tv Your World With Neil Cavuto FOX News June 20, 2012 1:00pm-2:00pm PDT
of the attorney subsequent of the united states, holder, our coverage continues on capitol hill and beyond on "your world," with neil cavuto. >>neil: i am not talking about the gq cover shoot, heating up the news stands, i am talking about the meltdown long the east coast today. >> hi, honey! anyway ... welcome. i'm neil cavuto. on top of the first day of summer and the last day of my marriage. just call it the "east coast roast," what feels like triple digit temperatures, normal for the desert of arizona, hitting
the canyons of new york and frying the populated regions of the united states today. heat advisories in effect in no fewer than 13 states and we are all over it with on how bad it will be. and the power grid that could be on the skids, and more on bills that could be shooting up. way up. what is going on? >>reporter: i am so glad you did not require me to wear a bikini. >>neil: i am outraged what happened but we will get to the bottom of it. >> i have a feelings your ratings went way up. let's lock at that near record heat across new york and philadelphia, in new york city we are at 92. philadelphia at 96. and boston, at 93, 89 in richmond. it will continue to be warm for the next couple of days and we will go back to seasonal averages but it is the first day of summer. go big. or go home. 97 in washington, dc. 92 in new york. 91 in raleigh. 90 in cleveland.
but what it feels like with the humidity, bring your own bikini. 100 is what it feels like in washington, dc. 97 in new york. and 97 in raleigh. we need to be by a poll with a fancy drink if our hand. tomorrow, the heat index is 1304 in washington, dc and for the weekend we will see a cool front moving through in the northern plains and it will continue to meander east, and it will make its way into the northeast, but, speaking of bathing suits, we will go outside and see what some new yorkers are doing to beat the heat. >> just take my colleagues off. >> have to eat fruits. all what do you do? >> go to central park today. this is humid. and greece. dress light. drink water. all try to stay in shape. i don't like the heat. all water. water.
water. all move north. >> don't go out. stay inside. drink lots of water. gatorade. >> heat advisories up if 13 states across the east coast, and a look at the heat index, again, for the next two days, we will deal with real hot temperatures from 95 to 110 degrees. the average for boston is 78 this time of year. today we are look, at moot and 93 right now on thursday, 94. new york is 81. tomorrow, even hotter. you get the idea headed in to washington, dc, 85. so temperatures 10 or 15 or 20 degrees above what we tripoli -- typically see. how about rest of the summer? above average cross the southwest. very warm there. and it will continue. in the society, as well to the mid-atlantic but the northeast,
we are expecting average. this is a real quick hit of summer. for the next two days. as we head into the weekend, much more seasonal temperatures. back to you. and the bikinis. >>neil: watch the heat young lady. so, again, for kate upton this could be the perfect environment. she could handle the heat but are you going to be handling the heat? still abreast on the national weather phenomenon and the guy really sweating this says our power grid cannot take this. what happens? what the worst case scenario? we have been through worse. the trick is, i guess, we cannot be through this too many days. >>guest: that is correct. and being a power producer and dealing with a heat wave is like being a manager at a target on black friday. you can prepare as much as you can for the mayhem to ensue but the end of the day, this heat
will cause stress on system, so you could very well see rolling blackouts like we saw in the heat wave of 2011 but how the managers manage this heat wave and immense energy demand remains to be seen. >>neil: what do they do? obviously it is a big deal, in populated regions if this continues because they are all using the air conditioners and ratcheting down, to keep cool and they do that at once, obviously, so a lot of utilities have rolling brown outs and black outs but if it stays for a long time ... their options are fewer and fewer, right? >>guest: that is right. they have backup generators that are cotly to booed up which is another reason why our electricity bill skyrocket in the heat waves and the longer it lasts, the more stress on the system because as the heat lasts, it tends to heat the walls of your home and buildings, so, you need more air
conditioning and more coolant to actually cool down your home and cool down the businesses. so the more, the longer it lasts the more stress it put on the system and the more dire the situation becomes. >>neil: there were utility experts that said when we had a heat waste that collectively in the summer the industry could deal with 12, 100-degree days in populated regions and beyond that it pushes on a string. do you buy that? >>guest: i do. and the reality is, the longer the businesses, the longer the economic stress, we are in a recessionary environment and the last thing the businesses want is unnecessarily shut down because of a heat wave and because the grid cannot handle the system. and the situation is only going to be more dire because of existing epa regulations that are either implemented or coming down the line, and that will cause a lot of our coal generation to go off line.
