tv Varney Company FOX Business June 26, 2013 9:20am-12:01pm EDT
>> you know, i'm going to call this the corporate story of the morning here on "varney & company." record gun sales at smith & wesson. they say they can't keep up with demand. an interesting trend. in the fourth quarter, they made 20 million profit, double last year, they put that in context, last year, smith & wesson made 78 million for the whole year
and now 25 million a quarter. a strong surge in firearm sales because of the fear of stricter gun controls to come, that's hurting it and the stock is doing virtually nothing. maybe up 1 cent. maybe that's a question of you ignore it when the actual news comes out. but it's a big story for us. then we have marc rich, the disgraced oil trader pardoned by president clinton on his last day of in office, he has died and left a mark on the clinton presidency and then deputy attorney general eric holder who quote, leaned favorably towards that very controversial pardon. former clinton advisor, doug schoen, he was there and he's here now. why did bill clinton on the-- with the approval of eric holder, why did he pardon marc rich? >> well, i've always felt, it wasn't so much denise rich's contributions as favorable as they may have put the family in the president's life, but bottom line, it was the israelis and
particularly ehud barack then prime minister, 80 million in contributions that rich made to charities in israel, he was reputed to have been a strong supporter and ally of the israeli intelligence services, bottom line, i think it was the intersession of another head of state that got the deal done. stuart: his death brings back eric holder's name in an unfavorable light. that pardon was not popular. >> it was not popular and i think that even bill clinton acknowledged it was not the finest moment in his administration. there were technical-legal issues to support the pardon, but bottom line, trading with iran and iraq when we're effectively at war with them, that's horrible. stuart: bring it up-to-date, the gdp in the first quarter of the year, the economy only expanding 1.8% rate. down sharply from the first estimate of that growth rate. is this going to hurt the president further? we just gave the poll, the
approval rating on the economy is back. >> in one accepts it will hurt the president. the only way it will help him, if this tam ps down the increas in interest rates. the the bottom line. and every time the fed chief speaks, ben bernanke, that's the bottom line. stuart: ben bernanke out? >> as quickly as possible. stuart: and proposed janet yellen to be the next. >> absolutely does and he's sitting the in the white house blaming the poll numbers and decline on the i think outgoing fed chairman. stuart: thank you. the president's war on the coal and energy. do we have a comment from doug on that one? >> look, the coal industry i think is in dire trouble, bottom line as we saw yesterday, he is interested in alternative energy, reducing greenhouse
emissions and bottom line, he is changing our energy policy. stuart: he wants to kill coal. >> flat-out. doesn't care about jobs because people in those states didn't vote for them. that's true, look at west virginia. >> thank you very much. >> thank you, sir. stuart: i've got the breaking story in the past few minutes. aaron hernandez has been taken into police custody and entered the new england patriots star home before 9:00 eastern and brought him out in handcuffs and he's questioned about the death of an acquaintance odin lloyd. and look at what's happening with gold, down another 35 bucks, and stocks look to open higher, keep an eye on interest rates after that weak reading, 1.8%, 251 is the yield and you can watch the markets open after
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we are amusing ourselves with the irs line dancing video. no laughing matter. millions spent, new revelations, millions spent on credit cards handed out to irs employe using flitting what i call liquid lunches and they want $1 billion to fix things at the irs. we have more on this. we are a minute from the opening bell, from chicago, scott kennedy. earlier this morning i said gold was crashing, a very strong word, maybe not justified but weighed down. what is going on? >> the world is looking cup to the fact that even with $85 billion a month we are pouring into the economy and gdp numbers prove it this morning we could be facing a deflationary cycle. i can pull levi and saying that but there isn't any inflation on the horizon and the dollar keeps getting stronger so we could be in real trouble and that is where it is going. stuart: i keep hearing from the gold bugs just wait, inflation
will take off, hyperinflation, print money without inflation, it is not there and gold is down $35. although is it going to go? >> $1,000. we don't get any inflation that could really take off to the downside. ther on gold. i don't think you should own it because we have been waiting for inflation in japan for 25 years and they don't have it. stuart: thank you very much. the word crash is not out of line. the dow jones industrial average is opening higher. it could well go up another 100 points from the opening bell. looking at the futures, an indication how we are going to go and it looks like we could be up 100 points. we breached 14-8 going higher, we are 41 points, back to this in the second on the bottom of your screen, the u.s. economy grew much less than expected in
the first three months of the year. how is that affecting big industrial names. i got to believe it is not good for us. nicole: we are seeing it off of the market, buying everything, retailers, jobs, everything has a perez, caterpillar, general electric, doing well, up 1% but this gdp numbers is the economy -pis going for 15 consecutive quarters, the pace of those gains is among the weakest for a recovery since world war ii. stuart: i worked out what is going on. this is a very weak recovery, 120% growth is anemic at best and people are saying ben won't print -- quit printing money. the dow is down 107 points. nicole: that is right. stuart: when the gdp number bad news for the economy good news for the stock market. that is how we opened up. keep an eye on those stocks, back to you in a second. i want to show everybody smith
and wesson because they have record sales and can't keep up with demand. this is a question of sell on the news because now we have smith and wesson moving 1% lower. their profits in the latest quarter was double the profit they made in the same period last year. clearly you are buying guns because of possible gun-control. smith and wesson stock is up 18% so far this year, down 1%. staying on the markets bringing in keith fitzgerald of portland, ore.. this is one week to the day after ben dropped his roth on the market. things seem to have calm down and change around completely. how about my theory is that this week rate of growth 1.8% means ben will not stop printing money so quickly. what do you say? >> that is certainly -- i can't say accurate, i can't say conjecture, probably spot on in a lot of ways because of that is
all about been. this is about what he is going to do every day you wake up and traders are trying to figure out if he is coming or going and that is where the volatility is playing this last 24 to 48 hours. stuart: 20 minutes ago, an hour ago the story was told crashing, that was my word. now the story is stocks. we are up 129 points getting back to 14-9. are you going to reassure our viewers and say it is okay, the inside of the one week period is over, let's get back in the ball game? >> i wish i could but i am going to go with i of the storm. i don't think the selling is quite done yet because traders haven't figured out what been actually wants to do. to me what it suggests is whether we go higher or lower. what i do think is with us the next two or three weeks while we sort this out is volatilitt. we are likely to see larger swings than we have in the last couple months.
generally buying opportunities, if the numbers stayed so bad that he has to print more. stuart: i would make a bet most of our viewers neither bought nor sold throughout this high anxiety week. i think people are so nonplussed with the volatility as you rightly call it to sit back and watch. that is what is going on. >> if you got the right perspective, that is actually a good thing to do because you don't want to sell on a knee-jerk reaction. that is like going to a frat party knowing the police are coming in the front door and everyone has money or goods going out the back door. what you want to do is stand outside, watch things calm down. if you're interested for in command at inappropriate portfolio that is diversified, whatever word you want to use you don't want to fall prey to the mac and nations of the institutional investors. this is one of the few areas where individuals can beat the market by keeping a steady hand on the tiller. stuart: give me 10 seconds worth of gold, would you be selling right now?
