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tv   Cavuto  FOX Business  November 12, 2013 8:00pm-9:01pm EST

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neil: well how about putting a cap on how rich the rich can get, switzerland putting it to a vote, how long do you think before democrats try the same here? i am neil cavuto, it is enough to make moguls long for day of super secret swiss banks account. that is not today's switzerland. the switzerland famous for attracting capital, is now going to put it on a ballot, swiss
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voters will weigh in. so, the lowest guy on the running makes 15 grand, highest guy can't make more than 180 grand, that not grand news to a lot of big bank executives making 5 to 10 times that right now. what will they do or american firms setting up shop in switzerland will do, will they too be bound by the same income bounds? does switzerland lose a fair amount of tax dough because fat cats just up and go. the polls are tight. does it continue a euro bashing theme that includes france upping its tax rate to 75%. and you have to have lived in a cave to miss this, president's relentless bashing of the rich,
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and their paying what he calls their fair share to know this is global. somewhere out there, someone is readying a guillotine just in case, but it hit us here in fox business. where to the mad dash to cap taxes? to cato institute senior fellow dan mitchell, on this swiss miss. >> i predict that the swiss people will reject this ref run referendum, in 2001 they imposed a cap on spending that served them well, this initiative, promoted by the left wing party, i think will go down in flames. why? because the swiss people know they are doing much better in terms of their economy be that the high tax countries like -- than the high tax countries like france, and greece and italy. when it comes time to vote, they
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will realize, don't ruin a good thing. neil: you would think. a lot of liberal are not great at math, realizing the big return you get from having a competitive economy, a lot of u.s. firms have congregated there and started opening up shop in switzerland, they don't want to chase that away. but some social democrats in switzerland say it is not worth. surely the swiss population must see that is screwy. >> this is why i predict this will be defeated. switzerland is the fourth freest economy in the world, they attract a lot of investment not just banks major multinationals like nestles and schindler, they use switzerland as their location for european manufacturing, and involvement. whether they are u.s. firms or local swiss firms, the swiss people are not going to wreck
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that, i would hope they shouldn't, you could go back 6 years in the past -- 60 years in the past, and new york was our richest most prosperous state, and yet they have high taxes, they are losing jobs to other states. neil: you would look at france, and some other country that tried surtax to say nothing of a variety of states in united states maryland and others have had surtaxes not just to billionaires, they disappear that money does not materialize. but, they keep trying. >> i think there is a problem for at least some segment of the population in all countries they look at success, instead of thinking how can i mimic that and copy that? they have a zero-sum mental that's the economy is a fixed pie, that is not how the real
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world words, a rising tide lifting ought boats but a lot of -- a rising tide lifts all boats but a lot of people on the liver don'liveon left don't understan. we need to educate people about shared prosperity coming from free markets and government. neil: and jfk came up with the idea of a tax cut. dan thank you very much. >> thank you, neil. neil: the administration is not putting its support behind a pay cap just yet but it has raised taxes on the rich in what it calls a "matter of fairness ." and is whacking the rich is taxes to spring them down then forcing employers to pay higher minimum wage to bring them up doing anyone any good? we have david a azza with us rit
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now, what do you make of that, maybe we can force a narrowing of this gap by penalizing those at the top, and raising those on the bottom. >> the entire focus of income and inquality is misguided. this is a sad thing about public debate we spend so much time talking about this and obsesses over the wealth of top income earners we should be talking about economic growth and upward mobile, all research indicates that there no correlation between income and equality, and economy growth and out ward mobility we need to shift the focus away from this nonsense and focus on what really matters, opportunities to move up for all americans, and swiss people for that matter. neil: how do you do is that? they argue that the witch have inthave-- rich have gotten riche
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very old argument you have seen. what do you do now to address it? the liberal response will drag the rich down. force that gap down? >> i think do you two things, one is basic economic lit rahsy promise of free market economic is not that we're going to earn compare able incomes but we're open up opportunities so we can move up, we will end up at different places but free market economic is not a zero sum game. if you get a big share the rest of us are left with crumbs there is say proven recipe to grow the pie. the other aspect to recognize that reason that argument is so popular, because it feeds into our prejudiced at the end of day not so much an economy matter as it is emotional one it rubs many people the wrong way to see some
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people are successful that is just baked into human nature. i think you can make a lot of progress by explaining to people how the economy works but the end of the day this say perennial problem in democracy because we believe in equally this type of inequality rubs people the wrong way. neil: they are expressing is globally are you expecting a french revelation type coming up? >> i have hope for america. when machine american sees someone driving by in a mercedes, he said, if i work hard i can get one for myself. the french mentally is one of resentment and envy, we do have a well the at home to be clear, by and large americans still get it i would not be as optimistic about the prospect of the argument resonating across the globe, i think there is a big audience that gets it here in america. neil: we so hope, thank you david very much.
