tv Cavuto Coast to Coast FOX Business July 7, 2015 12:00pm-2:01pm EDT
years ago i cut them all and said if i don't have the cash to buy, then i simply don't need it. neil, cavuto is next, and this exclusive interview, neil, take it away . neil: thank you very much, i am neil cavuto on a day that markets are all over the place. we're following a lot of developments, even though we're down 118 now, charles was like reporting we were off almost 200. on some disappoint initially that the talks ended in europe and brussels with all the big europeans with no package in sightly right now for the greeks. and of course the greeks right now are the ones bearing their own gifts, own proposals, and to get some of that cash. they're not getting today, that was originally agreed unfavorable. also we heard when it comes to puerto rico, another closer problem to the united states, $72 billion in debt, who's payments the governor says cannot be paid.
a court ruling that you can't go through the bankruptcy court as it exists now to petition some relief in the united states. this might put the pressure on congress, though, to give them that relief. hillary clinton today saying puerto rico having the commonwealth to something had granddaughter and refinance its debts so that it can move on and continue to pay its bills and fight another day. apple, you've always probably wondered how that apple watch is doing, there's a tech firm saying it's not doing too well. it's averaging about 20,000 watches sold a day, which isn't too shabby, but it's a long way from the 200,000 apple watches from when this hit back in april; right? so if that is the case, and the apple watch is slowing down, reason not surprised to see the stock slowing down, it's at a two-month low at 124 a
share. we're all following marco rubio, he's one of the leading candidates for the presidential candidate, he's no longer the leading candidate, but an initiative he says won't cost a cent but will be very big on technology. that and his response to donald trump. marco rubio, what he's thinking on education right now. >> part of it is taking the existing dollars valuable and giving it to the students. part of it already happening, the private sector is creating innovative ways to teach people. online. there's all sorts of online courses that you can take that teach you just as well as sitting in a classroom, and many of them are free. so this is not about building new buildings oroming new universities. this is about taking knowledge and teaching and using technology to allow people to access it when they want, where they want, how often they want. and so if you're a single mom working as a receptionist, you can be taking classes online,
on weekends with on your own pace. and by being able to leverage technology to do that. a lot of that is already happening. the problem is that our system doesn't recognize that sort of learning. it only recognizes transitional sit in the classroom learning, and we can't have that anymore as the only option. . neil: you know, senator, many in the media jumped on what you're doing in chicago, you're trying to reclaim the offensive, trying to get back in this as a senator. of course you have obligations back in washington when it comes to dealing with the trade deal and then security issues that a lot of governors, former governors don't have to deal with. so does that mean that a senator, is that a disadvantage when running for president? >> well, i think you can show yourself to be a good leader in multiple different capacities. i mean i've served on local government as a city commissioner, itself speaker of a florida house, now i'm a senator and i aspire to the presidency. leadership was not about your occupation before, it's about your ability to cast your
vision for the future and move people together in that direction. and what we're trying to do here today is inspire people to believe that the 21st century can be -- not just in the history of america, but the history of the world, and it will require america to lead again and embrace all of these opportunities that this century provides us . neil: you know, "the new york times," not been too friendly to you over the past few weeks and months, now honing on this nonprofit group that's raising money on your behalf, 15.8 million to be exact, this project who's latest add features you and your concern about a deal with iran. so certainly very, very timely as they take up this always push back deadline. are you ever in contact with this group? is this group ever in contact with you? >> no. neil: because they generously use video. >> by law we're not allowed to
have contact with these groups, and that includes this particular group. we can't coordinate with them, we can't plan with them, we shouldn't have any contact with them, and i don't have any contact with them, as the law requires . neil: no, i understand that. but obviously they're a very wealthy group, maybe when all is said and done, maybe they could have 23 or $24 million working on your behalf. that generally is not included in monies that you raised, your opponents are saying that's a big advantage that you have. what douse? >> well, again, i'm not allowed to coordinate. i can't start this group, i can't stop this group, and i can't testimony what to advertise on. that's the law, and that's what we follow. i'm aware of the press reports, and i've seen the ad online . neil: do you have a problem with that ad? does that ad speak for you, senator? are you concerned about the iran deal? >> well, i am concerned about the iran deal. that's a matter of the public record.
i believe that what the president has already said it's going to include i'm opposed to. so there's no down the dugout that i'm consistently spoken out publically on various occasions of my concerns with their deal with iran, and i continue to be concerned about the direction this is taking. because ultimately i'm convinced that john kerry and barack obama want a deal worse than iran. and that puts us in a very disadvantage negotiating posture . neil: you know, "the new york times" focusing you and your wife's driving record, your own personal finances and on and on we go, and they seem to have it out for you, and i'm wondering if you feel that way yourself or you feel that they've been this way with other candidates as well and fair is fair? >> well, the truth is that everyone knows that the new york times has an editorial policy links far left, and i've most certainly had problems with the accuracy with some of the things
they've written and with the tone of much of many what did we've written. but we're going to move forward to this campaign and talk to voters directly. that's one of the advantages of the 21st century, we can talk to voters directly, by coming to interviews like this and the social media, and what iowa and new hampshire give you to do. we think that's going to have a much bigger impact on the race than any story in a newspaper like "the new york times." . neil: when someone like john stuart says it's a little bit beyond the pale; right? >> well, again, i mean i think people saw it for what it was. it spoke for itself, and most certainly i've been an american -- i've had student loans i had to pay off. and today i'm proud that we only have one debt, and that's the mortgage on our house, and that wasn't always the case, and ultimately in many ways it makes me passionate of what
millions of american families are running going through right now . neil: this push to normalize relations with crube cuba, you've been critical with that, and i'm wondering now with this moving along, whether you are concerned that a lot of cuban people, despite your heritage, aren't fans. again, this is coming from the new york times. but what do you make of that? in campaigning use it as a badge of honor? >> yeah, well, "the new york times" article you're referring to went to cuba and interviewed a handful of people, which all said the same thing. so number one in cuba they would have said something positive for me, they would have been punished for it by the government. and number two they will not see this interview. no cuban people will see this interview in cuba. any news they got about me comes from the government tv stations and the government run newspapers, and they're not big fans of mine.
