tv Cavuto on Business FOX News June 23, 2012 7:30am-8:00am PDT
go with brmk up 20%. >> thank you for joining us. and the cost of freedom business block continues with neil cavuto. >> one for barack obama, he doesn't say squat at a global conference after a clueless european leader something everything that ails them is on us. >> could you describe, to europe, north america, this was in north america. >> neil: what is the word for it, this guy saying it, calm down. now, to charles payne.
charles payne. >> incredible. he wasn't the first one, two months ago the mexican guy was in the rose garden in america, with the war on drugs in america, and-- >> i did mine with a french accent, but stay calm. >> this is amazing, all of these gutless, i don't understand it. listen, europe's problems are their own, they've been festering for decades and you know what it is, redistribution of wealth, stolen wealth from the the private industry and given it to the public sector and the rich, smart people left and now they have debt out of this world, can't control it and keep it going and want something like angela merkel to pony up some cash. it's not going to happen and it shouldn't happen. >> gerri. >> i agree with charles and i'm not quite as exercised. >> can you do this with an accent. >> oh, oh. >> about all i got. >> neil: that's fine. europe's high court, what they had to say. if you wonder whether europe can cut the cost.
six weeks vacation that the european workers get. if you get sick on vacation, your employer has to give you more vacation, if you think they're actually going to cut costs and save money, forget about it. >> neil: that's the way it should be be, go ahead. >> and my great-grandmother who left italy say, stupido. (laughter) >> listen, i mean, all you have to do is go to europe and realize that their problem is the fact that they do not have an entrepreneurial class. they doesn't have-- >> they have he' chased them out. >> listen, why am i sitting here. >> neil: we ask ourselves that every week. (laughter) >> i walked right into that left hook. in any event, you have to ask why do the most productive citizens leave europe and people on welfare remain, if they think it's our fault they have welfare states that are draining the economy and no entrepreneurs, they will he never get out of it. it's scary that he said that. >> neil: very scary and again and again.
>> means they have no way out. >> neil: adam, here is what worries me more about it. to the point that gerri made more clearly and lucidly than i do. we live in an age now where the countries that are now screwing up, now turn around on the countries that are not. and say what you will for us, we are a bad global example, but to say that this is all germany's fault, to say that the countries that are pretty good with their money, and in the case of germany, one of the few countries on this planet, that have more money coming in than going out, which is an accomplishment. >> yeah. >> and it's like we're living in an upside down world here. >> well, i don't disagree with that and i don't disagree with much of what has been said so far, neil. we should probably strip out. put things in two different buckets. there's politics here and then there's reality. so, it doesn't stock me that you have a french politician blaming the united states. >> neil: that was interesting, he's portugese, he has lived all over europe. he doesn't even have that
accent. it's like, from britain, a brooklyn accent gives him a lot more cache with our audience. >> thank you, neil. >> neil: the accent still stands, continue. >> it doesn't surprise me that a european politician is criticizing the united states, or blaming, because you've got to blame somebody, right? and our politicians do that, too, we'll talk about that later, you blame whoever you can. i agree completely that it's nonsense that they should criticize the germans for wanting them to, you know, to carry their load. but the question becomes, what should they do next? i'm not sure. >> oh. >> and bleeding greece dry is the way to solve the problem. >> neil: what should they do? >> charles, i want it make one more point. when charlie's ancestors left italy, the modern welfare state didn't exist, let's not confuse things. >> wait a minute, you say the modern welfare systems did not exist here, right?