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>> thank you. neil: the healthcare enroll ams are rediculously low. en sullingly low, you would think this health care thing is a failure. and on life support. what if i cold you that administration has a plan b, a nuclear option so big it will make you sick, then kill you. you really love, what would you do?" ♪ [ woman ] i'd be a writer. [ man ] i'd be a baker. [ woman ] i wanna be a pie maker. [ man ] i wanna be a pilot. [ woman ] i'd be an architect. what if i told you someone could pay you and what if that person were you? ♪ when you think about it,
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and help plan for your retirement. visit a branch or call now for your personal retirement review. neil: so many people are losing their plans right now. since health care law became law, 4 million fewer americans have health insurance now. 4 million fewer, the idea was to guarantee insurance coverage for everyone, 4 million fewer have it now. tommy thomson predicted this outcome. if you having trouble. signing up so few people, it almost begs the question, can this thing support itself without a big old tax increase to pay for it? >> no, neil, it can't. let's take a quick look at the problem the.
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first the roll out was flawed. terribly. they did not test it. secondly, they done tell the truth in re-- they did not tell the truth in regard to fact all people would have their policies canceled they are just finding out, and as you said 4 million fewer people are now covered today than before the act was passed, unreal. but the biggest problem is till to come that is the -- still to come, that is say that this not going to be able to have the finances to support it. neil: what do you do? at that point, what do you do? normally government is never one to relinquish a law, and say to hell with it it's not working, by hook or crook, only way to do it to try to ram a tax increase down. you will have to find some way to pay for it target rich or insurance companies, something
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has to give, i don't know what gives. you do you think? >> i think you will have to have some sort of a tax increase, on the basis of the economy. and basis of the laws, they wanted the young people to sign up, they are not going to sign up, the number of people needed to financially make this stable are not signing up. so, finishly, it is unsound, you have to find money from someplace. neil: easier said than done. someone told me built into this law is an idea like a master plan, a nuclear option to do just that. that the president would be within his rights and pervue to do just that other constitutionalists say, no, no he has already wiggled and changed it enough, and pushed back dates. but th the -- precedent has been set to monkey around with it,
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including hiking taxes. >> i don't think he will be able to do it unilaterally, he might try, constitutionally, he does not have the power to do so. it is going to collapse unless they find a way to fund it i don't see how financially it can support itself, it based upon some assumptions that are based on quicksand. there is no way they will be able to fund it. the young people will pay more to subsidize people like myself and people in my age category, the young people are not going to do that. neil: what do you think of your successor, kathleen sebelius, do you think she should go? >> i don't think that is up to me to say. neil: go ahead. >> no, no, she has a lot of problems and, i think you know, she needs to try to find a way to solv some of the problem. neil: but she is not, i am not trying to target her but she is
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in charge of department in charge of biggest rework. and fairly or not she botched it roll out either she was not prepared for it or they were not prepared with key i-t people or medical people, it is a sloppy debut, in private enterprise she would be out. >> yes, she would, when we rolled out part d he tested everything, week after week, any time we had a problem, we retested it, they just didn't do that. as a result they had a roll out that was not very nice. and solved -- or solved any of the problem. neil: that is putting it mildly, tommy thompson thank you, sir. >> neil thank you. neil: is it me or when you look at washington and politicians, if there plenty out there, they will find a way to spend it that is why president clinton a
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let'sist comments have me a lit -- clinton's latest comments have me a little spent, people worship him, he said something to me that sounds like fall idol worship. welcome back. how is everything? there's nothing like being your own boss! and my customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. maybe a promotion is in order. good news. i got a new title. and a raise? management couldn't make that happen. [ male announcer ] introducing fedex one rate.
