tv Cashin In FOX News July 30, 2011 8:30am-9:00am PDT
and a lot more tension pointed out in wall street. i want to stress that is going to be the asian markets and the first indication of how they are reacting midday tomorrow. we'll monitor that because we'll be here . a special edition of your world will be coming to you for that. and keep in mind. the only markets that are open today are those in saudi arabia and that market is down one and half percent and falling more on the fear was a global slow down evidenced of the united states with a weak economic number and we could be going from bad to worse. the economy is dictating the course of events here and people are saying in the middle east and across the globe in europe and we have a lot of big buyers of our debt. they are number six on the debt buying list of our
country and if things look like they are going south for the economy they mate be less inclined to buy. there is a lot of drama here and how that is factoring out on whether the talks get done or not. chad is the producer here and monitoring how the house is going through with this . i guess, chet, the house starts kicking harry reid's camp down the road. >> they are going to do a bill that harry reid hasn't sent over to the house. but it was a proposal he cooked up that was not passed by the senate and it is the reid bill it is from the republican congressman from california . this is elements of what harry reid put together. it is tit for tat. >> house passed the bill and reid killed it and they will kill what reid proposed.
>> they are voting on a shell bill. >> like what you are doing atime. >> and there is no way it will pass. they are doing it under suspension of the rules. meaning you need a super majority to pass it. this is no way it will get that. a lot of democrats don't like the proposal. >> where is this going? >> what is interesting is that the house and senate are talking past one another and not closer to forging a deal. the last hope is harry reid trying to get seven or eight republican senators involved. lisa murkowski of alaska and get them to sign on to a package and send it back to the house. john boehner has a deep problem in the house. they could lose 23 republicans before they needed to rely on democrat support and they lost 22 on that vote last night.
>> how much is that the theater of saying if i need to, i hope you will be there. but in the event i don't vote no. >> there was some of that going on. in case of emergency breaks glass. there were three or four. scott, republican freshman from south carolina and tray gaudy sitting in the center aisle and kevin mccarthy was waiting and they hadn't voted yes or no . as they had the votes they voted no. if they needed them maybe particularly in the case of scott. another one tom lath amfrom iowa who is running against another member. he is running against boswell and john boehner is one of his best friends they go to dinner together and vacation and couple of nights he voted no and he was the last guy in the house to cast a no vote.
>> well said. thank you very much. it is enough to make you cynical and jaded on life . enough to make everyone. don imus, yeah, he's next. premiering the revolution by lg. the newest release with verizon 4g lte. the first phone pre-loaded with access to netflix's massive movie library. powered by verizon 4g lte for an unparalleled streaming experience. see how mobile entertainment was meant to be seen. only with verizon 4g lte. now get the revolution by lg for $199.99 and receive 3 months of netflix free. vietnam, 1967. i got mine in iraq, 2003. u.s.a.a. autonsurance is often handed down from generation to generation, because it offers a superior level of protection and because u.s.a.a.'s commitment to serve the military, veterans, and their families
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>> i am thinking here in washington who could illustrate and demonstrate the jaded, cynical negative carping and needlesslyy critical mood on the hill than one radio icon named don imus from fox business network. donald, good to have you, thank you for joining us. >> is that ben qualye related to dan yqayle. >> and how are you. >> i heard you . i ignored. it. what do you think of what is
going on here? this is cynical as it gets? >> i think it makes a good tv everybody i talk to on the ranch here and albuquerque and the crew, no body, the only people following this are people sitting at home wearing the pin head and patriot and heating up macaoni. this is nonsense it is a television show and called budget brawl and it is great and we all love you and get the information for you. they'll make a deal. if they don't, they don't. >> you don't think it is different they make a deal and this time our debt is downgraded that the cynical view sort of gets hyped up a little bit? it is different this time. >> if you had a neighbor that was 14 and half trillion dollars in debt and the neighbor said look, i can't pay that back. but can you let me borrow more
