tv Your World With Neil Cavuto FOX News November 21, 2011 1:00pm-2:00pm PST
>>neil: no deal. no buyers. and when it comes to ever getting this debt under control, right now, no way. welcome, everybody, i'm neil cavuto. not exactly a fox news alert to say they didn't get a deal but kind of an alert that the super committee folded up its tent so soon. they still had a couple of days to go but were so far apart they went their separate ways. the details shortly. leaving stocks in free fall and a debt spiraling in even faster free fall. $4 billion a day. that is how were we are adding to our nation's debt every 24 hours which means after automatic cuts kick in 2013 we
will have more than wiped them out in all of that piling debt by late 2012. the impact ahead of turkey day, this date, 2011, the market fallout here, greg in spain on what happens when politicians ignore the warning there. former ubs chairman on if it will kill a chance of recovery here or there. and a sickened home depot co-founder on no wonder business titans the world over are throwing up their hands. we begin, shibani. >> investors dealing with a debt storm on both sides of the atlantic. the one in europe is keeping closer to the heart of that continent making the $15 trillion debt problem look like a cake walk compared to risk premiums in spain and italy crept up again. today u.s. stocks tumbled wiping out gains for the year with a dow ending lower 247 points and
we were down 347 points so the pressure not doing well, and oil and gold, with traders dealing with the new wave of uncertainty by turning risk aversion in the market. bank stocks immune to $13 billion in big deals announced normally that news would help but markets also ignoring growth in october existing home sales by more than expected at what point 3 percent and neither were love to lure investors to buy. analysts at morgan stanley putting no doubt and the odds at a one in three chance of another s&p downgrade if congress decides to mess with the $1.2 trillion in automatic cuts. europe looks worse but tinges are looking messy here, as well. >>neil: incredible, shibani. did these guys just give the business guys more reasons not
to spend? home depot co-founder with us on the phone. this was your worry, bernie. >>bernie: i don't see anything on the horizon. the country is walking on a cliff. a very narrow cliff that's looking for an abyss. i don't see anything in sight that shows a positive view to the business community which, of course, if they are depressed, if the business community is not investing, we're not going to create the jobs that will help to turn an the economy. we have reached part the sand, the fork in the road is right ahead of us and the lines are drawn in the sand. either we will go the way of big government or we will go in a way of creating jobs and it means that 2012 is setting up to be the ultimate television --
decision is where we end up and if it does not end up the right way i pity us. >>neil: we will get the details shortly there could be a hail mary's pass to save the work but it is unlikely in the next few minutes if they do punt and say game over, we couldn't do it, what message does that send for the next 12, 13 or 14 months ahead of a new congress taking charge, either a new president or this one getting back in office? >> total stalemate. nobody is going to make any investment. i don't know a businessman in his right mind unless you by something at a bargain basement price will expand their business in this market or do anything to get rid of the cash flow they have. the certainty is that everything is going up. prices are going up. oil is going to go up. the cot -- cost of doing business with obamacare will go
up. regulations are worse by the day. because now they are not dealing with the deficit but they will go back and write more regulations. from a business standpoint of view this is a very bad time in our history. >>neil: republicans, playing the waiting game, maybe saying maybe in a year from now we can regroup and get owe ways and see what happens. >>guest: they both play the game. there is in question. but they were willing to give up the loopholes which in some ways you could look at as being a tax increase. we are not tag an insignificant amount of money. the fact that g.e. is paying no taxes on billions of dollars worth of merchandise tells you something is wrong the therapy telling do something wrong in this area but when you are not willing to give up the spending, that is the game.
the game is the spending. i don't know how anyone in their right man cannot understand. i ameal for my democrat friends meese understand, you have to cut the spending because it is not going to work. ultimately, we are not going to be able to save this economy which is what we are interested in. >>neil: who economists, and we have talked about this, saying the underlying economy is not that bad and is picking up from the worst level, that is the perspective, but that is the trend that should be business' friend and ignore the soap opera in washington. >>guest: well, how could the economy pick up? from the 20 some odd million people out of work it is not picking up and they are not finding jobs. that is the end of the game. the end game is how many people are working? how many people are out of work? , yes, companies making money because they have pulled next they have let go of people, they are not expanding so they are raising cash and they are not spending.
