tv Markets Now FOX Business November 13, 2013 11:00am-1:01pm EST
dagen mcdowell, it is yours. dagen: healthcare.gov will not be fixed by december. what that means for the economy and judge andrew napolitano on whether the government should be telling you what your insurance coverage should include. what about your money? are stocks the best place to put your dough right now? can you handle the volume? verizon's net burke is heavily taxed and a major shake-up in how to reduce the risk of having a heart attack. we cut through all the confusion with dr. manny and this is a must see segment for everybody. all that and more coming up this our with connell mcshane on markets now. ♪ connell: right about dr. manny. that is a must see segment. it has been all over the news. a big topic on the show.
dagen: people taking stans, how to assess heart attack risks, more confusion in terms of mammograms, pap smears and treating your heart. connell: nicole petallides at the stock exchange today and down a little bit. good morning. nicole: back to connell mcshane and dagen mcdowell below the 700 mark. we sold off once again the dow yesterday down 30 to points. and the unchanged line. the fed capering top continued worry on wall street. let's look at macy's also the parent of bloomingdale's and macy's looking great. stocks hitting a new high. got to love it if you are a shareholder here, anything in
the retail sector is good news out of macy's, profit on a rise boosted the entire sector so macy's over 9% today and most retailers have a perrault's as well despite the fact that much of wall street has down arrows. dagen: officials behind a lot of healthcare.gov are aware of one attempted cyberattack. connell: this comes as tech officials are testifying before congress about the problems on the obamacare website so rigid and joins us with the latest. >> revelations about that attack from a separate hearing than we are watching on healthcare about them that not alleging there was one denial of service attack against healthcare.gov. the chairman of this committee was saying he doesn't know how there could be any attacks, that people get on the web site. 25,000 can simultaneously use
healthcare.gov. it is getting better every day and by the end of this month it will be abandoning despite reports stating otherwise. issues surrounding todd park, chief technology officer was supposed to testify, invited testify that he couldn't make it. you wanted to work on a different date. finally last night the drama came to an end and the administration said he would testify today and all of that is a central issue in this hearing. >> taken away from your other duties because of the serious concern about what you do and what the administration may have had you say and i want to give you an opportunity to clarify that. >> on top of this theater issues surrounding this in healthcare.gov and obamacare is what the president said when you
could keep your insurance fan, phase-out and number of plans, that was an issue that was discussed on fox news's special report last night. >> my blood pressure goes up when they say they are protecting us from substandard health insurance plans because there's nothing to support what they're saying. i am losing my health insurance, if i want the same health insurance it won't cost twice as much, there's nothing substandard about my plan. all the things they say are not in my plan are in my plan. all the things they have listed there is no explanation for the doubling of my premiums other than the fact is subsidizing other people. >> the house voted friday to allow insurance companies to reassure those plans if the law is phased out. if they oppose insurance companies say not exactly an easy fix, working for a while to phase out those plans and it would take months to allow
insurance companies to issue those smaller bear bonds plans. dagen: what happens to the people who have employer based coverage down a road? if there coverage changes in any way, the change in the law would fix that? so many unanswered questions. thank you for that, rich edson in washington. democratic senator dianne feinstein wants a big supporter of the affordable perfect is jumping on the bandwagon to change it. echoing president clinton's message to let people keep their existing insurance plan. joining us from nashville, tennessee is art wapner, former adviser to ronald reagan. do you think more democrats get on board with this, even the administration says okay, we are going to fix this. if you have a plan you like you will keep it, we are going to change the law. is that doable? >> it may be doable but won't change the conclusion what is going to happen to obamacare. it is built on faulty premises
and it is going to collapse. it really will. you can't increase the demand for health care and reduce the supply of it and expect prices to fall. also you can't give away valuable resources for free to people without them way overusing it. this is exactly what happened to jimmy carter in the last years when he tried to take over the energy industry. if you remember the arab embargo on the u.s. and put on the wall head price control excess profits taxes, recirculate airplanes, wear sweaters, have buildings, lower temperature and the gas lines, it is all part of a collapsing processes that will continue until obamacare is gone. dagen: will it really go way? is the giants morass as it is that brings me back to my initial point. if you start changing the law than the economics of the relief fall apart because insurance
companies are charging younger healthier individuals more because they need that money to pay for older sicker people. that won't change and if people keep cheaper plans than the math stops working altogether. to that point it still exists, talking about like it will collapse in on itself and i say it won't. might be a disaster but it is here to stay in some way, shape or form. >> that is not necessarily true. it may be peer to stay but to revise the pages of legislation you have been obamacare in the affordable health care act it would be impossible to revise and change those away that makes sense. we should have a requirement of catastrophic health care for every american. we should have that and we should have transparency in all these and we should have it where the government goes against cigarettes and things like that and for relief for people they should get free clinics. other than that there shouldn't
be any government involvement in this process at all. they should get the heck out of the way and let people do what they want to do. dagen: hard to make that argument when the government is very much involved in single payer health care in the form of medicare. >> that is true. that is a separate process but what you are talking about is doing that for the entire country where it won't work and medicare has its problems. medicaid and medicare have problems as time goes on and the number of elderly get larger and larger amounts. is a huge net drain on the tax base. dagen: the problem for people paying for those who have not paid their full ride, a conversation for another time. dagen: he is sitting right here. had you all to myself today. connell: i came in the studio that one time. even with financial head winds
that come with obamacare we have been talking about for the last few minutes our next guest says when it comes to your money there is no better place to be right now than u.s. stocks. investment-banking vice-chairman at raymond james joins us with an endorsement of the stock market or indictment of everything else. >> maybe it is a little bit of both by want to move to the cure your topic of the stock market. the stock indices are up 30% this year and people have been talking about universal coming for a year. connell: we have a lot of conversations the gun lobby's lines, basically i looked at everything, trying to think of the proper cliche, searching for yield or whatever i'm doing in the market and can't find it and bonds about to go to stocks because as you said there is nothing else. will that environment stay as it is for the foreseeable future?
