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tv   Varney Company  FOX Business  May 12, 2014 11:00am-1:01pm EDT

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doing what the dow has never done before. already this starting a record. not much of a rebound for the amazons and twitter of this world cared they dropped like a stone. timothy geithner. he dropped a bombshell on his new book. the white house told me to mislead people. we are getting a first look at what you will be paying for healthcare next year. obamacare is very expensive. we will show you this. possibly, the first world mass market drone. marnie and company is about to begin. stuart: look at general motors. a new survey says gm is the worst company to deal with.
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new technologies are threatening. the stock is up $2 at 192. pinnacle foods. stock price is up. phil scheier buying them. $6.6 billion. not a case of big brand names getting a new umbrella. chances are, you have some pinnacle brands in your house. look at phil scheier for a second. they are now down 5%. all right, to the big board. record territory.
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grumbling about an expansion. three months of the year. charles payne is back this monday morning. what do you make of these rumblings, charles? >> ah -- [laughter] stuart: not much. >> we had such an abysmal first quarter that it's easy to say that the second half is going to get better, and eventually maybe one day it will. i look at corporate earnings, to be honest, a lot metropolitan government surveys, and i do like what i'm hearing from executives. typically, these acquisitions thinks corporate america thinks demand will pick up. what i do like, according to the american association for individual investors, bullishness is only 28%. bearishness is a little bit higher and neutral, people feeling this neutral indifference at a ten-year high, 43%. stuart: is that a good sign? >> in a way it is because this is not a market where everyone's buying like the cab driver and everything else. that whole sort of psychology that this market so
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enthusiastic. the average person out there is yawning at this market or doesn't even know it set a record high. stuart: now, you turn it around and look at the stocks badly beaten up, i'm thinking of the amazons of this world, the twitters of this world, way, way down. i think there's a bit of a bounce. look, amazon's up $8. twitter, a bit of a bounce, up 4%. but 33. you know, you made the point last week bifur if candidated -- bifurcated market. those stocks that you're looking at right now, straight down. >> those stocks have experienced the crash that has been predicted for the overall market by a lot of people. that's just a bona fide crash. you know, what's happening today, we don't know if it's a dead cat bounce. i hope peter doesn't get mad at me for using that term. stuart: they will. [laughter] >> probably when the dust settles, a lot of chatter about twitter being taken over, yelp being taken over. stuart: really? >> oh, yeah. listen, these still aren't the
11:04 am these companies are real. you can argue valuations, but they're not going to go away, in the last four weeks they were treated as they were going to go away. stuart: that's intriguing. break away for a second, there's a company called go-go, they provide wi-fi on airplanes, okay? they're up. and, nicole, i want to know why. >> well, we're taking a look here. they came out with their latest numbers. this was a high flying stock, this was one of those momentum stocks that had a very tough 2014. the stock right now is up 9.5% because they came out with their numbers, they've had higher demand for in-flight wi-fi, the stock's up $13 right now. back in he's this was a $35 -- december this was a $35 stock. we also talk about the at&t deal which that's competition, and that's one of the main reasons why we've seen this stock to the downside. stuart: i was one of those cringing at the idea of full
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internet service and all the rest of it on planes. a lot of people know i'm going to new zealand and australia this christmas. that's a 14-hour flight. i don't want somebody sitting next to me on the phone with somebody or anoth away. charles is laughing -- [laughter] >> solitary, yeah, right. i know. it's supposed to be easy going on the plane, rest and read a good book. stuart: don't sit next to me, okay? nicole, we'll be back shortly because the dow's up 96, and you've got a great story to tell, thank you. now, the biggest revelation, what is it so far from tim geithner's new book, "stress test"? the white house urged him to mislead the public, and i'm using a nice word there, when he went on those sunday talk shows. here's the quote from the book: i remember during one of the roosevelt room prep sessions before i appeared on the sunday shows, i objectedded when dan pfeiffer wanted me to say social security did not contribute to the deficit. doug schoen is here, he's a white house insider.
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he's taken part in some of those prep sessions. >> i have. stuart: so, look, i used a nice word there -- >> you did. stuart: -- to mislead the public. you could say that dan pfeiffer told him get out there and lie. >> you know, you could say it, but i think that would be going too far. it happens virtually all the time when you have a cabinet secretary, particularly with the responsibilities for big areas like the economy, where the white house political staff will push as hard as they can to get a favorable spin. this is certainly one of those. stuart: i mean, is it a fact that social security contributes to the deficit? i mean, it does. >> i know that that is true. how much it contributes is a matter for debate. the white house pushed, clearly, stuart, you're right, too far. but as pfeiffer said, look, i don't want to jeopardize our left-wing base. and sadly, stuart, this raises a larger issue.