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what do you make of that? you look at that, i always say we pay a lot for infrastructure already with gas taxes, tolls and the like, wha what happenedo those so call lockbox money. >> that is a fair question. the word infrastructure is very broad. that is so many different areas of spending. roads, highways, brings, schools and hospitals in and cases, what the president is saying not a bad idea but it needs to be narrowly tailored. what is that spending going to look like, i don't' to spend money twice. neil: i tell you, i am worried about now this idea of throwing good money after bad, we put a lot of money into infrastructure. with what supposed to be gasoline taxes that got higher and higher, and federal and local level, and transportation and related taxes, various program earmarked.
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and it seems to go somewhere else or if it is going there, it is going in to shoddy work, now we want to do more. >> fun tomie, former president helped create that crisis with the housing bubble, he helped create with subprime loans his administration helped push through. now he trying to put a band-aid on the drastic economic measures he created today? our subprime loans, we're looking at billions of dollars in finds as you say, wants to put a infrastructure which has been stated as solar, we know that solyndra, and many of the energy programs that have gone down the toilet. this money belongs to the american taxpayers, and people that made these egregious criminal acts need to go to jail. neil: all right, you can look all these years,i exacting finds
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from institutions, call them sinners they have plenty of company from the government all along. we could quibble back and forth whether the government has taken into responsibility or blame. who do you think should happen with the money? earmarking it infrastructure is poring good money after bad. is -- pouring good money after bad? >> i don't want to bu put it ina washington pot. there are some real infrastructurial problems, we have to acknowledge that. neil: i know they are. why do we have the infrastructure problems when we have enough money to pave or streets and gold, i don't know what happened to that money? >> the money has been blown.
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when we look at a lot of our infrastructure, it has not happened and we have same shovel project that president obama was trying to gottenstuted 5 years ago, i am with you neil, we should not put more money on top of more money to be spent it needs to go back in u.s. treasury, let's chip away at some of our debt, but for president clinton to come along as savior of mess he helped generate with appalling to me. >> i don't think he is trying to be a a halfior. neil: do you think that clinton is doing something astute here, trying to separate himself from the president to clear the way for his wife to divorce her from this administration. and problem with health care. and now, on all these funds exacted from banks, me thinks he is not a dummy. bill clinton is strategizing
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something? >> no, she one of the most astute political strategists of our time, you have to acknowledge that. he is brilliant at political messaging, president clinton is distancing himself from some hiccups and some credibility issues that president obama is having, absolutely. to pave the way for a clearer path for hillary clinton's success in 2014 for forward thinking. neil: also sneaky that me. >> it is but that is clinton. >> he is good at that. neil: all right, ladies thank you very much. >> have you been to seattle? a wonderful city, very carve nated. but it -- very caffeinated but it rains a lot. if you look up during one of your ca caffeine attacks smile, there are cameras everywhere. they are so big, so pervasive,
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neil: all right say cheese and i guess him going to die. cell phone users across seattle. we reached out to seattle police for comment. officials of are not saying. who they are spying on. joining us, beware, you don't like the whole sound it is creepy, when they don't say they track all wi-fi traffic, which is weird. >> right. this -- the city installed a while ago a mesh network a communication network, they have
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not disclosed how they can use it, one o functionalities of a network like this, they can track and identify mobile devices, they can track citizens throughout the city. neil: i wonder who is going on with starbucks and a lot of big computer companies are there maybe they are prying to find out if you -- trying to find out if you are not getting enough whip cream on your latte but this is creep tomie. >> the big concern is that purchased and install the equipment without any din disclosure to the public. neil: not a one, they were saying what is this? and then you don't need to know. >> we feel when equipment goes up with the surveillance capability, the city should let the public know how it is going
