tv Varney Company FOX Business January 18, 2013 9:20am-11:00am EST
♪ ♪ imus in the morning ♪ >> good morning, everyone, friday, january the 18th. have you checked your 401(k) today? maybe you should. without much fanfare, stocks have climbed to near all-time highs. all right. the financial headlines have told a very different story. the fiscal cliff, debt, unemployment high. we're just like europe. the top stories about your money have been negative and not likely to improve that much. here comes another pathetic debt over the debt ceiling and another downgrade, true. may have we have been distracted by that, put the bad news aside
and see the dow jones industrial average within 6 points, 14,164 in 2007. and in a few minutes, the dow starts well above 13-5. and here is more good news, your house keeps going up in value, not by much for most people, but up is up. so, cheer up, everyone, you might not like the election results, but your money is doing well. and "varney & company" is about to begin.
>> new funds in the tech world, it's not apple. you're used to long lines outside apple stores and people clamoring to get apple's latest version of the smart phone or tablet. the new buzz out there is samsung, not apple. apple-like hype is building for the samsung galaxy smart phone, a bigger screen, faster speed,
longer lasting battery. and launched in may, it was considered the first to meet or exceed. you keep hearing, apple doesn't meet cool anymore, that's samsung. and i wonder if apple is below 500. where are we? >> and the traders are not getting in and out. right at the 498 mark, not far off from 500. i can tell you that ubs says the next 100 point move should be to the upside. you're right, it really hasn't been doing too much. stuart: and the s&p 500, they're at a five-year high and people down there are happy, aren't they. >> they are, right? they're back to the pre-the financial crisis and and then you sell, your overbought. stuart: cheer up, people, there's good news out there.
the markets at five-year highs and your 401(k) is looking good, but we're going to poor cold water on it with a poll that says you are not convinced. we'll bring you the opening bell, should be up in a moment. [ male announcer ] this is joe woods' first day of work. and his new boss told him twongs -- cook what you love, and save your money. joe doesn't know it yet, but he'll wk his way up from busser to waiter to chef before opening a restaurant specializing in fish and me from the great northwest. he'll start investing early, he'll find some good people to help guide him, nd he'll set money aside from his first day of work to his last,
>> ♪ sing hallelujah, come on get happy ♪ . stuart: we're trying to convey positivity here, the dow at a five year high. s&p 500 at a five year high. and remember the dow the 13,596 is the close yesterday and trying to do the math, about 500 points away from the all-time high reached back in october. 2007. cheer up, look at your 401(k) maybe you've made more money than you thought. and the dow industrials opening lower in the opening minutes, seconds, i should say of the trading session this friday. we're down 13 in the early going, still, 13,583. how about one of those door stopper stocks, it's a dow component in the news, general electric, made 4 billion dollars in 13 weeks, it's going to return in dividends over 12
billion dollars to shareholders this year, so, nicole, i expect the stock is up. is that right? >> sure is. it's up about 2%, 2.7%, right now. certainly looking good. 2190 not a bad start. stuart: i keep talking about door stoppers, that go nowhere years and years and years, intel. there's another door stopper, and that's down. >> that's much lower, down over 6%, and they're giving a weak outlook and talk about spending and the shareholders certainly are know the happy with all of this. down 6% and by the way, you're a nice man and i commend you for trying to bring some cheer to this opening bell. you know, you had your song, tried to be optimistic, i like it. stuart: no, really shall the dow is closing in on an all-time high and we've kind of ignored it because the political and economic back drop is really very negative for a lot of people. so, i like to play up the positive. it's friday morning and the dow
now turned higher, by the way, 13-6, take that. i want to move on to toyota, settled the first of several hundred lawsuits involving those unintended acceleration cases. it says it's going to settle some, find others, it continues to stand by its product, take a look at toyota stock right now, gone to $95 a share, down just a little this morning, now, move to amazon, it's launching a music download website, that's going to compete with itunes. you don't have to go to itunes to download music on your iphone, got it? where is amazon, nicole. >> and pretty much wants to stick it to apple, right? they do. >> they do. >> they're so fed up with apple, trying to find some way to get around this. amazon found their way and they now will have the ability to download songs and you can take amazon songs and put them right on to your iphone, and you don't even need to say hello to itunes. forget it, go now to amazon. stuart: you're right, as apple
comes down so much and almost a door stopper itself, people really turn on it. they really love something else, like amazon to go up. now, i want to move to research in motion. >> yes. stuart: it seems like it's riding a wave and maybe we were pre he mature on putting them on death watch last year? >> and you shouldn't mention anymore. made it clear we had it on death watch. don't even keep saying it, everybody is waiting for january 13th and the blackberry 10. the stock is up almost 6% right now and it's been on a tear. and there's a lot of people, people building apps for this thing and the carriers are signing on. so far so good for rim, i have to say. stuart: we'll never put it on death watch again probably. >> never say never. just forget it. move on to the next topic. stuart: hold on a second, i am saying there's good news out there. yes, i am. however, accord to go a new poll, the majority of you disagree. 60% of you say that they're holding back and saving money
