tv FOX News Sunday With Chris Wallace FOX News February 28, 2010 2:00pm-3:00pm EST
sunday" with chris wallace at 6:00 p.m. eastern. thanks for watching. i'm shannon bream. this is fox news where more captioned by closed captioning services, inc. > with the majority ofamican americans saying focus on jobst the president set to make a major announcement on healthcare within days.ay dem reports are democrats will pocw ahead with their own plan.ne one they are now claiming will take care of jobs. four million jobs to be exact.b will it? hi, i'm brenda buttner. and this is bulls and bears. a th here they are. the bulls and bears this week. . gary, tobin, erik, democratic strategist, juliette. welcome to everybody. erik, 4 million jobs from their health care bill. you buy that? >> it's not a jobs creation. it's a jobs killer. there are a lot of reason why is this will not only create 400,000 or 4 million jobs, it will kill jobs. small businesses, think about
this for one second. 75% of small businesses use the tax code as individuals. in other words, they make x amount of money and pay like individuals. this will push those small businesses into the 45% federal tax rate. that doesn't compete with any other country in the free world. it's terrible. that and they're going to start getting taxed now even though benefits may end up in 2014 and one more dirty they failed to bring out, part-time workers are going to have to be covered in most of either version, probably the president's bill that comes out, probably sometime next week >> i don't know. there will have to be lots of nurses and doctors to take care of these uninsured people. are those the jobs you're talking about? >> absolutely. you are talking about insuring 30 million people who previously were uninsured and that's going to require doctors, nurse, clerical workers, lab technicians. there is going to be a shift from in patient care to more
appropriate outpatient care for a lot of people who were receiving it that way when, in fact, it's more appropriate for them to receive outpatient. conservative estimates are saying from the labor department, about 250,000 jobs per year, if not up to 400,000 per year. >> you know what, that's the first time you've ever said conservative in a nice way. all right. toby, are we talking about jobs or are we talking about more bureaucrat? >> well, obviously if you would have followed this plan and according to the senate plan, creates 118 new bureaucracies. these are agencies to manage agencies, systems to follow. that could be 400,000 jobs right there because if you look at the average number of people per these new agencies, it may be 600,000. but on the other hand, what we -- talk about all of this new
taxes that hit in 2010 and 11 to pay for these jobs come out of where erik talked about, the people who create jobs. so net, net, disaster. >> and government jobs cast more than private jobs, too, gary b. is that an issue here as well? >> well, i tell you what, i think the real issue is in the number and the selling of this number. 400,000, 4 million, the number might well be higher, but pelosi makes the same mistake that obama makes when he talks about all the jobs the stimulus created. the real key is net jobs. yes, many, many jobs will be shifted into the health care industry. but as erik and toby point out, those jobs have to be paid for via taxes and that tax, those would have gone to create other jobs. it's akin to saying the military draft creates jobs.
no, it doesn't. it creates military job, but the men and women that go serve in the military would have done something else. so there is no net job created except maybe the bureaucratic bloat and those people probably wouldn't have worked anywhere else. they would have been bums on the treatment so maybe there is a net increase there. >> do you see a net increase or decrease, pat? how are you weighing in on this one? >> thinking specifically about health care jobs, you provide health care to more people, you need more providers. what kind do you need? probably a lot will come on the lower paid areas. probably sort of pharmacy tech, sort of nurses at the lower end, not at the register nurse level. if you have margins over all in the health care sector coming down, that will reduce the incentive for a lot of r and d and could reduce the higher paying jobs that drive innovations. we have the high margins on health care and you could reduce that which would bring down jobs
that are higher paying. >> pat, how in the world can you say that insuring these people will create jobs? they can go to any emergency room, they're going to get treated. those people who are treating them are working. you're not -- all you're going to do is take private sector jobs out of the health insurance industry. they're going to go away because they can't compete because the government will undercut them and replace them with a bureaucratic government job and at times, 2 1/2 times the cost of a private sector job. >> yeah, but what are we going to do? are we going to take over canada? >> hold on. let pat talk. >> if erik will calm his blood pressure down for a minute, i said specifically in the health care sector, if you're going to insure 30 million more people, those 30 million people can't go to existing emergency rooms and get health care. these may not be the kind of jobs you want and i conceded that point, but just do the freaking math, dude. >> wait a minute. >> hold on now.
