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tv   Varney Company  FOX Business  January 22, 2013 9:20am-11:00am EST

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for three oh, it's at the buzzer! george crawford is mobbed by his teammates on the to court. warner: wiz are now 9-30. imus: the great sam cook would have been 82 today, but i believe the dude got shot at a motel there in los angeles 'cause he was over there on that cheating side of town. but wherever you are, sam, happy birthday. ♪ another saturday night, but i ain't got nobody ♪ ♪ i got some money 'cause i just got paid ♪ ♪ now, how i wish i had someone to talk to ♪ ♪ i'm in an awful way ♪ ♪ a month ago i seen a girl since then ♪ ♪ if i could meet emmy could get em ♪ ♪
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♪ here another saturday night and i ain't got nobody ♪ ♪ i got some money 'cause i just got paid ♪ ♪ now, how i wish i had someone to talk to ♪ ♪ i'm in an awful way ♪ ♪ imus in the morning ♪ >> good morning, everyone, here it comes. a carbon tax. the president says we must recognize the climate danger, forest fires, powerful storms, they're signs that climate change is real, it hurts and it must do something about it. here it comes, a carbon tax. if the president doesn't get a tax through congress, he will issue executive orders, other way you'll pay more in energy taxes or energy prices. in his inaugural address he spent more time on climate
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change than any other single issue. environmentalists ecstatic, the foreign media client. and the world's great minds will call for a 14 trillion dollar global greening. this is tuesday, january the 22nd, the day after the most liberal, all-government, all the time inauguration speech in memory. "varney & company" is about to begin. you turn for legal matters? maybe you want to incorporate a business. orrotect your family with a will or living trust. and you'd like the help of an attorney. at legalzoom a legal plan attorney is available in most states with every personalized document to answer questions. get started at legalzoom.com today. and now you're protected. [ cows moo ] [ sizzling ]
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>> golfer phil michelson went on a rant about taxes this week and now he wants a mulligan, backtracking from comments suggesting that he quote, may take the drastic step of leaving california. now apologizing for making the personal matter public and to all of the people he upset or insulted. here is part of the apology to fox news. finances and taxes are a personal matter and should not have made my opinions on them public. why the apology? well, michelson is taking a
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beating from the left. take a look at this quote from syracuse university professor len berman in an op-ed in forbes magazine. please stop whining and give thanks for making a living playing and selling golf clubs. 9 99.99 of people would never have that option no matter how hard they worked on their swing. pay up and shut up. and some people try it get rid of their state taxes to entihav people like michelson, and seven states already have no income taxes. perhaps michelson is the american version of gerard depardieu driven out of his birthplace by massive taxation. and more on phil this hour, and he will be the subject of my
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take. and we'll ask one of our stock pickers if apple is a screaming buy around $500 with the report that it may put out three iphones this year and why he's selling google, google a sell? first, the second term is going to start like the last one ended, more taxes especially on the rich and even stevie wonder sang about it. ♪ this is for the middle class ♪ ♪ make a little money, share that money, help everybody ♪ >> ♪
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call the number on your screen or go to lifelock.com to try lifelock protection risk free for a full 60 days. use promo code: gethelp. plus get this document shredder free-- but only if you act right now. call the number on your screen now! >> when we come back after a three-day weekend, we're not expecting a big move for stock prices at the opening bell. a pretty flat market at the get-go. there's news in the background here. bank rate.com, i believe it is, and they say that looks like 28% of people in the survey spent less money at christmas time than expected. 28% spent less. i'm mentioning this because next week, we get the economic growth numbers for late last year, they're expected to be dismal and that bank rate number backs
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that up. now, at about half hour from now, we're going to get numbers that probably will not move the stock market, but will make a big difference to you, the value of your home, and especially to realtors because at ten o'clock eastern, precisely at 10 we get the latest home sales numbers, that's a big number. and we might be be approaching 6 million existing home sales per year, they've been getting close to that level. way up to the 4 1/2 million we had in the the middle of the slump. very important news for realtors and anybody who owns their own home. and prices may be rising. we're off and running, don't expect a big move in a very, very early going and we're not getting it it, we're right around where we closed out friday and that will be 13,600-- wait a minute, starting to move up 31. 13, 679 right now modest gain at the early going, we've got a buzz around apple and they're going to release not one, not two, but three new iphones this
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year, and nicole, come in, in the old days that kind of news would mean a huge gain for the stock. >> huge, .6%, huge. so it's above the $500 mark which is certainly a sense of relief for the apple shareholders at least they're holding 500 today. we're talking three new iphones, one of which is the-- now, this comes out of what is regionally surfaced in taiwan in the commercial time. three new phones, iphone which is a four inch smaller than the iphone 5, an eight inch, and take this with a grain of salt and came from one wire to the next wire. the third one maybe in time for the holiday, 12 mega pixel camera. stuart: i guess the market is taking it with a grain of salt. in the old days you mentioned three new phones and-- >> you know what it is, they're
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competing with themselves. you know, everybody knows the next thing is coming out. they don't have enough time to get people to buy the last one and they know the next thing is coming. stuart: it's cool. i'm going to say that apple is now a door stopper stock around 500. hold on, i want to take a look at blackberry maker, rim. so much for putting them on death watch a couple months ago, that's what we did. the ceo says it could lead to the sale of the handset business or licensing of software to rivals. the new blackberry 10 out on january the 30th, all this have could mean more revenue for rim and just hit $17 a share. now, one month after the shooting in newtown, connecticut, groupon canceling all firearms related offers, shooting ranges, no offers for those outlets and the company is not giving a reason for the move or how long it will last. let's go to nicole, i don't
