tv The Kudlow Report CNBC April 11, 2012 7:00pm-8:00pm EDT
use the weakness to buy. what did we get today? strength. telling you to buy the strength? no. so those of you that are going to blast me on twitter, if the market goes up tomorrow, i'm telling you not to buy. i like to buy weakness and i like to sell strength. clean energy and west port, not knocking them. just understand they're speculative situations. i'm jim cramer. see you tomorrow. the stock goals are back and nat gas prices fall under two bucks. good evening. i'm larry kudlow. this is "the kudlow report." are the bulls back in the game? markets made a comeback after five days of losses. i'm still betting on a shallow correction. today seem to support it. it's been my view and remains my
view. now, we are monitoring a live speech from janet yellin looking for a possible qe3 here on kudlow. also on the first full day of the general election, president obama once again promotes the anti investor, business, so-called buffett tax. it's more like a romney tax and listen to this. >> wild eyed socialist tax hiking class warrior was ronald reagan. >> i knew ronald reagan. i worked for ronald reagan, and you, my sir, are no ronald reagan. this is a back door capital gains tax hike that will damage growth and is chris christie right with this warning? >> we'll turn into a -- that will not just bankrupt us
financially, it will bankrupt us more. then we'll have a bunch of people sitting on a couch waiting for the next government check. >> joining me tonight, herman cain and willie brown to debate the chris christie proposition. first up, stocks staged a comeback. the bulls are back in town. good ooesk, kayla. >> the markets did snap that five-day losing streak today. slight gains across the board. the dow adding 89 points, nasdaq faring a best. we saw pressure easing from europe as a bond sale in italy was met with more investors. the market looking past previous yields scares, not to mention more talk of potential ecb
intervention. the euro gains against the dollar today closing up slightly off highs we hit mid-morning. the sentiment out of europe not surprisingly lifting. led by the big banks. you can see bank of america gained nearly 4% today. jpmorgan up nearly 2.5% and citigroup and wells fargo both up better than 2% today. the group as a whole rising 1.6% on the day. we also saw energy stocks rising even though the commodity complex was very much in flux. demand rose, pushing oil up 1.7%. nat gas futures held to below the $2 mark for the first time in over a decade. finally, volatility is still in play. the vix up 22%. hitting 20 for the 12th time this year, so even though stocks rose, the market's not out of the woods just yet. >> maybe so. thanks very much. let's turn to our distinguished
investors. joining me, art hogan, managing director at lazard and brian kelly, cofounder of shelter harbor capital and rebecca patterson, j.p. mopmorgan asset management institutional chief marketing strategist and director. now, you have a lot of wonderful -- kate, shallow correction. is it over yet? >> i don't think it's quite over yet. europe is probably more troubled than everyone recognizes. two things that happened after the last couple of months. the rto links the banks and sovereigns. >> sovereign debt again, so now as spreads go wider, under pressure together. the second thing is you talked
about leniency they had, essentially lets spain create credit at will, so that's fine. but if there is a limit to it on the amount, so eventually, that ends, then that's a -- >> i want to go to a slightly different place. i'm so impressed with the drop in natural gas prices. my argument on get your take on this. this is so bullish. like a gigantic tax cut for the economy and in particular, a giant tax cut for manufacturing, heavy industry, steal, chemicals, fertilizers, you name it and therefore, i think people should be looking at these because of the natural gas tax cut. >> i totally agree with you. >> we're all so focused on oil prices and what it means for retail gasoline prices and we should be. we see gas prices spiked too
much especially going into the summer. that's going to be on -- manufacturing in the u.s. i think natural gas is part of it and china wages increasing -- >> it's becoming cheaper to operate in these key industries in the united states. >> it's early. >> they're all switching to natural gas. i want to get your take on this. i don't think i mentioned chemicals. this may be one of the most underrated, but exciting things in the entire stock market. has nothing to do with qe3. nothing to do with spanish banks. it's about fracking and shale and revolutionary breakthroughs, which is going to make us very competitive. >> it's domestic. creates jobs. we had the warmest weather winter that we can remember in quite some time, right?
