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tv   MONEY With Melissa Francis  FOX Business  September 2, 2012 1:00am-2:00am EDT

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that is our show. next week we have a live stossel at the democratic convention. [cheers and applause]everybody. cheryl: "money with melissa francis" is coming up next. >> i'm adam shapiro in for melissa francis. here's what's "money" tonight. oil's dire straits. local economy depends on protecting the strait of hormuz, a herculean security task that rests on the shoulders of the u.s. navy's fifth fleet. what does it take to safeguard one of the world's most critical oil passages. melissa francis is live in bahrain with a special report and the answer to that question. plus mideast tensions spike on new revelations iran is rapidly moving ahead with its nuclear program. have the odds of a u.s. navy attack soared with it. how will that impact oil prices? we'll g insight
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from former u.s. ambassadors to iraq, james jeffreys. ben bernanke levels investors empty-handed announcing no new stimulus plan during his jackson hole speech but they expect they will do something big. will they act before the investment crisis enact as new inferno. we'll ask one of the biggestest players in local finance. he is live from jackson hole. even when they say it's not it is always about money adam: and a good afternoon to you. let's look at the day's market headlines. ben bernanke jackson hole speech leading to a whipsaw day for stocks the fed chairman announced no new firm plans for new stimulus but made clear the u.s. central bank is ready to take more steps if
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necessary. after rising as much as 150 points, the dow closed the session up 90 points. stocks also closed august with their third straight monthly gain. shares of facebook sliding to a new all-time low. two analysts from two banks that underwrote facebook's ipo cut their price targets. facebook shares are 52% below the ipo price. the model will reportedly be offered at a discount compared to tablets not supported by advertisements. shares of amazon, they closed up 1% today. if you've been wondering where melissa francis has been for the past week we've got an answer for you. she has been on special assignment in the persian gulf reporting on the heightening 10 shn in that region and how that affects the price of oil right here in the united states. she joins us live tonight from bahrain. melissa, great to see you, safe and sound. you spent the night on the
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uss enterprise, the crown jewel of the navy's fifth fleet. stationed in bahrain where the iran threatened to shut down. this is a vessel with tremendous amount of history. tell us about it. >> oh, absolutely. it has been on the water for 51 years. it was parked off cuba during the cuban missile crisis. right now it is patrolling the arabian sea as you said, keeping the strait of hormuz open. rear admiral walter carter talked to us exclusive and we asked him how leaders in the area feel about iran's threat to shut down the strait of hormuz and here's what he had to say. >> like the entire global economy. they're very concerned about that and our job here is to make sure that freedom of navigation occurs through that very critical strait. it is well-known the amount of trade and commerce that goes through there. so just take a look what goes through there. liquified natural gas, huge product that comes out of the country of qatar. oil products imports,
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exports. not only impacts the united states but very much asian countries. japan gets 3/4 of all her fuel and resources from this region. china 50% of all her resources. so our job here is just make sure that stays open. we do have resources to do that. we go through the strait of hormuz not necessarily looking but making sure we're continuing to move back and forth and everybody has freedom of navigation through that route. >> you mentioned how much oil and liquified natural gas and fuel, asia gets through the straight. some made the argument they should be the ones out here patrolling. how do you feel about that? >> we have the resources to do it. it is a global economy. it is not just about our navy. you heard this line saying we're a global force for good. it isn't just for the united states. it is for the world. adam: amazing to see the aircraft taking off and landing on the enterprise. i'm curious, have they had any contact with the
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iranians as of yet? >> yeah absolutely. on this particular mission they have driven through the strait of hormuz eight different times and they say that when they get in there the iranians come out on speed boats and sort of check them out and surround them and look at them. they're fairly nonchalant about it. you would expect that, if iranian ship going through iranian waters we would take a look at them. a commander that has been one of people on the ship the whole time and i asked him what is that like exactly? what kind of impact do you make on them? >> i imagine we bother them a little bet, that we go through each time and, i know they get on the radio or they make their announcements on their news about how they dislike it. i imagine no country likes that with so much american prns or any coalition presence going through here. >> what do you think is the
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impression that the fifth fleet gives off? is the message, if you close this, we open it? >> that is -- message with that. now, if it was closed, it would take a while to reopen. it would be painful. everybody in the world knows that. i think iran knows that. so, yes that's a threat. it may happen, it may not but we're here to make sure it reopens again. adam: melissa, i think some people watching may think there is something familiar about the uss enterprise. remind us why. >> yeah. absolutely. i mean this is the vessel from "top gun." we were joking before it left. this looks exactly like "top gun." it is. this is where they buzzed the tower. this is where tom cruise threw the dog tags off the side. it has been in "the hunt for red october".
