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tv   MONEY With Melissa Francis  FOX Business  December 29, 2014 2:00pm-3:01pm EST

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watch the ball fall. adam: i avoid times square on normal day. one million of dierdre bolton's best friend in times square they can have friend without us. >> i will take my 2015 glasses and wear them on my couch with the humus that goes bad. adam: all yours. >> thank you adam. well a frantic search for airasia flight 8501. search planes and ships scouring the waters off indonesia for the plane which disappeared carrying 16people and putting down the putter and picking up the pen. the president warns congressional republicans he has veto power and he ain't afraid to use it. unprecedented free publicity still not enough for sony. "the interview" cost $100 million toake,akinn aractn. poor ecuti omayb a ltl bi o bh. weave e bigstusins ops of014. ev whe the sa isot it alws abtoney
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tracy: the president says he has the veto pen already. here is what the disagree. i haven't used the veto pen very often when i've been in office. i suspect there will be times i have to pull the pen out. >> here with us now david asman of fox business, james freeman of "wall street journal." kmele foster of "the independents." david he hasn't had to? >> no he had everything locked up by harry reid who controlled the senate. house would pass something and senator reid would sit on it. the good thing what is happening. we don't have to have more lip service from the president how he is moderator and how he tries -- we know he has not wanted to come to december. that is why he had harry reid lock it up. he empowers panels like
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simpson-bowles to look attacks reform without any intention of passing meaningful tax reform. now we have the honest obama. tracy: we have his true colors where we will say no to everything. >> not no to everything but not looking like honeymoon for the republican senate of the it is odd tone. will he ever respond to the results of the election. the american people spoke pretty clearly. they want ad change in course. he doesn't want to seem to go along but i think there are things he will have to accept. yes he could veto repeal of obamacare but he is probably not going to keep all of obamacare even with his veto pen. tracy: kmele he said he would work with them on free trade jobs infrastructure, you see any of that happening? >> absolutely. the free trade stuff i think there ask opportunity to get some things done. the democrats are not excited about. that the president talked about something being done there.
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we'll see how serious he is about it. as for obamacare piecemeal deconstruction of obamacare republicans had their eye on a while. i think they might be for affirmative what they want to see happen. you can't just say we'll get rid of the medical destroys tax. you have to articulate a strategy american people can get behind. tracy: which they have not done well to this point. we have republicans shaking up the senate as kmele noted and president planning a makeover of his own of the he plans to reveal a new agenda at his state of the union address next month. that focuses on one thing the economy. he has only two years left to make people feel like they're better off than when he took office. james, how much better do you feel today? >> i think -- >> you look better by the way. a little color in your cheeks. >> no, if you want to be encouraged about the possibilities for these last two years of the obama administration, i think trade is one area where if he will, he doesn't really have to do too much. you have all these republican
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votes. he has to make a few phone calls to democrats and probably get some deals that will help the economist. washington staying out of the way. look what happened with less unemployment benefits over the last year. we got more job creation. so really just a do no harm philosophy in washington would be helpful. tracy: david does he have to do something to help hillary? >> no. i think he cut the line on hillary. he will go his own way. she has to prove to the american people she is moderate. she is extension of bill clinton where deals were made with republicans. it will be very tough forker had to deal. he is the head of the democratic party. but people, i just disagree with you, james, i don't think people feel better. i think people feel worse off. just take health care for an example. people are paying more money no matter what the rhetoric is. care is going down. doctors are is did appearing. i think people are feeling worse off. that is why we had the election. >> i said i was feeling. we got low labor force
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participation. that is a problem. tracy: quickly kmele the economic divide has gotten worse. >> yeah, there are some reasons for concern but there are some genuine bright spots in the economy as well. the president really can't take credit. low -- most folks talking about. >> he said he was responsible for that. >> not really his fault. tracy: still trying. two days and zero clues. indonesia expanding the search for the airasia flight that went missing with 160 people on board. the plane vanished sunday morning on its flight from indonesia to singapore. before losing contact the crew asked air traffic control for permission to increase altitude to avoid stormy weather but was denied due to traffic. we have this map up, basically all red. tumultuous weather. you expand see how severe conditions were at the time in the air. the satellite image was posted by the a twitter user. shows where the plane lost contact. the red areas which there a lot
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of which indicate most cloud activity. i'm not a weather person but i heard maria molina explain that extreme weather area and when they go up higher, that is ice and that could be root of the problem. >> so difficult to say what happened here because they haven't found the wreckage yet. what is important for people to keep in mind since we've seen a few high-profile missing planes this is uncommon but not unprecedented. there have been 90 or so incidents like this since the 1940s. hopefully we will find some answer. >> they talk about planes and what they can take and they can take a lot but a storm this powerful i'm told by experts know a hell of a lot more than i do a storm like this could literally tear a plane apart particularly at 30,000 feet level. they were right in the heart of the home, this storm went up to 50,000 feet. they were right in the heart of it. even if they went against what the tower was telling them, tried to climb they would have been going through the worst part of that storm.
