tv MONEY With Melissa Francis FOX Business October 12, 2012 5:00pm-6:00pm EDT
markets taking a bit of a breather. but next week it will be all about earnings. liz: stay tuned for "money with melissa francis". she is up next. have a great weekend. melissa: in case you can't tell, you're looking at the winners of this year's nobel peace prize. this is them. i'm not kidding. congratulations, european union. these guys are now in the same league at the dalai lama. are you kidding me? how on earth does the e.u. get this prize? we'll get to that in a moment. the treasury department releases the official u.s. deficit this year. it is a doozy. you think your credit card
bill is high? we're crunching those numbers. a company will let you turn the outside of your home to a large billboard. people are scrambling to get in line. the guy behind this idea is here to explain. even when they are not, it's always about money. melissa: first, let's take a look at the day's market headlines. stocks closed out the week moving between positive and negative territory. u.s. consumer sentiment hit its highest level in five years but worries over bank profits and potential bailout for spain helped put a damper on investor optimism. the dow squeaked out two teeny, tiny points. advaed micro devices with the biggest loser on the s&p 500. the semiconductor maker cut its third quarter outlook, primarily blaming slowing global demand on weakening
global economy. business software company public debut isthe biggest ipo since facebook. that was back in may. to our top story tonight i don't know about you but i envision peace and olive branches when i picture the european union. look at the pictures. riots in the street. thousands of protesters. nazi flags flying to greet german chancellor angela merkel in greece. the e.u. was named the winner of the nobel peace prize somehow. with me is economist peter morici. so happy to have you here. i'm baffled. i don't know, can you -- >> i'm more than baffled. barack obama got one a couple years ago for doing nothing but his promise. riots in greece. people are eating out of garbage appeals and dumpsters in spain all because of austerity being imposed on them by the north
and the european union get as peace prize for that? maybe they ought to roll tanks through athens and maybe they give them two of them. melissa: i don't know. these pictures we're looking at right now do not scream peace to me. you know, the chairman of the panel was a little testy at the press conference when people asked him questions like this. they sort of challenged him. he said that they have played a stablizing part in the continent, bringing together all of the european union. does it look stable to you? i feel like it is not terribly stable especially when we look at their finances. >> no, it is not terribly stable. in the begin the european union was a great idea. it did reduce emanity after the war and made another war impossible, yet a third european war. however in recent years the european union expanded beyond reason. it is to heterogenous. in order to have common currency and not riots in greece you have to have a single labor market and to have that you need a single
language which is impossible in europe. melissa: you're pretty hopeless about the situation. do you think these guys will ever get their act together? >> no, i don't think they will. at some point greece will default. the european myth they need a common currency to maintain a common market will evaporate. the europeans had a very nice economic community before they tried to harmonize product standards. make cheese in greece the way they do in britain. before they had a common currency. it is the common currency and all of this one size fits all tax system and welfare programs that are killing the community. melissa: it's true but the common currency, that was a good idea for germany out of the gate. they sort of had this thriving economy. their currency was too strong. they wanted to sell to their neighbors but the problem was their neighbors currency was worthless. originally getting everybody on the same dime so to speak seemed like a good idea for them. now they're sort of stuck with the bill for all this. >> well the reality, that
over time german productivity, dutch, northern countries grew more rapidly than in the south for a lot of geographic as well as cultural reasons. making the currency too expensive for greece to be competitive and very cheap, so the germans enjoyed great competitiveness. the only way this works if the southern countries have a huge trade deficit with the northern countries and can borrow money to make up the difference. they have been doing that for several years in variety of ways. government buying on mortgages in spain and the string ran out as it did in the united states. germany has a lot of debt in its fist and really can't cash it in. the germans at some point have to say, this doesn't work. melissa: i mean the great thing about winning the nobel peace prize it comes with $1. million which is fantastic unless you're dividing it up among a bunch countries and works out to 23 cents for each of them. what do you think, could maybe this money will help them solve the debt crisis in europe? what do you think? >> kind of a drop in the