>> i am not buying. i am getting very hungry in $1,100 an ounce for a thousand dollars an ounce. longer term i think the gold bugs are correct. there will be an inflationary period but this is a short-term release. stuart: keith fitzgerald, thanks for joining us. to nicole petallides another name we know, general mills. something going on with that stock. nicole: the maker of cheerios, cinnamon toast crunch, progressive, here is the stock down 1.2%. the current quarter net wall street expectations. the forecast is weaker. they are facing costs for ingredients and merchandising. also as they vowed to improve cereal and yogurt, you play, yogurt is doing well for all the companies, i guess it is not one of the ones people by jumping for but they are trying to do that but not as much as people hope to. stuart: a big drop for a big-name stock when the dow is up 134 points.
to summarize jodi arias five minutes of business stocks straight up, gold straight down. keep an eye on the markets, what the bottom line, we will tell you what is going on. to the irs, more outrage comes out every day. here is the fresh angle. a new number for you, $103 million is how much the irs and using government credit cards, things like wine, stuffed animals, rented a popcorn machine, pornography. there was the boosy lunch at $100 per person, $28 of wine for ten people. congressman jim renesee, i want to get it right, you are republican from ohio. >> republican from ohio. stuart: i get the impression the new guy at the top of the irs will be testifying tomorrow. i think he wants to put this behind him, sweep it under the
rug, you going to let him? >> no. i have been here 2-1/2 years and the businessman for 30 is what is going on in washington, the waste, he has a tough job ahead of him. i appreciate what he has done over the last 30 days but this is up process, we need to have a thorough investigation of spending, a thorough investigation of targeting, there is a lot still to be done and the process will not be swept over us tomorrow. stuart: i believe, don't want to get actual numbers but you made a lot of money in private enterprise before you went in to congress, self-made millionaire. with that as your background, would you comment on the stage of our economy and the state of president obama's economic policy. >> i was also a cpa in one of my past entities and the state of the economy we need to continue, it is about jobs and the
economy. i would love to redirect everything back to jobs and the economy because if we can get the economy going week unchanged things here. stuart: but can we? can we do it? any possibility we will get real tax reform? lower rates and fewer deductions? >> i do believe we will. on both sides of the aisle, and the president said we need to reform our tax code. back in the district i hear the same thing. we need to work hard to get that done, we need to make sure the fact go to simpler and it orks for businesses so they can employ people, bring on more jobs and get the economy moving. it is possible. stuart: i am not opposed to gambling public but i have a bet with you, ain't going to happen for three years but we will keep that as a private side bet. thanks for joining us. now we have the dow industrials up 130 points, pretty stable, nice gain, gold is still down
about $40 an ounce. basically that is the state of the market wednesday morning. we have hollywood elite at it again. this time they want to push obamacare. the white house making the request, hollywood is begging to help the white house. more on that coming up at the top of the hour. we go to noon eastern all week. time is valuable. 30 seconds of what else we are looking at now and in the 11:00 hour, bret baier will join us at 11:00 eastern, the latest polls show a turning point for the president, a turning point to the downside for his approval ratings. is it a >> in the polls? we will ask bret baier. we talk to a surgeon who is profiting from obesity. he performs band surgery. how much? is it worth it? and environmentalist who is not happy with president obama's climate proposal apparently killing the coal industry is not enough. what more does he want? we will ask him.
here is another indicator, state of the economy, state of the energy market, $95 a barrel on oil as we speak. mapping your genome. just a few years ago cost $1 million, now is getting cheaper. down to a few thousand dollars so what can you find out mapping your entire dna. what is in there for you to look at? dr. siegel is next on that but first this. great celebrity chef paul dean lost her show, lost her sponsors but her latest book is flying off the shelves, sales up 1,000% in 24 hours. will hurt public apology today put her reputation on the mend. you decide after this. >> i have never with any intention hurt anybody on purpose and i never wanted what you see is what you get. i am not an actress. i am heartbroken. (announcer) at scottrade, our clients trade and invest
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to a 14,900. this is a lot of action in gold as well. the stocks go up and the dollar goes up, straight down, 1237. this is our gold record for the morning, bringing it to you a little earlier than usual. scott kennedy, a few minutes ago, maybe it will drop to a thousand dollars an ounce. that got everybody's attention. gold stocks in the wake of this, all of the my down big time. when you see stocks moving percentages you know of it either up or down a lot. a few years ago costa million dollars now costs between 1 and $4,000, it is genome mapping, reading dna to find variation that might play a role in disease in the future. companies are cutting costs by 90% annually since 2007 fighting to be the first to charge 1 hundred dollars to map the entire genome.
is it worth it? i say yes, dr. mark siegel with us today. the cost is coming down. fairly soon, is it worth it? it seems like a bargain to me. my entire genetic genome, all my structure, i can see it. is it worth it? charles: you will be naked. let me talk about it from a business point of view since this is a business show. companies like berlin company, rice technologies, aluminum, invite, these companies that getting involved in this and it will be very cheap. and over a decade ago, sequencing though genome everyone was excited. critics like me, doubters said what are we going to do with the information? i was wrong. in this sense we are starting to unpack the genome now we know about it. we have 47 chromosomes. the chromosomes are composed of genes, the genes tell us what we're going to be like, what are our colors, what our skin tone
is, how fast we think of whether an economic mind like you or medical mind like me all of that is in the genome but the thing is we are nowhere near the point where this information with the rig is $100 or $1,000 can help you, stuart varney, know anything about what your future diseases are. it is not there yet. won't be able to say i have a 27% chance of getting high blood pressure by the age of 70. that is not there yet. the other thing to tell you that. stuart: angelina jolie wasn't a full gino mapping, we know that, it was a limited test that showed she had a proclivity for breast cancer associated double mastectomy. she acted on the information she got by looking at her genetic structure. why can't you do the same with a full map of the entire genome? >> excellent question and the gene that she had is very well worth knowing and it is
genetically mapping, other things like cystic fibrosis, we are there but these are very rare diseases. people in the vast majority of the population don't have -- stuart: cancer generally. >> cancer is a combination of different genetic abnormalities. this genetic test for $100 is not going to be able to tell you. that is my point. it is going to be one of the sad thing that will sell like hotcakes and people will happen and say now what the what do and doctors like me will say you can't do anything with it yet. stuart: i will bet $100, second that i made on the air today, that you do get the full genome mapping of dr. mark siegel. >> you are wrong. you will get it. because i don't want information that i don't know what to do with. it is premature. the vast majority of this genome information you know who should have this? scientists. that is to has got to have ended
is valuable but scientists know how to map the human genome because they compare it to animal genomes and say we know why this animal gets this disease and here it is in a human. it is not about somebody's living room. stuart: you think i should get a test and have a full gino mapping and get that information to the government. >> that is the next angle we plug into your genome for sure. you won't know what to do with either. stuart: dr. mark siegel, genome mapping -- what is the word -- >> skeptic. stuart: my take on marc rich, the great oil trader pardoned by president clinton, my take on that next.
stuart: the test version of windows 8.one, developers' conference in san francisco, out comes the new version. morgan stanley raised its price target to 40. please remember i own shares of microsoft and they are 1% at 34. we know president obama is buddy buddy with hollywood. now hollywood wants to help out the president offering to help sell obamacare. hollywood hypocrites' author
jasonmac tear at the top of the hour. new at 10:00 hobby lobby fighting contraception mandated obamacare. if it doesn't comply it faces $1.3 million worth of finds her day starting monday. we ask the company's lawyer if they will go broke. on the supreme court watch, big decisions on same-sex marriage coming down at the top of the hour. here is my take on the passing of marc rich. he died in switzerland at the age of 78. his life brought together the ugly pursuit of money and high stakes international intrigue. president bill clinton was brought into this mess and so was the current attorney general eric holder. it starts in the 1970s, marc rich is an oil trader with ties to the khamenei regime in iran. in defiance of american sanctions cecil iranian oil just as our hostages were being held in tehran. he was called a traitor.