or might it change? >> until we have much higher interest rates i think stocks will continue to be the bastille and of the sensible investor who can separate volatility because we are likely to have volatility from risk. there's not a lot of risk in a broadly held diversified portfolio and for those who say isn't the stock market overvalued? i would say absolutely not, the s&p 500 is selling in a multiple of 19.4, that sounds fairly high by historical standards and yields 1.5% so when you consider the ten year yields, 2.8%, and i don't know why anybody would be attracted to bonds which have a substantial upside/downside risk based on higher interest rates. it leads to the ten year. >> will the economy catch up?
you are following, are we starting twitter and other things, are we seeing signs of the economy or things like that will catch up with this optimism for lack of anything else in the stock market? >> we have had not very long, fairly sluggish recovery and that does leave room for additional recovery and that is going to be the case but also would say also looks that legislative logjam, that deposited the economy. it is nice to have nothing changing. and holding back, when is the next shoe going to drop, and a lot of growth through investment. top line growth through the economy is relatively lackluster. driving ipo, driving and activity although it still
hasn't exploded the way i thought it would. on the idea aside people are searching for new names, new opportunities, the fact that these ipos performed so well means people like saying if i can get the stock i will because these things will trade up. connell: we saw that with a number of them. thanks for coming on today. dagen: verizon bowling its head on how much it systems can handle. connell: then it is a stable of the holiday season, thanksgiving day parade. we will talk about macy's. charles payne coming in will rain on the parade. concerned about macy's business model, charles payne raining on the parade coming. dagen: we could be looking at a new influx of money into health treatment. new bob heintz issued, new strategies for preventing heart attacks. incredible change.
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dagen: myself isn't working. shares of starbucks taking ahead after kraft,$.7 billion. nicole petallides getting some money. nicole: that is right. let's take paula, this is starbucks craft story. let's kick it off with starbucks and kraft food with up arrows basically flat but it is a settlement here of $2.7 billion award that this is because starbucks said kraft wasn't doing enough to stock its coffee. in return starbucks pulled out of the deal and terminated the agreement early and had a litigation's, fees and the like so in the meantime here it is, this is finalized. it spun off craft and could be a big beneficiary of this whole thing. >> this is an issue, the
obamacare girl, has been at it. amy or block had a first interview with the if infamous face at the healthcare.gov synonymous with the rollout, there she is on the web site. turns out her name is adriana, citizen of columbia, permanent resident, is not thrilled about this new-found fame, she apparently released her photo to be used as our stock photo but she never thought it would end up on the site. the worst part is she didn't get paid, didn't get a dollar out of this. they don't use it any more. don't feel bad for her at all? dagen: no. get over it. it is not like they superimpose their face on naked pictures of somebody. get over it. connell: i'm getting in a situation where i wish i had said nothing about it. dagen: think having ridden in a big city means having access to
a wireless signal? in a rare admission of verizon's chief financial officer says customers in major metro areas are seeing slower data speeds due to capacity constraints. the wireless infrastructure can't keep up with the demand as more customers upgraded to verizon's new network. the result, more customers being bumped to the older and slower 3 g. shares of verizon take a look, at least you have a signal. i have a signal looking at it all morning, doesn't work, no data. connell: at&t working well today. thanksgiving day parade, macy's thanksgiving day parade always the hat around these times. dagen: i usually paid holidays but i love the thanksgiving day parade, so much fun. dagen: it passes beside the
window right here. right out the window. connell: department stores in general may be losing their grip. charles payne will talk about it. dagen: new guidelines under three decades strategy in preventing heart attack risk. we have got changes coming up with dr. manny. take a look at the greenback today how barrel against world currencies. ♪ [ male announcer ] how could a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong,
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>> your fox news minute, the death toll in the philippines with the typhoon is now at 2300 and is expected to rise. security forces battle with an armed gang when looters overran a rice warehouse resulting in a wall collapsed killing eight people. 1969 painting by francis bacon said a record for the most expensive artworks sold at auction. three studies sold for
$142 million at christie's last night. the auction house says the work was sold to a gallery in manhattan greta van susteren six minutes of fierce bidding. rock-and-roll hall of famer tina turner is relinquishing american citizenship. washington post says turner said she has few connections left to the u.s. other than family and no future plans to reside here. she lived in switzerland for almost 20 years and became a citizen in april and those are your news headlines for the fox business network. .net great to see. making money with charles payne. he has an embarrassment of riches in the department store. connell: charles to start off will tell you, read the internet today and say the dow is down 57 points and the story is all wrong. charles: people have to write headlines but when the dow was off because of concerns of the
american and chinese economy i am wondering who worked this. let's just talk macy's. this is a great example of quite a few things. the mind of the department store. this was supposed to be two decades ago. just wheat retail was going, supposed to bring the demise of a department store. macy's at a 52 week high. good numbers, topline sales, same-store growth and what they said that was interesting was the figure out a way for online and in-store to complement each other. it is all about great businesses reinventing themselves. another good sign, 83,000 seats. will for the christmas or holiday season. the company if you look at the stock, people thought was dead. so anyway the notion that the american economy guys, i don't buy that or when people say this industry is dead. this has been a year of survival. look at best buy, the number one
stock aeneas and the conditions of. investors need to keep that stuff in mind when we talk about the demise of anything. u.s. steel downgraded twice by a couple big firms. morgan stanley says this is overweight, acting great. could be a harbinger of things to come. the flat roll had a nice quarter to quarter move, management saying the right thing, and global proxy. we see these things, the stock market tells certain things about the future and u.s. steel is telling as things that will be much better in the near future than we are getting from a lot of prognosticators. connell: i can see brian westbury watching. that is where we are. dagen: proud to be an american. more on obamacare and if the government has the right to choose your health insurance
essentially. the judge is here to wait in. connell: more americans maybe heart healthy and the the new guidelines that are out about how we treat cholesterol. the first change in strategy in 30 years. dr. manny coming up on that. and the markets today, talking about we don't know why they are down. here the other when is the not down on the s&p 500. (vo) our new planes don't fly any faster. but it sure feels that way. because with power ports... and wi-fi...
