tv Cashin In FOX Business July 28, 2013 2:30am-3:01am EDT
and i am raising cash. >> it is time to sell. >> you know my thoughts, i agree. >> have a greatweekend. number one business block continues with eric boling and shin' in >> it is a green light take on detroit public unions and the judge in the motor tea bankruptcy battle and cashin in city city. and how to turn it around and not cost taxpayers a dime. plus tis a cost of obama care don't make you scream, what it does to your personal information will? the exclusiv and they speak out on calls for the usa to boycott russia if they grant edward snowden asylum. hi, everyone.
i am eric boling. welcome everybody. do you remember this? >> we refuse to let detroit go bankrupt. i bet on americacanorkers and three years later that bet is paying off in a big way. >> well, detroit went bankrupt despite the autobail outs. and let's look at what helped to bring down the mighty motown. it w the known 50s and 2 million people livein detroit. jobs were plentiful and the detroit economy was hot. enter collective bargaining and union influence over free market capitalism. and $0.19. 400,000 gm workers walked off and they got what they wanted. huge wage hike. that single event sealed the
event of the motor city. over the next four decades the jobs fled to nonunion state and detroit's population imploded and the once vibrant economy is 18 billion in the hole and un. the sits at mind- blowing 16.9 percent. detroit is bankrupt and largest to go bankrupt in our history. that is what happens. >> sad story indeed and we are here to start solution. how can broke, broke detroit fix their mess and many other cities on the verge in america? >> they need to start by liquidating the public sector pengdzs. progressive policies as you point out 18 billion in liabilities. there needs two phases. liquidation phase and parasites and they suck it dry.
it is dead. we need to liquidate the liabilities and privateitize the city. whether it is the art election or land itself it can thrive. >> i love that second one especially. detroit was built, the infrastructure for a 2 million population that was the peak in the 60s or so and now 700,000 people living there. >> michelle, you have solutions for bankrupt cities? >> i agree with john on that point. they need to get rid of anti- business policy. detroit has the highest taxes for commercial property and $13 minimum wage. you can't expect businesses to come in. if we want business business there, we need to lower the regulatory burden and lower our taxes. jamu, we are re to solve
and not point fingers. it is a liberal point of view. what should they do? >> i will stay away from inting the if anythinger and calling them parsites. >> no. no. no. i don't want to be mayor. we are all of the city city and all ual here. they are making positive reextendation. >> i have a positive one. >> we go to the federal government and say len million undocumented immigrants in this country who are aspiring citizens, let's give them a program that fast trackstheir citizenship if theyove in detroit. detroit has one of the most diverse immigrant population and they are revitalizing the communities they are in this ways that are absolutely necessary. you have first generation americans move in cities. crime goes down we saw that in philadelphia and brooklyn. >> i will be honest with you.
squatters an immigrants. >> don't jump counsel the throat. this is city city and we have to work together. wayne, fast track to a city that needs bodies and a tax base? >> eric, that's not going to do it. look, detroit is a microkas ym of what could happen to the epitire united states. if the fundmental part of this, they have destroyed the inner city, you have a 47 percent illiteracy and functional illiteracy rates with the dults and allowed for people to vote for people who don't care and over tax and the way to cure this johnathon is right about the second one. privatize everything. and take that art collection that is 3 billion, big number. and take privatize the fire department and privatize the
police department d make them responsible and cut the budget down to what it can do and then go forward. >> and yeah, i will take it one step further, wayne. privatize the land and privatize detroit. city only has 700,000 and you have hundreds of inbitated to the agerage. t private enterproiz handle all of those elements and i am telling you, it will tloif. >> maybe not private toys the full fo department and police dertment but portion a and sell the land. i think it is 140 square acre of land that some of it could be you know solid off to private equity ferms. michelle, dallas versus detroit. dallas h the same budget that detroit has and dallas has 1.2
to 5 residenthere detroit only has sen hundred. >> are we overtaxing the people of detroit? >> this arnot enough bodies and there is a reason why there are no bodies there, detroit has the highest taxes anywhere in michigan. they pay so much money and that is dlfing people out. why would you stay in detroit when you can to neighboring areas. the problem is not enough people. that is a symptom of the problem. >> and the corporate tax welfare that helped to bankrupt the city. you have retired who worked and save and about to lose that 19,000 pension that is theirs and have that stolen from them and yet at the same time we are building a 233 million stadium? >> solutions. >> we have to getrid of the corporate tax weare system.
>> you are talking about increasing corpote taxes. >> i think there has to be a balance. and detroit doesn't have the balance when it comes to providing welfare. president obama in the opening clip said we will not let president obama go bankrupt. it was the companies. talk show host >> i got to get to wayne. wayne, jhgs a mu said raise corporate taxes. does that work anywhere? >> no. it is idiotic. and that is part of the problem. they drove all of the private enterprise out of detroit. let me come back to manage. talking about privatize. a now years ago. city of scotts dale, arizona privatized the fire department and listed as one of the highest and best fire risks in the united states. you can privatize the entire city. jonathan is right.
make it all private. that's the best thing to do. >> and that will stop this. >> when things are owned by the public. they are owned by no one and that's why all of th utilities and services are literally going to hell. have a private developer put up condos and residential and take responsibility. and make it a no property and no income tax zone, people can do in assessment as they do in the villams, you could so it tloif. >> a lot of cities in texas no income tax and doing well. >> i meant to say 130 square miles. a very large city. >> orth threat
holder is messing with texas voting laws. >> a honey pot for hackers, that's what one republican law maker is calli t data hub that will store medical information on americans. it is a pot of gold for hackers. >> we so hackers breaking in the most sophisticated systems. this will have yr social security number and health care roars and family size and income. what make its troubling, this system hasn't been completely built yet. it is not ready for septber 1st. at is one month before the exchange is open.