>> no, it didn't exist in italy. >> it didn't exist here, either. i've got news for you and that's why. >> fair enough. >> so what happened was, you had an impoverished country, right and people left. right now they're not leaving and what the most-- and the people that aren't leaving are basically the welfare state. people want to collect those checks and it's so obvious, just go there. you can-- >> and charlie, too, they were ticket takers at the colosseum. but-- >> that's the easy question, follow germany's lead. hey, don't take six weeks of vacation, hey, don't get paid 14 months of work for 12 months of work. hey, don't retire at 50. hey, pay your taxes. hey, stop, stop taking wealth from people who generate it and give it to people who sit at the beach. a lot of answers. that's why you don't go a lot of immigration from italy the right now. guess what? >> what you just pointed out. >> gerri willis, aside getting
concerned for charles payne blood pressure and health, if the subject, a general view here that the blame game has gone into hyper drive. >> they have to blame somebody. can i make a point about barosso we heard at the top of the show. he ran portugal, right? portugal has a gdp of connecticut. he knows nothing of big economy, incapable of deciding how it might work and make it go. >> business debt to gdp 108%, household over 100%. he ran portugal. >> neil: okay, you have me there. and the economic-- but you have put me in this spot. >> does that remind you of the u.n. they have the mindless debates at the u.n. >> absolutely. >> neil: they blame us for everything. >> gaand one of the president's couldn't criticize him, he's saying everything the president did. >> neil: yeah, defend that
lashinsky, defend that. >> let me say something unpopular here. to an extent he was right. >> unpopular. >> "we are the world" leaders and how did we-- >> and charlie. let me finish. >> sorry. >> we did screw up in 2008. one of the ways we screwed up by the way was making bad investments in europe, but he's not completely wrong. >> this is what you're saying, we invested in europe and that hurt them. >> no, it hurt us and it hurt the economy, they got our free money. >> you've got it look at this, until we get to the point of silly on this, argue this, charles payne, almost as if we're going through the history of europe's cradle to grave, society built on everything you've said. retiring the 50, you know, 16 weeks, and all of this. it would be like blaming bank of america for the problems of the 100 years war. and then i don't think that bank of america was around at
the same time, but in other words, every single known ailment there, of america financial, and even assuming that were the case, would you want to bite the hand that always tends to rescue you, to feed you, when push comes to shove. we're the biggest contributor to the imf and the world bank and that these member banks, say what you will of their villainous tendencies, it's in your interest and should be their worry when they get downgraded because to charlie gasperino's fine reporting point this week, the first to break this story, that means less likely to help your sorry ass? >> i think they have a kindred spirit with president obama. and what he wants to instill are the exact economic principles of italy. it hasn't worked there and won't work here. they have a friend in the president. isn't there a knee jerk reaction on the left to blame us for everything. i mean, and bill maher attacking us and the reason we get in trouble because of the
rawheaded belief in american exceptionalism. there's always been a left wing belief that we're at the center of evil. if there's human rights violations we're worse than libya. environment, we're worse than russia. economy, we're worse than them. it's so obviously they cooked this up. >> neil: well, the excuses stop, but for those at home, the weight thing, it's a thyroid issue. and forget college costs going higher, nancy pelosi says that kids won't be able to go to college at all if coke doesn't strike a deal on student loans next week. is that just, very, very-- while you're out catching a movie. [ growls ] lucky for me, your friends showed up with this awesome bone. hey! you guys are great. and if you got your home insurance where you got your cut rate car insurance, it might not replace all this. [ electricity crackling ] [ gasping ] so get allstate. you could save money
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to leave their home. and fire crews are worrying that they're moving too close to the explosives factory and might take down the power grid. police say it was started by target shooters and tell you about a major recall for some car owners, general motors, recalling hundreds of thousands of chevy cruze sedans because of engine fires, reports of at least 30 incidents where fires have started by fluids dripping into the plastic shield below the engine. the recall covering nearly 500,000 cars made in the u.s. between 2010 and 2012. no injuries so far, but we're urging, as chevy is contact your dealer. i'm jamie colby, more headlines 30 minutes away. the. >> why should students have to face that uncertainty, if in fact we agree that the interest rate should, 3, 3.4% not 6.8%? those families may have to decide with this uncertainty, not knowing in this is going
to happen, we may just have to pass up going to school this year. >> well, isn't that a cheery way to start the summer. house leader nancy pelosi saying unfortunate over a possible student loan rate hike could have families keeping kids out of college altogether. a little bit of perspective here, we're talking, bringing up the college loan rate to south of 7% and when i was in college, that's what i paid today 6789, but enough about me. charles, that's the way going overboard. >> just a little bit. this program started out at 7%, a lot of people watching this show, i'd take that at one point 14%. >> neil: absolutely. >> nancy pelosi only knows one thing to sell, fear. nancy pelosi and fear is like peanut butter and jelly, frankenstein and halloween, they go together. she can't help it. >> neil: prime rib and au jus. >> what do you think? >> that's a patently idiotic statement that people are not
