tv MONEY With Melissa Francis FOX Business December 10, 2014 2:00pm-3:01pm EST
foxbusiness.com/ries and reward is how to find it. -- "risk & reward." melissa: i love the photo to you. that is fabulous website. i will check it out. more than a trillion dollars and will only last until september. congress's spending bill hopes before the money runs out tomorrow night. the fbi working on the source of the sony pictures hack. too little too late for angelina jolie. delta announcing it will split its airplane into five cabins including a super cheap one where you probably have to stand. there is nothing to be afraid of. eric schmidt says ignore elon musk and stephen hawking. artificial intelligence is our friend. even when they say it's not it is always about money. melissa: we start with the
markets. the dow losts picking up steam. take a look at. that we're sitting at session lows. we're down 220 points on the dow. look at that 1.25%. the s&p is following suit. down 25 points. the that is 1.2%. the other huge story of the day propelling the market story, it is just getting crushed. look at that almost 60 bucks. breaking below $61 a barrel, reveals surprise inventory increase. opec cutting its demand forecast for next year. that is new. here with me, charlie gasparino, fox business senior correspondent, lauren simonetti from fox business, and james freeman of "the wall street journal." charlie, what do you make of the breakdown in the markets? >> listen, i think it's a good thing. melissa: good thing for the markets down so much? okay. >> i like the fact that consumers and average working class americans are getting a huge tax cut by lower oil prices and lower tax prices, if the fat cats take it on the chin, that's fine. the market had incredible run
since 2009, fueled in large part about the fed. i think that is part of it. i think market is pricing in slowly that fed will raise interest rates. a nice lit correction might be here and economy picks up and market might come back. melissa: we're talking about so much extra supplies, this is a about a cut in demand which tells you the economy is weaker than those producing oil thought it would be. that is what is worrisome? >> the economy here in the u.s. is stronger than many other places. that is the problem. japan and europe, that is where they slow down more. that where the demand situation is really scary. melissa: okay. >> i think media and wall street commentary is too negative of declining oil. except for one sector of the economy, this has huge upside. melissa: why is the market so negative on it then? >> exxon and mobil are big components of the dow.
melissa: consumers confidence should be you will and -- >> i would argue, long term i think this is a very bullish signal. i believe in efficient markets. i don't think they're necessarily efficient every moment of the day. this is area where -- one negative is a big positive. >> if you're average vestinvestors what do traders today, they hit buttons and see headlines. that is why markets are not efficient minute by minute. melissa: congress needs to approve a trillion dollar spending package by tomorrow night in order to avoid a shutdown. the vote may not happen in time. the stopgap bill may be only option to push back a vote and stop the crisis. what do you think, james? >> i think this goes through. over a trillion bucks of discretionary spending. i kind of missed the sequester that kept it under a trillion. this could be worse. we're getting good policy. extension of internet tax
moratorium. no tax on internet access bills. obamacare reform, baby steps. not huge. pension reform and get cuts in the irs around epa budgets. so a lot of good things here. considering you're still, the republicans are still, negotiating with the outgoing democratic congress. melissa: trillion only gets us to september. that just hurts. lauren? >> that is good point. the point we'll enjoy the christmas holiday this year, right? we're seeing a little bit, a little bit of this, i don't want a kumbayah moment. in congress just a little bit. when the republicans are in control next year we will see more. >> this is lame duck democrat controlled congress. if i'm looking at markets an economy going out more than just a day, i think this is really positive. i think republicans can do some serious damage to obama-nomics. >> you have changes to dodd-frank and obamacare. it is important precedent even though you would like them to be bigger. melissa: big blow to the
government's crackdown on insider trading. a federal appeals court overturning two key signature insider investigations. the court said they were too far removed from the original source of information. charlie, you're all over this story. you say it's a huge, huge deal. >> i wrote a book that sold three copies about insider trading. melissa: i bought one. >> you bought one of the three? this case was among the most dubious of dubious cases. preet bharara, u.s. attorney, wracked uproared almost perfect, 80-1 on convictions. went way too far so many of the cases includes these two. i could go into detail why they were too far. i will save you that. bottom alignment. two things will happen. other cases will be overturned. by what preet did going too far out on a him establish ad precedent. it will be hard to convict people of insider trading because he went so far out on a
limb. remember what these guys did wrong. preet basically argued and juries and judges agreed, if you don't know information is insider information you have a duty to kind of know to figure it out. they also said you don't have to pay off the person. what criminals work for free? i'm just telling you that this was and there is a bunch of other ones like this. guy named michael steinberg who was top trader at sac capital, i would suspect his case will be overturned. by the way this ruling was without prejudice. means they can't retry him. melissa: meanwhile a big win for amazon. supreme court handing a victory to agency that employs its warehouse workers ruling they don't have to play employees for time they spend in security screenings. lauren. >> i agree. melissa: really? >> it is 25 minutes a day. it is part of the job you don't get for. i was at the new york stock exchange i went through security every day. it was five minutes or ten minutes.
