tv Cavuto on Business FOX News November 26, 2011 10:30am-11:00am EST
go nuts and clear to the public that's where the deals are. >> brenda: oh, bull or bear. >> bear, i wouldn't want, and target doing better. >> brenda: cavuto on business, happy thanksgiving. >> . >> neil: here is something giving you post thanksgiving indigestion, the whacking at the pump. i'm charles payne in for neil cavuto. 30 million americans heading home for the holidays and getting hit. 50 cents more a gallon to fill up compared to last thanksgiving. guess what? that's okay with opec. the oil cartel top guy saying quote, he's comfortable with where prices stand today. get ready the sheik is going to hit the fan. and matt. what do you make of this. opec saying they're pretty cool with all of this. >> they're pretty cool because they're making money. the higher oil prices the more money they're bringing in. if you're a supplier of oil
you want the prices to be high and demand to be up there, but the united states has to take a step back and realize that we're importing now about 65% of oil that we use. back in 1970, that number was 20%. so, we continue to import more oil because we're using more, instead of actually looking at what's in our country, and natural gas, drilling or oil. there's so much opportunity and resources we're not taking advantage of and looking forward ten years, we're expect today spend 10 trillion dollars on importing oil. and imagine the amount of jobs, millions of jobs that we could create here in the united states. >> in the meantime, opec is stuck in-- they're not going anything to lower oil prices. >> they love it. and the argument. and marketing, even if we start drilling it's not going to have an impact on prices, i'll tell you at least immediately ten years down the road we won't see enough. we won't see oil and the price of oil is set on the futures market.
and they look at what the future about will be. so, the price of oil will go down and you talk to any futures trader, they'll tell you that. >> it's all about supply and demand and opec ultimately controls the supply. >> absolutely, they doesn't care. in the u.s. we don't put pressure on opec, just sit there and take itten you should use natural gas as a viable alternative to get off the junk if you were. >> adam, i know that somebody has spoken for you, but chime in with an opinion? >> waist going to say, probably not even necessary, charles. >> i got it, i nailed it, i knew i nailed it. >> since you asked. no, as it happens, charlie, you didn't nail it. all right, let's have a few facts here, first of all, as we all know, and we've been told many times, even when gas was at $4 plus a gallon in the united states. our gas is cheap compared to the rest of the world. europeans pay far more for their gas than we do because we subsidize our gas. the other thing is we're
drilling for oil in the united states. we're drilling for natural gas in the united states aggressively. >> oh. >> the onerous conditions. >> oh, come on. >> in years, and the-- . under onerous conditions. >> just put the pipeline, in canada put that on hold and pushed it back until after the elections. the amount of oil from canada, a friendly neighbor, and we say no. and they're going to give it to asia. >> no, we doesn't say no, first of all. >> what do you mean we don't say no, the administration put it on hold to create that pipeline coming from canada so we did say no. >> you're talking about, talking about one specific instance. that's fine, there are issues around it, nebraska had problems with it. that doesn't mean that-- >> no environmental problems there? and they run wonderful environmental laws with that pipeline. >> kristin, i want to go back, because adam makes the point i
think is sort of disingenuous. we shouldn't care about $4 oil gas prices because it's cheap comparatively, in other words, no o words,-- this gets away from the fact it hurts american consumers and we're played by so many people beginning first and foremost with opec. >> oh, absolutely. you know, just because it's cheaper somewhere else, it doesn't make a difference to that mom that's gassing up you know, her suburban and taking her kids to school. that's going to eat into their wallet and right now we need a break. consumers need a break, they don't need more money, don't need more gas, they need lower gas prices, that's what they need. >> charlie, what do you think. >> listen, they pay a lot more overseas because they probably tax the hell out of it, i mean, saying the wonderful welfare state as we're broadcasting right now imploding as we speak. >> and that's a good point. matt, i mean, listen, a lot of our taxed as well and maybe
that's why washington doesn't say anything, if we start to look unthe hood, yes, opec probably got to be number one problem, but ealso pay a lot of taxes. oil is considered for this administration. >> and forcing you to go green. the more you use, natural resources the more they're going to hit you over the head with the taxes, yeah, maybe that's their way of trying to hiding and putting the blame on opec, but as kristin made the point earlier, we're putting no pressure on opec. >> you're reversing cause and effect and the desire to go green is not to raise more tax revenues, it is, by the way, the-- >> and adam. that's how you would look at behaviors and that's-- >> exactly to the premise of this segment. going green, as you put it, is meant to cut down our reliance on foreign oil. which, by the way-- >> no, no. >> and hold on a second. guys, adam. you kind of blew off earlier when matt talked about the could hestone pipeline, we're
talking several hundred thousand dollars of oil from a friendly ally. everyone says that this administration has been dragging their feet, not just on on shore, but on shore permits, i mean, there's a serious war against producers who can make up this stuff. either in america or from someone as friendly as canada. >> okay, we do a ton of business with canada and we're going to continue to do a ton of business with canada and we had a little problem in the gulf of mexico, you want to talk about off shore, last year, and yet, the administration is still interested in drilling in the gulf of mexico. >> really. >> not shutting business down. and here is the thing though-- >> and it's interesting, matt, i want to go back to you. >> bp is looking for oil right now in the gulf of mexico, and-- >> and matt brought up the history listen. you talked about the 1970's, what a lot of people don't realize, jimmy carter went after the oil companies and that's when the entire dynamics shifted and it looks like if we don't somehow find a way to either find more of a political will against opec
