tv Your World With Neil Cavuto FOX News May 23, 2012 1:00pm-2:00pm PDT
network reporting that traders are sitting around trying to put a halt to the euro decide. lots of concerns that the greeks will be out of the euro zone, or the euro currency. we should turn to context and perspective with "your world." this is fox news channel. >>stuart: he is not a big spender. welcome, everyone, i am stewart van any here for neil cavuto this is "your world," the white house today coming out swinging, ripping into g.o.p. criticism that president obama is a big spender calling that "pure b.s.," and white house press secretary said "do not buy into the b.s. you hear." and blamed the bush tax cuts for america's gushing red ink. and chief white house correspondent ed henry with the latest.
>>reporter: what jake carney was trying to do was push back on the attacks from mitt romney would has been beating up on the president for adding trillions to the u.s. debt on his watch the last three years, but, also, breaking a campaign promise to cut the budget deficit in half during his first four years in office. that obviously has not happened and carney saying, in this session with reporters "the president has demonstrated significant fiscal restraint of all the falsehoods told of president obama, the biggest whopper is the when about his reckless spending spree. it didn't happen." what they are referring to, number one, there is a story in market watch that the white house has been touting, showing, with a chart, of the last several administrations. suggesting that government outlays right now are rising at the slowest space since the 1950s and they are pointing to the fact that last summer during the debt crisis talks in the
showdown with the republicans, president signed $2 trillion in deficit savings if law the next several years. that has not kicked in yet. those are just promises. and, what this is all about is not just the campaign but the aftermath of the campaign. after the election the bush tax cuts were expiring and the debt ceiling needs will rise and this will be a fight whether there will be deficit cuts attached to that debt ceiling being lifted and the white house, frankly, is tires of the attacks from republicans but republicans are not about to stop pointing out that when you look at the stimulus, and other major pieces of legislation, signed into law by this president, he obviously had spent a lot of money the last three years. >> if you argue that the president is not a big spender it is difficult to argue against the hard solid numbers. i have figures which show very clearly that rebound has run up the debt a great deal more than president bush did in his full eight years. $4.9 trillion for president bush in eight years.
$5 trillion and more for president obama in just 3 1/2 years. i have other figures that show that as a percentage of the economy, spending has gone to all-time record high levels in the three years of president obama. it is tough to argue against those hard numbers. >>reporter: you are right. those numbers you cited are accurate. and the fact of the matter is, this president, president obama, has added more to the national debt than his predecessor, rebound. however, what the white house is trying to argue is that you have to look beyond that surface service and look at the fact of what caused that increase. they believe inside the white house, that the reason why the debt has shot up so much, is that the recession of 2008 which started before president obama took office, led to a short decrease, as i think you would acknowledge, in government revenue coming in pause of economic growth slowing so badly and actually retracting. and they also believe, you know, that the american people will
understand that. you are right in the campaign season when you look at the numbers and the fact that he has racked up a lot of debt which includes spending on rebound's watch it is not just what happened before, but, they believe they can make the case to the american people that it is not as simple at the numbers and the romney campaign is banking on the idea that the numbers do not lie, and that the president broke a campaign promise to cut the deficit in half in four years. that has not happened. >>stuart: carney was adamant about not wanting the big spending label. adding europe's debt and spending problems and a new report by the c.b.o. that says very clearly, that a year end tax bomb could send this economy off a cliff. and gretchen says, you've got real trouble. she is with public notice. you are buying this, the tax bomb explodes january 1 and we have a recession, right? >>guest: that is what they are saying, that when the tax cuts do expire along with the sequester that is planned to
happen the cuts to government spending, that were agreed to during the budget control act that will take place in january, that will lead to the economy declining by 1.3 percent. >>stuart: the democrats are saying you get over this by raising taxes on the rip, the republicans say, you get over this by cutting spending. who do you think is right? >>guest: well be when you look at this like a doctor looks, this is a symptom of a problem, the debt is not, the debt would not be there if not for spending. you look at the source of the problem and the problem is everspending. we have spent more than $1 trillion over the past three years, and we will be paying $1.5 trillion offer the course of five years and just to service our debt. it is clear that this problem starts with spending. >>stuart: president obama has said he has shown fiscal restraint. your comment? >>guest: well, i'm a ranch girl and i have shoveled a lot b.s. out of barns over the
course of my lifetime and i know what it looks and smells like and i don't think this is b.s. the numbers show this president has been spending a lot, increasing the debt by 47 percent, and you cannot increase the debt unless you spend. >>stuart: what is the biggest problem, $16 trillion worth of debt which we will hit around about july or august of this year, $16 trillion debt. or tax armageddon? >>guest: my gosh, i would have to say all of the above. all of them are tied to the economy and our ability to perform as an economy, and to show economic growth. look at the debt ceiling and what it caused last summer. remember the uncertainty of the businesses, that we all felt, that the american public felt at that time. i don't think anyone wants that uncertainty again. and then you look back over the course of the past few years with the tax cuts expiring, always every december, of an election year, and we find ourselves ringing our hands wondering what our taxes will be like in january.
