. 95% of you said he was deficient in all areas, good night from new york. >> taxed to the max the white house sent the irs on the attack grover norquist said without lois lerner barack obama would not be president. new details you hear on national tv, but first top story earnings season is off and running, we're getting signs that the economy is stalling, i am david asman in for neil cavuto glad you could join us. kooteninchela deppi gearing up -- wall street is gearing up for what is considered to be worse season in years. and trimming earning outlook. the first year of negative growth since 2000 2009.
companies face an earnings recession, an economic recession followed, mike and susan are watching this economy. mike, are we in danger? >> i think we are. looking at the last jobs report it was terrible with a record low number of people participating in the labor market, that that is a bad sign. and the first 2 quarters of this year, i am looking for earnings of the s&p -- this does not bode well. >> mike might be right. we came back after this bad first quarter uk the same might happen here? >> it could, i am not really negative saying we'll go to a full-fledged recession. >> that defined in two quarters of negative returns. >> but we do see an adjustment
in the market of 10 to 20% that is not necessarily a bad thing but what i see is more troublesome than earnings report is there is a sort of perfect storm brewing you mentioned jobs, small businesses are not hiring, credit card debt is down. that is just you know people are not out there spending, we have no wage growth. david: i think more important is that small businesses are not growing, starting for first place because the cost of starting a business is so high now with all of the regulations and taxes. >> that is killing -- this is the worst recovery we had since world war ii, a big seen has been small businesses, and new businesses, there is no capital going into it. david: small businesses, you cannot emphasis it enough, the places where new employees find
the most opportunity you grow, maybe you start with a small salary, but you grow your business grows. >> looking at s&p 500 the big companies, their profit margins have gone from 6% to 9 percent since 2009. you are a big company it is a little bit easier to get scale. but when you are the dry cleaners at the end of the road, and you have 5 employees. >> you get squeezed every time you turn around. david: but the market slugging it off why? >> a lot of rhetoric about small business, you use the term recovery, i am sorry i do not call this a recovery, small businesses do not feel this is a recovery april 5 3 years. david: you are not answers specifically why the stock markets shrugging the bad news off. >> i think we're totally --
desensitized to it. >> i would say it is the low interest rates, what else are people going to do with their money. look at stock prices relative to earnings a p/e ratio of 17, that is very high for s&p 500 that causes kind of a bubble in stocks. david: if you have an earnings recession, less money in than going to out, will that show up on a corporate ledger, don't i have that to book losses? will that affect the stocks? >> it may affect them to a certain degree. the companies are setting on a -- sitting on a bundle of cash. we see corporations talking about buybacks and dividends.
david: doesn't is team like a waste of money. that benefit the market. >> and the executive. >> it is good for investors and a good return to capital but it is not sustainable unless have you top line growth, and selling more goods and services it is not sustain an. >> the earnings will hurt small businesses too small businesses have a symbiotic relationship with a lot of corporations, if they are not showing earnings, small businesses are not getting a piece of that pie either. >> thank you. david: paul said that businesses of all sizes are facing -- he is the crowy ceo ceo of ben
bennic ans how do you stan up to the headwinds? >> i can't control the wind but i can adjust my sail, we have learned despite the administration and mandates. it would be great we were providing jobs for people out there. contributing to the max and contributing to the our case. training the next generation of restaurateurs. >> how much more could you be doing were not for some headwinds.
