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tv   Cavuto Coast to Coast  FOX Business  December 11, 2015 12:00pm-2:01pm EST

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hurt, the dow off exactly 250 points, we've been there pretty much since the opening bell and the story again is oil falling below $46 a barrel, that's putting a lot of downward pressure on the market. how low will it go? let's go to neil cavuto. take it away,. neil: thank you. the give-and-take on oil, although the consensus seems for average folks like you and me, oil prices go down, gas goes down, we're looking at gas that can get to a buck, $1.85 a gallon, and that's good news. unfortunately, -- with this continuing a lot of these oil and i'll service related companies, they're laying off a lot of people, it just went over 100,000 in this the last week and expect that to get worse and to make matters worse, these same premier players are very big in
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prominent components, a whole bunch in averages, including the s&p 500 and the dow industrials. exxon mobile and chevron the cheap layers there. so they go down, they get hit, those averages go down, those averages get hit and well you know the rest of the story. and who knows better than our own jeff flock right now in chicago at the cme. jeff, what's the latest there? >> oh, boy, i tell you we're almost at session lows, 35-81, the last trade is 35-78, almost down a dollar on the day and below $36, any time we get more stability, more selling comes in. so that's why weir at the lows. it is -- it has been a wild ride all week, and it continues today, neil,. neil: do you ever get or do traders tell you that there's any stop to this isn't? or that it's overdoing itself? because i've equally heard from people no. no. in. $20 is a real possibility. i don't know what the real
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floor is here, but i've heard all sorts of estimates. >> you do get different views. i mean our fill tends to be fairly bullish. you know, but the majority is not. and they pointed this -- it's a perfect storm they point out. i mean today's iea report says we're going to have oversupply until 2016 thanks largely to opec, you've got oil stocks, 3 billion barrels and that's the highest it has been at this time in the year in 80 years and there are some people who is you can make money so we're $10 away from that. and of course the dollar remains strong. so all of those, you know, pieces, the only side -- the only thing on the other side of that is goodman, which is increasing. but i don't think there's any way that demand can keep up with this oversupply that we've got. neil: all right, buddy, thank you. you've been a busiy bee this week.
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jeff flock at the cme, and nicole petallides on how this could have a big impact on consumer spending. now, the impact could people see what they're saving at the pump, presumably they spend it, what are you hearing? >> well, that's absolutely right. that's the presumption; right? less at the pump -- when we talk about oil down below $36, lowest level since 2009, the gasoline pump is around $2. but we're not necessarily seeing the correlation between the lower gas prices, which are down 6.5% and the retail sales of peopling spending, which is up 0.2%. in fact, they're spending on rent, they're spending on health care. so it's not really translating into spending at the stores. that being said we talked about energy. you can see some of these energy names, exxon, chevron, and to your point they drop and hit the major averages. so you put together the exxon and chevron, for example, and they're worth about negative 25 dow points today. materials are also under pressure.
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we have the big merger between the two huge old companies dupont. are those under pressure as well, the only hope are some of the utility names up about half a percent. but big picture here as oil -- and jeff flock made the point is that they expect it to continue into 2016 and that could continue to weigh on those energy shares, and it makes an impact overall. neil: who would ever think; right? nicole, where we would be in this position saying those tumbling gas prices aren't great news. >> not as great as we thought and now the dow and s&p are lower for the year, even lower than yesterday. neil: amazing. thank you, nicole very much. this is suddenly emerged as a big issue for the federal reserve when it meets next week; right? they're going to decide in the two-day meeting whether this is the first time they would seriously consider and act on raising interest rates for almost a decade and the party would end.
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would this be a reason for foresolve that? dan schaffer on how the fed -- you always hear that what could stop them from moving, dan? that this might be one of those outside events i didn't plan open you get some weak economic news and you and i look through all the economic news, and you could make a case either way. but this latest news is -- it provides convenient cover for them. what do you think. >> yes. i think so, neil, i think they're in a very bad position right now, especially with the manufacturing last week coming in below 50, which is a very clear number that they're watching. i just don't think they're going to be able to raise rates in this environment, and i think they're going to start talking to be dubbish. neil: you don't think they're going to raise rates next week? >> no, really don't. again, there's a possibility they can and then they'll retract that three months later. neil: that would look even dopier; right? for them not you. >> neil, they absolutely have no clue.
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listen, janet yellen, she's a lovely lady but she doesn't know, these times we've never seen before, the crude oil with the perfect storm, we have a perfect storm in the economic environment, which i've been talking about for several years now that in the early stages of a deflationary depression, we are now heading into that with the prices of raw materials, iron or, crude oil, gold, silver, all of these collapsing because the demand is not there and people don't need to manufacturer. this is a natural cycle. this is nothing new but the federal reserve trying to control interest rates and trying to control our economy, their policies haven't worked. people are more scared today, they're holding onto cash, the velocity of money has collapsed to below 1960 levels -- neil: what does that mean the velocity of money? >> velocity of money is the amount of money that's transacting between companies and individuals. so if i buy something from a vendor and that vendor goes out and buys something out, and that vendor buys something else, you have a multiplied
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effect of money, right now that has collapsed. it is way below the numbers, and this is exactly what happened in japan. so we have a lot of the perfect storm happening for the global equity markets. the federal reserve, in my opinion, is going to have to start to do activity the same way the ecb is now going to negative interest rate. neil: you're atalking about the european central bank. real quickly this other notion the reason people fear a rate hike -- the history of the federal reserve if you're in a hiking cycle or can you get cycle, you're rarely just one and done, and that was the fear by a number of smart folks on either side of the ledger here that they wouldn't be just one hike, it would be a steady stream of hikes and that concerns them, especially the timing. what do you think of that? >> i think they're wrong on that historical factor. that's not one and done. because if you ga g back to the 1930s and even earlier, there are times where the
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federal reserve has moved up and then moved down. now, the depression occurred -- neil: with one move? >> with one move, yes. now, what happened during the depression was that the federal reserve did raise interest rates in a deflationary environment, which caused them in 1936, '37 '38, the great depression. neil: okay. >> so we're on the edge of that as far as history is if they're going to raise rates here, we're going to see the stock market down tremendously and if they don't raise rates here and they use this word transittory, nobody knows what that means. neil: i think if you presented the scenario there the market sells off regardless. >> yes. neil: if they're expecting a rate hike and they don't see it, they're going to sell off out of panic, fear, these guys see what we don't. and if they don't, have made going to say beyond the curve, what we have, smart guys like you say. >> exactly. neil: wow that's so great i made that up.