he made billions and lived as a fugitive in switzerland. in the late 1990s his wife denise donated a lot of money to democrats and president clinton's library. she enlisted the help of deputy attorney general eric holder to ask for a pardon. after a series of e-mails and phone calls between older and rich mr. holder issued his judgment. he was, he said, leaning favorably toward a pardon. on the very last day of the clinton presidency that pardon was granted. money talks. it talked so loudly that man who made billions from iran at the height of the hostage crisis could be left totally off the hook. that is all history. the death of marc rich brings it all back. you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who lived well into their 90s. and that's a great thing but even though we're living longer, one thing that hasn't changed much
stuart: wednesday, june 26th, look what we have for you in this hour. hollywood goes to the warehouse. can we help sell obamacare? surely the president will jump on that one. you shall provide birth control to your people. that mandate starts monday and we have the company that says we are not going to do it. the most intensive commercial real estate deal in new york history just signed and we have a buyer. if you know how to play the system what can the welfare state provide for you. . comes. two of three.
major rulings on two same-sex marriage case is expected any minute now all. federal benefits will flow if same-sex marriages are accepted at the federal level. financial angle to this story. the decision as they come and judge andrew napolitano will join us with nalysis. -pbig crowds outside in washingn d.c. waiting for that decision and this is coming any minute now. the markets are making news. look at this. dow jones average up 133 points. 1 kerri 4 points. because we got a very weak reading on the economy, that may mean been will be prepared to print more money, up go stocks on that news. entirely the other way, and a
three year low. charles: i like gold coins and over the long term but gold stocks absolutely not. stuart: you don't buy and sell gold collins, you buy them and put them away. stuart: charles: silver's down 30 points. stuart: i saw a silver at $18 an ounce. what was it? 40 not long ago? charles: 50 at one point but has been getting hit pretty good. stuart: tell me about gold stocks. got to presume gold mining shares are down. nicole: take a look at names like newmont mining, bearish gold, any name you one day you will see down arrows many of which are hitting those multi year lows, 52 week lows, exactly that. stuart: let's wrap up the market before we move away from the markets, the dow jones average nicely higher today, 14,000, almost 14-9 a gain of 130
points, gold going the other way, now it is down $40 per ounce and we heard from scott kennedy's that it may at his out of go down to $1,000 an ounce. that is the market story in a nutshell this wednesday morning. hollywood lining up to help promote obamacare. celebrities asking the obama administration how can we help you sell it? the author of hollywood hypocrites' is here. i would suspect the president will take up this offer from hollywood and it will work because celebrities these days can solve things. even obamacare. >> i do think the president will utilize hollywood, looking for the nba, the nfl to promote obamacare. why not get even a longoria or john legend on your side but i am skeptical it is going to work. in our conversation about
hollywood i said hollywood is the secret sauce for 2008-2012 for barack obama but they are targeting younger audiences to help talk about obamacare and all the benefits but the thing is now we are going to have sticker shock for many younger americans who will see their premiums tripled, doubled, because of more coverage and added benefits so i don't think it is going to work. stuart: i will interrupt with breaking news from the supreme court. they struck down the defense of marriage act, struck it down 5-4. this means federal benefits will be extended to married gay couples. that is a theoretical view of the future. if you strike down the defense of marriage act, that is one of the cases, struck it down, then you open the door to the flow of
federal benefits which flow to married couples under federal law. the crowd outside the supreme court building in downtown washington d.c. there were some cheers when we heard that brief announcement. i believe there are other announcements still to come on other issues surrounding the supreme court decision. we will have judge andrew napolitano join us shortly with a complete and detailed breakdown of exactly what this means. you are looking at a large crowd, an important decision. the defense of marriage act struck down 5-4. we will keep that running for you as long as we can until we get more detail. i want to get back to jason, you say it will work. you are saying it won't the network. hollywood will not be able to sell successfully obamacare.
if it is a form of self-promotion you know what they will say, look what we are doing for you. you young people can stay on your parents's insurance until you are 26 years old. you get sick you cannot be denied coverage. those are the benefits they will say go and get it, obamacare is good for you. >> there will be the image for sure but not only hollywood and turned the craft sandwich that is obamacare into rotisserie chicken. they won't stops the sticker shock that will be slapped on millions of americans. even if young people stay on their parents's health insurance until they are 26 they will hear and the rents talking about cost of health care going up or if their past 26 and they buy their health insurance in the individual market they are looking at huge increases. it will be different. hollywood selling a person in
barack obama to potential candidates on election day and then try to sell a policy that is equally unpopular with so many people. i am skeptical is going to work. stuart: we will have to agree to differ, a split decision from you and i. thank you very much. back to the supreme court decision, 5-4 margin defense of marriage act has been struck down and called unconstitutional. charles, i don't know exactly what this means. i suspect it opens the door to federal benefits to flow to legally married couples, same-sex couples at the federal level. charles: you are right. that was the central point, the recognition, only opposite sex marriages are recognized and the defense of marriage act, we know it was passed by both houses of congress, bill clinton signed into law in 1996, there is still the question about whether gays
can get married. we have another decision come in any minute now with respect to the ruling in california, voters voted down same-sex marriage. if you are allowed to get married in a certain state and you do get married the federal courts are now saying benefits from one partner can't pass to another partner. stuart: we are not going to pass judgment on same-sex marriage. that is not for us to dd. we are a financial program. i think it is our duty to point out the financial angle here. suppose same-sex marriage goes through full the at the federal level. that opens up i am told 1,100 federal benefits that could flow to same-sex married couples, in particular in social security, the surviving spouse of same-sex marriage would get federal social security benefits. that is an unfunded liability that is to the liability in
social security cans of billions of dollars. charles: it will tax the system more the people would argue it is not underfunded. the same argument with social security, if i working on i am funding this thing, the person i love should get the benefits right away, the argument is these programs in the first place, the way they were designed there were not designed to live to 85 years old. and adds another layer of cost, absolutely no doubt. it adds a sense of urgency to fix these things so everyone no matter how the supreme court rules, everyone who is eligible will have them and will be there because there is tremendous drain on the many with. stuart: long time since there was such a large crowd. charles: i am surprised there is not jubilation. may be they're holding back until the next ruling on the california law. the people in that crowd were hoping for this decision. stuart: am i right in saying the california case will decide yes
or no? same-sex marriage at the federal level yes or no, legal or not? charles: and set the stage for all the states. it gets back to the decision yesterday, civil-rights voting act, self-determination and what the rules are, the federal government supersedes them that means in a way to straighten this out to me it would mean same-sex marriage could be legal in every single state whether the state wanted to be or not. stuart: it is the noisy crowd, they are chanting but as you say they are waiting for that california decision. if they approve of the california case which legalize same-sex marriage it is legal across the country, you will get a cheer. stuart: a lot of anxiety. charles: this is a difficult course to figure out on this particular decision. kennedy was a conservative who switched over. always the swing vote. stuart: swung over to the side
that says defense of marriage act is unconstitutional. charles: goes against the fifth amendment. stuart: which implies, don't want to read too much into this and get ahead of the game, it would imply the court will say same sex marriage is okay. stuart: yesterday. charles: yesterday's decision implied they would say california has the right to determine its loss for its own citizens and they voted against it. send it back to california, vote on it again and see what happens. stuart: we will get on the wire service, we will get fact instant report in washington, we will get an instant report on the decision. that will be followed seconds later, simultaneously with the roar from that crowd depending on which way it goes. it will be cheers if same-sex marriage is okayed, stunned silence i suspect it it is taken away. charles: which would almost make
this mitigate it, make it irrelevant, mitigated largely a they say there is no such thing as same-sex marriage so therefore the idea of passing on benefits is a moot point. stuart: we aae financial program. i'm not implying for one moment that there is any impact of any kind on the financial markets. there is no such thing, there is no impact here. this is a very important cultural question. we are trying to get judge andrew napolitano to come on in and he is going -- what is going on right here. from the ruling. the defense of marriage act seems to injured, directly from the ruling, quoting now, seems to injured the very rights new yook seeks to protect. it violates basic due process and equal protection principles applicable to the federal government. in new york case, defense of
marriage act unconstitutional 5-4. stuart: charles: kennedy wrote for the majority which is interesting. from an economic point of view it is interesting in the sense that in some odd way it puts liberals closer to conservatives with respect to a sense of urgency to fix these federal programs. we are all in and get a piece of the pie but the pie is evaporation and disappearing with the current structure. we have to descending radical to fix it so everyone can enjoy it over a long time. stuart: wrap up the markets for you right now, wrapup what is going on in the markets, we are a financial program. there's a lot of market action and that is a fact, we are well over 100 points on the dow industrial average. this follows a week reading on the economy in the first quarter of the year. gain of 1.8%, and and you will gain, very weak. with 2.4% growth it came down to 1.8 this morning. that may mean some investors are
saying that means ban will keep printing a lot of money. as stocks go up, we have got to find some gold coming straight down. we are off $35 an ounce, 1239. here is what i want to do. can we keep up that picture of the crowd how outside the court room and feed our viewers a little sound from the air so that they can't get a sense of that crowd waiting for this all-important decision. let me discuss with charles what is going on in the market. we will split our coverage. on the left-hand side of the screen we have the crowd, doma unconstitutional, same-sex marriage decision coming from the supreme court. charles and i on the other side. we are going to move along with south parker, a former welfare chief, sitting there, can hear what i am saying, not smiling, there you go. a former welfare cheat.