i didn't get paid for that. we commute to work. we don't get paid for that. part of our job but not parts of our job. at times new york stock exchange i was. melissa: stand corrected. >> very clear under 1947 law you don't get paid for this. it defined what are core functions related to your actual job and -- melissa: but you are required to do work there. it doesn't matter? >> no it doesn't, not under the law. melissa: i'm not a lawyer. >> people want to say let's rewrite the 1947 law, have at it. i'm not great odds with this congress. just like insider trading. getting back to what the statute actually says. that is positive. melissa: you're right. i like that. you're right. >> you have to wear your pants when you go to work. does your job have to buy you your pants? does, do they have to do that? i mean that is part of the job. you need to wear clothes. >> some people say no. melissa: i'm so scared to get near the whole pants thing. getting me very nervous. i was hoping someone else would
answer. >> say they got paid to go through the security lines. this company amazon contracted to do security would probably do it faster so they wouldn't have to pay as much and more stuff would -- perhaps in the warehouse. >> this really shouldn't be up to laws and courts and lawyers, right? >> want the job that part it. >> freely contracting on each other what we think the fair terms in pay. >> ox pagessal hazard. melissa: good point. you have to hear this story. i love this one today. a harvard professor starting email battle and threatening legal action after overcharged by his chinese food by $4. this has gone absolutely viral. the professor, he works at harvard business school. he ordered delivery food online from a chinese restaurant that was nearby. apparently they had changed their prices but hadn't updated the website. the whole thing that he does at harvard business school, even if you look on his twitter page which i did by the way, says his job is about cleaning up the internet. he did see this as one of his missions to clean up.
he called them, we'll give you four bucks back. well, but the law says, if i sue you you have to pay three times the amount. so i want 12 bucks. >> triple damages? melissa: treble damages. >> treble damages. >> he really went berzerk on this family-run chinese restaurant. >> totally serious. 100% serious. >> sounds like a whack job. with way too much time on his hand. smoking too much. >> small business owner, the chinese restaurant emailed him back, look, we're listening to you. we contacted the person in charge of our website and they said there is a little disclaimer that says our prices can change. >> oh, goodness. >> that is what ben edelman hated most. >> if he did this to my friend sal own as pizza place -- melissa: i love it. let's end on that neat. thank you, guys. jonathan gruber went to washington but not to all the networks. glaring omission from top news outlets. we report, you decide. no snow, no problem. the snowboard for all seasons
melissa: jonathan gruber on the so the heat in capitol hill. not so much in mainstream media coverage. fox news airs the congressional hearing for a total of 55 minutes. cnn, msnbc, zero. no gruber for you! here is how, now is howard kurtz, host of "mediabuzz" on fox news. thanks for joining us. what do you make of this. >> i don't think a cable network has to cover a hearing live in order to adequately convey news value. i sat through too many things and can be dull and repetitive and lawmakers giving self-serving speeches. but, this is very interesting hearing. gruber denies being architect of obamacare, yes, i was inept, i was dumb, i was inexcusable, i was arrogant. thereby validating those of us who thought it was story in the first place, validating this has news real value. this was not a dull congressional hearing. melissa: it wasn't. there was a lot of comedy in it. he was held to task.