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>> great to see you. thanks. neil: another guy on taking all of this into account. now, brian, you're of the mind-set that they should hike; right? >> yeah. absolutely. not only should they hike, they will hike and -- neil: do you see that hike, brian, seeing a start of a trend? >> i do. it's going to be slow and gradual. kind of at most, neil, at the end of next year 2016 maybe the federal funds rate will be 1%. you know, if i said 1.5 people would think i was really crazy but these are both still very, very low rates. but -- you know, every other meeting, every third meeting. neil: i'm sorry, my friend. why do you see in this environment the need to raise rates? because there are many who look at the weak numbers and the collapse in oil, world recession, slow down, you name it. >> sure. neil: you don't see the same thing. why not? >> no, i don't. you know, real gdp, real growth in the
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economy has been 2 to 2.5%. inflation, you know, without the oil price, let's kind of look at core inflation, running 1 to 1.5, you run this numbers together you get 3.5% nominal growth in the economy and you can't justify 0% interest rates in that environment. they should be higher. you look back over all of history whenever we keep rates this low relative to economic growth, we always end up with problems. either bubbles or inflation. we shouldn't have 0% interest rates today, apple doesn't need them and if we raise rates by a quarter of point, do we think that apple isn't going to release the iphone 7? . neil: well, despite the history had a schaffer alluded to in the 1930s there was precedent for one and done, but having said that i think market fear, yeah, quarter point is going to make a big
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difference in apple's plans or consumer's plans but i do know psychologically when rates go up you don't talk about it in a moment event, you talk about it as a trend and it may not be a fast, rapid trend, but it would be a trend. wouldn't that give consumers pause? >> neil, i think, first of all, two things. number one when people think rates are going to head higher, they accelerate purchases of cars, houses, big-ticket items because, hey, i might as well buy it today before interest rates are higher. the second thing all of this talk about this rate hike, this tiny little rate hike reminds me of the taper tantrum. everybody through a fit about tapering, it was going to end the world, kill emerging markets, knock the stock market down, kill housing, out of this stuff. the fed is tapered, now gdp is higher, auto sales are higher,
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home sales are higher. neil: referred to that point high point where the fed was throwing $65 billion worth of money at the market buying all of these bonds and bills, they've since stopped that. but, again, markets get jarred at news that it's coming and then adjusts. but, you know, the flip side was they didn't take a bunch away completely; right? they provided these very low rates. now, if you take any signs of a party paraphernalia away, there's nothing to fall back on and then people will have a tantrum; right? >> right. and what the fed has done you described it perfectly, they did quantitative easing, they were buying back in $201,385,000,000,000 of bonds every month. in '14, 2014 they went to zero. everybody said when they pull away that punch bowl, the world is going to end. it didn't end. now that people are doing is
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shifting their focus to a rate hike. they were wrong about what ending quantitative easing would do now they're saying, hey, if the fed raises rates, that's what's going to kill the economy and they're wrong about this too. and i think one of the key things here is people believe somehow some way they believe the only reason the stock market is up, the only reason the economy is grown is because the fed has done these things. and i don't buy that. i look at apple, i look at the invention of the cloud, fracking, all these things. it's the entrepreneur that's been growing the economy. ben bernanke and janet yellen have never tracked a well, they have never stayed up all night and write apps and those people are still going to drink red bull whether it' it's a quarter percent or one percent and those new ideas are still going to be flowing and that's what creates
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profits and higher stock prices, we've had a tough year this year. it's emotional, i get it, but it's just like the taper tantrum, once we get through this, the fed will raise rates everyone realizes the sun comes up again -- neil: but what if the sun does not come up? then what are you going to do, mr. smarty pants? >> you know, the sun is going to come up, neil,. neil: we'll see about that. >> i'll make a bet on that. neil: all right. all right. well, you know, that was a very, very intelligent discussion. i enjoyed that. you're a smart guy, that? i appreciate it, my friend. >> thank you. great to be with you, neil,. neil: same here. that's an interesting argument. you heard the argument again, that's what we call financial fair imbalancing, you wonder why we're getting the second presidential debate. hello, that's what we do. and, by the way, donald trump and ted cruz, that man hugging and seemed like everyone was
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loving each other? i saw the first signs that it's getting nasty. i'm not saying, like, really nasty. but i am saying really, really, really nasty when the donald unloads, everybody duck sure, tv has evolved over the years.
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movie geeks. sports freaks. x1 from xfinity will change the way you experience tv. neil: all right. we've got some news concerning donald trump, and it's his trump tower website that had an outage after this anonymous
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anti -- how would you describe anonymous, charlie gasparino? love to hack stuff. anyway because of his muslim comments and everybody else, they say they deliberately hacked it, brought it down, a lot of this has to do with donald trump saying we've got to hold off on bringing more muslims into this country. bottom line is the site's back up. i didn't even know -- trump tower has a site. >> what does he have on that site? . neil: it's a beautiful site. >> he's a beautiful man. neil: well, here's what's not beautiful. once ted cruz was saying at an event and apparently beyond he didn't think donald trump had the backer to be president, long shot that got back to donald trump and that is something i d you do not want to invite. donald trump tweeting it looks like ted cruz is getting ready to attack.
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i am leading by so much, i hope so he will fall like all the others. it's going to be easy. it will be easy. gallery gasparino of course have been waiting for this. the first time someone goes after trump and have not messed it up with each other. >> i love his twitter cadence. he has this down. neil: that's a very good way to put it. twitter cadence. >> he's good at it. well, if i look at it donald picks on the people who are his closest rivals. neil: he says had he bring it on, but i think i told him when he was last year they come at you with a pea shooter -- >> but politics is a blood sport. neil: let me write that down. you have to admit that's a little over -- >> ted cruz has to take out donald. he has to at some point. neil: but now you think the gloves are off and the two are going to go at it. >> listen, i think what he does with jeb and all these other people, that's what
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you're supposed to do. neil: i agree with you. i think it happens when. >> right. neil: they get close or -- >> but i think the bigger story here is who he thinks his rival first, remember at first it was jeb, then it was ben carson -- neil: he too is talking about -- he wants to calibrate that and bring it back, that's a separate issue. >> but now it's cruz and that's who donald just goes after the guys that he sees rising in the poll. now, the question is will it work effectively on ted and ruby and jeb as it did cruz? cruz is a better politician than jeb bush and obviously ben carson. so it's going to be a harder fight. neil: yeah, very good dodger and weaver. >> not only that he's brilliant, he's a smart guy, than the jeb isn't smart but when he was at harvard, the liberal professors were afraid to argue with him. neil: have you read his arguments before the supreme -- i mean i don't care
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whether you're right or left -- >> there's a good article to read minus out, try to ignore the liberal bias in the new yorker about ted cruz how brilliant and how the liberal professors were shaking in the shoes -- you never heard the same thing about president obama when he was at harvard. neil: no, he is scary smart. i do want to raise with you, though, and we did touch on it before, we've got a contest going on here, and you know hits proving how pressing i am. >> right. neil: and i want you to go back in time. >> broker convention. neil: remark from me. neil: all competing for the same number of delegates being portioned out. it gets to be mathematically impossible for any one man or woman to amass the delegates necessary by the time the convention gets to cleveland. >> broker convention, broker convention, we're going to have a broker convention. no one's going to get to cleveland with enough delegates to be the nominee. neil: then the world laughed. what i told the world -- the donald you need all day breakfast and maybe you might
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turn things around. mcdonald's did all day breakfast. >> by the way, i did not laugh at you when you said that. i agreed with you. neil: you gave me one of those looks, like, oh, that's cute. >> listen, i think there's still a chance that romney could get in this thing. neil: but how -- i mean looking at it quite seriously. i cannot see -- one guy or woman getting to cleveland with all the delegates necessary. i could see someone have a lead, but they would have to coless -- >> listen, if donald trump was out of the race as everybody predicted, if he dropped out, we wouldn't be talking about broker -- neil: what would make him drop out? we all get the e-mails from anger or loving trump fans, what would make him drop out? >> when he gets bored. if they stopped attacking him, i think if they just left him alone and didn't attack him, they all jumped on that muslim thing, called him a racist -- neil: over the top. >> it was so ridiculous -- neil: stupid. >> it was stupid and now he's never going to leave and he's
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going to haunt them forever. neil: that's brilliant, that you know? got his irish up. >> and they're going to give him if he doesn't leave, marco, cruz, they're going to have to give him a speech at the convention. neil: yeah. >> that's if he doesn't win. neil: that's if he doesn't win. thank you, very, very much. in the meantime we were talking about how donald trump toying with the idea maybe i will leave his party. well, he's got some company, ben carson, although the carson folks saying earning really mean leave the party, but we have to get the story on this so we went right to ben carson, dr. ben carson, more on your world. right after this
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at ally bank no branches equals great rates. it's a fact. kind of like mute buttons equal danger. ...that sound good? not being on this phone call sounds good. it's not muted. was that you jason? it was geoffrey! it was jason. it could've been brenda.