on top of that, you've got the affect that we didn't spend that much heating our homes. the level before may. you've got a tail wind. >> which has nothing to do with natural gas. >> since last few days, so that ain't bad, but the natural gas story, europe. it benefits consumers. but mostly, it's about the reindustrialization of america and what i want to know, brian kelly, buying stocks on that basis. >> yeah. i think the natural gas industry has the ability to be something like the internet and be revolutionary in that sense, where we change our economy, grow jobs in something that's new and helps everybody out. so if we can start converting vehicles over to that, ore our
homes over to natural gas from oil, that is revolutionary. >> very important stock market theme. a great economic theme. global theme. >> we've been talking to would be natural gas buyers for years now and if you look at the difference. gas looks so cheap. we're oversupplied. you want to buy things in tight simply and that's been proved. it hasn't been nat gas, but nat gas is bringing u us some benefit. don't want to buy nat gas, you want to benefit from nat gas. >> we used to have this in the technology. the user of natural gas that make me very excited. yes, i acknowledge the risk. it's the users that make me very excited. let me add a different point. mr. hogan. my pal dougy cass wrote an intere
interesting piece today saying the earnings bar is too low for 2012. that is to say we may be surprised that earnings and profits may turn out to be stronger. he's done his homework. air and space autos, trucks, beverage cans, industrial turbines, even apple, fall ong the heels of alcoa might produce better guidance and profits. >> i agree 100%. the bar is so low because year or year comp is difficult. you haven't seen more than 30 s&p companies preannounce. this is the quietest season we've seen. it means earnings are going to be down. you only preannounce if you're going to miss your earnings, so it means you're either in line or better than expected, so i think we're ridiculously low for the earnings for this quarter, but on the year, you haven't seen that number budge. >> you agree with that, brian? >> i think the bar is low, but i'm going to be looking tat
guidance going forward. i have a tough time believe thag a ceo in this environment is going to be overly optimistic. >> mentioned sherwin williams and he said they just came out with better guidance, so i don't track that. >> one of my favorites i'm long is u.s. gymsy. they said that things were going fantastic at that point in time. even if you have a stock market that falls, i would say i have a lot of clients saying i'm going to take money and put it into my house rather than the stock market. >> are we underestimating? >> i think wel get happy surprises, but it's not going to be clear cut. the fact that expectations are so low, companies with a
february end have posted good numbers. it's going to be like our whole u.s. economy. zbr the economy is not tanking. >> but it's okay. >> and these businesses are tough and lean and mean and productive. i got to get out of here. thank you. we appreciate it. be sure to tune in tomorrow night by the way, a very special guest. the former ceo of ge, jack welch, talking about the economy, the stock market and election. coming up, some news that may affect tomorrow's market. janet yellen about to come to the microphone for a speech. we're going to have that story and reaction from brock's chief equity strategist. free market capitalism is the best path to prosperity. created the natural gas revolution, which would transform american industry. we'll be right back. hey, did you ever finish last month's invoices?
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now, a more key event. janet yellen. question, is qe3 in the air? steve liesman joins us with breaking news headlines. good evening, steve. >> i would say it is in fact in the air listening to janet yellen's speech. she concluded with a very balanced approach saying that further easing could be warranted if the recovery proceeds at a slower than expected pace and says significant acceleration could prompt earlier tightening, but the bulk of her comments seem to expect less recovery than maybe out there in consensus. she expected the recover ary to continue over time, but ultimately, she's saying that gd p p growth will be sufficient to unemployment gradually.
substantial head winds continue to restrain the recovery. housing sector, foreign growth, weak foreign growth, are restraining the economy. substantial quote unquote for a number of years to come. she talks about this gap between economic growth and the jobs numbers and sort of sides with bernanke that really, it's a catch up thing and it won't continue, this progress we've had in unemployment. she expected that to diminish unless gdp picks up and is not worried about inflation. as far as inflation goes, she said it will be subdued and gasoline price hikes will prove to be b temporary. she goes on to talk about a bunch of scenarios. one of those policy paths she says sees the fed on hold until late 2015. another one, early 2015. another one, 20 16. i think we know her a bit more