>>neil: thank you very were. we doing our public duty for a last you at home and roasting at home, maybe you may want to take the advice of kate, and we are doing our best to help you out here and if i am doing any small public service it might be that. we have again through that video again and again and again and well continue doing it to help you because you are worth it. temperatures are running up and my guest says power bills will run up. >>guest: we were promised this was the year that energy bills would be maybe 10 percent lower. but so far the 1.5 percent higher and not only this heat wave, neil but we had spring like temperatures all year. this is coming at a time when a lot of nuclear power plants or down for maintenance and others are down for maintenances so we are starting, where prices are, even though they are low
historyally, much higher than where they were supposed to. and i have a lot of concerns with the new heat wave, that could drive prices even higher. not only with the increased use on electricity for air conditioning but, also, concerned of tropical storms and we see one in the gulf of mexico that could heat up the bills for electricity. >>neil: what if we are being faked on this? in october we had a freak winter storm in the northeast from 8" to 17" and everyone said we would have a horrible winter but it turned out to be mild. maybe we start the summer on a hot note but it is not a hot summer. that is the fear. right? >> if that happens that is great news for the consumers because prices would actually fall to some of the promised levels we have seen not past. but if you want to bet on the
weather, it has been volatile. the cold front you spoke about set us back when it came to prices because it drove up prices at a time when temperatures are supposed to be relatively mild and we get out of the cold front we are dealing a few weeks later with record heat. weather has not given us a heat and has not allowed to us take advantage of the record amount of supply we is had on hand so the consumes have not seen the benefit because of mother nature. >>neil: thank you, phil. forget hot, hot, hot, investors upset they did not get enough cold hard cash from whom? you might be surprised. remember this coronation for senator obama? who wouldn't want to go this year now that he is president obama? a growing number of democrats.
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nissan. innovation that excites. ♪ >>neil: democrats did in the want to be seen with president obama on the stump. like this senator. >> and then this was this one. and this one. growing number of democrats do not want to go to his big coronation night, either. four saying "thanks but no thanks," to the democratic national convention although it is still months away. should democrats be concerned? a lost democrats do not want to go to their big party? my guest says, yes, they should be. it is not that unusual but it is
a little early for this sort of stuff. what do you think? >>guest: well, the democrats particularly president obama should be worried. in 2008 the governor of west virginia, now senator from that state, gave a speech at the convention and in 2009 you had the west virginia democrat part release a memo, early 2009, talking about what the oh obama administration administration had done for west virginia. now, at this time, three high profile elected officials from west virginia saying they do not downtown she up. that is an indictment of the president's record. >>neil: we follow polls and react to polls, some brief them and some ignore them, and some cower through so a lot of the democrats in close contests could, but some of them interest me like this congressman from pennsylvania who thought he might have some conflicts but they turn out to be the objection hill agricultural kickoff, a farmer's jubilee.
anyway, there is the county fair, so he is booked pretty much through that. that is just off beat humor there. what do you make of that? it is hard if them to say, look, the truth is, mr. president, you are in the popular, i am in the race of my life, i don't want to be near you. >>guest: that particular pennsylvania representative said he has had a focus of creating jobs. if that is your focus you do not want president obama around. he is talking about immigration and off talking about gay marriage. >>neil: and you wanted to be at the county fair. >>guest: i checked the west virginia elected officials and there are no home football games so we know that is not why they are missing. we can say no one wants to be at the convention. >>neil: boys and girls they know what is going on. george bush knew the depths of
his popularity during the iraq war, and some did not want to be pictured or seen with him. so this is probably not too surprising. but what surprises me so early in the process this is happening because you might see the president resurge and you don't want to alien eight him, either, right? >>guest: if you are in a state, though, that gave 40 percent of the democrat presidential primary vote to a felon, that instance they are playing the bet safely and you have both the nrc on record as saying that if you pull poll the democrats in the house they would not all want to stand up with president obama, and the dcc chairman did not combat that statement when he was asked. he said everyone has their own issues and campaign sow have that right there from the parties themselves. >>neil: you do, indeed. thank you very much, elizabeth.
