tv MONEY With Melissa Francis FOX Business January 11, 2013 5:00pm-6:00pm EST
crack the glass of nongorilla glass. we did this. this is the third time. reiterations keep coming from corning. they're in a billion devices flying out there. david: i want you to do that with your high heels on. liz: he wants me to be bloodied. david: i want to see action. broken glass. time for the top three things to watch next week. number three, retail sales will be out on tuesday. sales expected to rise .2% after rising .3% in november. consumer spending accounts for 2/3 of the spending in the economy. i take issue with that figure. retail sales are a good gauge how the consumer is doing. liz:. liz: federal reserve chairman ben bernanke is set to speak on monday afternoon. the chairman will speak at the university of michigan specifically on monetary policy and the u.s. economy that matters. sometimes he talks about things that don't matter. this is. he will take questions. any word from the fed chairman about the pace and timing of quantitative easing we'll get it to you. it could move the markets.
david: and the number one thing to watch next week will be bank earnings. bac and everything on thursday. we'll hear from jpmorgan, goldman sachs. thursday we hear from citi and bank of america. melissa: i'm melissa francis and here's what's "money" tonight. well you probably heard about shell's grounded alaskan oil rig but did you know why it might have been moved, to avoid taxes. we'll drill down on those details. plus ditching the gas tax by the side of the road. virginia governor bob mcdonnell, wants his state's 17.5 cents gas tax gone for good but he wants to raise another tax instead. he will join us in a fox business exclusive to tell us how it all shakes out. a landmark decision in the sports world. major league baseball will start random in season testing for steroids. will the help its tarnished image and bring in ticket sales? we have former cincinnati
reds pitcher, rob dib bill. even what they say it is not it is always about money. melissa: all right. first let's take a look at the day's market headlines. stocks reversed early losses capping off the week with modest gains. the dow gained 17 points to close at its highest level since october 18th. investors were less anxious whether the vix, also known as the fear index slid further. it is now at its lowest level since june 19th of 2007. gold prices fell 1% to end the week. fox business's sandra smith reports the loss is partly attributed to the swiss national bank. it is selling major gold positions to offset recent losses in the japanese yen. melissa: it fist our top story tonight, violent videogames should think be banned or even restricted? vice president joe biden met with leaders from the videogame industry to
discuss the impact violent games have on kids and there is plenty of pressure from politicians, parents and other groups to pass laws limiting access kids have to the games. isn't it our job as parents and not the government's responsibility to make sure kids aren't playing these games? joining me is attorney gregory gian carlo. thanks for joining us greg. what do you think should be done here? >> i think there should be government intervention. i mean, look, who of us did not, when we heard about the sandy hook issue and the shootings, did not say, oh, my gosh here we go again? there have been too many of these shootings. melissa: how do you link that to videogames though? >> well, you know, the individuals, what happens is you find out that the individuals that are responsible for these shootings were exposed to these videogames and they have become so sophisticated that they almost desensitize you or they in some cases they may actually desensitize you.
melissa: why would a videogame make them do it? maybe a type of person, naturally violent likes to the play the videogame. why is it the fault of the video game? what is the chicken and the egg there? >> we have to stop the exposure is. i don't know if that is the answer but i rather err on the side of caution and i think that i get the fact that parents have to step in and i get that. i mean, i'm a parent of three young children and i feel as though it is my responsibility to step in and make sure that my kids are not desense tidesed. melissa: why do you need the government? >> because not every parent doesn't understand their obligation or their role in the situation. i think that is the job in this particular situation. i don't know if you asked me that 20 years ago whether i would have had the same opinion but i'm sick and tired of the shootings. melissa: would you ban the games all together? you're saying kids can't buy them if they're under a certain age? >> i think under certain age they should not be because i think they're more apt to have access and be desensitized at a young age. melissa: but, you know you say that it is parents who
aren't paying attention you're afraid of, but the parents not paying attention and the store doesn't sell it to the kid the kid will find it somewhere else and go to the friend's house. the problem the parent isn't paying attention. >> but you're doing something, you're doing something. by holding, say the one who sells them the game responsible, then, and i think, if best buy were not allowed, say, use them as an example, were not allowed to sell under 18, you know, under the age of 18 these games, they will, they will, abide by it. now having access, i think what it is is, it brings out that kind of issue. it puts it out into the mainstream. and it is hopefully the answer. i don't know if there is an answer but i would like to try. melissa: seems like incrementally it couldn't possibly make a difference. it is up to parents to sit there and say you're not playing this game. i'm a parent for example, i don't like spongebob. i think he is disgusting. i have little, little kids talking about totally different level. i don't let them watch him.