connell: we are right at the half-hour here is what is coming up on "markets now." big brother deciding what should or should not be in your health care coverage. the judge is already making noises, here in the studio with thoughts on that coming up. and dr. manning here to talk about new guidelines for heart health, with means for drugmakers in the industry and you at home. plus latest on the fallout from today's report on oil. dagen: johnson & johnson stock may have to pay $4 billion to settle hip implant losses. nicole petallides has the breakdown. nicole: lets take a look at johnson & johnson stock down half a percent on these reports. this would be a huge payout. they could pay for billion dollars to settlement the mac settle the hip implant recalls. this also means j and j could
give roughly $300,000 to each plaintiff. all of these are reports. and this could be one of the largest legal agreement in its kind in corporate history. they had $2.2 billion settlement last month over an antipsychotic drug. don't forget about future lawsuits coming down the pipe on these things, so this is not good news for johnson & johnson. down $0.62. connell: healthcare.gov will likely not be done by the end of this month. dagen: what may be as big of a question is if it is right and just for the government to determine the level of health insurance you kerry. >> because they said right and
just did dagen: i did not read the prompter as it was written. >> the decision about whether it is right and just has been resolved long before today. congress decided it was right and just to decide what a standard insurance policy would be and the supreme court put its surmise on the means used to coerce people in his policies attacks. both those arguments are flawed, but that is the law of the land. when the president says they're making you get rid of your policies, it is because of substandard, that substandard policy is supposed to the president also says if you have it and like it, you can keep it. what he didn't say was if it doesn't comply with what the obamacare standards say it must comply with, you will not be able to keep it because it will be unlawful.
insurance carriers cannot offer as of a month and a half from now cannot offer the policies people had before that did not conform to obamacare. by conforming to obamacare, a lot more things than they had before, the cost goes up and many carriers don't want to offer those policies to people, so they drop them. connell: it is interesting even after president clinton's comments yesterday to hear the reaction from the white house going back to the substandard argument we don't want to go back, we do this because we don't want people on a substandard policy. >> the white house disagrees with president clinton at its peril. president clinton has captured as he done for 30 years the public sentiment on this and the public sentiment is we had a
deal with you, president obama, the till was we like our doctor and policies, you did not tell us we could keep the same policy only if we conform it to what you say we have to have. i had to have coverage for abortion in my policy, coverage for prenatal care, this is ridiculous. but here is the problem. the president will never change the core of obamacare, which is a bottom line to which everyone conforms. to save these pre-existing policies, has to say they are now lawful. they will be happy to keep the pre-existing policies because they cover less than obamacare covers and charge less than obamacare will require to fund. dagen: who foots the bill for those who are older and are not being charged the market rate for those policies?
>> that is what happens when the government puts their dirty fingernail thumb on the market. even if there is not enough money to pay for it. i don't think the president will ever change the core, yet it is that core that has cost millions to lose their coverage contrary to his promises. connell: do you think we will ever get to that point it is scrapped? >> you need a free market republirepublican white house ad majority of folks not necessarily republicans in the congress did bill clinton has tapped a wealth of this among democrats. last week 15 democrats from the senate all running for reelection try to meet with the president in secret. this week will clinton criticizing the president in public, this thing is going down.
that separates his wife from this election. dagen: it goes back to what we were talking about when they were passing this law some three years ago, nobody in washington understood what was in it and how it would play out on the american landscape. now they have gotten caught with their pants down. >> the law was written with id idealist. they don't understand economics. they don't realize by forcing this egalitarianism, they would for some that cannot be supported by the premiums that have to go up. connell: i know your point. dagen: some people knew. connell: in louisiana they have proposed legislation to allow you to keep your old policy with the old standard at the old
rate. i cannot imagine the president signing that if it passed the senate or the house. dagen: thank you, judge. connell: looking for his new stage manager. dagen: let's not pay attention to him. you're going to turn into a pillar of salt if you look at him. connell: we will have the hammer on him, talk about the guidelines in heart health. dagen: the election of a tax friendly mayor has wall street buzzing about a move down south. [ male announcer ] once, there was a man who found a magic seashell. it told him what was happening on the tradg floor in real time. ♪ the shell brought him great fame. ♪ but then, one day, he noticed
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>> i am lori rothman with your fox business briefs. in seattle, 20,000 boeing machinists are voting on contract offer for the 777 jet program. boling says if the contract is rejected, threatens to move the work to another state and is not a bluff. the treasury sold gm shares $1.2 billion in october. the government bailout for the number one automaker 2009, treasury said recovering about
$37.2 billion. mortgage app slipped. dropping 2.5% instead of the previous reported 7%. that is the latest from the fox business network, giving you the power to prosper. the ocean gets warmer. the peruvian anchovy harvest suffers. it raises the price of fishmeal, cattle feed and beef. bny mellon turns insights like these into powerful investment strategies. for a university endowment. it funds a marine biologist... who studies the peruvian anchovy. invested in the world. bny mellon. 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. simple, flat rate shipping with the reliability of fedex. connell: the trade is about low interest rates today. the yield down again, investors are betting on qeternity. dagen: santos met at the pits of the cme. sandra: those yields at eight week highs. we are starting to see the speculation in the market really turned toward the fed tapering, possibly sooner than later.