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we were excited about this but clearly they were not excited as we were this is the famous "top gun" fly-by tower, is that right? >> yes it is, from what i've seen the movie "top gun" when i was in high school, yes. right over here is where the person bumped his coffee when maverick did the flight line. we have the fuzzy dice from the movie. >> the fuzzy dice. >> that's right. >> you try to watch the movie which window. this is sort of prize. >> you figure out where it was done since it was done our your ship. adam: melissa francis looks like you had a amazing experience there. you have a safe trip coming home. i know we'll see more of the reporting you're doing on the tensions out there. >> absolutely. adam, don't try to take over my show there. that is just a temporary seat for you. i'm coming right back for that chair so don't get any ideas. >> i will get no ideas. i'm more of a morning guy
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anyway. great to see you, melissa. on behalf of everybody at home base we're glad you're safe and sound as well as the men and women serving on the uss enterprise. be well, my friend. we're moving ahead. we're keeping close watch on tension in the middle east right now. the big question on everybody's mind will israel go to war with iran and what will that mean for the global price of oil? i want to bring in one of the world's leading experts on middle east. james jeffries. former ambassador to middle east and iraq. from the washington institute of nearest east policy. thanks for joining us, sir. the big question at this point, do you think and if, yes will israel attack iran, why? >> well, there's a very significant likelihood that israel will take military action in the months ahead because it believes that, absent such action, bahrain will move to a point where israeli military attacks
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will no longer be effective in stopping iran from developing a nuclear option or a nuclear capability and therefore as israel feels its existential right to survival is at stake they will very seriously consider taking action. adam: i have read reports that israelis want to keep iran from weaponizing enriffed uranium. now there a u.n. report that iran doubled the number of uranium enrichment machines in a underground bunker. does this force israel's hand and if so, how do we respond? >> the iranian actions just reported this week by the international atomic energy agency, are very, very troubling. nonetheless they have not moved yet to the threshold president obama laid down for acting to insurer ran doesn't have nuclear weapon capability. that is iran has not cross the threshold yet.
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the question everybody is looking at, does israel have a more near term threshold? adam: so, do you think that if israel does attack it comes before the u.s. election? and if this does happen, has the markets priced in this attack in the price of oil? or will we see astronomical prices for oil? >> first of you will very difficult to determine in the end whether israel will attack, what kind of an attack that would be. how much of a, how much chaos that would create in the middle east and when it would do so. it could be before. could be after november. there are military issues. there are lit call issues at stake. in terms of the impact on global markets as you reported today, prices are up. there are a variety of factors that are contributing to that. there are sanctions on iran but we have found other countries able to pick up the slack and increase our production. so that's not the primary reason but, we're the strait of hormuz to be cut, that
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would reduce to zero approximately 20% of world oil imports, however, general dem sir, the chairman of the joint chiefs has stated publicly while iran could shut the straits the u.s. military is capable of opening it again. we just heard from melissa that people on the scene are very confident they could do so. adam: all right. we've run out of time. we appreciate you joining us. that was james jeffrey, former u.s. ambassador to iraq, an expert on the middle east. sir, we'll be watching the situation very closely. i know we'll have you on the program. we appreciate you giving us insight this evening. >> thank you. adam: moving ahead, ben bernanke holds off on more stimulus at least for now but did he signal a big surprise from the fed just around the corner? we'll get insight from one of the biggest players in global finance live from jackson hole, wyoming, next. plus, mitt romney left republicans ecstatic but will his plans for the economy be enough to whip up
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enough support for november? more "money" coming up. ♪ .