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politics permeates everything to our detriment. stuart: indeed. >> yes. stuart: now, do you think we might be seeing more books or revelations of this kind? we've got another two and a half years of this administration. there are going to be some slightly disgruntled former officials who do a tell-all. this could be a nasty stream of publicity for the white house. >> it could be if you take tim geithner's book with bob gates' book. it paints an unflattering and unpleasant and, frankly, discouraging and disturbing picture of this white house and how they've played politics with national security, economic policy, and i think you're right, stuart, we'll probably see more memoirs. stuart: it's a long time since you've been on the show. >> i'm happy to come back. stuart: you're still a democrat. >> i am, but it's getting tougher and tougher. i think of myself as a mainstream democrat who does what's right, but when i look at what the obama administration has done and their failures on economic and foreign policy, it's pretty hard to call myself
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somebody who thinks like they do. stuart: okay. that's right, the defense secretary, gates. >> yes. stuart: he had some revelations. >> yeah. he suggested that the policy on afghanistan was made not based on what the general said, but what obama with thought made sense and was palatable. and i think, stuart, goodness gracious, we want our leaders governing based on what's right and what's in the national interest, not what's going to provide short-term political benefit. stuart: there's a very fine line between extreme spin and flat out deception. >> there's been too much flat out deception here for my taste. stuart: doug schoen, thanks for being back with us. >> of course. stuart: rick perry, we reported last month he had lured toyota's american sales headquarters from california to texas, and he did that by offering toyota about $40 million worth of tax incentives. however, an op-ed piece in this weekend's new york times wants this kind of incentive offer to stop. here's the quote. this -- referring to the perry
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giving money, giving a tax break to toyota -- this is about as dumb as it gets. taxpayer money wasted to pay off companies that would most likely have invested somewhere else in the u.s. state governments would be better if they ended the handouts and competed for business in other ways such as making investments in infrastructure or education or offering lower overall tax rates. crystal wright from the wright baker group joins us now. crystal, is the left serious here? they want to stop this competition between states to offer something for business? they want to stop it now? [laughter] >> what's interesting is that "the new york times" is sounding a lot like a conservative publication, you know? lower tax breaks. isn't that what we talk about all the time on your show, stuart? stuart: yes. >> look, i am not for huge amounts of what i would call corporate welfare to toyota, but the fact is the reason why toyota and many other companies are fleeing for texas is because
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texas doesn't have a state income tax. texas has good schools. you know, governor rick perry has made texas a great place to live and work, and companies know that. it's about, you know, employee retention. i am a little concerned at the massive amount of these tax subsidies that the states like, you know, 40 million isn't a chump amount of change, stuart. and it's borne on the backs of taxpayers, you know that, right? stuart: i got that. maybe these economists, maybe they make a valid point. they point out -- and i'm quoting again -- each year state and local governments in america spend more than $80 billion. $80 billion each year on tax breaks and subsidies to attract investment. >> right. stuart: maybe that's -- that's a lot of money. i mean, i can make that point. >> i think it's a lot of money, but we do have to look at the overall numbers. you know, $80 billion is a lot of money, but what do we get on the return on investment?
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i'm always concerned with do we have lower tax breaks for the american people who are living in these states? because as i want to remind everybody whether it's an obamacare subsidy or a subsidy to toyota, that's not free money, folks. but i think in the overall scheme of things, if we didn't have obamacare to deal with, if we reformed medicaid, if we reduced the rolls of unemployment and food stamps, you know, states would have a lot more money too. stuart: okay. charles? >> here's the thing, i'm pretty sure most of these states try to crunch the numbers, "the new york times" pointed to washington state offering boeing a certain amount of money, but aerospace in 2012 in washington state was 94,000 jobs, 73,000 boeing. they paid on average $96,000 a year. the average state income in boeing -- i mean, in washington state is $56,000 a year. so, i mean, if i'm washington state and i'm crunching those numbers and i'm thinking, okay, 94,000 jobs paying people $96,000 a year, and if that goes
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away, all those people are gone, i mean, that's serious stuff. stuart: crystal, you could make the case that texas made a good investment. if they offered 40 million to toyota and they got 4,000, i think pretty high-paying jobs and a brand new headquarters building that's going to sit there for a couple of generations, i think that's good business. >> absolutely. like i said, we have to evaluate the return on investment. and as charles pointed out, i think that's a good return on investment when the obama economy has done nothing but kill jobs, right? stuart: yes, you got it. crystal, where are you right now, by the way? >> i am in richmond, virginia, where i'm from. i always love talking to you guys from my hometown. stuart: it looks like texas. [laughter] i don't know why i say it does. >> it's just as good as texas. we've got good southern ladies here. [laughter] stuart: well, come on back and see us soon. we don't care where you're at. [laughter] thank you, crystal, appreciate it. then we have lois lerner will not be going to jail, so says john boehner.
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next, the leader of one of the groups targeted by the irs, she wanted to see ms. lerner in an orange jump suit. >> i'm not interested in scoring political points. i want to protect and preserve the america that i grew up in, the america that people cross oceans and risk their lives to become a part of. and i'm terrified it is slipping away. ♪ ♪ we're moving our company to new york state. the numbers are impressive. over 400,000 new private sector jobs... making new york state number two in the nation in new private sector job creation... with 10 regional development strategies to fit your business needs. and now it's even better because they've introduced startup new york...
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stuart: i'm going to call it a rally, tt is a close to triple-digit gain. record territory. check the price of gold, actually up again this morning, very close to $1300 an ounce. as for the price of oil, where are we? $100.80. that's where we are. obamacare's sticker shock still coming at you with. new public filing to virginia's insurance regular later has predicted a rise in premiums next year, 2015. for example, wellpoint expects an average rate increase of 8.5%. charles, this is a look into the future what we're going to be paying in the future. why is it going up? >> for a lot of reasons. wellpoint, they talk about two things. they say the health of people
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who were uninsured, the very poor health, they're going to cost the system a lot of money, a whole lot of money. also, it's going to cost them a lot of money, fees and everything associated just with implementing the new health care law. but you also have others, care first, blue choice, their premiums have gone up almost 15%, 14.9%. and this really has worried me probably more than anything else, soaring age of enrollees. they're so much older than before by several years, they said, by several years. so your average age is skyrocketing up. what do we talk about all the time? young people aren't doing this program, and if they are, are they paying? if not, it's skewed so heavily to older people who take the bulk of the services. it collapses on itself. stuart: this is important because these companies are look at who's enrolled in the first wave of enrollment. and they're saying they're older than expected -- >> in poor health. stuart: all of that's going to be paid for, therefore, up go
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premiums next year. the president got it totally wrong when he said the average family would save -- >> it's not looking good. this is the first state, but right now you can call it a yellow, maybe red flag. it's not looking good. stuart: cheer up, charles, the dow is up 95 points. >> i know, if we could just leave the health care thing, we could be celebrating dow 18,000. [laughter] stuart: all right. the irs, it says it will turn over all of lois lerner's e-mail toss the house ways and means committee. becky garrettson is the founder of the what tonka tea party, one of the groups targeted by the irs. becky, forgive me if i ask you a very personal question right up front here. do you really want to see lois lerner go to jail? i ask this because it's very harsh. you put somebody in jail, that's harsh. she's already been declared in contempt. that's pretty harsh judgment for people to make on her, and she's going to suffer financially because she's got to pay part of her legal costs, so it's a personal question. you want to see her in an orange
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jumpsuit really? >> absolutely. these -- what people need to understand is this is a fundamental transformation of our country. and we are losing our liberties to speak freely against our government. and this cannot happen, and she must be held accountable. and i think jail is a perfect place for her. stuart: now, it's possible that this will go nowhere. she's been held in contempt of congress. it's really up to the attorney general to press this thing, and most people say he will not. what do you make of that? >> well, i agree he will not, and i agree -- i believe firmly that we need a special prosecutor for this case. but we're involved in civil litigation against the irs, and if criminal conduct is found through evidence in that case, it can be used in further proceedings. so jail time is not completely out of the question yet. stuart: but you want that. again -- >> i want that. stuart: -- you want this. you want a perp walk, you want jail time?