these are both problems. and they are a symptom of a problem of inaction by washington. that is the largest problem that we have here. is that this inability for our leaders to be responsible, to propose bold solutions and real solutions that are going to move the country forward. >>stuart: thank you, gretchen, for joining us. with all this uncertainty, will it keep big companies from hiring more people? that is a big concern for my next guest who is the chief executive officer of heinz, bill johnson. before we get to hiring you were sitting this when ed was reading the note from the president, that the president was showing fiscal restraint. >>guest: b.s. stands for "big spender." we are pushing $16 trillion in debt and it created uncertainty in the business community and affecting every decision. >>stuart: he is a big spender,
yes-or-no? >>guest: as a obviously. when politics goes from $10 trillion to $16 trillion something has changed. >>stuart: the president wants you, the c.e.o. of a very big company, he wants you to fire people. are you hiring people? if not, why not? >>guest: we are not hiring people in the west, the united states or europe because uncertainty in the environment and the economic conditions and the whole tax situation is a big concern. it was churchill that said trying to tax your way to prosperity is like standing in a bucket and trying to lift yourself up by the handles. it does not work. until we get clarification we are on the side lines. >>stuart: are you talking about clarification of the economy expanding, or talking about clarification on regulation, like obamacare? >>guest: all of the above. from our perspective, manufacturing is ready to come back to the states. what is holding it back is the concern of the regular whattory
environment and whether it is going to be allowed to set up the way it should set up, and try to create the number of jobs it possibly could. we are seeing manufacturing migrate back to the west if the west will support it. and the regular whattory environment is making it more uncertainty and creating a condition by which we feel uncomfortable and making those investments. >>stuart: how do you feel about obamacare. >>guest: i am not a fan. >>imus: will it raise your costs? >>guest: absolutely. significantly. >>stuart: that is a problem for hiring people? >>guest: if you have 100 people and you are saying $100 and you suddenly have to pay $150, you will have to cut the staff. >>imus: romney has pledged 6 percent unemployment by, i forget the timeframe bit end of the first term, 6 percent unemployment by the end of his first term, a pledge by romney and you say what? >>guest: if the conditions are right and the government does
the appropriate things and gets out of way of business and lets business hire people and move ahead with investment, it is do-able. the reality is, the number of e lowed in the country is down to a low since 1981 and we need those people back and create conditions where there is regulatory certainty, we understand where taxes are going, where the dollar is at a stable position, where we are not concerned about the overhang from europe, and really, encourage business to be a partner with government not a foe of government. >>stuart: will you get there, the situation you describe, by expanding private enterprise, liberating private enterprise, or are you going to get there by more government? which is it? >>guest: you have to liberate private enterprise. you do not get there any other way. >>imus: that puts you on the right of the political spectrum? >>guest: it puts me on what grows business. that is not a political statement but a statement in economic fact. if you look at the emerging world which i would not call on right of the political spectrum
including china or india they have created conditions where private equity can thrive. >>stuart: are you in the c.e.o. club that says president obama is antibusiness? >>guest: i am in the club that says current conditions are not supportive of business growth. >>imus: current conditions are not supportive of the business growth does that mean the current administration is not supportive of business growth? >>guest: it means that the conditions are not being improved to support the business growth i would like to say. >>stuart: i am not trying to put you in a political corner but let me raise a pet piece, the government says there is no inflation. they say that there is inflation. go to the grocery store and look at food prizes. there is inflation. and you feel that, you make soup, for heaven sake. >>guest: commodity costs have increased substantially, last year almost 50 percent. a function of demand and weak dollar that contribute to unstable environment in the commodity world so inflation is