because tougher times are ahead. 60%. only 34% expect economic real growth this year. only 36% have confidence in president obama's leadership. so, you're negative. the market is not. whole foods chief john macky, a little hot water after comments he made in a radio interview on obamacare. what he said, technically speaking it's more like fascism, socialism is where the government owns the means of production, in fascism the government doesn't own the means of production, but they control it and that's what's happening with our health care program. mackie says he regrets using the word fascism and clarified on fox and friends. >> mostly i was trying to describe obamacare, free enterprise capitalism which allows value tri exchange between businesses and individuals and it's the basis for prosperity in america, and allows innovation, creativity,
freedom of choice. we're moving away from that, so, trying to let people see that that's probably not going to be as effective as if capitalism itself was allowed to work in the marketplace. stuart: that's interesting, government controlled health care. let's bring in da doctor, a specialist, as i said, you're a specialist, okay? under obamacare, what hoops do patients have to jump through to get to see you, a specialist? >> it's a very good question, stuart and there are huge concerns and issues in the medical community for doctors, both about themselves and also, about how to care for their patients, two big issues here. and belief that patients are going to have. at the moment we don't know the full i am impact. stuart: because the rules haven't been written or it's not clear or how it's going to work. >> i think a number of issues, whenever there's any new change in health care, you and i have
experience of not just the american health care system, but the british health care system. whenever a new health care system comes in there's always anxiety for patients and doctors and we often don't realize the full impact of change until actually on the shop floor being with patients. stuart: okay, but as it comes down the pipe at you, you can see obamacare coming the at you, you're not clear exactly what it's going to do to you as a specialist, but you're confident in saying it's going to put up some barriers between patients getting to see you in the future, that's accurate. >> absolutely. stuart: i want to move on to mackey's point. he's saying, look, this is government control of the private sector of health care. do you agree with that. >> i do agree with that, actually. stuart: it was strong stuff from john mackey there. he founded whole foods, you're a britt, but you know whole foods. a powerful guy, making a powerful statement and you're backing him up. >> well, john mackey is not new to health care issues, in 2009
he listed eight ways to make health care more efficient and it was a very insightful article. i think there are a number of issues here for patients. obviously, one of the big issues is going to be doctor shortages. the key issue for patients, are they going to be able to see competent doctors and get quick access to these doctors when they need to. stuart: okay. can patients get quick access to the doctors that they need to see, answer the question? >> now or-- >> under obamacare? >> i think it's going to be difficult. i think it's going to be much harder than it is now, and i think we're going to be seeing particularly in urban areas, big problems because 25 to 30% of patients who go to the emergency room in urban areas, they don't have insurance, these are undocumented people and at the moment the hospitals can apply for charity care and get some relief for those, from federal government. and that's going to be abolished with obamacare, the hospitals are going to lose money and there, and i'm sure we'll see effect in patients care, a
number of services going down. social services and we've got to pay for them and where is the money going to come from. stuart: you're a brit and practice in the totally socialized british system and more free market american system. do you think that obamacare takes us over and down that road to be more like britain's national health care service, does it. >> yes and no, obamacare and the what we have in the u.k. are not the same thing and people confuse this, this is my 21st year in medicine and 16 years experience at national health service five years here in the the u.s. so i've practiced in both systems as a doctor. obviously, in the national health service, health care is free at the point of service and this is not what we're talking about with obamacare, so there are some differences, but there are some similarities. stuart: where would you rather practice your specialty. >> well, no health care is perfect. as you know. stuart: answer the question. >> there's good-- >> where would you do your
specialty, britain or here. >> that's a very difficult question so i'll say depends which patients you're treating, pros and cons and sometimes national health care-- >> let me put it like this. do you intend to stay in america. >> yes. stuart: and there are other situation-- >> i don't want to know about them. the whole food man will be here this evening with cavuto. time is money, 30 seconds to run through other good stuff. no, it's not a scene out of the movie die-hard 3. germany moving hundreds of tons of gold from the new york federal reserve bank in new york city, taking it back to frankfurt. what's with that. the gold bank? some are talking about that. a stocking study, 15% are in poverty or near poverty, one in three near poverty in illinois, really? define poverty for me and why illinois.