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that's what you want. >> yes. if the evidence shows whatsoever we know it shows she did violate many rules, many statutes, i believe jail is appropriate. but let's follow the facts, let's follow the evidence, and if she does deserve jail, then, absolutely, she needs to go there. stuart: i just want to draw your attention to a new rasmussen poll, it shows that half of the people polled think that the irs broke the law. now, that's different from just breaking a few rules, broke the law. that's how the poll was questioned. and 57% think president obama's handling, the obama administration's handling of the irs situation requires further investigation. so i think the public appears to be very much on your side even if the establishment media has retreated from the story. >> i agree, i agree with that poll. i would say, yes, they have handled it wrong, they're trying to cover it up saying there's not a smidge general of
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evidence -- thing general of evidence of corruption which is so laughable. but what's interesting is when these e-mails come out, and i do believe we will get her e-mails, that opinion poll will probably go up to 80%. stuart: whoa. okay. you know, in recent elections, primaries in fact, the tea party has not done that well. it's taken its lumps, a couple of setbacks here and there. do you think that's got anything to do with the irs targeting? >> i don't know if it's the irs targeting necessarily. the ideal in elections and establishment candidates, incumbent candidates have money. tea party candidates struggle with that. so i think that is our biggest obstacle. stuart: how are you doing with your tea party? >> we are doing great. in our meetings we have new people every month. we have new people coming in, so we're doing great. stuart: becky, we always appreciate when you're on this program. great to see you again. >> thanks for having me on, it's
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always an honor. stuart: you've got it, becky, thank you. up next, a new drone. it's got all the bells and whistle that is the professional grades have, but this one's geared towards you, the average consumer. we have found this year's hot christmas present. you're going to see this thing in flight. ♪ ♪
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when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work.
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that's not a coincidence. it's one more part of our commitment to america.
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♪ ♪ >> we can argue all day long whether there is climate change and all that, but what is important, i think, as a country we should be developing alternative energies, alternative fuels, and instead of, you know, these ignorant slogans like drill, baby, drill, we need to innovate, innovate. stuart: that was tom sullivan challenging me on climate change. you, viewer, you didn't seem that happy with what he had to say. here's tim, he said this: sullivan has a financial input so he lies. i've got two points. number one, lies, i think that's
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too strong a word for this particular situation. number two, emissions, that's generally taken to be co2s. water is hardly an emission. if you want to get technical, it is emitted from a hydrogen car. that's a little technical for my blood. marvin adds this: mr. sullivan's ideas are a pipe dream. he would not admit to the reality of the taxpayer money obama has wasted on green energy. mike asks this: so when did varney become an expert on climate change? stick to your regular day job. i don't remember saying i'm an expert on climate change, i'm certainly not. sullivan never answered my question about how long it would take for this new technology to produce the power we need. we'll ask exactly that question again later this hour. look at this, it's the latest drone from a company called parrot. this drone has an hd video camera, built-in gps, that of
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course plus rift -- rift capacity, okay? this is not the first mass-produced consumer drone, but in your production meeting this morning, our tech-savvy producer -- he wants his name to be known, eric -- he says this could be the gift a lot of people want to see under the christmas tree. no price released yet, but upwards of $300, maybe $400. $400 for a drone? you could use one on me, couldn't you? >> that is really great. i love it. $400, not too bad. stuart: yeah. you know, that's manageable for a lot of people. >> brookstone has been trying to sell stuff like this forever. i can't vouch for the quality of stuff -- stuart: you're not a drone expert yet. give it a couple of weeks, folks. [laughter] we've got some stocks we follow closely, netflix and facebook -- netflix is up $14 and facebook's up $2. they're still way below their highs, but that is a modest bounce for those two beaten-down
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stocks. here's what's next, the judge and i renew our debate over the bank bailouts. tim geithner says he would have length barclays money to help save lehman. i bet the judge is not happy about that, but he is here, and he's next. ♪ ♪
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is all ready the brand ofstate the year.d
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berkshire hathaway home services. good to know. tour stuart you know, there are somes that are getting a nice bounce today, web stocks that have been beaten down coming back a little. look at trip adviser for example. a 5% move up? that's a bounce, isn't it? sue lily, that's moving higher. it did hit a 52-week low of 29 earlier, bounced from the low. okay, so there are bounces and bounces, up 4%. charles is still with us, he's always with us. and today he's -- [laughter] he's going to make us some money. >> i don't know, judge, did he say that in a good way or a bad way? >> i think he meant it from the bottom of his heart. >> so do i. stuart: sincerity is built into -- >> i don't know how he feels about me being with you, but i know how he feels about you being -- [laughter] >> he's going to like this because his man, his new favorite golfer almost pulled it
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off yesterday, jordan spieth. stuart: yes. >> he wears under armour. stuart: does he? >> yeah. stuart: go. >> i think so. the valuations are a little bit high, but this is a growth name. maybe lurching into that value space. direct to consumer business is huge, they also, though, are opening outlets, i like that. they're going into brazil. great execution. just beat the street by 50%, and stock got hit. i think it's oversold here, maybe more volatile than a normal new york stock exchange stock. i think you can get at least back to $60. stuart: at least back to 60? >> yeah. stuart: on videotape on may the 12th. >> and spieth is going to be in the top three sooner or later. stuart: he's the guy. >> he's amazing. although that guy yesterday, the german, that putt at 17 was absolutely -- the german! [laughter] you know why he said he couldn't stay at number one? the pressure in germany to be great and perfect. stuart: oh. >> i wish we had that pressure
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in america. stuart: all right. the judge is here, got to get to him. revelations from tim geithner's book. the financial times says geithner supported a fed-backed loan to help barclays buy lehman. [laughter] oh, the judge can barely contain himself. >> how about a fed-backed loan to help varney buy apple? it would have made just as much sense and would have had just as much irrelevance to american security. stuart: that's a pathetic paradox. you digress entirely. [laughter] >> had to throw you off. stuart: nice try. if lehman had not gone belly up that weekend in spent, the financial -- that september, the financial crash would have looked very different. >> well, then why didn't we bail them out? why didn't his money-printing colleagues agree with you? stuart: no. it was paulson who didn't agree -- >> suddenly became a free market guy at that stage of his career? stuart: what would have been wrong with the federal reserve printing up a couple of hundred
