tv Cashin In FOX Business July 28, 2013 9:30am-10:01am EDT
and i am raising cash. >> it is time to sell. >> you know my thoughts, i agree. >> have a greatweekend. number one business block continues with eric boling and cashin' in >>t is a green lighttake on detroit public unions and the judge in the motor tea bankruptcy battle and cashin in city city. and how to turn it around and not cost taxpayers a dime. plus tis a cost of obama care don't make you scream, what it does to your personal information will? the exclusive and they speak out on calls for the usa to boycott on russia if they grantedward snowden asylum.
hi, everyone. i am eric boling. welcome everybody. do you remember this? >> we refuse to let detroit go bankrupt. i bet on amerin workers and three years later that bet is paying off in a big way. >> well, detroit went bankrupt despite the autobail outs. and let's look at what helped to bring down the mighty motown. it was the known 50s and 2 million people lived in detroit. jobs were plentiful and the detroit economy was hot. enter collecve bargaining and ion influence over free market capitalism. and $0.19. 400,00gm workers walked off and they got what they wanted huge wage hike. that single event sealed the
event of the motor city. over the next four decades the jobs fled to nonunion state and detroit's population imploded and the once vibrant economis 18 billion in the hole and un. the sits at mind- blowing 16.9 percent. detroit is bankrupt and largest to go bankrupt in our history. that is what happens. >> sad story indeed and we are here t start solution. >> how can broke, broke detroit fix their mess and many other citi on the verge in america? >> they need to start by liquidating the public sector pengdzs. progressive policies as you point out 18 billion in liabilities. there needs tw phases. liquidation phase and parasites and they suck it dry.
it is dead. we need to liquidate the abilities and privateitize the city. whether it is the art election or land itself it can thrive. >> i love that second one especially. detroit was built, the infrastructure for a 2 million population that was the peak in the 60s or so and now 700,000 people living there. >> michelle, you have solutions for bankrupt cities? >> i agree with john on that point. they need to get rid of anti- business policy. detroit has the highest taxes for commercial property and $13 minimum wage. you can't expect busisses to come in. if we want busines business there, we need to lower the regulatory burden and lower our taxes. >> jamu, we are here to solve
and not point fingers. it is a liberal poin of view. what should they do? >> i will stay away from pointing the if anythinger and calling them parsites. >> no. no. no. i don't want to be mayor. we are all of the city city and all equal here. they are making positive reextendation. >> i have a positive one. >> we go to the federal government and say len million undocumented immigrants in this country who are aspiring citizens, let give them a program that fast tracks their citizenship if they move in detroit. detroit has one of the most diverse immigrant population and they are revitalizing the communities they are in this ways that are absolutely necessary. you have first generation americans move in cities. crime goes down wesaw that in philadelphia and brooklyn. >> i will be honest with you.
squatters and immigrants. >> don't jump counsel the throat. this is city city and we have to work together. wayne, fast track to a city that needs bodies and a tax base? >> eric, that's not going to do it. happen to the s a microkas ym epitire united states. if the fundmental part of this, they have destroyed the inner city, you have a 47 percent illiteracy and functional illiteracy rates with the dults and allowed for people to vote for people who d't care and over tax and the way to cure this. johnathon is right about the second one. privatize everything. and take that artollection that is 3 billion, big number. and take privatize the fire department and privatize the
police department and make them responsible and cut the budget down to what it can do and then go forward. >> and yeah, i will take it one step further, wayne. privatize the landnd privatize detroit. eric, this city only has 700,000 and you have hundreds of inhabitated to the agerage. let private enterproiz handle all of those elements and i am telling you, it wll tloif. >> maybe not private toys the full four department and police department but portion a and sell the land. i think it is 140 square acre of land that some of it could be you know solid off to private equity ferms. michelle, dallas versus detroit. dallas has the same budget that detroit has and dallas has 1.2
to 5 resident where detroit only has sen hundred. >> are we overtaxing the people detroit? >> this are not enough bodies and there is a reason why there are no bodies there, detroit has the highest taxes anywhere in michigan. they pay so much money and that is dliefing people out. why would you stay in detroit when you can go to neighboring areas. the problem is not enough people. that is a symptom of the problem. >> and the corporate tax welfare that helped to bankrupt the city. you have retired who worked and save and about to lose that 19,000 pension that theirs and have that stolen from them and yet at the same time we are building a 233 million stadium? >> solutions. >> we have to get rid of the
corporate tax welfare system. >> you are talking about increasing corporate taxes. >> i think there has toe a balance. d detroit doesn't have the balance when it comes to providing welfar president obama in the opening clip said we will not let president obama go bankrupt. it was the companies. talk show host >> i got to get to wayne. wayne, jashgs a mu said raise rporate taxes. does that work anywhere? >> no. it is idiotic. and that is part of the problem. they drove all of the private enterprise out of detroit. let me come back to manage. talking about prvatize. a now years ago. city of scotts dale, arizona privatized the fire department and listed as one of the highest and best fire risks in the united states. you canritize the entire city. jonathan is right.
make it all private. that's the best thihing to do. >> and that will stop this. >> when things are owned by the public. they are owned b no one and that's why all of the utilities and services are lerally going to hell. have a private developer put up condos and residential and take responsibility. and make it a no property and no income tax zone, people can do in assessment as they do in the villams, you could so it tloif. >> a lot of cities in texas no income tax and doing well. >> i meant to say 130 square miles. a very large city. a very large city. >> orth threat
this man is about to be the millionth customer. a very large city. >> orth threat would you mind if i go ahead of you? instead we had someone go ahead of him and win fiy thousand dollars. congratulations you are our one millionth customer. nobody likes to miss out. that's why ally treats all their customers the same. whether y're the first or the millionth. if your bank doesn't think you're special anymore, you need an ally. ally ban your money needs an ally.
