tv Forbes on FOX FOX News January 23, 2010 11:00am-11:30am EST
>> we should say wall street has been delivering the past year on your 401(k) as opened to the >> a massacre in massachusetts, mass confusion in the beltway. a lifesaver for jobs? year before. hi, i'm david asman, in focus >> i think irish -- rich is with steve forbes. eltz mcdonald and rich karl misguided. this administration is going guard and bill baldwin, and after the banks, pharmaceuticals and insurance and still doing a neil. steve, how is scott brown's wealth transfer from successful industries to less successful victory good for jobs? industries like the auto >> it removes a sword over the industry. the market would be even higher if you didn't have a threat of economy, special small businesses which will get heavy regulation and taxation slammed with taxes. from the administration. that's where most new jobs comes the really reason the market is high the past year is companies from. it removes a burden on the economy but it's a first step. cut cost, slashed inventories going from socialist healthcare and cut jobs so profits are up. >> they must also be glad to capitalist job creation is there's not a lot more -- that's good but we have to deal with taxes and the stable dollar. pushback on government intervention in the private sector. >> quentin, if healthcare is >> but i have to say they need dead, that's good for the some of the guardrails put back economy? >> i completely agree with steve up around wall street because that small business they went berserk.
entrepreneurs, risktakers are nobody on wall street or the federal reserve or treasury the engine of job growth in this country. this was the worst week for thought there would be a entrepreneurs in memory. nationwide cows -- housing activist supreme court said collapse. corporations and unions can it's similar to selling a annuities on the titanic as one paper and drown out political pam campaigns. analyst puts it. what caused the downturn, the to in healthcare, you aren't china bubble popping and hurting able to leave congressionals because you've fight to retain commodity trading. the healthcare only a big >> we're talking about the runup corporation can provide. the market had the past six months, which is in direct 3408 uninsured are running scared. contradiction to the president's poll numbers. >> if healthcare legislation as >> it's not in direct we saw it, as the american competition to what obama has people voted against it is dead, been doing. the created another bubble. is that good for jobs? >> but he lost on cap and trade, >> this version is god for jobs. losing on healthcare. if healthcare was so great, why >> let me make my point. did everybody want to be x add he basically inflated the stock market, which is why gold went the president failed to mention this version of healthcare through the roof with excess reform at all. such borrowing and spending. steve is right, this week pose the market crashed when brown add burden on small businesses won in massachusetts because but we need health reform in they know obama's spending is
this country. small businesses need health finished. reform. healthcare costs are going up. this is going to hurt stocks the problem is interstate short term but help long term. competition, the states have a vapor lock on insurance markets. >> simply, is there a correlation between the president's numbers going down that's a key issue. and stock market going up? even the former head of the ama >> the answer is yes and rich is is for interstate. >> we need healthcare reform but right, but what turned the that legislation, according to market around came not from the white house but congress putting american voters, is not recall forming. pressure on getting rid of the >> get away from the word mark-to-market accounting. reform. it's a good thing nancy pelosi when that happened, the market went up. and harry reid have a road block though the market has gone up, when you look at the value much on plan to nationalize a chunk of the economy. however, i don't think that the the dollar, we haven't done as death of the legislation is well as the markets around the necessarily going to create a world. we have a long ways to go. pop in the jobs market. the job numbers are heavily >> is there a correlation or influenced by what big employers not? like wal-mart or whenies do in >> well, he inherited the failed economic policies of his lunatic hiring unskilled workers. those particular employers predeceaser. wouldn't have been hurt by a >> lunatic. >> and his approval is below scheme to tax the whole economy 50%. and subsidize lower paid health i speak of ronald reagan at the end of his first year. insurance. turning this around takes a >> rachel, good or bad for jobs, while.
