tv Cavuto on Business FOX News October 15, 2011 7:30am-8:00am PDT
dole i like. a bigger hole than a donut hole or 0 pineapple hole, i tell you. >> no holes in the next show. neil cavuto, neil, take it away. away. >> now if these guys stay, will these guys go? and take a lot of money jobs with them as we do. >> and on top of a protest movement that's now, well, just over the top and a hedge fund billionaire blowing his top. after protesters went to his home. john paulson went to work on them. and their rallying cry that the rich will pay more in taxes to quote mr. paulson, new york currently has the highest income taxes of any states in the country and thousands of businesses have fled new york to states with
no income taxes with states such as florida, texas and nevada or moved off shore. now, i don't think that paulson was hedging, i think he was treading. and adam lashinsky and charlie gasperino. my thanks to charles payne last week, he did such a good job i kicked him off the show this week. and job security. >> some say payne on business. and matt mccall, what do you think of all of this. and to paulson, with an it a threat. >> it's a threat and it's serious about it and he's not the only one. if you think of it in simple math terms. if the taxes remain high, new york obviously the highest in the country and one of the highest in the world compared to other countries and what's the country trying to do, a bank or any other large corporation. trying to make the bottom line as high as it can be. and the factor that lowers the bottom line. if i can change that, the ceo of the company.
i'm going to a state. to increase the share price which is what we tried to do. in the end. what ner hthey're doing, they w to get jobs for middle class, but they're pushing the 99% are hurt the most because when paulson moves his company there's a large of portion of administrates in the company hurt more than that 1% so they're hurting 99%. >> i mean, to the protesters point that the rich are paying more taxes and the wall street crowd especially, owes more in taxes. what do you think? >> well, i mean, first of all, i mean, they're obviously in the wrong place and be at washington not where they currently are and they have seriously crossed a very, very clear line in the sand by going up to the ceo's' homes now, and i have never heard such push back from my fellow ceo's until we saw that and now we're like, you know what, game on. >> and what are you saying, they're coming to our house. >> and the unwritten rule you
want a waush with me in wall street or washington, that's fine. you endanger my children. >> pan what do you say, the rising protests in new jersey, and we've seen more of this. are you worried about that? >> yeah, i mean, we should point out that the protests aren't just protesters for higher taxes if, you listen to the rhetoric, they're barely discernible if you can stand the smell of them socialist marxist ideology, calling for the end of the system not to help repair the system and the other thing this, i have about a dozen sources who used to work, these are investment people, used to work for big investment firms or have their investment firms in california and new york and move to texas, why? taxes, and that's-- >> and why do you say they smell. >> these guys? >> because sources told the fox business network who go down there, you get within three inches of them your bea to throw up. >> neil: okay, adam, not on the throwup issue, but on the
other issue, i love charlie to death here, but i think their cause is probably a bit more amorphous here and that's the problem. and the argument that they feel disenfranchised and are lashing out and the group they feel is very much enfranchised and very much in the power and the money what is their-- >> well, trying to state the obvious, which is that it's more of the people had jobs they wouldn't have time to be protesting on wall street or in front of the homes of the ceo's of investment firms. >> i disagree with that. >> and as far as, i think they're revolutionaries, a lot of the people. i don't think these are the unwashed-- these are masses of people who are just out of work and say, we've had enough of enough. we want jobs. you listen to their barely discernible rhetoric, they have revolutionaries, socialists, marxists and by
the way, their solutions are just, there are no solutions. >> let me address that and finish my point. i agree with your point there's probably some revolutionaries. >> and some. >> if you look at history. this is now the protests work, the revolutionarieses are the ones who started the protests. >> no, they're in the system. >> it wasn't until the middle class college kids got involved that it started to have big numbers and attention. >> and the time change-- >> i just want to talk about the people leaving new york and this has been going on for decades, charlie. that's why people moved to-- >> and the ones left may go as well. >> okay, but the industry is in new york for a reason, and it's had one industry there. >> the big banks are in new york, some of them and talking about thousands and thousands of people that own investment firms that are opening up all over texas and austin, texas, i know that. >> neil: bottom line. i think there's a slow
migration away from manhattan, but i'm beginning to wonder whether there's something bigger at play here. whether you're for or against taxing the rich more, and saying they should pay their fair share and leaving out the fact they're playing the lion's share and half the people, no income tax and around that. is this the time to be raising taxes on anyone? even warren buffett? >> no, it's not the time and history proves this is not the time to be raising taxes not when we're in survival mode. we've cut every piece of fat out of our businesses and every dollar now is critical. we can't just get guess, we know for sure what becomes the return on investment. what the people are forgetting where we are socially. these people are looking for a job, maybe not next year, the following here in five years, i will be able to find it on twitter and facebook and i will not hire you and-- >> and an um noof these people-- you know why it's a silly argument, adam because we're giving these guys way too much