bucket. use it for food relief in spain where people are eating out of dumpsters. angela merkel ought to go be among those people and see what is really going on the trouble is european leaders get to live in palaces that are much grander than our white house and they're very, very isolated and detached from what is happening to ordinary folks. melissa: my theory was the committee thinks they will award the $1.2 million for the big group and no one will show up and they can keep the cash. >> who gets it? who gets it? melissa: i will follow that story because i want to know who gets the money. >> maybe in brussels. melissa: there you go. have a great weekend. >> take care. melissa: here's our question of the day, the e.u. won the nobel peace prize. who would you have chosen? we want to hear what you think. like us on facebook.co facebook.com/melissafrancisfox or follow me on twitter at melissaafrancis. turning to the deficit the numbers are in the 2012 budget deficit is actually slightly better than
expected. it was only 1.1 dollars, versus $1.1 trillion deficit. what a deal! it is a trillion dollars for every year president obama has been in office. we'll crunch the number to see what they mean for the average taxpayer. we have gretchen hamel from public notice. thanks for coming back on the program. it is a staggering number. not as horrible as it could have been. how would you characterize it? >> i think it is pretty bad. 42 out of the 4 months the president has been in office he has run a deficit. i think when we're $16 trillion in debt it has an effect on the economy. even most economists say when the debt is greater than 90% of the gdp you start to see a slowing. right now our debt is over 100% of our gdp. melissa: break down why you see the slowing. i think when we talk about these numbers to the average person it sounds like
monopoly money. it is such a huge number you could never break it back. if you break it down, 3500 per person. 3468 to be exact. during the time president obama has been there he wracked up $16,207 in your name. why does it slow down the economy though all this money? because it seems like we're writing ious. who cares? >> it is because the uncertainty it creates. most businesses know that at some point government will come knocking at their door asking for them to pay. and for them to bear the burden of the government and congresses and the president's bad decisions on overspending. so that's really why you see it. you see shrinking of the economy and stalling and slogging of the economy because of uncertainty comes along with having this much debt. melissa: yeah, but i don't know, not like the government will stop paying its bills. in economics class i was taught that it crowds out private borrowing. >> yes. melissa: when you have the public, government in there
issuing all this debt and borrowing all this money from china it is absorbing money companies could be borrowing to make investments and hiring workers. is that economic theory or is that real? >> i think that is real. that's what we're seeing right now, the government is having to borrow so much money it makes it harder. the average american out there trying to purchase a home or purchase a car can tell you the past few years it has been tough to do that. over the course of the next five years we will pay $5.5 trillion in just interest on our debt alone. i think most americans know that have a credit card that's just like pouring money down a toilet. >> yeah. we sort of tried to break it down into things that everybody could understand. we could buy 21 million mercedes-benz e-class for what we owe. we could buy 2.1 million ipads. that was a good one. or 30 billion big macs. i really love the big mark as much as anyone out there but i don't know if i need 30 billion of them. what does it mean that,
governor romney tried to give the example that we shouldn't do anything that we don't want to borrow money from china for. we shouldn't spend any money we don't want to borrow. does it matter we're borrowing all this money from china? does it make them more powerful? >> it does. that is something we should have a concern of, how much money we're borrowing from other nations. it affects american pride. we don't want to be beholden to any one nation and don't want to be beholden to nations that ask for their debt back or payment back or exude power over us. we don't want that. i think as americans we're always used to being on top of the world, on top of the game, having a world leader and being a leader in the world and the world having the best world economy. so it kind of puts us in a vulnerable state. i don't think any american likes that. we want to be back on top april prideful of our nation. melissa: i don't know. it will take a long time to pay that money back. thanks for coming on the show. >> thank you. melissa: joe biden and paul
ryan brawled over the economy and taxes in last night's debate. did either hit home with any undecided voters? are there any undecided voters left. hold onto your hats, ann coulter joins us with her take. that is next. many small business owners are critical of the obama administration like the one who put up this sign on your screen. did last night's debate do anything to change his opinion? we'll ask him. more "money" coming up. ♪ . ♪
♪ . melissa: so the vp debate is over and the polls are out. one shows that of registered voters 48% say that paul ryan won. but in a second poll of uncommitted voters, 50% think biden was the winner. i can't help but wonder if you will a the fighting last night drowns out the nominee's message? take a listen to this exchange between joe biden and paul ryan about taxes and the middle class. >> the only way you can find $5 trillion in loopholes is cut the mortgage deduction for middle class people. cut the health care deduction, middle class people. take away their ability to get a tax break to send