david, your wrong, the market the death of the healthcare hasn't gone up in the past six legislation. months. >> good for jobs. it went up between march and over the past year small september, when obama had business owners have been on strike. momentum and it -- they've not invested in capital >> in all things related to the equipment to the degree they market, rich, you look at usually would coming out of recession and they're not hired trends -- to the degree they would because >> the massachusetts election. they're afraid. >> the trend now is clear, isn't what are they afraid of? it? >> yeah. you know, there was a poll out health cost, cap and trade. on friday, 77% of investors, this removes a obstacle. according to a bloomberg poll, the path for small business said this president a recovery gets clearer. >> if you're small and midsize, anti-business. now, eventually he's going to you have to plan for the future. get the message and i think he's until you can plan and know your going to tack toward the center future, you're not going to hire and i think the market has been anybody. >> i think the american people said here we didn't like the discount tag possibility. idea. they're more worried about it's possible he's going to be joblessness and taxes, not suicidal and ride the left wing healthcare. if you're a small employer and program off the cliff but i it costs $14,000 instead of think he's smarter than that. $12,000 to cover a family of >> did you say victoria? someone employed, it's on the margin. it isn't going to affect the big she raised her hand. major hiring decisions that go ahead, victoria. >> i agree with liz that some much. >> you know, quickly, david, to bank regulations are necessary. add to rich's very good list,
the expiration of the bush tax but here's where i don't agree. cuts are putting fear into the hearts of small businesses. he talks in populous terms and businesses get scared. $340 billion in extra taxes they're scared he's going to could hit this economy come 2011 target the winners and think that it's washington's job to determine the winners and the but the voters of sick of the losers in american business. that's very harmful to business secret deals than don't help us. growth and to the market. quintin, also the fact that >> we should talk about the massachusetts has sort of a government bubble being the fourth bubble and also the fact statewide healthcare insurance the federal reserve has a program and they don't like the quantum leap in the balance system and don't want to see it sheet that created monetary nationalized. >> well, you better tell that to excess serves in the economy, scott brown because i saw him on according to art. you take the colonial age cavuto shows bragging about how in massachusetts only 2% weren't printing of money to date and multiply by ten. covered. how dow remove that double. the people of massachusetts had >> i'm a simple guy. i look at the amount of money the government is spending right uniform health. >> even mitt romney admits there now compared to the amount it used to. were problems trying to ensure it used to spend a lot but now everybody in the state and prices have gone up. so much more but there's >> it's been a budget buster. pushback. a year ago 70% of the people the president is not getting everything he wants. the market's got to look at that liked the plan. today 30%. as positive.
the more experience people have >> absolutely. with it the more flaws they see. again, when they did mark-to-market cot -- one of the things that will hurt accounting, that was congress governor romney is explaining to and it is banks saying you're the base of the party, you put destroying this. in terms of the dollar, if they something in the ted kennedy like, repudiated by your people, don't stabilize the dollar -- what say you now? >> the market rose during much >> quickly, small businesses in massachusetts got hit because of bush's presidency though his premiums shot up faster than ratings were falling because costs in the state. that's a key issue for small during the latter years much the businesses when it comes to bush presidency, it was a bubble healthcare reform. >> it was the small businesses fueled by a weak dollar. hit more than anybody else. >> this president has borrowed and spent more than president >> that's true but what will they say if we don't get a bush in the entire eight years in office. uptick? you have people saying maybe you can't blame bush. it's a stale bumper sticker when that healthcare reform was going to help the job market. they've blown out the balance sheet. >> i see rich shaking his head >> when government spending goes up as a percentage. no. why? economy, the stock market goes >> the premiums did go up on a down and unemployment goes up. >> last word. you don't pay your taxes. double digits bases per year. you're not going to get the plan is 85% over budget. government work. that's president obama's new plan and why some here thing the overwhelming majority of americans right now would love he's got it wrong. it if barack obama and his l's get chinese
administration and congress would move to the center as bill clinton did after the 1994 congressional elections. based on president obama's attack on banks and this talk of passing healthcare through reconciliation, the market got spooked the past couple days but eventually they'll get the message. >> steve, what about president obama, will he get the message or will he continue after a couple of months sort of letting things cool off and go back to healthcare. >> he'll try to go back to healthcare because he put so much energy into it. in terms of what is killing jobs, healthcare was one of them. but the prospect of higher taxes should we order panda blossom, panda moon... how about chinese at home with new wanchai ferry? and cap and trade, as others pointed out, a weak dollar you can make it in just 14 minutes mmmh, orange chicken. draining system. great. what exactly is he going to i didn't feel like going out anyway propose on banks? this is a chance to be (announcer) wanchai ferry. restaurant quality chinese constructive. in your grocer's freezer we cannot have too big to fail but so far, very vague on details. >> ed the biggest loser from