and there are two big money stories in sports, lance armstrong and manti te'o, millions of dollars at stake, millions of dollars that could be lost. and fox and friends host brian kilmeade will join the company. it's friday morning and i've got seven early movers for you, big names, is apple losing its cool. keep asking the question and that's what we'll talk about today again. shares down 6% this year, a short year so far and back below 500, 499 right now. at&t will take a fourth quarter charge of about 10 billion dollars. and making expected pension obligations there. american express, fourth quarter profit down, big expenses there, down a buck. better than expected profit at the indian outsources company, but the outlook disappoints and you balance it out and the stock is down big. another door stopper, intel, moving lower on a weak outlook, now, that's sharply lower. 6% is a big drop there.
and the fda approves the first patch for migraines, made by new path, i think that's how you pronounce it, new path. that's a big deal for the stock. it's about what, 12%, 13%, big gain. the founing family of the greetings card maker, american greetings raised its offering price to take the company private and the stock is up. the dow down 5, hovering around 13,600. now this: senator dine feinstein will introduce a new assault weapons ban next week in the senate. one of the toughest gun control bills debated in congress. coming up next we'll talk to the man who wrote the original assault weapons ban. what will be different with the new ban? find out next. (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts
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>> dead flat market, but remember, we're 500 from the all time high. check your 401(k), you might be surprised. the price of oil, back down a bit now 95.53. and let's see what happens to the price of gas. two handguns and pistol permits were stolen from a man's home in new york city, new york-- i'm sorry, new city in new york state. that's in rockland county, by the way, one of two counties where the names and addresses of all gun owners were released by a local newspaper and police say they've not yet found a link between the crime and the report in the paper. it was "the journal news", the second where there may be a link publishing the names and addresses of gun owners and a burglary. president obama's big push on gun control is bringing up a ban on assault weapons similar to a bill passed way back in 1994.
adam is with us, helped to write that assault weapon ban and working with dianne feinstein's office back then. nice to see you. >> likewise, thank you, stuart. stuart: this bill from dianne feinstein i believe goes further. i want you to tell us in as simple language so we can all understand, how do we define assault weapons and how much further does it go than the previous ban? >> it's important to know quickly it's a threshold matter that senator feinstein has not introduced the bill yet and that will be public reports saying maybe next week thursday and the bill is going to be flexible, it doesn't go into law, it goes through a very long complicated process, that said the principal difference that senator feinstein is considering, included in this version of the ban would tighten it in a significant respects. previously an assault weapon was defined as a semi automatic weapon capable of detaching a
magazine that included at least two of the number of features on a list, and those features have been criticized as being cosmetic like a bayonet mount or a grenade launcher, but they were appealing to people going on shooting rampages, and the pistol grips. and getting rid of the grenade launcher, the only feature left might have been a forward hand grip. and senator feinstein's bill reduces the features test to one feature. stuart: picking around the edges, i understand it's a very, very difficult thing and understand there's a large section of public opinion, please get rid of these weapons and don't want them out there and another large section of the population says it's our right to have them and we want to move on and keep them and i understand there's a huge difficulty on creating a law, which adequately deals with that division of public opinion.
but it seems to me that senator feinstein's new bill, which does go a little further, doesn't go that much further and is not likely to have a significant impact on mass shootings. now, that's probably from my personal opinion, perhaps, but what do you say? >> well, i think with respect, you may be half right. it goes a little bit further, but that does mean it's likely to have the same kind of effect and perhaps somewhat more affect than the initial sought weapons ban. the notion that that's meaningless, is belied by some research for it. do you ent hadon't have to take random social scientist's work on it. stuart: we've had someone say the same thing. adam, we've run out of time and i wish i had more. this is going on and come back and we'll have more time to discuss this issue. >> slighted. stuart: let me give you the morning gold report. a little different this morning, you could just invest in a metal
detector like the prosecutor-- prospector, in australia, it's expected to spark a new rush, all he had was a metal detector, but the outback, believe me, ladies and gentlemen, is big. 1688 is the price per ounce of gold right now, that's down 2.60. the worst kept secret in the world is no longer a secret. lance armstrong admits to cheating, but we're going to follow the money trail of the big investor who is playing both sides of this game. monica crowley and charles payne are here and they'll join us on this interesting sidebar to the armstrong story next. ♪ it's too late to apologize ♪ ♪ i said, it's too late to apologize ♪ ♪ it's too late ♪ ♪
>> yeah. stuart: it went on from there, that was lance armstrong finally coming clean to oprah winfrey, but the money angle is perhaps as interesting. a silicon valley investment banker, bank rolled and owned lance armstrong's former cycling team. he bank rolled lance armstrong and the team and managed assets for cycling government body. playing both sides, conflict of interest? what do you say, charles. charles: here is the thing, it's not a conflict of interest as everybody knew it. i think where you're going to see people look into this deeper, during the the interview it came up the idea that lance armstrong a few tests came up positive and they were squashed, and the agency might with squashed it and if that's true why would they have squashed it. i think a former teammate of lance armstrong claimed that they engaged in a systemic
program of doping and all of these people more or less knew and linked to a $500,000 aimed at silencing a drug test reportedly failed in 1990 and the other aspects, listen, fair disclosure, everybody knows not a big deal however, if that's the other angle, that's a big deal. >> monica, ten seconds, good guy or what? >> so disappointing to me, it's not lance armstrong per se, but another public figure elevate today hero status, let us down. charles: elevated him to hero status even as the rumors were out there, that's the crazy thing about it. stuart: next, republican party looking for answers and leading voices in the party may have them, new at 10 with monica and charles, and it's next.