their kids to college. that's why they --. >> is he wrong about that. >> he is wrong about that. >> how is that. >> you can cut tax rates by 20% and still preserve important preferences for middle class taxpayers. >> not mathematically possible. >> it is mathematically possible. it has been done before. >> it has been done before. >> has been done a couple of times. >> never done before. >> jack kennedy lower the tax rates. >> now you're jack kennedy. melissa: exhausting right? that is one of many testy exchanges. an coulter is political conservative commentator and author of, mugged. what do you think, ann? does any of that translate into votes? >> that is the question. that is precisely the question that i don't think the obama partisans are asking themselves. biden's debate performance was very good gining up partisan zealots supporting obama come hell or high water. but for those crucial independents and undecided voters and also a lot of my
gender, his smirking and fake laughter and scoffing, was incredit by off-putting. and i mean, biden reminded you of the worst boss you ever had, the worst boyfriend you ever had. the worst person you have ever met. melissa: there are people who thought that president obama wasn't strupg enough last time around and he came out and really socked it to paul ryan. i just, i wonder, you mentioned the undecided voters. every time i hear that i wonder who is undecided at this point? do you think there are a lot of those folks out there? >> there are some and especially those who don't pay that much attention to politics. which is why i think the presidential debate had such an enormous viewership. 70 million people watched the first presidential debate. only about 10 million, at least from the reports i've seen so far watched the vice-presidential debate. the reason for that is, it was highest number since the
one single debate ronald reagan had against jimmy carter in 1980. that is a famous year. that is the first time in 100 years republicans have taken out a sitting president. the presidential debate tied with clinton's debate with the first george bush in 1992, when the democrats took out an incumbent president. so i think there are a lot of people who are unhappy with obama but they just wanted to check out the challenger, make sure they're not leaping into something that they're not comfortable with. wow, romney's performance will make them very comfortable. melissa: everyone thought their guy won. they were like, my guy was awesome. isn't that sort of, don't you think that was sort of the takeaway from everybody at home? of course you know, half thought it was one guy and half thought it was the other guy that really got it done? >> my, my sense of the debate was more that each side was presenting its policy positions and, i do think ryan looked like, a lovely young man who would not be off-putting to most
people and it is not so much on the debaters points i think ryan won. i do, but i'm a republican. it was more just in the attitude from biden. and again, i can see why the polls are so strange on this because the partisans, who are voting for obama no matter what, just thought it was great that biden was rude to ryan. i don't think the average person who isn't on one side or the other is going to think, oh, yeah, that is the guy i want a heartbeat from the presidency. melissa: joe biden's teeth were absolutely blinding. i don't know how you do that and get them that white. i don't know what that is, but i have to check that out. setting up for the next presidential debate do you think mitt romney set the bar so high because the buzz has just been so overwhelming since the debate that he was so great, that now, how can he possibly live up to that? i mean it seems like he is almost doomed from the start to not live up to that? >> he will live up to it because he is a very smart man.
he prepares. he is a very decent man and that comes across. i think he will perform as magnificently in the next two debates but i will say, what will be different is, i think much of the media realized they made a horrible mistake by telling the truth after the last debate. and no matter how much, how well romney performs, no matter how much he cleans obama's clock the media will say, oh, no, obama won. melissa: when you figure out what the deal with joe biden's teeth is let me know. i'm cure why is about that. thanks for coming in, ann. >> thank you. melissa: my next guest has a take on president obama's infamous comment you didn't build this. look at the sign we put up outside his office building. do we have it? mr. obama, you are wrong we did build this company. in fact the business and workers in this industrial park pay the taxes for roads and bridges and you. i want to find out what the average small business owner thought of last night's performance.
i'm joined by the man who put that very sign up. carl is the owner of metcast service tech resources. thanks for some coming on the show. you are located in wisconsin. you manufacture shot blasting equipment. i didn't know what that was. it is equipment that prepares steel for processing and other things. you learn something new every day. let me ask but the sign. what inspired you to put that up? >> well it was certainly president obama's speech when the, he announced that we did not build it and being a small business owner, struggling through the last four years, putting the 70 to 80-hour weeks in that we have and not just as owners but also employees put a lot of sweat equity into our business. it just really hit home that he does not understand this economy, whatsoever. melissa: are you, do you mind if i ask, are you republican? i mean did you vote for president obama before and you don't like him now or did you kind of never really like him in the first place?