the key is businesses are not going anywhere, and job creators are lions, which we have talked about, you and i, we talk about the issues that are driving, driving, driving companies away from hiring people. nothing on the horizon, nothing that has happened out there today tells us we will be hiring people. nothing. >>neil: all right, bernie, i guess good talking to you again. bernie, thank you. did the super committee knock the stuffing out of the economy? as we head toward turkey dayst former ubs chairman, and so many other titles, what do you think, joseph? >>guest: we started it see some indications that the who was improving. but this new signal that they cannot get along, you have partisan ideology running the country, we need people in congress that think like mens and not like democrats or republicans. >>neil: what difference does it makest i know where bernie is going with the tie tying
everyone's hands. >> they do not do well with a lack of leadership. the market goes down 249 points, the losing of the valve the stock exchange lost $400 billion. that really helps the economy? and the corporation whose may have been thinking about committing some of that cash, they are reticent again and they pull back. >>neil: you are one of the best professors of this accuracy place, we go up, we go down and when all is said and done we are barely, what, even, essentially? so, i'm wondering, what is the long-term message? >>guest: we came from a precipice in 2008 and 2009. we started to stabilize and started to come back again. now, this lack of leadership, lack of compromise, lack of governing, the governing to make each year look bad rather than solving the problems that america has today. that is not sustainable. we could go back to double dip
recession. europe, important than likely will go interest a recession in the 4th quarter. and that --. >>neil: and we are not immune? >>guest: we are not immune. 30 percent of s&p earnings come from that. >>neil: what if we are downgraded again? >>guest: if we go do double a, very bad message to the world, relative to america's ability to deal with its problems. >>neil: doesn't the world already know that? >>guest: i don't think so, i think given the problems they have versus what we have, we're not as bad shape. however, we will lose more and more of our influence overseas, some of the trigger mechanisms we're talking about based on their inability to get a compromise, $454 billion of that is coming from the u.s. military. i don't know if that is smart. >>neil: what if one of the threats they raised on the shibani report that she raised,
they could get rating agencies really ticked off. >>guest: no surprise. right? even the recent process look at the influence of lobbyists. they should have been locked out of the dialogue. the president has signed simpson-bowles, a fiscal commission, they don't listen to any of the recommendations. those recommendation would have taken deficit down by $4 trillion between now and 2020. there are solutions with the problems. you need the american public to be told the truth. it is not about a millionaire's tax or just entitled but about letting the american public understand the facts and the problem we have. and what are the solutions and the sacrifices we have to make. >>neil: but you don't think we are this? >>guest: not even close. >>neil: next year? >>guest: i blame both parties. we will have very slow, i would liked to have seen 2 percent g.d.p. growth in 2012 and 2013 and now i will be hopeful to get
1 percent to 1.5 percent. what the markets said is corporate: corporations will hold back until they see a trend, and they see confidence, and see a will by government to solve our problems. and that is not what we are seeing. the american public will get more and more frustrated and that will hurt the economy, as well. >>neil: thank you very much. i think. stay tuned. [ male announcer ] it's simple physics...