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tracy: now we're pointing fingers at the pilot i guess. james, you will comment on "the interview." i'm sure you saw it by now. >> did you? >> i haven't yet. i want to. i will. that's a promise. tracy: brought in $15 million on sales. total drop in the bucket compared to the estimated 80 to 100 million it cost to make and market the film. first of all my first question, who spend $100 million on a total spoof joke of a film but there is that. are they ever going to see this money back? >> eventually they could. it will take a a while. have a run in the u.s. and overseas markets. probably not do big sales in north korea. we ought to be looking for ways -- tracy: give out free popcorn. >> we want to get it into north korea. we want the north korean people to enjoy the joke at expense of the dictator they live under. getting the film in there by whatever means getting technology to see it -- tracy: kmele is only person here who saw it. >> that right?
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>> i -- you did? >> ordered it. not any phenomenal film by any stretch of the imagination. anyone who thinks this some thing sony was doing to begin gin up their sales. this totally failed in that respect. $50 million online is absolutely nothing compared to costs of making this film. i don't know that they see that money back. >> if they might go for wider release in theaters. in 300 theaters it has done well. >> you can't have a bigger weekend than this one. tracy: would you go at this point. >> i'm ready to go. >> you can order it. tracy: can download it. >> why do it in theater when you -- >> 5.99. >> expression of freedom. against these communists who try to tell us what to watch. tracy: new york city refs dent, david, styrofoam may see its last days here. what? new york city set to become the largest metropolis in the u.s.
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to ban from food and beverage containers. we're the city of take-out. how will you take it home. >> the mayor should focus on fixing relationships with the police department before anything else. that is what we need more. the only thing that the government does i'm with chameleon this, only thing that they should do is take care of our safety and they're failing in the number one duty. but the costs of recycling doing this kind of stuff outweigh the benefits of it. even "new york times" magazine had a piece about that a few years ago where they added together of all costs getting rid of things like styrofoam. in the end it is not worth it. we pay more and do more to get around these costs than what is beneficial for the economy or for the environment. tracy: he said it need to be deemed recyclable. it is not right now. it is killing the future, james. >> this is expense that goes on small businesses, people that run restaurants. goes on customers obviously. it is funny there is really kind of a religious view against styrofoam now environmentalists
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saying it costs too much to recycle. lots of recycling programs don't make economic sense. that is not unique about styrofoam. all of sudden they care about the economics. it is absurd. tracy: i have this styrofoam take-out container on my desk upstairs. >> good for you. tracy: i know you guys will be back. ready, set hike. more than 20 states set to increase the minimum wage by new year's day. will the workers in the middle feel a pinch? we have a new year's county down. will your kids get to sleep before the ball drops? this is really cool. we have more "money" coming up. ♪
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tracy: breaking news out of scotland the government confirming the first case of ebola out of the u.k. the worker was helping cop bat the disease in africa and returned late last night. the person is isolated and receiving treatment. latest developments in the adriatic sea the last survivors of a burning greek ferry have been rescued. italian and greek rescue workers
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battled gail force wind and as they pulled people profit quart. water. 127 passengers rescued many of them spent hours afloat. the death toll has been increased to eight. the captain stayed on board during the entire operation and helped hook the ferry to a tugboat. a fire broke out on a car deck as the boat sailed toward the italian coast. president george h.w. bush showing signs of improvement as he remains hospitalized in houston. a family spokesman said, news of a quote possible discharge is expected soon. you may remember president bush spent christmas in the hospital two years ago as well. but at 90 years old he is the oldest living u.s. president. our wishes go out to him and his family. well we have wage rage across the nation. minimum wage is set to increase in 21 states by new year's day. here with us, peter morici,