we want to know if you were still in the business of gaming the system today, we want to know exactly what you could get out of the system. please list what benefits you could grab from our society if you were still in that line of business. where do you want to start? >> the cash benefit. what is interesting, i hate to be the whistle-blower on what happens in welfare and i don't think i could find refuge in russia or cuba or venezuela but it is important people understand what we have done to our society by trying to keep poverty programs in place. you can go now to a website called benefits.gov and find out exactly what is available. you can get your cash benefit. stuart: i want to go through the list, cash benefits, how do i get cash out of the benefit. >> if you are single males then
you say you are distraught, unemployed and need help, if you are a pregnant female a long list of benefits, all you need is a pregnancy slick and go in and apply and they will avail all your services that are available. the more children you have the more money you get. stuart: number one cash benefit, i am reading your lips here. child care. >> 100% paid even if you are not working the middle of the child is born you can get child care from 6:00 a.m. to 6:00 p.m.. stuart: health care. >> it is important people understand how expensive this is. not only do you haae a benefit for the person on the program, right now today 40% of all births are paid for by medicaid so we are in serious trouble. stuart: number 4 on your list, heating subsidies. the government should pay for my
home heating oil and natural-gas? >> get additional benefits if you move into the new programs barack obama administration wants to test. and services provided for you you say you cannot afford them. stuart: number 5, housing voucher, easy to come by? >> this is of little more complicated because the government controls the market when it comes to how many are available. that is more complicated but you do get on the list, get a subsidy to get section 8 or wait for government housing project. of the one food stamps. >> very easy, and beautiful because when you go into any store you can swipe your card and they look beautiful like a regular ag and. you might notice they say g one debit or credit and you can't have what you want. stuart: down to no. 7.
w i see sticker, what is that? >> many of these parents that are supposed to be taking care of their children based on government don't do that. they won't feed their children opprobrious food with food stamps program so it is a program that in addition you can only purchase certain products. it is when an infant children meaning you can only get milk, you only get aids, you can only get 7 cereals so that you may be might give your child something of substance. stuart: down to no. 8 it says here programs for students including free backpack with supplies and lungees. >> the government control of education environment before children so from anything you might need you go to school and ask for it, not just lunch is the breakfast and if you listen to liberals they want a banner too. stuart: a bus token voucher. >> big excuse for not being able to look for work so the government says fine, we will help you get to that location to
look for work. stuart: that was sarcasm. >> we need to be serious about government. we can't do that. and we spend our money on. stuart: thank you for joining us on a very big day for money. let me recap what is going on with your money, dow jones industrial average up 112 points as we speak, this is a rally. not many people were expecting it before we got a weak report on gdp. ben will keep printing and oppose the market. going the other way is the price of gold. i use the word crash earlier, strong but gold is weighed down today. we are down 35 points at 1239, we have forecasters down to a thousand dollars an ounce on this program today. on the other side of your screen you have been watching the crowd outside the supreme court.
we had one important decision handed down already. the defense of marriage act was ruled unconstitutional by a 5-4 majority, justice kennedy provided the vote, and constitutional. what the crowd is waiting for is a judgment on the california case which will be actual same-sex marriage, legal or not at the federal level? you will get a big response from that crowd when the decision is handed down. come down any minute now. we are going to leave that crowd so you can see what is going on outside the supreme court, get the decision as soon as we do. i want to move on. i will talk real-estate. a company called for equities, fifth avenue's largest investment, this company just inked by highest retail deal in new york city history. fashion designer valentine will
grant from that building which four equities bought in 2010 for 1 for -- $142 million, and joseph is with us. big day and thanks for joining us, appreciate you being here. the largest retail deals in new york city history, $142 million in 2010. did you sell it? >> just rented. it is an exciting time right now. stuart: what makes it the largest? doesn't seem like much money to me. >> i can't comment on the exact rental rates but i will tell you is that it is a staggering number. most people think when somebody rents something, rent in the thousands and thousands, retail stores. fifth avenue is $3,000, the highest rent anywhere in the
world and what is creating the excitement and the demand as well as what we have seen from madison avenue which is current acquisitions and to gm building and china, two will the international -- stuart: when you just rented out a 15 mile building, fifth avenue, $3,000 per square foot per year. the highest anywhere in the world. >> i can't comment on the exact thing but that is where the market is today and it is a result of everybody wanting to be part of -- to resume is booming in terms of business, condominiums in terms of breaking in london and first we saw it happening in london, sales of home prices turning over your, everybody wants to be
part of new york, someone with venezuelan money or argentina money or wants to move something else that could be pension-funds like japanese stocks say where do i put my money today, europe looks scary, emerging markets, everybody was excited about brazil and turkey and everybody said that is rioting in the street. new york has been amazing. stuart: i love this city. we thank you very much for being with us. sorry to put you into a news mix about the supreme court and welfare benefits available now, highest retail space in new york history but thanks, very interesting story. come back and tell us more later. we got big news out of the supreme court you can guess by looking at the crowd striking down domop. very big money story. waiting for the judge to get here and respond, montmorency "varney and company" next.
we have a big price in the price of gold. we have breaking news from the supreme court, as well. this happened 25 minutes ago. they stuck down the defensive marriage act. they have just the client to rule on proposition eight out of california. this is just in my ear. we need more information on this one. they have the client to rule on proposition eight in california. i do not know the full meaning of this. i am waiting for clarification. most of those people are gay rights supporters.
they wanted to hear that gay marriage at the federal level was fine. that the court said, yes, go ahead. they did not hear that. confusion there. we are not exactly sure what it means. i am pretty sure that it means that the court has not had okay. gay marriages five. i am pretty sure that the court has not said that. charles: if that is the case, it certainly was a mixed victory for that crowd outside beard to get the supreme court to strike down or say that any state was making such a ruling on
unconstitutional. stuart: we are not going to say, yes, it is okay. we are not going to say, no, it is not okay. i am trying to get some legal clarification on this. obviously, i am not a lawyer. never have been, probably never will be. a very split ruling there. five-four. back to california. we will not make a ruling on proposition eight is termed at the supreme court. i see them cheering in that crowd. the u.s. supreme court the client to rule.