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at ally bank no branches equals great rates. it's a fact. kind of like shopping hungry equals overshopping. neil: all right. during the break we had slid over 300 points on the dow, down 296, so this is escalating and another number that came out
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today, a number that with a came out weaker today, so you've got this and now thinking that in the middle of this you're going to have the federal reserve potentially raising rates next week and they're concerned. they're fearful, and they're looking at just pushing this as far as they can. sometimes markets overreact, sometimes they start trends that they had no intention of starting. we don't obsess over this, we just sort of pile it on with the argument that goes something like this. the world is scared. and national security advisor knows something about that. right now the scare but seems to be what's going on with isis, brian, as you probably heard taken troops out of europe, and that raises concerns that iran is turning tail if that's how it is to be interpreted, sizes feeling bold. what do you think? >> well, i think first you have to have confirmation that iran is really pulling out and because syria is so important
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to iran, it can't be because they think they're losing. it would be because they're redeploy to another location. neil: all right. >> but they have to have some confidence to have any change in their level of forces. indeed they could be redeploy to yemen and in any event they have confidence that the soviets, the russians are going to intensify their pressure on isis, so they wouldn't be doing this. well, excuse me, their support for assad i should say. now, i think more important, neil, is that right now given the pace of russian gains, it's very possible that we could see them rolling up isis. but i think more plausible is for them and iran to form a very viable alliance and a historic change in the balance of power in the middle east where the united states s the loser there. neil: but, you know, donald
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trump welcomes such a scenario to pair phrase if they want to go after isis, let them, if they have the power and will to do it, let them. what do you think? >> well, i think that's the gain, the goal, for russia here is to establish and during prevailing influence in the middle east, something they've sought for decades, and they'll do that by looking to their arms sale leverage with iran, first of all, and establishing that influence with iran and then gradually through the sale of nuclear power plants to arabs. establish a solid reputation and relationship with leading countries in the middle east at our expense. several people are looking very hard at that here in the
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united states, bipartisan people recently retired others and we're not going to stand by and wait for 14 months to produce a change here. but we've got to get into the business here of looking at this change in the balance of power in the middle east. neil: scary stuff. very scary stuff. but thank you very, very much on a very big pressing newsday, i do want to update you. we have the do you new at session lows here, down 305 points, something called the victim, you've heard a lot of measure of that, it's the measure of volatility, in other words, how much fear, that's another way to explain the vix, it rises as fear rises. it's not always -- a precise button to activity here. but it is right now at a ten-year high. so is that really scary? scary weak i should say? but obviously the volatility is developing to the point where a lot of traders are saying what you know?
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connell: we're back, taking a look at this market sell off, down almost 300 points on the dow at the moment, interest rate human being presumably coming next week, so that's something we're talking about investors positioning themselves for that today, selling off, general selling off seeing it in the stock market, in the commodities, all across the major stock index.
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as material and energy continue to lead the drop today, we'll highlight a few, southwestern, ranger resources, looking at all three of these because all three of the stocks you're looking at here have all hit 52-week lows today, so all at their lowest points. just 30 plus stocks in the s&p 500 that are trading at one-year lows in today's trading. the material sector we talked about is well. so owens, illinois would be one example also at a 52-week low. the index something neil mentioned before our last break that would be the vix hitting new highs today as well getting in the 24 range. so people as people are more anxious, more fearful and the big picture of people heading out, commodities kneading safety, earlier utilities but maybe even they've fallen off, government bonds significance is the idea.
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we'll see you next week. back to you. melissa: . neil: we did get confirmation and the house approved that interim spending bill there trying to prevent a government shut down but going from visa to mastercard just to make sure the creditors aren't at your throat. this will keep the government operating for five days. by that time they hope to secure a deal both parties can agree on. nancy saying this is a about deliberate move on the republicans to prevent her from going to paris for the climate summit, which is probably true. that would definitely be their rational. i don't know. bottom line is they've got another five days to limp along and settle this deal or they turn out the lights in washington. all right. the affect of all of this melissa francis, what do you make of, first of all, this market and the craziness and whether in the middle of this the federal reserve hike. melissa: i think the federal reserve has backed itself into a corner that it is going to hike.
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i do actually this time around and even in the face of the terror that we've seen and you look at what's happening with the vix and what's happening in the market, you will look at how low oil prices are and how low gas prices and still consumers aren't spending. this is a weird period in both the market and the economy. and when you look at why consumers aren't spending, i think it has to do with a story that we've been covering this week about the divide getting bigger between rich and poor, i don't know if you saw that story for folks in the middle between, you know, like, 46,000, 146,000, that group used to be the majority and for the first time in decades it isn't. and we're seeing people fall further and further behind and people don't feel great out there and they're not spending and that's basically what's going on. neil: and we have these other reports that terror on their mind again and most frightened they've been since 9/11. >> that's another reason for them not to go out and spend the savings that they've gotten at the gas pump, which is a huge amount of money but you have stagnant wages since the economic rebound.
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i don't think people trust the downturn in gasoline prices because prices have been so volatile over the last ten years. people are worried -- neil: kind of used to these low prices, i think they're so used to them, they've lost their impact. >> i don't believe they've gotten used to them. they're not really spending them. savings rate at a three-year high, i'll point something else going on on the stock market today, it's the high yield bond market. you have this very well known third avenue focus credit fund and i don't want to lose you here but this is a mutual fund and it is liquidating and it told investors this week you can't take your money out. no mutual fund has ever done this without getting approval by the scc first to do it. and it says something about the high yield where a lot of people looking for money putting in yields, taking on risk that they did not understand. this could send people -- and you look at high yields the j and ketf, it is collapsing.
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people are going to be running for the exits. what is that? that is a credit crisis. neil: high yield and then it extends. >> potentially not the treasury but you look at this. there is a lack of liquidity in parts of the bond market, it is scary and that's a lot of what's happening. neil: what do you think? melissa: no, you put all of these factors together and here we are before christmas. neil: she likes to panic. melissa: she likes to panic? >> i have been polyanna, i thought people would go out - neil: you did a wonderful job. you do scare me. >> because you know i can snap you in half. neil: and i'd enjoy it, but i'm just saying you scare people, and i think you -- you know,. >> people are already scared. ai'm not scared. melissa: they're already scared and i think going back to gas prices that's not helping that much. so what you're saving a lot of money at the gas pump. neil: i don't know why we would be if we didn't.