of course they could see him at a friend's house. they could see him when i'm not home. they know i don't approve it. they know how i feel and that is what is set in their minds. wiping him off the face of the earth doesn't take the temptation of them finding it somewhere else. they need a message from the parent this is not the way to behave or act. >> absolutely, but what's happening now is, all the parents are not getting the message and we have to do something. and that the way i feel. melissa: why would this be the something that you would do? i would think, and this is the problem that we had yesterday when we talked about, you know, automatic weapons was the idea, why don't we start with the mental health conversation? seems like that might be the point of origin when we're looking at these young men who create, who, you know, go out and do these mass murders that it really, if we started with a mental health conversation that is sort of a point of departure where he could have netted all of these people? >> i don't disagree with that but we have to, we can't just stop there. we have to, we have to
address the gaming industry, the game, the game industry. melissa: okay. >> and i think that is an issue that we have to look at as well. melissa: greg, thanks so much for coming on. here is our "money" question of the day, should violent video games be banned or is it the parents responsibility? almost all of you, almost all of you said it is absolutely the parents responsibility. some of you are even upset that the white house is even spending time on this we want to hear from more of you. like us on facebook.co facebook.com/melissafrancisfox or follow me on twitter @melissaafrancis. boeing is having a bad week with its new 787 dreamliner. in just the past five days they have had six reported malfunctions on six separate jets in five days! that makes me want to jump on board. now the faa is investigating. of course boeing says there is no need to worry, these planes are safe. are we all overreacting or is the 787 dreamliner a
flying deathtrap? we have a commercial airline pilot and a partner in a capital firm. five problems, six problems on six jets in five days hard to even keep track of it. that is an awful lot. >> well, it is alot but you got to remember this airplane is flying basically 150 flights a day. there is 50 of them worldwide. so it is unusual coincidence that there are so many in one short period of time, but statistically speaking this is not a big deal in terms of the number of events. melissa: oh, i don't know about that. some of them are quite serious. talking about a battery fire. jal reported a fuel leak, 40 gallons of jet fuel leaking out. >> well --. melissa: a lot of things seem pretty serious and dangerous. you say it is a coincidence, i don't know. is there another type much plane that had that many problems? go ahead. >> oh, yeah, look at all the new aircraft they always have certain number of problems. so the number of problems is
not the issue. the issue of the seriousness of this battery fire is potentially serious. it is lithium-ion battery and the typically over, when they're overcharged they overheat. so no one knows what the problem currently is but it could be a electrical problem, a system problem, or a battery specific problem, or maybe just a servicing issue. one of the airlines reported that the battery was improperly wired. so that could be a problem. i'm not trying to minimize the seriousness. melissa: most serious one, of all these problems that we saw on this short period of time, which one would you isolate as being, you know, very scary as a passenger and which one are you saying are not a big deal? >> well the logan incident where jal was taxiing out and unloaded 40 gallons of fuel on the tarmac was improperly positioned fuel valve. and the fuel went to a surge
outlet. so that is not a big deal. the bigger deal is the on board, on the ground, at at gate fire on the battery, which is related to more than likely and i'm just guessing electrical issue. so there could be a electrical system issue, coating issue of some sort where there may be some surges of electricity that is --. melissa: how serious is this for boeing? they have more than 150 jets on order. do you think any of those will be canceled? >> they have 849 of those jets on order and 50 of them operating worldwide right now. it is not a major setback. it is a black eye. it is an embarassment. the battery issue could be a serious problem but it would not be a serious problem in the air because the battery would only be activated when the apu is started on its own power. once it is airborne then not an issue. melissa: only catch fire on the ground. that makes me feel a whole
lot better. why is the dreamliner so great? we heard so much about this plane. it is so eagerly anticipated. it is such a big deal. we're focused on everything that has gone wrong with it. why is it such a big deal? >> it is a game-changer for many of the airlines. it allows flexibility. in other words it has a greater range than the airplanes that it is currently replacing, the 767 model, yet it burns, 15, 20% more -- less fuel. on typical flight to asia for instance, the fuel burn per passenger would be about $60 less. to europe for shorter flight, probably about $40 less. melissa: that is some of the new technologies. it has slide by wire. has carbon fiber on the body, these are things people talk about. are any of these the reason they're having so many problems? >> well it he is not having more problems statisticly speaking than any other new airplane. melissa: i don't know if i'm buying that. six on six flights in five days? >> well, what i'm say