and number three i'm glad that the cuban government seems to be on assessed with me because we've called them out who they are, they're regime that controls the entire economy and they're looking for more trade and agreement with the u.s. for one simple purposes. not to improv the lives of the people, but to increase their power. they need a soviet union, and now they're hoping that america will provide them the occurrence they need to stay in power for the for seeable feature, and i'm opposed to that. i want the cubans to have everything what they have in latin america. free and fair elections. . neil: you know, donald trump is criticized on a number of levels, but you see this in san francisco as proof that you can't be halfhearted when it comes to going after illegals. how do you answer that? >> well, first of all, what happens happens. this is a horrible tragedy and
our heart goes out to that family. such a horrible incident, just a terrible tragedy, and our heartbreaks for that is family. that individual had been deported on four separate occasions and each time snuck back in. and it is absolutely true that we have a border and illegal immigration issue that is serious. i've talked about that repeatly, autoi will continue -- neil: are you troubled when trump keeps saying this stuff about you, what doubtful about that? is he about being fair to you? >> no. here's the problem. the problem is border security is a very legitimate issue. illegal immigration is a very serious issue. what's happening now is he's made some other comments that are less responsible and now those comments are what everyone's focused on. the bottom line -- so we're led off the hook. all of these people that don't want to have a debate about illegal immigration. they want to focus on trump's
comments about, you know, mexicans . neil: do you think he's hurting your party, senator? >> i think that the comments he has made, i think the comments he has made, not about the party, the comments he has made have allowed people to distract from the very serious discotheque on hand, and that is this. we have a broken illegal immigration system and an illegal immigration problem that isn't just composed of a border of mexico. 40% of illegal immigrants in this coming legally. they're over staying visas, and we're not tracking them. and i've said repeatedly until we deal with that issue, we can't do anything else that's a very legitimate position, it's one that i think most americans agree on that, and we should not out rages comments those people who want to have that debate. so all we do is focus on what trump said and distract from the real issue, which is the fact that legal immigration laws that are not being
enforced . neil: now, i know you're tied for time, but donald trump is next day a lot of polls right now, are you surprised by that? >> i -- polls as i said people when i was in first place a few weeks ago, these things are going to go up and down, they really mean nothing at this stage. what's important is that we're out there, not just raising the resources, but actually talking to voters one-on-one. eventually these polls will matter more. it's not just july of 201537 i said that when i was up in the polls, and down in the polls. and ultimately i continue to believe that moving forward that until we get into the debate season and more retail politics where we're at all talking to voters with that's where i think you'll start to see the real factors in this race begin to way in. . neil: finally, sir, i know you started at a overnight at mitt romney's vacation home, along with chris christie and his wife. so you and your wife and the
christies, and the rom knees, what happened that night? what was going on? >> it was pretty much nonpolitical. we had a good time, the romney's are great hosts, and they allowed us to stay in their guest home there, the kids were with us, we walked in the parade that weekend, and we spent good quality time with him and his family, and governor christie we get along very well, we're running for the same office, but that doesn't mean we have to dislike each other . neil: well, the romney's seem to like you, pat romney said he from the get-go was able to willing to do whatever was like asked to do. no ego, he went on to say that you learn a lot about a person, what they're willing to do and how they handle themselves, and he, referring to you, was great. the romney folks have also popped up a lot of their former finance guys and campaign guys on your staff. is it fair to say that governor romney is very close to endorsing you? >> no. i don't think that's
fair to say. i don't suspect governor romney will endorse anyone in this race. he's someone i admire, and obviously tag is great as well and his family, and we had a great time, i wouldn't read too much knot, they're meeting with other people. and this campaign is about the individual candidates running it running now. and for me to be successful, i have to convinced people that i'm the right person in the right time in the right place and the right message and the right vision for the future, and that's what we're going to focus on in this campaign . neil: all right. i'm still focused on rubio, romney, and christie at a sleep over at romney's house. call me crazy, i want to know. we'll have more after this [ male announcer ] we know they're out there.
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>> we're back, this is cavuto coast to coast, to talk to you for a minute about panama neil mentioned at the top of the show that there's concern on the apple watch and how its selling, and that concern is coming from one research report from a firm called slice intelligence. which says there's been a huge drop-off, this chart behind us will shows you exactly how big, and the apple watch compares from the first week to now. at first they were selling 200,000 watches a day, now it's 20,000 watches a do you day, 90% drop off in sales. again, according to one firm. they look at the electronic receipts sent to e-mail addresses, and that's how they come up with their numbers. a couple of things. on pricing, you say, well, there's a lot of different apple watches. high end, like, $10,000 or more, they're not selling those quickly at all, only 2,000 have been sold in the u.s. two-thirds of the apple watches that are being sold are the, quote, unquote, the
sport version, the cheap version, it's only one report, but it doesn't look like they're selling that great . neil: what happened to the beard? >> what? i don't have a beard? . neil: yeah. >> i'm already regretting. i don't have an answer for you. . neil: this was just yesterday. >> as i know, by the way, folks, i don't know -- maybe you cut this off too soon, but you could have a couple hours here, macmay be you could cut it back. paul tweets, no beard? nextly he have tats. connell looks like a dj. no tweet, i didn't know connell could grow a beard. he just turned 18. that's a good one. and another bearded, baby. so now connell without the beard.
>> look at that video. >> i had a minor man crush on connell. i was actually going to buy him some trump success clone. . neil: it was his chance to move on the macy's big, but he opted out. >> they were going to put donald. . neil: what do you think of this, still got the money, whatever donald trump says, just focus on me. >> i think that's a better tactic for going after donald, for one reason and one reason only. listen pu took out the way he made those initial remarks and i don't like that. i don't know donald personally, i don't think he's air nativist. this has not been . neil: "no." >> his career; right? neil: and, by the way, it has a funny way offing is showing
up in the polls because he's more popular than ever. >> and i would never want to get in a fighting match with donald trump -- to let's be honest, what he gets mad, a junkyard dog -- display admire about him is he never forgets. >> yeah. well, here's the thing. one thing i will say about donald is here's the guy that completed imploded back in 1992 . neil: right. >> his real estate empire was in ashes . neil: i know. >> and he rebuilt it into a billion enterprise . neil: which i think will be a theme for his campaign. and all of this stuff resonating, the amedia pounding on him, i respect marco rubio for not running with the bait unlike other candidates who are hurting the party,. >> rubio said that this is an important issue . neil: right. >> and i think a lot of americans, and i think -- neil: he's not ready to throw h trump himself under the bus. >> why do it? . neil: exactly. trump seems to not care to
throw them under the bus. >> donald is a junk yar dog when he gets mad. here's the problem. when you have, like, 15, are we up to 15 now? . neil: 16 scott walker. >> so 17 pretty serious guys, and i think donald trump is pretty serious, a serious businessman . neil: very, very serious. >> so if you throw that many people in. . neil: before you thought this was all a marketing. >> well, it is. it is. , listen, he's going to milk this . neil: you're worse than connell with the beard. what are you? >> ureases. he's going to milk this until the end, and then he's going to say thank you i've contributed to the debate. that's my prediction, i'm sticking to it. . neil: we're having a deal on it, sparky. >> when you've got 17 people that are serious, votes get
disbursed -- neil: i'm starting to agree with you, you have to be right once in your life like a broken clock. . neil: all right, charlie gasparino, i've already enjoyed having him, we're talking about crunch time now, not what's going on in greece, or puerto rico, but have you take a look at oil prices, there's a theory out there that says when oil sized as it has been for four days running now, that can press some real serious problems for the overall economy. in other words, that's based on demand that the world is presumably slipping, and that demand won't be there. well, if it's not there for oil, it won't be there for a lot of other stuff; right? after this
if you want to know what's going on in that neck of the words, you talk to ashley webster, what's the latest? where does this stand? >> well, it's very complicated, do you expect anything else from this situation, from what we can gleam for what's going on in brussels, the prime minister himself turned up with no new proposal, we met with him, he told us the situation in greece, and then properly came up with no plan. promising something in the morning, which created this response from the president of lithuania, who says always waiting for a greek proposal tomorrow. cannot be every day for greece. so that pretty much sums up the frustration. and all the angry, and rhetoric we've heard so far has not been promising so far. what is interesting is president obama getting involved. apparently the greek prime
minister speaking to him by phone and telling him about his proposal over phone. i think the europeans are saying why? maybe they think the backing of president obama will help his cause. i don't think the europeans, and certainly not germany are going to pay any attention to that. they want a condiscreet concrete proposal, and so far, neil, not even close to that. so who knows. maybe again tomorrow, but this greek drama has no ending apparently. . neil: all right. ashley, thank you. remember we are very closely scrutinizing your expense reports, don't turn drachmas. and has this guy slept? i don't think so. and there's another development that many say is tied to greece, and that is a big tumble in oil prices, fourth day running now, 8 close to 9% in oil prices, some say that this is the reason. what do you think? what's going on here? how much further do we look at oil prices dropping?
