tv Your World With Neil Cavuto FOX News October 31, 2011 1:00pm-2:00pm PDT
>>shepard: they have to thank atlanta, who is better at falling apart than atlanta? >>arthur: the mets. >>shepard: explain this, neil cavuto. speaking of falling apart. >> the dow down but having the best month, ever, is this rally for real? or just a nasty trick if welcome, everyone, this is "your world." october, usually a scary month for stocks, not so much this time around, the dow surging more than 10 percent for the month. but it is not all treats. europe's debt crisis triggering a blowup in this country, mf global led by former new jersey governor corzine going bankrupt
after making bad bets on european debt. sandra? >>reporter: no trick here, october quite a treat for investors in the 401(k)'s, an amazing month for october, a great rally, indeed, however, today, closing at the lows of the session, it was not ending positively for the stock market, with the dow plunging 275 points, which does not wipe out the overall point gain for october which would be the best, ever, month for the stock market. for the month the dow gaining 10 percent and s&p gaining 11 percent and nasdaq gaining a grand total of 12 percent, most of the gains coming on the heels of optimism over the debt talks in europe boosting the bailout for europe and a last optimism about strong earnings coming in, and a weaker u.s. dollar helping to boost a lot the dow industrial component. the best performing sectors during this unbelievable month for stocks were materials,
energy, financial names giving a big boost to the market and the best performance stock for the dow industrial caterpillar topping the chart with a gain of 31 percent, and for the month of october, h.p. gaining 25 percent and dupont travelers and j.p. morgan, the financials very strong for the month and helping to boost the overall stock market, but, city, as we now head into the ever important holiday season, thanksgiving and christmas coming up, still, the latest consumer report saying that four out of ten americans still say the economy topped their biggest concern as we head into the final couple months of the year, so, it was a down day finishing with the lows, still, but, october the best month on record for the stock market. >> up 9.9 percent and change for october. is this entire run up a market trick? a really big and nasty trick? money manager thinks so.
scott, welcome to the program. if you think this is is is a nay trick i presume you think it will head south and we do not want to look at our 401(k) statements in christmas. correct? >>guest: here is the thing about 401(k)'s look at them right now because they should be reallocating a last the funds to more conservative investments especially i cannot beg people enough get out of international stocks, out of europe, head back to the united states and treasury bops and corporate bonds because when i see record numbers for a month of the stock market, get out. >> get out of stocks mostly and get into safer treasury bonds, for example. why? what is the big problem coming down the pike? >>reporter: we have seen kind of the problem here. it is earnings seasons. earnings are great and growing at a perfect pace but the problem is the guidance. tech is starting to ratchet down
guidance for expectation of lower growth in the future, so i think that is an indication to investors that it may not be rose the next couple of quarters. >> profits not that good? i thought they were acceptable. >>guest: look, the market is priced or used to profits at 3 percent plus, and we see profits at 15 percent to 20 percent which is not bad. but not where the market was and not what the market is expecting. >> this week, bernanke held a press conference, and do you think he will come out with any surprises to prop up the market? >>guest: no, and the question with bernanke, what, really, is the fed trying to do? they have a set goal of maximum employment and price stability and we could both argue back and forth whether they are achieving the goals but if you look at what bernanke has said over the last couple of meetings, he has referenced the stock market and band rices and for anyone to say
