tv Cashin In FOX News April 14, 2012 8:30am-9:00am PDT
in charging for internet service. >> it is over indebtedness. >> that's it for forbes on fox. and cheril casony and carbin in is next. as pending on entitlements soar and a new debate, are they doing damage to america. they say yes. >> never seen a less optmistic time in my life time in this country . people wonteder why. i think it is simple. it is because governments are now telling them stop dreaming, stop strive we'll take care of you. american people no longer believe that this is a place that only their willingness to work hard and act with honor and integrit yein-- integrity
and ingenuitiy. determines the success in life. >> and meanwhile, president obama is saying entitlements help people pursue the american dream. >> the idea that together we build this safety net, this basis of support allows all of us to take rick and try new things and get a new yob, because we know, we know that this there is a space to run . >> who is right, the president or the governor? welcome to cashin in. our crew. wayne, and johnathon and tracey and john, and also joining us democratic consultant julian epistein. do you think entitlements are saving or killing the american dream. >> i am sick of it people are sitting around waiting for the
next check. from fiscal year 2011 and 8. we spent 75 percent more on unemployment checks that go out. what does that tell you? more and more people are on the government dole. more and more people waiting for their loan to be remodified. stop. all of us sitting at this table here and johnathon and julian, we doesn't get hand outs and we made it >> wayne, entitlements are helping the people . does that make sense anymore for this nation . >> the fact of the matter it has grown enormously. it has grown over 300 percent and since 2009 43 percent. and you asked about the food stamp program and the abuse of the program grows and absolutely with it. and hand in glove.
and the federal government can't do anything right and everybody abuses the program and oh, we have to admit other of people who abuse the program because it is shoddy to start with. but there is some sort of a program like that. and running rampent like this and more people getting money from the government than paying boo the government, you have a state that is so corrupt, i don't know how you stop it we have to have a revolution one day in the country soonment >> and not to pick on the food stamp program, but the projections for 2012, costing 85 billion. it is not only the cost but what are we teaching americans that is right and wrong. >> i agree with tracey and wayne, we want to carve out the abuse and on the other hand, a lot of people who get the benefits for example and what happened in the last
recession with no fault of their own, unemployment benefits. four or five hundred they are trying to find work right now . you point to food stamps. and the real cause of our financial problems is medicaid and medicare problems. entitlement with debt service takes up over 70 percent and we are on the track to do that. we need to reform the health care entitlements. medicaid and medicare. president obama came forward with a proposal last august close to simpson-bowls that said we have to cut four trullion and three trillion in cuts and trillion in tax reform and republicans rejected it >> johnathon, over all governor christie's point that he was making here. we are too dependent on entitlements and not living the american dream and we have gotten lazy, is he right?
>> individualism which governor christie advocate and collectivism that the president is all about. in my opinion president obama's vision is to -- we are not here to serve the furrer or king or church. entitlements destroy that freedom. you can't pursue your life and liberty and you are here to serve the greater good and what entitlements are about and president is about. >> the agriculture department and old food stamp program. they relieve poverty in the country and boosts income. it is doing good in >> i would argue that the president and governor respectfully are both wrong. wayne talks about a revolution . the reason we give out food
stamps and forget about poverty. but the reason we are paying people and extending long-term unemployment benefits so that there is not a revolution and people uprising in the streets. we are paying people and the point is, not for the fact we have long term unemployment benefits. but people don't have jobs. you can see people sitting on the couch saying i don't want to work. for the most part americas are not bum and it is they don't want a check from the government. they want a job. what the government has done and because republicans and democrats hate each other they are not passing reform. and doing medicaid and medicare x. no tax policy. what we are talking about here is symptoms and that is the pay off. >> 120 billion tracey. and 120 billion dollars. and on the flip side. now we are starting to hear the buffet rule and taxing the
rich and so now, i am thinking i don't want to make too much money. if i do i will get taxed sux ways until tuesday and that comes back ta to what governor christie talk body. i don't want to be a millionaire because i am taxed. >> you heard me say this before. 1831 americans are more interested in equality than they are in freedom . that is one of the problems. if we want an egalitarian society which no one excels. you are guilty if this guy makes more than that guy. and the whole attitude of that which is what christy was talking about. and it is not something that is conducive to what we think of is the civilization. thoo is a dose was reality
>> it is hundreds of billions that taxpayers has begin fan yefreddie doesn't shock you, maybe this will. new reports that they are shelling out to fix up foreclosed homes. wayne, is this helping housing or a waste of money? >> it is a waste of moan. you have to recognize and take the hit. this all started when barny frank tried to say. okay, everybody in the united states should own a house.