>> well, neil, with regard to greece, it all comes down to the dollar. now, what we have, it's a very strong relationship that is an inverse relationship between the value of the dollar and the value of oil prices. so as the dollar goes higher, ie as the goes lower, oil prices will continue to go lower. so as we start to go to his a continued route, it is set for further weak innocence oil prices. now, oil in the abstract, we have to keep in mind one of the dumbest notions to come out of wall street over the past year is that somehow low oil prices are good for the economy. that has completely backwards, neil. industrial prices, which have also crashed, doesn't drive economic growth, economic growth drives industrial prices, so when you get copper, aluminum, lumber, iron
or, this is a major tell that something is wrong with the global economy . neil: now, we tend to like that there's a big of a pick up on the consumer side from that. you argue that in the aggregate, though, oil prices dropping from aside the fact that they're very big components, it's a bigger worry. why? >> well, absolutely. first and more most, there's no retail sell in gasoline prices. we've seen this, we've got decades worth of data. there is no correlation there. . neil: even if you're saving a lot of money on gas. the argument would go that the few bucks you're saving every time you fill up your car, that doesn't pan out? >> no. i get that. the argument is $1 i spen at the speed bump $1 i spend somewhere else. but that's a zero sum game. i'm not spending an extra
dollar, i'm just spending the same dollar but somewhere else. now, the problem here is i'll give you an antidote. my affordable health care this year, the premium for my family went up $14,000 a month. so even though i am spending or saving $100 a month at the pump, i still have to dig $106 for my health care cost, hence why the velocity of money is at a 40-year low. we're not turning over money in this economy. so that is the biggest nail in to that theory right there. so first and for most now with regard to -- let's look at the route in industrial commodities right now, whether we're looking at factory orders, goods, so fourth, that is in recession right now. so we're already looking at a significant portion of the
u.s. economy, which is in recession because oil and gas drilling and that portion of industrial manufacturing is a significant component. so now . neil: what did she, yeah, but leaving aside, it's been relevantly stable. you argue that to hit the whole field. >> i'm sorry oil prices staying stable . neil: no, the components and all of that, oil withstanding has actually been really stable. >> well, excuse me. the industrial production numbers, the factory order numbers are looking at year on year and month to month declines. we've only seen this partner eight other times . neil: and you're worried. that could lead to bad stuff; right? >> the only time you've seen factory orders, it's had eight times since 1950s, all eight of those have been during recession. so not in recession, the orders are disconnecting.
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♪yeah, you do the walk of life need to lower your blood sugar? ask your doctor about farxiga. and visit our website to learn how you may be able to get every month free. usaa makes me feel like i'm a car buying expert in no time at all. there was no stress. it was in and out. if i buy a car through usaa, i know i'm getting a fair price. we realized, okay, this not only could be convenient, we could save a lot of money. i was like, wow, if i could save this much, then i could actually maybe upgrade a little bit. and it was just easy. usaa, they just really make sure that you're well taken care of. usaa car buying service. powered by truecar. online and on the usaa app. neil: you know, he is one of the richest people on the plant and now the advisor and the chairman, the ceo is worried about cross curtains
out there, but unlike my last guest, he doesn't see these as media concerns or any reason for you to get out. lee, very good to have you. >> thank you. nice to be with you . neil: you heard about that last guest, this points to a eminent recession, a reason to get out of stocks. what douse of that? >> from what we're looking at, i don't see any recession, employment benefits are running, like, 270,000 a month, and indicators are expanding, europe is showing some green shoots . neil: greece has a funny way of showing that. >> well, greece, we've got to put it in perspective. greece is two-tenths of 1% of global gdp. it's less than one-tenth of% of the global market. . neil: let go and people are exposed. >> markets don't like uncertainty and markets don't like negative surprises. so i think the consensus, and we were probably consensus in all honest to what there would be an arrangement okay? and
there wasn't an arrangement, and then the vote would be yes and no and the vote was no, not yet . neil: what about the the prime minister? do you think he's making it tough? >> well, i think there's been a lot of problem, but they're going to have to endure more suffering. i think euro is going to be a catastrophe for them . neil: what if it's not? what if the european leaders is that they tried? >> well, i think what would have to happen is they leave the you're won't be they go back to drachma, currency collapses, tourism serges, you know, they start to do better, and if they're doing well . neil: right. >> maybe we should follow them. and i think germany recognizes this and germany wants to keep the euro together. . neil: well, you as an investor, that is the shaky fallout of this. would you change your investing horizon and the perspective? >> the extent that it basically affected the economic outlook, sure. bear markets and big market
declines don't materialize immaculate exception. they come out for reasons . neil: but they're black swan developments; right? >> the banking was much stronger today than 2008 . neil: you don't think we can have what we had in 2008? >> i don't think so. i'm not a visionary. but i was about to say bear markets come about for one of four reasons. generally is the stock market is smart, it smells recession, it starts the decline in advance of recession . neil: so what's it doing now? vol tight day. >> well, you know, it's kind of interesting. you know, 75% of daily trading per day has nothing to do with fundamental investing. it's the slicing and dicing of etfs, and i don't think you can reach a conclusion based on one day's events. the market this year is largely on changed. having gone up about 22% a last year for each of the last three years on average. the stock market, in my opinion, i could be dead wrong
of course, has gotten highway in its own fair evaluation, the market's done very little, i'm not shocked, because the market is really removed the under evaluation. and i think now going forward, the market appreciation in line of earnings. but going facebook to the four points i want to make, the stock market goes down because it smells a recession. we don't see a recession in the cards . neil: okay. >> number two the market goes down because it gets significantly overvalued, exploited, vulnerable to decline. it's not significantly overvalued. i know when i see these numbers, i so you understood look a statustition, but the market today is about 60 times of earnings. that's compared to government bonds that yield 2.1% and share rates of zero. so it's not exploited . neil: not overly rich. >> thirdly should get geopolitical event to kick you in the head, be something you see happen more and russia and
ukraine than i do about greece or maybe china or what's going on there . neil: what about the puerto rico? >> you know, if you own puerto rico, you're dead, you've got a problem. look, puerto rico, greece, it's evidence of a society -- system that's over leveraged, there's too much debt. that's where we're growing the flow. we have to pay down this debt. but i don't think that puerto rico itself is a major event for the market . neil: well, going back today, we should consider and have puerto rico open to the same bankruptcy laws as states have. >> no strong view in that. my only strong view is that we didn't bail out detroit, we're not bailing out puerto rico . neil: where would you put your money? >> well, basically the way you say it, is in the world of financial assets i have four choices; right? i can keep my money in carn, which is currently zero and maybe the next year will be 50 basis points.