the fed is not concerned with how the stock market is doing or propping the stock market up is like saying that chris humphreys and kim cash -- kim kardashian has a long and successful marriage. >>stuart: you think it was a wonderful october, too good, and now stocks go down and we are headed for a nasa -- nasty trick? >>guest: i think so but not like 2008 but take chips off the table. >>stuart: but you are getting out of stocks. that is what you do. >>guest: and corporate bonds. >>stuart: and now, scott martin thank you for joining us. and now, back to mf global a $6 billion bet with no pay off leaving the company run by former new jersey governor corzine flatout broke. so, where is the outrage by the
folks at occupy wall street. and now, the supporter of that movement joins me now. mark, welcome to the program. are you going to be demonstrating in front of john corzine's house? he is a very rich guy, a banker, a $300 million running goldman sachs are you going to be out there demonstrating out front of corzine? >>guest: i have no idea about the folks in new jersey, we have plenty of targets and if you would do us a better job of --. >>stuart: are you giving him a pest? >>guest: of course not, he should be a target. every other goldman sachs official that has been, republican administration and democratic administration, they are running the show and that is the problem. >>stuart: he is a pro union guy. >>guest: union people in new jersey will note agree with you. they houred him. >>stuart: wait, wait, wait, he was the governor, and i live in
new jersey and i know about this, he was the go of new jersey with a personal relationship with the leader of a labor union. a relationship ended. and he paid her off, if i may use that expression, with a roughly half million, and, then, went on to negotiate a contract with that union as the head of the new jersey --. >>guest: what happened to carla, ousted by the union because she was not doing her job. the whole point you are trying to get that somehow labor has to cozy with the democrats or something like corzine. that is wrong, you call to the state workers in new jersey and they have been after the guy like they are after every governor, trying to slash and burn the public sector because you guys cannot confront the fact that if we want to have a civilized society in the 21st century we need a tax rate that does not look like 1909 and not 2009. >>stuart: in the long island
railroad, 90 percent of the retirees got a disability pension that is milking new york state to the tune of $300 million, and it would have been $1 billion if not they were caught. >>guest: all i can say, i'm going after corruption wherever it is, because, look, at the end of the day we hold ourselves, labor people, hold ourselves to a standard & poor's than corporate folks because we know you lie, cheat and steal for a buck. >>stuart: which democrats have occupy wall street gone after? which one? name one. name one. name a leading democrat who they have gone after. name one. >>guest: they are not after the politicians but the people who pull the strings behind the politician as you know, corzine, all of the financial folk. and, frankly, if you do a better job of painting a picture of wall street -- the media, the mainstream media. what is your budget? why are we only knowing about mf
global. if you --. >>stuart: wait a second. you know perfectly well that what occupy wall street is doing is laying the entire blame for the crash of 2008 on the banks, and they are entirely the bad guys and you forgot the politicians and the regulators and the federal reserve which, also, contributed to getting us into this mess. >>guest: absolutely. >>stuart: do you go after them barney tank? >>guest: the labor union has been after -- how many --. >>stuart: what about occupy wall street? president obama has embraced that movement. >>guest: president obama is against department. >>shepard: president obama against republicans and you give democrat as pass.
mf global is in an office on 5th avenue. can i expect to see a march there? >>guest: we will have a discussion about there and put it up for a vote and see if we can get vote dozen go there is no shortage of targets we have millionaires crawling across this city. >>stuart: you will put it up to a vote? >>guest: if you come to the general assembly. >>stuart: you --. >>guest: this is the most democratic expression in new york. >>stuart: most democratic expressions --. >>guest: absolutely, in new york right now. >>imus: that is the last word you got it in. the president making another end run around congress today to advance his agenda, will it advance him in 2012?