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adam: federal reserve chairman ben bernanke still not commenting or at least committing to another stimulus at the jackson hole summit today. he flagged the job market's weak growth describing high unemployment, this is a quote, a grave concern. is this a sneak-peek how the next fomc meeting will unfold on september 12th and 13th? with us is fbn's peter barnes from jackson hole, wyoming. were there any surprises what the federal reserve chairman had to say? i know some investors are reading into the speech that they will do something in september. peter? >> clearly he laid out the options and set the table for additional policy easing at some point because, listen, the economy is just not growing fast enough, just not creating enough jobs, and so, the postmortem on this it has been, it was kind of a dovish speech here. he did say that the fed stand, well provide additional policy accommodation as needed to
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promote stronger economic activity and sustained improvement in labor market conditions. they talked about all the options from quantitative easing to extending what is called forward guidance. they will keep interest rates, short-term rates low, exceptionally low through 2014. now they may extend that. that is on the agenda for the september 12th meeting. between now and then, adam, critically we have the august jobs report next friday. adam: for instance, politicians like senator charles schumer in new york who about an hour ago in new york put out a statement saying that the federal reserve chairman ben bernanke should do something with the fomc to help boost the labor situation. is that the kind of pressure from congress that influences the fomc or do they ignore people like schumer? >> listen, they pay attention to congress all the time but bernanke is in a tough place. he is catching flak from both sides, both parties on the left and the right. folks on the left like schumer want him to do more quickly, aggressively and as
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we saw in the republican convention here, the fed is not real popular among conservatives, many conservatives in congress. adam: peter barnes who has been reporting live from jackson hole, thank you very much. >> thank you. adam: i want to introduce you to the managing director of the institute for finance. thank you for joining us. you've been the managing director for 19 years. you're leaving in a few months. you were instrumental in negotiating the with the greek government and ecb and private investors on the haircut a few months ago. as we look forward there is a lot of concern about europe and the question i keep hearing in the united states, what kind of dollar exposure, if we put night a figure we understand, do u.s. investors, financial institutions pension funds, money markets, if something happens in europe, what is the dollar figure exposure in the united states? >> well, adam, good afternoon. a pleasure to be with you. i'm not going to try to put a precise figure on that
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exposure. what i do know is that it is much less than it was only half a dozen months ago. a lot of the exposure which remains is hedged. it is hedged. investors are uncertain. there is not a floor of confidence surrounding the outlook for europe at this stage. and i think september's a crucial month. market expectation have grown around ecb action, dealing with continued problems of greece and spain. and i think, right now, investors are waiting, hoping the ecb will follow through, but not at all certain. adam: all right. let's talk about the ecb because as our vacation begins for a long holiday the europeans are coming off holiday. already report that is the ecb is being pushed to do more in terms of regulating the thousands of banks in europe. maybe even buying spanish italian debt. what do you see coming down the pike, either from the ecb or the eurozone, that gets us past this continuing crisis that keeps rearing
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its head every few months? >> well, i think the ecb is likely to announce a fairly well-articulated plan next week for buying sovereigns under certain conditions. and i think that the eyes are on spain. if spain signs up for memorandum of understanding about its program with brussels, and i think it is likely to do so even though there are continues to be political reluctance, then he think will enable the ecb to move behind that and begin a program of buying spanish bonds. this is likely to have a positive spin-off effect on the other sovereigns there. some broader issues surrounding europe remain unresolved and i think until those broader structural issues are resolved a lot of what is happening in europe will be terrizing, let me ask you about the issues. angela merkel is calling for a new constitutional convention before the end of the year to deal with it the
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fundamental problem. you have a common currency by independent fiscal policy. you yourself called for greece to get more time from the europeans to implement their austerity measures but you have german parliamentary members and leaders saying we can do without greece. seems as if things are unraveling in europe, not unifying? >> well, german parliamentary opposition to supporting yeast remains -- greece remains quite strong. chancellor merkel stared that down in the past and my expectation is quite solid she will stare it down again and europe will come around to giving greece a bit more time. i think rolling the dice on a greece exit in the eurozone is highly risky proposition i doubt seriously chancellor merkel or other ecb leaders want to roll the dice at this point. i think however it does point towards constitutional referendum. i think we're going to have
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to see a gameplan for fiscal convergence fiscal unification in europe. it will not happen for many years. without a clear gameplan, continued uncertainty will hang over european markets. adam: as i wrap up, sir, i hear so-called experts saying we can let greece go out of europe, they're not a issue. i think in april, you told another program, to let greece go is unmanageable. it is over a trillion euro exposure to europe. that just can't be fathommed. is that accurate? >> i think that's right. in fact i think the exposure to a certain extent has grown in the official sectors since then. certainly private sector is exposure down because of the huge debt reduction we executed earlier this spring but if you think about the basic fact that the ecb itself is exposed to greece obligors it the tune of twice the level of its capital, if you think about the potential contagion that
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could sweep through spain, portugal, italy and ireland you see the potential implications to this and cost to europe will be much, much greater than the paltry 20 or 30 additional billion which is needed to allow greece a bit more time to get back on its feet. we're talking upwards one trillion, probably close to two trillion in additional expenses. let's remember, even if greece leaves the euro it remains a member of european union. therefore the european union will still have to help stablize what could be an extremely unstable situation. adam: charles, thank you very much for joining us here on fox business network's "money". you have a good evening, sir. >> pleasure to be with you, adam. adam: turning to politics, mitt romney delivered an impassioned vision for america's economic future. but did voters deliver that to reality? a $15 billion ad deal for post office could shed
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$1 billion of advertising across the country. do you ever have too much money? ♪
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♪ . adam: mitt romney, the republican presidential nominee coming off the night of his political life. when he walked into the convention hall last night reaching to shake delegates hands, almost looked like he was in the white house. at least ready to give a state of the union speech walking through capitol hill, right? before we get way ahead of ourselves. after all their, 67 days to go until the election? the real question did governor romney deliver last night? joining us to fight this one out, ford o'connell, republican strategist and chairman of civic forum pac. chris kofinis, a democratic strategist.