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to be used before city council, giving reassurances they are not turning on the surveillance capabilities. neil: i think seattle is a very high-tech town with 14 gadgets per residence there, i am exaggerating. it is a high-tech town, a beautiful city, but i'm wondering why seattle, do we know? >> we don't know. there is a good chance these networks are being rolled out across many cities in u.s. >> you are right but we could not find something of this magnitude done so quickly. you are rightt google has had that off of the ships of san francisco there. but this is like, boom! it is there. >> yes, i think, a big part of the problem is we can't really answer that question, we don't know how the stay intends to use the network. so we don't know why it was
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installed or the real purpose. neil: yeah. what -- are you worried though they are up to something sinister. >> we're always worried, now there is a capability in hands of government that can track where people go, we believe that everyday people should be free to move about their lives without suspiciousness. where we travel is very private, it can disclose a lot about us, the doctors we visit and religious affiliations we're associated with. neil: thank you, we don't know. in the meantime, they always say, if life gives you lemonsic make lemonade. when i was a kid, i prepared my parents. we have done that is real care law, you know the news, you know the ridiculously low sign ups,
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neil: today is the day. neil: the cost of advertises if
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that is the case, but advertising legend said that could be the problem. you are selling it a pitch that is not getting through. right? >> well, trying to sell something to 53% of the population that does not want it, they said they don't like it. neil: to their credit, administration saying, 50,000 is low, but you know, we feared it could have been worse. >> sure. and the president had not lied it would have been worse, i guess. neil: about everyone could keep their -- >> keep this and keep, that sure. so, he felt he had to you know deceive us. and now, they feel they have to sing to us or tell us or find a way. i wish i had that advertising budget. do you know how many people we could cure, how many sick people we could take care of just with money they have spend on the advertising. neil: where do you think they botched it? it is very clear, despite the
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nice rosie picture. preexisting conditions now no longer prevent you from getting care, keep your kids on the poll key longer and all -- policy longer and all but you have to pay for it, it does not come cheap, but that does not surprise you and me. but down in washington it was surprising some people i talked to. >> people don't want it, unions don't want it. members of congress are not taking it. neil: yeah. >> it is not the perfect thing. for first time, i believe for first time. government is telling me, i have to buy something. whether i want to buy it or not, i have to buy it, otherwise they will you know they will find me. -- finfine me. neil: you have to salvage this turkey. it is a turkey.
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but how would you do with it, what would you recommend to president to fix it? >> maybe change it so some objects would to the be that way it is a bad product it is hard to sell a bad product. i sawed way maybe you -- i would say, maybe you should go back, and let people pick their own -- keep their insurance, and doctors. there must be a way to work that out. then after, that if they can make it into a better product, i would use same method they are using, go out, get people to -- but tell them what it is about most people don't know what it is about. and threat, i mean, i guess, if you handle to the way you handle pharmaceutical advertising you should give them all things that go wrong, you may be forced to use a doctor you don't want to. neil: if anyone is pitching to me, with a guitar, i i hat
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automatically. >> i agree no guitars. neil: harmon cas bab harmonica . >> edsel and new coke were not good products, it is hard to force the public to buy's bad products. they are saying if you don't buy our product we'll fine you if you don't pay the fine you will go to jail, let's scare them, we have tried everything else. neil: tell me circumstance it a good strategy to say we had no idea the fly-by-night insurance companies would gouge you through the you know what. we did not appreciatetuate the depractice ofty of the companies, it is not us america it these thieving. >> does that resonate. >> the people bought the
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insurance, they like what they have right now, they are trying to sell me off of it maybe they are thieving. i like the coverage, it is causing me exerks amount of dollars, this is what my coverage is, i was just told by the head of my offers, we can't keep the same coverage we had before, you cannot keep your own doctor, i love my doctor. and if i can't keep my doctor, i have to find another way. but, they are just making it very difficult,. neil: when they deny the problem itself. i'll give the president the benefit of the doubt he had no idea the ma magnitude, but oncet is clear you should fess up? >> he sort of did. >> he was forced into that. >> he said, well. neil: i guess i'm sorry, you are an idiot and having problems. >> he said, i am sorry what i said caused you problems.