mr. davis votes no. more brailey votes no. mr. welch votes no. mr. murphy votes no. 23 ayes and 17noes. the ayes have it and a contempt report is ordered, order reported to the house of representatives. without objection the staff is authorized to make necessary technical corrections and conforming changes to the report. the committee stands adjourned. >>neil: as expected and along party lines the house oversight committee has voted to hold
attorney general holder of the united states in contempt of congress. this would be loading to a full vote in the house of representatives. hardly a given but along party line. that would be in keeping with the republican majority. this would presumably go nowhere in the senate but republicans are going to make a powerful point here that key documentation needed on things like "fast and fewer identification," and what the administration knew be brought to the committee's attention and documents be fessed up and they said reviews would be necessary, the white house did, and nothing more than that and this has led to something republicans have likened to a watergate like environment but as expected this has oversight committee has gone ahead and approved the contempt vote against attorney general holder. i do have scott martin on this and i was going to address marries of the federal reserve and i will get to that but i want to focus on what happens at the corner of wall and broad with a decline of 13 points but
that was despite the fed offering some benefits such as easy money and it came in in an environment where we could, could, could, this vote is a signal of that, have a constitutional crisis on our hand. this could be a preview of a bummer of a summer. >>guest: it will be interesting. the fed is twisting again like they did last summer, september 21 last year, twisting again like they did last year. do you remember when they difficulty last year about $8 billion of operation twist which basically if you are playing at home mean you short-term interest rates are up and long term interest rates go down and they did that, concerns of the economy and concerns of europe, here we are. june, 2012. >>neil: that fix didn't work. now adding insult to injury we have what could be a proceed tracted constitutional problem
going on on health care which could be involved in days. or not. but the very power and privileges of basic branches of government. >>guest: in budget, of course, and where is all the money going to come from that the regulators that washington and even the folks in europe tell us need to fix the problem? that is one my big concerns. everyone has fiscal trouble. but the answer is to throw money at everything and it will be okay? you mention the nicotine fix, the screaming child on the airplane. you are manipulating the markets and they are saying, no, no dice. >>neil: what do you think the markets are saying going into the summer? i remember summers of great angst in washington, with the watergate period, and the back-and-forth over iran-contra, they were not good summers for the market, and there was a bake constitutional crisis of what the president knew and his
people now and when they knew it, what the fed knows and is doing with our money, and how much they are doing it, there is a commonality here. >>guest: and it is not a go time to be on this part of the calendar. and russian debt crisis and asian currency crisis not late summer months, it is looking like a very bad summer to me, a slow down certainly in the economy but just being a market watcher and what i tell my clients when the market moves up or down because of what the fed says or what is coming from europe that is not a good sign that means the market is not comfortable and we will have a big move one way or the other. >> so this summer this is an expression go away in may and come back later, something like that, but is that wise because it will be a bumpy summer? >> not we get solutions from europe, that is a long way away. a couple days ago after the greek election it is a mess. i would say be careful. yes, maybe come back at the end of the year and we have the
election coming up. that could be a boost. >>neil: there is that. there is that. scott martin, in the meantime, why all of these events, right now, have legendary economist saying take your money and run. he will be my special guest at 8:00 p.m. on fox business network. the other night, we had our most watched 8:00 p.m. on fox business network history. it wasn't because i was undressing during the hour but some of you were thinking. we are providing an alternate and all riding of all ships at that hour including young bill o'reilly and everyone is benefiting. i just seem to be benefiting more on a percentage basis but enough about me. back to me and this show. from no drama obama to snooze orama and the insirration behind "madmen," is saying the president needs to get pumped up
seemed to plummet. >> another positive step forward was the euro zone's commitment to work on a more integrated financial architecture including banking supervision, resolution, and recapitalization as well as deposit insurance. >>neil: and my guest was watch that and said the president blew it. what do you mean? what disappointed you? >>guest: the president is like an actor. he is an actor. so, an actor needs an audience and when the audience is with him, the actor is better. he is tired. he looks tired. he is tired. this is not situate situate -- this is not 2008 where he would say "yes, we can," and the ought conference has an orgasm. >>neil: jerry, jerry, jerry, he is talking to an international audience, international summit, i am trying to give him the benefit
