tv Cavuto on Business FOX News July 27, 2013 1:00pm-1:31pm PDT
latest money message from the president. >> this growing inequality. >> this growing inequality of opportunity. >> letters are more inequality. it's inevitable and just. >> inequality will continue to increase. >> major speech on the economy, using the word inequality. is that any way to get america growing? i'm charles payne. to our panel, look at that. charles, your book circle of friends in stores everywhere, go out and buy it now.
tell you what, we're going gary? >> my president knows inequality knows since he has been president. household income is down 57%. inequality is he believes to fix it to get people wealthy is to take from the wealthy and give it to others. it doesn't work. you need to incentivise people and instead of putting down the wealthy, how about showing them how they got there. >> it feels like a condemnation of captain limb. people that work hard. person that works hard doesn't owe you anything? >> if you look into the speech, here is the central message that the rich are to blame for busy to have fewer customers, they are to blame for the housing bubble and rich to blame undermining the fabric of this nation.
to gary k.'s point this is his message of taking from the rich and redistributing it. he has four and a half years the economy is growing slower than the average over that four and a half years and median incomes are falling. >> can the government actually control the outcome of something the quality of outcome. how can anyone -- if you and i get into race, if you are faster than me you are faster than me? >> i believe when i started watching it this was among the most least substantive economic speak. if george bush gave this speech there would be front page news about what a moron it was. >> i think it was inflammatory. >> in terms of how to fix the economy, it was not a serious speech. listen, the government can't
can help. under this president the rich have gotten richer. the poor have gotten poorer. the inequality gap has grown tremendously. when that happened under ronald reagan and george bush that was front page stories, where is front page stories? >> so could it be the president's faults fault? he is suggesting that it's everyone's falls but his. doesn't the buck stop at his door? >> i don't think he is saying that it's everybody's fault. he is not saying that it's anybody's fault. he stand up and says, here is what i care about. do you care about the same things as i do or do you not. the answer was everybody on the panel, no, i don't care about the same things. i don't care about inequality. the president is saying that is major concern of his and.
american people. i think that is an appropriate response. >> to improve the economy, what was the substance? >> i'm not going to disagree. since when do we judge presidents by this? >> we're going to tax them and what did he say substantively? nothing. >> the question, charlie, the question is, charles likes to frame things this is capitalism -- what i would like to think about inflammatory language. we a socialist state since franklin roosevelt. the question is how to make the government work best. >> hold it. idea is to get the government out of the way and let the economy flourish without all their encumbrances. i have news for the president he is talking inequality and people that are wealthy. bottom line is he raises
taxes. it prevents other people from becoming wealthy. it mandates regulation and tamps down the economy and preventing the middle-class from moving up. is scary about this. let him be a socialist but give up the socialist solutions. >> alisyn: i do think the president was -- i let's rise up against this inequality. let's rise up inequality that is morally wrong. that is his words. to me it was like we've got to have some sort of revolution in this country to officially become socialists? >> i would have to be a government revolution resolution. i think it's a way of him saying i want to do more of what we've been doing in the last four and a half years even though it is not working and raising taxes on the highest earning americans and creating mandates and leg
regulations that get in the way and more taxes. get in the way of job creation. i agree with you. you talk about income and equality. nobody wants the haves to have more. nobody wants that. wait the answer is how do you fix that and he didn't come up with a viable way that is even socialist. >> here is what scary about it. liberal media will not hold him account bl for not being substantive on the economy. if he wants more infrastructure spending say it. >> here is the thing. you made a statement about no one on the panel, those were kind of things that the barbs the president throw out there. that is incendiary thing. i didn't think was an economic speech. i don't think many of his speeches were truly economic. the ideological speech but trying to stir up. that is why he does it a colleges and young people. i think he is trying to stir
up a hornets nest here. irony ever you have liberals in charge that is when you have the greatest income inequality. >> i don't mind the hornets nest at all. i am not saying that you don't care about income equality. what we choose to emphasize is important. you emphasize growth. >> growth with would. >> you think growth would be the solution. it hasn't worked so well for a lot of americans, not just for four and a half years but for 70 or hop years. >> no. >> gary k., adam is saying that capitalism has failed. i don't think it has. i think this is greatest country in the world. >> so do i. >> go ahead. >> cuba is doing really well right now. people that move from the
middle-class more towards the wealthy it doesn't happen by accident. it does not happen by handouts. it happens by hard work, sweat, toil, smarts and all the great qualities that made people successful. not the fact that you are rich you are bad and you make too much and you give it to somebody else. >> i'm sorry that i'm bothered by the skyrocketing number of people on welfare and disability in this country. you know what, when you are relying on the government to support yourself, there is no sense of self worth there. i am am bothered by that. that is what has been happening in the last two and a half years. >> i think this guy doesn't have a clue about the economy. when he gives economic speeches she incredibly superficial because he doesn't know enough. he has broad plans how to redistribute stuff. >> the economy is growing under his watch.
>> granted, an average 27.5%. >> listen. we don't have a lot of time in this segment burr how come the president never applauds the greatness of america and how wonderful we are. the thing he talks about, i think it's 1920. just really quick -- 27.5%. >> i certainly applaud americans. >> forget about the nasa thing and is it the president's health care law. up next. >> how about this? a government that can't save dime is going to be forcing you to to do it. >> i would be saving up for my part-time job. >> sometimes i do part time jobs for extra cash. gimme money!