pat's blood pressure is up. i want it noted. that's exciting. >> pat is -- the 30 million -- i'm sorry. i go along with erik on this. this 30 million, even if it is 30 million, i don't think it is going to be, are sob absorbed into health care system like that, you're talking about ology these 30 million people from day one are seeing a doctor every single day. come on, these 30 million people are not going to be seeing doctors 24/7. they'll be absorbed in. >> julie, the thing is, i don't know, i'm kind of tired of doing this job. tomorrow i'm going to be a doctor. you don't automatically jump in and create the doctors that are needed for this, can you? >> no, of course not. but you are talking about a plan where yes, some of these are going to be government job, but at the same time, this could spring up small businesses and people who are going to be helping to get the care that 30 million people need. i mean, gary, how can 30 million people be totally consumed into
our current system? it's not possible. it's overtaxed. >> this could all -- your point would maybe be relevant if, in fact, this plan would start next year. but the start doesn't even happen, according to what they talked about yesterday, some of it wouldn't happen until 2018. however -- >> a lot of it will be happening right away. according to the bill, toby. >> hold on, guys. toby, you're saying no jobs. julie, you're saying 4 million jobs. right? >> i'm saying 250 to 400,000 a year for the next ten years. >> did you come up with that number, julie? no one, the cbo hasn't scored it. no one has scored it. >> allow me to answer that because this is from a study that actually brings in two previous studies looking at what would happen under this bill. it's also bringing in labor
statistics and looking at both what kind of jobs would be lost under the new bill and what kind of jobs would be gained. >> unemployment would go down -- >> quiet! sorry! maybe i will go be a doctor. >> scale down or just a start? the democrats just discover a way to get big government bills through without anyone even noticing? you can't get anything by neil's gang. that's at the bottom of the hour. first, here, a new white house plan to ban foreclosures. will you be left footing the will you be left footing the bill? "what do you mean homeowners insurance doesn't cover floods?" "a few inches of water caused all this?"
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call the number on your screen to get your free video, brochure and your free hoveround collapsible grabber. call the number on your screen. we are getting grim new details emerging in the wake of the deadly earthquake in chile. state run television reporting at least 350 people killed in the seaside town of constitution. some of the deaths caused after big waves from a tsunami swept through the area. the country's president saying the total death toll over 700 and that number expected to go much higher. in other news, the president of toyota will pay a visit tomorrow to the world's biggest buyer of cars, china. toyota trying to salvage the company's reputation after more
than 8 million recalls worldwide. the recalls in china pretty small but total car sales in china soaring last year, taking over the top spot from the united states. i'm gregg jarrett and now back to bulls and bears. for all your headlines log on o to fox news.com. we'll see you in 30 minutes. s a plan to ban all home foreclosures until a government agency, not a bank, gives the okay. gary b, you say this won't only create a bigger housing nightmare, it will create more dead beats in america. huh? >> exactly, brenda. it helps no one, it hurts everyone. here is the reason. freddie mac itself says that 40% of the people, of the homes foreclosed upon were speculators. we don't really want to save the person that is speculating on a home in las vegas. the vast majority of homes that are foreclosed on had very little equity in the house to begin with, so they bought some $400,000 house and they might
have put $5,000 down. so what are they going to do when they're foreclosed? they pick up and go live in an apartment. we don't really want to save the vast majority of people foreclosed upon. they probably should have been foreclosed upon. so what we're really doing is putting a false bottom in the housing market. we don't let those homes clear and drop to a price where everyone can benefit. so it's just a lose-lose proposition. >> what do you think, julia? >> i think that this is not for the people who gary b was just mentioning. while they would put a hold on all foreclosure, they are going to let some of them go through, but the people who really did get themselves into mortgages that they didn't understand and could be helped by the banks, the president really wants to make sure that the banks are doing everything they can to help them and obviously they're not, which is why he's using the bully pulpit to put more pressure on the banks to be more helpful to those who really could be helped and i am not saying it's every single person out there who should be helped
and people who lost their jobs and are in homes they can't afford anymore won't be helped by this. >> it's not really the banks. it's this government agency that is having trouble admittedly, the administration says this just isn't working. >> brenda, government is the only entity dumb enough, dumb enough to encourage failure. that's what they're doing. they're saying, you know what, if you want to try the housing market, go ahead. we'll bail you out. the problem with that is free markets say it's okay to fail. you can fail because fail brings innovation. innovation, therefore, breeds success. if there is no failure, you're never going to innovate. these people are in homes they couldn't afford. they need to fail and get their lives together and get in homes they can afford. if the government keeps saying, try it, we'll bail you out, that's never going to happen. >> the markets can't clear, really, pat. that's what we're saying basically. if you don't let people foreclose on the house, if we keep them propped up, we're always gog have this housing problem.