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"in" or not. my guest says it could, with hill.com. is that really in the cards? or do they try to move the automatic cuts to kick in? we are hearing from the head of the house armed services committee, he will propose something, and they are making a mockery of the process. >> they are. the president has been running against a do nothing congress so in some respects it helps the president's re-election bid but it gives an oning to romney and gingrich. gingrich has been very critical of the super committee, dating back to august. he said it was destined it fail. association it gives a boost to that and gives him something to talk about but obama says this was a congressional committee, and he did not have a seat at the table, and congress, once again, failed. so, it is a mixed bag for the president and if there is a credit rating drop that is bad news for the president because he will get blames for that. but, it is a debacle and the white house, remember, the
president vowed to change washington. washington is partisan as ever. and it has not changed. so, he will take some hits. >>neil: if both sides take hits i wonder. he is the president. he is the guy in charge, he is one and there are 535 of the other guys including the house of representatives and the senate, but do people get angry at both sides? and entertain, outside candidates? outside points of view? what? >>guest: sure, they did. and the president did put a lot of stuff on the table this summer with speaker boehner. he said he was willing to actually lift the medicare eligibility age to 67 and that, the left heard that and they were furious. the president can say he tries, put things the table and the republicans walked away. we will hear this for the next 12 months, in essence, and the
thing is, obama caved on the tax cuts in 2010 and said he is looking forward to the 2012 tax debate and it has already started. >>neil: play out the next year. sounds like nothing gets done. nothing. >>guest: no efforts from the armed services committee chairman, and senator john mccain to thwart the cuts, and i think republicans will try to portray democrats as weak on defense, and they will try to divide and conquer and say, listen, obama's defense secretary panetta said the military would take a major hit if they get more cuts but all in all you are right, the cuts are probably going to go into effect. the only way they wouldn't is if they have some way to offset those cuts with other cuts, and, clearly, congress is broken at the moment, so i don't see any type of major breakthrough but the big winner is the lobbyist, because the lobbyists have the next year to try to offset the cuts or get rid of them or
subdue them whether is the health care industry or defense industry. >>neil: but any tampering with the sequestration invites a downgrade to say nothing of making a mockery of the process. >>guest: that is right. you have to come to the table with other cuts. it could put one industry against another. >>neil: all right, have a great thanksgiving. the new political rant now going viral. >> we know who the villains are. you should all be held accountable for what you have done. you should all be fired.
out. now it is spain. it is all about government debt. to greg in madrid where, i guess, egg was turned upside down. >>reporter: that is right. spain just the latest to go and you think it would help in the marks but it hasn't. long term borrowing for spain extremely expensive and the yields on the ten year bonds over 6.5 percent, very dangerous. now, there were major celebrations, however, last night, and it was a landslide victory for the popular party. they have been waiting a long time to get the socialists out. it does mark the end of the era but the we celebrations will not last. the man with all the weight on his soldiers will -- shoulders will be sworn in before christmas. this is the third time he was running. it did work and it is unclear, however, whether people were voting for him and the popular party or simply against the socialists because things get is
bad economically. now, a main concern that was on the mines of everybody going to the polls and that was unemployment. and, jobs, jobs, unemployment is up over 21 percent right now, and that is one out of five people out of work. when you talk about people 30 and under it is actually one out of every they. and, finally, you would think a new leader might get a honeymoon period. that is probably not going to be the case. he won't be sworn in actually for several weeks. tinges are already looking very tough. one tinge that could help him for the monument task he has is that he does have a majority in parliament. >> thank you very much. so, greece, italy, now spain, changes in leadership. to throw the bums out feeling does not stop this. >> we have listened to the dullest, mother technical speeches i have ever heard and you are all in denial by any objective matter, the euro is a failure. and who is actually responsible? who is in charge?
we know who the villains are. you should all be held accountable for what you have drop. you should all be fired. and your friends here, got together like a pack of hyenas had papandreou removed and replaced by a puppet government. i was rang about you, i said you would be the quiet assassin, but you are not, you are notesy about it, aren't you, you, an unelected man, went to italy and said this is not the time for elections but the time for actions. what in god's name giving you the right to say that? >>neil: man, take that, so the member of the european parliament who stayed and more joints us now. good to you have. >>guest: good afternoon. >>neil: what i admired about that, you were this right to their faces, not done behind
their back. it is the nature of your system you can do that. what kind of reaction were you getting from the folks you were targeting? >>guest: well, of course, they tried to ignore me because they know i'm right. you got to remember what we have constructed in this european union is a system where the people that make the laws, the people that have authority, are not elected. i have been saying for a decade, this is undemocratic form of government and that is totally unacceptable, and of course as time goes on they know i'm right and they know i'm right about the lack of democracy, they know i'm right about the fact that euro was a total misconstruction from day one and was never going to work. so, when i meet them at various lunches and dinners and social events, i would describe their reaction toward me as being "very cool." >>neil: i would imagine that, but what is really going on here?