voting laws. >> a honey pot for hackers, that's what one republican law maker is calling the data hub that will store medical information on americans. it is a pot of gold for hackers. >> we so hackers breaking in the most sophisticated systems. this will have your social security number and health care roars and family size and income. what make its troubling, this system hasn't been completely built yet. it is not ready for september 1st. that is one month before the
exchange is open. only four weeks to test it out and so if there is glitches. that doesn't sound good. >> wayne, it tks about your health status. that sounds like a bad idea! >> the whole ideas bad. look at the amount of fraud in medicare. estimated $75 billion. thatsn enormous number. this thing is right for fraud and hackers get in well and who is in charge of this. it is take the fifth lois. remember her? she will be administering this. >> wayne, forget the hackers, maybe we ha to worry about those in the obama care? >> eric if there is a problem we should have the leaders wk together to fix it in time for implementation. this is just another effort to
discredit and undermine and fear monger about a health care law at in new york alone will decrease the amount. >> johnathon, you are a foremonger. >> one thing to me that is scary is that your health information is not yours anymore. with government paying the bills. >> it hasn't been for a long time. look at all of the information that corporation. >> and it hasn't been private. >> go a head johnathon. >> you are not forced to interact. to michelle's point as i was saying, al of the information and health records and medicine and drug use and whether you are pregnant or not and history and income is on a centralized government server against yr will and private companies have data hacked all of the time.
you can tell me no one is snooping at this? >> michel, they hit the pentagon. i am sure they can get into this? >> and also to the point of people in the government using this information, the irs scandal showed us that people in the government sometimes use devices to go after people. and that to me is very troubling. we'll have navigators that are going to be community organizers and having all of our information right there at their fingertips. >> wayne, i have to think that there are people, now den is one. love him or hate him. i have a chip with everyone who is an alcohol abuser, what is that worth? >> listen, the whole thing eric, to ja mu's point. private enterprise and theyave information already. but they don't abuse it. you have a medicare fraud already with the government who
is abusing the taxpayers to the extentf 75 billion. that is an insane number and it will get worse. >> they not only abuse approximate it but they sell. it talking about solution. what is your solution? if it is what republicans want to shut down the government if obama is not defunded that is not tenable. >> and why is the fact that 53 percent of the americans want to repole. >> 20 percent think it did not go far enough. those numbers are off. >> john? >> jamushgs asked for a solution. go back to what exists inthis country before the medical entitlement state. it is not in the constitution. individuals have the right for their own health care and not
obligated to take care of the neighbor. it would thriveprivate. we haven't had it 50 years and we are going in a difre direction. coming up, calls are growing to coming up, calls are growing to boycott russia if for our children is something the purwe all share.ter life but who can help prepare them for the opportunities ahead? who can show them how to build on your success, but not rely on it. who can focus s on making your legacy last for generations to come? that someone is a morgan stanley financial advisor. and we're ready to work for you.
asylum. wayne, is he right? >> i think it's foolish to introduce and start trying to boycott russia or punish russia for something that russia had nothing to do with. at it ourwn fault. our own security and our baground checks andll of that are at fault. th guy spilled the beans on something. we made the mistake of hiring him. it's our fault. nothing to do wth the russians. it's up t us. >> john, i know -- you and i are both big-time constitutionalists. i want to go michelle. michelle, where do you stand on ed snowden leaking the nsa secrets. >> i think that he needs to come back and face the charges. i of you do an act of civil disobedience or you're a who isle blower, have the courage to stay and face the charges. i don't think we should te it out on russia, and ruin the olympics for all the people would worked to hard to get the opportunity to go there.
i don't think we should take it out on russia and use the olympics as a diplomatic tool. >> yesterday a caller said the department of justice will not seek the death penalty in the ed snowden case. should that be enough for him to come back or would you like to hear me? >> i feel bad for him. he has to live in russia right now. and i i already boycott russia. i don't invest there ion't travel there. the per capita income she thousand. it's 50,000 in the u.s. i feel bad he is not able to live in this great country. but i don't think boycotting russia is the best idea, is the right idea. it justple who want to buy caviar, volunteered da and nesting dolls. russia is a thug, not a military that. >> let's talk about what they're talking out boycotting. lindsey graya.m. ham said we some boycott the olympics. 25% of americans devil -- disagree. >> whoa would we allow this
punk, snowden -- he wants to be a hero, bring your butt back to the u.s. and stand up to these charges. why would we allow him to ruin -- >> an overwhelming majority s don't boycott the olympic but there's a lot of support for what ed snowden did, revealing nsa overreach. >> he can come back and face the charges but the hopes and dreams of the greatest americans to be gassed because of him and because of president putin trying to stick it to us like he does an every issue,ot on this watch. >> jonathan, very quickly, did you hear the shot that -- going back and fort between chris christie and rand paul over this stuff? thoughts? >> i think it's widely debated. a lot of division even within so-called conservative republican circles. the issue is our own lk of protection of individual rights. that's what this country should focus on. >> got to go.
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overstock.com. there's something still left in it. use it to help yourself. >> jonathan. >> i like serb loans like snln and i own it in my fun at capital.com. >> that's it for the cost of freedom block. before we go, have you seen this commercial? the post office saying it doesn't cost taxpayers a single cent. the usps lost 15 billion last year 5 billion the year before. so who backs up the losses in the u.s. treasury does and our taxes finance the treasury. d while i was running at the local high school the other morning, kids playing, adults biking, mail truck came barreling down the roa blew the stop sign and pulled into the brary. when i ran over to the mailman and asked him whether he should be driving like this with all the kid arod. here's the sunday got. that's nice.
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