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gentlemen, first question to you, just the performance, forget the data in the speech, thumbs up and a phrase to describe it, did he deliver. chris you go first. >> i give him a thumbs neutral and the phrase i would use, better than eastwood. adam: better than eastwood. okay, ford, respond. >> successful. he portrayed himself as the adult in the race. adam: okay. we've got the adult and we've got eastwood. there was a moment in his speech last night some people are refering to almost like, mr. gorbachev, reagan, tear down that wall. listen to this portion of the speech. [cheers and applause] adam: think we've got, i think we're having trouble with that. let me tell you it was the portion where he describes the president, look you promised to lower sea levels, you promised to stop global warm. i problem to help your
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family. ford,s that has to be a winner, right. >> absolutely. these are serious times and we need serious solutions. i will deliver on the jobs and energy security. adam: chris? >> it was a good sinker. i think the problem romney has he doesn't really connect. the reality when you're talked about undecided voters i'm not sure they saw anything that will move him. the speech hurt him but i don't think it will move anyone on the fence. >> it was not targeted left or right. it was targeted to independent voters. >> if that is the case it won't work. adam: chris, why do you say it doesn't work? seemed to be a neutral speech reaching out to women when he talked about his mother who ran for senate in michigan? seemed like a warm inviting speech. >> the beginning of the speech i thought was really good, he talked about his personal background, his family, his parents, his wife. i thought that was really
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smart and really emotional. when he got into policy, you lack specifics and detail. then he went into complete crazy -- >> he promised 12 million jobs and energy security by 2020. the president has nothing but broken promises. >> let me put it this way, if there is bounce, let's see what the bounce is. i don't imagine it will be very much. >> chris, we had six point bounce first two days of the question. >> what polling are you looking at. adam: stop, done, gentlemen, one word, make my day. you have to answer this question, clint eastwood, chris? >> that was good, bad and ugly. it was like, car accidents hitting each other again and again. adam: ford? >> i would rather listen to him 100 times over than debbie wasserman schultz try to defy gravity with her ridiculous logic. >> at least eastwood thing was disaster. adam: in bridge, they say trumped. thanks for joining us. the voters will decide the outcome on november 6:00.