>> yes, it's a silly idea at root because excess inventory we have is the biggest thing preventing the market from clearing, preventing the real estate market from recovering. until the market clears, you get run up recovery. this kind of policy wouldn't help that in the slightest. >> your blood pressure is back down. toby, you go ahead. >> this is always the rule of trying to do well for people and actually hurting people. so in a couple ways. number one, when someone takes over that home that shouldn't foreclose, according to the real estate association, they spend $8,500 on new stuff. nobody spends anything on a home that they're getting for free by the government, or totally upside down on. so not only is giving people a free home anti--american, anti--capitalist and wrong on a multitude of levels, it's also incredibly bad economics and it actually stalls a big part of our economy coming back 'cause
the consumer is not coming back very fast and one of the reasons is, so many are upside down on house. >> he really likes it. what do you say to that? >> i think it's extreme to say we're giving people free houses. what we're trying to -- is it. >> that's what they're saying. >> what they're saying is help people who need help. we've been on this show before talking how the banks are not doing enough to help people who really could be helped by this. >> hold on. >> who could be helped by getting into a more reasonable mortgage, but there are other people who are not going to be helped by this and shouldn't try to help them. speculators. >> real quick, if you continue to do this, you will make sure that government will have a handle on every single mortgage in the country because no company is going to offer a mortgage knowing that the government can come in and say, by the way, you can not foreclose on that house. get that house back and sell it. no one will do it. it will all be fannie mae and
freddie mac. >> gary b, last word. >> the bigger issue is that the overriding thing is why is this government doing it? the banks want to be mean? you know, that's the problem. then they're mean and lose. it's not the government's role to step in and be the morality com pass in this issue. >> okay. thanks, guys. so the same week another massive snow storm slams the northeast, signs dc is blaming it on the global warming ring ring. progresso. oh yes hi. can you please put my grandma on the phone please? thanks. excuse me a sec. anotr person calling for her grandmother. she thinks it's her soup huh? i'm told she's in the garden picking herbs. she is so cute. okay i'll hold. she's holding. wha? (announcer) progresso. you gotta taste this soup.