why they are cheering for that, i am not quite sure. elizabeth donald is with me. >> i am not sure. this is also equal protection. it is the way same-sex couples are treated under the law. charles: this is interesting. we have another incredible mix. five-four decision. that is an interesting mix there. stuart: the same side saying they will not rule on proposition eight? the mac clearly meaning it is a
states right issue. charles: i am really surprised. she said, you know, cutting the bill from 1965 would be like someone under an umbrella folding it up saying i do not need. stuart: i am confused on this. i am waiting for some legal counsel, so to speak. i do not understand this. i am waiting on the judge. i want clarification. we are going to get it.
we are going to take a break. hold on. the federal court in california struck down proposition eight. the decision by the supreme court means that that california decision stands. that paves the way for gay marriage. okay. we are going to take that break. i was trying to get out of this so i could get some legal clarification. >> these decisions were forecasted. stuart: that is why they are cheering? charles: and paves the way for gay marriage in california. it does not say that a state can vote against gay marriage. it will be a mixed verdict.
it is not a supreme court ruling saying that a state cannot say okay, we do not want same-sex marriage. i think that is what most people in the crowd wanted. stuart: have we got this clear? all i know is, well, i know a lot, but that crowd up there is cheering. they are happy. that paves the way for gay marriage. so we are told. rapid up everybody. waiting for clarification on gay marriage. back in a moment. no. no. [ laughter ] stuart: you should hear what is in my ear, ladies and gentlemen.
facing fines of up to $1.3 million a day if they do not offer employees health coverage. that includes funds to the morning-after pill. joining us now is kyle duncan. okay. no company can pay $1.3 billion a day and finds and survive. will they refuse this morning after pill provision? >> the green family already provides generous benefits to thousands of their employees. unless you apply this, we will levy, potentially, huge irs fines against you. the green family has always exercised their faith in their business. they close on sundays even though they lose money doing that. they are not about to back down
to government pressure to give up their faith. they are buying this in the federal courts under the first amendment. so far, no momentum is with business owners. just recently, the entire tenth circuit court of appeals heard hobby lobby's case. that is an extraordinary thing for the courts to do. we are expecting a decision any day now. the federal government cannot do that. you are taking them to court. >> that is right. the government response in these cases it's really quite shocking. business owners, as a class, do
not have the right to exercise religion under any circumstance in their business. any business. hobby lobby is known as a christian owned and operated business. imagine if we were talking about speech. imagine if we were talking about the right to resist unjust search and procedure. just because they are in the profit-making corporate world cannot operate under religion. stuart: you will pursue this, obviously. the green family not going to back down. you will pursue it. let's suppose monday rolls around. july 1. the mandate is in place.
will you be fined that $1.3 million even though you are in court? >> the mandate itself takes effect on july 1. we all know that. the green family and hobby lobby will not back down from their position. basically, with respect to fines, we will cross that bridge when we come to it. there are emergency motion that we can file. the basic point is, the greens will continue to press their case in the court. along with the 30 other businesses that have done so. just yesterday, in florida, a judge ruled that they cannot do this to a business. there is momentum with the
business owners. they will continue to fight in court. stuart: sir, we appreciate you being with us on a very busy day. >> happy to be here. thanks a lot. president obama and his war on call. republican lawmakers cannot do anything about it. senator john -- response to this after the brick. >> national interest will be served. only at this progress does not significantly exasperate the laws of carbon pollution. it will be absolutely critical to determining whether or not this project is allowed to gok. forward. ♪ doe't. tt's cry. w' allotal difrent ishares core. etf building blocks for your personalized portfolio. find out why 9 out of 10 large professional investors
♪ charles: let's take a look at the big port. the dow jones industrial average up more than 100 points. gold continuing to get hammered. a real live nixie. gold is getting hammered. smith & wesson cannot keep up. quarterly profits doubled and chairs are no of 18% this year. the economy, you guessed it, it grew less than expected. obviously, not good. the new england patriots have dropped tied and adrian
the court's five-four vote today leaves them place an initial trial court declaration of the ban on gay marriage. it is unconstitutional. california officials will probably rely on that ruling. that just from the supreme court, as well as striking down the defensive marriage act. check the markets because that is where there is real financial action today. the other side of the coin is the downside. move to the price of gold. down another $36. yesterday, the president laid plans to combat climate change. imposing tough new regulations on power plants. regulations that could kill the u.s. coal industry.
we have a senator here with more on the story. sir, i do not think that you can stop this. the president is not going through congress. he is going through the epa. do you have any way of stopping this? >> with the president is proposing here will result in a national energy tax which will hurt jobs and increase the cost of energy for american families. when they want to focus on jobs and getting back to work, the president is pivoting away from jobs and his own personal agenda. stuart: the president will go through the epa. shortly, there will be hearings, i believe for the confirmation. would that not be an opportunity to interfere with and interrupt the president plans for energy policy changes at the epa?
absolutely, it will. she was the deputy director of the epa. she was either arrogant or ignorant. i oppose her nomination and will do everything i can to prevent her from having the epa. we all want to make energy as clean as we can and as fast as we can. what the president is doing is putting us, as a nation, at a competitive disadvantage around the world by driving up energy prices here when it is not happening in other nations. stuart: is the president right on the finance? is he right on that? >> well, i disagree with the
president in terms of what humans have caused of this. you see his science advisors saying we need a war on call. actually, emissions in the united states have been going down. in china, the admissions have been going up. the president says, well, i am doing this to show america's leadership. if you look at what president putin has been doing recently, people are not following president obama's leadership on just about anything. it will be seen again with his unilateral disarmament. stuart: senator, the supreme court, moments ago struck down the constitutionality of the defense of marriage act and opened the way for gay marriage
in california. do you have any comment? >> i really do not. i have not had a chance to read the decisions. i want to take a look into exactly what the supreme court said. stuart: thank you very much for joining us on a very busy day. >> thank you, stuart. stuart: today it was scared. yesterday it was a controversial ruling on voting rights. you will not believe what one congressman called clarence,e back. that iswi next. ♪ but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. wireditcards.com, it's easy to search hundreds of cards and apply online. creditcards.com.
>> coming-out ball lou dobbs tonight, president obama off to a grand to her of africa which will cause taxpayers as much as $100 million. we take it all up tonight. ♪ stuart: new york yankees general manager brian cashman taking a swing at alex rodriguez. he tweeted that his surgeon had cleared him to play.
the yankees are paying rodriguez almost $30 million. this season, he has yet to play a game. the 16 he is a typical prima donna, $30 million sports men out there. a terrible mistake. i know the yankees wish they could get rid of a rod right now. >> i have been a fan for a long time. cheryl: air rod is a vast disappointment. surely the yankees want to get rid of him.
>> absolutely. he upset the chain of command. you are not supposed to go above the chain of command. they are paying him $30 million a year. the best cashman can say about him is he is above average. stuart: hold on a second. ryan wheeler somewhat apologized yesterday after he referred to a justice as uncle,. he did not understand at term. charles: i get this a lot. uncle, back is the version of
the "n" word. we all buy into the same notions. martin luther king fought for the right for us to be individuals. not to be one group that thinks in the same light. i do not agree with everything that cleanse thomas says and does. i think he is a role model. stuart: this guy got a ba in history from harvard. he said he did not know that was a racial term.
he is a liar in addition to being racist. stuart: charles and i, we agree about everything. we are like this. cheryl: on this subject. [ laughter ] this is all about human beings. it is ridiculous. get ready. another whole hour of varney and company is on its way. a big news day. market up triple digits. we are here in till noon. stay there. ♪ it's a brand new start.