so i can pay my bills. you would have him locked up. no one is taking it seriously than you and that dope barney. wake up. we are out here in the reall world. >> you are no more in the real world than the man on the moon. you no more understand real people. than the man on the mood. you are not driving anything except for from the back seat of e limo. >> i drove my f-150 pick up that is pack up. >> you are lying. >> you have a driver waiting inside and that's what you are doing. you told a lie on national tv. >> i am driving the truck. >> okay. let me ask you about this and you are open and honest talking about your previous addictions and drugs and
alcohol, and i kind of liken what is going on in washington in a similar way to addiction to spend . never get over it. one of the things i offered a couple of days ago, i want your reaction to it. washington needs a wake-up and if it is a down graped thradoes it cruel as it sounds, it is a wake-up call of doing that to an addict. what do you make thav? >> why do we have to use unfortunate events in my past and when i did cocaine and vodka. >> you did more than a couple of lines. i am using you someone down and out on the ground and slurring - like a phoenix. >> we need to send the country to rehab. >> rehab might be a downgrade in our rating because we don't
deserve it. do you agree or disagree? >> i don't think the american rating companies are going to downgrade the country's ratings. >> why do you say that? >> i don't think they will. in the spirit of doing business and i just don't think they will . i think some deal will come out of dope harry reid and the folk senate will come up with a deal that will not include taxes and the president has no deal . the deal that boehner passed that was absurd. only thing he didn't do was cry which would have made it entertaining. a deal will come out of the senate and something that harry reid and the clowns put together. >> if they come up with that deal, don and we sort of take another pass, it is like giving a hit to the junky . i don't mean to say that in terms that you are not
familiar with. you haven't helped the junky. you haven't helped it at all. we'll revisit it and play the same old game and not helping that person or institutional version of the old don imus. >> we have raised the debt ceiling a hundred times. we are just doing it again. so, it is not like we are doing something new. >> i know. so you disagree with what i am saying? >> yes, i do. stop whining about you can't hear it is new york and hot in washington d.c.. you have a curby job and multimillionaire and pipe down. >> your show is all devote to whining and i ordered my jact and it is late in the mail. forget about it. it is an honor and pleasure. did we like imus today. not a one of maybe a couple
liked it. thank you, don. i am always hear for you, keep that in mind? >> good luck in the back of the pick up as the driver takes you back to the front porch where you scare the kids. don imus from new mexico. we have the brookstone ceo. all kidding aside. imus hits on a key point. they will hit on a key deal and kick the can down the road . it is one thing to comment on it . it is another thing for a guy like you who has to lead a company and entice customers to move on from it. >> it sure is, neal . i think don is not the only cynical person in america. consumer confidence is at 58 compared to 111 a year ago . 9.2 percent un.
congress manufacturing a repeat of the 2008 holiday season. it was not a manufactured event thing. today it is a manufactured crisis and i think consumers are responding to it and they are looking at their government saying when is it going to end? when will we have tax structure and predictantability . 58 confidence number is a stunning number. >> so people who are already getting dicey about their own personal fortune and whether the economy will continue to be accommodated. add to this the impasse or downgrade. they may not come or many of them to your fine stores. >> we are potentially looking at more coal in the stocking if consumer confidence doesn't turn around. gdp. we saw revised numbers this week and that was scary
revisions downward and we need a congress that is functions for us. if i went to my board of directors and said i want to run a deficit in 30 years, i would be leaving in 30 seconds. >> well put. >> we need a responsible plan. it will not happen in the next few days, everybody gets that. but a lot of smart people need to sit in a room and figure out the decision . shareholders, which is the american public is looking at them and say we need you back on track. >> ron, you said it. i apologize for the technical problems. >> that says it all. what do you do in this environment. we have senator michael bennett and carly, the former senate candidate in california. joining us on fair and balance and we continue to look at your green and what is at stake. stick around.