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>> is that it? >> yeah that is what i heard. neil: yeah. >> i'm sorry what i told you, is causing you a problem. how about i'm sorry, i didn't tell you the truth? how about, you know why i didn't tell you the truth? i really need this to be my legacy. do it for me. neil: reminds me of if you get in an argument with your spouse, honey, how could i have been so stupid. >> you use that too? neil: yeah, you taught me. >> jerry, nicest, and smartest guy, a nicest guy. mr. president, you could learn a thing or too. >> boeing is battling unions and ramping up product in the nonunion plant in south carolina. me thinks this is not going to end too quietly. welcome back. how is everything?
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neil: you didn't think this would go down lightly, buoying breaking -- boeing breaking new ground. in south carolina. saying nonunion is good for business. you know. unions saying, this is the tip of the union bashing ic iceberge don't like where this is going. >> i say this is about freedom, about businesses being able to invest where they want to, i think that unions, have taken advantage of boeing for too long in washington state, they know their cost, they know what they are getting in south carolina because it is a right-to-work state. that is why they move more of their capital there. neil: you think about it, boeing at this point has not taken employees out of seattle, and moved them to the follow or fired them and hired new, no worker has gone to address the new workers that are hired here.
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the unions keep telling me, when i talk to them, neil, you watch, this is a matter of time. >> well, neil, you know, they have not done it yet, i do think this fight is a long way from over because as you remember. two year ago national labor relations board filed a complaint against both -- boeing for moving jobs to south carolina, they dropped it but it could reresurrect itself and come back. neil: if you are boeing, and you try you know, a little bit more, a little bit more. this, this, this, as seems to be the prevailing argument this is just the start of boeing going increasingly nonunion. i don't think that is a stretch by the way. but, how did you think that will go over, and what signal do you think it will since other companies, that do you think it will sense other companies. >> not going over well but not just about boeing, looking at
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automobile manufactur manufactu. the foreign companies they put their facilities in right to work lates, primarily southern, you would think they would like at states like deet diet. detroit buzz because that is where labor is, but they don't do that with so much uncertainty around unions and the cost of the business. neil: i am wondering if i am these union members in washington state, should i be nervous? >> well, not yet. i think, they are not moving their jobs any time soon, up to this point they have not touched that facility. but i think there is a trin they are moving more and more of their capital investment to their facility in south carolina. and who knows what is going to happen 5 years from now but that trend could continue. neil: >> yeah always good to see you lynwood brooks. >> thank you, neil. neil: and um, did you hear about
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with premium service like one of the best on-time delivery records and a low claims ratio, we do whatever it takes to make your business our business. od. helping the world keep promises. neil: biz blitz, buy them when you can, the available pool of airline stocks is shrinking. you heard about american and -- approved. a tough business, but they have been making money hand over fist with fees. >> for the first time in a long time, profit margins 2%, they are running smarter businesses, capacity all-time high, they nickel and dime us but they are
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making money, good for airlines bad for the consumers. neil: maybe the consumers don't flip over, but if they are making money in a tough environment like this, a good investment? >> i think it is, they will keep figuring outweighs to nickel and dime to us date, i don't think that is going away. we will have no choice. neil: wait, larry this is a fox alert, you are not taking a private jet? you are a man of the people, a man of the people. so, do any of the carriers have a better sort of a story to tell, and a better stock to buy for you know that? what do you like? >> well, i like the american airlines situation. that is a good one, i think one issue you have to watch out for is how kind of stringent the government is in taking away the gates, american and u.s. air don't' that. i would keep an eye on that, if they can keep a stronghold on a
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lot of those gates, i think they have a real good business. neil: just as an after note, i think that flying commercial from here on out will be horrific. are giving up a lot.r, but they they give up a lot of gates, a lot of routes a lot of key cities, new york, boston, washington. we'll see how it plays out, jetblue and southwest may be a better play 9. neil: they can capitalize on what these guys concede to get the deal. there was a big apple ipad today. ipad mini, debuting today. a retina display, it does not come with a retina but means you can see it better? is that it. young people here are up on this technology, i heard if it does not involve chalk it left me in the loop.