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economist from the university of maryland joins david and kmele back here as well. peter, what is going to happen to these states when they have to raise the minimum wage, what happens to the bottom line. >> the bottom line products become more expensive for middle class people, people that make nine, 10, $11 an hour won't be able to afford the hamburger lunch. there will be more automation and eventually jobs will be replaced. tracy: he mentioned automation. applebee's giving you an ipad, ordering it yourself. starbucks too. between that and obamacare why pay for people? >> totally legitimate concern. anyone who does basic economics if you raise cost of something it will be more difficult to get more of it. there is something to be said for walmart here. a company been on both sides of this issue who is advocated for increase in the minimum wage for very long time, partly because a lot of folks they're competing against, rural markets are mom-and-pop shops that actually pay minimum wage. walmart doesn't.
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>> can i say something about that? what walmart is doing in order to pay for the higher minimum wage is pinching at the top. there was an article about. that they have been squeezing more highly-skilled people at the top in order to expand at the bottom. america should be about rewarding excellence. people should not want to stay at the bottom. they should be wanting to do everything they can to get to the top. what walmart is showing us, a lot of these false moves to artificially push the minimum wage actually hurts people at the top and middle at the expense of the people at the bottom or who are expanding. we don't want to be a bottom-centered country. we want to focus on getting to the hop. tracy: peter that's is where people use the term socialist. that is what it is. share the welt. we're all equal. to david's point that is not what made america great. >> absolutely. not like the folks are living on minimum wage. they have minimum wage. they have earned income tax credit which is form of socialism. they have free health care through obamacare.
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they have food stamps. remember when we got rid of welfare as we knew it? mr. obama taken the jigsaw puzzle from the floor and basically put the pieces back together. so you don't have to work terribly hard to eke out a subsistence in the united states i'm put on tv with a 29-year-old mother of three. says i can't live on the three. tracy: talking about me again. >> i know. i'm sorry to pick on you. especially working at fox. i can't believe you're getting more than nine bucks an hour. >> and i'm 30 by the way. >> i understand that. >> but i wanted to be polite. tracy: kidding. kmele, with all due respect should you be paid $15 an hour and bag a burger and flip? put fries in a bag. i'm not entirely sure. >> what the market will bear. we should be honest about this. trying to raise the minimum wage and reshuffle the same pie rather than grow the pie is coward's way out.
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simple answer to very complicated question. unfortunately politicians consistently sell this to voters. voters haven't wised up to this they haven't figured out this is not the way to prosperity. tracy: david unfortunately we have a few seconds left. kmele is right states are broke like massachusetts, rhode island. these states are broke. they're the ones that vote it in. >> the other thing in connecticut in particular, they have very severe unemployment problem. a lot of people are on low-paying part-time jobs. this is only going to increase that. most economists agree whenever you artificially raise the minimum wage, you do squeeze people at the bottom. and, supposedly to benefit the people at the bottom but it end up putting people out of work or forcing people from full time to part time. that is no good for the economy. tracy: we've seen that. they're losing their jobs first-time job workers. thank you all. 'tis the season it seems for engaugements. that must mean diamonds but are they really forever?