absolutely a big part of the food business. >>stuart: which do you prefer in america? spend more? or tax less? >>guest: i would previous tax less. >>imus: you refer that. >>guest: yes. >>imus: do you think you will get it? >>guest: it depends on how it turns out in november and where we go in the future. >>stuart: i did press but i think i was fair. >>guest: i hope people understand my position concerned about business environment. >>stuart: thank you for joining us. i.p.o., no, investors slapping facebook with a suit do they have a case? the judge is here. welcome to hotels.com.
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>>stuart: facebook underfire claiming investors were misled ahead of the i.p.o. do they have a case? what is the latest? >>judge napolitano: and another lawsuit has been filed. we know of three lawsuits filed. two against facebook. one in california. one in new york. and basically alleging as you have indicated that they were materially misled by facebook board and senior management and bankers and did not know what insiders knew. and they purport to sue in behalf of everyone with bought shares of stock. you know how many shares were purchased? 421 million. we did not know how many humans
own the shares but the two plaintiffs in california and new york, are asking a court, to different courts to allow temperature to represent all the plaintiffs. all the shareholder owners. at the same time, a lawsuit has been commenced also in new york, against nasdaq by a plaintiff who says they would not execute my shares on time. and i was asking them to sell, i was watching the value of the shares go down, and they would not sell for me and he purports to sue on behalf of everyone would lost because of nasdaq. >>stuart: back to the bask lawsuit which you think will be all rolled into one, nasdaq is sued because they messed up the trading system. the banks are sued because they miss priced the offering, facebook is sued because they took too much money of the out. and withheld material information. >>judge napolitano: those are the allegations. >>stuart: the plaintiffs are the small investors would lost their shirts. >>judge napolitano: because the big investors got out.
goldman sachs made $215 million. >>stuart: $235 million profit selling their stake and morgan sugar landly, the lead bang who wrought it do market made $100 million. >>judge napolitano: the defect in the complaints, they are based on reports in the media, because the lawyers for the plaintiffs have not yet seen the actual documents. the media has reported that morgan stanley discovered something and only told a few select people. >>stuart: so all of the lawsuits come together in a class action suit. >>judge napolitano: if the court allows the lawyers and the plaintiffs to represent everyone who was similarly situated, you will have the largest class action in the history of the world. >>stuart: can i get into it if i am a small investor who bought the stock the first couple of days on the market? >>judge napolitano: but we
need to first know if there is a case and the case is based on media reports. >>stuart: every small investors want to get in if they lost their suit. can they get in? >>judge napolitano: absolutely. >>stuart: is it at the end of the day the plaintiffs, the small investors get a coupon to buy more facebook shares and the lawyers walk away with the money, cash, is that right? >>guest: that is a ludicrous and absurd outcome but not unprecedent asked we with hope, you and i and those who believe in right and wrong and fairness expect an outcould where those would really lost money got their money back. >>stuart: the rule of law or the rule of lawyers? >>guest: it should be the rule of law. >>stuart: thank you so much, judge. the obama campaign tries to more tray governor romney as elite it. >> that doesn't mean the private equity guys are bad guys. they are not. but that no more qualifies you to be present than being a plumber. >>stuart: well, larry sabato
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kellin this crazy world ♪ ♪ so caught up in the confusion ♪ ♪ nothin' is makin' sense ♪ for me and you ♪ we've got to give a little love ♪ ♪ have a little hope ♪ make this world a little... ♪ >>stuart: we knew it was coming and now we know the number, h.p. will lay off 27,000 of their worldwide workforce, 8 percent of the workforce. do that and h.p. will save $3.5 billion. that is hewlett-packard, 27,000. >> say it ain't so, joe, a new comment by vice president joe biden sparking controversy today, trying to tear down governor romney but did he put down some key supporters?