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billion dollars, and lehman does not crash? what's wrong with that? >> well, you're asking somebody who believes that the very concept of printing cash is unconstitutional, immoral and debases the value of everything else we own. i've led with my chin, so go ahead, follow -- why haven't we had any inflation? stuart: yes. >> because they just keep the reserves in there. it just makes the banks wealthy. they're not loaning it out -- stuart: but if they had bailed out lehman, we wouldn't have had that crisis. >> how would we have paid it back and decided who to save and who to let die on the vine? lehman deserved to collapse. barclays bought parts of it because barclays had the ability to buy it, and now barclays is about to go under. stuart: governments make decisions at times of extreme crisis. they should make decisions in the best interests of their society, their country and the voters. had they stopped the collapse of lehman, we would be better off now. >> but this is a government of limited powers that exists under the constitution, and it may
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only do what the constitution authorizes it to do, and the constitution, most respectfully, does not authorize the federal government to borrow money and incur the debt of the taxpayers in order to bail out failing bankers. stuart: so take them to court, have it reversed, and let's reverse the whole situation. >> it's a very interesting book in which he makes a bunch of revelations. stuart you're trying to change the subject. it is only unconstitutional in your reeding of the constitution -- reading of the constitution. >> yes, of course, in my reading of the constitution. stuart: there you go. >> tell me about the supreme court reading that upheld the constitutionality of the fed, would you? there isn't one! [laughter] stuart: geithner also says he went on these sunday talk shows before he went in on a friday afternoon, there'd be a prep session with dan pfeiffer, for example. >> right. stuart: on one of those -- >> the white house chief of staff or one of obama's senior political advisers. right, right. stuart: he says to geithner, why don't you sort of say that the
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social security situation will not add to the deficit? >> that is a lie. that's an absolute lie, and here is where i support former secretary geithner. he recognized it as a lie. he was horrified by it and refused to do it. i don't remember what he said, but he says in the book that he didn't say what pfeiffer wanted him to. pfeiffer said, quote: this will be a dog whistle to the left, closed quote. i've not heard that phrase before. i guess he meant if tim geithner could say this, the left would love it, and the president would look good. but geithner recognized he can't change basic math, and the burdens imposed on the taxpayer by social security to pay out more in social security payments than you take in in contributions, obviously, adds to the debt. there's no way he could have denied that and been respected as being intellectually honest. stuart: i think we agree on this. >> we do. stuart we came into it with a fierce discussion of lehman and
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came of it -- >> you did a good job today, phillip, we've been watching! [laughter] stuart: how do you know she's not watching? >> when i meet her, i'm going to ask. stuart: don't ask questions of the mama. >> how about the welfare state? stuart: you know what they're saying in my ear? >> enough is enough. stuart: thank you. will[laughter] we just can't seem to get a straight answer. some serious power generation from alternate sources, how long? next, one of the foremost authorities on america's energy situation. he will actually answer the question. ♪ ♪
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up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim.
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we're raising the bar on flying and tomorrow we will up it yet again. ♪ ♪ >> the fda has given final approval for a process prosthett picking up delicate projects. the arm was produced with funding from the department of defense and was head by the investor of the segway scooter. and los angeles clippers' owner donald sterling has apologized for his racist remarks saying they were, quote: a terrible mistake. sterling was banned from the nba
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for life and fined $2.5 million after his comments were made public. the nba is hoping to force the sale of the clippers which would require 75% of nba owners to vote in favor of the sale. and a new survey reveals some interesting facts about what americans have in their wallets. might surprise you. that's coming up next. in, really... so our business can be on at&t's network for $175 dollars a month? yup. all five of you for $175. our clients need a lot of attention. there's unlimited talk and text. we're working deals all day. you get 10 gigabytes of data to share. what about expansion potential? add a line anytime for 15 bucks a month. low dues... great terms... let's close. new at&t mobile share value plans. our best value plans ever for business.
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stuart: we've got a new survey from bank rate. it finds that people are not carrying around wallets stuffed with cash anymore. far from it. lauren has the details. >> i do. bank rate says about one in ten americans have zero cash with them at all times. we're moving towards this cashless society, and it seems like we're completely fine with it. other numbers in the survey said five in ten of us have less than $20. stuart: are you surprised? >> no, not at all. but you know what? there are times when you need to tip someone and you cannot leave that tip on a credit card, when you're in a jam, you've got to split a bill, and the restaurant can't take seven credit cards. how much money do you have on you, stuart varney? stuart: i'm not going to tell you. >> i have $7, but we're coming off the weekend. stuart: that's interesting, one in ten, no cash at all. that is interesting. all right, thanks. positive comments from ibm's ceo. nicole, doing anything for the stock? >> well, we're taking a look, it's up 1.1% this year up about
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2%. what's interesting about ibm is they have to really focus on transforming for the future. and that is what the ceo has spoken about in "the new york times" over the weekend just saying that they are laying out the company, transitioning this company for the next decade, she said, and this is what they're doing. they are the world's largest technology company, and for right now you're seeing the stock just slightly higher. really it's on pace with the rest of the market overall, certainly hasn't been outperforming. they're trying to reinvent themselves in order to remain competitive for the decades to come. stuart: and it's a dow stock which is helping the the dow up 105 points, getting awfully -- >> that's right. and you have some records as well. travelers, 3m, the dow jones industrial average itself set a record today. stuart: nice way to start a monday, nicole, thank you. several guests on this program recently i've asked them explain why they believe the keystone pipeline would do more harm than good. well, here's actually the question that most climate people really have not been able
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to answer for me. if we invest in alternate energy, solar and wind, and we put some serious, huge, tens of hundreds of billions of dollars into it, how long before we see a real big increase in electricity generation from solar and wind? manhattan institute's senior fellow robert bryce joins us now. i've asked everybody. >> sure. stuart: and they keep saying, oh, if we just do this, we'll have it tomorrow morning. that's not true. we put $100 billion or more into wind and solar, how long before it makes a serious contribution to juice? >> well, that's the key question. and what we've seen already in europe is this huge investment, germany spent over $is 00 billion -- $100 billion subsidizing renewables since 2000, now they're building coal-fired plans. spain incurred $35 billion in new debt subsidizing wind. and so what i write about in my new book is talking about how the innovation is not just happening in renewables, it's happening in oil and gas as well.