>>stuart: the president fed up with congress and not pushing congress to push through hi agenda signing an executive order, the sixth executive action in when week, and now to pat caddell on whether the power grab will gram hip another election victory. going around congress. is that a good political strategy? a winning strategy? >>guest: right now it is because nothing is happening for him. so, what are the big deficits in the poll? leadership. he can not get anything done. he cannot work with congress. i mean part of this is the congress not holding his feet to the fire. but, so, he is out there doing the fundraisers and executive orders under the theory which no law will stand in the way if its means our re-election, they will do whatever they want do do. >>stuart: nothing unconstitutional there. >>guest: well, some of it borders on policy, but, no, he can sign the executive orders
but it gives him a sense that he is leading but there is no counter narrative. where is the congressional leaders, the republicans, where are they? they are not arguing that you are not elected king. why can't you be like bill clinton? bill clinton was able to work something out. but, no the worst part is, they do not challenge him. they have lost the narrative of, we are going broke. >>stuart: the president appears to have the republicans, day i say, in a corner here. >>guest: they seem to be comatose and they have since the debt ceiling. >>stuart: and congress is not popular with the people. going around congress and getting something done --. >>guest: but he is reminding memorial he is the head of the country and he should negotiate and deal. he does not lead anything. it is all re-election. if i were making a counter argument, it would be, i would
be protecting the case. they are not. and by the way, they are giving him a free run and the numbers are going up slightly, last week. >>stuart: next year, neck november, as it stands, with him going around congress, i put it to you that is not a winning issue, you will not win the election with it, but it helps. >>guest: it helps and could help him down the road. the question is how he is challenged. the problem in the end is the result. what does the economy look like? what does the country look like? he attacks millionaires. i am just saying this, republicans would never do this because they are the stupid party opposed to the corrupt party but this are mixtures of both. the next time we are talking about millionaires not paying taxes start with the head your jobs counsel whose company pays no taxes. but, see, republicans will never do this. >>stuart: who should challenge the president on the going around congress? the president or the leadership
in the house or the senate? >>guest: the leadership in the congress, the house of representatives and the senate. >>stuart: and say what? >>guest: you were not elected king. we have elections. you are not supposed to do this. you are not serious. >>stuart: why can't they? i put it that many people are not as concerned with the constitutional issue or the method of ruling, it is getting something done. that is what it is about. >>guest: well, you know what? i have heard that, the society has heard that argument, and it is a result that matters not how we do it. it don't work here. they should be challenging as long as he looks like he is doing. what were you doing the last three years in what were you doing? that is what i would say, where were you the last three years on this? why weren't there any initiatives? because you are up for re-election. >>stuart: where you are suddenly an advisor to the republican party. >>guest: no i am saying how
stupid they are. i am still a democrat and here to talk about strategies, politicians don't do anything right. it is the keystone cops at work. you have to comment on that. >>stuart: thank you, pat caddell. it is the one thing that republicans and the president agree on. that is the payroll tax holiday. but did we find out it is doing serious damage to the social security fund? try $100 billion worth of damage. that, plus, a new week. another green energy company goes bust. how much is this one going to cost us? to inspire binesses to conserve energy and monitor costs. making communities greener... congratulations. ... and buildings as valuable to the bottom line... whoa ! ... as the people inside them. congratulations. because when you add verizon to your company, you don't just add, you multiply.
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year's payroll tax holiday means another $105 billion a year will not flow into the end, into social security. is this threatening social security's finances? and now, we get that question answers. let me repeat this, this payroll tax holiday means $105 billion in social security taxes is not being collected, $105 billion a year, not flowing into social security. i say, that undermines the finances of social security and you say? >>guest: well, it doesn't. it is a silly argument because if we had done the the presidens middle-class tax cut "making work pay," this would not be an issue. >>stuart: come on, you say this is a silly argument. i want your reasoning. $105 billion in calendar year 2011 will not go into social security and $105 billion in 2012 if the president gets his
way will not be flowing into social security. it will be paying out a lot more than it is taking in. and you are telling me it is a silly argument to say that undermines the tents tents finaf social security? >>guest: no, that is beginning back into the trust fund. the independents of social security are not changing. >>stuart: what do you mean "back loading." where is it? >>guest: it comes from the general fund. the point here, and let me make my point, this was a tax cut this was supported by the president and by republicans in congress and it was the only tax cut, the only middle-class tax cut that republicans would actually support and they said only if you do it through the social security system and the president said, well, only if, then, the general fund reimburses the social security system for the funds that it has lost.