president obama wants to crack down on tax cheats with thousands of businesses owing money. if your company is behind on taxes, your company can't get government work. seems logical but vicky says you should be hiring these folks. >> i don't like cheaters more than anyone else but this is how we get our money back. >> a fox news alert. i'm jamie colby. we say okay, you can do this contract but then we prorate the the associatinged press report the police found the bodies of a tax bill that's due over the woman and two children in a home in wellington florida. life of the contract. so we're taking money out of
the sheriff's office is saying all three appear to have died. what they're making on the government contract to get our >> gunshot wounds and according to the ap, police went to the tax, what we're owed, back. home after a man reportedly crashed his car this morning only works for first i'm then told rescue workers he had offenders. just killed his family. if done twice, you don't get the the map now being treated for contract. >> a half a trillion dollars a injuries at a nearby hospital year is what the government and we'll keep you updated on spends in these contracts. that's big money. this story. haiti, they're calling off the >> it is big money. what are we going to do, give a search for survivors this morning. half trillion dollars to tax u.n. officials say there's little hope of finding more cheats? i don't think that will work. people alive ten days after the earthquake and are focusing on what ross per row said is right. the relief efforts. if the woman you trust your life 132 people have been pulled from the rubble since that to can't trust you i can't. devastating quake. we can't hand the money over to join me at 1:00 p.m. eastern crook contractors. >> a lot of these people are on america's headquarters. under investigation, maybe they're behind. the irs isn't always right. >> back to forbes on fox. >> neil should think in practical terms. you want to get money back from >> one year after taking office, a tax deadbeat, the last thing president obama's owe approval you want to do is take their rating stuck below 50%. livelihood. there are sad stories about
someone says that's good for investors. angry wives turning in their over the past year as the hubby as tax cheats and there's a moment of glee and then wait a president's numbers plummetedded, stocks went the other direction, they were minute t he's not employed, how soaring. you see a direct correlation, do i get my alimony. why? >> the first thing is get the >> of course there's a direct money. correlation. what do you think, quentin? because investors now realize >> i think they should work it that obama is not probably going off in a federal prison. look, we talk about government to get everything he wanted. union card check, cap trained waste. it's individuals ripping off the and healthcare. the past couple of days the government. market have been an exception medicare is doctors ripping off the government. because obama came out attacking the banks. i pay my taxes. it's funny that president obama if you don't, i'm paying for seems to spend more bile on your services that you're consuming. i sure don't want to hear you talking about deficits ever and i don't want you getting americans than terrorists. contracts from the government. what investors want is obama to >> steve, the problem with the lead from the center. irs is you're guilty in proven innocent. reverse of american justice and the irs isn't always right. some of these people may not be cheats. >> the real cheats are in congress but that's another subject. you have to extinguish between
tax cheats. people not paying what they owe and the normal contract at this time disputes. how do you allocate costs and recognize revenue, inventories and things like that. depreciation, especially defense contractors. this goes on all the time. how do you interpret the tax codes. >> not all these people are cheating, you have to stand by the irs 100%. >> i understand you have have civil issues you might say were these people really supposed to pay this but i'm talking about the real live cheats. guys with swiss bank accounts. >> you're qualifying it. >> real cheats. >> as practical matter, everybody in the united states is a tax cheat because the tax code is so complicated. >> it's like summer camp. that hung you have treasury secretary. he didn't get that right. >> quentin, that's a great point. talk about tax cheats. maybe he shouldn't have a job z
don't complain about big government. individuals are responsible for paying their taxes. this is about companies that cheat. >> victoria? >> the only way you're going to get your money back is through giving them -- not the only way but one way is to give these guys contracts. >> they're criminals. seize their assets. >> you send them to prison you won't get the money. >> government calling other people criminals and cheats after what we've seen in the past year? >> maybe they all should go jail. send them to north korea. absent that, a perp walk would prevent others were doing the same but don't confuse that with notions over long. >> how many pages? >> 9 1/2 million words and.
what's not to like. >> the evil goldman sachs. >> goldman is going to go to killed by what obama is proposing. >> medical tech sector looks sweet there. they had safety issues with products six months ago but they're a favorite of smart funds like vanguard. >> friday they hit their 12-month high. >> care fusion sells cheap commodities. so boring. i got a much more interesting did. >> pfizer. we all know the name. >> much more sex appeal and they got a lot of patents and though those are going off, they'll get new patents. >> notice he snuck that in, they got sex appeal. they make viagra. >> you would have to be on drugs to buy. this of all the big pharmaceutical companies they're earnings are down the most in the fourth quarter and washington is gunning for the