pretty much march is on the table as far as when the fed may taper. a bunch of the market is focusing on ten-year auction at 1:00 p.m. eastern time today. that of cores as i stand in front of the treachery pits in chicago will be in focus. the budget released at 2:00 p.m. eastern, obviously a big market mover. bernanke speaking at 7:00 p.m. this evening. we will be dissecting every word for any signal any fed member may have as far as when the tapering may happen. as we do watch all of this, guys, the markets are starting to price in the biggest chance of a taper in march. if we get any indication that could be happening sooner than later, you might see those yields get a nice bump and the bond prices come down. the market is watching this very intensely right now. dagen: thank you, sandra. connell: sandra smith, thank you.
noodles and company, look at dagen laughing about this. could institutional provider be next up? that is the story. dagen: jeff flock with the cofounder. hey, jeff. jeff: good morning to you. we are delivering your lunchtime order. when you look up in the dictionary the word serial entrepreneur, picture of him is right there in webster's. the founder of this, just the latest thing you found. >> i was the president at echo global, i was on the founding team about a year after the ipo, that ended in 2010, we launched the business in the beginning of 2011. jeff: inner workings before that. a couple of others before that. ipos these days just crazy.
most of them have been notable. in addition to twitter and noodles, potbelly. you are releasing opportunity and you are not shy. >> at the end of the day we are trying to build a great business. jeff: really quickly had to tell people what this is. just expanded in new york. what do you do? >> our focus is to provide awesome food at incredible prices while they're at work. everything from bring restaurants and the corporate space and group delivery programs for small and midsize customers so the key is to set up individual programs for the employers and whatever works best for that location we manage them. >> companies love this because it keeps them at work, gives them opportunities and options.
one of your big clients, we want to watch them get their delivery. i wonder how they do this. it is very well thought out, logistics business, transportation of food, all one business, maybe. dagen: similar thinking. thank you so much, be well. stocks heading for a couple of days of losses. here with more. to these yellen confirmation hearings shift things up at all? >> i don't think so. ithis put them in place down thd where people think it is going to go. the market has priced that in. once she gets in office, when is she going to flip that switch?
you really only have one shot to get this done the right way the first time. you can turn this picket often on a little bit more. but it is going to be very important. that is where they're taking a step back to here there is any information out of these confirmation hearings to see if there is any timeline that will be put in place. dagen: thank you, jonathan. take care. connell: we could be looking at an influx of money into heart health. and dr. manny joining us to talk about it. dagen: cannot wait to talk about it. and here are some winners on the nasdaq. what's better than zero heartb nothing, that's what? that's why i take prilosec otc each morning for my frequent heartburn.
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dagen: new medical guidelines to protect your heart health. the first in nearly three decades by the american heart association could double the amount of people on medications on statins lower their cholesterol bringing the number to more than 70 million people. connell: managing editor for fox news health.com is dr. manny alvarez and he joins us now with more. >> it is still a little bit confusing. people still looking at the guidelines. in the past, the use of lowering your cholesterol was based on numbers. trying to get into a target number is no longer the case. we are looking at risk factors, for sure. if you have any kind of a probability for developing a stroke or heart attack within 10 years you should be on statins.
the second thing is don't worry about so much targeting your bad cholesterol, but if you meet these criteria is, stay on statins moving forward. as you said, this is going to add a lot of people because we have a lot of people that will meet the criteria within a 10 years frame. dagen: are all doctors on board with this? >> they are not. some of them kind of walked away from the process. because look, one of the arguments is for instance america is going to get hit a little bit hard on this because when you were taking medication, say a single drug, and you did not lower your bad cholesterol, a lot of people said let's put you on a secondary medication to see if we can meet the target number. clearly that has not been found to be therapeutic in any way, shape or form for preventing cardiovascular problems.
i understand that. fixation on a number and taking a lot of these drugs that do have side effects and interfere with your metabolism. on the other side of the equation, there are people who have benefited a lot that may need to bring those numbers down to a specific level because of the underlined risk factors of developing a stroke or a heart attack. connell: not made up, but an arbitrary number as opposed to database? >> you have a healthy individual with no risk factors. they don't have diabetes, but bad cholesterol is a little bit elevated, should they be on statins? the answer is probably no. but some scientists are very well in this kind of research saying hold on, bad cholesterol is bad cholesterol, irrespective of how the person is. don't go so fast tone people they don't need certain things.
this will be like the mammogram story unfortunately. dagen: how often should you get a mammogram? >> 40 years old, one to two years you should get it. it's it will be like that. you will prevent more disease. or will you waste more medical dollars? does not give you any health benefits. dagen: bottom line, do you think this will be a better way of treating? >> your folks at high risk populations, and if you look at the data, that is a population that you really have to focus. focus on risk factors for the state of the individual and forget about laboratory numbers. connell: businesswise these companies get more business, right? >> some of them, not all of them. dagen: most of these sessions are engineered.