>> i consider myself a conservative person. i would be republican. i believe in working for a day's wages and working hard and earning a, your equity and so i'm a republican. melissa: yeah. he sort of never had your vote in the first place. do you think that there are a lot of folks out there that feel the same way you do, small business owners who are offended by what he said? >> oh, absolutely. i'm in meetings virtually every day either on conference calls or in front of other small business owners and even suppliers of ours. they all feel the same way. we're all pulling very hard because we actually think that if it ends up being another four years of president obama it's going to be worse than four years of jimmy carter quite frankly. melissa: wow!. >> i think we will --. melissa: go ahead. i'm sorry. i didn't mean to interrupt. >> we all feel very confident what we've been seeing from the romney-ryan ticket lately. i think we'll see a big
surge if that happens. melissa: what was the reaction to your sign so far? have people been support i have of you or did anyone say to you maybe not to be so political? >> we've had a little negative but we have had incredible positive feedback from it. we have had other business owners coming in and actually stopping in to shake my hand quite frankly. we had e-mails. we had people, stopped traffic in front of our, in front of our business. a lot of positive feedback. i believe there only two people negatively responded to the sign. melissa: what did you think of last night's vp debate? in fact, i think we have a sound bite from that to play for you to react to the other side? let's listen to that? >> sure. >> you taxed every person and success small business $250,000 at 100%, would only run the government for 98 days. if everybody who paid income taxes last year including successful small businesses doubled their income taxes this year we would still have a $300 billion deficit. you see there aren't enough
rich people and small businesses to tax to pay for all their spending. melissa: what do you think about that? >> absolutely right. we run an s-corporation. 2/3 of my income over the last few years have been flow-through income. so it is income i don't see. it is income i'm taxed on. if the taxes go up, in its simplest form, we use that money to buy additional service trucks, welding equipment, fabrication equipment for our company, engineering software to hire new employees. adding taxes will do exact opposite what president obama thinks will happen. we will lose employees, absolutely. melissa: yeah. >> every business will be reducing their opportunity to add people. melissa: carl, thank you so much for coming on the program. we appreciate your time. >> it's been a pleasure. thank you. melissa: all right. the government sweeten as taxpayer backed loan for electric carmaker tesla. is it to avoid another sole ol'-like embarassment before
oh, hey alex. just picking up some, brochures, posters copies of my acceptance spee. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners.
♪ . melissa: so are you ready for a hit to your wallet? just what you need, right? new data released from the energy department shows that heating bills are set to soar 20% for heating oil customers this winter. last winter was the warmest on record. you remember that. forecasters say this year we'll go right back to the normal cold temperatures although what do they know, right? what does it mean for you? joining me phil flynn, senior market analyst with the price futures group. wonderful to have you on the show. you and i have been doing
this a long time. this time of year they come out with forecast to say what they think people will pay based on a lot of different things. everybody uses different kind of heat. let's buzz through it. heating oil is expected to reach a record of $3.80 a gallon. there isn't a huge percentage of people that use heating oil. we'll hit that first because it is a ugly number. why is it hitting this new huge record this year? >> probably because it at a record high for this time of year. if you look at inventories of heating oil right now, they're at the lowest level they have been in about 17 years. part of the reason is we're not storing heating oil because less and less people are using it. at the same time, demand for diesel which is part of the heating oil equation as you well know, the demand is strong overseas. so we're exporting a lot of this to other countries. i don't think you can just blame the exports or lack of demand. i think what you're blaming here right now is the overall cost of diesel fuel
and that is driving us. melissa: so those people are out of luck, so sorry. let's move onto the natural gas folks. >> yes. melissa: they're also going to get it this year which is crazy. they're saying prices will be about 15% more. we've had this glut of natural gas. it has been so cheap. saying pour natural gas we'll get hit too. how come? >> i know. they said this last year too, remember this. i got my parka out. i did not wear it all winter. i don't know if i will wear it this winter either. the thing with natural gas, this is one that bugs me. people are getting excited about the long side of natural gas despite supplies are at record highs. department of energy said we will produce more natural gas this year than ever they did before. they're concerned because rig counts fell to 15-year low, that maybe next year we'll not produce quite as much. let me tell you something right now. they're building new shale pipelines coming in right now from, from north dakota. that's going to put a lot of supply in this market. and at the same time, these
rigs are producing more gas. so i'm not believing that forecast unless it gets really cold. melissa: people in the catbird seat are people with electric heat. they will only pay 5% more. philings i have to ask you, are these guys like the weather forecasters where they're not so great at forecasting very far out? or are these guys pretty right on about these prices? what is your opinion? >> well they are the weather forecast because that's what we're forecasting here. this is it what the prices really are. we're pricing right now what the weather is going to be. they're betting, making this bold prediction after one of the warmest winters in the history of the universe it might get a little it about colder next year. guess what, if it gets colder next year they're betting somebody may fun on their heater that didn't happen last winter. if that happens demand will make prices go up. melissa: phil, thanks for breaking it down. >> thank you, melissa. melissa: an eyesore or good business? one company turns the front of homes into billboards in exchange for paying their mortgages.