of the doubt but does he have to go through these hoops for that crap or he is losing sight? >>guest: he does not look confident, like he feels good about anything. people are coming back. he has lost that momentum and that momentum was all about his being confident in himself, and looking good, and feeling good and you hear it in his voice. basically, he don't feel his audience. when you don't feel the audience and the audience is sitting there, they may applaud but they do not feel the way they did in 2008 so he misses 2008 and it will hurt him. >>neil: jerry, thank you. have you seen this violence? the u.n. has because rather than worrying about this they are more worried about a u.n. official saying stop buying tv's and help those in need. and john stossel who may want to
add "can you believe this," their argument is too many those thins in the western world, right? >>guest: people think that way, that there is only so much wealth to go around, so, if the western countries buy tv there is less left for poor. i see why the politicians think that way because their person is win or lose, one wins someone else loses but the rest life does not work that way. it is not like this is a pie and if bill gates takes a piece we are poorer, he becames thousands of new pies and made us all richer that is what the free markets do but the politician and the u.n. official talking about stop the consumer high life ... >>neil: why not bring the consumer high life to the under developed countries. >>guest: they worry about the environmental advantage but the wealthy countries become cleaner because you can control the pollution control techniques and you care more about the environment. >>neil: this has been a
consistent theme of the united nations regardless of the leadership, that the world consumption and the western capitalist view of things is being called into question even among this of those once capitalist nations that have moved left. france comes to mine, thousand there is a collective capitalist guilt. why? >>guest: because people do not understand how free markets work. it is like the old books that were so praised, the population bomb, we are going to overwhelm the earth, we are going to starve because there are too many people. they do not get that more people mean more brains, mean more inventions, new ways to feed people, and as we get richer, life gets better. >>neil: their argument is those at the top share more stop consuming so much, and they are leashing out the other part allowing the others to get rich. they do not want them to get a not a lot, just a little bit.
why committee where they draw the line. $250,000? $100,000? is there a limit to how far they want people to go? >>guest: you are right and that is the basic misunderstanding that if we do a lot we are taking it from someone else. and politics, as i say, are a loss suit. business is voluntary. no transactions unless both parties win. you see it when you buy a cup of coffee. i gave you the buck, you gave me a dollar, and we both say thank you because we both won. we are both richer. that is not intuitive. >>neil: particularly if it is your book. thank you. you heard about the contempt vote against attorney general holder and now we hear from speaker boehner they will announce a vote if the entire house some time next week. and senator chuck schumer is furious but will not talk to us, he is furious and ready to
>>neil: we have doled you that attorney general of the united states is being held in contempt along pretty much party line vote. the house of representatives oversight committee voted to hold him in con democratic and speaker boehner is looking for a vote next week. but this will not happen if the attorney general hands other some documents so we have a bit of a potential constitutional crisis growing. when i use constitutional and or crisis i think of the judge, judge nap family much -- judge napolitano. >>judge napolitano: the president invoked executive privilege by asking him to invoke executive privilege the president needs to invoke it himself and needs to say why. he cannot invoke it for any reason he wants. it has to be a reason consistent
with law which means a military secret, diplomatic secret, or a national security secret. and this irritates members of congress because the attorney general had agreed to give the documents which he has asked the president to claim executive privilege. so, the vote today was just a vote of a committee. not to demean it by calling it "just," a committee but not a vote to hold him in contempt but a recommendation for the entire house of representatives that he be held in contempt. >>neil: what if a majority in the house of representatives in the republican house, hold him in contempts then what? >>judge napolitano: we have a complex situation because this is called criminal contempt. meaning he would need to be prosecuted for it by a federal report and a federal court and he himself is the chief of all the federal prosecutors. so the leadership in the house of representatives would then either have to hire a lawyer or persuade a federal prosecutor to seek the indictment of the attorney general for contempt of
congress if he is indicted he would be tried before a judge and jury if federal courthouse where roger clemens was just tried. where his team prosecuted roger clemens he would be a defendant in this courthouse in this criminal prosecution for contempt. >>neil: they can battle over what type of documents they want. the house seems to want everything. and i guess the attorney general said, i will give you synopsis, or, a cursory report not the real dive in the detail stuff. what will satisfy speaker boehner republicans or does this get full-blown and they get every little detail and every e-mail and correspondence? >>judge napolitano: if he is held in con democratic and sentenced to jail, those are two big "if's," he would be incarcerated for this and it has not happened in modern times for the theory being he violate add subpoena from the congress.