>> they are going to sell a lot. they are selling a lot. dagen: you have to come back more often. you are great running around buildings. connell: dagen doesn't want you on. >> we are neighbors upstairs. connell: behind the botched rollout, speaking of drugs and health care, the botched rollout of healthcare.gov getting drilled again on capitol hill. dagen: obamacare could put a dent in your estate planning. what you need to know coming up next hour. [ engine revs ] ♪ ♪ [ male announcer ] the mercedes-benz winter event is back, with the perfect vehicle that's just right r you,
kayak. on the day of the launch, president obama should have known the harsh wisdom we've all learned since that time. and that is they weren't ready. connell: and the fallout continues not one but two congressional hearings underway on the obamacare rollout debacle. i am dennis kneale with cheryl casone to take it to the next hour of markets now. officials behind healthcare.gov getting drilled as new reports a website won't get fixed by november 30 as the feds have promise. we are following the blow-by-blow from washington and oddly enough obamacare could alter your estate planning. what you need to know coming up. one county in florida is just thrilled. the next mayor of new york city because the tax increases he wants could drive wall street firms south to the sunshine state. all this and more next hour on
"markets now." well, for the media please, cheryl, obamacare, the gift that keeps on giving. cheryl: these hearings have been fascinating television to watch. rich edson will be covering it, but talk about fireworks. dennis: with president clinton coming out against president obama yesterday. and stocks every 15 minutes, nicole petallides at the new york stock exchange. china giving investors a headache apparently? nicole: economic leaders giving an economic plan and turns out there is skepticism. we saw asian stocks overall dropping on that's news bringing a little skepticism here at home as well. dow jones industrials off of the lows of the day down 48 points at the lowest point, and also here's a look at the nasdaq, the
s&p 500 down fractionally. some names like home depot, travelers have been some winners on the downside. dupont, verizon and merck under pressure. overall, that is what we're looking at big picture. the vix is to the upside, certainly not to telling of a move, however it is higher. everybody is focusing on that as just a thought of less stimulus coupled with weakness abroad and china put a damper on things. dennis: thank you very much, nicole. cheryl: white house chief technology officer says they are making progress on exchanges website healthcare.gov as he and other officials face tough questions from congress. rich edson live on capitol hill with what has been a morning of
true fireworks today between everybody in the room. >speaker that is right, cheryl. it is about democrats and republicans scoring political points against one another and that is not a feature that has been absent from the hearing. questioning the administration into how it could have botched the rollout of healthcare.gov and republicans going after each other. >> they will not answer to a question to the ways and means committee, how many people have signed up. even under a subpoena. i asked to try to rehabilitate your testimony. >> let me be clear that we have staff who will work just as hard as yours. it is not about self-serving, it is about getting to truth. and i would not insult your
staff. >> i wasn't insulting your staff. >> that is how this hearing started and it has continued from here. the administration said it and insists it will be up and running for the vast majority by the end of the month despite reports that have come out recently stating otherwise on top of that the administration says between 20,000-25,000 people can simultaneously access healthcare.gov at once. there is a separate issue on capitol hill regarding the presence promise you can keep your health insurance plan. the house will vote to allow health insurers to reinstate those plans for the private marketplace was it that can be difficult because insurance companies have worked for quite some time to phase out those plans they could take months to allow them to reinstate it. cheryl: now the administration is telling them they screwed up
and their own customers saying you screwed up, some of it may suffer on this. >> they need the website to work because it is not just people being insured. cheryl: thank you, rich. dennis: not only will obamacare neglect people, but it will grab a share of your life insurance if you die. anin estate planning experts wih us now. often at cocktail parties i think there might be a conversation killer, but here we find you fascinating. first, tell me about this. i did not even know 4% of obamacare tax on your estate. what are the details? >> there is a 4% income tax, actually 3.8% of net investment income part of the obamacare tax and it applies to trust and estates in a very onerous way.
first the trust and estate taxable income $11,950, paying the 3.8% tax and thus doesn't sound like much, but for trust and estates of this type, the maximum federal income tax brackets start at about $12,000 of net income. 39.6%, so now we're almost at 44. in addition to that, most states tax the income of trust and estate. often 546% unless you happen to be in new york or california where it can be eight, nine, 10%. i think california is 13. you can push the tax on that kind of income of way up to 50%, maybe more in california. dennis: you have a lot of percentages flying around. 11,000 figure you mentioned, but i thought ordinarily my assets were protected.
up to a million dollars exemption? >> the question on the obamacare tax on income and trust in estates. the tax exemption up to $5,250,000, and for a couple, couple can be worth $10,000,500. dennis: on one hand the federal government is saying it is good to insulate 10 million if you ye a couple from the federal tax when you die, but on the obamacare tax you will slap the tax on any estate income that starts at $11,000 or so, is that right? >> that is right. we usually set up a lot of trust during people's lives, but that trust will attract that tax. it will really lower the tax burden for those trust and estates. dennis: give us some solutions without telling us to hire your
firm. >> the first solution is since the tax rates start at such a low threshold, the answer is to distribute some of the income out to the beneficiaries because these kind of trusts pay tax on income retained within them. if you have $100,000 of income and perhaps descended the beneficiary $100,000, beneficiary could pick up that income tax and the beneficiary would have a much lower, probably a much lower income tax rates because the obamacare tax does not start until $250,000 of textile income for a married couple filing jointly and 39.6% bracket does not start until $460,000 of income. dennis: overall, any estimates on how much money 3.8% tax on trust income as opposed to raise for the government? >> i think it is a few billion
dollars bid which sounds like a lot of money would be for you or me, i am sure, but for the federal budget deficit that is not a whole lot of money. dennis: thank you for being with us. >> thank you very much. cheryl: new york city will be under new management in january. taking the reins of the nations finance capital following to raise big taxes big time. organizations like the business development border loving it hoping for a tax flight of companies in new york going down to sunny florida. the business development, it is good to see you again. you have been working for eating them down to florida for a couple of years now. you must have loved the fact de blasio one. how happy were you?