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♪ . melissa: so you need your mortgage paid? all you have to do is sign up for this. ad cop, brainiac's from mars came up with the idea to help homes at risk for foreclosure. it could come to your neighborhood. they're turning houses into gigantic billboards and paying owners for mortgages up to a year. you think this sound crazy? 42,000 people have already applied to do it. here to explain his breakthrough in fox business exclusive is brainiac's from mars, romeo mendoza.
thanks for coming on the show. >> thanks for having me. appreciate it. melissa: a quite a bunch of people said they want to do this. were you surprised how many people wanted to do with it? >> yeah we were. we weren't sure what to expect after the first three days we had 10,000 applications. just shows us a lot of people are really having a hard time out there. so that is very surprising. melissa: so you pay people's mortgages up to a year, right? do you have enough people that want to advertise on the side of houses? >> that's right. melissa: in order to fill that much demand? >> we have 42,000 applicants, literally from all over the world. 95% are in the u.s. we have them as far as away as japan, italy, the u.k. so, there is lot of people. melissa: there's a lot of people want their houses painted. i'm sorry -- >> overyeah, most definitely. most definitely. they realize this is a home that attracts attention. we have a lot of large brand that came forward. want to advertise on the
house so most definitely. melissa: like who? can you tell us who wants to do it? >> well we have a home improvement stores. we have large discount retailers. we have movie studio wants to put premiers on there. we haven't finalized anything with anybody yet. the first few homes will be brainiac's from mars homes and then we'll roll it out. melissa: are you running into any problems from towns that aren't excited about this? i think some folks having their neighbor's house painted with a giant facebook logo or movie logo is not great for the neighborhood? >> well you know what? we painted our first house here in orange county which is next to corporate to figure out what was going to happen. we went in there without anybody knowing. and so i personally drove up. two hours into the paint job and people were definitely confused. and i think a lot of it stemmed from the fact that obviously these colors aren't normal. and no one sbland it to them but i walked right up to the homeowner, the next door
hole owner, my name is romeo. i'm responsible for this. immediately relief and then once you start explaining it they get it. because the option is, these guys are not going to be there. they will not have the neighbor next door. the problem it affects them in the pocketbook. a foreclosure can drop the price of a home, at least a neighbor's home $220,000. and so this actually keeps home values up. it's a bit bright out there but it keeps a family in their house and keeps money in their pocket. melissa: what did the neighbor say to you? did he say, will you paint my house next? >> oh, yeah. most, a lot of these guys want them up for eons, decades, if they could. for the most part, yeah, 90% are struggling homeowners near foreclosure. at the brink of a short sale and they need help digging through the mess. melissa: do the homeowners have to declare this as income just out of curiosity? how does it work from a tax perspective? there have to be details in
there to sort out. >> yeah, pretty much. they have we pay for the mortgage for entire year and yes they have to declare it as income. melissa: we have an idea for you. i don't know if you can see the picture. yeah, there you go. what would you charge me for that? that looks good. >> i can't see it but i don't know. melissa: well it is a giant picture of me and a logo of the show on the front of the house. >> we'll do that. melissa: you will do it? okay. we'll talk after the show. >> i here you're pretty gorgeous, that will work. flatter riff works every time. thanks for coming on the show. >> thank you. melissa: deal from the government for tesla motors gets even sweeter. is it to prevent a election day embarassment for the white house? we'll explain that. at the end of the day it is all about money. ♪
so is the government jumping in at the last minute to save them to avoid an embarassment right before the election? joining me for more on this, the founder of climate depo depot.com. the timing of this restructure something a little suspicious. what do you think? >> yeah it does come right at a time a month before the election at a time when the department of energy green stimulus has been a major campaign issue, featured prominently in the first debate, even in the vice-presidential debate. so a big part of the obama administration wishes to neutralize, if you will. so the question is, why are they restructuring this loan to tesla motors? which by the way sales are 30% below expectations. they have 14 straight quarters where they have lost $660 million. and are you ready for this, drum roll please. the ceo, elon musk claiming so that they can make early payments to doe. that is now what they're claiming. many analysts look at this
