tv Forbes on Fox FOX Business October 25, 2015 3:00am-3:31am EDT
other amazing bets. charles >> whirlpool is over sold. >> vanguard, mid cap etx. >> ben? >> sdy dividend heavy index fund. >> in just a few words, countless opportunities on fox. vice president joe biden nixing a presidential run this week saying the parties have to work together for america. >> i don't believe, like some do, that it's naive to talk to republicans. i don't think we should look at republicans as our enemies. they are our opposition. they are not our enemies. >> mm-hm >> hmm, i wonder if he was talking about hillary clinton saying this. >> which enemy are you most proud of? >> the nra, drug companies, the iranians, probably the
republicans. >> iranians, republicans? who has the better message to help our nation and our economy? hi, everybody. welcome to forbes on fox. let's focus with steve forbes, elizabeth mcdonald, sabrina schafer, john tandy and bruce jackson. isn't working with a loyal opposition a better way of doing business than equating them with terrorists? >> yes. unfortunately, biden was also addressing this to his boss who wants it his way or the highway. he refused to compromise on obamacare, on the whole thing on the stimulus package, on corporate tax cuts. he wants a tax increase. you have to have two sides wanting to cut a deal as reagan did in the mid 80s when he got fabulous tax cuts. president obama is not willing to compromise. i wish biden had been successful in having obama obey what he suggested. >> you have a slightly different view about the goodness for america and our economy of
politicians working together. explain. >> yeah. i think friendship and compromise and working together vastly over rated when it comes to politics. this is what got us obviously where we made ceos criminals. got us the bailout of banks that weakened the economy and the banking sector. annually gets us a spending bill thuces economic growth and robs us of liberty. it is better when they don't work together. they're not doing us harm. >> it also got us the reagan tax cuts which were cut as a result of cooperation between the two parties. >> right. >> clinton's welfare policies which with newt gingrich in the house resulted in ending a lot of welfare dependency programs. >> right. the problem is if you have continued political grid lock everyone looks to the reserve as the savior. like we are suffering from post bubble amnesia. we forget what happens when the reserve is the go-to place.
we don't want bad laws passed. that's the checks and balances we need. i think we need to get the country moving again. there is too much gridlock. too much incumbency as well and half the retiring congressmen becoming lobbyists. that's part of the problem, too. >> were it not for the far essentially between the two enemies as hillary put it, we would have, for example, had simpson bowles. we had the plan for lowering tax rates. would have had a top rate of 24%. only three rates, simpler program. like a steve forbes flat tax but with three rates. we didn't because everybody was screaming at each other. >> i think it might be the exception not the rule. i'm with john on this. we want to be careful. the more there is consensus, the more we grow government and diminish freedoms. at the same time we have to remember the country was formed on debates. that back and forth is important, healthy for a democracy. what worries me most and i think
this is what vice president biden was alluding to. when they are divisive most americans don't have a coherent political ideology. most americans are in the middle. this draws them farther away from the political process. that's not a good thing. >> rich, i think that's why our founding fathers worked hard to get the idea of compromise in the way our political system works. most of the people aren't either completely on one side or completely on the other. >> yeah. that's absolutely right. let's add in the fact that russia, china, isis and other organizations like that look at our dysfunction, interpret it as weakness and they get aggressive in the world as a result. we cease becoming a beacon for everybody who yearns for democracy and prosperity. look, i don't think you can force consensus. you have to get the american
people to demand it. there is not a candidate out there on either side making the convincing case for peace and prosperity. >> well, bruce, as somebody more on the democratic side than anybody else here, i wonder with hillary and joe biden, which side do you go with? >> i think since hillary said that she withstood the withering question s for 11 hours. she didn't even sweat at the benghazi hearing where trey gouty looked like albert brooks in "broadcast news." hillary is probably more correct. >> wow. >> i think whichever party controls both the white house and congress will get something done. i think the ship has sailed since reagan was in there. i think there is too much grid lock. >> to put a fine point on it you think joe biden's ideas are passe? >> he grew up and had friend s both sides of the aisle.
things are so toxic in washington it doesn't work. maybe we can return to it. >> are they gone for good? >> no. we have a toxic environment because we have a toxic president who re fuses to compromise. won't create consensus around the country. if you get a president who gets a consensus as reagan did in 1980 and then get big positive things done. >> you know, when you talk to democrats, they will say privately they never have seen such a divisive president in their lifetime. he is on so many levels. once he leaves office the fear is that hillary will continue that given her comments the oh night. >> can we get back to the days when people got together to work together for programs that helped the economy and the country? >> yes. i think this is where leadership is important and creativity. one of the challenges especially on the republican side, they look at the one size fits all programs. they say, that's ridiculous. we don't want it.
