tv Cashin In FOX News January 9, 2010 11:30am-12:00pm EST
an underground cave like a dragon in lore of the rings. no. put -- in lord of the rings. no put your money in productive assets. >> that's it for forbes on fox. cash shin -- cashing in is next. >> our intelligence community failed to connect those dots. the president admitting his team is dropping the ball. is his economic team missing clues to fix the job market? someone says it is so simple a child could figure it out. senator chuck schumer terror safety solution don't fly to airports with lax security. what about america's airports? >> what are you doing? >> why our own policies could be slowing done the economy and making us less safe.
plus, lawyers to the rescue. >> i got you a good case a moneymaker. >> why lawyers could now be the only roadblock to a version of health care reform that will boost your taxes and maybe bankrupt america. >> all that and another crash for housing worst than the first one. the dire prediction for housing this winter. he says there's a way out and you won't hear it anywhere but on this show. your money, your life, your show. to stay head of the game, cash shin in starts right now. >> the bottom line is the university is government has sufficient information to have uncovered this plot and potentially disrupt the christmas day attack. but our intelligence community failed to connect those dots. >> the president admitting his administration failed to connect the do thes to stop the christmas day bomb plot. now does he need to admit he's
not connecting the dots on the best way to create jobs by cutting taxes. welcome to wayne rogers, also joining us this week, christian dorsey from the economic policy institute, welcome to everybody. not connecting the dots on terror, not connecting the jobs ear? >> we are not talking cutting taxes. he can talk about tax cut all i wants you need to cut taxes so small businesses can hire. they are in limbo they are not hiring because they don't though what is happening. if they knew their taxes were going down they would be eager to get out and offer jobs and spur the economy. >> many people believe if you cut taxes permanently for businesses they will hire. >> we've been cutting taxes
the better part of the decade. the stimulus plan had a lot of tax cuts. tax cuts are better than most -- >> he's talking tax credits for businesses different thing. temporary fix not permanent. >> putting money in taxpayer' hand when you are not paying with cuts in business is stimulating the economy and recession however it gets dolled out is the same effect. >> it is not because you have to perform an action to get a credit. >> consumers are wary to spend when they give you incentives to do something to a credit or a cash for clunkers thing you do it with your own money and get matching funds from the government. [ talking over each other ] >> if i'm in the service business it does me no good. >> jonathan? >> the president doesn't understand. the president has, i think if you listen to what he says, a hatred for capitalism. where do jobs come from? they don't come from the
government. they come from the profit-seeking self interest from what i hear and see the president never miss as opportunity to smear and bitch-slap. >> it is the strongest market in the country d.c. because of hiring. >> exactly, when you create a job that doesn't serve an economic purpose it is not a job, just welfare, just a subsidy. [ talking over each other ] >> listen wayne, many people are saying it seems to be the common belief the private sector will get us out of this recession doldrum, whatever you want to call it, if that's the way they we are going to get jobs created not by government spending, cuts and credits. >> it is going to be a combination of bog. if you listen to christine roamer when she was talking yesterday about why this has happen. the bureaucracy. you started by saying the connecting of the dots in the terrorist situation. sitcom payable. the burr recognize -- it is
comparable. the bureaucracy is so slow, inefficient, so dumb, if you will. they can't did anything. even if they tkrapbt this money half haven't spent. of course private industry because there's an incentive in private industry to create a job and do something that is going to bring, as jonathan says, wealth back to the when. if you are in the government thing, you don't have incentive to do that >> christian that is what president bush did. the bush tax cuts to help business along, stimulate job growth. >> you are talking about connecting dots. do the number one we had expansive -- dot number one we had expansive semitax cuts in 2000, so president obama is connecting the dots and realizing if you want to create jobs now, you incentivize small businesses by giving tax credits for doing what?
creating jobs. not general tax cuts which we hope will create jobs but have the actual effect of going more into savings than into spending. so, when you are talking about connecting dots obama is looking at past history, and designing a way forward that makes sense. >> wayne, you are shaking your head. john is laughing. >> only because that's not correct. the bush tax cuts, you may say okay they did produce jobs. job get was going any way that helped to incentivize more. you are not correct about that that did help. and it always helps. >> there's no evidence of that >> let me finish please. you are right obama i believe is trying to help by doing it with tax credits. not to say he's out to jeopardize, i don't believe what jonathan is saying he's not out to shoot down capitalism. i think he wants succeed, i just don't think bureaucracy can help him do it, it is
defeating. >> john was one -- had you a big laugh going on. i wanted to know what was so darn funny? >> look, the thing that obama is helping out small businesses while he might want to, that is absolutely not happening. talking about history, yes he's looking at history, 1938 to be specific that brought us into another depression. the exactly what is happening big government spending. we've spent two trillion now one out of every five americans by the government's numbers aren't employed that is nothing i don't think to brag about. he has gone after big banks given them free money, automakers, unions taken care of them, free money. credit tightened whatever 1/2 trillion out of market for -- 1 1/2 out of market for big business. nothing for small business. >> the president actually has been targeting small business, helping small business create jobs with tax credits.