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call the hartford at: today to request your free quote for the aarp auto insurance program from the hartford. we'll even send you this free calculator. that's: do? for conservatives, the post-election question. there had better be some answers because the latest wall street journal poll shows the gop with a 49% negative rating. that is back. charles croppedharris is republicans are only split on strategy. the split is how to deal with the president who wants all government all the time matthew has the power to inflows that. there is no division on what the republicans stand for, small government, low taxes, growth. there are other conservative voices calling for a broader
base, rain in the right and make a direct appeal to women and minorities, retreat on social issues like gay marriage, abortion, legalize marijuana, they want compromise, at reach, inclusion and a smaller voice on contentious issues. personally i think conservatives should change the tone. enter over the election turns people off. name-calling is a loser. smile, persuade. a party of growth and optimism will surely have its place in the sun. all right, we're going to talk more about the direction of the gop in a moment but we have this breaking news. the federal reserve has released a load of documents from several closed-door meetings that it had in 2007 as the financial crisis was just getting rolling. among the in relation being released, the minutes from three emergency sessions that the fed at a time when the economy was
i'm going to say, adding. there could be some dramatic exchanges, how often insiders says there had to be embarrassing stuff in there. if there wasn't these documents wouldn't be released. peter barnes and the rest of the d.c. team sifting through the paperwork looking for a headline and if they find something worth reporting we will bring it to you. it will take time to go through them but we are doing it. check the big board. we are about 13,600 on the dow with a 12 point gain at this moment and here is the company friday morning as usual, fox news contributing and best-selling author monica crowley is here, charles payne is back and nicole petallides on the floor of the new york stock exchange. apple stock still dancing around 500? nicole: they and around 500. why not 700 where it was in september? when everybody was saying 800? 1,000? showing endlessly higher and didn't do that.
$500.50. stuart: what are are those people? with a $1,000 stock remember. nicole: hiding under a rock. talk about research in motion coming orca until the end of january. that is year to date, january. research in motion is up 30% and apple is down 8%. that is down two weeks of trading. stuart: at stock went up 30% right after we put it on deathwatch. sorry. we will never do it again. thank you. nicole: stay tuned for more stock. stuart: republicans holding their annual retreat this week. as i said the gop has a very negative image in this country at the moment. they can't win with a majority in the house. monica crowley, what do you say to what i said a moment ago? >> the republican party has a series of cascading problems not
least of which is a brand identification problem, republican brand has been tarnished, as a very connotation. [talking over each other] >> charles is talking -- i loved charles, makes an excellent point in the latest peace but he says there's no split in the republican party, that it is all settled on the same philosophy of smaller government. i disagree with that. i think you have the tea party coalition, a strong conservatives who do believe in limiting government and fiscal responsibility and economic freedom, then you have the republican establishment representing the republican leadership, john boehner, eric cantor, old school girl along to get along republicans who have gone down a road of big government and big spending and continue to do so. you have the strife within the republican party, very difficult to heal the party as you still have that. stuart: come together on growth, come together on optimism. how to get together?