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>> that's a good point. stephanie: can we touch on the nancy thing on a second because you mentioned she's going to the carbon submit. what size of plane is she taking? we might be helping the environment and stop her from going. >> you don't get the big entrance that you did as the speaker. neil: as we're chatting here waiting for ted cruz's response of what appears to be a little tit for tat for donald trump's comments the senator said he thought off mic saying essentially donald trump wasn't good enough for the job not in so many words but that he had more experience and ted cruz saying the only hope he believes trump in a cage match, sorry to disappoint. so saying donald trump is terrific. let's see how trump responds to that. >> trump made high road. i don't think you know what that is. neil: really?
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at it again, huh? all right. in the next segment we're going to have dagen going after at great mother teresa. but until then the budget deficit that won't go away after this but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running.
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neil: all right. this is outside the trump tower midtown in new york city this is the home of donald trump's official offices. and a lot of these guys -- they're in supporters among there as well. but these protesters many of them spurred on recently and the crowds increasing recently after his ban muslim comments. you're already familiar with that but it comes on the yields of state party operatives, some of them want to take him off the republican ballot in the state saying he's not a real republican, he is meeting with ed cox of course to try to iron things out and cox not in that group of people who think he should go. but there are a number of other party officials who is what you know? you don't really represent our
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interest well. he went back and the republican party said you guys have done a good job of running the state, all calling him losers and all of this happens on the same day, this attacking group had shut down the trump tower website. i didn't even know the trump tower had a website but it does. it did, and it's up and running now. but it was down for a while. societies so it's a mess but it follows candidates who follow controversy and it would be a under statement if mr. trump does. we'll keep you posted. in the meantime would have got a deficit and problems and on capitol hill they're trying to deal with it in a number of ways and what they're doing is trying to buy themself some tie. about five days of time to sort out their differences between democrats, republicans, and how to prevent a government shut down. so just enough money to go for five days, but that indicates just our money problems up close. terry jeffrey follows this very, very closely. terry, when you look at this from your posted cns news, do you see any way around this
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constant theater of robbing peter to pay paul and avoid the government shut down? the drama that leads to more drama, i mean here we go again. >> no. i don't think we're going to see any change, neil, until after next election. i think that was the purpose of the overall budget deal they made at the beginning of the fiscal year. this merely funds it. the main drivers of what's going on with the federal deficit now are entitlement social security, medicare, medicaid, they're not touching those at all, they're not dealing with it, so we're going to see business as usual for at least another year. neil: i guess what they're doing and you know this stuff better than i do, have made trying to find a way we would have seen the shutdown as as soon as as today but now this keeps them going for five days, it prevents nancy from going to the paris climate change conference, she's mad about that. but what can they cobble together in five days that
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would keep the lights on? >> well, i mean they basically they're looking at all the little tiny aspects of micromanaging spending here or maybe even taxes within the overall budget framework that they've already set up. but my prediction, neil, they're going to do it. they get their short-term dea. neil: i agree with you. we'll get past the drama but what are we left with? >> well, what we're left with is the government continuing on a trajectory towards bankruptcy the federal government. like i said the main drivers of federal spending and the deficit now social security medicare, medicaid. when cbs said this week when they put out a report saying there's a $200 billion deficit not only this year, it's this things are the main drivers but the medicare prescription drug plan and in medicaid it's the eligibility for medicaid under obamacare. so what we've had, neil, under
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the last two presidents, george bush who worked under the republican congress and barack obama who worked under democrat congress in obamacare is they both took actions that exacerbated the longer term fiscal problems of u.s. government and this congress right now basically is committed not to doing anything serious about it. neil: so we have another year to say where they've effectively said mr. president, we're not going to work with you, the president saying i'm not making any progress working with you and meanwhile we accrue a $400 billion deficit and we hurl that as progress. it's weird; right? >> yeah. that's exactly what's going to happen. and the big question is whether any of the people running for president now have serious plans to actually deal with this. and i will say, neil, paul ryan who's now speaker of the house when he was a back in the house of representatives had better ideas than anybody for how to deal with these problems. he understood it better than anybody, he prepared a social security reform plan
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that included personal retirement accounts. neil: courtroom that? yeah. >> it was wonderful. paul ryan has to go back to his own philosophical roots, he should get back to where he was ten years ago. neil: yeah, but he would get electroded for that, that's the reward forget even trying to reign in the growth of spending. >> well, that's true but what you know? if donald trump is taught me anything if the liberal media comes after you, and they will come after paul ryan, if you stand your ground and make your case, i'm confident that paul ryan can make a much better case than donald trump makes that paul ryan can move the country if he tries to do it, that's the kind of leadership as i need but he has grown a beard which makes me think he's saying it wasn't me. it was a different guy. thank you, terry, good seeing you. >> thank you. neil: let's take a look what's happening as we were talking oil continues to go down, stocks continue to go down,
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neil: you know, why is nobody talking about this positively? for my money probably one of the more interesting ones of the week and that shows chris christy, that's right chris christy the man giving up for politically dead number two in the state of new hampshire among all candidates and folks like marco rubio and ted cruz who seem to be getting all the press. so what do you make of that, sabrina, something happening in a state where he has to do certainly well if not win outright? >> absolutely, neil, he's invested a lot of time, made 121 stops to the state since he announced his candidacy, so really been focused on new hampshire as opposed to
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iowa and other states. i think this is actually really encouraging. i like christy, i think i have -- all the candidates have strengths and also weaknesses but one of the things you were just talking about the nation is debt and deficit problem, and i think chris christy is one of those candidates who's actually interested in tackling this issue along with someone like paul ryan. he's made some very substantial reform suggestions, and i think that he could go a long way and there's a lot more to celebrate about him. neil: yeah, well, what you're saying on particular social security, means testing, some people not getting it. >> yeah. neil: maybe raising the retirement age, that part isn't revolutionary, but he does put it out there i'm not going to caudal this and avoid it, but let's say he wins that state and let's say ted cruz wins iowa, man, i mean you've got jump ball going into the scc primaries and the rest; right? >> right. i mean certainly that doesn't -- it's not definitive, but it is going to give both the christy campaign as well as some of the others that are stragglers that
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encouragement that the race is not over. i know there's a lot of establishment people who would like to see some of these smaller numbered, you know, candidates drop out so that there's less -- neil: winning new hampshire grants you more follow through than winning iowa? >> i do. neil: we've learned that it's hard to parlay that into a full run of the table. new hampshire you could make the argument as john mccain did that there is. >> yeah. i think new hampshire is a little bit more mainstream so to speak. it's going to be a little bit more politically moderate than iowa is. and looking toward general election that's what candidates are thinking about. can it be a broad, middle american vote we recognize be and i think chris christy, you know, one of the things that he brings to the table that some of the other establishment candidates do not is his executive experience. he's demonstrated on public sector unions, hurricane sandy that he's able to handle sort of these national crisis, and i think that's going to give
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somebody like senator rubio a challenge; right? neil: you're right? >> because there's more -- neil: well, like i said, though, you can't just stop watching him, he can be a threat, his polls seem to indicate it. >> right. neil: a lot more of what's coming up and what's happening at the corner of wall and broad and enjoy the gas prices i guess while you still can
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so in a variety of market conditions... you can feel confident... ...in our experience. call a t. rowe price retirement specialist or your advisor ...to see how we can help make the most of your retirement savings. t. rowe price. invest with confidence. neil: all right. well, this might check, a lot of companies that cannot export crude oil abroad and there's a whole bunch of reasons for that, congress is trying to make sure that they can, and not only a lot of republicans on that, but the read from the white house is they still hate the idea opposing any action that would let that crude oil ban and maybe in this market where we have more supply of oil in the markets, it's hard to say this is is not -- phil flynn is on top of it and open top of these tumbling oil prices. phil, what's going on?