only four weeks to test it out and so if there is glitches. that doesn't sound good. wayne, it talks about your health status. that sounds like a bad idea! >> the whole idea is bad. look at the amount of fraud in medicare. estimated $75 billion. that is an enormous number. this thing is right for fraud and hackers get in well and who is in charge of this. it is take the fifth lois. remember her? she will be administering this. >> wayne, forget the hackers, maybe we have to worry about those in the obama are? >> eric if there is a problem we should have the leaders work together to fix it in time for implementation. this is just anotr effort to discredit d undermine and fear
monger about a health care law that in new york alone will decrease the amount. >> johthon, you are a forenger. >> one thing to me that is scary is that your alth information is not yours anymore. with government paying the bills. >> it hasn't been for a long time. look at all of the information that corporation. >> and it sn't been private. >> go a head johnathon. >> you are not forced to interact. to mhelle's point as i was saying, all of t information and health records and medicine and drug use and whether you are pregnant or not and history and income is on a centralized government server against your willnd private companies have data hacked all of the time. you can tell me no one is
snooping at this? >> michelle, the hit the pentagon. i am sure they can get into this? >> and also to the point of people in the government using this information, the irs scandal showed us that people in the government sometimes use devices to go after people. and that to me is very troubling. we'll have navigators that are going to b community organizers and having all of our information right there at their fingertips. >> wayne, i have to think that there are people, now den is one. love him or hate him. i have a chip with everyone who is an alcohol abuser, what is that worth? >> listen, the whole thing eric, to ja mu's point. private enterprise and they have infoation already. but they don't abuse it. you have a medicare fraud already with the government who is abusing the taxpayers to the
extent of 75 billion. that is an insane number and it will get worse. >> they not only abuse approximate it but they sell. it talking about solution. what is your solution? if it is what republicans want to shut down the government if obama is not defunded thahat is not tenable. >> and why is the fact that 53 percent of the americans want to repole. >> 20 percent think it did not go far enough. those numbers are off. >> john? >> jamushgs asked for a solution. go back to what exists in this country before the medical entitlement state. it is not in the constitution. individuals have the right for their own health care and not obligated to take care of the
asylum. wayne, is he right? >> i think it's foolish to introduce and start trying to boycott russia or punish russia for something that russia had nothing to do with. at it our own fault. our own security and our background checks and all of that are at fault. this guy spilled the beans on something. we made the mistake of hiring him. it's our fault. nothing to do wi the russians. it's up to us. >> jn, i know -- you and i are both big-time constitutionalists. i want to go to michelle. michelle, where do you stand on ed snowden leaking the nsa secrets. >> i think that he needs to come back and face the charges. i of you do an act of civil disobeence or you're a who isle blower, have the courage to stay and face the charges. i don't think we should take it out on russia, and ruin the olympics for all the people would worked to hard to get the opportunity to go there.
i don't think we should take it out on russia and use the olympics as a diplomatic tool. >> yesterday a caller said the department of justice will not seek the death penalty in the ed snowden case. should that be enough for him to come back or would you like to hear more? >> i feel bad for him. he has to live in russia right now. and i already boycott russia. i don't inve there i don't travel there. the per capita income she thousand. it's 50,000 in the u.s. i feel bad he is not able to live in this great country. but i don't think boycotting russia is the best idea, ishe right idea. it just hurts people who want to buy caviar, volunteered da and nesting dolls. russia is a thug, not a military threat. >> let's talk about what they're talking about boycotting. lindsey gray a.m. ham said we some boycott the olympics. 25% of americans devil -- disagree. >> whoa would we allow this punk, snowden -- he wants to be
a hero, bring yourutt back to the u.s. and stand up to these charges. why would we allow him to ruin -- >> an overwhelming majority say don't boytt the olympics but there's a lot of support for what ed snowden did, revealing nsa overreach. >> he can come back and face the charges but the hopes and dreams of the greatest americans t be gassed because of him and because of president putin trying to stick it to us like he does an every issue, not on this watch. >> jonathan, very quickly, did you hear the shot that -- going back and fort between chris christie and rand paul over this stuff? thoughts? >> i thinkt's widelydebated. a lot of division even within so-called conservative republican circles. the issue is our own lack of protection of individual rights. that's what this country should focus on. >> got to go. fourth amendment, fos, ad
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it. use it to help yourself. >> jonathan. >> i like serb loans like snln and i own it in my fun at capital.com. >> that's it for the cost of freedom block. before we go, have you see this commercial? the post office saying it doesn't cost taxpayers a single cent. the usps lost 15 billion last year 5 billion the year before. so who backs up the losses in the u.s. treasury does and our taxes finance the treasury. and while i was running at the local high school the other morning, kids playing, aults biking mail truck came barreling down the road, blew the stop sign andulled into the library. when i ran over to the mailman and asked him whether he should be driving like this with all the kid around. here's the sunday got. that's nice. and we finance those pensions
and then se. have a great weekend everybody. see you on the five. ♪ >> tom: trying the same thing over and over and getting the same lousy results. why is the president once again going around the country proposing the same exact ideas about the economy he has proposed over and over the last five years? we're talng why are there why are there nau no new ideas right here, right now. >> tom: thanks for joining us. here at the top of the stack. yes, the economy has been growing but at such a stagnant pace most surveys show people are discouraged about jobs, economy the direction the country is headin s why is the president du