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tv   Cavuto  FOX Business  July 24, 2013 11:00pm-12:01am EDT

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>> the president pushing for more housing rescues even though the bailout needs to we rescued. i am charles payne. the president's big economic speech today confirms he is committed to keep helping the housing market spin negative good news is over the past four years we have helped people in oklahoma state in their home and sales are up and prices are up and fewer americans are under water. but we're not done yet. charles: did you hear that last part? let me play it again. >> we're not done yet. we are not done yet. charles: he is not done yet but maybe he should be.
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today period half of the people getting mortgages from uncle sam have defaulted. it is time for the government to but out. it doesn't look like you were too enthusiastic. >> remember when reagin would joke this curious words were i am from washington and i am here to help you? the words we're not dead yet it should now scared every taxpayer because the government got us into the housing crisis with the easy money policy with the subsidies is now the government is in the process to stop the market to get back to where we need to be down the president says he will do more. >> here is the thing almost all policies are in thh economic policies but once
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they go through weeder said day -- they say it is about america being a fair country at the end of the day maybe they don't care what economic damage if they could keep a few more people in their homes even of the expense of regular homeowners in the industry themselves. >> no question some of the people in these homes were having trouble paying mortgages and are probably victims caught in the bubble, caused by politicians and bureaucrats in washington. bought a home they thought they could afford or that it would rise in value now they're left with the underwater mortgage and having trouble in the government's is giving them money to state a law they cannot afford that is not a favor to them. but they do feel sorry for those people but mostly
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looking at one problem after the other i get very frustrated if we are victimized as homeowners are taxpayers or investors to get government had of the way is the only logical conclusion. charles: but he said it we are not done to talk about home ownership, prices being up, what could they do now with the owe k recovery? >> the government has conflicting goals it was to make it affordable so it is good for prices to go down on the other hand it says home prices are up which is the goal of affordable housing which is why you know, what politicians messing with the market's. prices are not up or down but wherever the market says
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they should be on the basis of real underlying supply and demand. the reality is whether looking at houses, health care, education everyplace the government gets involved has the reverse touch to scrap the market and restore incentives in create perverse subsidies and there is a mess at the end of the day. charles: i am inclined to agree. if we didn't put those excessive speed bumps, we went down to low we would go no matter what this could be a more robust recovery in housing and more people could share that. >> you have to take a band-aid off quickly. charles: with the general motors bailout a watchdog says the stock would have to go at $100 per share just to
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break-even with the taxpayer right now would is below 40 but four did not take 1 penny in the profits are soaring and david tasman's it is proof we did not need a bailout. >> four did take many with energy subsidies a few billion dollars but generally they did not they have been making extraordinary cars the ford explorer drives like a cadillac but they've been putting off purchases this is a perfect time for car companies to sell because consumers were hungry they had been holding on 10 or 12 years so it is a perfect time but but lowry has a better perspective than i do >> the average car is 12 for 13 years old a lot of zero%
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financing, but ford is still outperforming and taking market share in a preferred @%oduct of the public doesn't have anything to do that management might be smarter what people once? >> they have the global warming platform he really is the genius behind this. '' we're selling it in europe with undercarriages they will use that here to save money. remember that ephod 50 is selling 46 years the number one seller. not taking the t.a.r.p. many not nearly of what gm took the results and the focus is amazing 3,000 new people which most are white collar
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workers there watching huge ears -- growth in have the market share that is unheard of to have to give them kudos. >> unfortunately a lot of those are not american citizens because they need the expertise in engineering and mathematics talk about the president earlier he talked about education but he still opposes the efforts to modernize the school system to get the union now. i know that is another story charles: but let me just ask , the thing with ford and general motors or government voters to think they were hampered because they took marching orders from the white house? >> officially they have denied it the with the
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twinkling can then lead to the edge we know about those electric projects llord you would agree? >> absolutely they've got all their money in one basket with the chevy volta we have discussed this multiple times in the past. i was against "cash for clunkers" but it seems they take on everything whenever the government told them to do with the ned geometrically they will say no not at all but many on 62 represented your company it will make an impact to make good efficient cars with a hybrid cars and people said we don't want them. charles: how will this continue? >>.