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>> hey, good morning when you talk about that export ban, i think now's the time to lift it, not when we're tight supplied. now, the reason is we're laying off a lot of people in our energy industry because we're not able to compete on a leveled playing field with the rest of the oil producers around the world. just recently right before the opec meeting, saudi arabia cut the prices of all their oil products into the united states almost in half to try to bury the u.s. energy producers. and we should allow our energy producers to do the same thing. say, hey, you want to cut prices to us here in the united states? we're going to export our oil to europe and under cut your prices. we can't do that right now, and it's not fair. you know, right now oil prices, it is a really psychological blow, the international agency numbers very, very bearish, this is really getting into a critical support, 35, 66 last right now on the board. this 35 is psychological. if you get below there, you're
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testing basically the low 32.50, the low in the depths of the financial crisis, neil, that's a very, very low number and a very scary number because the last number in time we were there, the global economy was looking terrible. and because of that, you're seeing that fall off in the stock market today. people are wondering if this low cost of oil is really a bad thing because the signaling of slow down of the global economy, that's the move in the market today. so you might not want to see those prices get too much lower than they are right now . neil: how much lower can they go? i used to think, hey, getting below 40 would be short-lived, now they're talking 20. >> right. i mean if you look at -- if you compare the charts to the last opec meeting a year ago in november, we saw kind of the same thing. oil prices were at $80, they started to plummet, they got cut in half in a very short period of time but everybody says when they're 40 they're going to go right down to 25. they didn't.
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they rallied $10 by february, by the fourth of july they were up to $63 a barrel and it's almost like groundhog day i'm reporting from a year ago. opec have made not going to cut production, prices tank, i'm hearing predictions of $20 a barrel and $15 a barrel when you start hearing everybody screaming that, you're probably going to get a rebound. so my bet is we're going to see a nice need to be next year, maybe 5, $10 a barrel, maybe more, we'll have to see . neil: all right, phil flynn, thank you very, very much, that's not materializing today, still down, stocks down, all right. in the meantime you've probably heard this feud that's developing between twitter and turkey. the turks apparently complaining that twitter has not done enough to police or take down some inflammatory language, something like that. jo ling. >> yes. they're being fined by the turkish government $50,000, about $51,000, so if you look at the market cap of
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twitter, $17 billion, it's a drop in the bucket. but the issue is they're saying this agency is saying twitter's allowing terrorist content and propaganda to live on its site. but before -- neil: would it be terrorist propaganda harmful to turkey or terrorist propaganda period? >> well, that's exactly it. so twitter is not commenting on the story and the turkish government isn't explaining exactly what this tweet or this twitter account is. but from what i've been searching and learning, it may not necessarily be isis or islamic state-related content. you have to remember turkey loves banning twitter because of political speech. anything that goes up against the president or prime minister in the past has resulted in a ban of twitter. so that's what you see happening here. it may be a political speech against the current authoritative power. neil: terrorist-type stuff, it could also be stuff that's critical of turkey; right? >> exactly. neil: there were a lot of tweets back and forth about
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that halftime moment in turkey the soccer game where there was supposed to be a moment of silence for the paris victims and of course the crowd acted up, it was rowdy, some even screaming god is great, so that to them is a consensus; right? the turks people back and forth tweeting that. >> and when you do see content that doesn't agree with the government and they have control over the levers of the internet, this is bound to happen and turkey, is probably learning some sort of strategy from china as well, which regularly does this shutting down social media sites as well. so twitter not saying anything on this issue, $50,000 not a lot of money, it doesn't appear to necessarily be related to islamic -- the islamic state. but we're still digging on this. so we'll let you know as we find out more. neil: thank you very, very much. in the meantime breaking news coming from the white house the president plans to update the country on the fight against isis on monday. we don't know whether that will be the prime time draft as he did just last sunday or
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exactly what he's going to spell out that would be different from what he said back then, but he is planning to make a major address again on this. so maybe suspicions from amber smith. first on this announcement i do want to get to turkey with you, amber, this would be the -- what? the second time in about ten days the president would have gone to the country to talk about isis. what could be new? what do you think? >> well, my first sort of assessment of this is i hope it's a little bit more aggressive than what we saw, you know, just a few days ago when he sort of laid out sort of the exact same four-point strategy that we had see seen out of the white house since we have been in this fight against isis for almost 18 months. so what i would really like to see is something new. i think it may have something to do with what we saw secretary carter -- a few of ms. announcements he made earlier this week when he was testifying in front of the congress. neil: by the way, you are brilliant, young lady because to the reference of the
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pentagon chief now we're hearing that the president will be making the statement from the pentagon after briefing with national security advisors, discussions, are the white house is also saying that the president is going to update the country on counter isis moves to take on the isis movement. what do you think? >> i think that what we're going to see is a little bit of mission creed. not -- taking the gloves off and going after isis as we should, but i think we're going to see an increase of troops announcement, including some attack helicopters who are going to be in with the fight sort of acting as direct support for the iraqi security forces and the u.s. advisors embedded with them. i think they're probably going to -- there's probably going to be an attempt t back, there have been some security forces around the city. . neil: but wouldn't that look a little bit like you're flailing, the president white house when you address the nation said you have you had a
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plan, you're doing that, you go before the nation again and to the pentagon to say here's what we're doing that it looks certainly to the country and the world that you're on the seat of your pants on this one. >> i think so. i think the administration is on the seat when it comes to isis, almost chess move they have made since this has started has not been done necessarily in their favor. isis is still very much holding and taking ground inside iraq, inside syria, we just had an attack on u.s. soil by, you know, isis-inspired radical islam terrorists, we had the attacks in paris so isis is not on the run, isis is very much operational and continuing to plot attacks against america and against westerners around the world. neil: all right, amber, thank you for your indulgence with this breaking news. we appreciate it. amber smith, former army fighter pilot.