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plus not every corporate campaign knocks it out of the park. some are just downright cringe-worthy. we have the biggest business fails of 2014. here is a question, do you ever have too much money? ♪ these ally bank ira cds really do sound like a sure thing but i'm a bit skeptical of sure things. why's that? look what daddy's got... ahhhhhhhhhh!!!!! growth you can count on from the bank where no branches equals great rates.
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so ally bank really has no hidden fees on savings accounts? that's right. it's just that i'm worried about you know "hidden things..." ok, why's that? no hidden fees from the bank where no branches equals great rates.
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tracy: all right, so you win some, you lose some. but looking back at this past year there were some pretty darn big losers in the business world. from marketing messes to functionality flops we actually sorted through some of the most memorable business busts of 2014. and some are just plain painful but thankfully our marketing expert bruce terkel is here with us. james freeman is back as well to comment on the business functionality messes. so bruce what was your worst?
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>> well, my worst is the one that think has the biggest lesson for all of us and that was takata airbags. you never heard of takata of course but their airbags were in 17 other manufacturers who all now have to do recalls. toyota, hopped today, bmw, sterling records for durability for quality and now because of outsourcing which we're all doing in this new economy all of a sudden our own brands can be damaged by someone else's. i think harbinger of things to come. that is a real disaster. tracy: that is great point. james, the google glass was supposed to be like jesus reincarnated. what happened? >> you're setting bar pretty high tracy. i think definitely there is there is some hype around a lot of new technology products. i wouldn't rule this one out forever. you think of some of these tablets, the early apple tablet was a big bomb but that ended up being a massive industry.
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i wouldn't rule out glass just yet. tracy: that is a good point. as "jersey girl," bruce dove's armpit ad, we've been hearing entire life that jersey was a armpit of america and put it on a billboard and say sincerely dovolani? come on now. >> that is good to make fun much yourself but not somebody else and they learned their lesson. tracy: that is exactly true. >> they're not making fun of anyone in particular. i live in new jersey. i have to admit there is stretch of the turnpike maybe not the most arow mat tick. tracy: in elizabeth that is fine. >> great state otherwise. >> how about the amazon fire phone? bruce, what happened? >> well, i don't know what happened. jeff bezos has never done anything wrong. all of sudden he really stepped in it. i think similar to what james said about google glass. i wouldn't be so quick to completely rule this out even if what they learned about how to
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do it better next time. i think the big problem was what it said to all of us, this is not a cheap smartphone. this is a way for you to buy stuff from amazon. tracy: bruce i know also on your list was the blackberry rim fail. james, like as of this, from a business angle was just a total disaster. >> a lot of mistakes at blackberry over the last few years. i say i always enjoyed using their products. they obviously had some issues with mark connect. amazon i don't see how any customers can complain. they're subsidizing us to get market share. investors could have a big beef with amazon, but from a customer perspective i think they treat us pretty well. tracy: i thought the amazon fire phone commercials were adorable. let me tell you what i thought first worst one of the years. the walmart fat girl costume. but to put a word fat in print and put a princess costume bruce, am i wrong. >> i had a friend of mine.
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he is walking down the street. he see as woman you know. oh hi when are you expecting. at which point she said, expecting what? and i learned then that you don't mention that no matter what. lululemon caught it for doing that. for walmart to do it, just stunning nobody caught that before it went out. tracy: never ask a woman if she is pregnant. never. that would be the lesson for 2014 for all of us. guys thank you so much. >> happy new year. >> happy new year. oil prices hitting another new low today, breaking below $53 a barrel. those low oil prices are scaring drillers away. we have fox business's phil flynn in the trading pits of the cme for this. all right, phil, baker hughes says number of rigs drilling for oil in the u.s. has dropped to a eight-month low. that is huge. >> it is huge. it is showing you that opec is winning the price war at least the first couple round of this and what this means that u.s.