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>> i would disagree. >> that we will get close at the 60 million cars and i think ford will take the market share but they do is think we will have some growth but not over 16,000,003. >> a point i would make unless we get a real growth strategy after people go through replacing those cars they have put off, and then i think it will slow down even ford said they expect europe to return profitability from the mist decade. europe will not grow for another two years. charles: they're expecting 31 million in china. >> if it keeps growing. >> we know that ford is
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arle mortroue fo thheal car lawnd n evenemoctsre sang shing ha merat or nsertivere agnst th is g the unions are bolting and businesses are scared of going broke. that is why next guest is pushing. we hear this is the last gm is to derail by taking the funding and how likely is that this could happen in? >> it is very likely if the american people hear the case from congress it can be done. of september 30th they have to fund the federal government the very next day when people sign up for the
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exchanges under obamacare they will start january january 1st. congress should pass a law that if we want to fund the federal government cannot fund the law that is unpopular jam down their throats and putting uncertainty into the health care market. charles: despite this is overwhelmingly not popular popular, the etf of attaching a bill that you say must pass like the budget, are republicans mostly obstructionist they don't care singleminded they on their own even if that means destroying the entire nation? could backfire? >> then to say we're on the decline of the european welfare economy this health care law is a huge drag on growth.
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the second largest employer in this country is said temporary agency because we need to take this loss zero the economy to start growing again but the president says it wants to shut down the government because i am so insistent to have this law that is not popular is a huge drag on the economy and a book that -- put this in a situation. charles: his speech today he talks about how the cost has come down dramatically and it is a raging success already so it is up -- not likely he will have an epiphany so take the next that. what you do next? some say it is a way to single of republicans who don't go down the tea party line. >> i would not accept that
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premise. 75 days between now and when the government needs to we funded but if more senators takes that approach it is realistic. we can defund that law. we're eager to find the government but we will not find the of law. said the to the senate and john baker said the biggest mistake he said is that he did not pass it out of the house if the senate was to take the responsibility that action is what we need to see because we also need to see house republicans stepping up we are waiting to strike it down but as conservative republicans in the house now is our time to
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be to take the case to the american public so we will do that in september. charles: a big force for a shutdown and a lot of people are routine for you when you crunch the numbers it is an unmitigated catastrophe so we will wish to look. thank you. >> i think we would all agree this is that a message is so messy the white house will even delay the mandate part but why? and more importantly he is responsible and we have him on the phone. thank you. to the law change overnight? when did he get to cherry pick the parts of the law? >> kidnappers came out and i asked the congressional research service that is
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non-partisan to ask about that if the president thinks the law is unconstitutional he can do that but guess what? he pushed the law with the justice department i don't think he has the right to do that. we had a hearing yesterday with the subcommittee here in the herring and the mandate this is a job destroyer negative carat the president said negative heard hearings around this country and small businesses one after the other have said we will cut hours and we would not expand our business because of this law charles: that is why the unions are against it in more democrats and i do find
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it interesting the ideas of how the president would cook it up like dr. frankenstein now the one the republicans to take the blame because they will not help him fix it. >> but the people who are responsible to administer the law, hhs and a when g1 daschle and the new nothing. and it looks like edge it unmitigated disaster. charles: what do you think we will see? is this a one-year delay on the employer mandate? it is a permanent part because we have seen a lot of waivers and then there is only a handful of people
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carrying the weight of america. >> is related stool with medicated and the individual and business mandates if one of those comes out the funding does not work can they rely on debt to fund this and sometimes i will walk you through what we did with tennessee of the unmitigated disaster this is walking down the same path and i can promise when we get the bill we will jump off the bridge hand in hand into the river when we get the bill. charles: representative, thank you for taking time. we appreciate it. instead of trying to run away from it they now assailant's cash and by protecting new. because you can fly any airline anytime. two words. double miles! this guy can act.