>> that his music to our ears. he is interested in taxing the wealthy and more interested in recruiting. cheryl: are you getting some extra meetings set up now at other firms coming down to florida? >> our phone has been ringing since july. we have been so excited and responsive for those who have an interest, many of them have vacationed there. they have second homes there, sweden very well in building depth and density. speed on what help you with your argument. if you look at the new york city tax base, top 1% of earners pay 43% of the city's income tax. if you add federal and state to that, kelly, 55%.
another had been coming down, complaining about this but this was before he was elected. what do you think they're going to say now? >> when the phone rings the question about the inquiry is because the taxes are so high in new york city. for every $1 million they make in earnings they'r they are payg roughly $107,000 just in the personal income tax from the state that you don't have in the state of florida. we have a governor who is an economic governor. buthat only uses very affordable tax environment but he has pledged along with many mayors to continue to keep it more affordable and not raise the taxes so we can go after this type of wealth, it is a breeding ground for palm beach county. cheryl: how hard is it to confirm them to come to florida rather than go to texas or other states, even nevada that can offer some of the tax breaks. but as a governor doing in
florida that others are not doing? >> take a look at the state of florida as a whole. tremendous amount of access to capital and wealth that specifically resides in south florida and palm beach county. the governor is out there knocking on doors, following up with the inquiries coming into our county. you take that coupled by mayors who have this warm welcome mat, a governor actually making the pitch and continuing to go out and lower the taxes, it is a big win for palm beach county. we receive about an inquiry every week. what we did not anticipate where the number of people who said i don't know if my hedge fund pilot equity firm will ever move to palm beach county but i want to move to palm beach county so we have been not only collecting names of companies and working with them in our county, but working with a tremendous amount of high skilled employees who wantwant to make that move and putting them into our funds.
cheryl: i don't know what it is like down there, but it is 30 degrees in new york city. stop. thank you, it is good to see you. >> thank you. cheryl: congressional budget office out with its suggestions for reducing the nations deficit. breaking is there. dennis: this you will be one of the warmest on record's, and greenhouse gases are to blame. the free market, not government can fix this. as we had to break, take a look at how energy prices are faring.
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dennis: breaking news, congressional budget office just out with a list of suggestions to reduce the u.s. deficit. peter barnes in washington has the details. peter: a biennial list of options to cut options exercise in offering fuel for partisan battles, but sometimes offers proposals that make it into law. this report has more than 100 proposals this you that total billions in savings in the coming years. for example the support suggests student loans saving over 40 billion over 10 years. reforms for the food stamp program currently under consideration by congress would save $50 billion over 10 years. a cap a military pay increases would save 25 billion over 10
years. report presented today testifying before the house senate budget conference committee meeting for the second time today, that meeting just broke up. he urged the members to be something to fulfill uncertainty holding back the kind of good >> fitting what you think would be best for the country. and would reduce uncertainty about what fiscal policy would do over the next year or two or three while improving or at least not worsening the long-term budget outlook. be a positive factor for the economy. >> the chairs of this conference committee paul ryan anderson it's democrat says they are circling around parameters for a potential agreement on the 2014 budget. both sides hope at least produce bipartisan ways for $90 billion in new sequester spending cuts
that take effect january 1. dennis: thank you very much. cheryl: california not playing a game of chicken. at the center of the farm bill did details on this fight coming up in the west coast minutes. dennis: she is not happy. here's how the world's currency are faring against the old greenback. ♪ she's always been able to brighten your day.
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>> 22 minutes past the hour, your fox news minutes. china's contribution to the philippines need for aid following the deadly typhoon is trailing that of other countries. beijing only offered $100,000 along with a matching amount for chinese red cross. the nation pressing claims the disputed south china sea has strained ties to the country.
1969 painting has set a record for the most expensive artwork sold at auction. three studies sold for more than $142 million at christie's last night. work was sold to a gallery in manhattan after six minutes of fears it in. an early-season matchup of top teams, michigan state beat kentucky 78-74. the tip in with less than six seconds left helped the spartans hold on. and those are your news headlines in the fox news network. ♪ cheryl: it is time to make some money with charles payne. he is looking at online professional network linked in. you are going back to it today. charles: a couple things i want the audience to notice. early on it went positive lead by momentum names.
the big change from the more positive tone of the market. we saw all kinds of headlines. china's economy, fed tapering. they're trying to shake people out. watch these momentum names. linked in is among the best names. i will tell you why, don't think dennis is a big fan of linked in, but real solid businesses really growing and they are profitable. in 97 te, but to have the e part of the p/e. dennis: does linked in benefit of it rises in part because if you're looking for social media play if you like twitter doesn't make money, my social media dollars have to go somewhere, or is it a good company on its own? charles: i think it is a great company on its own and profitable. it is not about the advertising dollar.
not about offending the user, not about easy access or teenage kids not using it. it is not fickle. cheryl: with social media overall i wonder if it is coming off of facebook would be a worry. charles: i am not on linked in either, but i get invites almost daily. if i were looking for a job out probably be on it. those in agency electronic to take these guys over at 50. i will caution, it has been and probably will continue to be a pretty volatile ride. 300 in three months or less. cheryl: california finance self at the center of the farm bill battle waged in congress? on the west coast minutes.
dennis: and the seventh warmest year on record according to the u.n. come up next a guest who says we can solve this tim clime change crisis of government would just get out of the way. let's look at the winners and losers on the s&p. 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.