take a listen. >> the job as president is to promote the common good. that doesn't mean the private equity guys are bad guys. they're not. but that no more qualifies you to be president than being a plumber. it doesn't, and, by the way, there are a lot of smart plumbers. all kidding aside it is not the same job requirement. further start political guru larry sabato says nutting -- insulting the working class is not a good way to get votes. will plumbers take that as an insult? >>guest: they may. i have seen several suggesting they did not appreciate the comment. i did note in listening to the full quote that biden caught himself, there and he realize wad he had done and said those plumbers are smart, but there are 420,000 plumbers in the united states and the average
income is $47,000 and the united states median is $52,000. this is the target group that obama is having trouble with. the middle income, noncollege whites and we saw that, again, last night, in kentucky and arkansas, where more than four out of ten democrats voting in the democratic primary chose someone else or uncommitted rather than president obama. >>stuart: any idea why president obama would do this in was he speaking from a script? did he have a teleprompter or just an off the cuff remark that he probably should not have made? >>guest: well, i'm going to bet $100 because why think i will lose it it was an off the cuff remark. that's typical for vice president biden. that is why some people love him. and other people regard him as a gaffe machine. but he doesn't use teleprompters to the degree that most politicians do. >>stuart: will you make the political judgment that joe biden is a plus or a minus for
president obama in this campaign >>guest: well, it depends whether they can install one of the seven-second we delay mechanisms you use. >>stuart: they can't. >>guest: if they could get the seven seconds in there, i think he would be more helpful. look, he is good at campaigning in places where president obama just isn't popular. certain parts of pennsylvania, and ohio, and wisconsin, and he did this in 2008. on the whole, the answer to your question depends on how many additional gaffes he makes. he has made a big one on gay marriage which led the president to make a decision that has been very controversial through the country and maybe hurt in places like north carolina which was a swing state and i don't think is anymore. we will have to watch him and we will have to watch the mouth. >>imus: i am not suggesting that joe biden had anything to do with this but in florida i
got a poll that shows governor romney six points ahead. what do you make of that? florida, i am told that is a swing state and obviously very important for the election. >>guest: 29 electoral votes it is very important. we remember 2000. i felt for a long time of the swing states we have identified for the year, that florida was the most likely to go to romney for a combination of reasons. romney has been moving up, he solidified the republican. vote and has been attracting a majority of independents in some surveys and it makes sense given that combination that he would be leading in florida. further start you have heard that rip are getting richer, but could the poor be getting richer, as well? john stossel investigates. i see signs of post to my town and i am told it is getting
worse. >> post levels have gone up in 38 states. poverty and inequality rising. >> poverty in america is a death innocence. >> but is it, really? >> have you television? >> absolutely. >> how many channels? >> 100. >> liberal politicians say government must help the poor. >> i am my brother's keeper. i am my sister's keeper. they are upset that some americans are so much richer. >> my mother and father dreams as much as any rich guy dreams. awesome rich guys build huge homes this is 20,000 feet. who needs that? >> you have excess ever home when some people are poor. in america, we tend not to use the word "need," about what others are allowed to do. rich man? poor man. that's our show. >>stuart: john stossel is the author of, no, they can't, and jones me right now. your argument, then, is that the poor are getting a lot more
stuff? >>guest: yes. that's one of the arguments. also, even if raw income since i was in college people say the rich got richer and the poor got poorer, no, the poor got 20 percent researcher and that does not count free housing, and food stamps and the fact that things got better. poor people now have cell phones and t sets and 97 percent have air conditioning. >>stuart: when i said that on thary i was harshly criticized when i said the poor are getting more stuff. they are not very kind. >>guest: well, attack but don't shoot bullets. but it's true. >>stuart: and the gap between the two sides the rich and the poor, that gap is widening, not narrowing. >>guest: in a free country some do better than others. when the market goes up especially rich people like you get much richer and the people
not participating in the markets don't and it makes us uncomfortable but the only solution to that is what they have done in some countries hike korea and cuba to keep everyone poor. if you are free, there be a wealth disparity and mostly it is good because those people invent stuff. >>imus: there is always a pyramid of earn, power, and it always every society has that pyramid, and there is always going to be people at the top and people at the billion only but your argument is the bottom, in america, at least is a lot better than the bottom any place else. that is part of the argument. >>guest: and the bottom does not stay. a survey followed people over 30 years and their kids and lots of people in the bottom moved to the top. most of the people on the bottom fell out of that category. >>stuart: right, but president obama says we don't all have a fair shot anymore. it is not like it was. >>guest: we have never all had a fair shot. some have two parents. some have good luck.