out and get america moving again? here's how we do it and smile. >> my book talks about the warrior spirit. we need a party, a conservative movement that is positive, energetic, forward looking and talking about economic growth and economic freedom. you put growth and freedom together it is no lose. charles: i agree with what monica said. this was predicted a while back. danforth wrote a book about this and the religious right, that was where everyone thought the initial battle would be the libertarians have come up big too. what i find is the leadership is so spotty and so -- they don't really get it. a need fresh leadership. marco rubio is a name that comes out at you at the top, could be someone we don't know about. stuart: you want young, pleasant, optimistic, fresh and
republican. charles: when the economy, part business leaders have to jettison some things. you have to throw some things overboard. the water is leaking, you can't hold on to every nook and cranny. forget about the marriage. i am telling you, forget about all the other things, these nonsensical things in the grand scheme of things. what is the number-1 priority to prosperity and freedom for the country? stick with those things and throw the of the things overboard. stuart: we have reached agreement. back to nicole petallides. netflix. have you crossed and gone above $100 a share? nicole: it is jumping up the whole year, let's see where it is, hundred dollars, $0.40 a share, and of 3%. a couple quick fox, jenny capital comes alibi rating from neutral. you don't care about analysts but what you do care about is why they're doing it. competition that everybody talks about really is basically
irrelevant. they think the fact that netflix is going to be huge. now it is going to go straight to netflix, netflix is paying and on and a plague to beef up their offerings for their subscribers and people think it will pay off. stuart: if you died disney at that price he will end up a winner. that is the calculation. that is why the stock is at 100. that is my opinion. nicole: you are onto something. stuart: thank you very much, good stuff. we don't like to use charts but i have to show you a five year charge of the s&p 500 index trading rider around the five year high. everybody's money is doing well but they still -- people are still generally not optimistic. i forget the numbers, something like 34% think we're going down
the tubes. stuart: this is what i have been telling people for several years. we have to detach the stock market chart from america's economy, the domestic economy. the world, the entire planet has never been this prosperous in the history of mankind, never. the entire world. i am not talking about the great empires that forced themselves into welfare state and can't get out of their own weight. i am talking beyond china, resurgent japan, 5% unemployment in russia, indonesia, turkey, mexico, panama city, google panama city when you get a chance. if you'd think this with the first world country, she level via first world country and so will brazil. drivers in brazil and argentina, that is what the stock market represents. we are lucky to have american companies that can take advantage of that and i pray and hope the government doesn't stop that even though they have hinted at it. stuart: usually so negative about politics, the election,
the direction of the economy, america is jazzing -- getting just like you're in a decrease of the dow jones average is close to an all-time high. charles: people should not be fooled by that. caterpillar gets 70% of its revenue outside of this country. stuart: recover from the election loss. >> happy warriors -- most americans--the most politically toxic thing for any politician, anybody in leadership is a bad start to the stock market. because the stock market has been doing so well, in alleviate a lot of pressure on the task force doing something and tax reform entitlement reform and cutting the deficit and debt. charles: when it hit an all-time high the dow at an all-time high under george bush the democrats said that was a reflection of rich americans. stuart: professional sports very big money. we have two names for you.
lance armstrong of course and manti te'o. they could lose a ton of money. brian is on the radio right now but he will join us for special simulcast at 10:35 this morning. let's get to gun-control. here is what the president of the national rifle association said yesterday on "varney and company" in response to president obama's proposal. >> you have a president who is dedicated to achieving an ideological agenda and is willing to spend political capital to fight a fight against -- against public feeling and public attitudes that have been in place for many many years and to fight in spite of constitutional safeguards for those attitudes you have a real battle royal and that is what we're going to have in washington over the next few months because this president as you saw yesterday fired the first shot in a war that way mop rear was predicting last year. stuart: our next guest agrees with that. he has organized the first gun
appreciation day. it is tomorrow. his name is larry ward and he is with us, the founder of gun appreciation day. welcome to the program. before we get into all of this, what about this? i don't understand why gun folks oppose background checks for gun shows. >> let's first say it is not a loophole. stuart: wide you oppose not registration so much as background checks? >> let's look at what the president signed. stuart: do you oppose universal background checks? >> yes i do. like i said, there has never been a lot for a person to sell a gun to another person and if it was going to do something perhaps it would be something that the gun lobby would consider, the gun manufacturers
would consider. stuart: is it so bad? >> how are you going to enforce it. stuart: so bad if you have the law? >> are you going to enforce it? how is it going to protect -- stuart: go to a gun show, the guys selling the guns, they sell you a gun at a gun show, they have to register and bye-bye whatever it is, they have to know who i am, i have to show identification and they get on a computer and run a background check. what is wrong with that? >> nothing wrong with that at this point. stuart: why do you oppose it? >> we are talking the box when a citizen sells a gun to another citizen outside of a gun show, second and sale. stuart: what about gun shows? are you ok with that? >> the gun stores, gun retailers do background checks. it is the citizen, the citizens sale that does not. stuart: what objection to you have to citizen to citizen
background checks? >> i only have an objection that it hasn't affected crime at all. there is -- it will not affect -- it won't do anything. charles: really, i don't know how to run a background check. how many know how to run a background check on someone else? stuart: i am thinking in terms of principle. we have these awful mass shootings which are awful. we want to do something about this without impinging on the rights of people, second amendment rights. what is wrong with trying something like keeping guns out of the hands of not jobs? what is wrong with that? >> universal background check means the federal government will have a giant list, there will be a massive database of everybody in america who owns a gun. these are for the most part law-abiding citizens who went through the legal process of acquiring and owning a gun.