freeman. richard nixon was overwhelmingly reelected in 1972 amid the great protests you talked about. >> that was a long time ago. >> that was an era where the left was protesting every day. and my father in construction work in manhattan, burning the american flag, the left embraced it and media embraced and guess what, richard nixon was reelected. >> neil: the great silent majority. i'm wondering if there is a difference the way the media portrayed it as charlie said, it is getting a lot of coverage from the media, the crazy people argue. this is a movement and wall street movement, had more than the tea parties. do you think either resonates with the american public? >> i think it does, because, the key word here is frustration. i think that the people are frustrated. and i don't know. and i don't know what they're frustrated at, i'm frustrated, too, the economy, look what the tea party did. ne were frustrated and they
worked with industries and they're members of tea party. do you think any of these guys are-- >> the tea party and wall street protesters actually have a lot in common. >> no. >> yes, ne do. >> no, they don't. >> the difference is that wall street-- >> no, no, no, there is a difference here and you're right. they have more in common than you think and they're angry at a system of government. >> a government. >> and commonalty. >> the tea party wants to work in the-- >> a quick point on whether they should be be focused more on washington than on wall street? >> they should, but they don't understand that and they don't understand the long-term consequences what they're currently doing. it's going to hurt them not the conglomerate behind them. they're manipulated and it's going to hurt them in the long run. at the end of the day you need to make money in order to take care of their household and they're going to the very people we are offend what had they are he' doing. >> and all right. just so you know, amelia has
pictures of all of you. >> yes. >> already made up her mind. >> not hiring you. >> when we come back, first the vote and now the spark. and gm, a kinder and gentler alternative to the volt, but it's such a mod car, why is there more room for the modern family in in one? i know you're worried about making your savings last and having enough income when you retire. that's why i'm here. to help come up with a plan and get you on the right path. i have more than a thousand fidelity experts working with me so that i can work one-on-one with you. it's your green line. but i'll be there, every step of the way. call or come in for a free portfolio review today.
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>> live from america's news headquarters, i'm kelly wright. new threats of missiles in libya. saying several terrorist groups are apparently trying to get their hands on thousands of weapons that have been missing since civil war broke out in march. this includes shoulder launched missiles which could potentially be used to shoot down commercial airlines. the state department says it's trying to track them down. and the obama administration is pulling the plug on a key
program at the health care overhaul, white house officials say they will not move forward with the long-term health care insurance plan because of critical flaws that couldn't be fix today make it financially self-sustaining. . it's supposed to be a voluntary insurance plan supported by premiums rather than taxpayer dollars. i'm kelly wright. we take you back now to cavuto on business. >> and gm is ready to make more of them. lots more. the auto maker unveiling an all electric version of the chevy spark this week and set to hit the road in 2013. that's gm's other electric car, the volt, not really charging its sales, fewer than 400,000, a lot, i think, were scooped up by the white house, amelia. so, normally if that's your pattern, you don't repeat it, but they are repeating. >> absolutely, they're trying to force this crazy green
agenda not listening to one thing any americans is saying. one, we're twice the size. >> and the spark, it's smaller than the volt. >> smaller than the volt and doesn't do backup and only 35 miles and people are moving away from the city in order to lower their cost of income and now this thing goes a shorter distance. i'm like, did you listen to what's happening. >> adam, again, it's your plot to destroy everything. (laughter) >> in the country, way to go. what do you think of this. i'm just, well, i'm just enjoying this conversation among all of us auto experts. i mean, he we know what, what cars americans want to drive. >> well, adam, you're right. and especially not a car person but i know a stupid vehicle when i he see one and i know american people respond to stupid vehicles. they're not buying this. the volt might make perfect sense, they're not buying it and try to push it, they can't sell it and now they say we have a better idea. we're going to make a smaller, cheaper version of the same
peels of crap. >> neil, you're absolutely entitled. it's a tough economy right now and let's see what-- >> i'm the not saying this because it's better. >> you get in the car and-- >> it makes no sense. and where is the capitalist thing that says, all right. you know, this is a hit. we're going to make another vehicle that will imitate or be had a different version of the hit. >> the volt has had a gasoline engine as well. the spark is not going to have a gasoline. it's all electric and that's going to be gm's first. let's see what happens in 2013. i'm going to-- >> can't make it to the island and back. >> let's see what 2020. >> normally when you make a sequel, the original has to be a hit. planet of the apes was great, i didn't flip over beneath the planets of the apes, but they had a good base. they screwed it up. >> and well, you know what? all right. one is normally basing it on something that is it a hit. >> the volt not a hit.