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>> thanks. adam: think about it, there is a lot of uncertainty in the economy. we already hit on a potential spike in oil if something happens dressic in the middle east. with the election looming no one is sure what will happen with taxes or health care in november. small businesses are in a holding pattern. not sure to whether though can make a move to increase hiring or spending in the next year. we have the ceo and founder of full contact, a company in colorado. he joins us to talk about business and ways business can try to move forward. appreciate you being with us. you're pretty bullish on the economy. what i hear from other business owners they're not bullish. why are you so optimistic? >> what i'm seeing in my particular area, which is software and technology, there is tremendous demand, global demand for what we provide. we're actually unable to hire. we're hiring people like crazy. all my colleagues are highering people like crazy. my fellow ceos are highering
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people like crazy. we see it as a gravy train that is just coming along in the tech sector. adam: the tech sector. but your colleagues might not be in the tech sector, other small business owners. i know, what, 48%. small businesses surveyed by the "wall street journal" intend to increase hiring but that is just 48%. what about people who are not in the tech sector? are you hearing from your colleagues that this is a bad economy? what is keeping them from hiring? >> yeah so i talk to a lot of colleagues in lots of different businesses so the classic cyclical ones like real estate, they're cautiously optimistic. and they're waiting for the macro economy to bounce back. the other slow growth, small businesses like nail salons, they're sort of dependent on everybody else. so they're all cautiously optimistic waiting for the economy to rebound. waiting for the election to pass, to see what happens there. they're sort of heading back this investment development in this capital, waiting for
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things to happen. adam: you're not holding back. you're fearless. you launched your business in 2010 coming off the worst recession since the great depression. it is not chutzpah. i'm trying to think of the word. strength. i can't say the word on air in spanish it starts with c and ends with ones you got them, sir. what motivated to you do this? >> it is the entrepreneur syndrome. entrepreneurs don't care about the macro conditions ever. it doesn't really impact us since we're inventing something new and building things that solve people's problems. sort of general economy doesn't really matter to us because we're building new things that people will buy regardless. adam: sir, i wish i had your appetite for risk and your success record. thank you very much. bart lorang here on melissa francis's program, money. have a great weekend. >> thanks, adammers the post office defaults on billions of dollars in debt but that is not stopping it from inking a multimillion-dollar
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advertising deal. the lawmaker that is crying foul is here with details next. plus the feds strike hard to crush california's medical post industry and one of its leading advocates say it is part of a white house plan to help bottom line of big pharmaceuticals. we're not blowing smoke at you. she is here to explain. "piles of money" coming up. ♪
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♪ remember when ♪ ♪ the sound of little feet was music ♪ ♪ we danced to we to week ♪ brought back the love ♪ we found trust ♪ vowed we'd never give it up ♪ ♪ remember when ♪ ♪ remember when ♪ we said when we turned gray ♪ ♪ when the children ♪ grow up and move away
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♪ we won't be sad ♪ we'll be glad ♪ for all the life we've had ♪ remember when adam: got to love the music selections on this program. for the first time ever the u.s. postal service defaulted on a $5.5 billion payment to the treasury department. they're on the vern of bankruptcy and in face of shrinking revenue and growing losses they struck a deal that could generate
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billions in revenue but it has struck some people in congress crying foul. here is a congressman leading the voices against the deal. explain why would you be against the postal service doing something, a deal with an advertising firm, i know are worried it would take advertising away from sunday newspapers. heys postal service in a free market entered into a deal and they will make money off it. what is wrong with that? >> part of the problem, dad dam we need to deal with. it is not a fair trade practice. the postal service is not stand-alone company or ups or fedex. the effect it will have in terms of local newspapers and in terms of smaller retailers trying to access the market and distribute information about their goods and services as well has some real impacts. so we would like to have congressman issa actually hold an oversight hearing on this to be able to have a real cost benefit analysis to be able to address this. adam: you actually sent a letter to issa, congressman
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issa, asking for the hearing. you said now is not the time for monopolistic deal that could actually result in less revenue for the united states postal service. how would it result in less revenue, getting paid, assume your argument is accurate, to take business away from these other enterprises? >> this is now actually, we've got small newspapers will have to be making a determination whether or not it will be cost effective for them to continue some of their advertising programs and distribution methods as well. we've had information that is coming in from the national association of advertisers and our newspapers indicating that this is going to have a definite negative impact on them. will not yield the actual benefits going back to the postal service. in fact could cause irrepable harm to newspapers like the grand junction sentinel and pueblo chief ton in my district that could lose up to 25 jobs and millions of dollars in revenue. adam: congressman, 22nds left i imagine you and the
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postmaster general over a beer. what do you want to me to do? how do i squeeze blood from a turnip? what should he do? >> the bottom line the postal service which needs to be i already running deficits needs for alternatives instead of trying to pretend they're a free market enterprise without government support. look at flat rate packages they put out. put advertising on the side of their vehicles. most importantly they need to make sure he have they the fund available to fulfill the promises that they have made. this is a problem that we're seeing throughout government. overpromising what the inability to be able to repay with taxpayer dollars. this is something we need to address at all levels. adam: congressman tipton, appreciate you joining us. as far as the beer with the postmaster general, if you're ever in new york i'm buying. if you don't drink beer i will get you coffee. i think the postmaster general says they don't get taxpayer dollars. we'll bring you on to discuss that. >> great, thank you. adam: california's once booming medical marijuana industry is under an all-out
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assault by the federal government. is quiet alliance between, hmmm, the white house and big pharmaceuticals at the center of it? one of the country's leading medical pot advocates joins us next with the smokin' hot details. at the end of the day it is all about money. ♪ .