[talking over each other] stuart: a helicopter brigade worrying about a conspiracy theory in the future? >> the westchester, takes the list, that right of public people, people who are on public record as owning a gun with a permit, they applied for the permit and did it legally and allen is public knowledge and we know all of the dangers associated with that. imagine the federal government having a massive database of law-abiding citizens, criminals are not going to go through the background check. gun-control laws kicked in with adam who went to purchase guns, did not want to wait for the background check or the waiting period, got his hand on guns anyway. stuart: before larry leaves us, tell me why gun appreciation day. what do i do to appreciate it done? >> go to your local gun store, local gun range, local gun show, hold up your hands off my gun signs, keep a copy of the constitution in your pocket and make a strong statement to the members of congress and the president that we care about our gun liberty. stuart: how many will do this
tomorrow? >> it is a grassroots effort. first time ever. tomorrow. we hope a million show up. stuart: a million. we appreciate you being with us. gun appreciation day is to martha. thank you very much. illinois ladbroke. billions in debts but not just the state government in the poorhouse. a stunning number of people in illinois are close to poverty. we have the number for you next. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused.
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stuart: update on algeria. contrary to earlier reports of hostage situation is still ongoing. algerian state news agency says 65 hostages remain after a troops stormed the gas plant attacking the al qaeda linked gun people. at least 20 gunman took over the bp oil and gas facility in algeria in retaliation for military intervention. a slowdown in china. the country's gdp up 7.9% in annual growth. 's growth accelerated for the first time in two years. apple asking sharp to slow production of screens for the ipad. many are speculating increased demand for the ipad mini. next, the stunning number of the illinois presidents in or close to poverty. why illinois? we do have an answer for you and to exactly is in or close?
stuart: stock alerts, norwegian cruise lines haven't ipo where the stock started trading. the price was 19, it has moved up to 25 in the first few minutes of trading. up roughly 30%, 31%, 19 for norwegian cruise lines lose startling statistic from an insolvent state, 15% of illinois residents living in poverty, one in three are at or near poverty.
joining the company from chicago, the illinois policy institute, first of all, could you define poverty? >> poverty means a family of four is making less than $24,000 in income. that is the definition of the federal poverty level. stuart: does that include all transfer payments they receive? all kinds of subsidies and what have you? >> that would include all the income that they make the big picture is a third of illinois at or near poverty and 15% at poverty is a release at number and what we need is how did we get there? stuart: why illinois? that is a higher level of policy that almost all other state in the nation. tell me why illinois. >> why a little? for decades this state has been running high deficits, spending, spending and spending, overborrowing and running the government programs. so you have a bunch of bad
numbers. the sad part is a retired politicians look at the numbers in a lawyer they think the solution is more taxes, more spending and more government. we are trapped in a virtual circle. stuart: what is the direct link between a very active government that spends big and goes biggin to debt? show me the direct connection between that the high poverty level. >> best way to look at this is see what is happening with people leaving a little. lenore loses one person every ten minutes to other states. people are leaving companies don't want to come, they're scared of coming to illinois, much death and you can't blame them for being scared. they don't want to pay more taxes or interested that has more poor people. they want to move states that are dynamic, cutting taxes. look of other states with zero tax rates, they want to move to dynamic economies. stuart: diana workers leave and dynamic companies that want to hire do not come into illinois. that is the connection with the
high level of government spending and government debt. >> precisely right. if you think about this is the scary part for illinois, the people who can leave on the ones that have money and they leave so people forced to sit down have means and the amount of debt i know you have covered on the amount of the lloyd that you are going to leave a bunch of debt to people can't pay and that smell like insolvency. stuart: i keep asking the same questions you and other people from illinois. when does crunch time come? when do we stop lending and when does a lawyer asked the fed's 4 bailout? >> you have lead on this and ask the right questions. illinois continues to fell to get a handle, politicians won't take on the unions, they won't reform pensions and it is becoming dangerous. stuart: when does the current come? >> if you look at what happened in california they got away with one more tax increase. we're trying to block tax increases in a lawyer but as long as politicians and do that