c>> senator michael bennett, democrat from colorado has the shirt and tie on and working past midnight. i hear you guys will work well into tomorrow morning. >> nothing like waiting to the last minute to deal with the full faith and credit. >> you think it is the reid measure? >> i think so. i think there will be conversation all day longg to get to a bipartisan compromise that has to get through the senate and house. i would vote for it. >> and there is talk in order to stick to the number . make sure those debt targets
are met. how do you feel about that? >> i think a trigger would be good. not on taxes but cuts as well i strongly supported the gang of six work and deeply disappointed. >> three republicans and democrats trying to find a middle ground . four trillion over a 10 year period. we are not getting there now. we could get a downgrade. >> we easily could and the display that people have watched in the month hasn't helped us with the credit agencies . what would be nice is a heckanism to assure the american people that we are going to take it up again and not in the context of the debt sealing fight but what is our plan for the median turn of the health of the united states of america.
>> are you troubled that the president's approval rating is 40 percent . congress also down record lows. american people are saying pox on all of you guys. >> yeah, there is a reason why congress' approval ratings are in the basement. it is like 16 percent. how much more do we want to with stand. >> it is not just you per se. but the president as an individual, he is a singlar figure they are whacking at him. >> they are not cutting anybody any slack. there is not a mayor in my state republican or democrat that would get away with holding their risking the credit rating of their municipality. there is not one. the reason for that the taxpayers would have their heads.
they know interest rates will go up. >> they know 80 some odd times we have done this and that game has to stop. >> you have to stop it when you have 15 trillion debt. >> we do a deal that is sloppy, we'll go back. we need to do this in a meaningful way. now is the time of divided government. we have republicans controlling one and demdeps controlling another . this is the time to get big things done. >> you hope. senator thank you very much. >> thank you very having me. they're all sweating. >> you sound like the voice of god. >> i like that senator, i like that. i know you have a long night. >> fair and balance. >> and former senator candidate of the state of california. you might have heard about
hullard packard. carly, how are you? >> i am great. i >> great. i feel compelled to ask you as a cancer survivor how yourr health is doing? >> i am doing fantastic. i am a survivor. >> indeed you are and you look great. >> this government doesn't though. we are at a serious impasse . whatever deal they are looking at doesn't look great. if they were to get that far. what do you think? >> let me step back for a minute. you are correct. we raised the debt ceiling many times . it is routine. but what we see going on here is a important debate in the context of a terrible economy and how to grow the economy and what the role of government is. it is a debate to go on this year and next election year. unfortunately it is attached
to a debt ceiling upgrade. with all due respect to the previous guest. the democrat senate hasn't passed a budget in three years. normally it is a budget appropriations process. that process is totally broken we have a president that is mia in the entire discussion and so here we are having the incredibly important debate. we must get a deal. we will get a deal. >> but what if it is a bad deal. the rating's agency would still downgrade our debt if it is a bad deal and we rushed for no reason. >> yeah, it is true. but let me say about the credit rating. i am not saying their judgment is not important. it is important. but remember they are the same agencies that caused subprime
triple a. what is more triple a. >> uk? switzerland. investors will be intelligent despite it is a serious thing. we must have a deal and i believe we will have a deal. but what is more critical that we continue this incredibly important discussion how to grow the economy and reform the tax code and reform entitlements and cut spending and we have to do all of those things and ultimately restore the pren prennal culture in this country which requires us to restrain the excess of government regulation and we need to keep the debate front and center so they do happen. >> carly, thank you . nice catching up with you. >> thank you, neal. >> what ever we come up with is not substantive.
>> i want to focus finally what is debated four trillion dollars if they can. it is in spending cuts over the next decade. that is how much the u.s. government is spending this year. total spending. 3.7 trillion and the cut near term are more like 38 billion dollars. spending 3.7 trillion and looking at near term savings of 38 billion and they wonder why the market is on
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