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seven with the nsa snooping continuing company say let's cashen capitol hill pushes to cut funding for the agencies is the systems is hiring a private security firm saying now it is a big business endeavor but a one san. everybody wants it? >> people are very concerned not only hackers but also the nsa program so we see we have had revenues of returned a $23 million it is smart to purchase this company. it is big business hackers are getting into this. we see the threat more targeted to consumers and
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private companies are concerned about information that may be stolen. charles: so what about that the government could protect us? >> so with that hacking and spying are two different things. so it is a political solution the conversation what is or is not acceptable for the government to do with a vast amount of data out there to we collected of our lifestyles and interest and the thing that we do but the real conversation needs to be what is not acceptable not trying to figure out how we buy our anonymities. charles: maybe in the perfect world. i don't think people out there respect us, and the
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people in china, the russians come the middle eastern's, i don't think they respect us enough to have that discussion. >> i a agree. to be clear the vote in the house today was targeting just the snooping program. charles: it is getting bigger and bigger and bigger >> it is cute that the house thinks there is let actual legislation that it will stop and i also think the american people with all these sites for companies trying to cash in that the government to is spying on us. i think it is cute that people think they can stop that. this will not stop. the horses left the barn.
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>> but it will never become safe. >> there is no way to make a statement about this to say we do want to restrict this information but i don't say google's has a right to share my information you're looking at my phone calls because that should not raise any red flags. >> a deuce take they have that option we don't want our government spying on us but that doesn't mean the government or these companies will pay attention the cat is that of the bag and i don't think we can put that back. >> there is many to be made starting to see cybersecurities stocks rise
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so it is about economics looking at the program in particular america is don't feel with the balance of national security we need to address those as well that is a debate for us to be having. charles: it doesn't matter of the political party but once you have the power maybe it never changes? >> this is not just about president obama or bush but this is the way each administration has gone about doing business to a more and more sophisticated to be more secretive about the data it collects. america used to be fined -- used to be fined but now it is everyone who is targeted now it is a problem if they think that is a good thing because these programs are
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allowed to flourish in darkness when there is of might there is different conversation. charles: not in my backyard takes a different twist. you guys were fantastic. her favor rapper visited a communist cuba and the hypocrisy of battle and people are furious with a machine. what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally.
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♪ charles: forget 99 problems because jy-z has 22 in florida. trading at stevie wonder to boycott the state over the steel and your ground the law but there are others they are not boycotting that have the same. and with his vacation in communist cuba but now boycotting cuba? the congressman says he has had enough did you have been furious. why? >> i dunno about serious but frankly i am disappointed. there are a number of entertainers that have gone to the state sponsor of terrorism they have hobnob
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with the dictatorship did meet with the opposition or prisoners but then they say to boycott florida? the land of freedom of where people cayenne choose what they want to do and open businesses or not? the double standard is frankly pretty silly at best charles: but i think it is more serious than that. a lot of americans come i don't know of a understand cuba a and you know, it intimately into understand those atrocities and have been a vague foreboding to not help him in any way of currency or trade anything the benefits the castro regime we should save know so it does affect you more than average the beat someone other than jy-z to
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be influential but then to come back to say things like it was a paradise that america was punishing. >> you are right i have been consistent with a two-pronged approach. number one to do whatever we can to make sure the regime does not get our currency that they use to shoot down american airplanes in the american air play said they had the hostage in 2009 but also to help the pro-democracy groups that are struggling to bring democracy to the island. a shed that surprise you u.s. scene may -- many people wearing the che guevara he was an incredible racist in what he said about mexicans and it does not
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require evidence to execute people and what he said about wanting to nuke the york city and murdering americans but then these folks where his t-shirts. some people know better but in this case they went to cuba and they would hobnob with the regime but they did not meet by the way with opposition leaders. there is a rapper in prison all he wants to do is seeing in he didn't want to be with him? it is sad and that double standard is destructive and dangerous and shows ignorance. charles: justin timber lake lake, the rolling stones, i thought maybe it was part of the song but it seems like it is the cool thing to do well and have any impact on the state? >> no.