if the euro, that unique club, has been so badly burned and tarnished the last few weeks, they want to keep the club going, they want to is rules that have more wiggle room not members who may not qualify and they are struggling to keep it together and you think it has fallen apart? >> look, the thing is a failure. but what they have been doing over the course of the last year, is getting together, big sums of money, and please don't think you are excluded from this because the international monetary fund also has been throwing large sums of money at this and they are trying to keep small mediterranean countries inside the euro when, actually, we know in the under they will buckle down. that is the economics of it. >>neil: why is that inevitable they will bust out? they argue they can get this together. you think the better thing is
for every country to do their own thing. italy goes back to their lira and greece pack to dachma. greece cannot hope to compete on an even basis with germany. and that's why we have exchange rates. that's why currency go up and why currencies go down. the greeks are stuck now in a currency that it is overvalued possible by 70 percent. there is a different work ethic, a different pattern of business. greece and germany cannot survive together inside the same situation. we warned about this from day one, and to a large extent we have been proved right. but what is really scary and what has happened sense i was last on f three weeks ago, warning about all of this, we saw if greece the prime minister
papandreou dare to use the word "referendum," saying heel put the pack only to the greece people to see if they want continue part of the euro and the bosses in brussels rounded on him, had him removed and replaces by somebody would would not be elected as prime minister and was a puppet and he got worse, in italy, they were unhappy with silvio berlusconi and they demanded he went, he went, and we new have in italy the entire cabinet, the people running that country not one of them is an elected politician. they are destroying democracy. >>neil: who is culling the -- calling the shots? >>guest: the guys i was addressing last week in the european parliament, you have the president of the european commission. and the president of the european council, a very complex bureaucratic situation. >>neil: these are people who want mother europe, the ones at
the behest of the germans and france, want to keep this going. and most of the ones, the members don't want to keep it going? >>guest: well, that's right. but what has happened through the middle of all of this, chancellor merkel has now become the dominant figure and she is in a very difficult situation because the germans are very unhappy signing a plank check to depress and she now is rather taking charge of the whole of the european situation so we now have a german-dominated europe. the very thing we were told the european project would stop, the very thing that twice in the 20th century we fought and made huge sacrifices to stop and now we now have a german dominated europe and i don't think that's a good thing for eupe and i think what is being done to democracy in the name of saving this eurozone is something that should worry all of us. >>neil: you are an amazing
>>guest: i have never seen such a dramatic turn around in the executive suite. the executives at the major banks, if my sources are right, and they usually are right, will not be supporting president obama this time for president. we're talking about diamond, j.p. morgan, people at morgan stanley, and james gorman. and they are not quite public yet but they are telling people that they are likely to support romney if he is the winner. and this is a 180 from last year. this has been trick trickling out, but the evidence is more interesting than the money because the election has not begun yet. what we are seeing is a dramatic shift among the executives away from obama. >>neil: what happened? >>guest: dodd-frank and the
rhetoric and demonizing. the president's support for occupy wall street put them over the top because this is such, this is not just class warfare they are putting c.e.o.'s heads on stakes and running around if lower manhattan this is a violent movement in many respects. it is supported by not just crony capitalists but supported by marxists and socialists. enough is enough. why does this matter? it matters because usually the people lower down the other executives, that give a lot of money at the big banks, they take the cues from the guy at the top so if diamond is signaling because he is on the new york federal, on the board of the new york fed which means he cannot give money, it is a quasiregulator, but he signals
he likes romney than everyone elses gives to romney. >>neil: that would be a big deal. next is a big thing and it looks like he is by virtue of the silence toward obama and behind the scenes it looks like he will push in favor of romney. a lot of thing could happen. romney might not win. >>neil: or the president's numbers look better. >>guest: right, right, but if it stays as they are, where unemployment is imagine naturally better, they will support romney. i think --. >>neil: if you are romney you are not breaking about that tha? >>guest: i don't know. the public isn't crazy about wall street, but, i read the editorial pages left and right and people are thinking that we need wall street around. we need banks to finance deals and to bring companies public. >>neil: the failed super committee deal or looked like failure, we will get the exact