there were important questions, like you knew you were pulling the wool over americans eyes so who else knew? he was evasive and didn't necessarily get to the bottom of that, but that was a very important question a lot of people were waiting for. you knew at the time, mr. gruber, you were being deceptive. when you look at other networks, they did air sound bites. cnn used 38 seconds total. so you say they don't have to go with it live, but 38 seconds is not a lot. >> no. i mean if you really want to cover a story you use more than 38 seconds. you do a full report. you have a reporter do a stand-up about it. clearly this was kind of brushed off. it was a newsworthy day with other things going on but, this was the guy on the hot seat after all of the focus on those videos in which he basically caught the american people stupid and said obamacare was deceptively packaged. let's go to the network newscasts. "cbs evening news." to its credit did a story on the
hearing. "nbc nightly news," nothing. abc news, nothing. all three network newscasts, cbs got around to it four days late, others barely at all, ignored the story in the first place. so i think this was not not entirely partisan either. you had ranking democrat on this committee, elijah cummings ripping into gruber who he knows and we all know damaged the case for obamacare. gave ammunition to those critics of this health care law. yet two out of three network newscasts couldn't be bothered. melissa: interesting. howard, thanks so much for coming on. we always appreciate it. we love to catch you on "mediabuzz" on sunday on fox news channel at 11:00 a.m., i miss it. thank you. >> thanks, melissa, the 100 million-dollar hack, that is how much cyber experts are warning massive data breach will cost sony. release shows that sony debated release of "the interview" with the ceo getting final approval, ceo of the company. we have senior editor at "in
touch weekly." thanks to both of you for joining us. bruce, let me start with you. $100 million in losses, does that seem like a big number to you for this? >> no, it doesn't for sony because i got to believe they lost more on scheffers 2 and moms night out than they did on this. we keep talking about this. the folks watching your show are watching history happen because you have the combination of the internet and global business which means the message went out. it was picked up. the damage came back. it is not 100 million. this will cost a lot more and cause a lot of businesses to really stop to think about their strategy. melissa: yeah, kim, as a hollywood person yourself, does it surprise you that sony's ceo had final cut approval over the movie? and that they were worried about what was going to happen in the end, you know, to kim jong-un's character? i don't want to ruin it for everyone who hasn't seen the
movie. they were worried about the ending and ceo of a giant corporation came in to watch and have final cut? >> that is very surprising that it went that far up. look at emails between the co-chair of the sued yo and seth rogan talking about specific things. specific gory things that could potentially happen. melissa: don't worry -- ruining it. don't ruin it. >> i'm not ruining it, very specific things they wanted in the movie, out of the movie, out of certain scenes. very interesting to see this went so far up the chain and that they could have been very worried obviously about this particular scene. melissa: seems nobody is safe from the hat attack. producer scott rudin slamming oscar winner angelina jolie as quote, a spoiled brat. in a leaked email exchange, how damaging is this to her perfect, sort of cool, calm, in control, image? >> it doesn't damage her image at all. people who love her love her. the fact he caught her, quote a
minimally talented spoiled brat hurts only his image. first of all you agree, master of the obvious time. if you don't agree, are you thinking why is this guy with all hubris making money from her saying all these things? melissa: kim, does this hurt her reputation in hollywood? >> no, i don't think it hurts her reputation. melissa: is it her reputation though? do other people think she is a spoiled brat and tough to work with or does it surprise you to hear this? >> i think people love angelina jolie. she has fans around the world. especially think about her, the things that she does, her social causes. things she does to promote things. things coming forward about her breast cancer issue potential that she could get attention for talking about the surgery and issues in third world countries. traveling around, what she does for kids. people think she is someone puts her life out on the line for a message she cares about. even this new movie, this is
something she felt passionate about. hearing her talk about it and so many empathy what went on, this is such a different impression people have for her around the world. melissa: guys, thanks to both of you. from the u.s. to every corner of the globe money is flying around the world starting in the u.k. which is now battling an arctic bomb. a severe weather system has swept in from greenland creating gail force wind and 40-foot waves. wow! blackouts have also been experienced throughout the country. that is amazing. over to sweden where a police raid brought down infamous web site, the pirate bay. it is a file-sharing site used by millions often to exchange movies and tv shows. sweden says the raid was part of an operation to protect intellectual property. landing in france where the government wants stores open on weekends. doesn't sound crazy to us in the states but the french always kept their weekends work-free with strict regulations in place to protect them.
