties and the white house earlier today said republicans need to give on taxes. >> it remains the case that on some of the fundamental issues that are matters of debate we
had yet to see any change in the position of the republican leadership. it is still their position as they tell you when you ask them that they want extension of the high end george bush tax cuts. that is not going to happen. >> republicans say they change position and offered $800 billion in new revenues and they say it is democrats whose position remains unchanged, they refuse to put on spending and in tacoma cuts that are necessary to reach an agreement and for them to give on taxes. congress will return to work next week in washington but still no movement, the attention of lawmakers in washington isn't really on matters of taxes and spending and fiscal issues but more on the events in connecticut. back to you. dave: for which we will all have a weekend to meditate on those things. thank you, rich edson in washington, appreciate it. liz: how and chief financial officers plan for the company's
future when the country may be going into a fiscal abyss. grant thornton, ceo steven chipman joining us with a result of c f os to guide their companies through stormy weather no matter what happens. dave: today's the deadline for states to decide whether or not to run the health insurance exchanges that are required by the health-care law or pass the ball to the federal government. joining us, what is at stake for your coverage, health care providers and stocks they represent coming.
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dave: your time of the uncertainty in the markets because of the fiscal cliff imagine being the cfo of a company not knowing how to plan at all for the company's finances for the coming year. imagine no longer. joining us exclusively with the result of a new survey is stephen chipman. i love this because cfos are the staff sergeants of the corporate culture. they have to do the work and just figure out how companies are going to run no matter what is putting front of it and let's take the worst case scenario. imagine we do go over the fiscal cliff and all tax rates go up, taxes of the consumers and producers. what happens? how do they plan for that? >> our survey covered 1600 cfos across the united states in public and private companies and in the event that we do go off of the cliff, 47% of them said
they were prepared to take defensive action, reduced hiring, perhaps shed jobs, reduce plans for investment so half of them are ready to take -- to take action to pull back on their plans. >> we talk about investors being fatigued by this, and over the past few days there is a fatigue among cfos as well. >> i would say one of the things we have seen and i talk to cfos around the country to visit and clients, they have achieved an ability to deal with and manage uncertainty. stalemate in washington, it is almost become business as usual. so their ability to handle that, manage the business conservatively and that is positioned them quite well
to deal with the potential downside of the fiscal cliff issues but it doesn't address their key concern how to grow their businesses. what is really on their mind is growth. david: we'll talk about that in a second. they have had the stability over 10 years basically the same tax agenda, whether corporate taxes or individual taxes. so for 10 years we've had a tax structure. that is about to undergo radical change but we don't know how. there may even be kicking the can down the road where we have same thing the next six months. are they balancing two sets of books to plan for 2013? >> cfos want comprehensive tax reform and want frankly washington to get on with it because the uncertainty created when they don't know what rates to apply, what they don't know, what tax structure they need to embraes to help them decide on investment decisions are really quite crippling in their growth agenda and frankly our tax code in the united states is too complex
of the, it is not competitive on a worldwide basis want comprehensive tax reform. they're ready for washington to get on with it. david: i guaranty it will get more complex when they talk about simplification. do they literally have two books, one for the old tax structure and what they assume the new one will be? >> you're talking to an auditor, david. i won't admit that anybody has two sets of books. david: that's true. >> what they are doing, joking aside, they are scenario planning. they are looking at different alternatives and trying to keep all their options open because frankly they don't know which direction this is going to go and as a result you do get a bit of gridlock in decision making. one of the reasons that 60% we believe said the fiscal cliff issue will not change their decision making over the next six months because they're already in conservative decision-making mode, waiting to look at different scenarios and they have different sets of
actions they will take depending which way this goes. david: let's put best-case scenario forward for a second here. they have been in the safety mode for a couple years now. a lot of people are sitting on cash as we know. apparently a couple of trillion dollars if you add all the businesses together in the united states. are there any plans to churn that money out there to invest in growth, to invest in hiring? under what circumstances would they be willing to do that? >> you know, david, we've got low interest rates. the housing situation seems to be getting better. we do have stronger balance sheets. when i talk to ceos and cfos of dynamic businesses we serve they're ready to invest, they want to grow. they want to embrace a growth agenda. give them more certainty, have the president, congress act, arrive at a sensible compromise, move towards comprehensive tax reform. you will see these businesses invest. i believe that. david: all right. i remember the days when everybody was talking about the rust belt in america,
back in the '80s before the reagan tax cuts really kicked in and we began to grow again. do we have the potential being there? you talked about all the deleveraging that is going on and how everybody tighted up the ship. unfortunately that led to a lot of layoffs as well. but are we so tight we're like a spring that we're ready to pop? >> i think there is opportunity for that. one of your previous guests talked about the growth opportunity on a global basis. i'm not sure i completely agree with him all the problems are behind news europe and that china doesn't still have problems ahead. nevertheless there is opportunity in the global economy and the u.s. businesses are as best positioned as any to take advantage of that if we can get through this uncertain period. david: we don't want to be pollyannaish about it. there are real serious problems out there and a lot of the folks inside the beltway are not going to make things easier. however, businesses in america have done a
incredible job shoring up their base. steven, great report. thank you very much. we appreciate it. >> thank you. david: liz, over to you. liz: david, today is a big deadline. it's the deadline for states to died if they will set up health care exchanges. this is a key provision in the affordable care act. we'll bring you all the latest, some pros and cons right from washington. joining us to weigh in on the issue, the executive director for the deloitte center for health. what states, patients, doctors, businesses have to gain or lose. stay tuned. i always wait until the last minute.