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oil production and rig counts at all-time high, that will impact u.s. production. six months down the road, 12 month down the road, our production levels will fall off. interesting prior to the baker hughes report we saw oil prices tanking here. they took out a major resistant area went down to 52.90. but when this report came out they seemed to stablize. people realize we'll see less oil down the road. you have to watch tracy cotango in the market. not only seeing a glut of oil in the short term but a lot of people are buying oil at cheaper prices today and putting it away for rain any day maybe six months or a year down the road and starting to make money off that. there could be a big rebound later in the year of course when supplies level off. tracy: anyone's game at this point. phil flynn, at cme. thank you sir. >> thank you. tracy: they're still looking for signs and fears grow for airasia's missing plane as
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search teams finish the second day with nothing to show for it. we have regulation nation from calorie counts on menus to laws against drones. the obama administration has sure got busy with the rule book this year. take a listen in next to see what that's going to mean for you in 2015. we got "piles of money" coming right up. ♪
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tracy: the search and rescue teams off the coast of indonesia wrapping up their second day of looking for missing flight 8501. the plane disappeared early sunday morning lock time, and officials are fear -- local time and officials are fearing the worst. we're bringing in chris harmer from the institute of the study of war, he spent 20 years in the navy and an attorney as well. thank you both for being here. chris, there's a lot of
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indications this was just due to bad weather. do you buy that? >> absolutely. it's an unfortunate circumstance, but aircraft simply can't withstand all of the weather-related incidents out there. a smart pilot a cautious pilot is going to deviate around it, and there's some indication that this pilot saw that the weather exceeded the capabilities of his aircraft. he asked for a change in altitude to go over this thunderstorm. unfortunately for him and his passengers, it turned out that that supercell topped out well above 50,000 feet which exceeded the maximum altitude of his aircraft so there are certain weather conditions you simply can't survive: so the prudent answer is avoid it. it looks like this guy got left without many good options. tracy: we're pointing the finger at the pilot right now but really we've found nothing. do they anticipate finding anything? it just seems odd. these ostensibly are shallow
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waters. >> these are very shallow waters averaging about 150 feet so we have a very good chance here of getting some debris, certainly sometimes p debris takes a few days to come to the surface. we're, unfortunately, going to start seeing passengers probably as well. but that's going to tell us a lot more about what happened prior to this airplane breaking up. tracy: chris, should we go in and help this mission? it seems odd between this, the malaysia flight, we're just writing these flights off never to be found again. >> well, certainly the united states navy will assist in the search and rescue effort. i think we're all pretty much on the same page at point, it is no longer a search and rescue, it is a search and recovery. but it's very important to understand what happened mechanically to the aircraft. it's not acceptable to say, hey, the aircraft got into bad weather and crashed. international aviation is an international market. americans are at risk. everybody's involved in this at some level. it's in everybody's best
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interests to find out what happened hoar. one more -- happened here. there's a difference between legal responsibility and professional competency and sal can talk to the legal liability issue here but no competent pilot or professional pilot should willingly fly into this type of weather and i think really what happened was the weather was degrading around pilot so fast, he simply didn't know it was happening and by the time he figured out how bad it was, he was too deep into it. i think we're going to see a mechanical malfunction of the aircraft and that caused the catastrophic failure of this airframe. tracy: sal is it possible because of this international weather, you know california talks to new york all the time right? we all know what's happening here in the united states, but because we are overseas, is it possible the pilot didn't even know he was driving into this weather? >> well, he had to have radar -- tracy: yet there was no distress call from the pilot. >> no, no distress call and he didn't take his pilot in command authority to just demand the