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♪ . one-hit wonder, katrina and the waves bumping up us back from commercial break. despite a fact that california state laws allowed licenses businesses to medical medical marijuana, federal prosecutors are cracking down on legal dispensaries throughout the state. here is where it gets interesting. some people say the pharmaceutical industry may be behind the crackdown. we have the chancellor of the oakster dam university teaches people how to safely grow and medical marijuana. welcome to the program. curious. we're looking at recent law enforcement raid on your business. what do you think is behind the recent crackdown in california? is it big pharma? >> i think there are a lot
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of competing interests right now to keep marijuana illegal and unfortunately big farm -- pharma is one of them. important to recognize these concepts are not mutually exclusive. the thought of medical cannabis and cannabis for adult consumption i don't believe there is excuse to continue to put people in prison for cannabis. adam: the reason there is a conspiracy theory, the reason there's a conspiracy theory about this because pharmaceutical companies are petitioning the fda to sell drugs, painkillers in the united states, real thc, the stuff that getting you high, making marijuana worth it. >> indeed. adam: is that what is behind this? >> here's what we know. there are two patents on the medical benefits of cannabis, both neuroprotective and antioxident. that patent is held by the u.s. department of health and human services. so it seems that uncle sam would say, yes, we want to keep marijuana illegal but we will allow one dealer and
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we're going to go ahead and let that be big pharma. meantime we're going to put adults in prison for really what we're talking about is a different ingestion method, aill versus pot in its natural form. adam: let's talk about the blatant hypocrisy here. the obama administration, led by a president who admits he smoked in mayor yawn, in -- marijuana, puts out a memo to the justice department, don't crack down states that have legal marijuana and in 2011 reverses and cracks down on them. how can anybody operate in this vacuum. >> this is heartbreaking turn of events. you have otherwise law-abiding citizens, started businesses this is the largest industry boom since the dot-com. hundreds and thousands of new tax paying businesses got wiped out increasing our unemployment rate. in the meantime we're putting the business rate back into the hands of
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violent drug cartels. i really don't understand what's going on here. it was disingenuous promise. if it is the tail wagging the dog then the obama administration needs to get their policies in line with their practices. adam: i'm sorry we're out of time. i appreciate you joining us. sipc oli from "fast times at ridgemont high" is fuming over this one. >> thank you for having me. you as well. adam: they may go to harvard but 125 students at the ivy league school are stupid enough to have cheated and they have been caught in a massive cheating scandal. the details next. you can never have too much money.
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♪ . adam: i am sharp-dressed. it is time for a little fun with spare change. we're joined by attorneys jennifer bonjean and joey jackson. thanks for joining us. let's get right into it. harvard, what is up with harvard? 125 students at harvard were
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caught cheating. it is a huge scandal. the students are being investigated for collaborating on a take-home final last spring. one year. what do think? >> university should go down hard. they become part of a government, business, financ ial-services. i may have a conflict of interest. >> these students feel insecure they have to cheat. >> no. it is values. >> the brains of the financial collapse.
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adam: the woman worth more than $30 billion making her the richest woman on earth. she said the portion were carter and have less fun. but she inherited her money from mom and dad. >> she knows as much about lifting herself up from her bootstraps as much as 82 moderation. >> what about gucci? [laughter] she wants to cut minimum-wage so people could say i want it all. i want better. adam: is there some truth in
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hard work pays off. >> of course. but it is easier to become a millionaire when you are bored millionaire. >> i have nothing wrong with working hard but cut out the flood? we will see you later. and producing between 70 and 80% of the maple syrup but that will not put the global supply at risk. i love your product. buyer prefer vermont. >> who knew there was a market? >> this is a very sticky
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situation. >> have you tried to buy it genuine? it is $14. >> people are aware that and they are stealing it. >> chicken soup for the sole. what is a secret ingredient? >> leaks. >> love. [laughter] heading into labor day tom sullivan has a few words. >> it is abundantly clear wealthy people must be bad. not just mitt romney day tease john kerry. what is wrong about being
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successful? george washington was one of the wealthiest and worth of more than half a billion of today's dollars. the kennedys inherited their money but there is no criticism of them. also between six and 11 million is his net worth. why aren't refocusing who can best solve the nation's problems? unless you are bill gates somebody has more money than you. you don't want someone unsuccessful you want someone if they can relate to you. adam: be sure to watch "the tom sullivan show" 10:00 p.m. saturday and sunday.

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