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three blizzards in as many weeks putting the green agenda on ice. is that exactly what this economy needs? toby? >> the economy is jumping up and down and saying, thank you. you just can't see it 'cause we got the umbrellas on. look, even the dems have finally come to the conclusion that all the ideas that have been thrown out here are basically fraught ridden, horrible for the economy and finally when they started to put the math to it, they said, you know what, this would kill the economy if we put this stuff through. so let's sort of forget we even talked about it. i love it. we call it the washington shuffle. little michael jackson. >> juliette, cap and trade, epa and the democrats are pulling back on that a little bit. is that going to help or hurt the economy? >> well, ultimately what it's going to do is help businesses in the long run. it may not be the best thing in the short-term and we may have to time it correctly and so lawmakers are probably doing
what i would think everyone here would like them to do is take a step back, take a look. but in the long-term, this is truly a very good thing. it's going to shift the help to green jobs in the long-term and it will help to really get businesses to focus where they need to focus on these things in the long-term. >> well, come on, gary. putting these green jobs on ice. we're not even talking about this anymore. this is not even the issue. >> i love the logic, we're going to be shifting these to green jobs. i thought we shifted everyone to health care. we're going to run out of manpower at some point. but studies of this already, this was basically the bottom line. this is another way for obama to shape the economy, what he thinks is right. but there is cost. this is a tax plan. this is going to cost, studies have shown, the average family of four, $4,500 a year. job costs, by the way, lose
about 20 million jobs over -- 2 million jobs over the next 20 years. this is a killer. it's a tax like anything else. cap and trade, whether you call it epa regulation, this is another burden we're placing on the back of the american consumer, all because obama thinks this is the right way to go. >> well, erik, it's all going kind of to the back burner, i'd say. >> gary is 100% right. it's a way to raise taxes and garner control. they want control of health care and energy, which is probably the least thing is health care. but cap and trade is tax, but we have an idea of what it costs. the problem with the epa empowerment is we don't know what they're going to do. they can say anything. they can say one little micron is going to be taxed. it's in their power. that's even worse than cap and trade, they all should back away from that table. it's a costly thing. >> lastly, pat, you think this is good for the economy? everybody is backing away from
this bit? >> there is no costless way to reduce carbon emissions. it's what you want to do. there is no costless way to do that. it costs money whether you call that a tax or cap and trade, i don't care what you call it, it costs money. and the problem with trying to sell it politically as we'll offset this with jobs created elsewhere, it doesn't work. if you think that reducing carbon emissions is a laudable goal, it will cost money for the economy. >> okay. toby, i got to give you the last word. >> well, finally, i'm going to say, pat is right. when we look at the cost versus benefit, like a normal rational human being, it ain't there and the truth is coming out. >> all right. thanks, guys. and thank you to you, julia for joining us. we appreciate it. >> thanks, brenda. >> protesters in greece. bringing the nation to a virtual
>> you don't get to aaponymous and beer in the same sentence. toby. what do you think about that? >> they are taking costs out but beer sales are flat and the growth is outside of canada. i love you, patrick, but i don't love that one. >> and mr. prop man, what do you say? >> it is back. remember acorn and they got in trouble and they will rebrand themselves and want to call themselves like the new york community for change. international paper and why international paper you ask, brenda? >> i do ask that. >> because they have to print all the pamphlets like this one how to stuff ballot boxes, how to start a brothel. international paper up. >> you used to be the guy that worn the leopard skin and you are the angel. toby, you are never going to wear one of these. ever. but i will give you this, we may have some devilish comments
coming up on next week's show or at least on cavuto on business. stay tuned! the president is now pushing a new peace deal approach to get the healthcare plan through. start small and big. getting 13 republicans ultimately on board for what was a $15 million measure. reaction from charles. it tows add up. >> it does add up. i know he wanted to wow us. christmas eve and so important
and everything but now is probably thinking let me piece meal it together and no one will pay attention. the deficit hawks won't come out there and we could avoid the alka seltzer moment where we can't believe we ate the whole thing. they should start with the things everyone agrees on. >> that would be wonderful but they are not going to go that way. >> they are not going do that. >> i like ten to the installment plans when you get a big insurance bill or -- it always sounds more appealing if you just pay it over a couple of more payments. even though you are ultimately paying more. that is kind of the approach they will take i think going forward, the jobs bill was a good precursor but for a variety of programs. >> right, the $15 million instead of say 85. and that is the point that hopefully the little crumbs fall into the cracks of the sofa and nobody notices at the end of the day because the agenda for the democrats does not change. how they try and get there is
what is changing. they see the writing on the wall, particularly the blue dog democrats. four out of five voters disapprove of congress and 78% of american voters say government spending is out of control. the agenda they will try and push through but very carefully and under the radar. >> you can get more republicans onboard. look, we can cover 15 million more, what do you think? >> i think one of the great, washington, think tanks like kato or heritage report american institute will add it up carefully and the news will get out on fox and on the "wall street journal" editorial page and pretty soon they will say we have been snookered not another dime unless you give us the honest trait accounting which the democrats will never do just as the republicans never will do.