going to college because of this. i will say maybe it's time when kids factored in the cost of college, say, maybe the cheaper state school might be better because many' going to have to pay this money back and maybe i should pay less back. and why should college-- >> is it, when you have people pavolvian trained with low rates, 3, 3 1/2% and jump to 6-- >> do you think that's going to stop someone from going to college? >> are we, talk about the last segment, are we spoiling people thinking it's a birth right. >> and it's not just loan rates, but debt forgiveness, if you don't pay it back, doint have to pay it back. kids have a trillion dollar worth of debt out there. we've got to get them off of this. the colleges themselves take advantage of this. it's an arms race and we're talking about 24 hour gyms, sushi bars, ridiculous, we have to put an end to it. >> you know, adam lashinsky, the problem with this stuff is when schools know that these loans keep coming through, and
they modernize homes, they keep piling on, they keep piling on the increases, right? >> i agree. i think that, you know, college expenses have gotten completely out of control. they're just, they're just way too high and furthermore, i think and that is going to be more unpopular, neil, that we have too many people going to college, actually, that don't need to go to college. i think that maybe slightly higher rates will force college students to decide, do i really need or want a college education? and is college the best for me, as opposed to practical training and getting a job. i like what charlie said. if a state school is enough for charlie and me in-- >> and charles payne, before and a number of people, at kids and all of that stuff, that we don't have enough of that, future electricians and plumbers, i don't know about you, but for me to get a plumber i'd sooner be able to
get the pope to come to my house and he's usually dressed in-- and usually does better than i do. but my point facetiously is we kind of frown on this sort of stuff when in fact, these are very prized talents and assets. you cannot outsource them, adam, a great point. you can't outsource them. at the last firm i used was aladdin plumbing. that should have been the first tip-off right there. >> no, tip-off was like, they didn't know what they were doing. >> right. >> and i still had-- >> it's a political thing here is interesting, think about what nancy pelosi is saying, young people should not be, you know, subject to the have is-- viscitudes of the markets. >> another class they want to protect. and guess what, maybe they may not get their votes this year, maybe the enthusiasm for the the president because they can't get-- >> gerri, if you're mitt romney just like on the whole,
you know, forgiveness for some of the illegals still here, if you're answers it or he had the sort of response, it's a short-term solution to long-term problem. i don't like what the president is doing, the vanilla response. the vanilla response is i don't like this sort of thing, i'm not going to oppose to because i don't want to alienate a crucial voting block. many say, go ahead, explain why this gravy train, you can't fw at this pace. >> i don't understand why he's not stepping up to have this conversation, i think we're all 0 on board with the same idea here, that we've got too many assets going to college education and maybe we need to rethink it. we've got to-- >> and dare you to be in sync with adam lashinsky. >> i'm worried, can i leave now? >> no, another segment. in the meantime, some law if i recall graduates are actually suing their colleges because they can't find a job. you know, on the flip side,
they say that those sue happy grads could help all students. that's coming up at the top of the hour, but next. >> americans love a winner and will not tolerate a loser. americans play to win all the time. >> neil: you know, dresses up in their outfit all the time. and a governor says his state is winning, and romney is talking about it. is that how mitt is going to win the white house? [ male announcer ] at scottrade,
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♪ >> well, you you know, some states are looking up and mitt romney needs to start talking about them. the message from idaho's governor, saying that governor romney needs to celebrate the success of states like his and ohio and wisconsin, all boasting falling unemployment rates, all lower than the national average, all led by republican governors. but, you know, gerri, in an election if you're in those states the general rule of thumb is, you credit the president. and so, that's the box a lot of republicans are in, right? they celebrate the success and they're just worried that the wrong guy is going to get the credit, right? >> exactly. i've got to say there is exciting stuff going on there in some of the the states where you see growth is off the charts.
it's exciting, they should stand up and tell what happened. it has nothing to do with washington as usual. iowa, virginia, doing it on their own, and that's really exciting stuff. >> i'm looking at that and i'm saying if i'm the president, i'm telling the republican governors to keep doing what you're doing, because in states, lectorally what i need-- >> i had hard for president obama to take credit for anything going on in wisconsin. and listen, as a president whose allies have opposed everything i've done and governor walker has done and so, it's a clear opening for mitt romney to use wisconsin, what's going on there, budget surpluses, you know, this guy is actually a very good manager of what's going on in that state. and it's a clear opportunity. i'm surprised he hasn't done it yet. >> you know, you said earlier, a mitt romney and vanilla, that's it, the it's crazy it run away from that, this is
individual success by republican governors. mitt romney is out of his mind and a the lot of businesses are-- >> out of his mind? >> he should be promoting it, how they're doing it in individual states, pushing back on public sector wages. >> neil: how do you campaign on that. are you in polflorida where the polls reversed, maybe the immigration, you're walking on egg shells, right? >> air walking on egg shells, but the individual governors have done fantastic job. you give me the job as president i'll do the same for the nation. >> adam. >> presidents and governors get too much credit for a good economy and too much blame for a bad economy. romney is doing what he has to do. the president will get the credit in those states. so, politically, he's playing it correctly. >> neil: do you think it's an
mamby-pamby result? >> absolutely, and give him some credit. >> this is why we call gerri our mensa anchor, these numbers are-- >> you're giving me a hard time. >> and the hit show. >> gerri, thank you. and i've got to thank charlie, don't want to get him angry, incredible hulk deal, don't want to get him angry. >> not all american companies are seeing red. and the stocks they say are going to be making you a lot of green here, no matter what happens over there. stick around.