something correct. melissa: all right. >> it is just that it is, media is exaggerating --. melissa: it always the damn media's fault. at end of the day always comes back to us. if only you obliterated us, the world would be better. thanks for coming on. >> boeing has a great product and a winner for the airlines and boeing. melissa: and for the passengers that flew on it this week. vaughn, thanks for coming on. we appreciate your time. >> thank you, melissa. melissa: did shell move the alaskan oil rig just to avoid millions of dollars in taxes? why one powerful lawmaker is crying foul. louisiana bobby jindal wants to end the state's corporate tax. would it give the economic boost he claims? i don't know. i'm fascinated by this. today's power panel gets to the bottom of it. more "money" coming up. ♪ . ♪ [ male announcer ] how do you turn an entrepreneur's dream... ♪
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to seattle. congressman ed markey, wrote a letter to shell, suggestsing that the company's intention may have been part of avoiding tax liability on the rig. say it isn't so. chris warner with the competitive enterprise institute. chris, thanks for coming back to the show. i want to tell you what a shell spokesman said to local newspaper in response to that this is dutch harbor fisherman which i know you get every day and so do i. tax structure on these vessels of this type influenced the timing of our departure, what do you think?. >> until the statement made no longer operative because no industry is more subject to political whim or bureaucratic whim or scrutiny than no company within that industry than shell in the oil industry. tax policy is designed to incentivize behavior. often incertainty advises tax makers and payers don't
like. not for french move movie stars or former vice president's selling networks to al-jazeera. you will drive people away. i'm sure it had part of the timing to pull out. they winter these things elsewhere. alaska is not hospitable environment. ed markey is running nomnation in liberal state. picking up green group nominations. that same day the league of conservation voters. i think more about that, than anything else. for him to be shocked people respond to tax policy is itself shocking. melissa: if you tax something, it is meant to discourage whatever behavior that is. shell responded and said while we're aware of the tax environment wherever we operate the driver for our operational decisions is going to be governed by safety. the tax policy in question i would add, by the way is that they were think of drilling on the outer continental shelf, there you would pay regular federal corporate income tax of 35%. otherwise, they were paying
the alaska production tax which can be as high as 75%. i say if they were moving it for tax reasons they should just own it and get out in front of it. what is wrong with that? so you're moving it to go drill in a spot or keep it in a spot that is going to provide a better tax environment for you. this is company. isn't that what they're supposed to do? >> it is but also, remember in politics and policy we've learned that emotional arguments carry but facts and logic are for losers. candor is suicidal. this is an industry that is very busy often to the point of cartoonishness i have to say with this campaign if i'm nice to the regulators, particularly the obama administration who declared war on me maybe they will call off the war on me. that is not going to happen. last thing they need to see bureaucrats paid by tax dollars see a company of course i'm making decisions based on withholding dollars from your paycheck. it would be bad politics to be candid here as sadly is
often the case. melissa: i guess. they seem like they open themselves up to more attacks. they say, of course, mark can i is saying now that they tried to move it in near hurricane conditions, you know they're defending it saying it was safe. it does seem like it is a very tough weatherwise time of year to be moving around. look what happened ha. look at the potential environmental impact, i don't know. >> probably tougher to leave it there. i mean they do winter these things elsewhere for reasons other than tax policy as well. risk is something, ed markey, if you look at his legislative record is destined to make sure we diaperly healthy. he wants to take risk out of life and let the government make all hard decisions for us and business involves risk-making decisions. they decided risk was greater to move this thing but they would move it anyway. they winter things elsewhere. they have to undergo maintenance and repair. this is more about getting his nose out front on candidates for the democratic nomination to repays senator john kerry
than real outrage about somehow improper behavior. melissa: chris, thanks for coming on. >> thank you. melissa: time for today's fuel gauge report. two-way oil pipeline began operations today. the 500 mile pipeline increased capacity from 150,000 barrels a day to 400,000 barrels. it will ship higher volumes of crude between cushing, oklahoma and freeport texas. oil futures fell from multly month highs. china reported higher than expected inflation than expected. the government may curb stimulus measures meant to boost the economy. crude settled at 93.56 a barrel. natural gas futures soared. draw u.n. of inventories and cold forecast next week fueled the rally. louisiana could dump their state's income tax and corporate tax but would it spark a business boom? today's power panel will break it down next. plus virginia's governor wants to send his state's gas tax to the scrap heap but why if he would hike