>> we would be building more restaurants, and providing more jobs not just me but the restaurant industry, as well as franchise side. we have premier brand in casual dining stake and -- steal and ale, and bennigan's. we provide the great service food and atmosphere, but here struggling day-to-day to to be -- compliant. >> which hurt the most? >> it is the cummulative effect. looking at it, you were talking about smaller entrepreneurial businesses like the cleaners, the very small business person, every one of my franchisees is a business person, their margin continues to shrink because of
the compliance issues, and mandates that come from this administration you mentioned some of them, you know it is amazing we talk about the minimum wage debate. and, of course, you know the -- it's interesting this we're addressing some of the symptoms. at least the administration but not dealing with the issues. if it is to address poverty 6% of the people in poverty do not have jobs, so raising the minimum wage is not going to help. and in terms of what is it going to do? when i was first starting out in this business and washing dishes i worked for minimum wage. >> i think we all did that in restaurants. >> we all grew up in some kind of a restaurant, where we were busboys or dishwashers or servers or bartenders and worked for minimum wage that was the apprentice ship, they taught us
skills whether we grew into that industry and where is that apprentice ship today. >> you just mentioned is dis-- disguarded when you talk about people who talk about minimum wage. i remember learning skill sets, i use to this day. >> right. and we want to do, by you know my wife and i buying this company, we're going to fight these headwinds and navigate around them and deal with them as best we can as a industry, and as the franchising piece. but i have to tell you the other piece of that, we will do our best to contribute to learning and training of next
generation of restaurateurs. >> and people like me who go outside of the restaurant business to find a job paul, we wish yous best, bennigan's ceo. >> thank you. >> to hear investor tell it there is one good thing about a bad earns seen, federal reserve may think twice about hiking rates and keep them low for longer. are they ever getting off of the fed addiction. we talk about how bad it ise -- can to be have 0 interest rates for as ron as we had them. >> a lot of people on wall street do not know how to deal with it. they will cry. >> politicians liz also will not know how to deal with low interest rates they have been able to spend and borrow like crazy because the interest rates are so low there is no penalty for borrowing and spending, they also are benefiting while we're
suffering. >> right no surprise that federal reserve balance sheet as it doubled so did government spending since 2008. david: coincidence? >> i know we were looking back. talking about the fed addiction and stock market adig addiction to the fed starting back in 2010. we've been talking about this for 5 years. a lot of people in the market and the government will not know what it means to have a interest rate hike. david: i am going to show you something that may make you mad. ben bernanke's book, "the courage to act." courage? does that word come to mind when you think of what ben bernanke did. >> the cowardice do not let companies fail.
that said he does not believe in capitalism. >> liz, i think of courage in federal reserve, i think of paul volcker, my job is to keep the currency stable, even if that leads to a recession. we had a two year recession. >> true. >> that is courage. >> and in middle -- >> what volcker did. >> in middle of a deep recession in mid elf 80s citigroup experienced first of 3 collapses. but bernanke was saying raising interest rates like taking a elephant gun to a mosquito. i am not sure he picked this title, this is an inept title. i understand their psychology, but, we're dealing with now is we tried everything. we tried triples of fed balance sleet attacks hikes and government spending what about
tax cuts, we have yet to do that. >> simon and liz. one time all 3 of us were at "wall street journal." >> i am still there. >> thank you very much. >> so is the white house about to give thetic smek the economy some juice by squeezing the middle class some more. but first grover norquest is revved up, and he is here, that is next.
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grover norquest a charge make the case. >> a wonderful study putting together it looked at where they had tea party rallies and where they planned to have them but they were rained out. we have a rally where people are getting together, what affect that had. they looked forward and in 2010 that increased the number of republican votes between 3.5 and 6 million voters, then when it happened you had lois lerner and irs go out and although groups that might have started up state groups and raise a few thousand get a office gone from a bunch of friends throwing 20 bucks in a hat for a rally they never developed in to state wide organizations as the taxpayer movement did in 1978, and 79, and 80.
david: leading up to the election of ronald reagan. we should remind folks reelect of president obama was not a jfk nixon thing where is was so close a little bit of fraud probably moved that election, it was 4.2 million votes that decided the election that is a huge number of votes that obama won with that puts oh, us in on you -- onus to prove on you which was a massive consequence what lois lerner did to the irs. >> from previous, they jumped up 3 to 6 million for republicans in 12 they went up less than a million, democrats down about 3 million, that difference between the two was less than what if -- it continued the growth. of republican turn out from what happened with the tea party if that had continued going, you had people hauled up for a