so, it is --. >>stuart: but it takes this $105 billion is reimbursed to the social security fund from the general fund. which we don't have. so that $105 billion is added to the budget, it is a budget problem, right? >>guest: yes, well, again, this was a tax cut that, yes, does increase the deficit but it increases the overall deficit. this is the general fund --. >>stuart: you add up the $46 billion they are paying out more than they take in because of the recessions fewer working, that $46 billion, and the $105 billion they are not taking in this year because the payroll tax holiday, and $105 billion you did not take in next year if the president gets his way with the jobs plan, and add that you, that is quarter of a trillion
dollars. that is a budget problem and a half. isn't it? >>guest: couple things. one, this, we are not disagreeing that tax cuts increase the deficit. we both agree on that. you are saying that tax cuts increase the deficit. i'm saying tax cuts increase the deficit. where we diverge is that you are saying it is a social security problem because we have done a tax cut through the social security system and i am say this is a general fund problem, a broader government deficit and it has nothing to do with the social security system. we need to remember that social security will be solvent for 25 years. >>stuart: and the quarter trillion that will be add up here is not there and it will be borrowed, and it adds to our outstanding debt? >>guest: that is true. >>stuart: then you have to stick it back into the social security fund and you are going to have to borrow that money. >>guest: that is right.
tax cuts increase deficits. no one is disagreeing with that. >>stuart: we can disagree on that in another way. >>guest: the point you are making, what you are saying --. >>stuart: do you think this is a good thing to offer $105 billion in a payroll tax cut for next year? in other words, the possibility of creating jobs with that tax cut versus the certainty of adding to our deficit. is it a go thing? >>guest: do i i think that tax cuts for the middle-class in a time of recession are --. >>stuart: do you think it is good? >>guest: yes, yes, yes, yes i do, i think that tax cuts to the middle class in time of recession are worth it. do i think --. >>stuart: i am worried about a quarter trillion added to the deficit. >>guest: it is ironic --. >>stuart: it is not ironic but a worry to many, many people.
>>guest: conservatives have been --. >>stuart: thank you. just time for halloween, herman cain says there is a witch hunt against him and we have the latest on the harassment accusations and how herman cain is fighting to set the record straight. ordinary crash test dummy. two million data points. this is what we can gather from a lexus crash test genius. [ engine revving ] when you pursue industry-leading safety, you don't just engineer breakthroughs in simulation technology, you engineer amazing. ♪
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for nothing more than what you already pay for medicare part b. with unitedhealthcare plans, you can access the pharmacy saver program, with prescriptions as low as $2, at thousands of pharmacies all across the country, including these. call unitedhealthcare now. tell us about your situation. we can help you choose the right plan for your needs. [ male announcer ] are you reconsidering your medicare coverage? you only have until december 7th to make sure you get the medicare coverage you need. call unitedhealthcare to learn about medicare plans that may be right for you. with some plans, you can enroll right over the phone. don't wait. call now. >>stuart: and fox on top of the republican presidential frontrunner, herman cain saying he is being faultily accused of sexually harassing two women in
the 1990's calling this a "witch hunt," and now, the latest from washington, dc. >>reporter: the latest poll from iowa would rather talk about those brand new numbers but, instead, he is shooting down a story that he harassed two female worker when he headed up the national restaurant association in the mid to laid -- late 1990's. >> i have never sexually harassed anyone. second, i have never sexually harassed anyone and, yes, i was falsely accused while i was at the national restaurant association and i say "falsely," because it turned out, after the investigation, to be baseless. report very two employees reportedly claim that he engaged in behavior that made them "uncomfortable," and they were given payouts to prevent them from speaking about what happened and left the organization. if there were settlements, herman cain says he doesn't know
about them. today the national restaurant association says "the incident in question relates to personnel matters that took place nearly 15 years ago. we don't comment on personnel issues relating to current or former employees." at an event at the national press club, herman cain was asked if he believes another candidate floated the story and he said he had no idea but called this a "witch hunt," and said some will be turned off by the story and announced he and his wife of 43 years are preparing for their first interview together but he did not announce when that will happen. >>stuart: thank you. from one controversy to another. in the wake of the solyndra scandal, another taxpayer supported energy company going belly up so you lose again, this time, it is an energy storage company called beacon power. they filed for bankruptcy after getting a $43 million loan guarantee from the department of
energy. and the republican congresswoman serves on the house energy committee. is this exactly the same kind of thing that solyndra, but bigger numbers with solyndra but the same kind of thing? >>guest: well, it is. so, interesting, it is to note that solyndra was the first to get a loan and beacon power is the second to have gotten a loan under the program. and it is exactly the reason i say let's debt into the guarantee program and pull all 28 of the companies that have received the loans. let's go back through the vetting process and see where this went wrong, where it got off track, and, you know i am one that believes we should end all of these subsidies programs. we don't have the money. get beyond on. >>stuart: the energy department has issued a statement on the latest bankruptcy, and this is what the department of energy told us today about the beacon power bankruptcy. and i quote, "protecting
taxpayer dollars is the top priority of the secretary and the department which is why we were careful to include many protections for the taxpayer in the loan guarantee for the beacon power project." it seems the taxes have lost money. >>guest: you are correct and there is $72 million in assets and $49 million in debt open the beacon power project. we know the federal government will recoup a large part of the money, but, here, again, we will have to go through a wait-and-see situation of selling assets. and if there were other precautions that were put in police on this loan that were not put in place on solyndra, then that is going to lead us to further questions. of course, we know this, our hearing with susan richardson, the counsel, we will find out why she chose --.