they paid made it no money down and ultimately created the crisis like we have. and to spend more and take the hit. if it was a commercial and not a federal and government organization. it would be written off and start all over. under the edgeis of the fcc, that would happen if you were a public corporation. that's what they should be. they are wasting money trying to bail out something. it is it what johnathon said hello greece and goodbye ashton saylor. >> at the same time fan yefreddie are selling a lot of these homes. you have to keep them in decent shape is the argument here. the taxpayer can get money back. two homes and that is separate from the modiction and bail outs. that was a failure. and let's roll the dice and give people credit to buy
homes. that helped exacbait the home. it is it a matter of the keeping the yard mowed and shutters fixed. there are no buyers out there. i don't care if interest rates are zero. mowing the grass and general upkeep yes. >> julian, they spent 40 million on lawn care alone. 40 million dollars. >> that's the first i heard of that figure. you know, i have to quibble with wayne and defend my old friend barny frank. he was the guy proposing reforms to fanny and freddie and he was shut down bypass the republican led congress. all gree it is needing to be cut back. but the idea that we would not paint the walls and mow the
grass and increase their value is silly. that only hurts the taxpayers and destroys the market. >> hoos it >> johnathon? >> you heard it. collectivist greater good. why do we have it greater good. why does the government own property and the greater good. the price did fall and meanwhile we are spending half a billion painting houses that. is an insult to cher individuals who pay their mortgages and take care of theiroin - their own properties. and commercial real estate is doing great right now. >> i tell you what, trace, on the flip side of this, neighborhoods decimated by one or two homes and the values would fall. that is the other side of the argument and trying to tanglewood resort properties incorporation up the neighborhoods. >> they are trying to tanglewood resort properties
incorporation it up. stop it already . you see it in rent. you can see the rent prices going through the roof. people can't get mortgages. john is right. there are no buyers out there. and they don't want to commit anymore. barny frank and all of us owning a home is no longer a existence. stop push downenk's throat f. they want to rint, let them rent. the market will figure it out. investors are buying up the foreclosed homes. >> but wayne, here's what we are stuck with. we bailed out fanny and freddie and trying to get out of it and get rid of the homes, not that bad of a thing is it? >> it is in the following sense. you talked about the fanny and freddie and the way they operated and they were a quazi government agency and they were tanglewood resort properties incorporationed yup this is bad.
you have to let it find its level and that is the dumbest thing i could think of in the world. wayne your point touched nothing about fred yefanny which is right in the housing crisis. they regulate how much money in checking account and atm and not touching fred competent 15 which suck up taxpayer dollars like a vacouple and put it to bed. >> i am not sure how to top that. >> the problem is jobs not coming back is tide to construction. it was a bubble that burst. until it hits the bottom and it is it a matter of opinion.
i disagree with julian. housing has another leg down and until that is cleared out. we'll not have job growth. >> member is not buying home building stocks. coming up. the house and the mouse . inking a deal with the chinese government. it is easier to do business with china than here in the u.s. . helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪
spotted in oklahoma. forecasters are predicting life threatening storms for the nation's midsection. controversy surrounding the secret service today. dozen of agents traveling with the president in columbia are now sent back to the u.s. amid allegations of misconduct. they are telling fox news that the incident involved prostitution. and a new crew of agents sent in to replace those people. there may know criminal charges in the gsa spending scandal. this has a hearing on capitol hill to look in the agency's money problem donald trump's take on the presidential race and the buffet rule. all coming up. i hope you join us . disney announcing to partner with the chinese government to
help develop the animation industry. is it easier to do business over there in >> china has a 50 year plan. energy xeconomics and so many things. we don't have a five-day plan here in the united states. so yes, it is easier. they don't have the burrcracy. look at p&l balance sheets didn't conform. i would be hesitant to do business despite the fact it was a growth machine. >> they wanted to do busy with disney and animation and film business. they want to make money? >> i don't think it has to do anything with the chinese government or our government. if you have money, you can prescribe bribe the politician. chairman of the board of general electric. we have to have local jobs and two weeks later, he closes the x-ray department of ge and
moves it to chin a. 123 jobs gone boom, just like that. and you have major corporation big government and big labor and big corporations all in cahoots. we are creating a facist. >> wayne proved the point. ge did five different. bowing and sessna, and not just disney. they are doing the doles. >> disney going boo china is not a bad thing. there is it a huge market in china and ther going after the chinese market as well it is not necessarily a bad thing. but the problem with china, we observe fair trade rules and they don't. they manipulate the currency and subsidize products and all kinds of instances in which they don't observe the rules of free trade. as u.s. businesses compete. 14 days and make $200 a month
in china and no u.s. business will compete against that. but there are trends where u.s. businesses are bringing their work back here in the u.s.. >> in the end of the day, it is capitalism. >> it is also buyer beware. two extremes . burrcracy kiming us here in the united states and the lack thereof is potentially hurtful in china. somewhere thatthere has to be a happy medium. >> is it easy tore do business here than there? >> no upside in total rimp. i am from the give me liberty or death school. i think companies ought to be cautious doing business in the communism states. >> interesting from the capitolist. >> and interesting from mickey mouse and porky pig.
or creates another laptop bag or hires another employee, it's not just good for business, it's good for the entire community. at bank of america, we know the impact that local businesses have on communities. that's why we extended $6.4 billion in needit to small businesses across the country last year. because the more we help them, the more we help make opportunity possible.
[ technician ] are you busy? management jt sent over these new technical manuals. they need you to translate them into portuguese. by tomorrow. [ male announcer ] ducati knows it's better for xerox to manage their global publications. so they can focus on building amazinbikes. with xerox, you're read for real business.
hi, i just switched jobs, and i want to roll over my old 401(k) into a fidelity ira. man: okay, no problem. it's easy to get started; i can help you with the paperwork. um...this green line just appeared on my floor. yeah, that's fidelity helping you reach your financial goals. could you hold on a second? it's your money. roll over your old 401(k) into a fidelity ira and take control of your personal economy. this is going to be helpful. call or come in today. fidelity investments. turn here.
>> what do i need to know for week? >> we'll getet pork report and i guarantee it is obscene. >> wayne rogers. sell it and go away . trim your sales a little in april. for safe harbors and partnerships. i like one cys. pays over 15 percent. >> you know that sector well and john layfield. >> legacy calls like the other major airlines that have developed the problems and they own 150 slots in j.f.k. airport. it is it prime real estate for american airlines. >> johnathon why are you wearing a sombrero. >> if the u.s. would smart they would privatize the airports. it would bring billions