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we do want to keep you abreast for these developments in case you tuned in, the president plans to address the nation from the pentagon on monday but the latest plans to take on isis former pentagon spokesperson jd gordon on what he would want to hear. jd. >> hey, neil, great to see you. i think the president has to be a lot tougher on the islamic state, right now he's just not getting the job done, and we're vulnerable to more terror attacks unless we take a tougher approach. neil: well, being at the pentagon, seeing what carter defense secretary said we're at a dicey battle here with isis and all but acknowledging, no, we're not winning this war. how does the president encounter the oppression left from his own advisors that we're not doing too well here? >> well, he has to be honest with the american people and that is, first of all, this is expanding, it's not just in iraq and syria now but the
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radical islamists have franchises now in places like libya so he has to be honest and this ideology coming from places like saudi arabia and from iran are the sources of the radicalism. so we have to confront that. and also, neil, syria and by your let's face it, they're broken states, they're failed states, they were created by colonial borders a century ago, they're no longer functional, i was a navy officer in the 1990s, and we aggressively went after the bad guys, killed them and put them in prison and i think the same should happen in syria and iraq. the international community should get serious -- neil: and to be fair a lot of that was built -- clinton the enormousity of the problem this is bigger than you thought, mr. president, if memory serves me right the threat had not appreciated the
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growing threat and then change course. this seems fairly or not that he's less i be inclined to do so. >> yeah. i agree with you, neil, i think president clinton had handled the situation and yugoslavia situation much better than this president is handling iraq ask syria right now. i think we have to have an honest conversation that iraq and syria are well beyond the point where we can save them, iraq should be divided into three places. you know, he took a lot of grief for that because he didn't give democracy a chance but democracy utterly failed in by your there's secretary secretaryism. so if you create many states or a process where they create many states for the sunnis and the curds so those three can be separated and not try to dominate one group from other from both baghdad, then i think we would be headed in the right direction. neil: all right, jd, it is weird. something's going on for them to change gear and now it would be second time in about
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nine days to address the country on this. someone's getting a little anxious. all right, jd, thank you very much. you can imagine just hearing the president said to make another announcement, another statement on the growing isis threat, then we get this news in the markets slip siding oil prices, people concerned more than they ever have been about their own -- not only economic security but their life and death security. the highest fear of terrorism since 9/11 charlies payne on the economic fallout of all of this fear you owned your car for four years, you named it brad. you loved brad. and then you totaled him. you two had been through everything together. two boyfriends, three jobs... you're like nothing can replace brad. then liberty mutual calls,
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more than just the economy. and the highest fear levels we've seen since 9/11 charles payne on the ramifications of that. talk about something that's going to stop you in your tracks; right? >> absolutely, i mean, listen, we had the back-to-back when this was taken. a worrisome by the american public by a lack of leadership. is you were talking about this segment on the way out the last break and -- neil: the statement on isis. >> well, it's the central idea that we don't have the kind of leadership that makes us excited. we talk about cheap oil, well, where's that money? 600 bucks, by the way, extra money in people's pockets, they're not out there spending it. saving rates at multiyear highs. there's been this anxiety, we had the consumer sentiment number out, we're worried about the economy because one
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central issue, we don't have the leadership to believe we can do well on either one. neil: well,. neil: but it is interesting all these financial concerns take a backseat -- which shouldn't be a shock but to get it back to levels like 9/11 tells me that either folks are worrying about something bigger happening or that the government isn't ready for or worse both. >> b all of the above. government won't, can't protect us, we see president obama he has a very attitude towards this and also soft targets. that's been the difference. soft targets. it could be mall, it could be a discotheque, soft targets meaning everyone watching the show is a target. still you drive out here because of the warm weather, new york city packed to the gills. americans want to be free, they don't want terrorists to win but they're anxious about it. neil: people who have been -- otherwise they wouldn't be so anxious who were thinking twice about going to movies here, thinking twice about
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going into shopping centers and the like. it is affecting their psyche, and i'm wondering they could always be buying online i guess. they could be doing a lot of stuff online. but it's palpable. >> it's palpable, neil, you know, i was on a plane they really week and someone got on, and i got a little nervous and, you know, you hate to say it because it gets into the profiling argument or debate, but i kind of looked twice at this guy who had a backpack. neil: is that right? >> yeah. you know, it's -- you have to admit -- neil: was it that or the fact that the backpack said nbc? [laughter] >> well, they were in coach so no. but it is palpable and we are aware of things and make more of things. i think we'll fight it through it, though. i think americans will fight through it but the central issue here isn't terror or the economy but it's what links them both and the lack of leadership, we need someone to make us feel safe. neil: you know, i was thinking more remarks on this, people
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like ftr, nothing but fear but fear itself, winston churchill hill, anything and everything and i'm not comparing each and all of those events but if you know your collected public is very, very anxious, you've got to do more than just tell the state of course. >> that speech was so horrendous on sunday, it was a disappoint. only your inner, inner circle of fans could have told him that thing was good. either one or two of them had to break the code and said, listen, it sucked. so please come out, please reassure, please be a commander of chief,. neil: that wasn't it. >> that wasn't it by a long shot. that was hideous, i think that's why he's coming out once again, one of your guests said, call it a mission creed, call it what you want, more decisive witness be we want to know how you're going to defeat these guys and don't tell us you're going to get a
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whole bunch of ragtag locals and win the fight. it's not going to work that way. neil: thank you, charles payne making money 6:00 p.m. eastern time tonight, his show, i always like to i am sorry it's the only one that has the obligation built into your title to make you money. mine does not, it just tells you coast to coast and you're going to have to deal. it's not a bad fortunately but it does not legally obligate me to make money for you. i don't have time for that. stick around down 242 points, the dow north of 17,300 and oil flip sides to nothing. then what? after this this weeks btv spotlight features
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neil: all right. there are has been this story that has been running around on a number of news agencies have been picking up on it, syria has the ability to just print passports of any type, any variety with such sophistication and such detail that even the most savvy
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security expert wouldn't pick up on it. now, it's being -- we're told the question came up to josh earnest and he's saying not sure how accurate those reports are, no comment. so if the white house doesn't see it as a big story of accuracy question, then maybe nothing to worry about or maybe former fbi assistance director you do worry about it because this would raise the question of isis pass for a pretty machine because that's where it would be, and isis pass for a printing machine in just syria. let's say they have that technology and ability to do this -- >> incas jim comey may have said a few days ago, it's a game changer. neil: and he didn't rule out, explain how it would be a game changer. >> well, if isis develops a capability to counterfeit passports that are legitimate
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that can go through tsa scanners or scanners in other countries visa waiver countries and facilitate travel of their jihadist to the united states, we're in more trouble than we are today and frankly the fact as you mention the white house may have pooh-poohed it gives me even greater concern because we have a president and a white house that sees their own short comes. neil: you may have heard the white house is planning to make a statement on this whole isis battle monday after he meets with pentagon officials at the pentagon. any ideas what he's going to say? or what he should say? >> well, i think he's probably going to continue to try to shape this discussion about isis and isis contained. maybe he's going to go over there and try to get them in line because it doesn't sound like they're in line with his narrative already. but this is a serious, serious threat. the notion that they are tampa
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to radicalize u.s. citizens, which frankly is a significant threat. we're not talking about stolen passports to get in, we're talking about folks who are already here. the angry, the disenfranchised, that is a tremendous concern. so we need to be alert as citizens, we need to be looking around us, we did see an example i think it was earlier this year where boston policeman identified his son as the threat and that led to an fbi engagement with his son. we need more of that. neil: what did she you're right we don't see enough of that but i always go ant anecdotal evidence or weird things happen in one acknowledge that it doesn't look like we've got the upper hand on isis when the fbi director saying there could be
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elements appreciate before post the san bernardino shootings homeland security saying we're not up to snuff certainly here and dealing with terror elements and certainly foreign airports aren't as well and that worries him. it's almost they're either screaming out to get the president's attention and saying, hey, this doesn't jibe with what we know or they don't care anymore. they're just saying this is something we've got to get out there. >> well, neil, i know one of those folks that you're talking about, jim comey at the fbi and jim comey is a person who is -- an intellectual who is smart, who is experienced, and who is independent. and we've seen that repeatedly from him where he's going to look you and i in the eye and tell us what he believes to be the truth. even if that potentially gets him sideways with this white house. i think we need to hear that, and i think some of these
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facts are increasingly hard to deny and hard to cast in a different light. this, we are in very concerning times and when we talk about passports, unfortunately, here we are hearing too many reports about the failures of tsa and their screening process for just american citizens getting on american planes what gets through. so we need to be better, we need to invest more, we need to invest in the right people, the right infrastructure, and use the tools that we have. neil: absolutely. >> and we still have a problem because of this encryption out there in the background. neil: can you imagine that they can take a passport and no one can detect it or pick up on it? holy cow that's a whole 'nother bowl of wax. thank you very much. former fbi bigwig here. you know where south carolina is where we will be for the big fox business debate a little more than a month away. that's an important state to watch for more reasons than just debates.