>>stuart: you cannot do much about this. the money has been committed to many green energy companies. the money is out there. it is being committed. you cannot take it back, can you? >>guest: well there are some things that we can put in place going forward. so, maybe some watchfulness, if you will, to make certain. the money is out there, it is out the door, that is right. but the companies need to know we are holding them accountable and we are not going to let them off the hook. the boards and investers need to know. >>stuart: we are losing money here and you cannot get the money back, you cannot doehe is, but it remis me of the light bulbs, you know? you and i, we were together on wanting to keep the 100 watt
bulb. we lost. it is gone. >>guest: we have a one year reprieve on that and, hopefully, by defunding some we can do that. what we don't want is the federal government micromanaging all the alternative energy programs and ideas if they are good ideas, take them to the marketplace. secure your investors. then, make it a profitable venture but we know the best energy policy for the united states is going to be drill here, drill now. >>stuart: what a republican administration end the idea that the government can pick winners and end putting public money into private companies, would you stop that, flatout? >>guest: my hope is that not only republican administration but we will have a republican-controlled senate that will agree with the republican-controlled house of representatives and the time has come to end the subsidies and having the federal government trying to micromanage and pick winners and losers. >>stuart: i am plaid you got
us a one year extension on the light bulb. >>guest: we are fighting to keep the light bulb of our choice. >>stuart: thank you. the solyndra scandal far from over, of course, coming up in an hour from now on the fox business network republican house energy and commerce committee member. [ horn honks ]
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you know what else is early? medicare open enrollment. now through dember 7th. can i stick with old medicare plan? sure! or find a new plan with better coverage, less cost, or both. medicare plans give you free cancer screenings and wellness visits and 50% off on brand-name prescriptions when you're in the doughnut hole it's part of the healthcare law. so it's time to look, compare... and choose the right plan for you. learn more at 1-800-medicare or medicare.gov. >>stuart: we found out steve jobs last words "wow, wow, wow." those are the last words. my next guest is a 14 entrepreneur inspired by steve jobs here, now, michael, thank you for coming on the show. >>guest: thank you for having me. >>stuart: he was your idol. >>guest: that is good wording.