♪ . melissa: here's an offer you can't refuse. louisiana governor bobby jindal proposing a zero corporate tax rate and personal income tax rate. that is right. zip, ceo, nada. if he can pull this off louisiana will join a handful of states that already don't charge these taxes but here is the catch. the tradeoff might be a higher sales tax from only 4% to maybe 7% although he hasn't committed to that. will more states follow with the same plan? our money power panel weighs n drew kenneally, lindsey piegza, and dan mitchell,
senior fellow with the cato institute. good to see all of you again. drew, let me start with you, what do you think about all this. >> economics is all about incentives. what the governor is trying to do is level the playing field for individuals and businesses to relocate to louisiana. so it all makes sense on paper. the question is what can he do politically. but economically he is going the right direction. melissa: lindsey, let's talk about the economics for a second. the personal income tax last year, he raked in $2 billion. so that a lot of revenue to be giving up. the corporate tax is very low. i think it was like half a billion dollars or something, even less than that. it was a low number. but he is giving up a lot on that personal income tax for sure. there we go. so i don't, i mean i don't know, it's going to be tough. you make that up on a sales tax. that is going to be fairly regressive? >> the difference between that short-term solution and long term prospects. right now the focus in government on state and
federal level has been the short-term fix. really tax anyone, anywhere in order to fill those budget gaps and maintain the status quo. here is a very different kind of thinking. the governor is coming out saying look if we create a very favorable tax environment we can bring in individuals, we can bring in business and really see the local economy recover on a long-term scale. melissa: yeah. >> we start to see the more long-term trends in terms of growth, business investment and hiring. >> dan, let's pick up on that point, if you say we needed to do more hiring like lindsey is saying if you look within the state their unemployment rate is actually low and has been falling. right now they have unemployment rate of 5.8%. compare that so the national average of 7.8%. does it make a harder to make the argument that we don't need to tax corporations because we need to bring jobs to our state? >> i think what the governor is looking at the fact he is right next door to texas which has zero state income tax. tex sass has been doing well in terms of job creation.
there are eight states in addition to texas that don't have a state income tax. the governor wants to make sure as was just said in the long run that louisiana has a more competitive environment to create jobs, to have higher incomes, faster economic growth and when you look at this evidence, all across the country, it's very clear that states with no income taxes do grow faster and have more prosperity in terms of faster economic growth every year. melissa: i mean the fight that he is going to have politically and otherwise, drew, i will ask you, obviously when you go from a corporate tax to a sales tax that is incredibly regressive. that takes people making the least amount of money and taxes them ostensibly the same as people who are making a lot of money because we all go out and buy stuff. also you're discouraging behavior. anything you tax is what you're discouraging. do you want to discourage consumption? >> well it encourages savings and investment, won't it? the analysis mistake and what everybody else is talking about on this panel
you're looking for total revenue to increase. so if you bring in businesses into the state total revenue will increase. all the static analysis about, well if i eliminate this tax i lose this revenue, that's not the corrects way to analyze this. the whole thing that jindal is chasing right now is total revenue to the state and he believes through a more competitive tax structure, louisiana can compete with the likes of texas and some of his neighboring states. that is what he is up to. bear in mind, like we found out with our own national unemployment rate, sometimes unemployment rates is because people have left the state. melissa: yeah. >> right? so you're total employment base is down. he wants to get that employment base up. you're right he does face, face as problem where there are sales taxes are very high compared to their neighboring states. melissa: what drew is talking about, that has been thrown out at a federal level. for sure politicians in washington don't believe if you tax corporations and you tax individuals more, that
it discourages economic growth. i mean they would just say drew's insane. >> oh, of course, very different line of thinking because right now in washington there is this drive to really redistribute fund from the most productive members of the society to the least productive. melissa: yeah. >> that is what we continue to see. it will be very difficult to get this type of thinking on a federal level. but state by state it will be much more easily implemented pro-business versus pro-government policies. i have to continue to emphasize what your previous guest said the idea if we foster investment, business growth, that will create more income and allow individuals to ramp up consumption and bring in --. melissa: go ahead, drew. >> melissa, in the last fiscal cliff debate what did we hear about corporate income tax rates? just what we're hearing right now, nothing. never on the table. it was never discussed and why did washington not touch it? because they know it's an issue of global competitiveness.
