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tv   Cavuto  FOX Business  July 29, 2013 11:00pm-12:01am EDT

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neil: the latest fight saga. let's say, ed snowden has nothing on these guys he just leaked government's snooping on millions, the advertising giants take it to next level, these guys are going full bore, i am neil cavuto, thank you to chip chip for his ward -- charles payne for his hard work when i was out. two of the biggest advertising giants, joining forces. a dangerous level. here is why omnicom, at targeted advertising it reaches just the right demographic groups, they
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ar good at studying people's inteet surfing behavior. where they surf,ow long they surf. that is a lot of data, monitoring a lot of users, with every point and click, leave a digital footprint. and don't google and facebook already know it, they have ined forces to try to combat it, then, these are not your average high-tech sleuths, they got it down to a science. pinpointing it down. so focused, so sweeping corporate clients pay top dollar to chase customers, say we'll spend dollar on their products, when these guys do to your privacy, is just starting, to aclu's chris, said in could be
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more like high-tech piratey, what these gs, have, in their arsenal are such stunning high-tech skills, at ming data and your pference in when do you on the net it mind boggles. >> it is. imagine, they are doing what big brother never could. you hav dozens of little brothers building a detailed profile on each of us, using it to serve ads, combining with information they gathered from off line world, and creating an amazingly detailed profile on each of us. neil: now there is no resestrics on this. it is legal, i was thinking, when we were talking about what snoweden discovered nsa collected phone records of the americans. that pails in comparison to what they legally do each day. >> yeah, you really have to
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worry. you worry, they could be shared with the government. but you also worry for example targeting sensitive groups, we have known in past that marke have built databases, things like suffering seniors, who may be in eararly stages of alzheimer's, they cld be exploited. this information could be used against people. >> you know, tre is a flip side tohis, that they argue those who -- collect it data, mine it we come in peace to help you shop more efficiently, what do you say? >> well, you know, first of all, ways to help people spo thatient don't rely on building giant data prefiles, we've been serving advertising for hundreds of years, but o danger of
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knowing more about people, you know things like their income, you can guess whether you can give them a $1 coupon for $ 10 based on how much money they make. that is instead of everybody getting that5 coupon, folks who are less well off actually suffer because companies know so much about them. neil: amazing, chris thank you very much. you know, all out there and you got the model, and the money. this is hackers golden opportunity, aegal way to seize on that opportunity. explain cedric. >> the data they are mining right now, when theyy combine. they are going to be able to get all kinds of data, that data will be stored somewhere on server forms in france in u.s. and other places that data, if it is not incrypted properly, will be able to be hacked.
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when it is hacked that will create a huge opportunity for cyber criminals to go after that data, right now they are looking at taking for example, visa card numbers from u.s., they cost $10 a pop now. for cyber criminals to go after them. europe an credit cards are worth $50, that just the beginning, if is happens, we don't have proper privacy safeguards, you end up having is a lot of data breaes, and a lot of work in the underground economy, followe selling the kind of data that the advertisers and stores they serve will use, it will be a huge deal for the hacking community, it will potentially cost millions of people a lot of time a lot of money, tomorrowly privacy. neil: you everyone i hear argument -- you know, i hear argument expressed, only small percentage of cases does this leaking get out there. but, when you have billions of
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transactions monitored, small percentage could be -- hundreds of millions, and there in lies the rub? >> right, it could be thatigh. you know with data mining techniqu and the ability to go after data you may be able to engage in cyber criminal activity, they could do it all at once depending on the goals of the hacking group. so there are a lot of things that could happen. they could brain bank account -- drain bank account oral ter people's medical records, alter purchasing request they could have a effect on the economy as a whole, it could affect individual consumers as well as greater economy, this is a jeeriou serious issue to be ad from standpoint of laws and regulations and oversight. neil: thank you very much.
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>> you bet, thankou, neil. neil: just think of this i'm gone two lousy weeks, everythg goes to hell, i would have taken their two weeks but my gosh, the world could not afford it. look at what happened since i was gone. folks, teach you and more personally, our young people about money? you have got to be kidding, now, now, proof we're officially -- why here is now. looks like what happennd in that empire a final days. >> your men will have hon orb of honor of competin in the pageant itself, i expect you to make a good impression, you are my birthday impression, you are my birthday present to ka [ male announcer ] these days, a small business can save by sharing.