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the fact of the matter is that this state right now post donald trump's remarks on muslims, his support picked up eight pnts. whato ma of at'soing on the witsenar ti scotaftethis is it our insightful strategies that make edward jones one of the country's biggest financial services firms? or 13,000 financial advisors who say thank you? . . get in between my dentures and my gum and it was uncomfortable. just a few dabs is clinically proven to seal out more food particles.
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super poligrip is part of my life now. a...the persone attbehind this desk. will have to protect your family. will he be impulsive and reckless, like donald trump? will he have voted to dramatically weaken counter-terrorism surveillance, like ted cruz? will he have skipped crucial national security hearings and votes just to campaign, like marco rubio? 27 generals and admirals support jeb bush. because jeb has the experience and knowledge to protect your family. right to rise usa is responsible for the content of this message.
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neil: we are still down a lot,
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287 points, a little more than 1 1/2% what is careening, stocks sliding. the fear if oil sliding to the degree it is that might be presaging something even worse. we haven't seen oil at these levels here during any point in the obama administration. we're back to--, jr. days here, not in a good way here. this is indicated global economy stopped pumping stopped doing anything. that is at least the fear. >> fear in south carolina is that this pile-on on one donald trump is a bit overdone while the mainstream media might be making mincemeat of donald trump over trying to ban muslims coming into this country, average voters in south carolina at least polled have increased his lead in the state and he has emerged as a real force in that state. the republican senator from south carolina tim scott is with us right now. senator, you have other things
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going on right now including this poverty summit. i want to touch with you about that, but on the trump surge, what do you make of that? he has a prohibitive lead at least in these polls, senator? what do you make what south carolinians are saying? >> neil, happy holidays to you. no doubt about it. thank you. the poll numbers are strong for trump in south carolina. i think this christmas season an important east -- season to reflect what wee have to be thankful for. but reality, is real campaign and real polls when people start voting. i think that doesn't start until mid-january when people turn their attention to the primary process and specifically here in south carolina. we've seen a lot of polls, i would love to see cross tabs on the polls. i have not seen the cross tabs. reality of it this will be a very strong state, if you this state it will create momentum. donald trump today is leading in the state.
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neil: it's a state also that has very evangelical fervor to it. in other words, that kind of support count as great deal as no doubt will ted cruz for iowa. he got big support yesterday. growing signs that with that community he is doing very, very well. do you think that carries over to south carolina and these numbers yet don't reflect it? >> no question. i think that the momentum that one can gain in the early states will have impact in south carolina. i think the reality of it is we get closer to the february 20 and south carolina primary things will shake out. cruz will do strong in south carolina. he has a strong evangelical base. as his numbers go up, trump's numbers will go down some and rubio will have to find his own space and carson is playing in
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that space as well. it will be interesting if all four candidates come to south carolina with hint of momentum. that is how telling our voters will receive the candidates. neil: south carolina makes so big of a difference in many battles. how important it was for george burke against john mccain. you have this poverty forum going on. the rap against republicans they're not concerned about poverty or reaching out to those impoverished. you built your career, congressman, now as senator, trying to dissuade people of that, but it is an image that sticks. i know a number of presidential candidates are making. i don't believe donald trump could would but what are you trying to do at the summit and what is the message coming from this. >> the message is this, paul ryan, has amazing story, lost his father at 19 years old. had to double down, to help his family out.
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you know my story, living in poverty, single parent household. the key to the american dream for me has been education. we'll focus on what we think the key principles are to achieve the american dream, especially for those living in poverty. reality of it is, the policies of the left have impacted negatively those communities that have consistently and for generation to generation found themselves mired in poverty. it is time for real solutions and those solutions start with conservative principles. neil: one of the things you touched on it could do enormous good, if it doing in more than remind people all republicans were not born with a silver spoon in their mouth or their favorite food is gray poupon. nothing to say, that your background is amazing and paul ryan, so many others, presidential candidates, marco rubio or ted cruz. a lot of them came from nothing, an sometimes less than nothing
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but if you convey the image, not what people think, it might go a long way. >> it's a part of what we'll have an opportunity to highlight. think of the story of lindsey graham losing both of his parents at young age. neil: adopted with his sister. >> his sister and his daughter, almost. amazing story, marco rubio, story with family coming over from cuba. think about ted cruz's story. reality, republican party is filled with real life stories of real people who struggled and succeeded. the fact of the matter our party's success is driven by the middle class. we're not the party for the elite. we're a party that believes common sense must become more common in washington, d.c., if it does not, we can not change the direction of this country. poverty summit will be opportunity to focus on common sense principles that will release free captives today stuck and mired in poverty and
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tomorrow they can be a hopeful part of this country, realizing the american dream because i believe the best and brightest we have to offer will come from some of the most distressed neighborhoods throughout this country. we've seen it in the past. we'll see it in the future and the republican party is the bridge to that better future. neil: i hope to get into this more with you when we come to south carolina ourselves, senator, for the fox business debate. always good having you. thank you, sir. >> thank you, sir. look forward to it. neil: all right. that's what i'm referring to, thursday, january 14th in charleston. the republican presidential debate. fox business doing the honors again. we get a chance to not only talk to the candidate within the spin room but prominent politicians from south carolina, includes esteemed senator, tim scott and many, many more. keep in mind this will not just be about the economy. we'll expand and explore a whole host of issues as we believe only fox business can. stick around, we have a lot more
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why gun stocks and sales are up. it isn't just about folks being afraid. what if i told you if ben stein is right, about folks being very angry as well, after this. i have asthma... ...one of many pieces in my life. so when my asthma symptoms kept coming back on my long-term control medicine, i talked to my doctor and found a missing piece in my asthma treatment. once-daily breo prevents asthma symptoms. breo is for adults with asthma not well controlled on a long-term asthma control medicine, like an inhaled corticosteroid. breo won't replace a rescue inhaler for sudden breathing problems. breo opens up airways to help improve breathing for a full 24 hours. breo contains a type of medicine
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>> it is time for your fox business brief. we know oil has been the story which is why we are showing it to you once again. down 3% today. we haven't been down in this area for some time, financial crisis days. there is a lot of oil out there which is part of the story. opec says the global surplus will be with us late next year. we heard rough news individually. conocophillips and some other big energy companies. conoco will reduce capital spending by 25% this year because of the environment it's in. chevron said the budget for next year is much smaller than it is this year or will be much smaller. oil is down. these companies are having their struggles. the stock market generally selling off today as it has been since the opening bell. not just energy though. these stocks, all of them, big
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names hitting new lows. staples, gamestop, macy's all at new lows. neil back in a moment. more "coast to coast."