on the dubbish side. ultimately, what she's saying is that she dud not see the recovery strengthening. does not' the gains we've had continuing, so ultimately, i think she's on the side of the current status quo, larry. >> i'm going to be very calm stating this to you. >> you were so calm the other night, larry. it was wonderful. >> i want to stay calm about it. qe3 will sink the dollar, drive commodity inflation, including energy, sky high, and do great damage to a very modest recovery. i get that the economy's not all that strong, steve. what i would say is you want to get better growth? pro growth tax reform, less spending and some deregulation, i think all the fed can do with more stimulus is damage. that's still my take on this. >> i want to just say that my read of yellen tonight is that if we continue the way we're going, 2, 2.5% growth, i don't
see her supporting additional easing. i think what she's saying if we go below two, which seems to be what she thinks is in the cards, if we stall unemployment, i think she would be a supporter of that. >> i hope your right and that miss yellen and others pay attention to the dollar. thank you very much. folks, you can watch live at cnbc.com. as part of my spring break investing series. let's bring in our great friend, bob dole. great to see you again. question, talking about janet yellen, do we need qe 23 3 to keep the stock market rising and for a stronger economy? >> absolutely not. qe is for emergencies. we had an emergency. it's passed. as long as the unemployment rate is not rising and the economy is growing modestly, i think the emergency is gone and they will continue to talk about q ere3 t
let us know they're there if necessary, but i don't think we'll see it, larry. >> do you think now looking at the stock market today, this correction, which you have labeled a shallow correction, i totally agree with you. first of all, do you regard this as a buying opportunity? >> yes, i think we might probe lower before we get the absolute bottom of this correction, but absolutely. we have not seen the high for the year in my judgment. the fundamentals are still good. not great. valuations are supported. monetary policy is very friendly around the world to equity markets and sentiment is still antistocks. that's all good news. >> is there a special sector you like? >> i think you need a balanced portfolio in a slow growth world. my favorite is energy. some defensive. my favorite is health care. >> but you don't think it's a guaranteed risk on trade by the cyclicals? >> no, i think that was the last
six months of 2020 hindsight. two steps back, one step forward, it's going to be grind here. if you don't, please say no, but the election is now in full swing. romney versus obama. how does this figure into your thinking? >> well, i think for the market standpoint, they don't pay a lot of attention to it until post labor day. but then we're going to worry about the fiscal cliff of january 1 next year and what the policies are going to be. i think we're starting to see two different sets of policies and as you know, not just about romney and obama. it's the house and more importantly, the senate. >> in trade, the global investing pay to trade service, they have obama winning, 60% chance of victory. but i want to ask you, tell me no if you don't want to go here,
but which is is the most market friendly candidate? >> in my judgment, looking for reform, general reform, pro growth initiatives, i think everything on paper so far is more romney favorable than president obama. >> do you wait to pull any triggers? this one may go down to the wire. >> in the medium term, it's going to be about economic news, europe's on the front page, what's china's landing look like. >> thank you very much for sharing with us. coming up tonight, guess what the white house is doing? paying women less than men. that's right. that and some other breaking news out of the earthquake striking mexico just moments ago. we go to the cbs news room next up on "kudlow." all energy development comes with some risk,
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to settle a price fixing case. -- resulting in weaker margins. now, kate kelly has been reporting on what at first is a strange story of delta airlines buying a refinery. it's actually a rather intracate deal between the airline and jpmorgan. >> the story i've been tracking deals with delta and a probable deal to purchase an oil refinery in trainer, pennsylvania. this has gotten a lot of criticism since first revealed, but turns out delta has an interesting team member, jpmorgan. jpmorgan could be investing hundreds of millions of dollars to get the crude oil from overseas, finance the process and ultimately, resell the jet fuel to delta at cost. the other products could be sold to other parties potentially at a profit. but delta will also enter into
bargains with others in a cashless exchange where they get diesel or kerosene or other products in return. >> maryland is about to become the first state to ban employers from asking employees or job candidates for their facebook or other social media pass words. governor o'malley says he'll sign it. illinois and california are considering similar bans. back to you. >> coming up, the president pushes his investor killing buffett tax again. this time, he's using a handful of millionaires and their secretaries as prop. and get this. obama said he'd like to call the buffett rule the reagan rule. boy, is he way off base. let's start with car insurance x.