jobs bill. it doesn't help anybody. it is just the most pathetic kind of window dressing. >> $5,000 credits to incentivize to hire. i doubt a credit does the job. that is neither here nor there, i guess. >> i think we are pursuing a half cup empty line of running here. i'm not great at math but $15 billion is smaller than $85 billion. what you are seeing is the president and democrats in congress taking what they could get. they took what they could get on this and got a lot of republicans to go along with them. the republicans wanted the tax credits so the president said all right let's do it. i think you will see something similar happen on healthcare at the end of the day and you saw it last week with the president and democrats talking more seriously about malpractice reform than they have since the one or two meants he made last year. >> come on. >> this is something that the republicans want.
>> this is not about half cup. this is about half-ass and that is what concerns me and again and again and again we keep playing these numbers games and maybe smaller, pal atable bites will do it. the same old game. >> that jobs bill is not through and that might have given them the sort of maybe we can do this with a low temperature of other things and piece meal it through one step at a time and ultimately get our goal. >> charles, this piece meal is democracy. i mean it is compromise. it is exactly what the founding fathers had in mind. no one's suggesting that it is great. i don't think we should have done the jobs bill. >> compromise, we would have had a bill already. something in healthcare that said no preexisting conditions and a couple other things that everyone agrees on and that would have been a great springboard, especially for the president to look presidential.
>> and we may get there. it was ugly, it was messy, we are moving forward. >> piece meal is a good thing to the extent it slows down the agenda. no more 2400 page bills that nobody has read. >> ben? >> another giant issue which is we don't even know what is in the healthcare bill. we don't know what kind of jobs bill would help the economy. the economy is in a deep morass. the incredible uncertainty is not pulling us out of the morass, it is putting us deeper into the morass. we have to have a certain idea of the healthcare plan that is going to burden employ years and a plan to stimulate the economy. obviously film luciana plans don't work. we have to -- obviously stadium plans don't work. we have to try something else. >> it was $787 billion and now 860 million, there abouts and
they want to extend the cobra and unemployment benefits. that is a road to greater government just by tacking on stuff to that thing. >> i had an amazing dinner last night with a brilliant, brilliant democratic elector, the smartest guy i know of in this town who is a democrat and i said to him how come you are allowed to spend the tarp money over and over again and he said the chairman decided it is up to him. we just decided it is up to the chairman of such and such a committee. that is crazy. that doesn't make any sense? may i inject some optimism. >> no. >> may i inject some optimism in the conversation. >> we saw the economic data, we need some optimism. help us! >> the president tried last week to get healthcare legislation moving again. that would give us some certainty. the financial regulatory reform which is critical to getting
the economy moving again appears to be moving again. >> what is critical to getting the economy moving again? >> having certainty in the financial system so that we know what the rules are going to be. we agree we need reform so let's get it done and move on. >> wall street doesn't like rules. >> i just don't know. i talked to a lot of folks here and i don't know they are saying i'm not going buy and get some certainty on the financial reform. maybe they do and you hang out with a more intellectual group but my guys are saying they don't move on this financial report stuff i'm not budging. but that could be just my pals. >> terrified to hire because they are terrified of the healthcare mandates and pollution control and mandates will be and they are scared. >> that the government is going to buy the their cookies. >> family show.
coming up, you want a great job, steve forbes says privatize unemployment insurance. a story you won't get anyplace else. why were these lawmakers lambasting toyota's big week? e every day special. fancy feast appetizers. [dinner bell chimes] high quality ingredients like wild alaskan salmon in a delicate broth, without by-products or fillers. fancy feast appetizers. celebrate the moment.