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stuart: so you say if you look at the old fossil fuel business, you can innovate there and clean it up? >> well, absolutely. look at what we've seen just since 2005. lee raymond, the ceo of exxonmobil in 2005 said there's no more gas to be found in north america. we're going to have to build the alaska -- stuart: who said that? >> president and ceo of exxonmobil, a pretty savvy outfit. but what happened? we saw a revolution in shale gas production. why? because oil and gas rigs got lighter, they got more powerful, they were able to drill deeper, and what's been the result? cheaper natural gas which has been an incredible boom now for the u.s. economy. stuart: are you saying that solar and wind are almost irrelevant because they will not generate the kind of juice that we need and that our efforts should go the other side of the coin on the old fossil fuel area and innovate there? >> look, we're seeing innovation across the board throughout the energy sector. i write about a company in the book that is a remarkable company based in pittsburgh
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using saltwater as an electrolyte for battery storage. i write about a company based in tulsa that has changed land-based drill rigs for the better, made drilling much faster. look at what's happening in ford. alan mulally, remarkable ceo. what did he do? the one-liter ecoboost engine has named the number one engine two years in a row. it produces high-powered density which is what you want in energy production and consumption. the one-liter engine produces something on the order of 93 million watts per liter. stuart: what was that bit about storing electricity in saltwater? >> well, it's a saltwater electrolyte, so this company, the founder, jay whitaker, came out of carnegie mellon university, and he developed a new battery that's much cheaper than existing batteries. now, it's not going to be used in your cell phone or in your car, very heavy and very large, but for grid-based storage has a
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lot of opportunity. stuart: see, as i understand it, you can make all the juice you want from wind power, but you can't store it. >> well, and that's the key point. i'm not bullish on wind. i'm bullish on solar. i have solar panels on the roof of my house. the cost due to innovation, it was $20 per watt in the 1980s, now it's less than a dollar a watt. how this innovation is raising living standards all over the world. stuart: can i say this? solar and wind will not replace oil, natural gas, fossil fuels for generations to come, is that accurate? >> well, i think it's clear. if oil didn't exist, we would have to invent it. there is nothing else that comes close to oil when it comes to that point. it's a point, again, that i'm making in my new book. stuart: what's the name? >> smaller, lighter, denser, cheaper. stuart: that's an extraordinary hi long title. [laughter] >> you need an acronym?
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>> smaller, faster,((roñ lighte, denser, cheaper. it's this trend ongoing for decades, improving living standards all over the world. stuart: robert bryce, thanks for joining us. a new device promises to make your next trip to the dentist virtually painless. we've got the dentist who invented it, the machine, the badge jet, it's here. and he's next. ♪ ♪
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when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more part of our commitment to america.
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the numbers are impressive. over 400,000 new private sector jobs... making new york state number two in the nation in new private sector job creation... with 10 regional development strategies to fit your business needs. and now it's even better because they've introduced startup new york... with the state creating dozens of tax-free zones where businesses pay no taxes for ten years. become the next business to discover the new new york. [ male announcer ] see if your business qualifies.
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stuart: i'm sure you all know when you o to the dentist and they stick that needle into your gum to deliver the novocain, it can hurt, can it not? well, there's that new device on the market that is aiming at taking that experience and making it much less painful. the product is called dental vibe. it works by vibrating your gums to reduce pain during an injection or a procedure.
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the man behind this device, dr. steven gold berg, is with us right now, and he's got the device in his hand. okay, doctor, before we go any further, start the thing up, will you please? >> here you go. first of all, thanks for inviting me, stuart. stuart: you're welcome. >> here we go. i'm going to place it on your hand so you can feel the vibration. this typically would be placed in your mouth. it's pulse vibration. stuart: yeah, i feel it. >> if i was to poke you like this, you feel this here, but as i place this here and poke again, you're just feeling the vibration -- stuart: that's a fine selling job, doctor, that was a fine selling job. you maintain that putting that right inside my gums, for example, and then you inject the novocain, i don't feel that pinch when the needle goes in. that's your claim. >> exactly. stuart: how many have you sold? >> we have 4,000 on the market right now. stuart: on the market. does that mean they've been sold? money paid? >> absolutely. stuart: by 4,000 dentists? >> the price is $695 apiece.
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stuart: hold on a second. i'm rounding that up to $700 apiece, 4,000 -- you bought in $2,700,000? >> yes. stuart: what portion of the market have you got? >> we're 2.5% right now. now, those are the innovators. those dentists are purchasing new types of equipment. they're excited. what we're trying to capture now are the early adopters, and that's who our focus is right now. and we're selling hundreds of these per week right now. stuart: hundreds per week? >> absolutely. we're estimating anywhere from 15-20,000 by the end of the year. stuart: so the dentists use this as a selling point, we have this vibrating thing which will cut the pain of the novocain injection. >> exactly. the real issue is people are afraid of going to the dentist. they have a great fear of the dentist, and the number one fear by washington university dental school is the fear of pain. but what you really think about,
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what really hurts in the dental office? not the drilling, the it's the injection at the beginning of every appointment procedure. that's the part that i tackled and overcame by designing this product. stuart: not bad. an out of sight selling job that you just did. so you've got 4% of the market, you're aiming for a lot more, obviously. as a private company, you invented it, it's your company. >> part my company. at this point, i had investors who were patients of mine. stuart: you've been prepped. you know the question. would you sell tomorrow morning for $100 million net to you? >> $100 million? yes, i would. stuart: thank thank you! i'm out of time. i've got to go to a hard break. we'll be back in a second. there are i ys say be thman with the plan but with less ergy, moodiness, i had to do something. i saw mdoctor. a blood test showed it was low testosterone, not age. we talked about axiron the onlynderarm low t treaent that can restore t vels to normal in about two weeks in most men.