which we obviously don't seem to have aen unleash the power that we have here. this thanksgiving is going to look fantastic compared to next year's thanksgiving. >> you said a two prong approach. put pressure on the companies we're getting it from now. we have to have the administration take, you know, the other-- >> and you know, we have to deal with the environmental laws i'm telling you. >> environmental laws or environmentalistist. >> the reason the bp oil rig was so far out in the ocean and so difficult to plug because environmental laws prevent you from drilling closer to the land, easier to plug and one of the reasons. >> that's one reason. >> the other reason, there was a lot of-- >> that's making my point for me, what i'm telling you, that's probably the reason why you can't put that pipeline in, from canada. >> and adam, before we go and get off the topic. >> opec, why doesn't the administration have the will to short of clamp down on opec. >> the administration, every
administration only has the ability to clamle down on opec, they have a lot of oil. and that's as plainly as i can say it. don't you think that it's a deterrent. it's a sin tax, and the government wants to influence behavior with your taxes. >> guys, we'll leave it there. retiring with a whole lot more money while starving the government of money? newt says we can do both if we let americans own their social security fund. . >> i know you're worried about making your savings last and having enough income when you retire. that's why i'm here. to help come up with a plan and get you on the right path. i have more than a thousand fidelity experts working with me so that i can work one-on-one with you. it's your green line. but i'll be there, every step of the way. call or come in for a free portfolio review today.
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>> live from america he's news headquarters right here. i'm jamie colby. three american students arrested in egypt are reportedly now on their way home. luke gates, derrick sweeney and gregory porter boarded separate flights out of the cairo overnight. all three arrested last sunday for allegedly throwing fire bombs at police, anti-government protests going on in tahrir square and days
later the egyptian judge ordered them released. figure smiles for them. and calling in year's black friday one of the best if recent history. many of the big named stores opened their doors up to 12 hours earlier and online sales already soaring 20%. early reports suggest 152 million shoppers may have hit stores yesterday looking for the big bargains. i'm jamie colby, back to cavuto on business, keep it right here on the fox news channel. >> want to make sure you have more money when you retire. don't look to washington. look to-- that's right. newt gingrich saying that americans should do whatme chile is doing. it it's pretty clear their program is working a heck of a lot better than ours. >> it seems like it's working. what i like about it, your
contributions are based on, or based on your contributions you're putting in there and runs kind of like social security, but now, once that money goes in there, the government saying how to invest your money, you work for it, you now can decide which investment fund and advisor you want to choose to invest your money. now you have this interest in your future, in your retirement which has a, snowmobile effect on the way we feel about government overall. >> now, i'm going to be out of character here, knowing how much people lost in the market, various market crashes i've covered over the last 20 years, i don't think that most people are financially sophisticated to handle their money. >> and wall street sophisticated enough. >> trust wall street. >> people have trusted wall street and not seeing your money. >> you're making my argument. aren't you.
>> not necessarily. and putting your money, no, because you if you go, take for instance, adam you can to a mutual fund manager, a lot of times these guys are diversified and may own the best semiconductor stock and the worse semiconductor stock or a family of funds. 12 different names and all in the same stocks. in other words, it's one thing to stel package not necessarily in reality. i bet you average american in the last ten years would have owned apple, amazon, they would have had the winners. >> okay, so i completely agree with you beau that's beside the point here. if we want social security we need to give people social security. if we want to get rid of it. it would encourage people to invest money on their own. if you go with newt's plan, charles, they're going to put their money with the same exact money fund or mutual fund. >> and i don't know where they're going to put their money. we have to decide, and exactly what i've said.
is this something that we want to garan people? if it is, letting people put their money in the market and opt out and put the money in market is a recipe for disaster. >> hold on one sec. >> first of all, i've got to go to you. it hasn't been a disaster in chile. 1% versus 2%. those are different to me. >> absolutely and the plan is brilliant because it's take back a bit of the power for america, we need to be to believe and i think that everyone has-- >> wait a second. what do they have money? >> how many people are we talking about, it's an experiment. >> come on, i think it's a brilliant idea. anytime the government is in the money management business, bad idea and taking the power back and they're responsible for their own finances. >> and wall street you're not going to go as well as possibly the government is going to do. and if you're investing in stock over 30 years-- >> the country has a whole
want it as an economy. and it's better if we can secure it. if you're telling he me you're going to copy chile's plan and recipe for disaster. >> no, because the markets go up and down and the dow for-- this is 30 years we're looking at. >> adam, you don't-- >> adam. you're sort after academic. think about this, for a moment. what if all the money people have been pouring into social security had actually been in the stock market the last ten years. certainly the corrections would not have been as severe because they weren't going to be flipping that money-- >> this was, this was. >> no, no, adam, let adam answer first. think about it adam if people put their social security into stocks, they wouldn't stocks every time they went down. this is long-term we would get rid of volatility in the market and probably mitigate corrections and seen the rally to the upside.