350 people killed alone in the coastal town of constitution. some of the deaths apparently caused at waves from a tsunami swept through the area. the country's president saying the entire death toll from the magnitude 8.8e magglio quake stands at 708 and that number expected to go higher. secretary of state hillary clinton will arrive in santiago chile testimony. the week long tour expected to be dominated by the tour in chile and she is scheduled to make stops in guatamela, uruguay and costa rica. >> why should we believe that things going to get better? >> you weren't aware of the fact that there was a serious acceleration problem with your vehicles until just a few
months ago? >> why did it take you almost a year touring this to the attention of regulators? >> and it went on and on. you know what all of the lawmakers grilling toyota's top executive have in common. in they all got campaign dough from the united auto workers union. they were among the more let's say aggressive questioners. what do you make of that? >> conflict of interest. also the lawmakers voted for the bailout of general motors and chrysler. and if the unions don't have -- maintain their power and get more power, maybe to the hurting toyota that means more money going into the pockets of the lawmakers. kind of the vicious cycle we have been talking about recently. >> neil: this situation notwithstanding, it is for u.s. automakers rescue like the gift that keeps giving, right?
>> it is an amazing gift to the u.s. automakers. i don't see it as conflict of interest. this is what the representatives are elected to do is represent their districts and their states if they are senators and they are in states and districts where there are a lot of auto workers so they should be representing them and lambasting the competition. is there is real problem or phoney problem like global warming? how many incidents were there that could be clearly traced to something other than the driver making a mistake or the floor mat not being properly installed? it is questionable to me and the "wall street journal" reported in great detail it is questionable that there ever was a real problem with the toyota. i think they are incredible cars and i question whether there was a real problem. >> neil: you raise a good point but i talked to a top trial lawyer and this might shock you but he thinks there is billions of dollars worth of litigation there. >> what a shock. i can't believe it.
>> you raise a good point about you question from the bias from which you come and if you represent a lot of union folks and you have uaw money you are going to come down hard on a company ha is largely nonunion just as if you will be friendly if your have toyota plants in your back yard. that doesn't surprise me. i guess where the dog and upon any show this week got me was no one else taking responsibility. no safety regulators in the u.s. being faulted for missing this and while we did give ray lahood the transportation secretary a couple of sharp questions now and then, nothing to the degree that the u.s. toyota chief got or akia toyota got. >> they are next. there were headlines last week that congress is going to turn its eye on the regulators and ask why they were asleep at the switch. >> neil: adam, come on. do you think a democratic congress is going to rip a
democratic transportation secretary? or a democratic nhtsa chief in this country? do you think there is going to happen any. >> i think would be more than happy to go after bureaucrats as it is easy to pick on bureaucrats. they will pick on absolutely anybody, especially when the tv cameras are going. i'm not surprised by any of this and i don't think it is influenced by campaign contributions as much as you said, they come from union states, it is open season on a company that isn't from a union state. >> neil: charles? >> well, you know, my whole thing after watching this all week long is then why did we go through it. i understand that it is business as usual and union states represented unions. i heard one southern guy he gave a commercial for toyota, i almost went out and bought one. i was like oh, man, i got to get one of those things.
what do they do for the american people? they do th dog and pony shows almost every day now but what comes out of them. >> neil: translated back from japanese to english but what i love about the u.s. congressmen questioning is they don't even wait for the translation. the guy is trying to answer. the poor s.o.b. is trying to answer and it is like i can't be bothered with your answer in english back to japanese. >> they were a little abbott abbott & costelloish. they spoke great english for some time and other times like what? >> the question would go on for three minutes and the translateor would rephrase it in like three seconds. that was a whole another thing. it is a parade. >> but the grilling by the lawmakers who benefited from union largeesse it demonstrated
union jobs good but what about the nonunion 17,000 people that toyota employs in this country. >> neil: a good point. a couple hundred thousand. up next, this company just lost 9 million bucks after getting a $180 million bailout and now it wants more? you look beautiful tonight. allow me. it's tough to reach that five servings a day if you don't always like the taste of vegetables. i'll be right back, okay? okay. good thing v8 v-fusion juice gives you a serving of vegetables hidden by a serving of fruit. v8. what's your number? now try refreshing new cranberry blackberry v8 v-fusion juice.