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climb. he could have declared an emergency and climbed no matter what the air traffic controller said. but most pilots wouldn't try to climb over any kind of a thunderstorm. thunderstorms are routinely at 40,000 50,000 feet. you're not going to get above that in an airbus 320. tracy: this, of course, will be ongoing. chris, quickly though, we are right now pointing the finger at the pilot pretty much righting? >> yeah. well clearly, this was pilot error of some sort in the sense that he flew into weather that his aircraft couldn't handle. echoing what sal said yeah, he had a weather radar onboard but you've got all kinds of other pilots backing you up, when you get to the southwest pacific, you're really isolated from external assistance. tracy: yeah. i think -- well, it's yet to be determined. chris, sal, thank you so much for your insight. >> thank you for your time. tracy: if you thought our government was dysfunctional,
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ha we've got nothing on georgia. the all-out government brawl. and what a total grinch, or kind of not. one dad proved he has a heart of ice or at least he has a sense of humor after his daughter asked for a frozen doll for christmas. because at the end of the day it is all about "money." ♪ ♪
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tracy: i'm tracy byrnes with your fox business brief. facebook has apologized for its year in review feature which compiles a person's photos. some users complained it brought up very bad memories, sometimes showing inappropriate images as well. falling oil prices and western sanctions led to a year on year in russia of a half percent. the russian government has shrugged it off saying it's because of a drop in manufacturing. and the wolf of wall street was downloaded more than 30 million times. many second and third place were "frozen" and "gravity." that's the latest from the fox business network giving you the power to prosper. ♪ ♪
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há tracy: money is flying around the world today starting in greece which is back in crisis mode after failing to elect a president. lawmakers just couldn't agree on a new head of state, causing markets in athens to nose dive. parliament will be dissolved within ten days, and a snap election will follow next month. so who's in charge? this is a worry that folks will vote for a left-leaning president, one that opposes all of the ballout agreements set up
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with the your -- bailout agreements set up with european union. and over to china where google mail is now banned. china has been targeting google ever since it refused to censor search results. and landing in the country of georgia where a brawl broke out on the floor of parliament. heated debate among lawmakers turned into a full-on fight. punches thrown microphones used as weapons after one politician blamed another of getting too close to mother russia. and 2014 could very well be called the year of the regulation. the white house ruling out nearly 3500 new willinglations just in the last few months alone. our very own rich edson joins us from d.c. hey, rich. >> reporter: hey, tracy. well, congress controls spending republicans will control congress, so their strategy is to counter president obama's executive actions and regulations by attaching measures to rein in the
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executive branch to must-pass funding bills. this year the environmental protection agency rolled out standards for the disposal of coal ash. the administration also advanced rules on power plants, energy efficiency standards, a provision to expedite the formation of unions and calorie count requirements for chain restaurants. this is on top of the continued implementation of obamacare and the dodd-frank financial regulation law. >> it's like, you know for many of us personally driving through a fog. you slow down. i don't have the visibility ahead in the fog, so i slow down to be safer. it's the same for businesses and households when dealing with regulation. >> reporter: the administration says conservative groups cost estimates of its new rules are overblown and argue these regulations will been fit consumers and americans' health. tracy? tracy: no one has stopped buying doughnuts because the calorie count is out. i'm just saying. >> reporter: maybe think twice.
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tracy: okay, fine. you're still going to buy it. >> reporter: maybe not. once you're at dunkin donuts, you're committed. tracy: rich edson, happy new year. [laughter] there's a few stories on our radar right now. shake shack has filed for an ipo. the new york-based burger joint will list on the new york stock exchange in 2015. they've made more than 800 -- excuse me, $80 million in the first nine months of the year. meanwhile, jeff bezos has lost $8 billion this year or around a quarter of his personal life. that's nearly $22 million a day. boy, how do you get out of bed? only two orr people in the world lost more money than him, and one of them is casino tycoon sheldon edelson. the other, the founder of ikea. and the new york stock exchange might be up for sale which claims that intercontinental exchange is laying the groundwork for a sale in 2015.