>> but he's not doing anything. the irs will be the first to tell you, you raise taxes, tax revenues decrease. they do not collect when you raise more. why? incentive to not pay. continuing changes in the tax law. these irs agents cannot keep up with. congress passes laws on to the irs and expects them to be implemented and they can't. it is a -- [ talking over each other ] >> we have 10% unemployment. they act like they went away that's why the jobless rate is so high. >> they are going away >> unemployment is 10% today. the point is there is a point where tax cuts aren't going to keep creating jobs. as a business you have to have a need for an employee where you can make a profit. they are better than most government stimulus plans. >> john mentioned this is free money. john all due respect it is not.
it is your money, it is my money. it is every citizen's. you think about the big banks, the four largest banks in the united states control over 56% of the banking assets in the united states. it is outrageous! >> we are going to leave it there, guys. >> it is free money to them, not free money us to. >> correct. >> all right guys we got to stop it there. coming up senator schumer urging airlines to stop flying to airports with laxed security. someone one reason we should all love lawyers. why they may be the only ones who can kill government run health care. ♪
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. new york senator chuck schumer telling airlines they should think about not flying to airports with security not up to snuff. he says it will keep us safe. the same guy who caused a commotion on a tkpher shall flight when he -- commercial flight when he wouldn't get off his cell phone he even called the flight attendant a name i will not mention. you say it would be a disaster for the airlines and the economy as well, tell me why? >> absolutely we are attacking the tail not the dog. not attacking the animal that is the root of the problem, security the airports in the future are gonna have noninvasive screens, you can hop in, one 10 seconds, bomb
sniffing machines for bure bags. until we get there there is going to be inaccuracies, redundancies, inefficiencies we den need to stop flying we need some set form of security to make sure airports are safe. >> christian he was saying we should threaten -- he wrote letters to all the airline executives saying we should not be going to these countries what is that going to do to business? >> messenger play be flawed but the message is sound. he also said we need to have tsa agents go and do a better job of having a presence in airports. but his responsibility for the airports, i think is didn't. if in know of security concerns in foreign airports they need to threaten to stop flying there. if safety is their number one concern, if passenger safety is their chief issue that's a very prudent thing they ought to do. >> too bad we are not still
talking about jobs. wayne i mean -- >> it is the responsibility of the tsa and of the homeland security. it is not the responsibility of the airlines. the airlines are there to make a buck -- by the way, nobody is telling you, you have to fly. for safety purposes you can say i'm not going there. israelis do it right. it should not be a concentration on instruments and devices it should be a cons straoubgs -- concentration on the people and they interview you and that's the way to do it. >> this is clobbering capitalism as opposed to fixing the problem. 2/3 of all international flights come into five places. eu, canada, mexico, japan and australia we need to work with these countries and figure this out! the answer is not cut that part of the world off and stay in your own livingroom. it is figure it out. chopping capitalism at the knees is not the answer. >> i'm going to bring in jonas
here. [ talking over each other ] >> i would think the answer would be technology. get the screening systems in place. >> we have the body scanner that some senators in congress in america think it is too victorian don't want their bodies seen by these sewn sores. that's another story. i agree with schumer on this. i'll be jonathan for a second. this is putting some of the security back in the hands of airlines where a lot of it belongs. it was taken away in private industry in 9/11, given to the government. ultimately you punish airports for not doing a good job. maybe americans will say we are not going to amsterdam. >> my grandmother lives there. >> we have to do a better job with security, because we took away their liability also with 9/11. this is a will have away from
capitalism. >> this is not about >> you drivers and things like , this is -- this is not about screwdrivers and things like this this is about people. if you interview you don't need this other stuff. let 'em go to israel and see. >> what is the gateer threat to line -- what is the great he threat inability to fly to yemen or americans who are afraid to fry period. airlines being a valuable partner in making this happen. >> the greatest threat to airline security is militant islam that's why the focus is an unbelievable distraction. we've banned liquides. now gout to take your shoes off. you are fighting a war the businessman, against productive individuals who might want to travel internationally to make money. you are fighting a war against
folks who -- [ talking over each other ] >> this will be akin to trying to fight world war ii by regulating german sausage stands, it is not going to work. >> by the way, nobody says you got to fly if there's a safety problem you can take the responsibility yourself, not to fly. don't say the government is gonna tell me what to do and whatnot to do, simple. >> we'll leave it there. >> coming up lawyers getting ready to sue the government so you don't get stuck with government run health care. can they slam the gavel on the plan? >> in the cold and in the money. how those record low temperatures can make you a bundle!