they push for a problem ticket can down the road. no different than what is happening in washington and frankly if you want to see what is going to happen to the rest of the nation all you need to do is look at illinois. obama using the illinois playbook in washington. stuart: that hurts. thank you very much indeed. see you soon. the germans make a run on gold at the new york fed. my take on that is next. reminds me of a scene from the movie guy hard iii. >> sitting on the farm. for some reason he is very angry with me. >> as they say the plot thickens. >> knocked over the federal reserve. can your hearing aid do this? lyric can. lyric can. lyric can. lyric by phonak is the world's only 24/7,
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>> unnamed hospital apply to charity care and get some relief from the federal government because that will be a finish for the obama care hospitals, we are going to see some defects in patient care with a number of games like social -- stuart: that was dr. philipa seatm. in responding to a john merrick describing obamacare is fascism. he later apologized for using that word. to the big board advises friday morning but at a very high level
so you and your 401(k), a 13-595. nicole petallides, intel. i keep calling and a door stopper, it goes nowhere but it is going places today. nicole: is going lower today down 6% coming out with a profit dropping, 47%, a weak outlook, down $1.35 and every time you see the dow going into negative territory you can blame intel because it is worth nine negative dow points. i saw the dow skip down. with out in tell it would be a little higher. stuart: that is a big drop. his closed. avalanche armstrongs and manti te'o, lies and deception. all about money on "varney and company". both could get millions of dollars. fox and friends host on the rear right now but will simulcast with "varney and company" and a
couple minutes. do not miss this. stuart: 30 years ago i was invited into the gold vault deep underneath the federal reserve bank in new york city. i saw dozens of little rooms like prison cells each room had a number and contained piles of gold, each room contained the gold reserves of countries from all around the world. they trust america to keep it safe. now the germans want 300 tons taken out of new york and ship it over to their own fault in frankfurt. here is my take on that. first of all i don't know why they are doing it but there's a lot of speculation that people don't trust the currency are having a field day. germany uses the troubled euro so some speculate that may be a gold backed the deutsche mark will make a come back. bring the gold home. obviously they are not touching that with a 10 foot pole. the germans are not saying
anything about gold back to new deutsche marks. there is chairman nationalism. that a factor. some tabloids have asked whether all their gold really is still in america's for dollars. a german official came to see the gold was not admitted to the vault. maybe they're bringing it back to make sure they really do have it. here is my theory. the germans have had it with apologizing for world war ii, they have added with a southern europe's bill that had it with other people keeping their national treasure. they are taking back 325 tons from france as well. they want to grow up financially and they want everyone to know it and respect it. but then in the back of your mind can you really say gold is useless and has absolutely no place in today's financial system? can you say that? really? [ male announcer ] you are a business pro.
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it happened yesterday. somewhat think that is an inappropriate way to make a political statement, but that is what he did. apple looking for but i call a door stopper stock. you would not describe it as a door stopper, charles, would you? charles: this stock has not been one since 2004. it has either been straight up, or, occasionally, straight down. it is not a door stopper stock right now. this stock will either go down a lot more or it will have a big rebound. stuart: what is your money on it? charles: it will have one more movement to the upside. stuart: a special guest joining us to talk about sports. he is the host of fox and friends. simulcasting live on varney &
company. i want to talk about manti te'o. we are a financial program. how much money has this guy lost with the whole fake girlfriend fiasco? >> this is what i would say, he was a middle first-round draft pick. the nfl books that psychology to see what you will be like in terms of your fourth ethic, how you will be under stress. we see what he is really like. i think he lost between five and $10 million just in an nfl signing bonus, let alone, endorsement. stuart: i take your point. i understand why individual sponsors would say, i am not
sure we want this guy as our guide, but what about a team? they may want headlines that will be attracted by a guy, even if it is a fiasco. am i way off base? you are laughing. why? >> i am out varney & company, number one. there is no team in the nfl. it is the gold standard of all sports outside of premier soccer. there is not one team that needs this negative publicity. the ten tivo -- the tebow thing. this is a hoax. it is all negative. not how you want your team viewed. stuart: they are telling me that
the jets would indeed take him. that is another story entirely. how about lance armstrong? has he lost it all? totally ruined? >> i so very little emotion last night. i watched the whole thing. did you achieve for all seven titles? was it all a lie? yes, yes, yes. it was all a lie. when asked, would you be here now if you did not try to come back, he said: no, i would not be back. that man who is worth 125 to $10, think, i think he loses it all.