details soon, but governor cuomo said the super committee botching it could mean the state of new york will lose $5 billion over the next ten years and that it already will add to the deficit not next fiscal year. what do you make of that? >>guest: if cuomo is dumb enough to budget a senator way that he thought the super committee would work he should not be government. anyone that thought this was a pun, this is --. >> and you had a backup punt. >> this is a punt. if you think this would work and you are the chief executive of any major state you should not be in that state. it sounds like a blatantly political message what is the fall back if assuming they don't have a deal, but, but, but they try to change the sequestration, the automatic cuts, the move on
part of some republicans to cool it open the dense cuts or maybe shelf them or shelf the automatic backup cuts entirely, wouldn't the market tank or our credit rating tank again? >>guest: zanzi was on fox news yesterday and he is moody's economist and he said probably not. he said they have made some progress at least that is what i thought he said. and, the ratings are what they are. s&p took a lot of heat for cutting us the one notch they did. think about it, is france really a better rating than us? is it a better credit risk than us in >>neil: but if we are downgraded again based on this? >>guest: why should we? the market says we should have been downgraded to begin with because we are better than europe as bad as they are and i don't care what anyone says we have had arguments about this, we are not going to get or come to a conclusion on cutting the size of 9 deficit until people
figure out what type government they want and that election is coming in 2012. >> here is the thing. you want higher taxes? vote for the president. >>neil: thanks, buddy, chairs, you have -- charles gasparino has been all over this. we stated here, we announced the failure and whether the super committee will address the backup cuts that are supposed to kick in and now there is talk they may not kick in. the super committee, super bummer. bummer. after this.at makes scottrade yr smartphone's most powerful trading app ? total access - to everything. from idea to research to trade. including financials, indicators
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new billboard comparing the feast to feasting on fido. you cannot be serious about this campaign. can you not be. >>guest: well, from our standpoint thanksgiving should be a time for celebration with our families and not a time for animal abuse. and turkeys may not be as familiar to us as the dogs and cat we share our homes with but they have the same capacity to suffer and to experience pain and we think that is something that kids understand. there are a lot of kids --. >>imus: you -- >>neil: you are putting a dog's head on a turkey, and the adults will say get out of here, this is stupid and you are going to the kids. >>guest: we hope this billboard will spark some discussion between children and their parents, kids who do not want to see the dead body of a bird in the middle of of the
holiday table and they can enjoy a humane feast. >>imus: what would a humane feast be? >>guest: there are a number of great vegetarian and vegan meals with the taste and texture that a traditional dead turkey who is but without the cruelty and the cholesterol and saturated fat. so, they are easy to find can we have great recipes. >>neil: this would apply to chicken, this would apply to fish, whatever way we getting any of these animals is cruel, so, stop it. >>guest: certainly, we always want to encourage people to try out a vegaf diet because it is the best thing we can do for our health and the environment and animals. whether it is chicken, a dog, or a turkey and a dog, all the animals can experience pain and
fear, and they don't want to die and there are a lot of alternatives that make it easy to change. >>neil: when there are other creatures that are raised to be part of the human food supply, turkeys versus dogs, that were not, just meant to be companions, you do not distinguish? >>guest: well, in the sense that all of those animals share the same five senses. they have feelings. and a will to live, to raise their young and if you look at turkeys today they are a bird that is bread and manipulated to grow so big, so quickly, that they cannot even stand up right. they suffer heart attacks from their own massive weight, and they cannot reproduce naturally they have to be artificially inseminate and that is something no american wants to get behind. >>neil: it wasn't long ago,
one thanksgiving, a little girl was reading how animals are treated cruelly and you zero in on the holiday dozen make people feel, guilty about eating meat. you don't like to eat meat, that is great, you are a vegan but you are saying anyone who doesn't share that point of view you will so disgust them and make them feel guilty that they won't celebrate the holiday and you know the argument falls on deaf hears when you bring it to parents and adults so now you are working on our kids which i find rather sick. >>guest: no, we want everyone to celebrate and enjoy the holiday. >>neil: no you don't, you don't, you are equating the kids who are eating turkeys with eating fido. and they think, you know, this isn't fido. >>guest: this is why we don't just run the billboard which is what we're talking about, and we send people out in turkey