. >> hello i'm brian wilson in washington. prosecutors are charging a second suspect in an alleged al-qaeda plaintiff to attack new york city with homemade bombs on the anniversary of 9/11. authorities nabbed a man after a car accident yesterday he is set to appear in a brooklyn court today. his former classmate pled not guilty to lying to the fbi. if you ever needed proof that the u.s. is in a war against terrorism there's a video tape from the grave from the man believed to have killed seven cia employees in a suicide bomb attack. the jordanian doctor who was operating as a double agent called on other jihaddists to
follow his lead. could the see the once held by senator kennedy be filled by a one day? there's a poll showing the race is tightening. more on these stories in 10 miss. >> to the closed door health care huddle the president and democrats scrambling to get a bill one weeks. meanwhile, are lawyering up to kill it. jonathan, you usually don't like lawyers but you are loving them now, what is going on? >> because what they keep calling health reform has disintegrated into mob rule. this country is anything goes as long as you can get votes. powers are government are supposed to be limited. by the fact they are requiring to you buy health insurance not because you are getting a car, this is a requirement to buy a product because you are alive. i can't imagine in a country based on individual rights how that could be constitutional. i hope it gets challenged.
>> this is attorney generals from 13 states threatening to sue because they are going to be burdened with the cost of one state, nebraska and that doesn't seem fair to them. >> it doesn't seem fair to me either. i think that is going to get struck down in the final bill when the house and senate reconcile. thement is whether there should be legal challenges to the idea of requiring individuals to pay for health8zw care. anybody who thinks there is a valid legal challenge is being shameful, desperate and hypocritical. icyc can't say that strongly enough. there's every g believe that congress has the ability to tax and spend to provide for the general welfare of which health care is one. certainly, this will survive any constitutional challenge and for all those people who talk about frivolous lawsuits they ought to let this go. it is sour grips for having the bill become -- sour grapes for having the built become law. >> it is state budgets. medicaid is federal and state funded.
one state doesn't have to pay? they have a good point. >> absolutely christian is a very smart man we disagree on this point. i believe there's a constitutional violation of the freedom and fairness among all states what has happened to our america? you to understand with health care, automakers, fan any and freddie almost a third of our country has been socialized. i disagree americans aren't smart enough to run their own business that the government has to do it. i don't care if it lawyers stand up and stop them. >> john, it is true but it is not going to happen. christian, you are wrong it is not under the general welfare read madison this is under the interstate commerce clause. the court is not going to turn it over. it is not going to work. it is fortunate because -- the constitution has been eviscerated, it is whatever
the court says it is. >> the founding fathers there's a million things we've done that the founding fathers would freak out about. if you think the courts are gonna let this be a constitutional challenge on 10th amendment it is not going to happen. you can't grow marijuana and though states allow that medically. they make you pay social security tax -- [ talking over each other ] >> you call these frivolous lawsuits is garbage. if my taxes go up because of the cornhusker bill going through right now because these guys are getting a kickback that is unconstitutional. >> talking about senator ben nelson. thank you for joining us. also great to have you on cashin' in. >> deep freeze about to make our viewers some cold hard cash. and the green crowd, red, hot mad. plus something we all use
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price of heating oil, much smaller and less track, less liquid market than crude oil. >> like it, like ttracy. >> all the years of people telling the cell phone is killing your brain, proven wrong and doing tests on creatures, little mice and cognitive aabilities from radiation from cell phones and pushing off alzheimer's. >> john layfield? >> 60 day delinquent for mortgages doubled as goes to default. if you believe there's going to be more foreclosures this year like i do, lender processing services is a way to serve that. >> wayne rogers. >> chinese stocks going up. i like ady, american dairy. the chinese are lactose intolerant and make a product that's worse. >> and i hate the government, but i'm starting to think it's overplayed and going up, 4 1/2, 5% on long-term government bond, that's a good