but, life isn't fair. it isn't fair you are so good looking and i am not. >>stuart: a fine outcue, always a pleasure, john, thank you. a union official whacks a pinata with the figure of a republican on it. ♪ [ man ] when i went to get my first new car, my dad said to get a subaru because they last. ♪ he drives a legacy, but i'm nothing like him. i got the new impreza. maybe i should have picked a different color... [ male announcer ] the all-new subaru impreza. experience love that last ♪
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>> you look like a tough old girl here. you ready if back her when she comes around. back her. give her a whack. wham her! >>stuart: she got blacked and the south carolina governor fighting, saying will the unions see we need to take this seriously? the mainstream media, are they taking this seriously? the union is trying to get this pulled from youtube but good luck finding this any where. my guest see as doubling
standard. before we begin we extended an invitation to the afl-cio for comment and they declined but provided a statement can we will get to shortly. the mainstream media, michelle, totally ignored it. why is that? >>guest: of course, where is the outrage for all of this? this story hit the years at 6:30 last might and if you look at the major newspapers, not one of them is reporting the story. the liberal media continues to protect the left and refuses to report on what is existing on the left. we see all the time the left is bashing and degrading women like sarah palin and now nikki haley and they do not report on it because they are conservative women and they do not count. they are pro life. >>stuart: the lady who was doing the bashing is the outgoing president of the afl-cio in the state of south carolina. but let me move to the statement, the comment i should say, should by the afl-cio. and i quote, "while it was meant
as fun, there is absolutely no place for that kind of joke in a conversation that is extremely serious about how to rebuild our middle class and our country." this is plenty to talk about in the governor's record and we do not believe that is appropriate joke. working people deserve a better conversation much that is not quite a total repudiation of a rather ugly and violent scene, in my opinion. >>guest: no, and the woman who is in the video they asked for a comment today and she says why regret it at all, this was fund, just a game, this is not just a game. these people are pretending to violently hurt a conservative woman with a bat. how is that funny? how is that a funny game. >>stuart: if it was other way around, it were a democrat's picture, or, heaven help us, but the president, for example, it would be a different reaction. >>guest: of course. look what we saw with sandra fluke, they milked that.
imagine if obama's face was on what and a tea party was hitting it in we would not hear the end of it. but the liberal media ignore it because it is conservative women would care. a double standard. >>stuart: we saw it right here. michelle fields, thank you very much. the union leader swinging is not talking but the guy would came up with this event is. is he having regret service he will be our guest at 6:00 p.m. on fox business network tonight. now, governor romney is detailing his education plan today. it includes a voucher-style system that gives parent as greater choice. >> if the first time in history, federal education funds will be linked to the student so that parents can sends their child to any public or charter school of their choice. >>stuart: money will spent? charles payne thinks so, yes, he says it is money well spent. >>guest: i love the idea.