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heading into the last hour of trading, we've got to check in with cheryl casone and see what she's got coming up. cheryl: we are, of course watching another record close, right now the dow is down five point, but certainly a lot can happen. we're going to be on it for you right here. a lot of questions whether it's what's happening in greece, you were talking about that, the fact that oil is at a five-year low, and then really what is the best trade for the new year. looking ahead to 2015, we have got the all-stars joining me to talk about trading, of course, the economy and really we're going to see the growth we need to see in 2015. maybe a little bit of talk about energy with those gentlemen. and then well, it's black monday when it comes to the nfl. talk about firings across the board, rex ryan, yep, there he is he's not going to be standing in front of that jets sign much longer. he is out. many coaches are out.
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and gms, in the nfl. joe theismann is going to -- forgive me for in this -- going to help me quarterback in the next hour what he thinks this means for the team when you're a major player, joe theismann was of course, a famous nfl quarterback. does it hurt morale? pete schrager is at the jets' training facility, so we're trying to see what the mood is, can't be good. tracy: it can't get worse cher. thank you, we'll all be watching that's for sure. billionaire activist investor carl icahn elbowing in on the korean food service industry. hoverly rothman is on -- lori rothman is on the floor of the new york stock exchange. >> all session long we do have a high flier to tell you about, and that is carl icahn who has taken a pretty significant stake in the company 7.8%, in fact. he is calling on this company
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which is a cream maker and an industrial ice maker which restaurants might buy these products. he's asking for those two businesses to be split and icahn is also considering whether or not to take a board position. and, you know, icahn did something similar with paypal and ebay not too long ago. i'll send it back to you with that tracy. tracy: lori you set me up perfectly. she mentioned ice. here we go. before you go anywhere, have you seen this? like many little girls, all she wanted for christmas was a "frozen" doll k. her father could not resist the temptation and instead gave her an actual doll that he'd put in the freezer, you know? a big old block of ice. i can only assume this dad hopes that he has listened to do you want to build a snowman like a billion times and she's probably sung the whole soundtrack a thousand times. maybe this was punishment for singing "let it go" at the top of her lungs, but is it cruel
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and unusual or funny? >> i'd say it's cruel and unusual, and the video ends abruptly, so i suspect a full-on meltdown took place. tracy: she goes up to him and she goes "i meant the doll! ". [laughter] >> some people are going to accuse her of having no sense of humor. christmas presents are serious business so -- tracy: i agree. at the same time you've got to grow up with humor. i do think it's funny. [laughter] i want to know how he wrapped it without it melting. anyway, thank you, guys. all right, everything in a box to the left. beyonce's dad is working to cash in on queen b.. plus, go ahead and put a ring on it but this shiny rock will cost ya. it seems like diamonds aren't forever. you can never have too much money or too many diamonds. we'll be right back. ♪ ♪
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tracy: whether it's on wall street or main street, here's who's making and losing money today. anyone with a piece of gopro, shares falling back to earth after soaring last week. endless optimism helped the stock by about 8% around -- 28% around the christmas period. shares down about 4.5% today. ceo nick woodman will have a problem with that, his's candidate has 54 million --'s candidate has 54 million shares meaning he's lost $168 million since this morning. ouch. but getting something back, the woman who has just reunited -- who was just reunited with her stolen mustang after three decades. god bless her. the vehicle was discover ised by the dmv when a man recently tried to register it.