all the little people he insulted along the way, personally, they want some revenge. i do not see anything good coming out from him, unless he needed to clear the air, which he let us know if you would not be there if it was not for the fact that he had to come clean because he had nowhere else to go. stuart: you see, brian, it is the financial angle. it is the money. that is what it is all about. >> it is. i do understand that. if you play a sport in america like soccer, you do not do it for the money. now caught the word is, at 41 years old, he wants to clear the air to be free to run triathlons. i am not sure. there is a part of him that is so competitive. he just snowed himself into believing that what he was doing was not cheating.
that is unbelievable to me. stuart: we are out of time. thank you. i want to do this again. thank you very much, indeed. imagine this: you and antique furniture expert. you walk into someone's home and to the homeowner surprise, you come across a million dollar piece of furniture. joining the company is, john hayes. it happened to him. >> good morning. stuart: you are out in new york. put this on camera, will you. have a look at this. you go into a private home and you see this. there you go. that is worth a million dollars. you serendipitously found it? >> it had old magazines and television and lamps on it.
>> and old television on it? >> it had lost its identity. it was originated in newport, long island. newport is loved by american furniture collectors. stuart: i can see that. >> it is one of a known bureaus that survived from the 18th century. it is signed by the maker, john townsend. stuart: suddenly, you just find this thing. were you shocked to find it? >> it is every furniture hunters dream to discover a blocking self chest of drawers. it is love. stuart: how about the homeowner? >> they were very controlled. they were very precise and methodical.
stuart: they did not believe it, in other words. >> i think i was doing the fainting. after a little teed, i realized, this was one of the undiscovered masterpieces. stuart: how much? >> seven to $900,000. on the 25th of this month, which is next friday, a week from today, it will be at christie's and we will see what the market decides. stuart: one of the greatest discoveries in the field. it made your day. major decade. >> it is a big deal. stuart: this thing will be auctioned off.
>> a work of art speak to a work art discovered by you. next friday. bring this back again. how much? >> it is 20-$30,000 just.. stuart: another brilliant discovery. the nfl is big money. millions of dollars will be wagered on the big games this weekend. ♪ [ male announcer ] where do you turn for legal matters?
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♪ stuart: updated the situation in algeria. the hostage situation is still ongoing. they say 65 hostages remain. at least 20 government took over the gas facility in algeria. boeing's -- could be bad news for the international space station. the batteries also power the space station. they say the batteries are different. they are waiting on the final results of the boeing inspection. shares of the healthcare company are up big time.
>> the patriot and eight and a half favor at home. the total 52 points. the patriots are an offense if team. very difficult to stop them. they will be about more than they will score on this one. though money is on the money line for them to win the game. it has been strong. stuart: they are putting something on the screen that i do not actually understand. the 49ers and the falcons. >> the 49ers are the favorite. the game has been set up to four. there is some falcon money coming back now. no respect for this falcon team this year. only about seven losses in the last five years or so. the 49ers are the darling right
now. what you see last week is what you will go with. last week the 49ers had over 600 yards of offense and i think they compile it on this week. stuart: who wins the super bowl? >> the favorite in the super bowl is the patriots at 21-20. the longer shot is the baltimore ravens at seven-one. the patriots are over the baltimore raven then the 49ers over the falcons. if those to be in the super bowl, i think the matchup will be patriots somewhere around a three-point favor over over the 49ers. probably close to a touchdown over the falcons. stuart: the line could change before sunday's games. is that correct? >> the money has already moved on the first game quite a bit.
that was the early money. we will see where the late money comes from. the late money will be the most money. we will rate 90% of the action on this game. stuart: if i wanted to book a table in the sports book far, whatever it is called, i don't have a prayer, have i? >> i do that for my top highrollers and you happen to be one of those. stuart: highroller? [ laughter ] >> you have no problem getting a table. stuart: we love you on varney & company. we just love you. please come see us. >> i would love to. thank you. stuart: we are finding more holes in gerri back brown budget. we will do that next. ♪ obligations, but obligations.
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story. gerri mack brown fantasy island budget. charles: it is also the disingenuous part. it is local and federal. you build a budget around it and you pass a budget. when you do not get it, you tax those rich people. [ laughter ] >> that is the irony. they are still relying on the private sector to support all of their programs and pensions and so on. yet, they are driving out the highs and -- the highest earners. stuart: a very positive line on