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but, why the secret? i know it was planned. and rders were big, people were in line, but it was almost like stealth. >> they are selling plenty of product. but, when do we have a big announcement that oh, wow, gee, what excitement. you know, last time the stock was at dollars 700 a share. neil: do you think we'll get back there? >> it is about product development, innovation, is this the cutting edge innovation? no. we need new product, a great company, great products but you know -- >> that cutting edge larry is a whisper talk next fall they will have a bigger device that curves and all that. and maybe that is the next big thing, i have no idea. but if you think about it it is like an evolution of the same thing, but what do you make of that? do you like apple? where do you see it? >> i like it.
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but i would like it more you know if it were more new and cool products. a curved screen, it is okay, i guess. it is different but they need to think outside of box, they need another iphone, type thing. you know, i don't know if they have that in them. and everyone is cashing up, amazon, and samsung, they ul havhave -- all have tablets, features are cool too, apple has a lot of work. neil: regardless of what happens to apple, it has clawed its way back. and now one thing you see is that, the nazdaq has been a very quiet almost sneaky way, clawing its way up, up, up, almost 30% on the year. a lot of attention to technology again. >again. >> i am old enough to remember nazdaq at 5,000. neil: remember that? >> i remember that garbage
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dot-com era. back then it companies were not making money, they did not have profits, these companies are for real, whether you like a facebook or a twitter or apple, they are real companies, they are generating revenue and profit. neil: not a lot of profit but revenue. >> apple absolutely, facebook. i okay. and twitter onboarder line. they are selling real products to the consumer, healthy seen for nazdaq. neil: you know, you need a lot more of these to keep that nazdaq going, that hope for eclipsing its old highs from 14 years ago. that circly the? >> -- that is elite? >> i think it is, there are companies making money, and, a nazdaq stock. but not talking about that competition is tough, i think my biggest thing is you will be able to play i believe both sides of the market. if you are a long player, if you
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a short player also -- because some of these companies they will take hits, they will go down. neil: you can hear the night cap music, reminder and our guest reminder, they will focus on. tomorrow. before they go night-night tonight. keep in mind. for tonight. larry. >> well, not a lot of economy data. import, and export prices tomorrow. more of a slow move up. until we get real data you will not see a good move in the market. neil: don? >> we have an auction for bills and notes, treasury. just what economic data we just got, we watched 10 year go from 2.5% today to 2.9 that is a big jump, a short period of time. a bad auction tomorrow could spike the rate that could be bad news for the market short run. neil: everyone said that federal reserve keep propping it up. the notes and securities buying.
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do you see that slowing down any time soon? >> it has to. they have to just start taking their foot off the gas, but market is frying to an days -- trying to anticipate this. we have seen already a hundred point increase. that ugly interest rate rise 92 larry, what is going to happen? the fed will start taking its foot off the gas a little bit. >> i mean last week we saw a good jobs number, everyone was worried that step would do it today, or tomorrow, when they are ready, i see market go down, maybe 5% or 10%, everyone is ready with their finger on the sell button. neil: would they be so clear to say, 65 billion -- 85 billion what do you think? >> i think they don't want to say it. that is the problem. they do se say it, that is whats going to happen, maybe they will
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do what apple did, just put it out, and not tell anyone. neil: put it in a mini ipad with a retina display. thank you guys, we'll see if that fans out tomorrow. gerri: hello, everybody. i'm gerri willis. tonight on "the willis report" forget cronkite, president obama has now lost bill clinton as a supporter for obamacare. >> the president. gerri: more down to about are more common as set to fall? approving the merger. does this mean better service or higher prices for you? and our users guide to shopping continues with a look at the revenge of the brick and mortar stores. other best deal of this holiday season may not be on line. we are watching out for you tonight on "the willis report." ♪


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