melissa: i don't know. you're giving them a lot of credit. dan, i will give you last word. everybody in washington we may agree with drew and lindsey but they think they're insane. i think they have not gotten to it yet, drew. i wish i agreed to you. i think they're licking their chops to get to corporations. dan, last word real quick. >> the tax foundation released something today louisiana currently has the 32nd out of 50th business climate in the united states. if governor jindal's reform went through they would go up to number four in the country. we can quibble, they go up to five or seven, but it would still be a dramatic improvement in the competitiveness of louisiana and it would be a sign that the poisonous class warfare economics in washington isn't embraced by people that have to make their states run correctly. melissa: it would be a big national political move for jindal. power panel in, thanks so much. you guys were great. >> thank you. >> virginia governor bob
mcdonnell wants to leave his state's gas tax in the rear view mirror. why is he ready to hike another tax to fill its place? we'll explain in a fox business exclusive that is coming up next. plus, can baseball finally wash away its steroid scandals. players will beed tested during the season. we have a world series champion here on "piles of money". she's still the one for you -
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♪ . melissa: so governor jindal is not the only one to be proposing radical changes to his state's tax code. virginia governor bob mcdonnell has a new plan that would eliminate his state's 17.5 cent gas tax. it would raise the state tax from 5 to 5.8%. grover norquist says this could be a trojan horse for higher taxes. others call it innovative. he joins us now in a fox business exclusive. governor, thanks for coming on the show. why do you want to do this? what do you think you will achieve? >> first of all we have to build transportation infrastructure in our state. we've been way behind. we have traffic clogged regions in northern virginia. the gas tax, melissa is on
long term decline because of inflation, alternative fuels and cafe standards leading to higher miles per gallon and therefore less gas purchased. so i'm saying let's get rid of a declining revenue source. replace it with something that will grow with the economy. sales tax does that. we already use part of the sales tax for transportation now. we'll get people moving. we'll have more time with families and more goods getting to market in a safer way and infrastructure is critical to creating jobs. so i think this will do it and i think we have a good chance of getting it passed in the general assembly. melissa: bottom line you think it will create more revenue? >> no. it will be a ref, essentially a revenue neutral transfer from the gas tax to the sales tax. but the gas tax is a long-term, unreliable source for building infrastructure. but the sales tax will grow, not because it is a tax increase but because sales
tax revenues grow because of economic growth and therefore will be a more predictable way and reliable way to fund roads in the future. melissa: governor, you tax things you want to discourage. the last thing you want to discourage is sales. seems like increasing the sales tax is not smart for growth if that is what you're after? >> i would disagree. i would disagree with those who say it is a tax increase. we're converting to a tax proven for 50 years being stable and reliable. and i think if you see what bobby jindal is doing, he will go to a sales tax and away from things that are punitive on people, like, corporate and personal income taxes so i think a consumption-based tax is actually less regressive and more fair. you only pay if you buy things. i think that is better way from a conservative perspective to have tax policy. you build the infrastructure that is necessary to not only creates jobs but more importantly will create economic growth in our state. that's what we need. melissa: what do you think
about bobby jindal's plan? would you do something like that, get rid of personal income tax and get rid of corporate tax? >> we haven't looked at that wide of scope of tax reform in virginia. i do think governor jindal is good friend and very innovative. he believes in the principle i just outlined for you, melissa, consumption based taxes are better than punitive taxes that tax income or the means of production. but if you tax consumption that makes sense. melissa: if you haven't looked at it would you consider the same thing? >> i think that it's, it takes awhile to build that consensus to do that. i mean we've looked at those kind of proposals to do that. this is a more modest form of tax reform aimed at transportation but i think from a conservative republican standpoint going to consumption based taxes makes sense. it has been done in tennessee. they don't have a income tax. it has been done in texas and florida. australia, new zealand did it about 15 or 20 years ago. they had an economic bonanza. there is pretty good