i could put it into u.s. government bonds, they're about 2.1%, i think they're a joke. not from a credit standpoint, but there's not adequate compensation for inflation and taxes in government bonds. i could put it in high yield debt, which is not particularly attractive either, or i could put it in some common stock. now, i think the s&p right now, about 35% of the companies in the s&p 500 yield more than bonds. and, you know, i would say that i would take my chance in a portfolio well selected equities because i don't see the conditions that lead to a big decline . neil: what about the people who want to put their nate etf, the dow, the s&p. >> that's fine. neil: would you be okay with that? >> warren buffett has said repeatedly he thinks it's good -- neil: now, speaking of warren buffett, you've taken the pledge, you commit all your money. >> you know, i've been very blessed. i grew up about seven miles
here, south bronx, i went to high school in the bronx, college in the bronx . neil: what ever happened to you? >> i got lucky. i got an mda in from columbia, worked at goldman sachs, now been 24 years in my hedge fund, and i read the words of other people wiser than myself that have impressed me in so in 1900 andrew carnegie said he would die as a disgrace, and president kennedy nothing rall address in 1961 said ask not what your can can you know can do, but ask what you can do for your country . neil: but he they aall left something in their hares. >> well, i have kids . neil: how does that go at the table when you said. >> i gave them more than i needed, more than i wanted to give because they were investors in my fund and have compound compounded a good right at any rate. but there's four things you can do with money. . neil: guys, if we don't mind keeping him a little bit
neil: all right. continuing with cooper, the advisor and ceo of political economic financial circles. and pretty soon in the charitable unite unit there because he's giving it all away before he goes. why? >> well, as you say before the break, my observations, there's four things you can do with money. first you can consume it, by spending on yourself and being a could you tell me later, and i'm not a spender. i have a very purposeful wife who has forked 40 years, so she didn't have the time to consume. and by the time of looking at me, i'm not a closed horse, and i'm not an art collector . neil: so how do you spend your money? >> i don't. i have a very high savings rate . neil: what do you splurge on? >> i don't. the largest cost of living, and i don't say that, .
neil: good for you. >> second thing you could do with money is give it to your children, but i think there's a limit to what you want to do there in terms of taking away your enthusiasm, the ability to self achieve. the third thing you can do to money is give it to your government, and that's crazy if you can avoid it illegal. and the fourth is put it back into society. so as i sat with my family, we made a determination that we'll live a normal lifestyle and put it back into society and contribute to those organizations that made a difference to my family and myself in a lifetime . neil: such as. >> well, i gave a large gift to prinston college, approximately $24 a semester, large gift to columbia, which opened the door to goldman sachs, my wall street career. do something now on a scholarship base that new jersey for kids who have
academic needs. . neil: you've got a lot of -- have you heard about this italian anchor fund? no, okay. i'll tell you about it after the break. knowledgeable i know you're not big on hillary clinton, so i'm looking at the rapport prominent republican candidates, i talked to marco rubio netherlands broadcast. what do you think of him? >> i think he speaks very well, i happen to be jewish, i think he says the right about things israel, a serious ally in the middle east, i like what he says . neil: jeb bush. >> jeb bush, i've met with him, was very impressed. most impressive, showed up 8:00 in the morning alone. spent two hours and answered all the questions. but i'll tell you what i told him and i'll tell every candidate running. i said basically i'm conservative, i'm socially liberal. i'm heterosexual, if someone pursues a gay lifestyle, that's their business not, my
business. when the pope was asked about gay rights, he said who am i to judge. i happen to be pro-choice, but if someone is pro-life, i prepare the president that . neil: so when scott walker says he would push the constitutional amendment,. >> i think he's -- he's in a different zone than i am . neil: he would never get your support? >> you know, i would say that that will be the case. yeah. i'm basically -- let me tell you something . neil: if it were he and hillary clinton? >> good question. i'll have to beg off on that one . neil: you would think of voting for hillary clinton? >> let me tell you who i think you're going to vote for. with your permission.. neil: sure. >> you cannot bring about prosperity by discouraging thrift. you cannot strength enthe weak by weakening the strong, you cannot tear down big men. you cannot help the poor by destroying the rich. you cannot establish so you understood security on borrowed money. you cannot further the brotherhood of man by class hat red.
you cannot keep out of trouble by spending more than you can earn. you cannot build character and encourage by destroying men's initiative and independence. you cannot help men permanent by doing for them what they can ask should do themselves. that's a reverend williams, john henry bucker, 1916. someone who embodies those principles are the person who i'm going to vote for . neil: so thinking back, barack obama. >> no. i think -- he herniated a difficult hand, but he's not been able to unify people, and i think it's ironic. i was very pleased the country they elected a man of color as president. but i find it amazing the race relations are low to elect the black man as president . neil: but now we are suspicious of rich guys and it hurt mitt romney, and i'm wondering whether you think that's just a whole populous change in the country.