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expect an impact on the stock where is it? >> it's interesting after what happened in connecticut, now the company says for now they're canceling shooting ranges, and conceal and carry, clay shooting and the merchants are upset, right? because they're trying to run businesses and at the same time, groupon is under pressure from the customers, saying the categories under review following recent customer and merchant feedback and there's certainly a push and pull on this one and this is what they're doing, obviously, related to what what's happening in connecticut. >> it's a public relations move not a financial move and the stock doesn't move. hold on a second and i'll get back to you in a second and as i said the market is dead flat. look at this, up .24 as we speak. apple, we have the nerve to call it a door stop and joining the company from los angeles, gilmogil gill morales, gill, 500 a share,
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are you a buyer if it dips below 500? >> no, i'm not. as you know from my last appearances, apple is coming lower. and last week when it dropped below 490 we covered our position in the short-term, i don't want to sit through the earnings because i can't gauge what it's doing. a lot of the expectations is rather low and there's potential for an upside move, maybe 5% max, i think, on a better than expected earnings report, but i don't really have any opinion on it right now either way. i do think you're right that it's a door stop stock and it's probably dead money for the intermediate to longer term. what's the new killer app for apple? another iphone? i don't think so. they need something that's going to drive big earnings growth, that the iphone has over the last several years. stuart: i apologize spending so much time on apple and we really do focus on it on this program, but most people in the stock market have a piece of apple through a mutual fund or
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whatever it is. so we have to give a lot of news bye i think it may have become a door stopper, right, there at 500. i want to move on to google. >> definitely. stuart: well above 700, but you are selling. i want to you tell us why. >> i don't own it it, i'm the not necessarily selling it. i think the stock is a sell. it has no real growth ahead of it, you have to think about apple or google in similar terms to apple. both stocks had big moves over the last several years and google has underperformed since 2007 and in fact, trading about where it was in december of 2007. and again, you have to ask yourself the same question, what's the next big killer app from google. over 90% of the revenues come from pay per click advertising revenue and they grow at 17%, decent. but the company selling at 15 times forward earnings, the four years, 15% at best. i think the stock is selling for what it's worth and unless they come up with something from
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earnings report the stock could move lower from here, that's pretty much my take. stuart: i've got 20 seconds and two stocks for you, chucking it out for you, facebook at 30 and microsoft which i own at 27, go. >> i think microsoft is making a bit of a comeback here and i think the new windows operating system probably helped them as well as their forays into tablets and with the new mobile phone that they're moving on and especially, also, the bing search engine as well and facebook, got bullish on the stock at 27, 28, it was coming out of a nice pattern and moving higher and see what they do coming up with a killer app. and less bullish at 30 than 26, 27. stuart: full disclosure do you own facebook or microsoft. >> no, i don't own any of them. stuart: and with the name of his company, thank you, gil, see you again, soon. stuart: i've got good news on housing, and one of the best investment options, i think
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that's the case. zillow, the real estate website say that home values moved up nearly 6% last year, compared to the year before, but zillow says the priss gains are going to slow down this year. not a bad gain, nearly 6%, that's good. we've got the year's first major read at the top of this hour, called the existing home sales report. that's 85% of the housing market. we're going to break the news right there at ten o'clock eastern this morning. and there are still housing bargains, we understand. take a look at this house in the phoenix area. 2500 square feet. four bedrooms, three bathrooms, it's still selling way below what it went for at the height of the market. so, can you guess the selling price today. that's the house, take a look at it today. nicole, you want to guess on this one? >> i do want to guess, here is how i came up with my guess, i'm thinking a million dollars in new york and arizona, florida and nevada were problematic and that brings it way down and then i thought the housing market was getting better and went from 289
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to 315. doesn't hook that great. you said it's a bargain and bring it back down to 289. stuart: i'm saying nothing. it's-- >> and someone gave me a house to squeeze when-- >> believe me, you're going to be surprised at this one. >> and laugh at me later? no laughing at nicole later. stuart: we will not do any laughing. i promise you that. back to you in a moment. time is money, 30 seconds, here is what we've got for you. we talk a lot about the americans with disabilities act being fodder for lawyers and now people with food allergies can sue under that law. the judge will be here to weigh in on the subject at the top of this hour coming out. and if you saw the nfl playoffs this weekend, you couldn't miss all of the commercial for violent, shoot-em-up movies and we'll ask the author of "hollywood hipocrits" why the movie industry gets a free pass on gun control. and one family orchestrates an
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elaborate 70 million dollar scam, perhaps too elaborate to prosecute maybe? our favorite criminal defense attorney will join us on that scam. remember, we want to hear from you, get your e-mail please varney@foxbusiness.com, we read them all, some on the air. seven early movers, here we go in tuesday morning. lower profits on dupont, better than expected the stock is up a little. caterpillar discovered accounting misconduct at a chinese subsidiary. down a little bit. one of canada's largest pension funds said it will buy the container company c-cube, and c-cube is up. no surprises there. johnson & johnson takes a charge for recalled hips, but profits beat forecast nonetheless and the stock's pretty flat. superstorm sandy hits travelers and profits, profit were better than expected and it's up 3 bucks. a forecast microsoft executive
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says that steve ballmer is not the right leader for the company microsoft at $27 a share this morning. verizon posts a 1.9 billion dollar loss and verizon posts on pension costs and sandy, why it's down, but the dow industrials dead flat. 3 points lower this hour. you might have guessed the mainstream media fawning all over president obama's inauguration speech. here is the question, will anyone question his policies, will any of the establishment media break ranks? that's next. (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't trade like everi'm with scottrade. me.