constitutest you start add company, you are 14 years old and you have two employees and you fix computers, i believe, that is what you do. now, did you get into this to make machine, to run a business? or did you get into it because you like what steve jobs did, creating things? >>guest: well, technology is a very expensive ... thing to have as a hobby so you need the money to buy the technology, so, it was that and, of course, i was inspired by steve jobs, if he could do something different, why couldn't i go up against the retail chains and do something deftly. >>stuart: so, you have, you take to computers, desk tops and listen tops and they are not running correctly or well you fix them. >>guest: the basics. >>stuart: two employees? >>guest: both 14 in 19. >>stuart: to you have three, 14-year-old running the program. this is a financial program and i am a financial guy, are you
making money? >>guest: yes. >>stuart: serious money? >>guest: serious to me, we running at zero expenses, the most expensive thing is literally the business cards which twelve 12 cents each so we are profit-positive. >>stuart: i bring a laptop to you, how much to fix it? >>guest: depends on the issue and how long it takes, but, probably, $50 to $75. >>stuart: bucks. >>guest: yes. >>stuart: and delivered back and intact and working properly. do you charge if you cannot fix it? >>guest: no, it goes back, sorry we cannot fix it. >>stuart: you are a young guy and you started out with your own business, making some money, what do you have to say to those people down there on occupy wall street, the people demonstrating against wall street. what do you say to them? >>guest: i think that it is possible to start a company no
matter where you come from, just you have to find a way to get out there and i hired a p.r. guy and that is, really, how this all started. before that it was nothing. >>stuart: you have a p.r. guy? >>guest: yes. >>stuart: he is 1? he is 14? >>guest: yes. >>stuart: did he get you on fox? >>guest: yes, he gets 15 percent of any, like, deals, p.r. deals he cuts or ads 15 percent of any revenue. >>stuart: you doing well, son. you want to go to m.i.t. text and make enough money to pay the tuition? >>guest: close. >>stuart: we wish you the bet of luck, myself, a pleasure to have you on show. hope you come back at point. you are a long term goal is to
be a mogul of some sort? >>guest: that is a perfect adjective. >>stuart: you are not going into politics? >>guest: no. it is a very dangerous field. i'm not, i'm scared of politics. >>stuart: you want to be a billionaire or a steve jobs creation type? >>guest: maybe a little bit both. >>stuart: excellent, michael, good stuff, indeed. seven hours, no food. no water. no bathroom. and 129 passengers stuck on an airplane. now, jetblue may get hit with a very big fine. but here is the question: who gets the cash? at bank of america, we're lending and investing in communities across the country, from helping to revitalize a neighborhood in brooklyn to financing industries that are creating jobs in boston or providing funding for the expansion of a local business serving a diverse seattle community
>>stuart: jetblue being probed by the department of transportation for standing 129 passengers in connecticut for seven hours on the runway. the captain was pleading to try to escape. listen to this. >> we cannot seem to get help from our own company. is there anyway you can get a tug and a tow bar and get us towed somewhere, to a gate or something? why care, take us anywhere. >>stuart: the passengers are getting a refund for the tickets and jetblue also facing a fine of up to $3.5 million from uncle sam. but, obvious question: who gets the money if the fine is levied? the former inspector jennifer the u.s. department of transportation joins me now. mary, this seems to me that the passengers suffer this indignity for seven hours, the airline gets fined, the money if they are fined goes to the government and it was government that created the problem in the first
place. why get this, do you? >>guest: well, i get it because what the government is saying, it is a fine imposed on the airline so they can do better, and, by the way, the government never imposed the maximum fine. this law has been in place for a couple of years and they have not come close. the fines have been in the $50,000 to $75,000 range. >>stuart: in this case the airline doesn't seem to have been at fault, it seems like the government was at fault. the government through the f.a.a. which routed the plane to hartford, connecticut, and the government did not provide the jet way on get people off despite the pilot pleading. it seems like the wrong person, the wrong entity, is being fined. >>guest: well, no, because, after the privatization of airlines, way back in 1978, things like the jetway and the gate and all of the disturbances that you have to use when you take your plane, wherever you take it in the country around the world the airline is supposed to make provision
there, and, now the rob with jetblue they do not serve that airport but most airlines have agreements from other airlines. in the case of jetblue because they have a limited number of airports, it sometimes is hard to get others to service their lanes and carriers and passengers. >>stuart: take a listen to more from the pilot. this is where he is apologizing to the passengers for what is happening to them. >> jetblue, i will talk to state operations to see what they can do. >> can you resolve the situation? >> for now we have resolved it and we have the show of sport on board but i have a paraplegic on board that needs to come off, i have a diabetic that has an issue, a list of things i need some help. >>stuart: he is leading for help. back to the original story. did you think that the law which was designed to stop this kind of thing happening is not
working, is it? >>guest: no, it is not working. it is a toothless tiger. in the european union the penalties they are assessed are on the passenger if they do not live up as promised they are dumped or stranded or overbook the it is a set number of euros, i think, ranging from $600 euros for various things and up. and that goes to the passengers, here if the fine went to the passengers the government would never allow $27,000 being paid to a passenger but the smaller fines were collected by the passenger --. >>stuart: why not? why shouldn't the passenger get a chunk of money, seven waters on the flight. snacks gone. the toilets are back the up. >>guest: the federal government has evaluation what a person loses, and this is just a regular person, not someone would loses a business deal or a cruise or a family wedding, but
the government says it is between approximately $48 to $150 per hour, so the government has a figure, if it wasn'ted to it could assess that per passenger for the wait time. and it would be a very simple thing to implement. >>stuart: everyone would be happier if the folk whose got stranded got some must be. thank you, mary a very interesting subject. why think we have heard the last of this. the folks working here want more folks working everywhere, maybe they should listen to the folks running the state where america's lowest unemployment rate. ♪ ♪ walk, little walk ♪ small talk, big thoughts ♪ gonna tell them all just what i want ♪ ♪ i said don't stop, don't stop ♪ ♪ don't stop talking to me [ male announcer ] the most headroom per dollar of any car in america.