costumes to give away free tofu turkey roast so people can know there is another option and not just feel bad about themselves. >>neil: why, when vegetarians have a turkey, whether it is tofu, do they shape it like a turkey in if you don't like the idea of going after a turkey why would you have something that looked like a bird if you don't miss the meat or you have a guilt complex about it? >>guest: i didn't stop meeting meat because i didn't like the taste but i was her filed that some bird would be scalded alive in a vat of hot water for any meal that i was part of. that is cruelty i didn't want to pay to support. >>neil: do you have turkey or tofu, in the shape of a turkey, yes-or-no. >>guest: i don't, i have a field roast and they are all oblong shapes, you can find that fake turkey shape if you want,
though. >>neil: we will see how this all goes, lindsay. speak of all things turkey, something that really, shouldn't surprise us, but these guys, looking like turkeys in washington, the super debt committee as expected punting on any tough decisions and hard work, and the co-chair releasing a statement that effectively said amid intense deliberation it is not possible to make any bipartisan agreement available to the public before the committee deadline. so this bird is dead. stick a fork in it. it is dead. and gone. or creates another laptop bag,
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and my guest says we should scrap all the commissions, with the group "public notice." it is another reminder that when they punt to a board committee and task force, same result, right, chris? >> it is the same result. it seems like it is kind of like groundhog day rather than thanksgiving. another year later, from the 9:00 commission and we are still left empty handed without a plan, without any resolution on solutions on how we can move this nation forward. >>neil: it would be one thing if you had a commission and the rules you had to honor, they came up with it, but the reason i thought this was doomed it was a mini version of congress to begin with, split right down the middle, six republicans, six democrats, and six republicans in favor of cutting entitlements and not keen on raising revenue, and six democrats against cutting entitlements and certainly open to raising revenue, same deal as congress itself, so a mini version of a maximum failure. >>guest: and you know i
thought that was the reason it would work because they would all hold hands and jump off the cliff together but they didn't do that, and now there are some commissions that have been productive. you look at the 9/11 commission, it was a productive commission. and that actually cheffed some solutions that were acted on and implemented by congress. but, this really hasn't been a commission that did it since. >>neil: the military base closing commission some years back, that was teamwork, and people had to suck up the recommendations but there was no quid pro quo and does that seven as -- serves as a remainder we have to honor what they say. >>guest: there needs to be some leadership on this, and the committee, together, didn't seem to have it, and the president should have been a little bit more force will in forcing them to come up with something and taking care of the most basic responsibility of budgeting and, you know, being responsible for
the purse strings of america. >>neil: amazing, gretchen, thank you very much. super committee is super done, and since that all came to pass, right new, $460 billion more in debt since the committee was formed and john kerry actually saw it coming. . when gas prices jump... . so suddenly you're cutting back on everything from family vacations to cell phone minutes. well here's a thought - how bout cuttin' back on gas?
>> neil: you know what really worries me about today's pact selloff? it was the year in washington to get another deal done and done soon. don't get me wrong. i think they should get serious about getting a debt deal done, though it looks unlikely. but not any debt deal to respond to any market tantrum. what is done in haste to calm investors can be undone by those same investors. especially when they discover in all that haste, just more waste. does anyone remember tarp back in the last president's administration?
congress nixs the first bank rescue attempt. frantically, congress gets another shot and passes the financial bail-out. in months the dow is off another 4,000 points. proving in the end that nothing calms the savage beast, even when he is not behaving savagely. like over a month ago when talk of a european debt deal got markets jumping worldwide. until true to form, they were careening when they discovered the deal really wasn't celebrating. not just the nature of giving in to markets or tantrums. just ask a parent. you're guaranteed more tantrums when that happens. better for the parents to be beastier. denying the immediate fix to apply a meaningful lesson. we're so eager to keep the calm that we keep surrendering
real discipline. best not to respond to markets s that will get you upset if you have no deal. remember, there will be more upset if they get the wrong deal. ask any kid or any parent. longer term, kids respect parents who did the right thing though it doesn't seem obvious at the time longer term,s they respect politicians that do the right thing, though they have rarely done it any of the time. do a deal that makes sense. not just one that piles on the loss in dollars and cents. okay. one hour from now on fbn, the guy that made more money on the line than anywhere. tells b.c., bob doll, from blackrock, one of the biggest investment firms on the planet only on fbn. one hour from now.