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>> he is doubling down on the left. >> very easy. doubling down now. they look beautiful. just like a regular atm. stuart: it is a noisy crowd. they are chanting there. they are waiting for that california decision. if they approve of that california case, it is legal across the country, you will get a cheer. stuart: that was the last hour and 45 minutes. here comes the bonus hour of varney and company. brett beyer will join us in a moment with real clarity on what just happened. the new england patriots released aaron hernandez and
hour after police walked him out of his house in handcuffs. the climate change policy does not go for enough. how far does he wanted to go. we have a doctor cashhng in on obesity. big money on lap band surgery. the bonus hour starts now. ♪ dagen and connell will return next monday. right now there is a lot going on in the financial markets. yes, we have the supreme court. yes, we have the irs scandal. we have the markets. we were up 120 points. the price of gold weight my way down again. we are down $41 at 1233. i say the markets are up. at 8:30 a.m. eastern, the
government reported that the economy only grew at an 8.1%. charles: i think that is overly simplistic. really, up 95 points. we would probably back over 15,000. the market is in an odd place. i think we will just bumble long until we get some more definitive information on what will happen in the second half. the first quarter gdp numbers absolutely terrible. all of these corporations promised us that the second half of this year would be great. stuart: okay, everybody. i want to get to gold. forty dollars an ounce lower today. nicole: it is really tough to talk about gold. so many people were so hot on gold and they are getting crushed. here is the stock right now.
these stocks are hitting 52 week lows. multi- year love. there are people who are saying that gold -- there are people who bought into gold. stuart: down a goal. stocks up, gold down. yes, a big day at the spring court. we will bring in brett beyer from the fox news channel now. what we want is clarity on these two supreme court rulings. >> first of all, on the defense of marriage act, it was struck down. essentially, it said it was unconstitutional. what that means is that same-sex couples married in states that
are, where that is legal, same-sex marriage is legal, they are now entitled to federal benefits across the board of married couples. that does not mean, however that states where gay marriage is not legal that same-sex marriage is then legal. it basically keeps those states as they are. the couples who are already married in states where it is legal, they now have federal benefits, according to this ruling. stuart: this is a financial program. that is a very big financial move. if you have same-sex marriage in a given state, those same-sex couples now have the availability of federal benefits. that is a big cash flow. am i right in that. >> that is right.
i think it is a big amount. you are talking, i think, 11 states here. thousands of couples. stuart: i am thinking in terms of social security, survivor benefits. if same-sex marriage in some states is now okay, the survivor of a same-sex marriage is now entitled to benefits. that is tens of billions of dollars in what i would call unfunded liabilities going into the future. >> the supporters of it said it was a civil rights issue. this is definitely not the end of the issue. the second part ties into the first. the people bringing the case forward, saying that proposition eight, the lower court struck it down as unconstitutional, of
peeling back, the people who have appealed back, the supreme court did not have standing. the supreme court said we cannot hear your appeal. we will vacate this and go back down to the original court ruling that said that proposition eight would be shot down. the state of california will start same-sex marriages probably in a few weeks. packets to your first question. a lot more same-sex couples who will be getting federal benefits in california more than anywhere else. stuart: it was a five-four ruling. it brought together two justices. what do you make of that? >> on the proposition eight case. it was a very strange mix of the justices jurisdiction is where
they were talking about. they were not talking about the merits of the case. i think what is important to note is the reason that the people who appealed the lower court, the appellate court ruling to the supreme court, the reason that they do not have standing is because normally, the state of california, the government officials would handle that appeal. they chose not to. by doing that, that led to this ruling at the supreme court. the question is whether the voters of california have been injured in some way. i do not know, reading the first case, whether they would have on the merits one anyway. stuart: i did not know that you are a lawyer. >> i am not.
i play one on tv. [ laughter ] stuart: you played it very well. that was clarity. thank you very much. stuart: i have to get to the markets. dow industrials picked a lot of this rally is dissipating. we were up 120. now we are up 82. let's go to nicole petallides. it is way up there. 1.5%. nicole: we have action in microsoft. the conference is called build. it feels so powerful. morgan stanley raised their price target. they like that restructuring idea that we have been talking about. >> i would love that.
that is excellent news. thank you. the judges with us. he has been passing judgment all over the place. now, we have him pinned down right here. we are a financial program. i am interested by the aspect of the ruling if you are in a state that allows gay marriage and you are a gay couple and are married, you can now get benefits. >> even if you are in a state that does not permit gay marriage, but you were married in a state that dave, you are entitled to state benefits. if a same sex couple was married in new york and not couple moves to texas where it is not only an valid, it is prohibited, that couple seeks a federal benefit that absolutely entitled it. stuart: that is huge.
financcally, that is huge. you could have a gold rush. you could have a rush of people. >> however, the state's ability to refuse to recognize that marriage is untampered with by this opinion. >> it does not matter. you give federal benefits. stuart: the big benefit here is social security survivor benefits. >> correct. in this particular case, it arose out of a state tax. the deduction that a surviving spouse and a same-sex couple would experience, this lady did not experience. she inherits thousands of dollars. she now get that refund. a $350,000 refund.
she is entitlld to the marital reduction because the feds are compelled to recognize that marriage. stuart: that is gold rush territory. >> for our sake on fox business that were, it is fascinating and of enormous financial significance. it cannot be understated. as important. california is the largest state in the union. people can get married in california and go to any state that they want and still enjoyed the federal benefits of that california union even though they no longer live in california. stuart: the social side of things, i think it is impossible to read into these rulings. you cannot read that into this.
>> i do not know. david is representing the same-sex couple in the proposition eight case. basically saying the language used by justice kennedy is so sweeping about the fact that marriage is a fundamental liberty that the government cannot tell you. they will take it and use it in states where same-sex marriage is not permitted and file lawsuits in most to get the courts to order the state to recognize same-sex marriage. based upon supreme court language that came about today. stuart: states rights were enhanced by these rulings. is that accurate? charles: they were not enhanced
by these rulings, i do not think. >> that argument lost. the highest authority in the state is the people. who is the federal court to overrule the people? the trial court decision validating same-sex marriage in california is now the law of the land in california. it cannot be tampered with. stuart: clarity. thank you very much, indeed. brett there graduated number one. [ laughter ] he is so good. >> i will see you tomorrow. stuart: smith & wesson, it is a
♪ stuart: the "new york times" along with some mainstream media outlets getting. the irs did not just single out conservative scrutiny. the democrats say they have documents to prove that liberals were targeted to. david asman is here. >> is the sloppiest piece of journalism i have seen in a long time. they claim that this document, which is a heavy document provided by the democrats in the house committees to the media outlets, the whole rack of them,
that this proves that in fact the irs did not just target conservatives. in fact, it does no such thing. it mentions all organizations that dealt with obamacare. those organizations impacted the obamacare act. there were groups that were denied their irs status. his are not liberal groups. these are conservative groups. that is what this document proves. stuart: when they did laughter liberal groups, and they did, there was exactly one organization. this was a progressive group that was apparently starting a
new political party. activities show that 501c3 may not be appropriate. just one political party. stuart: they did not ask them about which books they were reading? >> as far as i know, no. there was a conservative attempt on the part of this administration to cripple a political movement that could interfere with the president's reelection. that is the scenario. that is the dialogue they are trying to criticize. this report proves no such thing. stuart: david asman, i am glad you read the document. the "new york times" apparently did not. they did not read the document that they say proves their point. i thought they at least had this monochrome respect.
stuart: glad you made it to the show. let's get to guns. earlier we told you about smith and wesson. they are struggling to keep up with demand. a new fox news poll is out there. it shows that when it comes to the president's handling of gun control, 57% disapprove. i think that this poll shows that tpresident obama has been successful enough in pursuing gun control. i think that this poll shows that they want the president to be more aggressive and more successful in controlling guns. >> i do not agree with that. i think it has taken a wrecking ball.