this is not the kind of incarceration our colleague judith miller went through where they kept her in jail until she coughed up the documents. she didn't. the prosecution got the documents by another means. so we did not know how this will end. >>neil: judge, thank you. these are fast moving developments. speaker boehner announced a fast and furious contempt vote next week and we have paul ryan with a look at what we could be looking at next week.
office. speaker boehner and cantor said the same thing, part of the republican leadership. but if positions remain as they are, that vote will come next week. part of the republican leadership is joining me, paul ryan from business. this is fast moving, congressman and glad do have you here. do you subscribe to that view, the documents come in, a vote is avoided? >> attorney general eric holder brought this upon himself. he has been stonewalling congress for 16 months. and, yes, he can avoid this if he brings the documents that have been requested for months. >>neil: do you think, a lot of cynics will say quickly, that this is along party line and this is sort of like a republican situation to embarrass the attorney general and embarrass the white house. >>guest: embarrassing is "fast and furious," and we need to get to the bottom it. all congress is doing is details in the constitution, its job, to
conduct oversight of the executive branch. we have separation of powers and this is infringed upon by this stonewalling so we are just doing our jobs here in the legislative branch. >>neil: is this going to escalate to a full-blown constitutional situation? >>guest: i don't know it is up to attorney general eric holder. >>neil: i would like did switch gears, sir, to chuck humor and others, including throwing the middle class off the cliff and help the rich, and saying governor romney saying it is one tier. what do you make of that? >>guest: well, the senate democrats put out a report on our budget and it wasn't flattering. i am not surprised about that, neil.
>>neil: that is the fox news alert. >>guest: that is breaking news on some stations but, so, first of all what we are talking about is tax reform. here is the issue, there are democrat whose agree. the simpson-bowles proposed the same thing, lower tax rates by broadening the tax bait and those that get the tax loopholes are the people in the top brackets that we are talking about curtailing to give everyone, family and small businesses lower rates. do not forget our competitors are lowering their tax rates, we have one of the most progressive tax systems in the industrial world. we have among the highest tax rates and it is putting us at a huge competitive disadvantage and costing jobs and costing growth, and where i come from, in wisconsin, nine of ten businesses file their taxes as victims and chuck schumer and president obama are proposing that the effective top tax rate in january go up to 44.8 percent. this is a job killer. it will hurt prosperity. what romney is talking about,
what he is proposing, is to get back to an american idea of an opportunity society with a safety net. turn economic prosperity back on, have a society of upward mobility not this redistribution tax, borrow and spend men attempt that has dominated washington and given us the worst recovery since world war ii. those economic prescriptions that chum schumer and the rest are talking about what would be successful, if they worked we would be entering a golden able with greece but we are not. we want economic growth. to get spending under control and we want entitlement reform and dodge a debt crisis and get people back to work. that is what governor romney is talking about and talking about this in wisconsin. that is what we talking about. and bipartisan commissions, democrats out of congress agree. get the tax rates down. >>neil: but are you concerned that because both sides are so cemented in their positions, that this is not going to be a middle ground and we will be
facing a time bomb at the end of the year and the closest prescription and i hear both sides coming up with, is maybe, maybe, a one year extension of the bush rates with the promise of serious tax reform next year. that, of course, brings hope but probably unrealistic don't you think? >>guest: well the thing you are mentioning that the democrats put out today was about our budget that says we want do do tax return. so percent bracket for low and middle income and 25 top rate, 25 percent corporate rate and that will ignite economic growth in a way that does not cost revenue from what we raise. >>neil: would your plans, mr. chairmans look into what jeb bush has said, a balance? it does not even have to be a fair balance, it could be one dollar in revenue for every $9 or $10 in cuts to paraphrase him he would sign up for that. would you?