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welcome back to the show. president obama continued his buffett millionaire's tax attack today at a white house press conference. this time surrounded by a group of millionaires and their secretaries and shockingly to me, the president had the nerve to invoke president reagan today. obama couldn't be more wrong on this one. just a moment, i'm going to speak to whitney tilsen to
support the buffett rule. steve moore will also join us. but first, let's get the set-up from today's press conference. >> well, as you said, the president has talked about the buffett rule now twice in two days. yesterday, it was in florida with backdrop of college students and today, it was a very different setting in the white house camepus with a backdrop of millionaires and their secretaries. this was a carefully selected group of millionaires and their secretaries. you can see them being placed into position there by white house aides. i talked to one after the fact. lawrence benison, who said the growing gap between the rich and poor makes him feel it is provoking social instability in this country and i also asked him what his tax rate was and the tax rate of his secretary with him today. he said he couldn't remember offhand saying i'm just a big picture guy, but i can also tell you what the white house is really enthusiastic about this
video unearthed by think progress of president reagan making the case that the president obama white house says in essence for the buffett rule, but back in 1985. take a look at ronald reagan. >> he wrote me in support of the tax plan because he said i am legally able to take advantage of the present tax code, nothing dishonest, doing what the law prescribes, and wind up paying a smaller salary than my secretary gets. i mean, paying a smaller -- i'm sorry. paying a smaller tax than my secretary pays. >> and the obama white house says you know what? they might as well call the buffett rule the reagan rule. >> thanks very much. now, as i mentioned, one of our
next ges was at the conference with president obama to support the buffett tax. he joins me now on the set, also, steve moore, "the wall street journal" editorial board, author of "return to prosperity." i want to get this reagan thing straight. steve moore. you think reagan's tax reform is the same as the buffett tax from president obama? >> no, there's a key difference. i'm all for getting rid of tax loopholes. i think the giper was and you were. the deaf rinse is that what they did back then, they lowered the rates. what president obama is talking about is doubling of the capital gains rate and putting in place a 30% tax, so i think that's a significant difference between the tax reform reagan did, which was very effective. >> on the point, i was pretty steamed on this thing because reagan took the top rate from 70 to 28. now, that 1985 clip, that was a tax reform plan. it lowered rates, simplified
them into two bararackets and removed a lot of loopholes. mr. obama just wants to raise the loophole for so-called millionaires. he's not embarking on tax reform. >> i was standing right behind him and heard the context and it was really the major point he was making was that reagan was willing to cut deals and if there was a cutting spending component of it, but also a tax increase, that was part of the give and take of congress. right now, you have a group of extremists who aren't willing to agree to one dollar of tax increases. >> one of the republican plans by senator toomey that was taken down was there were large revenue increases in return for pro growth tax reform, by which i mean lower the rate, simplify the code and take away
loopholes. now, regarding this millionaire's tax, don't you think with clarity that this is simply an increase in the capital gains tax, bad for investors, for capital formation and for the economy? >> no, i happen to be one of those millionaires. i'm benefitting. >> what rate do you pay? >> unlike the other guy, i sat down with my secretary and we calculated it. last year, it was 2010, first thing we learn ed is that my adjusted gross income was 39 times hers in 2010. our fully loaded federal tax rate including the payroll tax, she was 33%. >> because you took it all in cap gains. >> quite a bit. i earn as hedge fund manager, the promote i earn is taxed at the lower rate. >> let me bring steve moore. you've heard whitney's take on this. now, how should we change the
code? tax hike, reform or what? >> if we're going to tax capital gains, i think whitney would agree, we should get rid of the corporate tax. which puts america at a disadvantage. if you want to pay more taxes, there's nothing preventing you from doing it. all of those millionaires that were there could do it, but i just think in a globally competitive world, whitney, if we're going to have the highest corporate tax rate as you know we do now -- >> steve, what you're talking about is the actual official rate, but in terms of the actual rate paid by corporations, it's one of the lowest in the world. and also, the argument -- >> i'm so tired of hearing that i should just pay more. i don't want to pay more tacks. nobody does. the only situation in which i'm willing to pay more is in the context of a comprehensive deal in which we're cutting 2 to $3 of spending -- >> hold on. hold on. hold on, whitney.
the president walked away from his own simpson bowles commission. he has never endorsed the plan. he put a budget out there that didn't get a single vote. even my goodness, the you know, the all the democrats in the house voted against that budget. it's not a compromise budget. >> pro growth. in other words, singling out millionaire, higher data shows that the top 0.1% pay about 30% and the middle pays about 12 to 15%. what the president is saying is not true. now, are there people like yourself who pay a rate low because you take it all in capital gains? >> sure. >> isn't there a better pro growth tax reform approach? you're benefit frg the capital gains tax rate, which has been a preferential rate.
your industry loves that tax rate. so why would you step up with obama, you want to take it away from your industry? >> take it away from myself. to be clear -- my federal tax would go up to 40%. i am not speaking out of my own self-interest. >> whoubt corporate tax reform that would take care of these glitches without losing our competitiveness. >> i agree that corporate tax reform has to occur. >> that means lower rates. >> just not happy with singling out some phony millionaire's tax. thank you, gentlemen. next up, virginia governor, the chairman of governor's association joins me here. find out how his state has pulled away on the road to recover ary. everything that i've gained in life
has been because of the teachers and the education that i had. they're just part of who i am. she convinced me that there was no limit to what we could learn. i don't think i'd be here today had i not had a wonderful science teacher. a teacher can make a huge difference in a child's life. he would never give up on any of us. thank you dr. newfield. you had a big impact on me.