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about aarp medicare supplement insurance plans, insured by unitedhealthcare insurance company. ♪ a refrigerator has never been hacked. an online virus has never attacked a corkboard. ♪ give your customers the added feeling of security a printed statement or receipt provides... ...with mail. it's good for your business. ♪ and even better for your customers. ♪ for safe and secure ways to stay connected, visit usps.com/mail ♪ ♪ the state is a great state when it comes to jobs, north dakota. boasting unemployment rate in the 3% range. and looking to hire.
18,000 positions to be filled. many in the state's booming energy business. to republican congressman rick burg from north dakota. we have a delay in the communication so i'm make the question short, sharp, to the point and i won't talk all over you. all over america, there are problems when it comes to drilling. problems withval itallists and rules and regulations. in north dakota you seem to be able to do it. how did you do it? >> well, you need common sense regulation. my goal is bring north dakota way to washington. what we need to do is spend less than you make. you need to balance the budget. you need to have common sense regulation industry can look at, understand and make capital investment. >> we don't have it elsewhere in america. do you have an environmental challenge in north dakota? >> well, certainly wherever
you're drilling. you are concerned about that. here in north dakota, the focus is common sense regulation. what we have in north dakota. we have checks and balance on regulation to ensure the regulatory environment is common sense, protects the environment. and also allows industry to know what they need to do before they make that investment. that's whey i think in north dakota because of the resource but the opportunity they invest capital and know they will get a return. rules won't change. >> i have heard amazing story from north dakota. 18,000 unfilled jobs. 3.3 to 5% unemployment, lowest in the nation. i heard someone say you can get $80,000 to drive a truck tomorrow morning. you show up with a good lie sention. giv -- with a good license. give me examples. >> there are all kind of jobs
available. i was there on friday and it is booming. no question. housing is a challenge. having said that. the number one concern that people have is the, excuse me. the number one concern is the regulatory environment. the obama administration has so many rules and regulations that put this industry in jeopardy. there is tremendous concern about that. >> i'm told, again, i am hearing that you will eventually drill 50,000 wells in north dakota. that would transform great prairies to industrial loss. a lot of people don't like that, sir. >> well, you know, you need to get out there and see what is going on. in north dakota, one thing that sets us apart is not only do we spend less money than we make, we balance our budget, one thing we need to do in washington. number two, we've got a good environmental regulatory environment here.
where people can plan and work around it. the other thing, government doesn't create jobs. private sec somewhere does. protect environment and done in a way to increase energy. that helps america get on track. >> you want a national stage and influence policy outside north dakota, i can tell. >> we need a national energy policy to increase supply of good energy in america. in the energy industry and every other business that depends on energy to produce a product or create a service. >> from the booming state of north dakota. thank you for being with us today. i apologize for the delay. we got around it nicely. thank you, sir. all right, everybody. neil is back tomorrow. i will see you on the fox business network