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[ garth ] great business deserve limited reward here's your wake up call. [ male announcer ] get the spark business card from capital one and earn unlimited rewards. choose double miles or 2% cash back on every purchase every day. what's in your wallet? [ crows ] now where's the snooze button? [ crows ] a quarter million tweeters musicare tweeting.eamed. and 900 million dollars are changing hands online. that's why the internet needs a new kind of server. one that's 80%maller. uses 89% less energy. and costs % less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this going to be big. it's time to build a better enterprise. together. neil: i guess you could call it debt for dummies by debt dummies, white house teaching
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kids how to handle debt? last i checked we were not experts on the subject. president should handle our debt before preaching to kids about how to handle theirs, this is going through, they plan to push it, you say bad timing, and bad optics. >> neil, i think that having federal government try to teach people about finances and debt is a bad jok in the heightth of hypocrisy, it does not have credibilitiy on the topic. i cobvene. >> there was over 20 of them, you know there are more important things for federal government to do, including putting its own thin financial u in order. neil: it has not done that. and congress taking bulk of next month off to do that. that is another hundred billion or close to it compounding the
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problem. >> weo, we need a renally will a real-no budget, no pay. we need theeal deal, next congress, it has to be effective next congress for constitutional reasons. neil: you think about it, nothing has gotten them off the dime or, to save dimes. republicans focused on scandals, irs and what have you. and then white house comes back said, these are all distractio distractions. again, putting that aside, we went through weeks, months, nothing getting done on the big issues, as we've it were all scandal all of the time, nothing else any of the time, i think we can walk, talk and chew gum at the same time, but we don't.
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>> we ought to be able to. there is a false sense of security, deficit will be less than last year. but the strug is, that they have not come to grips with the three things we have to deal with, social insurance programs, and health care, and come henve tax -- comprehensive tax reform, they are essential to restoring fiscal santy, improving our competitive posture. neil: auming we don't make any moves to seriously deal with it in september, we're bumping up against another debt deadline for u.s. on brink of a government shu down, would that be a bad thing? >> i don't think that either congress orresident wants a government shut down, that represents a failure if you will, i don't think we'll get a grand bargain this year, my fear is we may not get one until 2017
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%-they need to agree on a goals, let's get debt to gdp down to 50% within 15 years, and agree to a tim frame for that and revenue comes through tax reform, we needless discretionary spending reductions and more mandatory spending, we needore investment spending, best they will do is agree on a flame work to be implemented over several years. neil: what is the magic of 2017? >> after a presidential electi election. next year is elect year. you don't make progress in election year. i think that presidential election is likely to be underway, right after the midterm, and unless there is a maet forcing event that forces these people to to something, they may just wait until the next president is in place.
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you know. that is shocking. neil yeah it is. dave thank you, always good seeing you. >> dave walker. >> welcome back. neil: 4 out of 5 americans are near poverty, alarming 80% that puts us up there with mozambique, but what explains the shoppers in the apple stores? or any store? that is a lot of 1 in 5s. which is why steve forbes said something about this data stinks, like everything about the data. steve? >> it is a means to set the stage for more tax increases more redistribution schemes, and the report they make the demographic note we have more and more minorities, then they ask the question, what do we do in public policy in terms of redistribution schemes to help them out, instead of realizing that a vibrant, private economy is jobs, and
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skills, and move up the income scale,rs pointed out. vast majority of people that started in low 1/5 of income quintile, they had lower skills, they moved up. this was going to put us in camp of stagnant europe. neil: unless you can get a big boost in your wage, whatever quintile you are in. like this push today to have minimum "wall street journal was an hour. >> when you have people, who receive pay, without requestion -- rec sift skills. and so there is less opportunity, the way you get ahead by starting at bottom, as millions have done, my grandfather did it. get the skills you move up, and you join the midet class then up are middle class.
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>> i am wondering, what is going on. the media would buy hook, line and sinker, someone said, a lot of - ap brought it. then concluded we are like mozambique maybe worse? you know, no rational thinker, cod put that together. >> we had hard time in last 10 years because of various government policies anduge mistakes, but our standard of living is higher than 20 years ago. and even a person in poverty here, has space, more 1/3 more living pace than a typical japase citizen does. 4 times leaving space of a av ranch russia -- a average russi. >> and hand-helds cano everything now, but they do a far from telephony 30 years ago they cost 3,000-dollars.