congressional committee and explaining they have been asked what they prayed about they were threatened, donors were threats ended. obama as a grassroots activist in chicago knew the danger of the tea party movement, he pushed it down the stairs. david: he saw ha happened in 2010 it led to changing in congress. >> he stopped it. david: we have to move it. we know about lois lerner's involvement. and allegations and what she suspected of having done. we don't know perhaps your book as investigated this, whether there was any can particular with the -- whether there was any contact with the white house and what lois lerner was doing did you investigate that. >> we did it was in public, president said things publicly, and senator -- there are probably e-mails she destroyed by we see public letter, and statements, she gave a speech on my birthday on the university
saying they are all screaming at me to fix this, i can't fix it legally, but they all want me to do something about this tea party movement. she said they were telling her what to do, we saw president talk about to the state of the union. david: he just said that it of your birthday. >> that is why i remember it. david: i am interested in how the irs, i don't know many people that like what it does or has done. but, in what way is this an issue in 2016, we saw rand paul focus on it yesterday, to a large extent when he announced. will getting rid of the irs's campaign platform for one of the republicans? >> the irs is not answering 60% of their phone calls this is the first year that mess of obamacare, and mess of ire internal revenue service get put together. they put that until the day after the president got elected
and they got mushed into 2015. did not quite work to save the house and senate. so this is the year of the mess with irs and overpaying people with subsidies trying to pull it back, it will be messier than usual, and hiding and destroying e-mails with hillary clinton doing it, with state department doing it. david: everyone is doing it. >> the irs. david: the russians will know what happened they hacked into the white house e-mail system, they have it all for us. they are pushing ni quit, but i have to ask who is in best position to challenge the irs? which republican potential? >> a number of them, yesterday rand paul, led with this issue. he is going to run on it. david: thank you very much grover norquist, en the irs before it -- the book, end the irs before it ends us. david: coal gone cold, coal
david: are you feeling under the weather, nose starts to run. president obama said it could be because of "climate change " >> if we can make sure that our respond to the environment are reducing those incidents that is something that i think that every parent would wish for. david: request obama administration already piling on energy companies in name of -- fixing climate change. mercedes fears that president will use scare tactics like
that, but joe trippi said a climate crackdown is needed, joe, the president is dealing with subposition. he thinks that it may have given his daughter allergies let's deal with something we know, the abysmal jobs numbers, a lot of jobs lost were in energy area because of the lowering of oil prices and obama wants to hit carbon producers more inspite of this? we know that people are getting hurt by this. >> well we also know that fossil fuel powered plants are increasing asthma attacks. there was a plant in massachusets when governor romney was governor, that he wanted to put controls on because it was -- >> yeah. >> it was linked -- >> you would get more colds if you done have the heat, that is for sure. mercedes not just democrats
mayor bloomberg from new york, also believing in this he gave $30 million to sierra club, with both democrats and republicans on the attack, can coal survive? >> i think it will be tough for the coal industry, we're seeing right now is president's approach in trying to basically extinct the coal industry, he is no friend of coal. the mere fact that coal investor invested over $120 billion in clean coal technology in carbon capture technology, and various others has been something that coal industry is trying to do -- >> keep that graphic up on the screen. joe we are looking at coal stocks under president obama. walter energy, cash coal down 93%. it goes on. even if i am to give you credit,
i am not willing to, buhypothetically. if i said okay coal leads to allergies and et cetera, don't you have to take the blame for the demise of the coal industry? and all those jobs that are lost because of that demise? >> i don't think that anyone should take the blame for it. david: wait a minute, somebody -- the regulations that have been imposed by the ape under president obama -- by the openna epa under president obama. that led to loss of thousands of jobs. >> there my have been lost jobs, but what about lives of people that are affected, children affected about by asthma attacks, you have to -- >> okay, you are willing to take the blame for loss of those jobs then? >> yeah, coal industry is not responsible for them, come on.
>> hold on, epa is responsible for pulling plug specifically, who stock are down over 90% come on even if you say to credit of children who are living more healthy lives it is a discredie to people without jobs in west virginia. >> if people want to vist in coal they are free to do that, they will lose money. >> they are losing money because the epa is trying to kill coal industry mercedes. >> we need to remember that what is happening here circumstance these regulations are basically impacting, low income families, and seniors that have to pay higher electricity prices, that is a big situation that we're dealing with, by attacking coal industry and going after them at the end it impacts the low income family. >> they should payless and get sick. >> oh, come on, joe. david: joe trippi thank you. >> mercedes.
>> thank you. david: middle class is getting squeezed but whyure wall street and washington benefiting, what is worse? inheriting 5,000 dolls or being nicknamed doll boy because of it? one man cries all the way to the bank on tonight's "strange inheritance," you don't want to miss it, right here on fbn. looking below the surface, researching a hunch... and making a decision you are type e*. time for a change of menu. research and invest from any website. with e*trade's browser trading. e*trade. opportunity is everywhere. i am totally blind. and sometimes i struggle to sleep at night, and stay awake during the day. this is called non-24.