what we have been seeing is that over the past few months, the american people are increasingly losing trust in this administration. specifically in the way he is handling a myriad of issues. i thiik that with all of these scandals rising to the surface, they are finally starting to realize that gunga jewell is just another outlet. stuart: you think so? >> absolutely. stuart: you are a young person. you reflect the views of some young people. you are telling me that young people do not want more gun control? i thought that is what they wanted. >> there have been multiple polls that show that young people are not in favor of more gun control. many young people have actually considered purchasing guns
themselves for self protection. i think young people, especially our increasingly becoming more dissatisfied. we want freedom. we do not want the government telling us what we can and cannot do. stuart: young people voted overwhelmingly for president obama. >> absolutely. are you telling me it has now all changed? >> conservatives did not give them an alternative. he framed it in the name of freedom. conservatives need to get out across campuses. freedom does sell. we cannot be afraid of college campuses and reaching out to young people. we need to bring our message to
them. i think it will resonate among them. stuart: is -- it resonated. thank you. quickly, big stories from the supreme court of the irs story that david just brought us. the climate change story from the president yesterday. the market. gold stayed down. we are dealing with all of that in this hour of marty and company. making money on overweight people. it is his big business, literally. we are talking lap band surgery with the man who does it. next. ♪
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undergo lap band surgery. we have a doctor with us that practices lap band surgery. doctor, welcome to the program. >> thank you for having me. stuart: how much? >> it can range anywhere from $15,000 to $25,000 or you can go down to mexico. stuart: from you? >> 16,000 to $25,000. we use different techniques. we do it through the belly button with little scarring. my fee is the same no matter what. hospitals are a lot more than centers. stuart: you put a belt around someone's stomach, essentially. >> correct. it is a restricted operation.
stuart: you do this to people who are what, 100 pounds at least overweight queens we looked at the bmi. it is variable. depends on the patient. stuart: if i wanted, i can have it? >> no. you need to meet a certain criteria. stuart: safety. i am told this is the safest. some doctors will cut half your stomach out. you will just put a belt around it. >> definitely the safest. lap band is the safest. no stomach stabling or cutting. stuart: but it is the least successful; right? >> surgery is an aid to dine. stuart: you are smiling here.
i do not want to range your success. in 10% of your cases, do you have people lose 100 pounds and keep it off? >> more than that. we consider success with a 60% excess weight loss long-term. stuart: you are overweight by 100 pounds. you take this surgery and keep off 60 pounds, that is success? >> correct. what is this i hear about lap band surgery being susceptible to alcoholism? >> sometimes you take away obesity, then they will move to alcohol. no question these patients have addictive personalities. >> we have five offices and five surgeons.
we performed over 1000 weight-loss surgeries a year. stuart: 15-25 million gross revenue for your surgeries. >> we do okay. charles: if someone messes up, can they come back to you a year later? >> sure. there is a lot of revision i'll surgeries that we do. stuart: are you glad you came on the show? >> very happy to be here. stuart: are you a republican? doctor, doctor shawn garber, they give very much. appreciate it. >> president obama: right after cool. next, one guest who says the president is not doing enough. ♪ we went out and asked people a simple qstion:
how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn'thanged much is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, hile using less fuel. delivering whatever the world needswhen it needs it. ♪ ter all, what's the point of talking if you don't have something important to say? ♪
stuart: there is irony here. right after we talked about lab and surgery charles claims to make his money by investing. go added. >> listen perry never talked about this before. it is of 52-week all-time high. here's the interesting thing. this company missed its earning the last four quarters. the last four quarters they had missed by 9%, 7% because chicken prices were up an industry source says, okay, we will forgive you because ultimately they will come down. morgan stanley put a bionic. 117. it will continue to move higher in do very well. this is a very well-run company, and collier know, when they do this satisfaction survey they always write in the top two or three. of people go to these restaurants the leavitt, enjoy
it, but handling some of the game and come back for more. stuart: so much for expectations of earnings. the stock was straight out the. >> so much for that. that is a big target. tour of the window. stuart: let's get serious, shall we. our next guest, an environmentalist who does not think that president obama's climate plan goes far enough. joining us now, the center for biological diversity. we want to welcome you want to the program. >> thank you for having me again. stuart: i have to say this right up front. we don't argue about whether we have global warming, don't argue about whether it is a crisis are not. i see this as an impermissible interview because i want you to tell our audience what more you want. if president obama did not go far enough, what do you want? go. >> well, two things. the first thing is that what he actually committed to do yesterday was incredibly modest. a lot of floridian rhetoric. it sounded good, but what he really committed to do was quite a little. in terms of what we would like to see him do, we would like to
see a true science based standard to apply to all major industrial sources, not just coal. should be applied across the board. we think that would take a big chunk out of the pollution problem that we have. we think it is a matter of morality. stuart: you want to measure the carbon dioxide output of of industry, all of society just about, and put a lid on it. is that accurate? >> that is accurate. yes. stuart: you understand the consequences of that? i mean, that would be a serious restriction on business and economic activity, now wanted? >> it actually wouldn't be because the two reasons. the first is that a lot of innovation, ability under this green house cap to have businesses continue does not mean that they will not be allowed to operate, and the most important thing about the greenhouse cap is that the clean air act and our american clean air act actually has a mechanism that would force china and india
and other countries to do the same thing. when not putting american business that disadvantaged. stuart: let's get into the fine points later, but if you're going to restrict co2 output by all of the economy, then you're going to have to take money off of people for putting out cahuenga carbon dioxide. that is a gigantic grain. here digging in off of private sector high and giving it to the government to redistribute, that is the plan, isn't it? >> i think it would have some cost of the what you're missing is weekend pay now or we can pay a lot more later, and we are only talking about major industrial sources, we're not talking about mom-and-pop shops, residential homes. retired maj industry sources. look at hurricane sandy, insurance costs, the cost of health care and health problems. pay is now or later. reelected but the down payment now. stuart: that is off into the discussion about global warming
having an impact on storms. again, that is a separate thing. i'm concentrating on how much money you were going tootake out of society by capping carbon dioxide emissions. it sounds to me like you are talking hundreds of billions of dollars. if you spread it across the entire economy. >> but what you're trying to suffer out is that very point of the matter which is the climate change is occurring now. his having impact now and costing as money now. you cannot take that portion of this discussion. stuart: al is it costing us now? >> it is not a couple of storms. we're talking tornadoes, hurricanes. stuart: please don't use that excuse -- expression. this expression, the science is clear, the sciences and, i have been hearing this for a long time. we don't want to get into it.
that is not the function of this interview. i want to find out what you want to do-our society. president obama has not gone far enough in killing nicole industry and knocking out tens of thousands of jobs, want to know how far you want to go. you can't tell me how many jobs you will kill. you can't tell me how many hundreds of billions or taking of the economy, but that is what i want from you. go. >> okay. i would argue that the whole notion of conservatism would mean that we act now to avert catastrophe later. and in terms of jobs, we probably will lose some jobs relating to the coal industry, but we will gain a lot of other jobs with technologies. stuart: where? where? >> it is happening right now. stuart: where? >> you're seeing huge growth all over the country. california, arizona, nevada. stuart: huge job growth based on alternate fuels? are you kidding? >> look at the numbers. stuart: the wind industry employs 84,000 people in the united states of america.