i was on the board of the claritier school in the south bronx for a couple of years and our charter schools in the poor of the congressional district in america, amazing the difference it makes. >>stuart: we are talking about avoucher system and parents get a catch voucher and you can spend it on any school you like in your area, so to speak, so the schools compete with each other. >>guest: competition is the key. listen, the sound bite we used was perfect. we will be linked to the student, the interest of school linked to the student. how about that? rather than linked to the unions, rather than a link to the teachers, how about we get rid of bad teachers, bring if good teachers and we do not paint them all with the same brush. this is about how unions have high jacked education which is getting dumber and dumber and dumber. >>stuart: if kids could go where they want do spend the voucher that wrote mean the bad schools would get frozen out and
no one would go. >>guest: people would say, these are empty, this is nothing but tumble weed. >>stuart: so the teachers hate a voucher system. >>guest: the unions hate the voucher and bad teachers hate it. i know teachers in the union who would love something like this. we started the chatter school in the south bronx we had all the teachers x union teachers, and we brought in a teacher from teach for america, young, idealistic, and she would get up at 6:00 not morning from staten island and drive to the bronx and leave at 6:00 or 8:00 at night each day. now, etchry teacher is from "teach for america," not from the unions and here is the thing, this is the most important investment getting rid of the victimization culture that exists among a lot of the kids and it ramps up there with high taxes and high debt. you want to talk about america, not going the way of greece you have to talk about education. >>neil: until now, governor romney has spoken about the
economy and taxes and spending and now taking on a whole new area, education. if i am the white house i am worried. this is a punch that knocks you out. by the way you talk about touching different, this is in front of a latino organization, this goes, really, deep to the heart of a lot of people, and this cuts to the heart of people that the democrats are taking for granted. quickly, this morning, i wrote about education. and in 1895, in kansas they had an 8th grade final exam. here are some of the questions. nine rules not use of capital leaders. name of the fundamentals of rules of math. 8th grade final. we feel so great, we thing we know so much more than kids used to know. >>stuart: that was 1895 >>guest: 1859. >>stuart: i have to think hard
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structure -- senate democrats moving forward with a pan to may passengers pay month for the patdowns, to help the t.s.a. budget gap. the hike will double the fee for passengers taking nonstop flights. a major airline group slamming today that move. saying the lawmakers should work on ridding the t.s.a. of waste. security expert bo dietl agrees. do you want to privatize the t.s.a.? >>guest: all i can say we can privatize it. and you can get more bang if
your buck. i have been saying it from the beginning. i see what they did. after 9/11 they stuffed the t.s.a. with ex-security guards and anyone they could fill in. you could bring if the military people coming back from afghanistan and iraq, bring in those young men and women can they would be happy to have the job. ever go through the t.s.a. watch? over abundance of people doing nothing. you could cut it if half, get professional people if there, and do the job a lot better. start further not too long ago we ran a story of $184 million worth of equipment sitting in a wary house doing absolutely nothing, unused, and it was security screening equipment. that is a picture of it. >>guest: that is another side of it. you have a guy called chertoff with a if you thing showing the body parts and it is a new screening thing where you walk law and put your hands up, and that machine, this, cannot
detect explosives. they have technology that they, rather than just making contracts like that, and throwing these things out, get the best of the technology, you have technology that can breakdown and you can see the components of explosives. so they use a double wham any, so you are looking for explosives and lacking for something on the body but get back to the t.s.a. very unprofessional. from the beginning. they stuffed them in there and that is what we got. they pushed them in there. yes pushed them in. >>stuart: i don't think you are right. unprofessional? i have been through the security screens many, many times and i don't find them unprofessional. and you are trying to tell me that you bring back a vote vote -- veteran from iraq or afghanistan and he will do a nice patdown? >>guest: you have a lot of law enforcement gentleman and women who say hi, bo, but a lot them are not as efficient as they
should be. you should rate their performance like any other job and if they are not doing the job, get rid of them. >>stuart: are you giving us an honest assessment? >>guest: something else, the new york city police department out this, they have 40,000? pay them more money. make them more professional. you use 20,000 and give them, make them professionals. >>stuart: t.s.a. right now is a revel organization. >>guest: i don't think it is as professional as it can be. by using --. >>stuart: you think if it was private they would be more professional? cheaper? >>guest: i will take it on tomorrow. >>stuart: no one has gotten on a plane in america with a bomb since 9/11. >>guest: but, remember, how many bombs that actually went on to the planes, how many were there? we don't know because nothing has happened but the c.i.a. and our intelligence group have averted a last the problems.