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>> you know, i find this very interesting, the dow jones average is down just 9 points, 10 points, that's all we've got. and the dow by the way shall the market reopening today after a three-day weekend. and reopening after yesterday's presidential inaugural speech. and that was a remarkable
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speech. it was a, i'm going to say an in-your-face statement about a very liberal agenda. i would maybe have thought that perhaps there might be some reaction in the market to this, but, no, there is no reaction whatsoever. the president did not point out how he's going to pay for this liberal agenda. i thought that might have some-- some impact on the market, but no, we're dead flat thus far this morning. i want to you check the price of oil. now, that is up, but not by much, 27 cents higher, but we're at $95 per barrel. i'm not sure how long we can see the price of gasoline hold around 3.30 per gallon. $95 a barrel for oil and interesting to see how we're going to hold at 3.30 without going up to 3.50 for regular. an interesting question. i suspect that were it not for some war talk in the the middle east surrounding iran and
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jitters over there, i suspect the price of oil would be a lot lower than $95 a barrel and i would be watching the price of gasoline in the very near future. are we going to go up from 3.30? what's going to happen with the price of oil? all right, now this, sound the trumpets, please, go ahead. here are some of the headlines, following president obama's inaugural speech. from the new york times, obama lays out liberal vision. we must act. the l.a. times, obama's speech was sweeping liberal vision, and from "the washington post," obama pledges to tackle woes of the middle class. one national news anchor whose picture you see here, compared the speech to the gettysburg address, a little over the top i would say and a correspondent for cnn said during the inauguration parade yesterday, that quote, i feel like i should pinch myself. starting out -- joining us is brent bosele, and that's the
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reaction i expected from the establishment media did anybody in the establishment media break ranks and say how is the president going to pay for this liberal agenda that's driving us into financial ruin. did anybody say that. >> they did and the proverbial pigs fly. no, they didn't. two of the headlines you read mentioned the word liberal. you'll never hear them talk about liberal. this time they did, why? because it was so far left you couldn't help, but say liberal. look, i'm going to get in trouble for this, but when you talk about safeguarding the liberties of people, having the collective safeguard the liberty of people. that's out of the marxist play book. that's how far radical left this speech was. nobody talked about how radical it was first take away. second take away, almost pictured it as centrist, second take away, the biggest thing facing everyone in the united states of measursh is debt.
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and he barely touched on it it instead he want today talk on gay rights and environment. that's a huge take away. the third particular away his lecturing about the need for civility. and that's after the nastyiest race in politics. the media didn't point that out. stuart: this fawning acceptance of everything the president had to say yesterday, the media is the not pointing out financial peril. this is a financial program, you know that. we follow the money. if i follow the money trail down the road and we need to pay for the entitlements and spending and taxation coming at us, we have a slow economy, and a dangerous escalation in our debt. and i don't think the media is doing its job because nobody is saying it. >> they were too busy gushing, that's the problem. al roker frantically waving from
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the sidelines and wolf blitzer frantically trying to get his attention. this isn't reporting, serious journalism or a look at the issues of the day. they were attacking george bush for the cost of his inaugural before the inauguration, they were attacking him. there's no serious coverage of this man. the media are his absolute pompon wavers in this administration, the public has to understand what they're getting from the press is exactly what president obama wants them to get. it's not true. stuart: you're flat-out dead right and we thank you very much for pointing it it out to us. we appreciate it it. >> thank you, sir. stuart: thank you, sir. time for your gold report. where are we this tuesday morning? 1690, that could be back towards 1700, we're up about three bucks today. now this, the british are at it again, sounding global warming, calling it a new ice age and saying that people, people are a
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plague on the planet. what? that's topic one with today's company. here they come, charles payne, david asman are on their way. ♪ this is $100,000.
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>> man overboard!
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>> oh, whoa! speaking of ice age, a couple of my former countrymen sounding off on climate change. it's been snowing in britain and london's mayor johnson, claiming the snow to be part of what could be a mini ice age. yes, the man suggesting a series of cold winters is is not a coincidence, and could be proof of lower solar activity. and the host of the life on earth series, says that humans are a plague on the earth and need to be controlled by limiting population growth and say that climate change is the reason and lack of space for people to grow food. >> and i'm sick of this, people's carbon footprint-- reminds me of al gore selling
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his tv network to the interest of big oil or president obama complaining about about the privileged few as he jets back and forth to hawaii. >> hipocrits? >> and this is going on for a long time. the bottom line, with a we're going to have a utopian society and can't have a lot of people. a handful of elites living in a golden city living by a dam and whoever is alive lives forever. stuart: welcome back one and all. we're trying it to stay positive on "varney & company" and next our first major read on the housing number. big number breaking at the top of the hour, plus, a food allergy now qualifies you as disabled and you can sue. what? the judge is next. twins. i didn't see them coming. i have obligations. cute obligations, but obligations. i need to rethink the core of my portfolio.
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stuart: good morning everyone. housing is a bright spot. the biggest investment most people ever make is coming back. your house is beginning to go up in value. zillow reports that in 2012 housing prices went up 5.9%. true, they are coming off a massive price crash, but a 5.9% gain is the best we have seen in many years. more good news, we're now building almost 1 million new single family homes a year. that is a big number. speaks volumes about the builder's confidence in the future. in a few seconds, we will find out how many homes are being
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sold every year. we're expecting another up tick. clearly we are nowhere near the good old days of the housing boom, but cheer up, it is not all debt downgrade food stamps doom and gloom. i might be right. a new single family home may be the best investment you can make. stuart: we're waiting for it. seconds from now, existing home sales, the rate the annual selling rate, 4.9 million, that is a disappointment. that contradicts what i just said about the housing market. this is outrageous. but i have to tell you again, housing sales, home sales down exactly 1% in december. and again, the annual selling rate realtors will not like this, 4.9 million houses. david: i wouldn't bet against housing right now.