there are no problems. everything is fine. the market will handle it. there are people hurting. there are people who could benefit from help from washington. we have to think more creatively about market-based prescriptions to help those people. >> go ahead, john. >> what the electorate doesn't want, it's wise and it's voted for gridlock with good reason. can we remember how incompetent george w. bush was as president? we agree that obama has been lousy, too. why trust either political party at this point? that's what the electorate is saying. we don't trust either. >> do you think the electorate voted for gridlock? they voted for two sides that were against each other. >> i think they did. they didn't want obama to have too much power. they saw his overreach after he was elected in 2008. they voted away his pou in 2010 and 2014 wisely. >> the economy isn't so picture perfect. we know it. i didn't see gridlock on the
ballot when i went to the booth. we have corporate cash stranded overseas. two and a half trillion dollars. we need better policies to bring the money back home. that's the cheapest stimulus of all. >> we have one suggestion as far as that goes for donald trump. >> i don't know. i don't know if i have suggestions for donald trump. i wish he would have a more global view of this. i think the problem with john tamney's arm is it ignores the global component that we have enemies on the rise. they ignore our dysfunction and interpret it as weakness. e-mac brings up a great point about taxes. you have to look at it in a global context. >> final word from steve. >> you get consensus when you have a candidate who puts forth a reaganesque program for growth and the country will move again and the democrats will make compromises, not republicans. >> i'm sure bruce agrees. we have run out of time.
coming up next, opec said it wanted to squash the oil boom in the u.s. there is word it is about to succeed. some here say the government may be helping them do it. are they right? my son is a handsome young man, like a movie star. there's no limit to what he can do. i don't know why he would ruin himself with alcohol. when i think about the happy boy he used to be and how sad his life is now, it breaks my heart.
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fox." >> opec's so called war against the u.s. oil boom might be working. oil production falling to the lowest levels since november. that's when some say the oil cartel took action to drive down prices and choke off u.s. competition. you say the government is actually helping the enemy. >> unfortunately they are. what's happening is we are getting rid of our gas by burning it off because we don't have a way to deliver it to market. our gas and oil guys are saying, we need the pipelines, the infrastructure. we need the terminals but the obama administration keeps reeject it. so we are literally burning off
fuel we could be bringing to market. by the way, we could be creating manufacturing jobs and building the economy and bringing in more tax revenue. we are really handing a gift to the enemies. >> opec, the enemy, is winning, steve. >> it's winning the obama administration which doesn't like oil and gas. opec is overrated. when the dollar is strong, prices go down. when the dollar is weak, prices go up. what we have here is -- liz is right -- the obama administration is blocking the development of our natural gas industry. >> they are overrated then iffer they are hurting us. >> opec doesn't hurt us. the obama administration does. >> who's the biggest enemy here -- opec or the obama administration in terms of energy independence? >> in the short term you have to throw in economics. saudi arabia oil is so cheap. they can make money at $10 a
barrel. nobody in the united states can. i'm of the opinion that the house of assad will fall within five years. iran will be a regional power. for that reason we have to go into energy independence even if it costs more. >> i don't like the term energy independence. we are not independent when it comes to consuming food. we import food and that's just as important as oil. i want to hit on what steve said. our government has always been the enemy when it comes to energy. in the early 70s we cut oil production from 10 million barrels a day down to 8 million by 1973. we had the national energy act in 1973 by nixon. that was a catastrophe. we need the government to get out of the way. and the market will produce ample energy here in the u.s. >> specifically what we need is help from the federal government. i mean, we have had this oil boom but that's because of private land and state lands,
not federal lands. look at the red at the bottom of the chart. it's oil production on federal lands. that's still in the red. it's just the private and state lands where we are getting more oil. >> takes ten days. on federal land it takes 300 days. that puts it into sharp relief. the goals of the energy independence may be a good one but it's putting the cart in front of the horse. the first thing government should do is do no harm. they are doing harm through regulations. whether we are talking about fracking, not allowing us to drill on federal land or if they are distorting the market by subsidizing green energy companies that aren't providing a necessary good. i think we need to step back and say how can government get out of the way before we talk about the next steps forward. >> bruce, getting back to the first point, opec declared war on our energy producers, maybe
not technically speaking. that's what they have been doing. it looks like they are winning because of what the federal government is doing to us. >> i think the federal government under obama once told romney he would be in favor of a diverse strategy that included oil and natural gas. >> that's what he said, but not what he did. >> yeah. but a diverse strategy is what people would back including wind and solar. i don't think the environmentalists want him to do more with fracking and he hasn't. >> wind, solar and renewables are a fraction of what will lead to energy independence. most of that would be carbon production. would it not? >> absolutely. you saw in europe, countries like germany went all out on alternative energies. spent hundreds of billions of dollars. their electricity costs are three times what they are in the u.s. hurting the economy. oil and gas as the government got out of the way we would be fine and we can beat opec at their own game. >> rich, a question.