we asked total strangers to watch it for us. thank you so much, i appreciate it, i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money ? if your bank takes more money than a stranger, you need an ally. ally bank. no nonsense. just people sense. we're getting breaking news that a strong earthquake has struck mexico. initial reports have it as a 7.0 quake. buildings swayed and people ran out into the streets. as of now, there are no reports
of injuries. it's the third major quake in a month. now, virginia's governor has put forth policies that have dropped the rate to 5.7%, well below its neighbors and the national average. proof that such policies are key to keeping america great. in fact, virginia placed first in cnbc's top states for business poll. that was last year, the third time in five years. joining us is bob mcdono. so, 5.7%, the national rate is 8.3%. probably higher than that. how did you do this? >> it's not rocket science cht the. the things that have made america great for keeping taxes, a right to work state. we got great workforce development programs and we're just positive about business. we don't talk down to business. don't see making profit and being successful and shaping the american dream.
we celebrate success. we've had a lot of major corporations coming from other states particularly california to come to virginia because they like doing business there. it's a celebration of free enterprise. you're going ton a trade mission to canada and you're going to try and get good relations. >> two days in new york first. >> canada, i associate a lot. i think canada, i think keystone pipeline. then i think virginia. you and i have talked about offshore drilling off the coast of virginia and the obama administration has put a five-year moritorium on offshore drilling for environmental review reasons. you were spoesed to get a permit, but they took it away. >> before the disaster in the gulf, they had given preliminary approval for r virginia to be included in the 2012 to 2017 batch for drilling, then after the disaster, i understand a need the slow down, but now, they've completely pulled the rug out. that's capitulation.
it's giving up. it's not what americans do. we try to fix problems and move on and get things done. we know there's a tremendous potential for oil and natural gas off the shore. more demand is going to be able to reduce reliance and i'm disappointed they won't move this forward. >> yesterday, i moderated a panel at the bush institute of governors here in new york. mary fallon, paula le page from maine. you've got 5.7 income tack. 6% corporate tax, but i know we've talked through years about getting them down further. >> any plan, any hope? >> we've created a number of additional target codes, more targeted as opposed to across the board. we're looking at doing a more comprehensive tax reform,
looking at preferences to see if they work. i've talked to paul ryan and others. they're looking at a similar thing to see if 40 years still makes sense for many of those, probably no. particularly that corporate income tax. highest in the world. got to get rid of some of that. >> i don't have time to talk b about obama's millionaire's tax. up or down. is the tax real tax reform? >> no, larry, it's class warfare. you and i have talked about this. we're double taxing things that people have paid taxes on and turn around again. it's antiinvestment. >> just reform the whole code. >> but there's no average american or lawyer that understands the code and it's really something that needs to be done. >> governor bob mcdonnell of virginia, a very low
unemployment state. we're just a few minutes away from the premier of the stanley cup playoffs here on cbs. jim cramer getting ready for it. jim has a power play of his own, playing defense as natural gas prices drop. >> yes, larry, it is true that natural gas is taking out two bucks in many oil and gas companies will not be able to with stand that. i don't want to buy the pure nat gas companies, but it's true oil isn't coming down as it should. that it stays up stubbornly especially when companies spend so much pumping it out of the ground. they're all taking down the same time. that's where the opportunity comes in. to me, this is a moment where the oil companies are going to make fortunes and it seems more than sustainable because natural gas isn't displacing oil in this country and it is too expensive in other countries to replace oil. i was so impressed by energy 21, here's a company that's almost entirely low. having a remarkable run of
things using our new technologies and here to get more oil out of the gulf of mexico fields. it's headed down. natural gas stock. how about chevron? last night, it said the oil business is so strong. goes down. that's ridiculous. e ensco. it's equipment is in tremendous demand. long-term contracts, but shed eight straight points, which is why my charitable trust is buying it back. get more oil. still selling nat gas. until it trades to 1.50 because of these drilling cancellations haven't stopped the decline yet, i don't know what will. it's completely friendless reputation from washington, d.c. back to you, lawrence. >> thanks. in hockey gear, looking good. playoffs begin at the top of the
hour. next on "the kudlow report," governor chris christie says we are bankrupting this country by turning it into a country of entitlement society handouts. >> we'll have a bunch of people sitting on a couch waiting for their next government check. >> we're going to debate that with my guest, former candidate, herman cain and former san francisco mayor, willie brown. stay with us. mine was earned off vietnam in 1968. over the south pacific in 1943. i got mine in iraq, 2003. usaa auto insurance is often handed down from generation to generation.