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housing contractors went from a million during the peak of the housing boom to less than half of that. so there is so much more housing that needs to be built that we may not grow at 6% a year in 2013 as we did in 2012, but i would not bet against it because there's so few houses. stuart: so i'm right. david: i think you are. stuart: a single family home is a very good investment. david: on the other end, there are great stocks to invest in. charles: i think it is a great investment. i think the equity market is a better investment right now. stuart: really? the dow at 13,600, you think there's more upside in the dow at 13,600 than a house? charles: i think it is going to be a huge year but i would never discourage anyone from buying a house. stuart: news from amazon. nicole, they have a new service? tell me. nicole: this is great news for all the game enthusiasts, game users, game developers. this is what amazon is doing. the stock is down 1 quarter of 1%, but they unveiled the
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service that allows game developers that will let the customers purchase virtual goods through their amazon accounts, and this will be for pc, for web-based games. stuart: the market doesn't think much of it. it is down. nicole: it's another piece of good news for am son -- amazon when they are competing against apple and the other big guys. stuart: thank you nicole. we're staying on housing throughout the hour today. i want you to take a look at this house, 2500 square feet in phoenix, 4 bedrooms, 3 bathrooms, the price has gone up but this house is still what we think a bargain. okay, so what do you think that house that you're looking at right now, what do you think it just sold for? four bathrooms, three bedrooms, phoenix, okay? what do you think it sold for? we will have an answer for you
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at 10:35 this morning. to the big board, still dead flat. wait a minute -- okay, come on back to me. put me back on camera because that news on existing home sales was not as bad as i made it out to be. yes, there was a 1% decline month to month, so november to december, down 1%, but wait a second, on an annual basis, looking back over the year, home sales were up 9%. i feel truly vindicated. okay, everybody? what was it? highest level of annualized sales of existing homes since 07. for vindication everybody, i was flat out right. >> nobody gloats the way you do. stuart: exactly, judge. >> better than apologizing. stuart: all right. new at 10:00, starting now, the
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americans with disabilities act now covers people with food allergies. this means if your child is severely allergic to a food, maybe gluten, wheat sensitive, their school is required, required to carry alternative food. the child should be able to eat. all rise, judge andrew napolitano, he's been bursting to get in on this, but we saved him for this. let me straighten this out. as of right now, your child has a food allergy. you tell the school, my kid has a food allergy. the school must accommodate the allergy because it is a disability. the school must come up with alternate food that the child can eat, and if they don't do that, you sue; is that right? >> more or less, yes. i mean, you're talking about -- stuart: more or less? >> you're talking about what's a good investment. you can bet on housing. you can bet on the stock market. don't bet on the constitution because these guys just keep changing the laws left and right.
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here's the defect with this statute, the defect is that the executive branch of the government, the president and the people who work for him have the ability to decide what is a disability and what is not. this is not a decision made by the congress. we all know that if you're in a wheelchair and you're physically challenged, that's a disability, and a business, and the government has to provide for you to get into their building so that you can use the building for the purpose for which it was intended. you can't be excluded because you can't get out of the wheelchair. that's what congress intended. but congress when it wrote this statute under president george h.w. bush for which some of our colleagues in the "wall street journal" one of whom is seated at this desk severely criticized him at the time never -- they gave the president the ability to decide what a disability is. stuart: is that written into the statute? >> yes. stuart: the president decides what is a disability?
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>> it doesn't say the president. it says the secretary of health and human services. stuart: but the executive branch. >> it is the president and the people who he appoints and people who thinks the way he does. it wouldn't be done contrary to the president's will. so that lets the president expand the definition of a term, disability, which expands the reach of a statute, which expands litigation, which costs everybody money, none of which was done with congressional authorization. david: that's why things like obama care and things like all the new financial regulations that we have which create all these new regulatory bodies are so dangerous because they increase the executive power of government. >> yes. david: the unregulated by congress power of government. >> and they do so with a smiling face. of course children should be able to eat in school. and of course they should be able to eat food that's healthy for them. of course there should be food there that's healthy for each individual child. but the litigation and the cost and the manner of deciding this
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destroys constitutional freedom. stuart: the president in his speech yesterday said he wanted to enhance individual responsibility with collective action. >> the president is the ultimate collectivist, the value of groups and the rights of groups, not individual. stuart: in a society based on individual liberty, why is it not up to the parent of the child to send the child to school with food the child can eat? why must it be the authorities, the governments, the schools that has to have this food for the child? it's the wrong way around? >> have you been hanging out with ron paul lately? i couldn't agree with you more. the thesis of the constitution and the declaration and individual freedom here is absolutely consistent with what you said. but this president rejects individual freedom. this president wants the government to take care of people. he wants to level not only the playing field but level the ultimate outcome of the use of the playing field. stuart: can it be any food