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neil: but, just, looking no further than what is happening in malls and stores. thhre is a lot of shopping going on. so, there are a lot of -- >> auto sales? neil: exactly, what would media then not pounce on that, say, all right this data is questionable? >> because, they have an agenda. they know what the purpose of this data is. that is - >> to feed more government. >> more government, more higher taxes, more power for big government cruit cats -- brute cat, they think this is economic crisis is because of greedy bankers not fact that federal reserve undermined col adoed doe have a craze tax code.
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obamacare killing full time employment. neil: do you think that market just climbs that wall of worry? they are liking this? they are oka with this? or just -- >> market sees a couple things, to put it in perspective, market behind what it was 15 years ago. terms of looking to future, they realize obama cannot raise taxes any more. politically he will note ale. to obamacara falling on its own weight, dodd-frank, falling ons had own wait, they areooking out two and 4 years saying there is money down the roa neil: maybe they are right. >> i hope so. neil: stev steve forbes thank yu very much. >> thank you, neil. neil: fast-food workers unite.
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neil: fast-food workers have a beef with their bosses, but are they kicking themselves in the buns? demanding more than minimum wage to $15 an hour. they are pushing to get cash in chago, detroit, kansas city, new york, st. louis, at wenty's, and burger king,nd kfc. unions are behind this push, but. does what happen in washington d.c., provide a timely warning, when city count voted to hike minimum wage for big box retailers walmart opted out of
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the district, scratching expansion plans there leaving thousands of potential jobs gone. here we go again. lindsay what do you think? >> you know, on surface their arment makes sense, higher income, more benefits, who does not want that, but it comes to an economy argument, if increase cost of a sav variable producti, producers will will useless of that input. if they know they cannot pass that costithat cost increase, te left with reducing labor. neil: how realistic a threat is that. we have nothing to fear, but what if they do? >> you know, neil, i don't know where to start on this topic, if you tax job creation, make it
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harder for a entreprenr to hire someone, it is bad for that person who having a hard time without the job, if you try to push to raise prices of items in case of fast-food company like a mcdonald' you are taking people, including poor people, that is where they can afford to eat, and making it that much harder for them to live, it is a double whammy, it is hard to even have this conversation. neil: i can understand, it is hard to live on minimum wage, but it is part of the process of american labor experience to get more experience, and advance, and then get more experience, and advance, and make more money, do you then take away the incentive to advance? >> it is difficult for somebody working at minimum wage or fast-food restaurant to really vance to a higher level. >> you would argue a lot of
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young college kids wor for minimum wage. that is part of a rite of passage. >> true, but problem with it is, you are sympathetic to it, if you work 52 weeks a year for 40 hours a week, and one child, you are below of the poverty line, someoneho wants to work hard ought to be able to support themselves. neil: but they are working up ranks to become a manager,r franchise owner. then, where does this go? just giving money right up front? >> when you talk about giving money, they are not going to give $ 15 an hour, if you bargain, maybe they will get 10, it is not that much money. neil: you think this is just about higher minimum wage. >> absolutely.
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neil: i have to ask you, do republicans, who by and large on siness, loathe to raise minimum wage, they argue, when it has been raised, states with higher minimum than federal, it has not produced much more jobs or financial security. >> it does the opposite, you will reduce incentive to create jobs, right n, it seems a bit as odds with what we're seeing in the economy. is would choose to time to push employees given they have no bargaining power, have you 13 million americans seeking. am there i -- employment. there is noage pressure, it does not make sense to increase minimum wage at this time. neil: you know highway you could tell -- >> you know how you could tell is would not hurt companies, the number ofast-food restaurant in europe has exploded. minimum wage in france is $
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12.50. they can afford it. maybe they could get up hire on higher? neil: matt? >> oh, my gosh, our future is france? come on, if there was a store that opened tomorrow in washington, said they would hire people $8 an hour or minimum wage of washington d.c., there would be lines for those jobs, the ryan why unions make this -- reason that unions make this push has not to do with helping people on low end of the ik kim the economic lad ir, they know their union workers will get higher wagehen. i think it will wwong, you ought to be called out on it. >> i think simplest way we talk about minimum wage, say if argument is by raising minimum wage we'll see a net benefit to
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the economy, why stop at $15, why not raise it to $ 100,000, that setting argument into a clear picture to judge that is nowhy --why that is not the beso grow the economy. >> it not about growing the economy it schiffing an it is living. neil: it gets to be inflationnary. >> but i think we could do better thanes there are certain .25. neil: you don't think that americans would be happy paying double for burgers? >> if the can afford a vue meal, there is some play in payroll.