the french economy slowed so much that officials are open to new ways to create jobs and growth. hmmm. why get one when you could settle for two? one lehman trader was so unhappy with his $84 million bonus that he is suing for double the amount. plus, getting ready for the storm. california stocking up on sandbags and supplies as it braces for some of the worst weather in years. more "money" coming up. ♪ she's still the one for you. and cialis for daily use helps you be ready anytime the moment is right. cialis is also the only daily ed tablet approved to treat symptoms of bph, like needing to go frequently. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess.
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storms. residents are using sandbags to help prevent possible flooding. chief meteorologist rick reichmuth from the fox weather center. we were laughing during the break. i apologize for that because this storm is serious, rick. >> it is serious but mostly good news. california is under a drought like they have never seen before and only way to get that is series of big storms. there will be flooding and likely mudslides but that is pales in comparison to what the drought has done to them. you want to get the reservoirs filled up. that happens getting snow in the winter and that melt eventually. we'll see a lot of that over the next couple of days. this is the future radar, what we see happen. there is the center of that storm. you notice san francisco area may be getting five to six inches of rain out of this over next few days. a lot of snow across higher elevations and eventually to southern california too which is great news. we have flood watches in effect here. we'll have to be very careful of that. it will be a little bit too much
rain too quickly. we have such an incredible drought we desperately need that. some areas here may be getting four to five feet of snow in the higher elevations. we might see areas over next week see eight to 10 inches of rain. we have winter storm warnings across the sierra nevadas. especially in the reds. winter passes will see wind of 60, to 70 miles per hour, and that will cause a lot of problems. great for ski resorts and farmers will certainly be happy about this. melissa: rick reichmuth, thanks so much. we'll look at the markets because they are really sinking. we were down more than 240 points. a lot of this is driven by energy. oil, really getting crushed today, getting close to 60 but not breaching below the 60-dollar mark yet. on inventory data and word out of opec demand is lower. getting close to 61 now. that is really one of the big
things dragging down the markets. a bonus so big he would like it twice. a former lehman brothers trader wants to receive a $84 million bonus for the tech same. according to a new report from "the wall street journal." friendly reminder, collapse of lehman is what is kick-started the financial crisis in in the first place by the way. charlie and lauren are back. >> i want to read a tweet. i hope you and the blonde sassy brat are off the dollar schlitz. melissa: okay s that person implying we were drunk talking at gypping of the show? >> i take like the word sassy brat. >> i like that. i like that. >> trader is sassy one, absolutely. he has a big set of you know whats. melissa: definitely. he says he got a $84 million bonus. he says this is different. the borne news money he received from barclays was separate contract from the lehman deal. he deserves both even though
lehman went under. charlie? >> need a lawyer here but based on my legal reading, i could be wrong, remember barclays took over lehman. they bought its liabilities so theoretically you buy his contract. if you buy his contract and barclays, that means barclays bought his contract, barclays would have to make up the difference theoretically between what he got from lehman and what they gave him. so they owe him more money is what -- melissa: it seems like it is different from that. >> why? melissa: lauren, the principle behind it because he is saying that barclays did satisfy the contract. >> did he get all of it? melissa: yeah, yeah. >> most if not all of it. now the fact he is something for it again and asking -- >> that is where -- >> third highest paid employee at the bank, with the crisis, come on. >> that is separate issue. think about this logically. he would have to, listen he gets, barclays bought his
liabilities. melissa: we've got to go. >> they would have to make him whole on the lehman contract i would think. melissa: thanks, guys. few stories on the radar. uber's bad trip continues. california prosecutors are suing the company claiming it misled customers about driver background checks. overseas bain has followed likes of rio, delhi banning the service. one in five americans think they will be in debt rest of their lives. research shows that 20% of americans don't think they will pay off their loans up from last year. that is depressing. apple is rethinking decision to kill off the ipod classic. it is one of the hottest christmas gifts for the year being sold on ebay. some have starting price with $1,000 for an ipod? i have to dig those out of my closet. i do that the second i get home. calm down.