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welcome to the world leader in derivatives. welcome to superderivatives. welcome back to the kudlow report. new jersey governor chris christie warns, he delivered this harsh criticism yesterday, take a listen. >> we are turning into a paternalistic, entitled society. that will not just bankrupt us. finally. it will bankrupt us morally. then we'll have a bunch of
people sitting on a couch waiting for the next government check. >> this is the president pushes his call for fairness at one campaign event after the next, so, can this nanny state nation be saved? here now is willie brown, former republican presidential candidate and god father's pizza ceo, herman cain. welcome, gentlemen. willie brown, welcome back to the show. is america turning into a paternalistic entitlement society? >> no, not at all. that's just rhetoric geared up for the fall election f he's trying his best to get something going beyond the current discussion. >> herman cain, i want to get your take on this. willie brown doesn't agree, but obama always talks about government programs this, government programs that, and when you look at the statistics, about half the households in
america now get assistance from the federal government. a who you will list, so is there something behind this? >> yes, mr. brown, wewearing ha absolutely agree on this. we are not only becoming this perpetual nanny state, the government is encouraging people to come to the government trough, encouraging people, if you make $49,000 or less, come on down. running commercials by the agricultural department telling people you might eququalify tr d stamps. absolutely not cht this is where we're going and i agree with mr. christie 100%. >> mayor brown, when you look at president obama, again, you may disagree. he wants to protect all the entitlements. obama care itself is a massive new entitlement. he wants to raise taxes to support a larger entitlement
state. it certainly has all the earmark of what christie's talking about. >> first and foremost, obama care is a absolute necessity. almost every president since i guess roosevelt have tied to do something about national health care. the republicans resisted it. obama did what had been done by romney before him in massachusetts and he put it together. now, we need to work with it and make sure it works appropriately. and all of these things that he herman talks about, clearly, ought to be taken advantage of because the ledge islators, congress and the senate, have made a determination that these things are important and the voters have approved it. nothing wrong with that. and then finally, warren buffett is correct. there is no way in the world somebody in the world who makes as much he makes should be paying fewer taxes than his
secretary. >> herman cain, are we lose our drive? our energy, our dreams, our aspirations? if the government is the handout of last resort and if that is growing, which is what christie is saying, christie's saying it's demoralizing our whole economic and financial situation, how do you get around that? >> first, the way you fix the buffett rule is to throw out the tax code and put in 9-9-9. we did a little simple calculation, mr. brown, that shows that under 9-9-9, buffett would not be paying less than his secretary. he would be paying about $200 million, just based upon what berkshire hathaway did last year. now, relative to the obama camp, i agree with you that politicians have been talked about doing something about it for decade, but obama care is
the wrong slauolution. >> right. >> instead of all these government directed programs, why can't we have consumer choice and responsibility with market competition and so forth? why do we give all these things over to the government? >> most people don't realize that when they introduced hr 3200, obama care, that was forced down the throats of the republican people, republicans introduced market driven reforms, but you never did hear about it. >> that's my problem. if everybody thinks that the government is going to run their life, then guess what, they let the government run their life, it saps our energy, our moral, the very bones of america. that's what troubles me. >> it didn't touch the bones of herman cain, of willie brown and my guess is that there are more people like herman cain and willie brown who think it up. >> i know -- >> it doesn't matter which era
you grew up in. just telling you, you guys grew up in a different era. >> you've got to understand. just think about what's goin on in the world of technology. it is not people herman's age or my age. it's people at the age we were at when we started, so the world, our world, our democracy, and our economy is constantly evolving. and this is part of the process and believe me, none of those people want to rely upon food stamps. none of those people want to rely upon anything of that nature, however, if they're ex-veterans who can't get a job, they their assistance to make the transition. >> is the safety net too large and too high? >> it's too large and high and it is growing too fast under
this administration. >> we're going to have to leave it there. thank you very much for coming on. we appreciate it. thank you. a programming note. jack welch is my special guest tomorrow night. he's going to give us the outlook for the markets and elections. and it's premier night of the stanley cup playoffs, detroit at nashville, the nhl up next. thanks for watching. we'll be here tomorrow evening. an airline's job, is to take you from where you are... to where you need to be. and we're not just talking about points on a map. with a more intuitive delta website and mobile app... and the most wifi equipped planes. we let you be everywhere at once. innovations like these are extending our reach
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