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florida is doing better than most of the state's and the numbers are dropping much quicker. we appreciate good entertainment that we need to remember who theyentertainere appreciated for their in detainment value that the intellectual value but when they hobnobbed with anti-american terrorist regimes. charles: a real fast to you think they will actually paid to florida as a racist date? >> no. we live in a great stay in a great country. charles: we appreciate your time. the facebook numbers you do not want to miss because
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everything you do facebook knows. and gloria allred those and are contemplating the come back. we have that trifecta
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charles: earnings season and a busy time. facebook shaking up big in the after hours be the industry on earnings and revenue now full disclosure i recommended the stock so i am happy that this is due to a big success of advertising so does this mean users will now see a flurry of even more?
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>> and remember they talk about 880 mobile subscriber is a lot of those just wanted to download the at that there is a lot of ambiguity. you have to push harder not only will it keeps selling information but now we begin to see a lot more ads and i don't feel too uncomfortable right now ideas think it will get worse but i would be careful as a buyer and of the gate gets past 85 i think it is 81 or 82. charles: talking about the younger crowd with 500 million people they could monetized. >> you made a good call that is a lot of advertisiadvertisi ng and we see that right here people
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are because of the ipo people think it is rage within you have a good company and an advertising model even with that decline it has room to grow i think. i don't know where it could kill but if it is a $40 stock bb would not knock that. >> hit was the debacle and not a lot of remorse from the company but i want to change gears a little bit now may not be the time to hike prices because blockbuster's are bombing all summer. you say don't blame the movie theaters but blame the fed? >> yes. blame them for everything. [laughter] i look back 80 years ticket
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prices for since 1929 has solenodon up 20% popcorn 670 percent over 80 years that is a lot. the popcorn costs almost three-quarters of the movie ticket. it is here to stay. popcorn, a fuel, a bread bread, milk come i think that is what hurts the american public and frankly if i go to the movies i will bring my own popcorn. charles: i will bring anything into the theater. [laughter] but if hollywood keeps paying 200 million they will charge $40 for the popcorn. >> that is more damaging than inflation but what they
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spend more than one had to thousand on a script? they have these big-name actors what they hire somebody to right? i am sick of hearing the same lines or the tired plots. i could write something better did you see this is the end? i was going to walk out of the movie was so bad. >> here is something to think about because companies say after the payroll tax hike they're not taking a back because they are cutting back. they're getting hammered by their taxes the old-fashioned way. can you follow that? >> we're talking about pearson's the taxes went up. >> usually goes up in a recession so that means he
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must be in a depression it is nothing more than a long period of high employment and sovereign debt crisis nobody was to say we're not an a recession must be in a depression of nobodies drinking beer. >> i know you hang out without wine group is there a coalition -- a collation -- corelation when the taxes go up? >> i look at the numbers with their kraft to brew was up more people were drinking those but then the bottom line is 50 million pints of beer were sold here in the states the decline we saw far outweighs any recall -- resources so yes frankly if
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i go down to the shipyard they're not drinking peach schnapps there drinking beer they cannot afford to drink beer if they are struggling that will play into the fact the economy is not as good as he painted out to be. if it is mia would say a little bit of both but a struggle on the low-end. charles: you were fantastic as usual. what is up with the creepy politicians? the sid diego there is accused of sexual harassment gloria allred is here representing those. >> i was placed in a headlock and moved around as a rag doll as he whispered in my year. a better legacy to leave the world.
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charles: the in their bloomberg challenge me to give him one example of how his behavior was improper. i pointed out he asked me to work without my enteron. he had no come back. charles: explicit accusations about the san diego mayor now people are pushing for him to step down my next guest says she endured months of harassment in now gloria allred joins me now cover her attorney. very explosive and detailed charges but the mayor says he will not step down. >> that is what he says today i dunno what he will say tomorrow. but it is very interesting.