84,000. >> it is not just the wind industry. solar, geothermal, technology related to the production of those courses solar industry employs some many people? >> i don't know exactly, but it employs zero renewable energy in general. how many jobs will be lost by your so-called war? very few. not even a fraction of that. stuart: there are 1,302,000,000 jobs in the united states of america. still to million shy of where we were into does a seven, and you say we're going to get thousands , thousands of new jobs in with wind and solar. it's just not true. >> i'm asking you a question, how many jobs will be lost as a result of the president's pronouncement yesterday? >> there is found a seven x 1520 years, at least 500,000 jobs will be lost. then the jobs that are lost because manufacturing is spending so much more on energy which is one of the few hedges we have is the rest of the world, you keep doing the numbers and get into the
millions of people that are going to lose jobs. every single person in this country will pay a higher energy price. stuart: last word to you. go. >> the heritage foundation has a war against combating climate change. good the numbers of the blue-green alliances. much different than the heritage . stuart: it was a good discussion. i am glad that we had it, and i don't want to get into a shouting match about global warming, but we wanted to hear what you have to say. >> i appreciate you having me. stuart: patriots tight end -- that is difficult position, patriots tight end aaron hernandez arrested and released by the patriots, that is to say, released from his playing for the team. he is losing big money. we're going to deal with that story next. ♪
♪ >> down more than a penny overnight. the national average for a gallon of regular gas is $3.504. we're calling it the new normal. check up the price of oil today. right now is $94.703. really strong. of course we have to take a look at gold. absolutely getting smashed. down $41. hi, september 5th 2011, 1897 crowns. microsoft will release the latest offer. developers that its annual conference in san and cisco. morgan stanley likes of their
hearing and have already raised the price target in shares are up one and a half%. now to the big board, triple digit move is gone, but we are up 83 points on the dow. bin their lights to honor sopranos starred james and of being a died last week of a heart attack. we will be right back after this. ♪ it's a brand new start. your chance to rise and shine. with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructu, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support,
we help you shine every day of the week. stuart: there is a for-profit education group known as the apollo group, and their stock is down big today. enrollments' apparently slipping. stocks. >> reporter: we are looking at a stock down 7 percent at $18 basically. you need new student enrollment to do well, and they see that slipping. they have seen their costs for restructuring on the rise. the profits shrank. the revenue, they did see their full year in com implications.
a target of $20. stuart: lots of big stories appearing here. we have the supreme court decisions on same-sex marriage and the ability of gay couples to claim federal benefits. yes, they can. we also have market action, stocks up, gold down, and this, the new england patriots have released aaron hernandez. they made that move about one hour after police took command custody. leading him out of the house. you can see it right there. they do not yet know what charges he faces. legal troubles aside, but that aside, he is going to lose a ton of money. >> 16 million was guaranteed, but apparently there is a clause called the skilled performance and conduct session. that could actually even perhaps use that to go after some of the 16 million of this contract that
was guaranteed. stuart: 40 million overall, a million guaranteed. maybe not. >> and a half to let you know, this is a guy you had troubles when he was at the university of florida, a lot of teams did not pick him. he went to the fourth round. we think that the new tennant patriots manager would say, listen, we will take a shot here and, but they probably even have extra layers of caution in the contract knowing that this guy was high-risk. and that is just not too long ago i guy named alexander bradley sued him said he shot him in the face of a gun. and that he filed the suit for delivery removed it and no one knows why. the obvious they would be that perhaps he was paid off, but this is a guy who had been affiliations' when he was growing up. he was a tremendous talent, is a tremendous talent. stuart: was the big great player? >> absolutely. absolutely. i hate the new england patriots, but let me tell you, without their two tight ends right now,
he would probably get a starting job. stuart: what does that tie into? >> they can't typically short and glasses. extraordinarily strong, great hands, great business. stuart: it is a tragedy, young man with enormous talent to be excluded and may well be excluded from using that talent because of what he's done. stuart: yes. >> from buffalo wings to potato chips to computer chips. they merged not too long ago. dahlia extraordinarily well. this morning bank of america upgraded them to buy.
but since april, there have actually increased. made a big move, came down, consolidating gains. this like a lot of these semiconductors, suppliers, it's not having to figure what will be the hottest product, samsung, apple, the hottest this. they all the computer chips. finding computer companies that have to supply them and they have a winner in this one would be. stuart: charles likes it. oil trader. some call him a traitor for doing business. dead at the age of 78. "my take" and its reaction to it next.
a lot of money to democrats. and listed the help of deputy attorney general eric holder to ask for a pardon after a series of e-mails and phone calls between holder and rich, mr. holder issued his judgment. he was, he said, leaning favorably toward a pardon. in on the very last day that pardon was granted money talks. talk so loudly that a man who made billions at the height of the hostage crisis would be left totally off the hook. that's marc rich was talking about died at the age of 78. >> the man a lot of money in the billions of dollars.
>> of course his wife goes out and sprinkles all this money. all these fund-raisers. bill clinton, of all people, on the last date, they give this guy the okay. like to lot. just ridiculous. stuart: eric holder was the deputy attorney general in the clinton administration. he was called and about this. he had a lot of contacts on the phone and via e-mail late 1990's over 15 months. eric holder issued his judgment. he said he would look favorably on a pardon. sure enough, that was given. i think that comes back to haunt the current attorney general, eric holder. stuart: -- >> well, it should. zero accountability and the hypocrisy, it really is.
you can hate wall street, but you can let a guy like this get a free pass. stuart: i want to hear the obituaries for this man and see what the media is saying about him. do they mention eric holder and what happened back then? remember please all week long. we go all the way through. tomorrow, meredith whitney, rudy guiliani both on the show. and there is more. when you do what i do, you think about risk. i don't like the ups and downs of the market, but i can't just sit on my cash. i want to be prepared for e long haul. ishares minimum volatility etfs. investments designed for a smoother ride. find out why 9 out of 10 large ofessional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges and expenses. read and consider it carefully before invesng. risk includes possible loss of principal.
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so for protection you just can't get anywhere else, t lilock ultimate. >> i didn't know how serious identity theft was until i lost my credit and eventually i lost my home. >> announcer: credit monitoring is not enough, because it tells you after the fact, sometimes as much as 30 days later. with lifelock, as soon as our network spots a threat to your identity, you'll get a proactive risk alert, protecting you before you become a victim. >> identity theft was a huge, huge problem for me and it's gone away because of lifelock. announcer: while no one can stop all identity theft, if criminals do steal your information, lifelock will help fix it, with our $1 million service guarantee. don't wait until you become the next victim. you have so much to protect and nothing to lose when you call lifelock now to get two full months of identity eft protection risk free. that's right, 60 days risk-free. use promo code: gethelp. if you're not completely satisfied, notiflifelock and you won't pay a cent. order now and also get this
shredder to keep your documents out of the wrong hands-- a $29 dollar value, free. get protected now. call the number on your screen or go to lifelock.com to try lifelock protection risk free for a full 60 days. use promo code: gethelp. plus get this document shredder free-- but only if you act right now. call the number on your screen now! >> sherlund denizen next. they have some governor, rick perry, he is going after business is in high-tech states saying, on down here. we love business in texas. i have about 30 seconds left. go for it. very much part of the national debate between the high-tech states like new york and
california and the let's take states. the low-tech states of winning. they're expanding. they are growing because they have a small government, business friendly, get rid of regulations and keep the taxes way, way down. i say go for it, governor perry. i wish you were on my show. cheryl, dennis. cheryl: you will be on this show. you forgot one key element of this story. average home price indexes fell 189,000. how much you're in new york? >> i'm guessing over 200,000, but you tell me. cheryl: 329,000 in new york state versus 189,000. >> you have to live in an. cheryl: you get to live in
texas. thank you very much. we love you and that accent down in texas. i guarantee it. we talk all the time. dennis: good to see you. cheryl: governor perry coming up, but it is the top of the hour right now. stocks every 15 minutes. we have stocks rallying. a weaker gdp. hopes that the fed may not taper so quickly, but all of that is interesting that we did not have a sell-off. >> so many balls in the air. yesterday we gain, today we game, we also have that china relief rally underway. that was yesterday. today people's bank of china. that helps us here at home. you have good economic news yesterday. today the weaker economic news just supports the idea that the fed won't pull the kool-aid, and that helps a broad base rally which we're seeing a new way pier you are seeing retai