they will thought break endo a cockpit but i am talking about professionalized t.s.a. more, give more for your buck. i don't mind paying an extra $5 or $10 but give me something professional. >>stuart: we hear you. thank you, bo. tonight the senator pushing his own legislation to privatize the t.s.a., kentucky republican rand paul, one hour from now on the fox business network. oil and gas prices tumbling in time for the holiday week, and great news for drivers, but, what is it saying about america's economy? ping giant can befriend a forest may seem like the stuff of fairy tales. but if you take away the faces on the trees... take away the pixie dust. take away the singing animals, and the storybook narrator... [ man ] you're left with more electric trucks. more recycled shipping materials... and a growing number of lower emissions planes... which still makes for a pretty enchanted tale.
that it will slow down the global economy prices down 14 percent just this in. now, my next guest says keep the slide going. and boost the economy. at the same time. build the keystone xl pipeline. and one of those who is worrying about what is going on. so, are you saying, great news for motorists, we got that. oil prices are way down. but, you are saying, it is a sign of a weak economy? that is why we are not using so much oil? >>guest: well, remember, it went up based on the idea that prices were going to get higher with the idea that we are going to have a strong economy. now what happened? the spigot turned off and oil prices have dropped. it is an indicator. they trade on the futures. it is the expected price in the future. prices are going lower. i expect this to drop in the low 80's if not the high 70's. >>stuart: not the nasty speculators? >>guest: you do not hear anyone complaining now.
>>stuart: the keystone xl pipeline, you think less of a chance of it being built if oil prices are down? >>guest: well, there is less discussion. and, be real. oil rights go up-and-down not just based on the keystone xl pipeline. if we start drilling on federal land, if we start drilling on offshore we will see prices go down and that will have a greater impact. >>stuart: firmly not doing much on federal lands. >>guest: no the president talks about so much more drilling but it is not going on on federal land. >>stuart: if you president came out tomorrow, dream with me, saying, yes, the federal lands, we will detroit for -- we will bill, would the price drop? >>guest: he would take credit but, at the same time this is a global economy, not just a keystone xl pipeline united states moment, a global economy. the prices prices are going down
because the world believes the economy world is getting slower and it is and it will continue to, fully expect oil prices to drop much more from here. >>stuart: you say $70 or $80? >>guest: we will see back in the high 70's or the low 80's. >>stuart: the national average for regular is $3.67 a and oil coming down another $10, you would have gasoline down at around $3.30? >>guest: usually takes two weeks for the oil prices to be reflected in gas prices. >>neil: will that happen? >>guest: without question. have i ever been wrong? >>stuart: that would be a huge plus for america. and the spending power of everyone in america who drives. >>guest: well, on one happened that is true but other reasons why people should be concerned about rising costs through the country account word with inflationary pressures but if that one area, especially during the drive time which we are about to start see, a lot of people during this time, this is a real positive.
but the stock prices are dropping along with the oil prices. >>stuart: what is going on, you think; a real slow down in the global economy, china, europe, america, and places in between, if that is what is going on? >>guest: every place is slowing down, the world economy is slowing down, china's g.d.p. went from 8.9 percent to where it is now, the world economy is slowing so oil prices are dropping because the world believes we are entering a global recession. which we are. >>stuart: quite an outcue. we hear it. thank you, ed. senator rand paul, rock-n-roll legend gene simmons and what they both have in common. next.