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lows. we see names such as dow components hitting lows. many of which are down five, 6%. all with down arrows. the fear index will catch some recent highs. that is a big pot. melissa: thank you so much. nfl teams have endorsed a policy to the league. roger goodell and the league face intense criticism. the nfl will now offer relief for victims and families. and an extensive list.
opponents of the keystone pipeline may be the laying. jeff flock joins us from america's newest pipeline. doesn't seem secure? we don't know. seems pretty clear to me. you are helping to bring down the price. it is cheaper. >> the pipeline has been the most economical. the price of crude does not really affect us in the short
term. take a look at where it runs. it runs all the way south of chicago to that of. i want to give you a look inside. take a look at that over there, alyssa. there is multiple pumping units in their. pipelines still happening. they may be the winner of the battle. take the pressure off. melissa: jeff flock, thank you
very much for that room were. eric schmidt is not that worried about killer websites. james is back along with tony. tony, you have error eric on one side, you have elon musk and stephen hawking's. where do you come down? >> you cannot deny that eventual innovations that will come out. look to where we need to improve. computers show up and wages go up. i think you do see success happen when that emerges in our market. melissa: it is possible in your
job. >> i see only upside here. i am glad that he is making this case. a lot of people, including our president, do not. technology and education is how we get higher living standards. that is how we get paid more. you have to have technology. good thing somebody is speaking up for it. melissa: thank you, guys. have your iphone handy? the doctor will see you now. delta is offering more in-flight seat options. we will tell you which is the best seat in the sky. that is where i want to be at the end of the day. ♪
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melissa: got to keep a close eye on the market today. the dow hitting session lows here. down more than 8% and a half. oil down today. guess well. look at that. the nasdaq down 73 points. orioles getting close to 60. on a bullish note from barclays, check out southwest and united and continental. both hitting new highs. standing to benefit from a $10 billion decline from fuel costs next year. delta turning the standard seat service into five separate classes. five. count them. buyers will have quite the selection from delta one.
that is where i will be. all the way to economy basic. that has to be way in the back. courtney scott is the senior editor for travelocity. she joins me now. are the people in the back standing? are they outside the bathroom kind of holding on to the wall? >> the main difference is that you will not have the choice to sit in the basic economy. they are trying to compete with the low-cost carriers. main cabin is the fair that we are all accustomed to getting. it is not that drastic of a difference. people will still be able to get complimentary snacks and nonalcoholic beverages. you may want to pay the additional fair to upgrade.
melissa: differentiating between comfort plus, first-class and delta one. is this a marketing genius or overkill? >> it is overkill. it is making my head explode. instead, what they have done is they have sliced this airplane up like a kosher salami. you know what the people in the back are thinking, the plane disconnects. [laughter] melissa: that is probably true. melissa: more people go to delta. in some ways, you have a lot of control. you can decide exactly what you want to pay. melissa: we do not know any of the prices yet. there will be a very wide range.
i have not seen airline prices go down. i do not really care how cheap it is to set all the way in the back. or how expensive it is to sit in the elite class. the fact is it is too expensive for the service that you get. >> that is true. melissa: we have all been there. stuck on a plane with somebody that is driving you insane. they say it is the seat kicker. inattentive parents. i may be in trouble. this one is mine. the aromatic passenger. that can mean a number of things. the person that brings on mcdonald's. they are not sharing.
sometimes forget that this is not a personal space. it is a public space. melissa: i am going to vomit. thank you. let's check in with adam shapiro. >> we have a show for you coming up. we will introduce you to the ceo and president of brought calm. they are up today and for good reason. they have quadrupled revenue since 2005. we are going to have them talking about the future. highs it has not seen since three years ago. then we will have some fun.