can the fracking industry, because their costs are higher, certainly higher than the saudis which is negligible as you say. but can they survive prices this low for this long? >> yeah. they are entrepreneurial. they can shut them down, shove them off. they will get back in. we saw what happened when they get the price signal to go back in. beneath all the texas oil fields that were so productive in the 50s and 60s, our oil fields bigger than baccan. i think we should have government policy to en courage it. middle east oil will be unstable over the next ten years. china will swoop in. >> when you see saudi arabia in the bond markets they used the oil money to fire hose social unrest. it ain't working right now. by the way, getting back to what the obama administration did, we have hundreds of miles of pipeline in this country. even the kurds have their own pipeline. i don't know what the fuss was
about keystone. >> that's the last word. meanwhile the cashin in gang getting ready. >> groups demanding snl pull the plug on donald trump's hosting gig. shouldn't everyone re lax and let the people decide? see you at 11:30. >> good questions. thanks, eric. we'll be watching. first, are we so focused on the surge of migrants over there we are missing a new surge of illegal immigrants coming here? costs are adding up. costs are adding up. someone
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senate democrats in washington blobbing a bill that would have cracked down on sanctuary citieses. now another surge in illegal aliens at the border. steve, are sanctuary cities making things worse? >> yes. it is uncontroversial and a moral outrage that a city like san francisco won't honor the decision to keep in custody illegal aliens who are suspected or have committed violent crimes. they get deported, come back again, commit crimes and san francisco releases them. this is an outrage. >> we are not against immigration. our relatives were immigrants. what we are against is immigrants who come here to
break the law. >> this is work for san francisco -- >> work? didn't work for -- >> that's a political prop. >> what? >> the answer here is -- the answer here is comprehensive immigration reform. the undocumented immigrants can come out from under the shadows, start paying taxes and live their lives in this country. that's what the answer is. >> forgive me, bruce. we are not talking about that. by the way, calling the murder of catherine steinly -- >> they are using it in politics. >> as a political prop? no it's not. this is about stopping future murders, national security. this is about stopping the outsourcing to cities like san francisco. this is about protecting the border. >> this is an isolated incident. it's a horrible isolated incident.
>> you see the rhetoric out of san francisco. we have a sound bite from one of the city supervisors talking about this. let's play it. >> we cannot allow hateful conservative news stations to drive how we respond to incidents in our city. i'm not afraid of fox news. they don't influence how i make my policy decisions here in san francisco. >> rich, i don't know about you. i don't care myself hateful. i don't think you are a hateful person. again, nothing against immigration. it's against immigrants coming for the wrong reason. >> san francisco is so full of itself. let me say as a resident of the bay area that san francisco is the luckiest city on the planet. it's blessed by great geography, great weather, great technology. therefore the city is booming. i would like to see what san francisco does with the sanctuary policy if it had to deal with the same issues toledo or detroit did. >> we don't have much time. mike? >> i don't understand why cities
and states have to abide by the federal government when it comes to obamacare, why don't they have to abide by the goth when it comes to illegal immigration? >> good point. quickly, john. last word. >> as members of the right we should always defer to cities and states over the federal government. this is an offensive insult to immigrants. >> okay. that's the last word. coming up, oprah just helping weight watchers stock double in ♪i see trees of green ♪red roses too
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solid programming. >> great programming and maybe an acquisition target as well. >> certain people have been talking about it. that would up the price. >> that's it for "forbes on we continue with "cashin' in." republicans are squandering millions of taxpayer dollars. >> we spent almost $5 million. >> we don't need to spend $4.7 million in 17 months to simply prosecute you. >> here's something you don't see every day. democrats worried about spending with hillary in the hot seat at the benghazi hearing this week, liberals rush to her defense, pointing at republicans saying they are wasting time and money. welcome to "cashin' in." our crew this week. jonathan hoenig, michelle fields and jessica. senator rand paul will join us