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neil: all right, we'll have you back, one strike, republicans say against next federal reserve chairman, nancy pelosi i
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neil: wall street is dead on. political side show that has
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democrats pushing free money. for yellen for fed chairman. a political appointment my next guest fears it would destroy what has been steady stream of largely independent thinking. fall volcker toa alan greenspan, to ben bernanke. wherere we going with this. >> both candidateses, are fairly aggressive activists on monetary policy, and my view is very much on the lines of milton friedman, we should have a rule, not discretion. let the rate of growth of money supply stay constant, and let the markets adjust and determine what i going on happen, but they analyze the economy, decide
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whether they are putting more money in the qe1, and qe2, twist is ver activist it does a lot of harm in the long run. neil: it is anem nick growth, only way to deal with was that forcibly keep rates down to degree that fed dnow proof in recovery pudding? >> we had the worse recovery in history of u.s. from second worse downtown that should have -- downturn, we have had a very anemic recovery, in large part becausef fed policy and fiscal policy, stimulus programs did not work. i'm worried about going forward, how we unwind, this whole fed balance sheet that is what i would love to see next fed chairman do is aggressively get in there unwind balance sheet, i would love to so it done, what
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are you doing when fed balance sheet 5 trillion. sooner or later there is no returning to normalcy, that is the danger of inflation, and having flooded world with money. neil: you know, i worry took always very tough to disengage yourself that dee wean ourselves from that ses, whatever people of think -- that process, whatever people think of ben bernanke you could argue he was maybe is trying to find a way out, argument with janet yellen, she would not, she would be him on steroids? >> i don't know whether she would, i don't knowhat ben bernanke is finde trying to find a way out. neil: he is very jazzed? >> we have seen no reduction in rate of growth of fed balance sheet, if you want to unwind, you have to have fed exchange longer tm assets with fed for short-term assets, ladder
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between zero and two years in length, go back to where we were prior to all of this stuff, but they are not, anyway shape or form inclined to do that. they are bulk, larry summers and janet yellen are competent well versed economists, but it is the acactivism part that bothere bo. he thought markets did a far better job than he could do direing them, these people do not believe that, they think they can do a better job than markets, and it is getting worse every day. same thing with treasure and regulators it is a disease that spread throughout washington.
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and a lot of economics. neil: all right, thank you very much. >> thank you very much, neil a real pressure being with you. neil: focus not on who makes latest green card, look at this, on why it is so damn ugly. i mean is that the goal to make it so ugly you find it cute? it might work wit bulldogs, but this is bull something.
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neil: all right. butt ugly car. anything but ugly jobs, bmw going green, this is its
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attempt at going green, looks like a 51 la a popular science t gone bad. who needs style, when you get more for the mile. what do you make of this some. >> at first look, i thought i was watching movie transformers, one of those cars that will turn into a big robot. i think they are trying to differencetuate between gas cars and this, i don't knowhat they are thinking, people that are buying this got blind folds. >> i think they read california energy commission report that sa people who buy these vehicles look for a give yentuating factor -- different generating factor, i think that bmw is doing, trying to look different, be different, you are in this bmw, you feel like you are only one driving it.