>> there's a definite negative view of wealth, and it's very concerning. and i think if you have money today, you're out of favor. no matter how hard you worked to get it, no matter how much social good you do with it, you're out of favor. but we'll have to accept it for what it is, and, you know, i can't worry and change, i can't control. so i'll do what i can do through the political process, and the individual that embodies these principles that the reverend cited, individuals going to basically sort. so i . neil: what did she it seems like the two principle ones for you right now are jeb bush and marco rubio. >> and i think chris christie is a good . neil: really? so you think chris christie is in the mix. >> he's a good man. yeah. he's a good man. you know, . neil: states a mess. >> i think his principles, i understand. but, you know, i have not decided to when we're going to go too many choices . neil: just stick with this, finish that. >> there's plenty of candidates out there, i know who i wouldn't vote for .
neil: who wouldn't you vote for? >> well, why would we want to go there? because . neil: because you mentioned it as a tease. >> i think mr. trump is somebody that i think somebody is too divisive . neil: are you surprised he's serging in the polls? >> i think he appeals to certain instincts in individuals . neil: people who have had it. they're frustrated. >> yeah. the movie network where you open the window . neil: peter francis. >> yeah . neil: the candidates who are resonating, getting passion on the stump, are donald trump, bernie sanders. two opposite ends. >> we need somebody that unifies people, brings people together, that can try to develop a program to support economic growth. the only way out of this is we've got to grow our way out of it . neil: you said that you're open to -- you like our progressive tax, similarly that makes sense; right? >> yeah. i think the rich people should pay more taxes . neil: the top rate now is classified as 39.6%, when but
you and i now know with his it's really in the mid-40s, well over 50%. >> yeah. i'm not ago saying taxes should be higher. . neil: bernie sanders says guys like you, 90%. >> well, i think he doesn't understand how the system p. it you talked about 90% during world war ii, but there were also deductions that brought down the 90%. . neil: that's right. >> i think as a nation, i believe in the income tax structure. i believe rich people should pay more in taxes. i do believe in my brother's keeper, which why i'm with buffett, but as a nation, we have to decide. what could a tax be on wealthy people? because let's say 60, 70, 80% of the revenues raised from the government come from wealthy people. that defines are the revenue yield to the government. so we should size the government to that projected revenue yield. now, if you ask the question to bernie sanders, you ask that question of paul, i did ask him that question, he said
70%, i asked that question to warren buffett, and he said if you make over million dollars a year, 35%, if you make over 5 million, 40%. i have no problem with that. i have no problem . neil: you know, mitt room rom knee got in a heap of trouble four years ago for sighting 47%. now, he angered a lot of older folks, veterans and all. but no one disputed his statistic that 47% do not pay federal income tax. some for good reason, others can't figure it out. isn't it a problem that we have half hour of the people in this country who are oblivious to the cost of the benefits that they receive because they don't have skin in the game. shouldn't everyone pay something? it doesn't have to be. >> above a certain level. . neil: what would that level be for you? >> i'm not in the economist, i don't think i could give you an intelligent glans are you kidding me? >> it depends how many dependents you have . neil: well, one of the
candidates plans says $60,000 for a family. that's an arbitrary level, but the idea being that everyone skin in the game, we would be much more interested in the cost of the game. >> you can't possibly disagree with that. so i think there should be a minimum tax, but what that level is, i don't know $50,000 if you have a family of two, three, four people, probably you shouldn't pay taxes. . neil: if we get to a point where this next presidential race is all about how much you pay in taxes, are we missing something? >> oh, i think it's much beyond what we pay in taxes. i think most reasonable people believe that in progressive income tax structure. so i think the issue is going to be more on, you know, leadership, you know, bringing people together. unifying people, . neil: okay. >> trying to work together for a common cause. not to be divisive, and then the trouble is we have a very divisive system right now . neil: we do. >> and we've gotten nowhere .
neil: you might have a future with this money thing, you should stick with it. >> stay out of politics . neil: all that money goes, and he's happy with that, and we're told his kids are happy with it. >> we think so . neil: we'll have more, much more after this do you want to know how hard it can be to breathe with copd? it can feel like this. copd includes chronic bronchitis and emphysema. spiriva is a once-daily inhaled copd maintenance treatment that helps open my airways for a full 24 hours. spiriva helps me breathe easier. spiriva respimat does not replace rescue inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva respimat. discuss all medicines you take, even eye drops.
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>> i'm convinced that john kerry and barack obama want a deal worse than the ayatollah and iran does and as a result it puts us in a tenuous negotiating posture. neil: there might be something to what marco rubio says, on the side of the dotted line, does it seem we want this deal more than they do? what he makes of that and marco rubio, not worth the effort. what do you think? >> i think that rubio is right and others said the same thing, governor scott walker says he
would have walked away from this deal. buying a used car, the car salesman knows you're desperate and puts you in a bad position. if you look back over what we've conceded, if you go back to the beginning of negotiations, it's staggering what we've given up. so. neil: so if we're pushing this and the iranians are pushing the sanctions part and they want all sanctions leaded because it gives them to 50 to $60 billion and it's their money so they should, but that seems to be the biggest issue to the iranians, the money. that should tell us a lot right there, right? >> it does. it's amazing what we've given up so far. $12 billion since negotiations began and that's gone in the form of sanctions released or asset unfrozen the i was at the state department when we made a misguided deal with north korea with a phony promises to give up the weapons program.
it was a big deal for them that we unfroze 25 million in frozen assets and now we're talking magnitude of 500 times greater, and it's not just the iran's programs, it's the region, lebanon, iraq, yemen and hezbollah. neil: that's the fear. christian, thank you so much, good seeing you. i want to take you to the corner of wall and broad. the dow is down 43 points. and the italian minister saying about the prospect of a deal, even after the ministers left the brussels powwow that looks imminent and that's the italian minister saying that, just saying he could have been drinking, possible he could have been out of his gourd, we don't know. it looks like greece might be closer to a deal. you know how this cat and mouse deal goes. one is reading something else into this and that could be russia's hand because every
time they're pushed against the wall, the prime minister, he reminds folks, i can talk to my friend vlad. is that had a concern? >> the russians are having a field day with what's happening in greece. if you look at russian press, they're talking about the beginning of the end of the european empire and find of feeding the russian psyche after they had their own collapse 30 years ago. now they're taking pleasure in this. there's a lot more at stake. there's more than a strategic security interest if greece goes the wrong way. neil: greece is going the wrong way could knock itself out of the euro and then can they be a stand alone successful country. if they go to the drachma, the jury is out. with russian help, all of a sudden it becomes a nato issue. >> absolutely. it's not the economics, russia
is not in a position to bail out greece, it's more the politics of it. if we end up with a greek excess, the greek people will be angry and frustrated with the course of events because they're about two-thirds, three quarters of the people that want to stay in the euro and it doesn't look like that's possible. neil: they don't have to worry about hardships and the cutbacks and pension allowances and they're kind of under vladimir putin. will they really care? >> absolutely. in the sense that this is an interesting country for russia, it's strategicical icallally lod we have a base in crete we use for staging and there's an air base as well as a naval base and the russians have been talking to the greeks using greek bases and ports and they took over crimea, it's a nice stop on the way out of crimea from the black sea into the