>> and when you think about the volt, sold less than 4,000 and throw in the nissan leaf, sold 11,000 in nine months. and last month alone-- >> does the nissan leaf have the same credit that the government gives you. >> $7500 credit, but listen last month. 5500 suburbans were sold. so, what is america telling you? we want big cars and amelia is right, we want the big cars. >> but they have hybrid suburbans. >> now what i love about the story, despite the brain washing of the obama administration on the green agenda, i used to work at brand x owned by ge you walk around the studio at ge, everything is green and guess what you can't stel the dopey green cars. the american people think that this stuff is non-- >> and it's $40,000. i could buy 40 of the scooters i drive around the city for that price. >> you don't drive a scooter. >> i'd rather drive my saturn view, 14,000. >> and that had a serious edge
to that. the government can't make us want something, right. >> no, no matter how much money he they throw he at it, how much it's marketing campaign or how good the speech is. the reality is, i don't want it. >> you know, high bred vehicles sell well. >> even the ford coming out with a new engine, 40 miles per gallon and that's selling well and people want to obviously take it as far as possible. >> and you still have the money to buy it. >> 7500 tax break on these things and if it's $40,000, you're selling out 33,000 for a car that's not practical. know the a practical vehicle. >> i'm still at brand x, why you can't go back there? >> it was university, i was an adversity hire-- >> and talk about a green push. and worse than solyndra, the government is giving a different solar company over a billion bucks and that company also might be in trouble.
forbes gang why finally it may be lights out for solar one. up next, this wall street guy is going to do some very, very, hard and why are these guys giving wall street guys such a hard time. every time a local business opens its doors or creates another laptop bag or hires another employee, it's not just good for business. it's good for the entire community. at bank of america, we know the impact that local businesses have on communities. that's why we extended $7.8 billion to small businesses across the country so far this year. because the more we help them, the more we help make opportunity possible.
year sentence. fat cats doing some serious time. and fat chance that the protesters noticed or cared. they want them to pay their comeuppance. >> they should. there's a barely discern bible truth. wall street does sleazily things and-- >> not all. >> but a lot of them and i've one of the interesting things, they don't understand that there is he' been a massive crackdown on wall street going on for many years now and raj is the latest victims and not saying that he did anything wrong, but clearly the government is going after-- >> doing more time. >> 11 years the biggest sentence passed down in insider trading. insider trading is tough to prove in a court because if you're always passing information around. what, the big thing in this
case they wire tapped it and that's big and where the appeal is going on. the wire tap. >> and doing it with racketeers. i think we're seeing a lot more of this. >> and i like to hear adams viewen this. i think there's a good chance he gets this on appeal. >> raj? >> the way they obtained the wire taps and how they submitted it into evidence. the federal judge basically said we don't like the process how you did it. you didn't fuel the wire tap information right. you only do a wire tap if they lift out certain stuff. >> that cannot happen. cannot happen. >> and it's overturned. >> then, it absolutely proves hands down this whole thing is it an farce. that we believed in, small business owners-- >> and you're talking about-- >> every time one of these businesses are get out-- >> the illegality and-- >> that's why howe let it in on appeal.
>> you have to follow the court of law. >> remember what we're doing here, we're talking about wire tapping people not for murder, not for-- >> what do you make he could get out of this on get it all reversed? >> of course he could get off on technicality, the point is nothing whatsoever to do with the the wall street protests and the prosecutors have been trying to tamp down on people who cheat on wall street for years and this guy got the book thrown at him and no one should be upset except his family. >> i don't think they realized he was-- >> i don't think they know who raj is. >> if he gets off on this, and like i said, there is, i've talked to a lot of lawyers, it's more than just they, not dotting an i and not crossing a t. it's major stuff. >> they did make a leap the way they got him. amelia, you're saying how would you feel if he does get off. >> as a small business owners we continue to say if you have
the right connections if, you have the financial backing, which is not your money it's everybody else's money the rules are not played the same for you guys as it does for us and that's not-- >> he got convicted so i guess-- >> you're telling me he's going to get off. >> it's a possibility and always is. >> sorry, not you, you. >> there's a good chance this is going to get reversed on appeal. i'm not saying it's a-- >> that's a very good chance it's going to rain tomorrow, too. >> wait a second, adam if you know anything about the cases particularly appellate courts when the fbi screws up on process, and ted stevens, is perfect example. >> in the meantime, it's tough sentences for them. and we'll see if it continues. all right, guys, thank you, by the way, my thanks to charlie and amelia. up next, september, stocks, october, beating out big time and our guys saying you have not missed out on the rally yet. the in fact, they've got just the right picks, just now. hey, did you ever finish last month's invoices?
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jump on the october stock rally. our gang said think again. >> net flicks. and hearing about the strategic -- netflix is to a 100 minute movie. this company will do well. >> the problem with netflix, it has more competition and a major pr problem. i think longer term, i would start nibble soon. >> what are you. >> applied materials. they are turning around in the market . you got growth and income. can't go wrong. >> what do you make of that, adam. >> no problem with the dividend story. charles would fall asleep with this one. it doesn't move much and i don't think it will. >>