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before we got involved he admitted he had done something wrong but my question is does he need help to understand telling someone that works for him or the city that she should come to work without panties? placing her in a headlock is wrong and whispering sexual comments in her year is wrong and he would like to marry her and consummate the relationship with her is wrong. i would think he would no sexual-harassment is wrong long before now. charles: to the measure claimed it go to to seek out help? she says she endured four months. why? >> she tried to tough it
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out. the mayor asked to be the director of communications with 25 years' experience as an editor at a newspaper and vice president of public policy issue was thrilled when he asked her to be a part of the administration and said they all know what they're getting into. if she knew that she would not have. now we will go with the sexual wrote lawsuit resolved so we justice to i read in the people of san diego. he acted that way also to other women to bring shame on the beautiful city. charles: you have a man a than term congressman and well-known these never came up before the putting women
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in headlocks and that would have come out along time ago >> not necessarily a lot of people fear of losing their job or not even the employee they could be in fear of the person in power. we have a longtime congressman in san diego and you think as part of the veteran committee in the united states congress would know what sexual harassment is are even going to the hearings of packwood it even herman cain. charles: i remember that. here is the thing.
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word rigo from here because i guess another woman did come out does that help you? if it has in the past they get a lot of publicity than people come out of the word work to make your job easier >> if we hope to inspire to have women speak and not be silent then i'm happy about that and i am proud of irene of the courage she has some -- shown. the mayor of the city is also the head of a jar so to complain to h.r. when he is the head of it is a laugh. i am glad she stepped forward now. charles: and you have been a pioneer in this area and anything so we applaud your time the bosses don't cody
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of for their retirement in the union is still ticked off and the hypocrisy isind next. i need to redeem some venture miles before my demise. okay. it's easy to erase any recent travel expense i want. just pk that flight right there. mmm hmmm. give it a few ps,'s taken care of. this is pretty easy, and i see it works on hotels too. you bet. now if you like that, ess the red button on top. ♪ this is pretty easy, and i see it works on hotels too. how did he not see that coming? what's in your wallet?
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at the summer event, going on now at your authorized mercedes-benz dealer. but hurry, offers end july 31st. >> in detroit from what i have read if you had 100 grand coming to working 26 the private sector had 40 grant but they pay the public sector pension did something is wrong with that >> i think the charitable trust can now with the
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survey that said the nation's largest city, one -- had a shortfall to pay for the pension. the city cannot afford it is unsustainable. and then the states cut back to see what happens from california now we see that in detroit. charles: but they say a contract is a contract is a contract but it has changed radically for the greater good should there be some sacrifices? >> the contract is a contract and how would you thank you performed your duties at fox said they decided they will change your paycheck a new would not too kindly on that and we shouldn't look at the jury looking to see the terms as after they exacted the labor from these workers dole look at this as a hefty
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benefit the average pension is $80,000 per year and that is because they don't get social security as well. this is very customary. charles: but this is why people say these bargaining agreements don't make sense so you will continue to give thing this that are pretty nice. to put the money into as the campaign and we have a symbiotic relationship that the expense of everyone else >> so for decades you have the incestuous relationship between the republicans and democratic party in bet with each other and nobody is looking up for the taxpayer in detroit frankly. and it is the first of major
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municipalities going under because you can't. a contract is a contract but the in this fall apart and as situations change and i am sorry this will be painful to those in detroit but we have been talking about 40 jury to most of to news a few were in employee with all of the compensation around you you should have been saving and putting it away. i know my generation and younger we know social security will not be there and we save to the extent that we can't. charles: the new reality, led to use the? what is the lesson learned of the new reality?
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>> we will see people exacting what they were willing to accept which will really put a squeeze on the state budgets but when we looked at each right the pension issue is less than 25% the issues go far beyond what they're obligated to pay. a city in deep trouble. >> this is the first of many dominoes to fall? >> we will see that. with the shortfalls and i am really concerned but there is a light at the end of the tunnel we need to figure out a way but we will have to keep cutting.
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charles: sacrifices have to be made. no doubt about it. mottashed did talk about investing and saving watch my a special. it is important i will empower you tomorrow night. wha. how do you define wlth? you won't believe what a national survey reveals that it takes for many americans. are we completely out of touch with reality? we have a morn any power panel to weigh in. i'm wearing money green so i'm ready. plus the world's first intelligent home security system. why does it make we want to hide under my bed? it cou be hackers ad the nsa's new best friend. we'll talk to the company's ceo. who made money today. atong last they may finally be getting their oove back. stay tuned to find out who i is. even when they say it's not it is always about money


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