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allergy? i mean lactose intolerance for example or gluten free? >> it could also be not just children in school, i mean the ada, the americans for disabilities act applies to every public accommodation from a university to a shop on main street to mcdonald's. stuart: mcdonald's? mcdonald's could be forced? >> sure, absolutely, without specific authorization from the congress and just by executive power because of the powers that the congress in 1989 gave the president. stuart: so i walk into mcdonald's and i say i am -- i'm whatever it is, i'm gluten free, give me a meal. so then i say you have to accommodate me. the law says you have to accommodate me. >> they tell you to take a hike. >> they tell me to take a hike. i go back and i sue. >> you wouldn't sue alone. you would file a class-action lawsuit so your lawyer makes millions and you got a
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cheeseburger. what group are the president's greatest supporters? plaintiffs lawyers. stuart: this is outrageous judge. >> it is outrageous. it is the public, it's taxpayers, it is the economy, and if i may, it's the constitution and individual freedom that are suffering. david: we're going to have a lot more of it over the next four years. >> it is only the first day of the second term scene they have started with this -- and they have started with this. stuart: you are a former lawyer, aren't you? your honor, my child here exclutded from the cafeteria -- excluded from the cafeteria, poisoned from school, give me a million dollars. you would have done it, wouldn't you? >> i don't know if that's the type of case i would have taken because those people wouldn't have come to me to represent them. although sometimes you go to a lawyer who typically takes the opposite side. david: all i grew up with is peanut butter and jelly
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sandwiches. same with you? charles: it depends on where you grew up. stuart: when i was in school, everybody got milk every day. i can't remember any person in my entire young history that was lactose intolerant. now we are confidently told that 20% of the population is lactose intolerant, we have to accommodate them. >> i don't know how the lactose intolerance happened but i do know how the sensitivity to it came about because too much power is given to the executive branch. certain governments love to use executive power. david: and they love to pay off their friends, the lawyers. >> precisely. stuart: the lawyers. >> i'm 100% with you today stuart, even when you are gloating. let him gloat. [laughter] stuart: judge andrew napolitano
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thank you very much indeed. one of our big stories today, we could expect talk of some kind of carbon tax after president obama made this announcement during his inaugural address. >> we will respond to the threat of climate change. knowing that the failure to do so would betray our children and future generations. [applause] >> some may still deny the overwhelming judgment of science, but none can avoid the devastating impact of raging fires and crippling drought and more powerful storms. stuart: this comes as powerful business and political leaders are meeting at the world economic forum in davos switzerland. they are proposing, get this, a 14 trillion dollars global greening plan to combat climate change and sustain long-term economic growth. we could barely fit all the 0s on to our graphic there but it is a trillion with a t. fox business's liz claman in
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davos talking to all the big hitters. she has live reports that will start tomorrow. back to nicole, what's going on with boeing, please? nicole: here's a thought, let's take a look at boeing right now. couple of headlines the first is that you have everybody coming out and talking about boeing overall from the finance corporation, they buy is a lot of dreamliners. you have the norwegian air ceo saying they are going to be buying more bowings -- more boeings. you do have analysts at bernstein say the problems we have seen are likely to cost less than 30 cents per share. bernstein is maintaining their price target and outperform rating on the stock. so i have handfuls of paper all in favor of boeing. stuart: that's very interesting. they are encouraging people to buy on the dip. buy at 74 and they say it will go to 98 when the trouble with the dreamliner is all cleaned up. very interesting.
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thank you very much nicole. another big story we're following today. i'm going to call it a more poignant story indicative of all kinds of things in our society. golfer phil mickelson wants a mulligan after his rant on taxes over the weekend. mickelson is walking back comments that he made about his high tax rate and the suggestion that he could, might leave california. mickelson now apologizing for making his personal feelings public. and for anyone he, quote, upset or insulted. then there's this, an opinion piece in forbes by syracuse university professor berman, please stop whining and give thanks for being able to earn a fabulous living playing a game and selling golf clubs. stuart: all right everybody, your thoughts on the mickelson apology. david: all right. although i am embarrassed as a host of a show called forbes on fox about that awful piece. the main thing is look we're turning into a french revolution
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where we're supposed to be happy that our head wasn't cut off. the bottom line is not whether mickelson was happy or living the good life the bottom line is whether the 60% tax rate hurts the economy. the answer is yes. that's all we should be focusing on. stuart: why are we forcing people to apologize? what? you complain about taxes? 63% tax rate? you're not allowed to complain? david: this has to stop. charles: that's the world we live in right now. you cannot -- you cannot have an opinion. you cannot go against the grain. and listen, phil, i'm sure a lot of people called him up. he's in the public eye. the vast majority of his money comes from endorsements. listen, go easy, do all this stuff behind the scenes and maybe apologize. it is unfortunate he had to -- he didn't have to, but it is unfortunate that he did. stuart: i agree with you. i have my take on the mickelson situation that will come up next.
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stuart: more buzz about apple's reported plan to release 3 new phones this year. usually that meant a big pop in the past. but last hour on this program, our guest agreed with our assessment that apple is holding right there at 500 buck as share despite all that news on the reports of the phones. blackberry, the maker, rimm is set to release its new blackberry 10 next week.
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the stock is up today on news that a possible sale of rimm's hand set business or the licensing of its software. that means more revenue. 17 bucks on rimm. travellers insurance made less money in its fourth quarter blaming hurricane sandy but still crushed wall street estimates that stock is higher. coming up, phil mickelson apologizing for complaining about paying 60% tax rate. what? an apology for that? extraordinary. my take is next.