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axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women, especlly those who are or who may become pregnant, and children should avoidt where axirons applied as unexpected signs of puberty in children or changes in body hair or incased acne in women may occur. report these symptoms to your doctor. tell your doctorbout all medical conditions and medications. serious side effects could include increased sk of prostate cancer, worsening prostate symptoms, decreased sperm count, ankle, feet or body swelling, enlarged or painful breasts, problems breathing while sleeping and blood clots in the legs. common side effects include skin redness or irritation where applied, increased red blood cell count, common side effects include skin redness headache, diarrhea, vomiting, and increase in psa. ask your doctor about axiron.
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stuart: look at that market. a nice way to look at the week. investors may be anticipating
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big, political change. we have grover norquist with us today. look what he found. massive tax hikes. look at the astonishing report. the craft beer industry is joining us. having a hard time competing with the big brewers. this is, by the way i'm a craft beer week. if you don't get an upgrade, watch out. we have a lawyer joining us. i will bring you up to speed. this is the northern part, only much, much worse. ♪
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>> it happens virtually all the time when you have a cabinet secretary, particularly with the responsibilities on big areas like the economy. the white house political staff will push as hard as they can to get a favorable spin. stuart: that was doug shoen. white house insider. we have a political guy in the white house. he suggested that social security did not add to the deficit. elizabeth macdonald is here. this is a political guy in the white house saying to timothy geithner, get out there and say that social security did not upset the deficit. >> go on television and say
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social security would not answer this deficit. it would go upside down starting in 2033. he was quoting the president as saying social security is not an untouchable fund. social security does not affect the deficit. >> that is not true. this is in and around the presidential election in 2012. social security will upset
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voters. do not go on the air talking about that. stuart: priceline is taking a beating. look at pinnacle foods. phil scheier buying it. nicole: this is a big deal here. take a look at the stock. local foods, a new high. we are also watching hillshire foods. it combines names that are huge.
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it is a big collaboration. the number three player in frozen foods. >> a lot of these brands are that you see, they are all one company umbrella. three or four multinational rand conglomerates that come together. that is the way it is. nicole: better or worse. you go to the supermarket every single day. stuart: yes, i do. i think we are done. the dow industrials now. exactly 100 points higher. the dow is awfully close to 16,700. businesses on the travel website trip advisor are seeing an
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increase in the number of direct blackmail threats by negative reviewers. customers are threatening that reviews. you go to a hotel and you say unless you give me an upgrade, i will give you a bad review. poor alan leavy is our go to guy god on the legality of reviews and websites. welcome back to the program. it is good to see you again. there are people who go to a hotel and say, look, i want an upgrade. if you do not give it, i will put a bad review on trip advisor or somewhere else. that is blackmail. >> it certainly sounds like it. >> there is a huge increase in this phenomenon. i wonder about that. how would you know?
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how would you enforce that promise? maybe that happens. it is certainly outrageous for people to do that. yes, maybe it happens. stuart: what do you make of the reviewers that is being sued by a company after making a negative review on amazon? this is a free speech issue, it seems to me. >> it is. i would not overstate what is happening. they sent him a demand letter. the overwhelming reaction online
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was so over-the-top. the company looks bad. reports that amazon did not think that it was appropriate. stuart: do you think we will ever reach a point where negative reviews are banned from the internet? >> no. not anymore then you would want to ban positive reviews. consumers have their there. it is a mistake both on the part of the hotel administration. i think ben -- when i go on trip advisor, i certainly go there when i am going to a city that i do not know, i do want to know
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how people have thought about it. a single negative review does not chase me away. does this person have standards that are unrealistic? do they just have a strange, bad experience? if i see lots of one star bad reviews, i think that is a little bit of a pause. stuart: welcome back to the program. good to see you again. check the big board. one hundred-point rally. obamacare headlines. nearly a half billion taxpayer dollars spent in massachusetts, oregon, nevada and maryland.
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a new poll says only 12% of people consider the president's health care law a success. that is only 12%, liz. liz: that is estimate all. it is pretty irreproachable. a record 55% of those surveyed disapproved of health reform. stuart: 12% think that it is a success. >> right. the story prior, those four state exchanges, they are now turning to the federal government for help. nearly $5 billion is going towards helping to fix these exchanges. that is federal taxpayer money.
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you wonder where the money is going. stuart: one does. a startling new number. startling to me. about sales in the u.s. 43% of all home sales were all cash. the investors, empty-nesters, foreigners, they are a fan of the ones buying up this real estate. four more on this, let's bring n the vice president of davis and young. >> it is concerning. stuart: were you as shocked as i was? >> nearly 50% are all cash.
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there are a lot of investors in the marketplace. mom and pop investors -- stuart: the mom and pop investors of this world, they are smalltime operators, maybe one or two. >> right. stuart: they are the ones. they've got the money. in they go. >> that is right. huge. we saw 57%. stuart: that is foreigners. >> and all cash buyers. they are trying to get money out of their country. real estate is a very safe place to park money. it concerns me because the first time homebuyer home buyer is the beginning of the housing food chain. if the first first-time home
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buyer is not buying a home, that person is not upgrading. they are very important to the housing recovery. warren buffett said last week at his annual berkshire hathaway meeting that he is so surprised at the housing slowdown. i am not surprised. we have been talking about this for months. stuart: the traditional buyers of first homes, they cannot get a hold. >> they cannot get a home. there is strict lending, obviously. affordability is a problem right now in america. with the affordability issue, foreign buyers coming in from china and russia, there is no place for the first time home buyer. they cannot compete, stuart. stuart: what are you saying,
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that is bad news. >> there is a serious problem that may be a threat to the u.s. economy. we need to figure out how the first-time home buyer can compete. right now, they are not competing. stuart: small independent beer brewers making an independent product. one of the craft brewing industries leading voices will join us next did this is craft beer week. ♪ read solo cup ♪ i fill you up ♪ let's have a party ♪ let's have a party ♪ i love you read solo cup ♪ i lift you up ♪ proceed to party ♪ proceed to party ♪ ♪
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[ dog barks ] ♪ [ male announcer ] imagine the cars we drive... being able to see so clearly... to respond so intelligently and so quickly, they can help protect us from a world of unseen danger. it's the stuff of science fiction... minus the fiction. and it is mercedes-benz... today. see your authorized dealer for exceptional offers through mercedes-benz financial services.