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neil: with prius, i mean, and the leaf, they look like cars, that are cars. great gas mileage. without doing insullin insulling thing, they do the job. >> i think it comes down to. i think they are trying to be cool. it may be the in thing, 2013, and the young hip crowd is going green. so let's just do something different, and should how they come up with this, bottom line, if it does not sell in a have to change it, if it does, more power to them, they are smarter than me. >> issue two. from unemployment line on line. amazon promising 7,000 jobs in more than a dozen state its beefs up its distribution
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centers, you could argue any job is a good job. >> i would argue that, 7,000 jobs from north dakota, kentucky, and, any job in the marketry no is good, we need more stem jobs, science, technology, that is going to help our country get on track, but applaud american spirit, their ma pa newerrism -- entrepreneurism that got this started with jeff bezos, all these people who are out of work potentially are going to look forward to working for amazon, let's not get hung up on the modest-paying job, they are 30% higher than typical retail job. neil: a job is a job, gary? >> i know a lot of people out of work at this point. and even thoug this is not hight paying thing, it would be a job. and that is meaningful some are somebody to get out of their house, go to something, psychologically makes them feel better, they will get a
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paycheck, amazon continues to grow, sales 20% a year. let's hope it continues. neil: all right, something that might discontinue. final issue, seems target launching a price guarantee that promises if you find a better price on-line, they will match it at the store, i think on-line would mean amazon? should amazon be worried? >> potentially, target is doing the right thing, worse thing for retailer, somebody to come in store, see a product they want, not buy it because of price, you maybe lose a little bit on margin but you get loyalty, and perhaps buying somebody else on top of it. a trend that will continue forward. >> what do you make of it? >> they jumped on the bandwagon
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too late, best buy, and walmart, a lot of other retailers have been doing this, i have not heard about this they launched in january. neil:o big bells and whistles. >> i don't think that amazonas anything t worry about. they have their amazon prime, hey pay $80 a year for a very different business model, target is getting into the game tt stay competitive. neil: and you would have to go to the store physically. >> can you imagine standing in line with their hand-held, i got it better deal, i saved 27-cents. neil: i would pay triple quadruple to not go in a mal. >> in this day and age, price counts every dime counts, people are watching their dimes, never too late on catch up to your competition, now moreeople will know and target will benefit. neil: that is because you are cheap. but --
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>> nothing wrong with that. neil: not at all. thank you so much very much. >> here is something i swear i saw, in the last days of pompeii, government pushing food stamps. i got the proof it is happening all over. and i don't lava it one bit. and i don't lava it one bit. -- i don'tava it one bit? a quarter million tweeters musicare tweeting.eamed. and 900 million dollars are changing hands online. athat's why the internet needs ma new kind of server.d. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this going to be big. it's time to build a better enterprise. together. from capital one... boris earns unlimited rewards for his small business. can i get the smith contract, ease? thank you.
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neil: before the barbarian showed up at gate, roman association of retired persons have been pushing food stamps like they are going out of still the time. it is true, roman empire was so big, benefits were so big, they decided that food stamps would be the coup de grace forn
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empire that is falling apart, that was then, is it happening now? government handing out goodies like they will always have a government. and no less than aarp having seniors signing up for food stamps, senior passage that older folks have i right to right now first, norman rockwell type ads,i extolling virtues of food stamps, and now aarp. >> sending the wrong signal. ourrogram. we started 3 years okay those on fo stamps feed themselves take care of themselves. there was a home with 5 elderly people, all retired. all inside watching tv all day. so of the volunteers. got them said, let's plant a garden to have food, 4 said yes,
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went out, kidding helped them plant, they 10ed it ever 10 teny day, these 4 went out, and stayed healthy, the fifth one stayed inside and melted away, when you let people do something for themselve it gives them a chance to get out, what our government is missing or those big organization behind this food stamp thing, learn from some of the oldest people in the world, oc no okinawa has some oe oldest people in the world, they feed themselves, they get in the garden every day, to get people to feed themselves they get old, doutand do something, be part of something, the minute we continue to get more subsidies or of this and, that all of the a sudden who will feed any longer? when you get more of everything for nothing, and neil, you know this it is obvious to world,
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okay? the more you get for nothing, the more you wealt wilt away, lr you get. neil: the signals out of washington pushing for more benefit and me government it is well-intended their hearts in a right pla but their minds in a different plate, level of department see, develops to point -- dependency develops to a point that folks know nothing else, a study done. children of those with government benefits in a family are likely to be department dependent. we're you are callous if you question it. >> give you another example steve forbes said, i bumped into him as he lift, we have hundreds