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stuart: if you watched any of the nfl play-off games this weekend, you saw a bunch of commercials for new movies loaded with gun violence. one of them starring sylvester stallone. yet, there is no mention of hollywood in the gun control debate, none, nothing at all, nada. why is that? we're going to ask the question to author of hollywood hypocrites in just a few minutes. golfer phil mickelson has apologized to the people he upset or offended when he publicly complained about the massive taxes he now has to pay. repeat, he has apologized for
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publicly complaining about taxes. here's my take, welcome to the new america. in this brave new world, you are supposed to pay up and shut up. this is a very troubling development. phil mickelson lives in california. he makes a lot of money. with the new taxes that started january the 1st, highly paid people in high tax states must pay a lot more. mickelson says he loses 63 cents on the dollar. i call that outrageous. and by my standards grossly unfair. i don't care how much money you make. no government, no government should be taking even half of what you earn, let alone two thirds. but listen to the left, phil mickelson is a punching bag, he's being mocked. professor, professor lynn burman from syracuse university says he should stop whining and give thanks for making big money. he says phil is just lucky, lucky. so you work hard. you use your brains, drive, talent and ability, and you are a successful american but the
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left says you are merely lucky. we want what you've got. and what's more, you don't deserve all that money. we are going to take it off you. this is the new mind meld and if you speak out and object, you are muscled into submission, you must apologize. who would have thought we would come to this? you have to apologize for financial success. [ indistinct shouting ] ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all onhinkorswim
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>> the media are the absolute pom-pom wavers in this administration and the public has to understand this that what they are getting from the press is exactly what obama wants the public to get. it is not truth. stuart: that was brent bozell in our last hour on the mainstream's media reaction to the president's inaugural speech. one reporter even gushed saying i could pinch myself. you get the story. time for a market check, look at the big board, still pretty flat, been away for three days, long weekend, the president's speech yesterday, but we're flat this morning, down 18. but rimm, i have got to say that thing is off to the races. nicole, explain this one. nicole: what a day for rimm. up over 10%. it was up about 12% earlier. moving to highs that we haven't seen since 2011 this is all on news that the ceo now is talking about the fact that research in motion, the blackberry maker is
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exploring strategic options, strategic review which could include selling off its hardware production unit as well as its licensing of their software. these are some ideas that they are now entertaining. they've hired jpmorgan and rbc in order to help them along with these ideas. so that's why you're seeing it jump, and this is all ahead of january 30th and the blackberry 10. stuart: can't wait. nicole: one other thing, happy three years to varney & company. and thanks for the highlight reel. i wasn't here yesterday to celebrate with you. congratulations. stuart: we had the third anniversary edition of varney & company yesterday. you weren't here. but thanks for chiming in this morning. couldn't do it without you, nicole. that's a fact. nicole: congratulations. thank you. stuart: if you caught the nfl play-offs this weekend you could not miss the commercials for violent movies that are about to hit the theaters. one called the bullet to the head. why did hollywood get a free pass for the gun control debate
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when they are putting like this stuff out? joining us now is an author about hollywood. >> i don't want hollywood or the administration intervening in hollywood because movies would not be very good if they were federally regulated by bureaucrats, but the reason why obama is not talking about hollywood when we're talking about the culture of violence and gun control is because hollywood helped him raise 1.1 billion dollars to win in 2012. and more importantly, they were used as surrogates many of these celebrities to get out the vote, especially for the low information voter that's out there that is more tuned in to what's going on in hollywood rather than things that are going in benghazi or algeria,
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hollywood gives him the money and they got out the vote. stuart: they got huge tax breaks in that fiscal cliff deal. they got tax breaks to go make movies. i mean they were literally handed government money. that's extraordinary ri. >> yeah and most people don't realize there are many states that don't give just tax breaks but essentially tax subsidies that go directly to hollywood millionaires and movie moguls to produce films in their states. it is one thing to be lectured by some multimillionaire action hero about gun control as he blows bad guys up on the big screen and is going on a shooting spree, but we are essentially funding many of these movies while obama says he's going to close corporate loopholes. well guess what? chris dodd, the same one who was senator who was involved in the countrywide mortgage scandal and mortgage scandals, well, now he
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is the main lobbyist for hollywood and he's ensuring that these loopholes remain in federal legislation. as we just saw with the fiscal cliff deal. stuart: you just revealed something to me there. chris dodd is now spokesperson for hollywood? you're nodding your head, david? david: exactly, the culture of washington has always kind of flirted with hollywood. now, it is really a part of it. look at the president's language by the way. last week he said the republicans are holding a gun to the head of the american people. here's a guy who yesterday complained about name calling. this is the kind of language he uses. stuart: back to you justin for a second. didn't some hollywood celebrities put out an anti-gun video right after newtown, but those same actors who appeared in the antigun message were in fact involved in violent movies, is that right? >> well, you are right. jamie foxx who has starred in multiple violent movies over the
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years, and i'm glad he does by the way because those movies -- they wouldn't be any good. it's beyond hypocrisy. it is more narcissism at this point the fact they are able to get away with promoting gun control ideas as they make millions of dollars starring in violent movies, but they are going to continue to get the pass by the mainstream media as well as obama, and i want them to in this sense because i would not want video games and i would not want hollywood movies regulated by washington, d.c. but listen, if we're going to talk about the culture of violence and blame legal gun owners and so-called assault weapons and strategically leave out video games and movies from the discussion because hollywood is pumping your coffers pull of big dough and are advocates, at least be honest about that, but of course the media are not going to point to that fact,
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they are going to pinch themselves as you pointed out in your earlier segment over barack obama, what a brilliant speaker he is. stuart: you did write the book called hollywood hypocrites. i think that's the theme of today's discussion. thank you very much indeed jason. we will see you again soon. >> thank you, sir. stuart: big news on housing this hour, and next we will reveal the price of this home in phoenix. four bedrooms, three bathrooms, the price has gone up, but it is still what i think is a bargain. what do you think was the selling price just a couple of weeks ago? we will have the answer next. ♪ ♪ our house is a very very very fine house ♪ fine house ♪ ♪
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i'm gonna call. i'm calling. i'm calling. i'm calling. call the hartford at: to request your free quote: call today and make the switch to the aarp auto insurance program from the hartford. why wait? stuart: we've been keeping you guessing so let's take another look at the existing home sales number that we broke at the top of the hour, up more than 9% year over year, making 2012 the strongest year for home sales since 2007. that of course means i was right when i said that housing is a bright spot and still the best investment you can make. i don't want to hear anything from you, david. david: i agreed. stuart: excuse me -- [laughter] stuart: that brings us to our next guest.