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stuart: we have been showing you the web web stocks that have been beaten down lately, but they are coming back a little bit today. facebook has a 3% gain.
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not a great balance, but we will take it. forget the clippers. looks like the brooklyn nets are the cash kings of the nba. >> looking to sell its stake in the brooklyn nets valuing the team at $1 billion. that would be a record in the nba. they play the heat tonight in the playoffs. it is a higher valuation now. two years in brooklyn. stuart: you say that jay-z is a part owner of the brooklyn nets. is that accurate? >> not anymore. it is 20% owned by the investment bank.
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stuart: i was not expecting that question.thank you very much, l. small growth in the craft beer industry. now $14 billion per year. that is a very small fraction of the overall beer market. how do you compete with the big guys? kicking off the stock of the american craft week. welcome to the program. >> thank you for having me. if craft beer is $14 billion, what was it five years ago or 10 years ago. stuart: you really must be competing very well with the budweiser's of this world.
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it is pretty good performance. how are you doing that? >> i think it is pretty relative. you can take the sales of wine in the sale of beer and combine them to match the sales of beer. craft beer is only 7% volume still of that overall beer market. >> your problem, i would take it, is distribution. you cannot get it to me. distribution will be a big problem for you. >> sure. distributors are working very hard. access to market is a challenge for the small guys and girls that do not have ownership of so many of these distributors. do you really want it to become a national brand?
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>> we love to see 20% market share. i think it is very reasonable. you need a balance between not. we like to see that balance by the localization of your movement and having access of all products in the u.s. stuart: are you allowed to give it away? >> sampling in different states is legislated very differently. >> very many few places that you can stand on the corner and say here is a taste of beer.
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stuart: thank you for joining us. we will see you again soon. ♪
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when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more part of our commitment to america. is all ready the brand ofstate the year.d
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berkshire hathaway home services. good to know.
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stuart: still to come, grover, as in norquist. look at what he has found. tom brady california mansion stole $450 million. dr. dre bought it. do you remember the northern spotted owl? it was declared endangered. the owls do not like the sound of a chainsaw.
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fast forward to today. a bird that is endangered. here is my take. the feds want to put it on the endangered list. if they do, it would make it pale in comparison. 160 million acres across 11 states. how can it be in danger? numbers have been declining. something must be done. declare it endangered and the full range of federal regulation swings into action. energy, mining, agriculture, even wind and solar would take a hit. can you imagine the paperwork alone. heaven forbid it nests on your turf. first, it seems incredible to me
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that we would even consider shutting down economic activity over such a wide area. maybe the states, rather than the federal government, could do a better job of conservation. i would have thought that the people along montana snowboarder than the people along the beltway. the federal fish and wildlife service is reportedly leaning strongly to declaring them endangered. the 11 states that would be affected, most lean heavily to republicans. why should this administration care about its political opponents. they never have in the past. i leave you with this. elections have consequences. that is true of the past and it will certainly be true of the next two on the calendar. ♪ we're moving our company to new york state.
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the numbers are impressive. over 400,000 new private sector jobs... making new york state number two in the nation in new private sector job creation... with 10 regional development strategies to fit your business needs. and now it's even better because they've introduced startup new york... with the state creating dozens of tax-free zones where businesses pay no taxes for ten years. become the next business to discover the new new york. [ male announcer ] see if your business qualifies. wbecame your business. passion... become the next business to discover the new new york. at&t can help simplify how you manage it. so you can focus on what you love most. when everyone and everything works together, business just sings.
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let that phrase sit with you for a second. unlimited. as in, no limits on your hard-earned cash back. as in no more dealing with those rotating categories. the quicksilver card from capital one. unlimited 1.5% cash back on everything you purchase, every day. don't settle for anything less. i'll keep asking. what's in your wallet? stuart: i am not sure this deserves a news alert. lauren, how much? >> 80 million u.s. dollars. that is a lot of money. a hotel probably bringing in even more money.
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you would have to love r&r if you are staying at that castle, the house of dracula. the nearest town is at least a mile away. the issue with that, they need a lot of investor money, the issue is it does not have bathrooms. i am not sure exactly why. romania. transylvania. stuart: of course. thank you for that story. maybe worth a news alert. you have my interest. no bathrooms. more big names. monster beverage is up. $70 a share on monster. web stocks getting a bounce today. up 4% at 159. americans for tax reform has some new numbers out on tax rates in states republican
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versus democrat. there is a huge difference, ladies and gentlemen. we have grover norquist in the studio. in new york today. paying a rare visit. i will give the numbers. i think i am right in saying that in states with democrat governors, taxes have gone up $58 billion. >> that is correct. they are moving in different directions. we now have 24 states. thirteen states like california, illinois, maryland, the democrats have legislature and the governor.
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they cannot stop tax hikes. illinois is the worst state. right behind it is maryland with 12 million. when you have united government, it can either go for lower taxes or higher taxes. the 50 states are really separating out over the next 10 years. the red states will tend to stay red over the decades. stuart: that is an extraordinary observation. >> taxes are cut in red states.
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stuart: you do not think so. >> it is healthy. when the federal government does something stupid, it is hard to tell. when illinois raises taxes rather than reforming pensions and indiana reduces taxes and reforms government, they are right next to each other. you can see what works and what does not. >> the "new york times", we have to stop this movement from one state to another. toyota moving from california to texas. the governor of texas gave them tax breaks. they do not like that. they think it is wrong. they do not want this competition. >> you will see more complaining like that.
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they do not like the embarrassment that is blue states failing. they will try to end the competition. up. are they economically worse off? that state? can he make that judgment? >> the direction is yes. they started with an advantage or disadvantage. what you want to look at, you will see taxes get better and better, also other states which only recently became red states like ohio, michigan and wisconsin. they started in a pretty bad situation. they are getting better. >> talking about companies getting criticized for moving
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one state to another to reduce their tax bill. democratic politicians have moved to other states. >> good examples help compete against bad examples. over time. stuart: how long do you think it will be before california rejects high taxes? >> it could be a california situation because they have gone so far down the road. there are other states that i think could turn things around.