rescue and big labour in front of the supreme court the latest on the case of how unions organize and betting big on video games, can stock up number 40%, a guest says you should play along. nicole petallides looking at an overall market in a renton and a lot of pressure as well today. nicole: we have a lot of moves on wall street. let's talk about macy's with a new high coming on board quarterly profit. that is a real winner up 9%. priceline $1,118. google also has $1,000 stock. ice intercontinental exchanges completed -- at stock to the upside. the lows of 39 back to the highs of the $50 reached, pfizer knew i'ds, new guidelines on how to
treat collect which requires more jobs so that will watch the jobs. i will go rogue on you because i saw this cool one over here. biotechnology of 9%. check out that logo. i don't know the market cap of this company but that is a huge move. 19%, $43. i will do some investigating. nicole: i like you going rogue. i suggest you take a lunch break since we don't give you one. adam: the world is heading for its seventh warmest year on record but my next guest says this climate crisis could be fixed by the free market. joining me is freedom foundation co-founder karenof. you made a lot of money selling quest software but now you decided to devote million dollars in to this climate
debate. let's start with a basic question. is the climate change thing and actable crisis warranting government intervention now? >> thank you for having me. we believe market is the way to solve energy problems. we can see it already happening with natural gas in the united states. low-cost natural gas is replacing coal, reducing carbon emissions. >> we did 20 year lows because natural gas was so much cheaper than coal and utilities which covers the government action doesn't have to happen but the green activists don't like natural gas even though it is less common remitting and is a safer or greener gas they route to stop it. why is that? >> we believe you have to provide fuel to run the economy to create growth, with lower
cost cleaner fuel, you can't affect climate and increase economic activity. >> you like natural gas as a near-term fix. they see natural gas sticking around 50 years or hundred years or because we have so much of it in the u.s. we are burning off more natural gas than weaken process and use. it is an amazing thing or is it a short little bridge over to the solar and wind? >> it is helpful to know what the future of innovation and energy will be. what we believe is you have to open the market for people to come, compete and innovate. i will give you an example. the u.s. consumer doesn't see the benefit of the natural gas abandon in this country because we go to the gas station, still wheat have of your wallet at the tank. dennis: you say cars have the ability to run on natural gas if regulators would free the option to open up.
>> we believe you can use natural gas to produce fuel for transportation. just like petroleum produces gasoline, with natural gas you can produce fuel like compressed natural gas, methanol and ethanol and other fuels you can use in your existing cars. dennis: our government in the obama era, we are against climate change and want government -- cap and trade. is the government doing enough to unshackle natural gas to let that baby boom? >> the role of government is to enable the market and this is what we are hoping will happen here with transportation fuel as well. >> is government doing enough and what can you do to get government to do it is not? >> we have to peer environment suitable for enabling natural gas to compete in the market
with gasoline and not just natural gas, biofuels and other fuels. we want fuel competition and the government to enable it. >> the government is getting in the way? >> gasoline for cars. dennis: good luck on your crusade. appreciate it. dagen: and clear west coast minute. a congressman is going after a california law and using the federal farm bill to do it. congress is considering appointing dozens of state laws among california proposition 2 passed by voters in 2000 the requiring field tests, steve king of viacom california in bed with radical animal rights groups trying to dictate foreign standards for the entire country. whig are major california
export. setting california home prices flat for the fourth month in a row. machine sales prices range at an average of 3,050 last month. that is a price jump from last year of 28% but sales volume is showing a decline year-over-year. net data showing a decline in gas prices according to aaa. regular gasoline down $0.15, 335, $0.17 above the national average. $0.20 per gallon fall in rico for example, that is the west coast amended. dennis: goliath versus david. 9 broadcaster's sticking their battle against a start up to the supreme court, and details in my media minute. >> game stop on a tear this year. the stock jumping up over 100% over the last year. doubled nubile retailers even at more than doubled. fox business stock radar coming
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♪ when you do what io, iyou think about risk.. i don't like the ups and downs of the market, but i can't just sit on my cash. i want to be prepared for the long haul. ishares minimum votility etfs. investments designed for a smoother ride. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. ashley: ashley webster with your fox business brief.
johnson and johnson agreed to the $4 billion, 75 lawsuits over defective plants. the new york times says the plan could be announced in coming days after court approval. johnson and johnson declining to comment. in seattle 20,000 boeing machinists are voting on the 3-year contract offer forward on the jet program. boeing says its contract is rejected its threat to move the work to another state is, quote, not a bluff. washington state approve $9 billion in tax incentives to blank this week. the treasury $1.2 million of general motors shares. of $29.5 billion bailout in 2009, it has recovered $37.2 trillion. the latest from the fox business network, stay tuned. let
have some stocks that are certainly on your radar. i want to bring it to our viewers radar right now and start with game stop. you save this is accused huge christmas play. was dealing game stop? >> the refresh cycle is just beginning. we haven't had a council of greater in eight years. the new x box 1 is a phenomenal product, and you can't buy one right now. if you tried to order one online they are sold out and when they gone sell the lines will be down the block. we know the demand is out there, waiting for so long and the new additions coming out for the new councils are phenomenal gains. i added chance to play a few of them and the quality level has moved to a whole new level. it is going to be a lot of christmas in front of the tv playing video games, no question about that so the question is how do you faith that. that is where we look at retail.
cheryl: i want to show our viewers in stock, up 139% year over year, a 52 week high today. we have more to go through. something else that is on your stock radar and must operate are today. this is a huge bet with regards to china and mattel but also the turnaround in vegas. >> china is the now kind future of gaming and those markets continue to grow better rapid pace as long as you imagine. it is agreed place to invest your money in different the lincoln companies. secondly, you have an opportunity in japan which is very interesting with it they will legalize deeming very soon and also an advantage in getting the deal but the hotel business in las vegas is coming back and the convention business is
coming back. the room rates of moved up and we see vegas on the mend. not that it is going nuts but is getting better. cheryl: apps to get to walt disney which is on your radar. talking about the fact not only is the entertainment business and doing well but the fact that vote theme park business is going well. stock is up 40% over the last year. what else can we expect? >> disney has good movies in the pipeline. over the next 12 months the really interesting thing is the travel business is doing well across the board and disney can take advantage of that as well as the fact they have a lot going on in china, a parking shanghai will open a year-and-a-half to two years and a new star wars franchise they just acquired which is a gold mine. star wars is going to be huge
and bigger than it has ever been with disney managing the franchise. i have to say as well people, investors should speak to their adviser before they invest in any stock. cheryl: i want to share the last six months is that 1% so you are saying talk to your adviser but what is going on the last six months for disney? >> disney is a seasonal company and tends to make most of its moves at this time over the next six months and it is and kenny how much it does this pattern. i don't worry about disney much during the summer but this time of year is pretty strong. cheryl: i pulled back up earlier, stock is up 40% over the last six months more so over the last year, 3d printing. at some point parents will be printing their kids' toys at home. you think it will go that far?