evidence that these kind of tax reforms do work. melissa: liberals always argue it is incredibly regressive. hitting a sales tax you're discouraging people from consuming and taking the poorest people and taxing them at the same rate as the wealthiest. it is very regressive as opposed to those people that caa afford to pay more. how do you respond to liberals that say things like that? >> i would disagree, because most states, melissa, likes ours have exemptions for things like food, medicine, other essentials. it is not regressive for those who spend a lot of their disposable income on those things. they will not pay a tax. most states have exemptions like that. it is probably unfair to say that. melissa: governor, thanks for coming on. we appreciate your time. >> okay. thanks, melissa. melissa: major league baseball take as bat to steroid abuse with random in-season drug testing. will it increase ticket sales and help the league's sullied image? world series champion and former cincinnati reds pitcher rob dibble will join
year. major league baseball now making some major changes with drug testing requirements. the mlb throwing a curveball by announcing in addition to off-season and spring training, players will be now subjected to random drug testing during the season as well. arguing that the tests are so strenuous it could actually hurt their performance. could this be the home run the league needs to restore the old ballgame? joining me is rob dibble, former cincinnati reds pitcher and world series champion. great to have you on. >> melissa, thank you for having me. melissa: what were the requirements before? >> up until 2003, none. there was no drug testing. there was no testing for steroids, amphetamines or any kind of even social drugs, whether they were legal or not. and a lot of it wasn't done because really the business was booming. our strike, and i was a player representative in
'94. back then the business was great. $2 billion a year. now it is 7 1/2 billion a year. so really a lot of the drug testing, it is to keep up appearances for the fans. melissa: so, now of course the players are crying foul saying this is really strenuous. what is involved in having a drug test? does it take that big of a to on your body? don't they just take blood or urine? >> up until the last couple of years when they decided to do the hgh where they have, almost fool-proof method, when they take it from you, your blood, but it is as of as giving blood or boeing to the doctor and peeing in a cup. melissa: really? >> there is no big, i don't know how strenuous that could be on the athletes. melissa: wow! now it could just do that at any point in time whatsoever, they changed the rules? do you think this will go a long way making fans better what has become a tarnished reputation? >> the tarnished reputation is with the media only.
melissa: the damn media's fault again! this is twice in one show. >> i'm the son of a newsman. but my father was a newsman for a years back east, and, you know the whole thing is, there is perception the game's dirty. well, going back 10 years, the players asked to be tested. they never wanted another work stoppage because the money was way too good, melissa. guys were making and losing way too much money. the fundamental difference between football and baseball, if i sign a five-year contract for $100 million you have to pay me. in football, if i can't physically play, i am not going to get paid. so, that is why baseball, to keep up appearances, tests for steroids. they didn't even have a test for amphetamines until three years ago. melissa: only media cares about it, is that your bottom line? >> i'm not just saying it is the bottom line. i like it. it answer the playing field. because as far as the attendance in 2010, 80 million people went to major league games and 40 million went to minor league games.
you're talking 120 million. melissa: talking the truth. why is the game responding? why are they doing this drug testing if we're only ones caring about and making a big deal about it, ignore the media, who cares? >> when i was a player representative this was argument in early '90s. the majority of players weren't cheating. i had a seven-year career, when my arm filed i was done at 30. guys were playing 35 and 40. you love this, the business end of it, some guys made another $100 million in their career. i would have love to do that i wouldn't have to do this. for me it is a question, listen if you test for drugs and steroids and you even the playing field then it is more competitive, fans will enjoy the game and a lot of these records that were shattered in the '90s and into the 2000s, that will not occur anymore. melissa: so, is this going to restore the confidence and bring more money to the league? that was our money meter question. you're supposed to say on a
scale of one to money what do you think? will it restore it? you say it was not tarnished anyway. it was the damn media's fault. >> nope. the media wants to make you think the game is dirty in some certain way, but the fans, --. melissa: let's see the money meeter. the money meter is off the charts because, like i said, 2 billion, you're making over $7.5 billion and that was just 10 years ago. melissa: rob, thanks for coming on. we appreciate your time. >> my pleasure. melissa: it is always the media's fault, did you realize that? the at end of the day it comes back to us. what a beautiful portrait of kate middleton's mother. wait, sorry, that is actually kate. how did her first official portrait get botched this badly? that is horrible. she is so pretty. you can't have too much money or too many talented artists apparently. yikes!. ♪ .