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she's with team investments and she joins us from phoenix. tonya, welcome. >> good morning, stuart. stuart: okay. you've got the first of the four houses that we've been teasing our audience with. we've showed it to them. it was four bedrooms, three bathrooms in the phoenix area. first of all, what did it sell for back in 2008? >> 2008 it sold for $178,000. stuart: hold on a second. there it is. david: wow. stuart: that was 2008. $178,000. okay. >> yes. stuart: what did it just sell for? >> $105,000. david: i actually guessed 400,000 for this. shows you out of touch i am. i think that's an unbelievable bargain. stuart: nicole said it was 289. how long ago tonya? >> just last month and the one thing you have to remember when you're looking for investment is this house will rent for $1100.
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arizona is still the place to invest. stuart: all right. now you've got a house that's in atlanta. >> yes. stuart: give me the specs on this thing. we will look at it on the screen. >> this house is a five bedroom five bath 3500 square foot on almost a quarter of an acre. so this is a big house on a big lot. stuart: what? wait a minute. a quarter of an acre is a big lot? david: for somebody who has a thousand acres in new york, i mean, yes. [laughter] stuart: back in 05, this place sold for? >> $600,000. stuart: and it just sold for? >> 389. that's $109 a square foot. stuart: okay. next case, santa barbara. let's show the house. describe the specs, please. >> sure. this house is actually a three bedroom, three bath 2500 square foot home built in 2006.
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stuart: okay and it just sold for? >> $899,000. stuart: that's the first time it's been on the market? >> yes. this is the first time it's been on the market. the first owner. it sold for 352 a square foot. so you can kind of see market per market we're going up a little bit. stuart: yes we are. 352 a square foot. it's santa barbara, location, location, location, i've got that. >> yes, and you know, they expect for as crazy as california is, they actually expect growth in santa barbara of 8.2% annualized till 2017. stuart: well apart from it being in california, santa barbara is a very nice place. >> exactly. stuart: next one, you have a house in new york -- is it new york city or new york state? >> it is new york city actually right by the world trade center, and it's really interesting. new york actually sold the most residential real estate that it has in quite some time in 2012.
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actually in the fourth quarter, so in 25 years, they sold the most real estate that they had, and i think that people were afraid of the fiscal cliff, so they were buying. what's more interesting is that the price of two and three bedroom homes actually went up, where studios, one bedrooms, and four plus bedrooms went down. so that market just kind of went all over the place. but two and three bedroom houses went up. stuart: okay. so you're telling us that there's real movement in some markets, but there are some bargains, especially in phoenix. by the way, let's give a shoutout to mr. john mitchell. he was watching the show throughout the day today. and he guessed $100,000 for that first phoenix house, which actually it sold for 105,000. john mitchell, excellent stuff. you've almost -- you were almost dead on the button there. anything else to say tanya? >> real estate is still going to be hot in 2013. there are still going to be
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bargains. stuart: you are selling; right? >> i couldn't leave you without doing something about real estate; right? stuart: no you couldn't. tanya, team investments out of phoenix. thank you very much. >> thank you. stuart: let's bring in scott shellidy from chicago. i'm sure you heard the president's speech yesterday. higher taxes, more spending, ignore the debt, that's what you've got coming at you for the next four years. what do you think is going to happen? >> well, we can't keep going down that path. as you well know, stuart, i spent a lot of time in europe myself and slow -- i spent a lot of time work iing myself and slowly but surely --.
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i think there's going to be social unrest because of it. stuart: social unrest, that's interesting. the president wasn't serious about controlling the debt. he's going to spend more. do we have a debt crisis at some point and if so when? >> well, i think we're going to get some serious rhetoric to a debt crisis this year. i'm not quite sure if it will happen this year or next year. we all know if we have an 8th grade math education, with that education we can tell this isn't going to work out in the long run. something has to be done. i think we all agree we don't have a tax problem here. it is a spending problem here. that's what the debt is all about. i think going forward, we saw the republicans put out a little bit of an olive branch but ultimately we can't keep doing what we're doing because we just don't have the money. those that stand up and say that will be the ones who save the economy. stuart: we hear you, scott. thank you very much. we will see you again soon. an entire family accused in an elaborate scheme that netted 70 million dollars from phony charges on phone bills?
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70 million? phone bills? so elaborate was this scheme that maybe it's too hard to prosecute. that's got to be music to a criminal defense lawyer's ears. he's here right now. twins. i didn't see them coming. i have obligations. cute obligations, but obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal.
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>> amazon unveiled a new service this morning that allows game
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developers to make money off customers directly through its site. customers can now buy virtual goods for pc web based games for the amazon service. shares have not moved. boeing executives and federal investigators are now turning their focus to the maker of the lithium ion batteries used in the grounded dreamliner. shares of boeing are down. the parent company of chili's grill and bar just reported sales were up not by much. this comes after an attempt to boost profit through higher menu prices. shares down 2%. existing home sales up more than 9% year over year. the highest level in fact in five years. housing is a bright spot in this economy. and next, one family accused of running a 70 million dollars phone scam. could they be defended? that's next.
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stuart: america's high school graduation rate has hit its highest level in nearly 40 years. a new report shows nearly 78% of high schoolers are getting their diplomas within four years of starting high school. last time the number was that high was 1974. thought you need to know. it's our new door stopper stock. there's a statement. we're talking about apple. where is it nicole? nicole: going nowhere fast. door stopper is a great word for it, it is right at 500. it's at 499.79, right, so two dimes away from the $500 mark.