david: time for a quick speed read of some of the day's other headlines, five stories in a minute. first up, greeks earning more than 42,000 euros per year will be taxed at 42%. a big increase of new tax reform so-called bill submitted to the country's parliament is part of simplification of country's tax rules, although it is a big increase. >> pfizer considering an initial public offering for its animal health unit. the report by "the wall street journal" says a january-february ipo is likely. expected to raise $4 billion. aig offering 2 million shares of common stock held by the department treasury. the treasury received proceeds of $7.6 billion for the sale. jfk security guards voting to go on strike next thursday over demand of better pay, training and equipment t may trigger delays at the world's
busiest airports at the height of the holiday travel season of the just in time. tokyo is, japan is the most expensive studio in the world. average cost for a movie ticket. $22. average cost for a beer. $10. manhattan ranks 36th. liz: is $10 high for a beer. david: not a manhattan bars. i've had a few $10 beers. but that is another story. liz: one of the important parts. health care act is creation of health care exchanges to help individuals get insurance if their employer didn't provide it. david: the clock has run out. today is the deadline for states to decide who will set up mandatory exchanges, the state or the federal government. peter barnes is in dewe with the story. >> that's right, david and liz. these health care exchanges are big part of obamacare. the administration is counting on them to provide coverage for 23 million people by 2016.
but as of the deadline today, half of the states are create their own exchanges but 26 states will let the federal government set them up for them and six states will set them up in partnership with the feds in kind of tests here. now, some republican governors are passing on these because they opposed obamacare. others are waiting for more details from washington. and for now, are content to let the fed take the, the feds take the risk. how much this will cost taxpayers is unclear. >> we're not sure how many americans will enroll in, in plans through the exchange, and how much in subsidies they will draw down. so to the extent that there's not a huge up take in these plans, and those related subsidies, it might not cost the taxpayer that much in the near term. >> want to shope you what one of these looks like. massachusetts has been operating an exchange for
several years now under romneycare. it is supposed to be kind of like a travelocity for health insurance policies. sign up and shop for the plan, with the best price and options for you. and they're all supposed to be up and running by january 1st, 2014. david and liz. liz: thank you, peter, very much. that sets us up to bring in our next guest. joining us with more on health care exchanges and whether the impact on it will affect provide eshgs meaning doctors, individuals, businesses is paul keckley, deloitte center for health solutions executive director. paul, you heard what peter said setting this up, not every state is there by a longshot. what is the advantage of states having these insurance exchanges? >> probably two advantages. one would be the political advantage of saying instead of opting to have the federal government do it, we did it ourselves. then second, the law laid out a framework that allowed states some flexibility in how they determined what, for instance, essential
health benefits would include and thinks like that. so probably the states that go with a federally-run exchange have given up some of that flexibility. david: most conservatives associate i had with obamacare, but some conservatives like governor haley barbour was against obamacare but in favor of a exchange and mississippi is rolling it out. how is their model differ from those that conservatives don't like? >> well it depends on the circumstance of a state. where in a state you have a limited number of insurance choices already perhaps an exchange will encourage new insurance companies to offer products through what's called a qualify health plan. so many of the southeastern states are dominated by one or two insurers. maybe that makes the insurance market more competitive. liz: okay. we like competition here at fox business and certainly the free market but obviously if there is a