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embarass the heck out of here. let's start without her. check this out. this is the first official portrait of britain's duchess of cambridge. i can say it because it is so bad. >> what is she smelling? melissa: official word the princess and her family are very pleased with the portrait but really? why did they have to add bags under her eyes? she doesn't have those. >> i start with a caveat i just, i so don't care about the royal family. melissa: really? >> oh please. i am. i'm a scotsman. i am against that. and by the way, the artist is a scotsman. he is from glascow. i think this is revenge for william wallace. this is "braveheart" revisited. melissa: i love it. she is here. >> sandy smith. >> i was in the wrong studio. melissa: you can catch on up. we're talking about kate middleton and how terrible the portrait. >> i'm say i don't care.
>> i'm glad i made it in time for this. i feel very strongly about this she is stunning. that's not. melissa: no. yeah. >> i think we all agree with that. looks like she is smelling something bad with pursed lips. >> i would curious what she thinks of it. melissa: she says she likes it. i think that is absolutely not possible. if this were my fox head shot, can i pay for a redo? i don't want this sent out to anyone. >> not flattering. >> she is lot prettier than that. melissa: this is the lunch menu for president obama's inauguration. it has been released. i have to say there isn't a single thing on the entire menu i would eat. grilled bison which i'm not a huge fan. red potato horse rattish cake, potato pie and creamed cheese. i would stop at mickey d's. >> there you are. melissa: i do not drive a rolls. i would go and get a little mickey d's on the way to the inauguration, because -- >> they have a lobster and
clam cloud der, new england clam cloud der. that is not bad, isn't it? >> bison is low-fat meat and very lean. can be very good as long as it is not overcooked. i'm adventerous eater. melissa: are you? >> i would try anything. >> you never had bison? melissa: no. >> they make great burgers. >> make sure it is not ted turner making it. we love it. melissa: you like the menu? >> cheddar cheese thing i'm not crazy about. horse raddish cake doesn't sound good. melissa: that is disgusting. i don't know. there was literally not one thing on the whole entire menu i would put in my mouth. i read the whole thing top to bottom. i would starve. >> don't like lobster? melissa: no. >> you probably wouldn't eat it to begin with. you would be talking and socializing. melissa: okay. >> at a big function, not that i would have been at that i get to the dessert. and the dessert doesn't sound that great. melissa: i would go to
mcdonald's ahead of time. here is another one. end of an era of some kind. this is big mouth. he is dreaded somali pirate, we'll show him in a second, decided to retire. here he comes. he looks like big mouth. he was considered one of the most notorious and influential leaders of the pirate world. he head a press conference to announce his retirement. crazy thing he said he raised venture capital for his pirate operations. have you heard anything like this? i would like to say the united nations called him one of the most notorious and i flew wednesday leaders. >> oh jeez. melissa: "the new york times" said he added a new level of sophie fistcation of pirating business. >> they're a bunch thugs. i'm talk about the u.n. they're worse than the pirates. the fact we struck back hard. all of navies in the world went to the somali coast, struck back real hard. when you negotiate way back to thomas jefferson, were barberie pirates, they were
must him pirates. when you negotiate with them you lose. whee you strike back hard you win. melissa: you're turning this into serious story? as opposed to the fact that the guy held a press conference to say he was retiring. >> when the u.n. opens its collective mouth it is not serious. that is the point. that is the point. that a he is great point. melissa: announce a press conference where you're going to be? >> i read retirement statement, will he tell me what is next? will he take up golfing? melissa: do a reality show obviously. there you go. you guys were fantastic. no problem being late. it was not a big deal. we loved it. >> two wrong studios. >> she is professional runner. melissa: before we go tom sullivan has a few words about the recent frenzy over i.d.'s. >> why are so many people getting worked up about i.d.? a judge in texas this week told a 50-year-old girl that either she must carry her high school i.d. card or being transferred to another school. the i.d. badge has