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meckler. -- 3 trillion money printing as it happened middle class. >> it has not, i have been in 12 states since january. they are hurting no matter what president said, or his economists say and the bumbo jumbo they try to feed us, people are suffering midet class has been hurt. david: if $10 trillion was available in private sector instead of being spent by government what would it have been done. >> it would have been impact full government did it half right, they got money there. but they done get it out there some money stayed in bank. david: the fed? >> right fed money prints and
stimulus did not get out to the right people, you want to look at say obama versus reagan, similar stim lative environment but look at job creation under reagan almost twice that because of policy. david: reagan stimulus came from government pulling back, and obama's stated stimulus comes from government going forward. >> today if you look at unfunded liabilities. david: other burden, because. the fed money printing is savers get nothing with zero interest rates. if you safe at all -- save at all. you are getting screwed. >> if you want to go broke safely, you can buy a u.s. treasury bond, you are not --
that is amazing how low that rate is, you get your money back at the end but you are not buying anything with it. david: it you make that case that wall street is doing great because of the zeero interest rates, and government is doing great they can borrow and spend money with no consequence, but the middle class is getting screwed. >> will question is will anyone take advantage. david: has anyone. >> rand fall -- >> i think no, i have not seen anybody that is willing to tell full truth to american people about situation we're in, it is dire no one is telling real truth. david: you think no one will. >> they are all talking around the margins, you don't hear them. >> they are not talking about it they are coming are not coming up with solutions, one thing that say here are problems but you need a fix for it, that might be the
issue it is okay fine we know there is a problem how are we going to fix it, umi'm not sure. >> thank you. >> how president obama said who the next president is. >> did you hear that twitter might be for sale. you might be interested in who peoe is win offed in buying, i'm going to tell you tell your doctor all medicines you take. call your doctor if you have muscle pain or weakness, feel unusually tired have loss of appetite, upper belly pain, dark urine or yellowing of skin or eyes. these could be signs of serious side effects. i'm down with crestor! make your move. ask your doctor about crestor. hey, girl. is it crazy that your soccer trophy is talking to you right now? it kinda is. it's as crazy as you not rolling over your old 401k. cue the horns... just harness the confidence it took you to win me
david: what the tech. diedre to talk about latest trends in tech, space. when people think they can make a jeff bezos he is working on a spaceship, the idea of private sector replacing nasa is appealing to me, but show me the money. >> well, with ticket sales would you want to go to space. david: notes for $100,000. >> bezos and branson want you
to bezos has a company called blue origin. it can carry the wealth of 3 -- weight of 3 people and go up, but around 100 meters, it is still within orbit it is supposed to give us a taste of what it is like without breaking the earth's orbit. david: maybe if i walked on the moon i would pay that much money, but. meanwhile, tritter takeover rumors are over, twitter takeover rumors are back. >> well, google is one of them, but rumor we insist on this word google has about 60 billion cash. but question is, why. google plus, this is why this
rumor became more circulated has been a fall lure. david: just by spending half of cash they have they could buy it hold. >> twitter has an agreement with google a search deal where retweets can be searched in real-time, people saying these companies already work together. david: all right future of cooking it here, firefighters, a company call -- beware, a company, called meld, a so-called smart knob that will change your stove's temperature making sure each meal is cooked right. what do you think of this. >> i don't know, you told me a story about you have friends who are firemen.
david: they hate this, the idea of leaving anything on the stove alone, it how fires are started you should always be there monitoring it. >> bad ways to think of a slow cooker people too it, they go to work, but this is if you have a gas stove, you are saying, well you will leave an open flame in your house all day this smart knob you get a precise cooking solution whatever it is, i am with you i do have a gas stove i don't know they would leave a flame on all day. david: one fire that could be proved to be start because of this they are out of, they have lawsuit, that would sue them for billion, diedre bolton, thank you. >> thank you. david: did president obama really just take another swipe at christians?
republicans out raged. karl rove on how g.o.p. could government from this coming up. after all, healthier doesn't happen all by itself. it needs to be earned... every day... from the smallest detail to the boldest leap. healthier means using wellness to keep away illness... knowing a prescription is way more than the pills... and believing that a single life can be made better by millions of others. healthier takes somebody who can power modern health care... by connecting every single part of it. realizing cold hard data can inspire warmth and compassion... and that when technology meets expertise... everything is possible. for as long as the world keeps on searching for healthier... we're here to make healthier happen.
david: did the president use the white house easter prayer breakfast to take a jab at christians. >> as a christian, i am supposed to love, i have to say at sometimes what i have listened to less than loving expressions by christians, i get concerned. but that is topic for another day. david: well, i can only assume he is referring to controversy around indiana's freedom law.