choice on the government side that will be interesting to see how that plays out and that's what we want to ask you. will we see any unintended consequences say for example, with doctors? and what about people covered right now by their employers? will employers use this as a excuse to drop it if they're in a state that has one of the exchanges? >> it's possible. i think it's clear employers have their eye on exchanges as a possible exit strategy long term. there are a number of preclusions to dropping coverage in the near term but you can envision our surveys say, employers have their eye on exchanges, thinking that at some point, after 2016 perhaps, maybe it's better for them to pay the penalty, lose the tax exemption and have their employees go to the exchange. the second unintended consequence would be that what these exchanges are likely to pay doctors and hospitals for their services is probably less than what employers and commerce
health plans pay them today. so it could potentially increase flight from practice some doctors threaten. it could absolutely threaten some margins of hospitals. david: yeah. paul, one of the things, one of the reasons why some conservatives like the exchanges because our tax laws are set up in a way that encourage businesses to buy insurance but not individuals to buy insurance. and haley barbour and other conserves who like exchanges look, this way a business can go to individual employee and say here is 10,000 bucks. you go out to the exchange you get best policy you want. you're the better judge what is best for you. that is kind of use of the exchange going to become something we'll see all over the united states? >> well it's the discussion we're going to have, david in this grand bargain and deficit reduction because the treasury would recognize about 200 plus billion dollars if the employer tax
exclusion went away and employers, if you think about it, they don't participate in your life insurance decisions, your auto insurance but throughout wage price control ledge -- legislation 80 years ago they ended up with health benefits. david: let me put a fine point on it. there may be a way to equalize tax treatment with health programs, between employers and employees? go ahead. >> that is it key discussion on the table. why would a employer expense this when individuals who buy it on their own can't? david: paul keckley, deloitte center for health solutions executive director. he is in boston. you see the sit go sign and i'm sure red sox field is behind him. >> thank you, david. david: many folks in new york and new jersey, still, still can not go back to homes and businesses. so why is the sandy spending bill send lots of money to
d.c.? a look what is in the $60 billion bill for hurricane sandy. liz: money to d.c. but it hit new jersey and new york. come on people. david: there you go. liz: how is this for an alternative investment? the judy garland show. rights to all the episodes. 26 are up for auctions online. how much are they expected to fetch? what is the earning potential here? we've got the man selling them. do you want in? remember what it did for elvis
>> just about 42 after the hour. i'm arthel neville. this is update on breaking news story out of newtown, connecticut, where 26 people including 20 children are dead in one of the worst mass murders in our nation's history. president obama deliver ad statement last hour saying the u.s. has been through shootings like this too many
times and meaningful action will have to be taken regardless of politics. the president also ordered the u.s. flag be flown at half-staff at all public buildings and grounds including the white house in honor of the victims. sources have identified the gunman as 20-year-old adam lanza. after initial information mistakenly pointed to his older brother. he is originally from newtown, but was living in hoboken, new jersey. apparently lanza took his own life. we'll keep you updated as more information becomes available. our hearts and prayers go to the victims and their families
liz: looking for alternative places to invest if you're too worried about stocks? maybe you should consider investing in a pop icon. the rights to all the episodes of what's on your screen, the judy garland show, are on the auction block and could provide a super fan with a steady stream of cash. we stress could. let's find out more.