>>guest: here is the problem with this dialogue. you never get the spending cuts. president obama's budget, the tax increases do not pay for a fifth of the proposed deficit. >>neil: you would never entertain that ratio? >>guest: i am not going to say or negotiate with myself. i don't see the point in negotiating with myself on rain shower shows when we are talking about comprehensive tax reform and getting spending under control but our fends want to pocket the higher revenue and never give up the lower spending so what is happening they want to increase revenue and pile it into month spending which drives us deeper into a hole. here is the point: we are going to bring a bill to the floor in july and it says extend the country code for a year. yes, have a fast track procedure to actually get fundamental tax reform. we are working with senate leaders on how to do that. so we can be serious aboutry forming the tax code and not have the temporary rebates, not
having all this uncertainty pile up at the end of the year, so we are passing legislation this summer in the house to deal with this train wreck at the end of the year. unfortunately the senate because they have not pass add budget in three years, the president has not offered a solution other than massive tax increases, we are going to have this gas at the end of the year, so, yes, the lame conduct will determine this stuff and who wins the election will largely determine how the lame duck plays out. the president wins, massive tax increase. if we win, tax reform. >>neil: we will see. congressman, mr. chairman, always a pleasure. lean forward, bend over. you have a disease in your name, maybe you should stop calling names. let's find out. streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips.
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defendinga romney on the latest attack and riding horses and the deal with the multiple sclerosis would look too self-serving. because i have m.s., my comments might be take within big grain of pity salt and hint of bias. guilty as charged, but i've had enough. enough on commentators from another news channel of illness i know too well to an audience that may not know the facts that well. ann romney has multiple sclerosis. i have multiple sclerosis. ann doesn't need your sympathy. i don't need your sympathy. unless you feel sorry enough for me to watch my show at 8:00 p.m. eastern time on fox business network. at least i'm up against a guy who is not typically ill against o'reilly. but enough of me. ann romney deals with it riding horses.
it refers to the use of horseback riding as a treatment for medical condition; namely, treating walking difficulties. neurologists debated whether riding around on a horse is cure for m.s. but many believe it helps relieve the real symptoms of m.s. as the industry bible, "neurolog care" noted last year and other studies found and i quote here, some people treated with riding therapy exhibited improve in the balance, emotional functioning, pain and muscle stiffness. other studies pointed to improved mood and walking ability. others, more energy. my point is this is a legitimate therapy. do i use this equine therapy? no. i'm generally bigger than the horses and i don't want to hurt them. ann is not, so there is no such risk. let's get serious. ann romney doesn't need my defense but the critics need to use common sense here. just because you might find therapy strange, trust me when
i tell you the disease it helps treat is more strange and more cruel. go ahead and have a good stupid laugh over ann and her horses and whether they had anything to do with her illness. ignore the fact she got really into this big-time. about the time she was diagnosed with the illness. look that up. it seems odd that a network, with the letters m.s. would make fun of someone living with m.s. every day. ann romney doesn't need the criticism. she has a lot of money but it hasn't helped her avert the disease. take this from the multiple sclerosis society, european neurological society, the m.s. research center, the child neurolog society. so many others who devote so much to an illness that is so bad and chronicle the real benefit of horseback riding
they all report has proven history of doing some good. working with horses, whatever you want to call it. you don't have to lean forward to appreciate it. just check your facts before you joke about it. because right about now, you condescending, sanctimonious twit who are allegedly healthy you have proven you do not know the benefit of horseback riding one bit. but you sure are good at piling on the lies and shoveling what amounts to unadulterated horse -- well, stuff. i had to say that. i don't want your sympathy but remember what i said about 8:00 p.m. fbn. sorry, i had to say. that sometimes you know you repeat lies often enough, some impressionable good people they are fooled. you can lie to them and they're descent enough to believe it. i'm telling you, don't. i just g