tv The Willis Report FOX Business March 7, 2013 6:00pm-7:00pm EST
it is amazing. people lose if she does not deserve that, two weeks. this woman is superwoman. melissa: that is the chart right there. here is one of love. starbucks says it is not to comply why should? 7-eleven big gulp is to stick around. most of its drinks are not effective because customers can customize there drinks. what do you think? >> i think it is fantastic that starbucks sells for. why not? let people make their choices. it is ridiculous. many mayor has to stop, especially now that your plans are gone. >> i just want to hear myself talking. >> you can wear your headphones. >> that is not exactly right. you can wear the headphones, but they're going to put up these signs saying to me if you do it could causs. immediate -- who was it? any idiot knows that if you do these things it is going to cause you harm.
why you need special campaigns to warn you against it? melissa: here is a bright spot to the high and a plumbing rate. some many people are out of jobs that less people are demanding to miss the national average time for commute is 25 and a half minutes, about 4 percent of americans work for bomb anyway. what do you think? >> it is 90 minutes. 120 minutes. it is really unbelievable. >> i can walk here in about 20 minutes from my house. i can take the subway. into camp, but it is like nancy pelosi saying that unemployment is a good thing because -- was that unemployment insurance is a good thing because people will buy things with the unemployment checks. welfare is a good thing. food stamps are good thing. come on. it is not a good thing for people to be unemployed. it is not a good thing. melissa: it is not a good thing if you are to be sure because have nowhere to commute to. melissa: nancy pelosi logic does not work. melissa: that is all the "money" we have for you today.
you will see you back tomorrow. where is my tea? ♪ gerri: hello, everyone. [laughter] tonight on "the willis report," government budget cuts causing air-traffic control towers to shut down. is this for real or just another political stunt? it is fun times all on your dime as california county officials had to why. we will have the details of another shocking case of waste, fraud, and abuse. president obama is keeping his friend's clothes and his enemies closer. just to get what he wants, a powerful woman panelists here to duke it out. "the willis report" is on the case. ♪ auletta and more coming up later in the show. first, tonight, our top story, armageddon in the year, or at
least that is what the obama administration would have you believe. the faa says 173 air traffic control towers listed right here will close on april 7th, exactly one month from now as a result of the big bad draconian sequester, naturally. to collect the number of air-traffic control facilities that could be close -- closed across the country. it is literally everywhere. numbers that each individuals. what they are not telling you, though, is that a small bunch of airports to none of your usual trouble spots will be impacted. we could see some private-sector -ob losses as a result. here's why. the faa says there only shutting down contract powers. the organization that oversees those towers, the contract towers association says its contractors provided very same level of safety as faa to ours but at lower cost. in other words, there are more efficient and government workers. so, of course, we could not keep
them. joining me now, president a boy drew international an aviation consulting and forecasting. thank you for coming on the show. i looked at the list. these airports will be affected. hickory regional airport. probably serves the furniture market. lsu airport. broglie's years -- served the university. orlando executives, not the big orlando airport. the little tiny airport. how meaningful will this be for consumers out there who fly? >> it is not going to mean anything to consumers. the problem is, this is a manufactured crisis that doesn't yet they are almost nothing. after the cuts there is still 10 percent more money in the budget and they have five years ago. so they are manufacturing is to scare people. there is no need for these draconian cuts they're talking about because the sequester is not draconian. it's a drop in the bucket. gerri: i do want to know who
uses these airports. as images commercial travellers, executives going to regional headquarters, people like that. >> most of us mere mortals a well mean nothing. gerri: if you don't have a private jet to but don't worry. however, i hear that some of these regional airports to siphon off some of the pressure of a great big airports. one of my sources told me, look, at the end of the day is going to be like there is bad weather every day because there will be increased congestion. do you agree with that? >> not from the closure of the towers, but from there intent to get rid of or for low air-traffic controllers, absolutely, which they don't need to do. again, this is a political stunt and it will probably be ugly. gerri: a political stunt. i want to quote some of your numbers here which i thought were just fantastic. so you say that $600 million cut from the faa budget is higher
than the 2008 total budget. explain that to me. >> well, the saying is, the total budget of the faa is about 15 billion last year for 2012. take 600 million out of it and you're down to a level that is about nine destine% higher than it was five years ago. these are not draconian cuts. cuts and increases. not only that. a million fewer air planes, million three departures in the sky over the year than there was five years ago. gerri: the fewer passengers to my million fewer people flying right now. so if a million fewer people are flying, when we reduced these budgets? >> and the stream the system in telling us is become -- because of the sequestered. it has to do a sleazy politics. gerri: i could not agree with you more. the reduction in flights.