mediterranean. and greece when i was there, the ambassador, a linchpin for the energy security policy for europe would avoid the gas coming from russia. now the russians are talking to the greeks about a pipeline to greece so kind of pushing back on that notion that there's alternatives to russia for european energy security. lots going on here. neil: yeah, all simultaneously, dan. thank you, very, very much. in the meantime, there's a growing school of thought that we could be the next greece, if you add up our under funded liabilities and refusal to scale back on government excess, the difference being we can print our way out of it and stay out of this, but for only so long. joining us is liz macdonald, charlie gasparino and what do you make of na? >> we've had that debate in the past whether we are also greece. we have a lot of differences, but the similarities are, we have a huge unfunded pension liability and a big welfare state and an unwillingness to
have, you know, agreements and how to fix it. greece is going through a politicized bailout and no surprise because it's a socialist government. so do we have bloated left wing government policies? yes. we have no idea how to fix it, no. we don't have the political will to do it. neil: what do you think? >> we're not close to greece, it's an absurd comparison right now. you can make the case that big government is going to lead us there and i think what the republican candidates are trying to do, it's kind of fascinating. what they're looking to do is take the topic off being donald trump and his immigrant attacks and the other big story is greece. this is where we're going in the future if we don't adopt free market policies. i will tell you this, you know, just, if you just think about it. i mean, greece hasn't-- isn't a growing economy and an entrepreneur class. we still have a vibrant
entrepreneurial class. if we keep doing what we're doing will it destroy our entrepreneurial class a hundred years from now, it's possible. neil: and the argument is that that's what's happening, government is bigger, benefits more generous. those who get something from the government, percentages the highest we've seen and we are moving in that direction, what do you think? >> i think it's an absurd statement. and when presidential candidates step up and make the stements, it's to fuel their own egos right now and get out there and say something sensational. as charlie stayed we have an entrepreneurial class, greece has little industry. i mean, 200,000 people are employed by the government and that's partly because of-- i'm of greek heritage and they left after the war because they were poor. neil: bobby jindal says we're next and the entitlement
society, increasingly so, without looking for ways to pay for and address the policies, it's a matter of time, what do you say? >> in the short-term absolutely not. there's a reason why all the wealthy people want to place their money in america. even in the long-term he's right that we have to address our long-term unfunded liabilities, $80 trillion, but we're in a better advantage than many places in europe, who's more bloated than ours. neil: that's had a worry that we have-- >> go ahead. >> how many commissions have we had since the '70's and 80's and seriously, i tell you something, when you-- we need a real accounting all-in of what the u.s. government owes and it's been stated time and again, the welfare state does ruin the ability to create wealth in this country. it sucks a lot of money out of markets through the bond markets and that capital is not
there to grow the private economy. >> it's easily fixed. i think leon cooperman, i have an a lot of respect for. when you were speaking to him, the markets started to come back for some reason. neil: while you've been here we've gone down in the-- >> as soon as i open my mouth people start selling stuff. you know, growth is a huge thing here and i think people forget because we haven't had much growth under president obama, he slowed down the economy. t the-- if you had some in washington, you would see not-- >> 4% growth, it seems to be a concensus sort of a goal between republican candidates and i'm sure the president shares that of no growth, but growing your way out of something is certainly a lot more promising than hacking your way out of something. >> yeah, i think when you talk
about the deficit and the debt, and we talk about in terms of austerity and look to greece and see what austerity does. >> they dependent have austerity. >> yeah, they had extreme austerity. neil: if your look at austerity is-- >> it's 50% unemployment for underage 25 and that's an enjoy generation. >> it's because a fifth of the government works for the government ap-- >> speak from experience. and i have cousins underage 35 with masters degrees that can the know find jobs. >> let me ask you this. >> and i'm honest about it. >> in the greek economy, why do factories want to open up in asia, which in poor countries in asia, and not greece, which is a poor country. >> after world war ii, the economic incentive to bail
germany out and the plan-- >> and that's part of the-- >> but the european countries we bailed out europe and including greece, we gave money to greece, but my point is this-- my point is is this, there's a reason why businesses don't want to open up in greece, in southern italy, in the southern tier euro zones, you're talking about basic socialism, high taxes. neil: there are better alternatives. and if we are the draw, not because we're the coolest game in town, but the least screwed up for the time being, just made that up. >> absolutely. >> when is the last time we've seen 4% back to back growth. neil: i was not meaning to be rude -- with charlie i was -- we're getting word from the imf
right now urging the united states once again to cool it on any interest rate hikes that they're not needed for the time being and furthermore saying we need to washing on -- we need to watch the banks-- >> it's a total nonsector, where is that coming out of? >> that's having them taking more risk. >> it's coming out of the blue. >> it's idiotic statement. neil: that's the last time i'll interrupt for such a development.
fighter jet having collided with a small private plane in south carolina. it's a story that's still developing. we don't have a ton of details. an f-16 fighter jet colliding with a cessna c-150 plane, a two-seater 11 miles north of charleston, south carolina. and a little less than two hours ago, and we don't know anything about the condition of who may have been in that two-seat plane, in the private plane, nothing at all. what we know or told from the local reports in south carolina, the f-16 pilot is said to have ejected from the fighter jet and done so safely. so those are the reports, the f-16 pilot out of the plane safely and no word on the cessna two-seater in terms of what happened there. horrific pictures are coming to us there, neil. neil: connell, thank you, very, very much. speaking of air, airline mergers, the focus of a lot of
interest in washington. the justice department looking into what it's been calling price collusion among the big carriers. spirit airline says it's not included, spirit airlines in this search. jonathan hoenig, are we making much ado for throwing in the fees and it's still a great bargain, you stand by that? >> the facts are what they are. year offer year, air fares are down 2%. and international fares are down more, 7 to 17%. capacity, which is essentially the amount of tickets available for sale is up about 5%. and a lot of that competition, you know, the justice department says there's no competition. a lot of this is coming from airlines, and the low cost carriers like spirit air. their capacity is up 25% year over year and they're moving to compete with the big guys, like
kansas city and-- >> you don't buy the government's argument that there might be colluding going on here, they might not be as bl blatent as to call each other up and that's a-- >> they want to make money so they try to maximize their fares. the. >> the average airline ticket has 20 different fares by the time the flight takes off. so a smart consumer can buy ahead, shop around and get an amazing deal. the only collusion comes from regulators, neil, who highly regulate the industry. think of the fact that the foreign carriers are not permitted to compete with domestics at home and supposedly saved jobs. what it does is restrict the competition. why don't british airways or
japan airlines fly point to point? their own government doesn't let them do that. neil: you're not saying that flying is a pleasant experience for one jonathan hoenig outside of your private jet? >> no, i'm used to fitting into the tiny seats as well. neil: look at jonathan, whether it's nickel and dimed for everything, blankets to coke and where you sit on the plane let alone the size of the seat on the plane, it can double, triple the cost of the ticket. >> no question, neil, but the fact is, you said doubling or tripling the cost of the ticket. air travel is cheap. a $600 in 1980 costs about $250 to. if it kept place with inflation, it would be about $1700. so air travel as unpleasant as it is is historically extraordinarily cheap and the only thing keeping it from getting cheaper are the government regulators accusing
the big guys of collusion. it's the government that colludes in this case. neil: thank you. we'll tell you about the apple watch, that's not living up to expectation, in fact, it's slowing down fast. the sales are 1 is and 1/10. and we'll get an update on isis. and the president, what he plans to do about it? is it already too little too late?