>> absolutely. first of all the whole process of creating is one of the things that is great for them and with computers they can do so much creating that is productive use of the computer versus a lot of the uses the have now but turning those creations into actual things will be an amazing and a lot of fun and we used to play with record sets when we were kids and buildings and i can only imagine how much funding will be to build so many things that home. it will take time for printers to get cheaper and easier to use for the consumer but it is already being mapped and adopted by companies so 3d printing is a trend we look at as one of the major trends formative trends as we move forward over the next five years. cheryl: is not a lot of people's radar. it is on our radar today. thank you for being with us, appreciate it. >> thank you, appreciate it.
dennis: you are on the east minute, the smart phone tv service reselling their content without paying a cut, blumberg says time warner cable, charter and directv may start services of their own. if they withstand a challenge by broadcasters at the u.s. supreme court the cable guys could get more clout like cbs time warner blackout, picking broadcaster's $3 billion a year but the threat could tap that. the video on weiner owned by disney and comcast said be in talks with big cable to talk about screening. netflix use in similar talks. 50 ships of flop. comcast universal says the movie based on the bondage novel won't come out until 2015, six month delay just in time for valentine's day if you find and
cups and leather masks to the romantic. this after sons of anarchy stood backed out of the lead role in reports he feared 50 shades would turn into a turkey showgirl. cheryl: you are wrong about that. cheryl: hold on a second. gold rebounding after hitting not one month well as copper sinks to the lowest level in three months. we head to the cme and phil flynn. >> in china the gold is lighting up, they were very disappointed in china with his four day communist party leader who was supposed to unleash the capitalistic spirit, redo the chinese economy and stimulate it. chinese people were not very convinced after the meeting, they got back into the gold in a big way. in singapore we saw gold prices restart to storm. is the opposite story for copper
peer. because of the disappointment with the reform talks in shot at it really hurt the copper market. we have seen one of the biggest drops in copper we have seen a couple weeks down $0.07. the thing you have to remember, the physical demand in china for gold really slowed over the last couple weeks, in anticipation that the chinese government was going to unleash the capitalistic spirit, revitalize the economy. that manhattan down the road. some people said the talks failed but we will see more reform down the road but at least initially the market is very disappointed so back into the gold market when you are unsure about the stock market. cheryl: thank you. dennis: the supreme court taking the keys with big implications for big labor. joining me with more from washington d.c. fox news's shannon green. >> the keys could radically change the ways in which unions organize and how they bargain
with employers. in this case the court heard today a florida employer entered into a so-called neutrality agreement with a union agreeing it would not only not fight unionizing attend but would provide access to employees on the property and turnover employees contact information to the union. in exchange the union agreed not -- to back a casino ballot initiative the employer supported which it did to the tune of $100,000. one of the employees' suit and i asked him how he felt when he found out about the deal. >> like i had no value. as an individual i still have my rights and someone can't come in and bargain for me without my being recognized. cheryl: a $100,000 of support to back the ballot initiative the employer wanted to see past is not illegal per se peter: did a great pause to justice sonia sotomayor saying
it had the feel that it could potentially be a bribe what justices have to focus on is the other side of the equation whether the employer illegally give something of value to the union by providing the union with employee contact information by giving access to employees at the workplace and pgreeing to stay neutral on organizing. and injustices indicated use those items as quote makes things of value as the law says the the union's attorney says if so, unions and employers will lose the opportunity to sit down, trade things either side really wants and hand wrapped their agreements in friendly fashion. >> i have been in all kinds of collective bargaining. collective bargaining that occurs after a union gets recognized without a knockdown drag out fight are much better. anybody with experience in negotiations would recognize it is easier to deal with someone you are getting along with an somebody who comes in feeling
they have just been in a life-and-death struggle. >> experts in the theory of law say this could be the most significant legal debate on you the northern -- union organizing in the generation. dennis: thanks very much, shannon bring. cheryl: more obamacare outrage. she was the face behind obamacare literally, now her identity has been revealed, speaking out. dennis: look at today's winners on the nasdaq. we went out and asked people a simple question: how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retirement age. ♪ the question is how do you make sure you have the money you need
cheryl: obamagirl aled, landing the first interview with the infamous phase of healthcare.gov. it turns out she is a citizen of columbia, a permanent resident of the u.s. she released her image for use as a stock fund and never anticipating where it would end. the worst part she didn't get the extra for it. >> healthcare.gov needs justin bieber, shots of me. it aims to rival instagram. this is done by rock live which has also been backed by boxer floyd may weather. that is a nightmare for employment. i got to tell you. check cities across the country struggling with mounting debts, could face bankruptcy.
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pop in the drum of any machine... ♪ ...to wash any size load. it dissolves in any temperature, even cold. tideod pop in. stand out. cheryl: obamaattacks on all sides. i am lori rothman. adam: not want a plea to congressional hearings on the obamacare rollout debacle, a two weeks away. and we learned hackers by targeting the web site. lori: foreign affairs committee investigates secretary of the john kerry pushing diplomacy. that committee's chairman on why he says now is the time to get
tougher. >> car buyers like these days lincoln, edging into the compact luxury crossover market, of the fastest-growing new car segments this hour. we will get behind the 2015. cheryl: don't look now but there are only 41 days left until christmas. tens of millions of americans expected to travel this holiday season, surely shares her tip to help you avoid stress and save money to big city troops. >> going to the floor of the stock exchange, a stop drinking out conditions that if they close in the red will be the first day losing streak this mon numbers are not strong, in the green. and it is up 1.3%. the a