very skeptically. given market for electric cars and history of tesla motors it is a hard one to swallow to believe they're this cash-rich, especially given the disappointing sales and lack of production by the way. melissa: also, a lot of people also don't realize what we are underwriting, you and me as taxpayers the thing we're underwriting here is $109,000 car. >> yes. >> when you go into tesla showroom to buy one of these electric cars, the base price for the road sther -- roadster is $109,000. there is another sedan that is $97,000. the cheapest model, the battery goes three blocks before the thing dies is $45,000. that is the cheap one. this is the equivalent of the american taxpayer who buy the way, we are out of money. we are broke. we just got the report today on what the deficit is. we don't have a dime to spare in this country. and here we are,
underwriting these cars where the buyers, are plunging down $100,000. if you can afford a 100,000 car, why are you taking a tax credit from me and you for 7500 bucks? can you explain that to me. >> people like leonardo dicaprio is one of the owners. fisker car has al gore. this is for the wealthy and elite. these from is are before taxpayer subsidies. this is an outrage when you look at that what is significant here, elon musk, is driven by fear of global recall wag. he said co2 will destroy large parts. earth. he is ideologue for global warming. he spent $180,000 lobbying u.s. congress and congress to get $465 million loan. that end result. he is pretty good investor. invested $180,000 in the few years before the doe stimulus bill and gets this
big bill. he also got $10 million from the state of california for opening the factory there. this guy is worth $2 billion, elon musk ceo of tesla motors. melissa: why does he need our tax dollars? if he is worth that much money why does he need our tax dollars for his company? god love you if you want to buy an electric car to spend $100,000 on it that is your business but why do you need taxpayer dollars to do it? the average person doesn't realize what these programs are all about and that's where their tax dollars are going. >> he is very good at getting taxpayer dollars. 10 in from there. 465 from the government. now as they go forward "the washington post" had editorial on electric cars if you build it they woken come. the old addage who killed the electric car, secretary chu, may have killed the electric car. model after model across the board, whether the volt, they're all disappointing sales.
consumers are not interested. melissa: got to run. mark, thanks for coming on. have a great weekend. >> thank you. >> time for today's energy report. today's biggest headlines and their impact on the economy. solyndra is may be bankrupt. solyndra is seeking $1.5 billion alleging the firms illegally flooded u.s. markets with cheap solar products. hmmm. crude prices fell following a report by the international energy agency. the iea cut its global demand forecast by 100,000 barrels a day through the end of next year. canada's government will extend a review of cnooc's takeover of nexen by 30 days. if approved the $15.1 billion deal would be china's largest foreign acquisition in history. the purchase would give china a major foothold in canada's lucrative oil sands region. natural gas prices fell back from early highs following a forecast from the national commodities weather group.
it calls for above normal temperatures across the country through october 26th, that is, lowering estimates heating demand just for that time period. all right, take that joe biden and paul ryan. think their debate was intense? a debate last night. you have to see this, between two california congressman got so physical the cops had to step in. we have details on that. coming up. you never have too much money. ♪
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>> macho man. he kravis him. do you want a piece of meat? i think it is for show. >> i started doing television staff five years ago. >> it is a tough business. we have to be respectful. >> do you do that in court? >> nose to nose with opposing counsel. >> the post office is raising the price of a stamp on january 27th it will cost 1 penny more. $0.46.
why don't they just make it a dollar? >> maybe but you don't get the mail on time and local mail is between three and five days a. >> we do online and we transition. they need to have authorization to deal -- deliver the mail less. >> they will then go and die must be met president -- prison inmates are suing $500 billion because they word denied dental floss. corrections officers say it could be a security concern. the inmates have to convince them they have a shot.
how you come up with $500 million? >> 32 teeth. how many inmates? [laughter] >> i have a of client at this very jail. they wanted to brush and floss. they do not want cavities. melissa: 500 million? >> i did not put them up to this. it is frivolous. melissa: you want to know that financially doomed california? may have found it. >> the governor has signed a new pension plan run by the state for the private sector employees.
now employers of must withhold 3% to put into the retirement fund. it is automatic. they start off with were the intentions but did they keep it simple to send it to the public and police retirement plan? no. they created a brand new bureaucracy costing millions of dollars to operate. this will not solve the problem of a decent estate with the income of 50,000 3% is only $1,500 per year. they could put money into the i.r.a. that costs nothing. for a state spelling -- spending hundred billion to a bullet train to nowhere it is a good idea to take on an expensive new program.