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stuart: if you throw it into the mix and look at states which are exploiting their own energy versus those that refused to do that, you have another divide between success and failure. stuart: triple digit rally. up 101 points. new record for the dow. sixteen, six a4. rumblings of a bounce back this quarter. we will see about that.
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the real halftime report. we will discuss it. it is next. ♪ i'm randy and i quit smoking with chantix. for 33 years i chose to keep smoking... ...because it was easier to smoke than it was to quit. along with support, chantix (varenicline) is proven to help people quit smoking. it's a non-nicotine pill. chantix reduced the urge for me to smoke. it actually caught me by surprise.
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biggest names in frozen food. pinnacle up on the news. wishbone, log cabin and birdseye. lifting online traffic and sales. applesauce 24% increase in online sales. more bad news for gm. a new survey. gm is now considered the worst automaker to do business with. suppliers gave gm low marks. ♪ so ally bank has a raise your rate cd
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i am sorry. scott. i am sorry. i got this completely wrong. scott. >> i think maybe a little bit. we still may have some problems. we do have the stock market at all time highs. show me some good economic numbers in a row and i will start believing it. 264 is not something we can hang our head on yet. stuart: any kind of serious bounce back yet? >> they run up hot and heavy. buyers off almost 9%. twister hit lows recently. facebook would be another
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winner. also, put netflix in there. they raised their prices. you are seeing the group running hot. very, very nice performance. great stock today. that is the good news. we have seen social media being beaten down. the transports are up 6% for the year. that is an economic indicator. stuart: general motors. auto suppliers. liz: the stock is moving higher. the suppliers also are saying gm is getting a lot of cuts out of them. they do not like that. maybe that is good for gm's bottom line.
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stuart: next to keith. >> innovation at apple is long gone. if jobs were still alive, he would be pushing out a product that redefines headphones. you are talking about a fashion icon in music business. in less they have something they see that the rest of us don't, i have a hard time buying this one. stuart: states which offer businesses incentives to move to their state and bring jobs with them, they say that is dumb. referring to toyota moving out of california and into texas. what do you say about that? >> i think that you are right. i am in the middle of it right
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here. a $9 billion budget deficit. so, we have signs back and forth. i am not concerned about those businesses. i am concerned about the ones we don't even get to look at. that is the bigger story here. stuart: you won't leave chicago, will you? >> i will leave chicago. >> where are you going? >> within 25 minutes, you can get a house on lake michigan where you can still get to chicago. stuart: i thought you were a chicago guy and you would never leave. all right. aly baba. they filed for an ipo.
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>> you are talking about something that controls an extraordinary 2% of china's gdp all by itself. this one i am actually very excited about. real revenue backing this thing up. >> all right. a very lively session today. thank you for the real halftime report. we will see you soon. rapper. dr. dre spending a lot on a california mansion. >> oh, my. ♪ (mother vo) when i was pregnant
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is all ready the brand ofstate the year.d berkshire hathaway home services. good to know.
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♪ stuart: you will like this if you are just tuning in on a monday morning. then we have rapper turned entrepreneur doc or dry.
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he put in an offer on tom brady's mansion. cheryl casone has this story. cheryl: the home was just listed at the end of april. dray went in. this is footage that was shot just this morning. a helicopter happened to be out in the brentwood area. the full completed mansion. this is decorated on the interiors by the brady family. you can buy this for $50 million. he does not want that. it is a 14,000 square foot home. the gym is stunning.
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i cannot legally show you the pictures of the interiors. the gym is a professional bio jim. it is a full branch mansion. they bought the land back in $2,008,411,000,000. the overall price is $40 million of what they spent. stuart: they built it. spent maybe 30 million building it. $40 million out the door. >> writes. cheryl: no response yet from the company. this is what every realtor in l.a. is talking about. >> is it possible that dr. dre,
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right after these talks were mentioned, apple reportedly talking about buying beads for $100 million. could he have jumped the gun? >> a lot of people think that that deal with go through. >> i think that apple will make money. it is my opinion. i will say this, nothing has been signed yet. they know him. it is a comfort level there. this is a very small pool of people around the world that can go in and buy this property if you are looking for something in
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l.a. they are verbally committed to him. nothing has been signed. we do not have confirmation that this will happen yet. i asked that as well this morning. this whole deal could fall through. he started looking at this right after, we believe, right after the apple deal began to take shape for him. talk about jumping the gun. i guess he was excited. stuart: another hot property. your take on the cash that you carry around on your property. ♪ we're moving our company to new york state.
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the numbers are impressive. over 400,000 new private sector jobs... making new york state number two in the nation in new private sector job creation... with 10 regional development strategies to fit your business needs. and now it's even better because they've introduced startup new york... with the state creating dozens of tax-free zones where businesses pay no taxes for ten years. become the next business to discover the new new york. [ male announcer ] see if your business qualifies. ♪ >> i think of myself as a mainstream democrat who does what's right, but when i look at what the obama administration has done and therefore is an economic and now for policy,
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it's pretty hard to call myself somebody who things like they do. charles: that was former clinton advisor response to my question "are you still a democrat"? yes, he is, he says, but it is getting more and more difficult. and here is your take on the rest of the show. three out of four americans who carry less than $50 cash in their wallet, she says i don't carry cash because then i cannot keep up with where i spend it. buy on plastic and you have a record. both learner's affect the lives and worse the freedom of speech of thousands by targeting conservatives. jail her. liz, quickly now, we had becky on the show who says yes, jail her. i think that's a little harsh. you say? liz: i understand the anger. i think it is harsh.
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you want to get a civil action to get information out of lois lerner to find out what really happened. charles: here is geared to bolton. deirdre: thank you very much, stuart varney. our top headlines for you, if you receive a state pension, you are invested in state property whether you like it or not. attorney record $130 billion to pension funds. and if you watch tv or use the internet, net neutrality counts. regulators are not separate in web traffic into fast and slow lanes, for now. more what that means for you and companies such as netflix and google coming up. and a bet on your impatience. betting on a new order ahead. what the decision says about the business for mobile payments.


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