last quarter the company reported a loss of $8.9 billion and now reports it might need more money from the government. charles, what do we do? >> got to say no. we have to draw a line in the sand. i like robert and i love the way he has come in there and tried to change things. no more period, that is it, no more. >> neil: , all right, but we have a lot in there now and the argument is too big to fill and too deep to leave. isn't that the argument? >> that was the argument against the bailouts in the first place. >> neil: scratch that prior question. >> look at fannie mae and freddy mack. fannie mae was started in the great depression. >> listen to bill laugh. >> neil is rest hot today. i -- is red hot today. i don't know bahar you are taking today but you are red hot today. >> neil: you don't want to know, ben. that is what they are figuring if we say boo and we have more money i believe than any other
financial firm, let alone any other company, they can't let it go, right? >> they can't let it go. i have a friend who is one of the very top dogs at aig and he has explained to me over and over again why you can't let aig fail and i'm convinced he is right. this company was raped and looted by goldman sacks in my humble opinion in terms of the credit evolve swaps. the deal was so bad it has been written up in great detail in the "new york times." it was so bad for the taxpayers, almost unbelievable they got to have their cake and eat it, too, over and over again. i think this needs to be investigated with great thoroughness by maxine waters a wonderful congress woman from los angeles who is on the track here. find out what goldman s ca ach.
>> neil: what do you think of ben stein's friends? man, i'm hanging out with my deally owner. be that as it may, some people are saying if we are giving this company this much money and it is still in a heap of trouble, stop. >> first of all, the comment that they may need additional bailouts of the was a boilerplate comment they made in a regulatory filing that they make every quarter. they are essentially saying. >> neil: i don't remember that boilerplate comment in prior quarters that we might need more money. >> read the comments and if we read the regulatory filings my understanding is it is language that has appeared before. >> neil: then i stand corrected because if i would have pickd that up or any enterprising journalist would have pickd that up in prior quarters they would have gone nuts! but go ahead. >> i think the analogy here is you invested all this money in a house and the toilet breaks you are going to fix it.
>> neil: that is an excellent analogy. >> how about we invest a lot of money in the toilet. can't you just throw the toilet away because that is what this has been to the american taxpayers. >> it is bigger than a toilet. >> it is a big toilet. >> get out of the bathroom. these lawmakers cannot even make change for a $5 bill, how are they going to run and oversee a complex institution like a ibm and freddy and fannie mae max have $5 million of mortgages they guarantee. that is not even part of the federal debt. >> neil: i discovered i have life insurance policies with aig. >> they're safe. >> they told me if you kick, it is 2 25 bucks for your heir. do you think the company will survive?
>> i think if congress leaves them along-time they will survive. >> your tax dollars are going to them, of course, it is going to survive, you own it. >> neil: my prospective heirs are saying keep pushing it, dad. dad. >> tea party turns one year ol. today and our guys are celebrating with the stockswayd they say will really rally for you all. my other can is ringing. progresso. hey can you tell my wife to relax and enjoy the view? (announcer progresso. you gotta taste this soup. and we've been open 24 hours a day -- 7 days a week. and we've made a tremendous amount of progress. you know, safety and reliability is top priority.
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>> i've got a great american spot for a great american movement. they recently struck oil in the gulf of mexico. they are drilling for oil in american water, big time, i think this company is going to have more of those finds, mcmoran exploration. >> it's speculative and it's already way, way up. >> neil: so what are you doing? >> i confess, i completely underestimated the tea party movement which has accomplished a lot and become a real movement. one of the other people which are underestimating which is palm that got hammered. i think it's a buyout candidate. >> neil: ben, what do you think? >> i think everybody knows the story i'm telling. it's extremely closely watched stock, but i think it's incredibly great company. i wish they would make the
buttons a little bigger so us old people could use them. the buttons would have to be as big as strawberries. >> neil: you and me both. what are you doing? >> i stick with the diamonds. i don't think i can outperform the diamonds. it's going to be a rocky road but a rocky road for everything from now on. >> neil: it's been a robbery road for a long time. do you see it changing soon? >> no, i don't. i think the situation is quite scary. recent gdp numbers weren't bad but scary stuff. the stock is fine if you want to do the homework but i agree, rocky is horrible economic data perhaps a double dip. if people want to make money in the markets they have to be careful. >> neil: the concern is some of the late data we got,