the front runner, and jeb bush, not impressed there, why? >> i think there's nothing that the status quo the washington d.c. crowd would like more than a hillary clinton-jeb bush matchup. whoever wins, they win, because it's business as usual. >> jeb bush-- >> i think it's bad for the body poltic we can't get a clinton, kennedy or a bush-- >> you're worried about terrorism and london attacks and we forget, don't we? >> we do forget and the whirlwind of liberal foreign policy with barack obama. he keeps saying that isis is losing, but they're winning because they forced him to come out and do a press conference.
there are a lot of things that near to be cleared. neil: have we misjudged him. >> i don't think so. he refuses the ideology and he refused to call them terrorist. and we have to give them jam. if we can't call it islamic terror, we can't beat islamic terror. neil: lindsey graham says we just need more boots on the ground and bring the fight to them and you can't do it the way you're doing it. what do you think? >> i would agree with that. we need to reconstitute our network. obama created isis. he was more concerned with saying i ended the war in iraq and brought everybody home, he didn't think about the power vacuum that he left behind. neil: how long do you think we'll see with isis? >> we saw that with pamela
geller with the draw muhammad contest. neil: something big? >> i think that the average american doesn't know about isis, we're talking advanced degrees, masters. neil: and money. >> the people that they're appealing to are brilliant young muslim men who should be at university and making money, but are called to this horrific ideology. neil: you like rick perry why? >> he oversaw the 12th largest economy in the world and over a million women got put to work and the texas rainy day fund-- . there is no rule book for what he things happened. he tackled owe bollea and surge at the border and he said i need volunteers, 2000 raised
their hands and said they would. we lack leadership in washington and that's the kind of person that i want. neil: he's a much improved candidate from four years ago. we're getting new indications from apple at least from firms that closely follow the company, that sales of apple watches about 200,000 watches a day. we're told now it's down to 20,000, just one firm and not dramatically weighing on the stock, but it's used as an excuse to take it down a peg or two. the tech guy is on that, whether it's worth the attention that it's getting. what do you think about problems with this watch? >> it's not surprising at all. here is one of the issues. you see apple watches and crazy people that need to buy the watch on launch day. and they have the watch already and now it's normal people. apple hasn't made the argument why a normal person, not a
crazy tech person, needs to have this on a day-to-day basis. neil: and most of the watches sold, connell was reporting on this. the margins are generous, but that's not the one. >> they're not reliant on people buying the $10,000 gold watch. but it was a matter of hoping it was a wider reach and broader demand for it. the problem is you have the fitbit devices coming in at $100 and doing what apple is to go. it's the bells and whistles, but they don't need all of these. it's a question of whether they can have the next generation. neil: and i think it's tim cook's first stand alone, and the others are an update on an older product, the ipad, et
cetera. if this case that the apple watch went to a crawl. an enviable crawl for others. a lot of people feel he's a more democratic ruler for apple, but you need sort of a crazy monarchy running apple to get the crazy deals out there and make them must-haves for the entire world. a lot of people thought the ipad was not necessary for people to have, but steve jobs sold that idea through and maybe people were thinking, hey, that's not the same situation. neil: do you think that apple with a new iphone success, maybe a sharper camera, that it will be a difference? is this the advances that we face, anything else hold your horses? >> that's the thing, i think they're moderate, small innovations and the next iphone will be a relatively small innovation.
they have sort of a middle blah year about you the following year you'll see more dramatic improvements, more like the thumb print scanning we saw with the six and before that. it will be a bit of an off year for apple, but it is an innovative company and no one else is throwing innovation in like they are. i have faith in them for the long-term, but short-term, they have work to do. >> always a pleasure, thank you very much. what's going on, the dow is less of a concern for the moment. what if i told you the greek data i'm getting access to, it's something that could happen here? in fact, it has happened in this country, briefly, but it did. so it can. in that event, how would you get your cash?
>> well, one thing this whole greek crisis taught us, hang onto your cash 'cause your agoing to need it. an author will weigh in on that greek bank chaos and what you can learn from that as well. what do you think, a lot of people say, boy, if i can't get my money, i'm in deep trouble. do you mean put it under the mattress just in case? what do you do? >> yeah, actually maybe what's at that you do, put it under the mattress and great satisfaction that comes from a cigar box full of cash. most americans couldn't make it through noon without some sort
of credit card or debit card because we've become so dependent on technology to provide cash for us. i look at the greeks in this situation, kind of like i look at people in the carolinas, when a hurricane hits. you didn't know this is going to happen? you don't have television news, we knew this was going to happen in greece, we know when a hurricane is going to hit and yet we see people standing in line at grocery stores just like people do in greece with atm, to get water, toilet paper, planned goods. be prepared, have a safety net. neil: what do you mean, to get a greek situation here, unlikely though, it happened decades ago. do you advice people keep more cash at home? how do you play it? >> it has know to do with your
bank, i was standing behind a woman at the airport who didn't buy an 89 cent candy bar because she didn't have any crash. she's travelling without cash. and a bare minimum of a few hundred bucks put back in case anything happens they will be more prepared. everybody should be playing what if, what if my credit card didn't work today for any reason. what if my atm card, debit card didn't work today? it doesn't matter the cause, the thing is you need to be more prepared and we just platout aren't prepared on any level. so get some cash in your pocket and get a cigar box at home under your mattress and put money in it. neil: does it have to be a cigar box? bakery box or-- i understand what you're saying some sort of a box. thank you, larry. >> good to see you. neil: and what happened to the
china stock market today and the bear market territory. despite the chinese doing everything they can to prop it up. >> they're trying to do anything they can to prop it up. i think the problem, fundamentals with china is that you cannot really have a capitalist system without a democracy in play. and that we're seeing some of that reflected right now in the stock market. they're trying to do everything they can to prevent a real crisis there, but at the end of the day, it's just not going to work. i think in that particular economy, while promising, while exciting, has too many fundamental issues. >> i worry when they're saying 24% of the issues, they just stopped trading and were freeze trading them. that tells me there's a big problem beyond what the government is telling you. >> i agree with you. three trillion in the last three weeks has been wiped out in equity and the government is saying no more, no more.
any logical person would say i want my money out right now and i think at the end of the day, psychology here, investor psychology is going to trump anything they're trying to do. you just can't save the system from itself. >> all right, looking forward to seeing you at the top of the hour. in the meantime, you've heard how we want to normallize with cuba and the cubans are looking to do the same in washington d.c. now, businesses are jumping in. carnival cruises are looking to offer cuban cruises in the next year, its ceo with us next. ♪ i built my business with passion. but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy for my studio.