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the department returned it to the original owner who bought it back in the '80s for under a thousand bucks. and making money in one of the fiercest yard sales around, believe it or not, beyonce's dad has been selling her old t-shirts and dvds all outside his office in houston. he says he probably made around $2,000 from it. really? ooh. he was just hooking to declutter the apartment. -- looking to declutter the apartment. come on that's gross. i think it's terrible. okay, on to better and brighter things. diamonds are for december. all those wanting a ring under the tree are rooted in reality. more than one-quarters of engagements occur between new year's eve and christmas eve. here now is the president ask ceo of pure grown -- and ceo of pure grown diamonds. you said that you actually -- so you've worked in the diamond mining business your whole life. >> i have. tracy: and now tell me what you're doing. >> after 70 years of research
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and development, the cultivation of laboratory-grown diamonds are available to the u.s. consumer. and i'd like to introduce you to the world's largest laboratory-grown diamond, 3.04care rats -- carats. tracy: how do you grow a diamond? >> you put it in a low pressure microwave chamber, add hydrogen and methane gases. the reaction begins and crystallization after raining down on the diamond with carbon molecules and six to ten weeks later you have a diamond that's ready for cutting and polishing. tracy: so now does that make the diamond cheaper or more expensive? >> pure grown diamonds are 0-40% less. tracy: because the prices have been soaring. >> prices have escalated 75% in the last five years since 2009 actually. and according to the bain company report will continue 5%
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annually. so by 2025 diamonds will be up 125% since 2009. tracy: that's crazy. now, the average couple pays about $4,000 on an engagement ring? >> a one-carat engagement ring is typically around $5,000. a laboratory grown diamond is typically $3,000 for the same color and clarity. tracy: these are beautiful. if there were any headwinds or anything blocking the growth of this, what would it be? >> education. that's why i keep telling everybody about pure grown diamonds the process, the fact that they're environmentally friendly, they're con product in-free, and -- con-flick free. tracy: tell everybody the web site. >> puregrowndiamonds.com. tracy: the diamonds are beautiful. she's sparkling away over here. all right, muscles over money, waistlines over wallet, fitness over finances. what is happening?
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say it however you like, the results are in: americans are gunning for it in the new year. at the end of the day maybe it's not all about money maybe it's about a smaller pair of jeans. we'll be right back. ♪ ♪ these ally bank ira cds really do sound like a sure thing but i'm a bit skeptical of sure things. why's that? look what daddy's got... ahhhhhhhhhh!!!!! growth you can count on from the bank where no branches equals great rates.
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would it be ok if i sat here? is she serious? ♪words, can't bring me down♪ ♪so don't you bring me down today♪
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so ally bank really has no hidden fees on savings accounts? that's right. it's just that i'm worried about you know "hidden things..." ok, why's that? no hidden fees from the bank where no branches equals great rates. >> economic concerns taken a back seat to help with people valuing physical over fiscal in their new year's resolution. a new survey finds 49% listing wellness compared to 39% listing financial stability. james, fiscal or physical? >> seems like a bullish signal to the economy that people aren't worried about money. but a few of the people say they don't have enough to worry about. maybe they're looking at the fiscal out of desperation. >> kmele, my finances are so messed up, i better lose
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weight? >> you are eating better, not eating out as much in which case you have more money in your pocket. >> look at that fiscal and physical. netflix becoming a hero to young kids. kid friendly new year's eve countdown that can be triggered before midnight. get the little ones to bed buffer do your new year's eve toast, you can hit a button and pick when you want the countdown to be. kmele, i think it is brilliant. >> i don't know how i feel about netflix lying to kids. i didn't know that was a thing and mom and i have to have a conversation. >> i used to tape the ball falling and replay it in the morning. this is a solution. >> this is coming too late to save me. people with younger kids, this looks like a winner are they charging for this? >> i can't stay up late. i might do it myself. i'm going to have new year's eve at 9:00 countdown and everything. thank you so much. that is all for now, we all
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hope that you're making money today. "countdown to the closing bell" starts right now. cheryl: i know you lie to your kids, tracy. >> daily daily. cheryl: tracy byrnes, thank you very much. one hour away from a new record close for the s&p 500 if it can stay in the green. taking a look at the s&p and the dow. it istiture time as we go into the last hour of trading. the s&p did hit an intra-day record earlier today. the dow on the verge of record close too, if it can turn things around. up 2 points, that's all it's going to take. few points and we're going to have a record close. keep our eye on both indexes. how high will they rise as wall street gets ready to close the books on record winning year. watching the markets in every move of final hour of trading. desperate search for the airasia flight carrying 162 people that

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