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♪ live from america's news headquarters, i'm arthel nevil. president obama delivering remarks at korean veterans memorial marking the 60th anniversary of the truce that ended the conflicts. more than 36,000 americans died in the fighting between u.s. and south korean forces and north korean and chinese troops. a formal peace treaty was never signed. >> deadly violence mounting in egypt. reports of at least 65 protestors killed since last night in cairo. the injured overwhelming midshipman hospitals as they want to oust president morsi. this is worst we have seen since the leadership took control over. i'll be back at 6:00 p.m.
along same rick folbaum. >> charles: let's talk about forced savings. lawmakers in california moving forward with a plan that would force workers into a retirement savings program. the money would go to a state run fund and often a trend setter and others say they could actually see it down the road. doesn't seem like anything to could go wrong, does it? >> social security is running out of money. and then you get 75 cents on the dollar and then you look at california. and what could go wrong? >> charles: how about state run? >> listen. obviously responding to real
problem. a lot of people retire broke. here is the problem with their plan. essentially forcing them to save as part of a system that essentially is a ponzi scheme. state pension fund systems are under water. not enough money goes in. they are forcing people to be part of a ponzi scheme that probably can't repay them when they retire. >> charles: they say you are going to get the money back with interest. how do they know that? >> that is what i'm asking you. money man, gary k.. >> my advocates said california is down about $800 billion. have you noticed anything in the last few months on broader scale, there has been taking all our retirement money and let them dole it out to us. california is trying to be the trend setter. when the word word trust and
lockbox, whatever happened to the social security lockbox, go give to them -- i wouldn't. >> charles: and there is a saving crisis among lower earners. california, nanny state or doing the right thing here? >> dagen implied, this we have a mandatory system which is calmed social security which is not going run out of money, dagen, there are relatively easy fixes. i don't think that a state run mandatory plan is probably the best way to go nor will it succeed politically. a voluntary one may be a good idea. >> we should point out. >> preliminary trial balloon has passed and let's remind you, this is california.
self-inflicted wounds that you guys go through boggles the mind. >> we should be debating the state public pension systems. we broke on fox business network, major ones are under water. there is a problem with unfunded liability. you are forcing people to put money in a ponzi scheme. >> charles: we're going to get one of our tuarps here but right now the government actually saying we'll step in and tell you what to eat. we'll tell you what to drive. we'll save your money for you. where are we crossing the lines? >> i think to the point of obesity and savings in this country, unless american people step up and do the right thing. the government will step in and take over because they are going to say, people eat too much. they are overweight. it's going to happen because it's going to fall on the
federal government to pay for it. they are going to take over. >> charles: you don't have to live in california. >> the bottom line you would be entrust tinge to more money that couldn't balance their own check on book. they are going to use the money for other things and end up giving you one of those ious, complete insanity. >> corporations have ran pensions well for decades. there is no reason we couldn't do it well. >> only reason if they could do it well, why have we failed for the last 507 years. public union workers, force them to pay too much because they vote them out of office if they don't. it's designed to fail. >> companies that stopped
because they couldn't do it. >> charles: by the way, no one believes that there will be money will be there anyway. the money will be plundered and have to repay taxes. it's going to be nightmare. everybody knows that. speaking of nightmares, there is a woman that falls to her death in rollercoaster. democrats in d.c., they want to step in federal regulations, is that the answer? we reported, you decide. all business purchases. so you can capture your receipts, and manage them online with jot, the latest app from ink. so you can spend less time doing paperwork. and more time doing paperwork.
>> charles: that wake of woman falling to her death from a rollercoaster. massachusetts democratic senator ed markey wants to regulate autoamusement parks nationwide. is that the answer? >> not at all. i live in the theme park capital of the world and they do a terrific job for safety. you don't need my opinion. last 2011, $1.7 billion in the 400 parks around the country. odds of being injured, one in 24 million. the states cover this. the theme parks cover it. they have been doing a wonderful job for safety. there is no need for the federal to come in. >> why did ed markey get involved with this? you would think he has bigger ambitions, global warming. >> he has been proposition it
regularly since 1999. >> he should be thinking about bigger things. number one, i think this is state issue. states should watch over this. six flags has no incentive to have people dying at their amusement parks. >> charles: with the bp oil spill, a lot of people think the public want to pay fines and lose all their customers. >> it is in the best interests of the parks and they know that to keep the rides and keep the people who visit these parks safe. 33 of the states have agencies that oversee park safety. they oversee traveling carnivals. >> and extra lodges that, but adam, is this again federal government overreach? >> this has been tremendously informative, about the traveling circus. >> you didn't know that?
>> i want to thank you dagen. this is metaphor, is there too much regulation. we need good regulations. do we need federal regulations? probably not. >> just say no, adam. we don't need it. it's the best i can do, gary i'm trying here. >> i know the people that work at these companies. number one start on daily basis is safety. >> 300 million people go through the gates of these amusement parks every year throughout this country and a if this there is trouble or a lot of injuries, guess what that will hurt their business. they want to stay on top of it. >> please no carnies are relatives of carnies with the message. i love traveling carnivals. >> businesses do look out for their best self-interests.
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>> charles: they own them. adam? >> vanguard emerging markets, i'm a big fan of diversifying and emerging markets, everybody should have. >> it seems like merging markets is popular play, but do you like them? >> no. when the u.s. is so much stronger i don't think you need to go away from here. >> charles: what do you like? >> facebook. i have been a bear since the ipo, not anymore, they proved themselves big earnings, gassed up on huge volt and big money crowd will be jumping all over this. >> charles: i know, you don't like big things, is this be a exception?
>> no. i wouldn't take it. >> charles: and cost of freedom continues on the place for business, fox. number one business block continues with eric boling and cashin' in >> it is a green lig >> public unions and bankruptcy battle and "cashin' in" city counsel how to turn around. it won't cost taxpayers a dime. plus..., don't make you scream. maybe what it is about to your personal information will. and calls for the u.s.a. to boycott russia. that is for the news right now.