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of gardens that are 4 generations or mmre working, from great grand child to the great gndma, gives that you community benefit where young help out the older, that is where america is all about. >> do you wonder what happened. ess than nothing, you have built this empire that is now, envy of a lot of guys who hate you, i'm just thinking, what happens to that can-do spirit? do you worry now people say, i can byps, that i can demand right away a doubling in minimum wage. i don't have to climb up any quintiles. >> that sucks, it is bad for america it ruins america, it puts us where we should n be, if y look at whole america, and what america stands for, it is a lot of values where people
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take care of themselves, very important. when you look at great wealth of the nation, great wealth is now turning to changing america, not waiting for the government to do it i am with a hundred other people, we have a group called the giving pledge, half of what we make will spend on raising society, making word a better place, we reali, people do it. you don't wait for sou subsidier handouts the moment do you that you ruin society and your health, for no other reason you ru your own health, you ruin families being together, you don't have to worry about grandma or great grama, let someone else take care of them. neil: he is giving away money now, did you hear that? >> toorthy causes. neil: fooled again. >> y will get a bottle of
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petron. neil: a good start. >> let's take my petrony it tequila our staff take their weekend off, makeo take their vacation down to louisiana, we're still buding whether katrina lift, st. beenar bernard project, wtha paul mitchell school, or any other company i'm involved with, take care of one another, don't depend on the government which will goof up everyone, and ruin us. >> john alws good to see you, we're still heading him up there are more of us than him. anyway, you still think we -- no matter what that gentlemen said, get ready for backdoor bailout that might already be on automatic pilot. [ male announcer ] the mercedes-benz summer event is here. now gethe mercedes-benz you've always dreamed of.
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neil: we won't bail you out, but that does not mean we can't help you out, the near 20,000 pen pensioners underwater, they are plopped into health care exchanges, detroit is off the hook, and you america get the bill. is that right? >> you are right, talk about unintended consequences detroit poised to push $5.6 billion to federal budget my concern is to the domino effect. we talk about detroit 5.6 billion, but 61 of largest cities, across the country, have youetiree health benefits that total $126 billion, 96 of which unfunded rig now, we could be talking about0 times what we're seeing from detroit. now when they made the
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affordable care act there was some considering, but if we see major cities shift, entire amounts of retirees to federal dole this could quad ruble original expectations of cost of obamacare with a larger increasing population relies on a shrinking population to support it. neil: we don't know for sure, if that is the plan, but it would be a backdoor way to protect the pensioners, and using the healthcare law to do it. we know a number of pro visors have been made. so there is some precedent for this. what do you make of it? >> this is scary, not just all of the city that could flood into the state exchanges. but also the companies that are ring people at less than 40 hours a week, shedding number
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from of employees so they don't have to provide healthy care, people moving proprivatetion proprivateinsurance market. i still think there is a lot of members who voted for it, who have no idea what was in it, hey should revisit the bill. neil: repeal thing is not going to happen. but, i want to get a handle on, whether a realistic scenario, where his could happen. underwater could through healthcare law be bailed out? >> it could happen. detroit, and other cities that are contemplating it -- >> would you be against it? >> passing buck to federal government. i would be, solution would be, if they would d they on that, they have t pay federal subsidy, that on been leeway.
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-- that is only way. so, that is only for the pensioners under 65. who also are you know, at the poverty level. so, it is -- >> you don't think it would flying in it i. obama administration does not want a gerald ford, new york city moment? >> certainly to last point, problem is that is what they are doing, they want to shift cost to federal government. >> that is right. >>ell, then they are not shifting the cost. neil: where do you thi it is going? >> lindsay has it right, the exchanges, hope is to make them work for first couple years, over the long-term they don't want tm to work. they want a single national payer, that is where it is
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going, that is the scary part. neil: it would be a tough sell, thank you all. we'll continue to monitoring this, and fallout tomorrow, thank you for joining us, goo david: "money" with melissa francis is next. melissa: breaking news right now, cable tv slugfest. time warner and cbs with a drag out fight. planning to pull the plug from the second-biggest cable provider in the country. the original deadline was right now, this second. moments ago they extended it to 8:00 p.m. eastern tonight. if it happens, you're just going black and eight of the biggest markets in the u.s. milne have three more hours le on cbs. and showtime. that could be serious. affecting millions were paying time warner expecting to have every channel, and of course it all comes down to money. with me now, the media


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