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as traders we'd want to use, like social signals, a tool that uses social media to help with research. 10,000 suggestions. who reads all those? he does. for all the confidence you need. td ameritrade. you got this. >> and now for your fox business brief. i'm connell mcshane. stocks were really down earlier, taking a big time hit on concerns about greece and china. 28 points on the dow and a point on the s&p 500. we want to focus in the business brief on oil. below the $51 a barrel mark earlier today. for the first time since april. it's in fact above that, but still down on the day and we're in the midst of the biggest four day drop in oil in four plus years. all of this should be good for drivers at the pump as we continue to see prices at the pump. the national average is 2.77
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it doesn't get much closer than cuba and the otherwise normal relations in each other's country. and arnold isn't wasting any time on this and he hopes that they're going to and from cuba. is that right? >> yeah, may of 2016, what we're looking for. >> obviously, you factored in the likely demand and you think it's justified? >> no question about it. a lot of pent up demand for the u.s. citizens who want to immerse in the cultural exchange and society. >> when i had margo rubio here, saying don't to it, the regime, you would say? >> i would say under the current travel guidelines under the u.s. citizens they're allowed under certain guidelines or fly under current guidelines, they can go into 12 authorized storms of travel
usually involving research, cultural exchange. neil: foreign-- norwegian can go there and-- >> that's the challenge. there was a legislation that restricted any ships carrying passengers to go from the u.s. to cuba and return in fewer than six months. so you have to apply for a license, so we applied to a licensing. neil: how many of them had do it? >> many may try, but what happened with us, we launched a brand, fathom targeted the dominican republic the porta platta region. and when we did that, we realized we qualified under the existing rules for travel and if we apply for a license. neil: a lot of americans would say, that's castro and his brother is running it. it's still a country that we identify so much with they're
the bad guys, you know? how do you dispel people or get them to move on? i guess we did after vietnam, now, i mean, a destination, what have you. we're not there yet with cuba, what do you say? >> certainly anybody that lost property or felt that their family, you know, somehow they lost family or whatever, it's tragic. neil: and those are the same ones, cuban-americans who fled, they remember what their parents went through and they say, no way. >> we're simply again going on the existing compliance guidelines that already exist that people in the united states are already travelling to cuba under, and now we're-- >> what do they see? everything is dilapidated, we're told. and they are nothing like what they expect when they get to puerto rico. >> i don't know that, i haven't been myself. first of all, this is a different type of travel. this is not a traditional tour.
you know, this is cultural exchange and immersion and that's the criteria that the u.s. currently is allowing travel from the u.s. to cuba. neil: have you lost any business or any of your loyal passengers because you've opened up to cuba? saying i'm never going to take carnival again. >> we've just announced approval today. we still need cuban approval before we can sail. neil: you haven't heard any or are you expecting any wrath from folks who say that's it, we're done. >> i'm not expecting a major reaction like that, but-- >> how soon will you go there? >> i'll be there to meet with the cuban stake holders to make sure that we have the right to go and that it was set up for the guests that come. we need permission from cuba. neil: they're not going to keep denying it. >> we're making certain that
we're honoring their requests so that we could set sail in 2016. neil: and i guess you book that trip now depending on approval we get. developments out of gm and that faulty part. now it's said to be responsible for 121 deaths. joan says that gm needs a far better account and the sooner they do, they should go to jail. joan, what do you make of this? it's gone up almost ten times for this faulty part and ignition switch. what do you make of it? >> probably that they knew a lot more than it was telling the public. it knew a lot more about the effect i have park both in the vehicle office and they didn't recall it for ten years and
people got killed and injured. neil: i know when i talked to ken in the compensation fund, that he had wide latitude and paying out to victims and victims' families. the number has grown markedly. how? what's happened? >> well, because a lot of people apply to get compensated by this fund and that's the only way they can get compensation for most of them and what they did, some 4,000 people applied and as they looked through every case file. they discovered more and more deaths. that's how it grew. general motors never did this on its own to find out who was injured and killed as far as i know. >> what's scary about this. that's not just lax oversight, that's for death, that's serious stuff. >> it is. and unfortunately, they do not have criminal authority and that's when the manufacturers sit up and take notice.
if they can go to jail for violating the law, not acknowledging a safety defect, they're going to pay a whole lot more attention from day one. the only criminal short is with the justice department and new york prosecutor, federal profit is looking into the general motors case. they find, toit -- 1.2 billion and we need more grownup authority here so that the companies will behave. and right now penalties, a max of 35 million. it should go up to 3 or 400 mfl million dollars. and nhtsa and the department of transportation does not have a budget that begins to cover what they have. the budget is 140 million for the entire nation, it's nothing. and the congress needs to
improve that budget desperately so that they can hire enough people to really enforce the law. be the cop on the beat. neil: one of you is worth 200 people right there. thank you, joan for making the time. we appreciate it. >> thank you so much. neil: in the meantime, everyone's focusing and worrying about greek pulling out of the euro. i know it sounds goofy, you know, if greece says they do gang busters great. that's what they fear, it does more than fine leaving that club that's stupid to begin with. can a business have a mind?
>> he is a former member of the u.k. parliament and john brown now joining us out of the confines of west palm beach, florida on greece leaving the eu. john, if you'll indulge me on this, i think what the europeans are really concerned about is that greece does just fine when it leaves the eu, in fact, better than fine and it's going to remind italy and portugal and spain, what are we worried about? maybe it's not such a bad deal to leave this ridiculous club, what do you think? >> i think it's a fascinating question, neil. i'm not so sure they'll do fine, but certainly suffer and may survive and then do fine. i quite agree because often short-term trouble gets peel together as a team and greece could rally because the european union shall the unelected government of the european union is seen increasingly as bully-boys and
boosting euro skeptic parties and in spain and germany and the party in france. these people are gaining out of the bad image and i think tsipras threw a ball in wimbledon terms, wimbledon week. he put a ball into the court of angela merkel and the european union which is a scare, who might come to the rescue, russia, china? or and they say value in greece with the prices. neil: and i'm learning that forces are apparently telling reuters, a euro zone summit, it's scheduled for sunday for any plan to aid greece. i don't know if any are planned
in the interr i am? what do you make of that? >> i think they'll called the european union's bluff and they've voted. i think the european union is worried about congregation. you've got elections italy, and those elections must worry the members of the european union and the euro zone. if that started to looked like failing, it would cause turmoil and boost the dollar tremendously, putting to death any speculation of a fed interest rate hike. neil: all right. john, thank you very, very much. we'll have much more on that. >> and spot on. you're spot on.
>> here's all the proof you need, my nerdy influence is expanding. i have a very young producer doing the show. ralph is about 12 years old. now he's into copper. he points out this is a six-year low. six-year low. in six years, it has never been lower, but it's low right now. trish. trish: like half his life, right? >> right. trish: breaking news, european leaders meeting trying to figure out a way to save greece. but greece it's shown up with no plan. the greeks went to the meeting with no ideas. they say they'll hopefully have an idea tomorrow, manana, manana, right? time is running out everyone. greek banks are on the verge of collapse. ashley webster is live in athens. joining me economist john maldin and gabrielle stein