uber. you have heard about uber. in the short haul, they are facing some big trouble. i think they will figure their way out. angelina jolie. throwing some smack at this big star. even sony. we will give you the half a billion dollar present she will come up on top. it is all coming up in about 13 minutes. the aromatic passenger, i do not they were and they were talking about food or too much perfume. melissa: okay. [laughter] a daredevil motorcyclist went all the way to mexico city. he decided to ride write down the city's giant wooden roller coaster which is just cried as fast and brutal. red bull sponsored the event. of course they did.
courtney, how many red bulls will it take for you to snap a go broke to george hell and do this. >> it is pretty amazing. i don't know. >> if they were gnats around it, i would definitely do it. it would be cool. you can snow your own way. the snowboard that will allow you to boogie down city streets. victoria's secret models hit the runway for the annual fashion show. there is a business angle in here. one of these models were a very pricey piece of lingerie. ♪
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melissa: markets really having a tough time today. the dow is down. the dow and s&p are suffering the largest decline in two months. let's get to scott at the cme. >> i still think that after what we got on friday, they really did not like what they saw for those jobs numbers. record number of people above the workforce. i think 2015 will be all about this. i cannot cut them anymore and i cannot raise them. what am i going to do? janet eiland is going to be in a really tough spot. what is happening around the world with qe and asia and europe will be really tough. >> thank you so much. appreciate that.
melissa: luckily, snowboarders can now get the thrill of a right even when their season on the slopes is over. a snowboard for the streets. it looks like a skateboard. when i read this originally, i was like, a snowboard on wheels, that is a scape or. >> it actually moves like a snowboard. i think you are familiar with skateboarding. skateboard feels a lot like surfing. snowboarding is different because you can have this lateral sliding movement. you can slide sideways down a mountain. melissa: wow. 20 miles an hour. sounds a little dangerous. you have a governor on it.
>> i was a kid -- we may not make it too difficult. we need that extra power to be able to go uphill. >> you use a remote control in order to operate the speed. you exceeded your goal on kick starter. you raised $50,000 or more. what is the price? >> our campaign and december 27. the earliest earlybird was the 999. you can still get that. melissa: wow. that is a lot. thank you very much. so fun. who is making and wearing a lot of money. supermodel area on a l. her piece was worth $2 million.
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this is truecar. ♪ melissa: take a look at the markets, if you're brave. down 274 points on the dow. we keep sinking. i don't want it to be my fault. i'm wearing green. help me out. a lot of it propelled by oil. feeling under the weather. wall tbreens iswalgreens is allg patients to video conference physicians. will it do the trick? joining me now is dr. manny. what do you think about this? you can already walk to walgreens and see a
doctor that kind of dispense anything. >> what is being a doctor today? everyone wants to get in the business of medicine. now, they want to be a hospital and doctor. they have this little thing you can have an app and look at a doctor. melissa: i don't have to leave home. he'll write a prescription. >> that's good health care? i think not. the last time i looked, you're supposed to put your hands on the patient. do some assessment on the physical conditions, and this is -- they say for nonemergency cases. i get it. hey, doc, i have an ear infection. does it hurt when i go like that? yeah, i think it is. that's not proper. it's only licensed in a couple of states. this is the kind of stuff that's destroying the quality and fabric of health care. the only people that will benefit is the inventor of the company with all the doctors who have signed up for it. and, of course,
walgreens whose stock is up. somebody check. melissa: there you go. there you called for it. it's down a little bit. it's a day when the market is getting crushed. to take you through that is adam. >> forget the major averages at least today. they are down and down big time. plenty of stocks are bucking the trend. as many have tsome have to do wh ebola. also, major embarrassment for sony. you heard about this? the hack attack aired some dirty laundry about one of hollywood's actresses. yes, angelina jolie. what were they thinking? it's the last hour of trading. let's start the "countdown." traders refer to it as the widow maker. today we can see why. oil breaking below the