but karl rove said they could also capitalize on it, carl, if he was just focusing on one thing, perhap he could get a pass, but he has done this so often before, several other occurrences, where he singled out christians for blame, for the world's misery, when ignoring any connection with the islam religion could and problems in world. is that something that republicans can cliez capitalize on? >> it will be out there you have 3 different, if you pardon use of his phrase, expressions of his one is his direct attack on christians in february he talked about you had christians need to get off their high horse, he compared crusade and inquestion sig and slavery to reaction of islamic terrorists today, he was talking about things that happened --
>> thousands of years ago. >> sing thing is that we have the he ignores christians, he has yet do bring himself to condemn the murder of christian college students in kenya by an islamic -- same thing with the datedeath of coptic christians in libya. david: and also in paris they singled out jews, he said it was a random attack on. it was clearly a attack on the jewish community he singles out christians but hing not single out muslims how do republicans play this? he is not running for election again. >> i think you have to be careful about using it, but this is going to have a long duringability and cause -- duringability and cause people to color their views of president, and cause them to
vote again people associated with him and one more version about his comments about christian, this today is not a comment on issues, if was less than loving expression about a particular ush he might have been inclined to talk about it, i think there was president talking about less than loving expressions from christians about him. he is a narcissist. i think today's comment was i don't like it when people criticize me, if they are people of faith who disagree with me, i really don't like it, and i think that more of an expression. about his own narcissism. david: some of his foreign policy does follow from this these words do not come without consequence uthe person in charge of his foreign policy, does she bear some of his responsibility for his antichristian rhetoric? >> absolutely, not for words ubut she will bear the burden of the words. i put it in my column tomorrow
in "wall street journal" in 2016, she will bear the difficulties of his foreign policy, which she was an architect of uand frustration of the american people in his domestic issues, remember over the affordable carable obamacare taking ark way people's policies and individual market, there will be eye lot more of that next year when obamacare falls on small businesses uthat was the individual market, people in small business market, we will see more cancellation from that market than last year. david: i'm talking about hillary, her e-mails, did you hear that now we know where the e-mails are russians have in their hacks of would house they have all of hillary's e-mails. -- i am joking, this is not true true.
>> you should have done that april 1 pick up the speed. david: but on that, if she destroyed that server after she was asked for those e-mails by the congressional committee, she obstructed justice does that not make her ineligible. >> they might have viewed this serious if she had an r behind her name. if she loses then the republican who wins will move to undo a lot of what barack obama has done, he wants her to win. >> we can expect republican nominee to mention it at least in one twoar or two debates.
david: iran,-saudi tension are heating up, get ready for oil prices to shoot up, iran is sending a navy destroyer to yemen. energy analyst said this could become down right dangerous. let's spell it out how dangerous. saudi arabia, they have used air power to strike at iranian backed forceses in yemen now they put ground troops, and iran sends this naval component into the air. we could have actual iranian troops against saudi troops,
that could lead to a big war. >> yes. absolutely. saudi arabia can do pretty much anything it wants to did at-this-point, even more so because united states is backing saudi arabia. i don't really see iran as that much of a huge threat. looking at the military capabilities very limited. they are a struggling country. but that said, the saudis have a lot at stake with the way oil prices are they will keep pumping, possibility of iran with more oil in market also a minor factor. david: remember though, it is just about iran is just about to get a great break thanks to president obama. they are about to get the sanctions lifted. that will give them a huge amount of extra money they did not have access to over the past several years. >> right they have about 35
million barrels sitting in storage right now ready to go. beyond that, it will take a while for them to produce again the infrastructure, is in need of investment. so there will be a impact for certain, we have seen, about 5 to 15 dollars a barrel, but beyond that, i think it will take a year or so before we see long-term issues. david: let us assume worse case for a moment. assume that, war does get hot that saudi arabia said, because of saudi arabia now has a coalition with turkey, pakistan and egypt po to protect saudi arabia from iranian incurring. that is what they think that yemen is all about. if the war gets really hot. some people say saudi arabia could get one of pakistan nuclear weapons because they subsidize that program in pakistan what would happen to oil, what would happen to the world economy? >> well, look, if saudi arabia
needed to go nuclear they have access to nuclear through pakistan. if -- if you talk all out you know all out war things get so heated i mean that changes the dynamic of oil of the oil market. because oil is a global market. while the u.s. production has had a huge impact over last few years, nothing could prepare the global market for you know all out strike. started by saudi arabia. david: yet by the way forgive me oil keeps going down. >> yes we're down about 3 dollars right now that is -- >> what -- >> saudis are not stop pumps. david: there is no calculation for price of oil for an all out war with iran and saudi arabia. >> if i had to go out on a limb, i would say and -- all out war
without the nuclear involvement we'll double it. david: jeff siegel thank you very much, thank you for watching see see -- "strange >> a inheritance" starts right now barbie for a girl. >> a house full of dolls from all over the world. jamie: you couldn't walk into the room. theres were thousands. >> about what makes this so strange? say hello to the heir. >> my either, why -- mother, why, me being a boy why was it dolls. >> she had a dying wish. >> don't throw these dolls away, find a home for them, that is what i want to do. >> does the man have a plan? >> they call my the doll boy. >> how is that working out for you. >> you can call me whatever you want. i have a pretty good inheritance here