>> the way you're framing it, charles, you're taking away choice from people. so i don't know exactly what choices people have in chile, but you're saying, i can't sell, i can't trade, i can't change my mind. >> no, this is retirement money. they understand that they're going to be told listen maybe 100 stocks, 200 stocks and you're going to hold this, you can pick the stocks, but not going to-- >> but to charlie's point where exactly are you going to put it. where are you going to put it if not on wall street? that's exactly where it's going to go. >> you're investing in american companies and backing the u.s. economy and. >> maybe the not. >> last ten years you made no money. you about ut it in tech stocks-- >> charlie right to my point we wouldn't have severe as down-- corrections. >> yes, sure we would have. >> come on. >> charlie and i are-- >> and privatizing social security and-- >> kristin the last word on this, kristin. >> well, you know, it's just showing that newt gingrich has taken the gloves off.
he doesn't care about-- he's ready it jump in with solutions and that's the one thing that we have right now. >> and maybe knocking them blind. >> and i know so far, you know what, things are dire, people may start to look at different ways. next week, the key employment report and a key vote that could unlock more power for unions and the forbes gang saying that would lock up the jobs market for years to come. that's coming up at the top of the hour. up here next, watch out. is something happening at colleges in china that might make you start to think about the new major in the united states. woo hoo, i'm a college man, i wouldn't need my high school diploma anymore. i am the smartest, i am the smartest! >> hey, s-m-a-r-t.
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>> china's education ministry looking to phase out majors that produce graduates who have problems finding jobs. what do you think of about this idea? >> i think it's a brilliant idea. especially here in the united states we could actually reeducate our work force, everybody wins. everybody wins. i think it's a win-win. >> this is the most unamerican idea i've ever heard in my life is discussing. think about it. >> why? >> and charlie, why? >> we're kicking people out of
college because we don't like-- >> the majors would help them get employment. >> and this is said in the land where they kill people left and right and you can't protest and put a gun to your head, study math. that's what you're saying, that's what you want. >> no, no, and there are millions of parents in this country telling their kids, listen go for this degree, not that degree. >> that's something else. i tell you this is the government of china to do something that every american should be just, just think is the most disgusting thing on the planet. putting guns to kids heads and telling them-- i know fine arts majors who work on wall street. people who study music that own businesses and guess what, they're rich, because they're smart. >> and adam. we may have a fox news alert and sounds like you're going to echo what charlie is saying. >> other than charlie getting me wrong in that oil segment, i've agreed with everything out of his mouth today. i mean, this could not be more unamerican. this is what the chinese communist government does.
charles, you should hate this, this is the government telling people-- >> and furthermore, furthermore. >> he's doing it for effect. don't worry about it. >> no, do nothing for effect. and the serendipity of having poets go out in the united states, we don't tell-- >> one other thing you're missing. >> the problem with this, i see i deal with them every now and then, they're not literate and it's not that they, they don't have skills and they don't have-- they take music, dance, they're not literate. they don't write well. don't communicate well and you learn all there through studying other majors. >> here is the thing, matt, no one has brought up. right now in this country we have 2 million jobs, science technology, engineering math are going begging, begging. we don't want them, but we want to promote liberal arts, fantastic. the same chinese kids treated so unfairly by the government are going to get these great
six digit, six figure income jobs in america. >> and you're right. i don't think we tell people what major to take, but let's use some common sense and educate the kids before they get into college to realize where the jobs are. there are jobs out there. >> you realize some kids are not good at math, it's just the way it works. and some people are better in english, some are better in math and that's the way it works. i'm not good at math. my brother is very good at math. >> and you have to educate them let them know where the jobs are. being a dance majors, not that many $dfrjts all right. guys, we started this segment and end it with kristin. help educate adam and charlie on this subject. >> great. i'm sure they're going to love this. i think that we need a more educated work force, that's ready to get the jobs that are available that we're outsourcing to india and china. we need to help ourselves, help me, help you.
let's reeducate america. >> and all right, guys, if you study math you might get a job in science. >> let's leave it there. my thanks to charlie and kristin. up next, forget about leftovers, our gang has stock picks that will have next thanksgiving. this was the gulf's best tourism season in years. all because so many people wanted to visit us... in louisiana. they came to see us in florida... nice try, they came to hang out with us in alabama... once folks heard mississippi had the welcome gn out, they couldn't wait to get here.
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> i am going with a play on rising demand for oil and oil prices. they helped to get more oil out of reservoirs we have. >> and adam that's what we all agree on, right. >> absolutely. my only beef with it, it is up 20 plus percent. i would rather not sit down at the table after everybody else had theirs. >> what do you like, adam? >> hullard packard. this is a real curk turkey that is picked over and that's the opportunity. reason why the stock is down. but so many good aspets. and the
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