joining us the current owner of those rates, ceo of daryl payne films. daryl payne. we saw this story and said it was fascinating. explain what is going up for auction on december 16th. >> first of all great to be here and thanks for having me. liz: sure. >> this sunday for the first time there is a judy garland auction by a company. you can buy 26 episodes of judy garl land. broadcast rights, dvd. clip rights. these shows generated millions of dollars. it would be great for new investors, old investors and families and individuals to invest in this great series. we want to give the opportunity for people, general public to get involved with this great, great auction at royalty exchange. liz: she is a definite icon. people are obsessed with anything she touched, such as the sparkle red shoes. this is not something you can actually touch. these are episodes, that somebody might gain rights to and sell to another network to reair during a
certain time? how does somebody get revenue out of this type of investment? >> well there's about five to seven different way to make money with the shows. they have video-on-demand. you have streaming. there are some platforms today, like itunes and some other places where you up load songs and generate money. we have direct response television. you can run like the dean martin shows. these shows generated millions of dollars. started years ago with pioneer entertainment. restored everything. 5.1 surround sound. royalty exchange is great company. reggie calloway and they're a great group the. liz: just so you know, we're showing clips of it, and it is evocative of an era gone by certainly but does she still resonate? you've got a very hyper youth out there today wants to download a bunch of mott earn family shows on hulu? >> yeah. liz: is there, opening bid is one million dollars, right? >> you can have this for one
million dollars. invite you to be a part of history. judy garland is an american icon. everybody loves her. we have grown up with "wizard of oz" and wonderful movies. this is chance for you to own it. pass it down to generations and generations. liz: the shoes alone, two million. that's what they went for. these are 26 episodes. bidding begins on december 16th. how do people get involved here? what do they need to do? >> well the first thing you should do, try to register with the royalty exchange.com. they will take very good care of you. they're a class a run organization. i think future is, best thing in tv shows and patents and being overall marketplace for these type of investments i think is great. and we're excited about this. we invite you to come on out, be a part of history. judy garland is an amazing talent. i've been great to be a part of it. liz: the royalty exchange dot-com. she was hot on broadway recently when a show, under the rainbow was one of the
top tickets. there is on vupsly interest. let us know what happens with the auction. >> excuse me? liz: let us know what happens with the auction. >> yeah, we'll let you know absolutely. come on out. we love to have you. royaltyexchange.com. that's it. liz: thanks very much. >> you got it. david: was a different era. totally different. coming up next superstorm pandy, the cash grab after the superstorm. liz macdonald is taking a close look at the sandy spending bill. guess what? she's uncovered very questionable items. she will tell us what they are right after a short break.
david: areas of new york and new jersey are still, still struggling in the aftermath of superstorm sandy so why are washington politicians discussing a sandy spending bill actually sends lots of money to d.c.? liz: yeah. lots of money to d.c. liz macdonald decided to pick apart where your tax dollars could be going. liz, the first thing i thought when we talked about
this story this morning wait a minute, i remember seeing that radar. in fact let's show the radar from hurricane sandy. you will see all of that rain going above washington, d.c. roofs were not ripped off in washington, d.c. in meaningful numbers. yet, you have discovered much of the money is going to testimony. >> i have a lot of paperwork here. we're talking about the $60 billion spending bill for sandy. guess what? 2/3 are replacing or fixing government assets or agency. justice department getting $15 million. the epa $7.8 million. nasa $4 million. when you think that 60 billion is going entirely toward the victims of hurricane sandy, uh-uh. that is the problem. should the line items be put in the upcoming budget. liz: a roof? >> $2 million. liz: was it damaged in the hurricane? >> no, it has been in need of repair.
also $2 million for tree plantings. 4 million bucks for a knew cars for the fbi and office and lab equipment at fbi. a million dollars worth of trees at cemeteris. here you're looking at x-ray machines for customs agents. $2.4 million also there and also for new cars, for customs. this is, to my mind a pork storm. sandy is turning into a pork wagon. the problem you have to get the money right to the victims of hurricane sandy. not to be christmas tree, a pork wagon to help out federal government agencies. we saw this after katrina. when i covered katrina you saw laptops, new lap tops for government employees. you saw things like soccer balls for some reason, new cell phones. so the thing is, you don't want this bill to be hung up in congress. those line items should be knocked out put into the budget. david: the incredible thing is while they're spending $15 million on a roof for
the justice department, they're folks we all know living out in the cold and are still saying when will we hear from fema? >> that is a problem too. again and again, i'll tell you something, not to toot our own horn but i will, fox business is the only media outlet who has been on the story. you guys have been on it from day one, what is being done to help the hurricane sandy victims it. now we see it turning into a big pork wagon. that is a real problem. commerce department getting $20 million for what? fix and repair federal assets. 3 billion out of that 60 billion is the price there. david: why is it just fbn. >> asking questions. that's what our founding fathers wanted. freedom of the press. >> liz macdonald, thank you very much. get ready to fly the unfriendly skies? next find out why some flight attendants are threatening to hold back smiles. ♪
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