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neil: gun stocks are easing up after enormous run-up, 50% since the developments in paris. having said that the president not eased up on his promise to
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take executive action to slow at least some gun sales. this gun crockdown is cracked period, if you hear author, economist, overall brilliant guy, ben stein tell it. ben, your concern is what? first of all that the president is overstepping his bounds and sending wrong message to the wrong people, right? >> the wrong message indeed, sir, i hate to say it, it is such a cliche, guns don't kill people, people kill people with guns. where there are roughly 100 million guns floating around united states, incredibly trivial percentage are used to commit crimes and killings. great majority are suicides. the idea we'll make people safer taking away their guns doesn't make any sense. neil: as you pointed out, in britain, some of these big more notorious gun attacks happened in places where they're strictest gun control laws anywhere?
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>> well, not only that, not only that, neil, but the terrible massacre that happened in san bernardino, almost everything about that was illegal. those guys, those killers, the man and his wife were not allowed to have those guns. they were transferring them illegal. banana clips which are illegal in california the everything about it was already illegal. guns, you can make guns illegal and still will be lots of killings. palestinians are killing people in israel with kitchen knives. no solution easy as gun control in terms of making people not kill each other. there has to be some kind of psychological, moral, compass that stop people from killing people. frankly i think it will go beyond that i think we'll have eventually have israel-style security state in america which they are searching all the time, which is non-stop investigation of people. this country can not survive this wave of islamic terrorism with a free and easy -- let me
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add one more quick thing. i live in north idaho, champagne, idaho, great part of the year. they trust each other. they know each other. they're friends, pals, leave loaded guns on seats of the cars because they know they will not get any in trouble about its because they know their neighbors. this is not a country where we know our neighbors anymore. neil: do you though, all that i know with understanding worry, with all the panic buying of guns, we've seen lifted stocks. do you think some people are just overreacting? we get to the point where you hear the stories, anecdotal they may be, people buying two or three different weapons to share them around the house? are people overreacting? >> what is wrong with that? neil: just saying some people who aren't really that savvy knowledgeable with guns just arming themselves and might create more panic? >> i don't think they create more panic. if i may say this, i don't want to sound like a psychopath, i guess i probably already do, we
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have guns in many of the rooms in many of our houses. they don't get up and shoot them by themselves. they are there if there is intrusion. i don't see any problem with people having guns as many as they want to have. neil: would you a put a ban on certain weapons? >> i don't think people need to have fully automatic weapons. i don't think people need weapons with banana clips but i don't see any problem in perfectly law-abiding citizens having guns. the idea is, in the president's's mind and "new york times" editorial board, a couple of psychos in san bernardino go wild, kill a bunch people and punish genuinely innocent people to take away their guns. why punish innocent for the crimes of guilty. neil: does hollywood have any responsibility? glorification of violence? >> hollywood glorifies violence unbelievable. i live in hollywood most of the
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year in beverly hills and west hollywood. the posters for movies almost always shows somebody carrying a gun. neil: yes. >> hollywood glorifies violence. somebody is carrying a gun. that gun gives him power. transforms from mortal to being immortal god by having a gun in his or her hand which can indlife of some innocent or guilty person. hollywood says guns make awe pewerful person. i don't believe that is good message but i believe people should be allowed to have guns in their houses to protect their homes. neil: ben stein, thank you very much. >> always a pleasure, thank you. neil: all right, ben. meantime donald trump and all his muses, whether you agree or disagree, what if i told you already hitting him where he probably wants it the least, in the wallet.
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neil: all right. i don't know can still show the protests outside the trump tower. a lot of them about his comments about ban on muslims coming into this country. ever since it has been non-stop. that has prompted a lot of critics to say, you know what? you're too controversial to deal with. a number of his business operations have been affected. to detail that, charlie gasparino and dagen mcdowell. >> i did reporting on this, spoke to five or six pretty prominent branding experts. i will say this, going forward-looking, lost some contracts macy's and few eithers already, if you added them up came out to $50 million, not a lot of his money compared to his net worth, i asking guys going forward if this hurts him, guys and gals? guess what, very mixed. no real consensus all these blunt statements so to speak
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will hurt his business going forward. i spoke with bob dilenschneider, one of the smartest guys with pr branding, bob believes it will help him. people in dubai may hate him right now, but guess what? they employ slave labor. >> "usa today," referring to the dubai golf community under construction. it's a project. the trump name, it has been he removed. >> that's what he does. neil: what didn't he do something in scotland similar? >> that was less significant. they were, there was the, it was a group in scotland that has distanced itself from trump. neil: you're not going to like him. >> get out of my belly. >> because you wanted to do that horrific accent that you do. >> get out of my belly, donald. neil: why does he sound like the the exorcist? >> austin powers. neil: these examples are --
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>> this is what bob told me. bob says the news cycle is shorter. news cycle is shorter. these guys will forgive. we're not talking about saints here. dubai employs slave labor. >> bigger point is -- >> give me a break. >> people at the end of all of this, if he doesn't get the nomination, will be so sick and tired of hearing from him. it will hurt his ability to make money. >> how do you know? you don't know that. neil: you would say in a bad way? dagen mcdowell excluding all the comments that might offended people. people are tired of him. >> no consensus among people that do this for a living -- neil: all the -- >> fat bastard. neil: that is the character in austin powers. >> he will have to -- >> by the way, i don't like using that word. neil: that is going to be his comeuppance with this campaign, assuming he doesn't become president of the united states. >> how do you know he doesn't get bigger? >> i don't think he cares about
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money at that point. he cares about the fame and note right. >> come on. >> sarah palin. people got tired of sarah palin because she was everywhere. >> that is not the same thing. >> sure it is. >> who would not watch donald -- >> i'm not disagreeing with -- i said if he doesn't win the nomination and doesn't get presidency. >> you will tell me won't watch "the apprentice" if he doesn't come back in a year? >> i didn't watch it beforehand. neil: does he still have miss universe? >> no he sold it. >> my prediction. double the audience. i put my money on bob dilenschneider doing this a long time. short attention spans and he has bigger following. >> will be on cable, not broadcast. >> come on. neil: look quickly at the dow. we're still down a lot. oil down still a lot. concerns of donald trump notwithstanding we have a lot of scared folks when it comes to terror, one of the thingsbu helping mr. trump actually. more after this.
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neil: yes, it is. the keeper of the week. a crazy and volatile week for the stock market. the dow down about 270 points. a lot. to you, trish regan. trish: the san bernardino terrorists were planning an even bigger attack. our government failed to pick up on the messages during the online courtship between tashfeen malik and syed rizwan farook. they talked about their jihad goals. i am trish regan. welcome, everyone, to the intelligence report. fbi director face some tough questions from lawmakers today. a briefing on capitol hill. they want to know why these red flags were missed. y

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