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not doing much today despite the fact we have heard rumors of three new smart phones coming out this year. we did have a couple analyst calls, ubs lowered the price target to 650 from 700. and another would be citigroup saying it will remain range bound. 500 unchanged. back to you. stuart: nicole thank you very much indeed. we have a family in montana that's being accused of allegedly running a 70 million dollars bogus phone scam. using a maze of companies to add unauthorized charges to customers' phone bills all to pay their own legal bills. of the 70 million, the ftc says they have returned 40 million, but they're also saying that there are many who do not know that they are being charged. our next guest is here with us, he's a criminal defense attorney. what is this family facing if the charges are accurate and they are proved in court? >> okay, because this is in
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multiple states in the united states of america, it is a federal case. it's going to be under the title of wire fraud because there's money going in and out. that's the wire fraud. those cases you start, the judge or the prosecutor starts at a base level. okay, you did this, so you're facing it is usually like a minimum of six months in jail. but then it goes up depending on how much money the government can prove was involved in the scam. so here they're saying it was 70, but they gave back 40. so there's at the very least you're talking about 30 million dollars -- 30 million dollars. so you may go from a six month jail sentence to a ten year jail sentence, as long as the government can prove that this individual, and that would be the father of this family, who is controlling this company, is the one who was behind this scam. stuart: i can't believe that the 70 million dollars from a phone charge? >> and that's the thing. they are small charges. obviously you open your phone
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bill and all of a sudden it was $3,000, but if there's an extra 15 bucks, an extra 10 bucks and you are like oh maybe i texted england and they are charging me more than they should. this is a very complex enterprise. stuart: so therefore if you as a criminal defense attorney got this case, you could defend them quite easily, couldn't you? you could stand up there and bamboozle that jury by saying look it is so complex you can't possibly understand this. they can't possibly be guilty. >> i don't bamboozle -- do you bamboozle your viewers? i stand before the jurors and i hold the government to their burden of proof. they're the ones who have to prove americans guilty. americans don't have to prove themselves innocent. so in a complex case like this, there are some areas of departure where a client can say hey, well, i didn't know that. i wasn't involved with that. i just gave the money here. david: their lawyer by the way is trying to get it dismissed by
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saying the government shouldn't bring both criminal and civil charges at the same time. does he have a point? >> no, not really. i will tell you, and this is state government and federal government, stuart, right now, they want money. they want money more than jail many almost every case. it is -- i have been doing this for 20 years. the last three or four years, it's amazing how money can buy you out of jail time. stuart: so cough up more and -- >> but before they make this kind of arrest stuart they have crossed all their t's and dotted their i's they can tell you through technology exactly where the money went to. stuart: if you were the defense lawyer you would go to them and say hey cough it up please, that would be your job. >> the conversation i have on a regular basis with defendants the more money you can return to the government the more leverage i have to reduce your amount of time. stuart: it still hurts to give it back. >> it doesn't hurt as much as
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hearing that -- [inaudible]. it's not fun. stuart: arthur, this interview was a lot of fun. i'm sorry i mentioned bamboozle. >> i don't bamboozle people, i lay out the facts, the evidence as i see them, the evidence or lack of evidence. if there's one doubt you can give a reason for, and if you can do that, you have to walk them out of this courtroom. stuart: do you think you will pick up some business? you might. you're pretty good. we live in a culture of apologies, yes, we do, from phil mickelson to lance armstrong to the wife of a new england patriots player who spoke her mind. why do we feel the need to apologize, apologize for telling the truth? we will discuss it next. [ slap! ] [ slap! slap! slap! slap! ] ow! ow! [ male announcer ] your favorite foods fighting you? fight back fast with tums. calcium-rich tums starts working so fast you'll forget you had heartburn. ♪ tum tum tum tum tums
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stuart: new orleans saints head coach shawn payton has been reinstated by the nfl. payton was suspended for a year for the whole bounty scandal. he will be back on the side lines this year. now we want to address what we are calling the culture of apology. the latest example of that involving the wife of new england patriots wide receiver wes welker. after the patriots lost, anna burns welker wrote this on her facebook page about ray lewis:
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stuart: well, mrs. welker later apologized, took the quote down. all right, company, this apology from ms. welker, from phil mickelson, from lance armstrong, the commonality is you have to apologize these days for saying what's on your mind. david: exactly. stand by your convictions. i never heard clint eastwood apologize. stuart: right. david: stand by your convictions, period. stuart: charles? charles: listen, it was her prerogative. i don't think she had to apologize. certainly lance armstrong owed everyone an apology though that was warranted in his case. president obama started his administration off with an apology tour i thought was unauthorized, unnecessary and ridiculous, there are times you do apologize. i don't think it's because of public pressure. i think it needs to be something internal. david: we were talking before about the nation of victimhood
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how destructive that is. charles: exactly. stuart: the highlight reel is next. upside down. >> hi. >> hi. you know, i can save you 15% today if you open up a charge card account with us. >> you just read my mind. >> announcer: just one little piece of information and they can open bogus accounts, stealing your credit, your money and ruining your reputation. that's why you need lifelock to relentlessly protect what matters most... [beeping...] helping stop crooks before your identity is attacked. and now you can have the most comprehensive identity theft protection available today... lifelock ultimate. so for protection you just can't get anywhere else, get lifelock ultimate. >> i didn't know how serious identity theft was until i lost my credit and eventually i lost my home. >> announcer: credit monitoring is not enough, because it tells
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