how easy it is planning a? will we have more reductions in september? >> i believe the administration has every intention of making this as messy as it can pointing at the number of republicans and saying, it's their fault of our public as a liberal take credit for. we don't have to do this, but we have an administration that really wants to use the public to get its way. gerri: could not agree with you more. it is astonishing to me when you look at these numbers, and we just showed, just a pound this on because i think it is so important. the increase in the budget for the faa well the president has been in place, a reduction in flights or rejection of passengers over the same amount of time. thank you for coming on tonight. great interview. greta permission. thank you so much. >> thank you. gerri: all right to be continuing with this theme of the arab, growing outrage on the tsa recent policy reversal. now starting april 26 like this
one that will be allowed on plants. what goes on here? this is crazy talk. vice-president of the association of professional flight attendants strike is now. one of the many in the industry fired up about this. if i came on the plan with this in my hand this knife would not be just a little bit concerned. >> absolutely we would be concerned. and if you take a look back, it was a sharp knife, a box cutter which was used against the flight attendants to incapacitate the cruise to then gain access to the cockpit. they used small minds, the terrorists did. this is not a starting point for what we're going to change. you have the right on the nose. you won a starting point, was slick and shampoos, water, soda, things like that. that is the starting point. gerri: allow people to have baseball bats and knives on the
plane when they can bring on lotion. how is lotion a threat? how. >> in addition, hockey sticks and steeples. your lotion. gerri: i read that you don't mind a review of this. let's look at these rules from time to time and make sure we're doing the right thing. you say this goes a step too far. does everyone agree with you? the people you work with, are they all feeling threatened? >> absolutely they agree with me. as the vice-president of the association of professional flight attendants we represent over 16 million flooded in some belong to a coalition that represents over 50,000 flight attendants. maybe even higher than that. and maybe of all the numbers to mobile we have collectively all agree that this is not the correct starting point. and we found out about this change one hour before it was announced. if we had been brought into the process from the beginning we could have given the tsa, we get along with wonderfully. we have a very good working
relationship, had they brought us into this at the beginning we would have said, look, this is not the starting point. weapons are not the starting point. back to shampoo and lotions. that is the starting point. gerri: sanders and the reason they did this. they're really going to focus on explosives. it seems to me if i was a smart terrorist what i would do is say, okay, they're not focusing and knives. we will bring the knives. >> well, we're glad you're not a terrorist. gerri: really. they're not that hard to outsmart. they make these announcements publicly. i just don't understand the reasoning. >> and look at a small knife. how sharp you can make it. ticket back to the box cover. look at the size of box cutters. a boxer is about an inch by inch, and that is what the terrorists used on september 11th to incapacitate the crew and passengers on the plane. gerri: i uses everyday. >> thank you very much for
restaurant, a lagoon. five pools. at the of the widest stretch of beach. as compared to new york where we are scheduled to get an are getting right this very minute, that is the may winter remakes of rain and snow. yuck. all right. so, the paradise i just showed you will be the home of the national conference on public employee retirement systems and make, which is to say that the people who manage public pensions to into a financial train wreck will be getting together over my ties and roasted mahimahi on your time. now, no doubt the main topic of conversation at the event will be budget cuts. austerity and possibly the of role that public pensions a plank in the need for these budget cuts. after all, public pension funds have been -- have a funding gap of $770 billion. california, illinois, new york. their financial problems and those of other states can
largely be ascribed to the pumping above retirement benefits. pensions, and the double dipping. the cost for airline tickets, registration fees, 650 to 750 box will be paid for by your tax dollars. one dozen attendees are expected now the organization is feeling a little guilty. executive director hank camp says the plans were made way back in 2006, even before the recession. but then he said this, objecting to honolulu because it has beautiful beaches is like objecting to new york because it has broadway in times square or objecting to new orleans because it has jazz club and great food. this guy just doesn't get it. the objection is not necessarily to the location, is to the spending. public pension fund debt, which we will no doubt in above the -- inevitably have to pay may be as much as $2 trillion.
and these people, these people who are going to this conference , they are charged with managing it. isn't it obvious that saving is more important and spending your? have you folks heard of skype? you can all get together for three. no cost to the taxpayer. one republican of ohio house or is complaining about this event. she's being forced to pony up 11 grand to send some of the folks in ohio to the buckeyes state employees event. bachmann said, for most of violence to my trip to hawaii is considered a very, very deluxe trip. no kidding. so why are we paying for this exclusive trip? envy for the same reason we pay for this. the general service administration's 800004-day vegas party for 300 employees, including this fellow, you remember him. time government workers will some of the pain that the rest of us are faltering. austerity measures should start
at home. that is my opinion. we have more coming. still ahead, john stewart takes me on and gets it wrong. i set him straight, and a surprising new warning about the housing market. is this recovery going to last or are we on the verge of a housing spiral? answers next. ♪ ♪music plays thank you orville and wilbur... ...amelia... for proving there's nowhere we can't go. but, at some point... giant leaps gave way to baby steps. and wi all due respect, you're history. if you taught us anything, it's that you can't cling to the past... if you want to create the future. that's why, instead of looking behind... delta is looking beyond.
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gerri: home prices on fire in february, jumping 7 percent since last year. but is the trend sustainable? joining me now with all things housing, chief economist. welcome back to the show. always great to have your. we have been talking about rising prices for some time. we predicted every year ago that prices were going to climb out of the basement, and they have certainly done that. your numbers are up 7% year-over-year. but where are the prices rising the most? >> thank you for having me back. prices are rising the most in places like phoenix, las vegas, oakland. prices are rising and 90 of the 100 largest metros. so across the country people seem prices increased. gerri: the best and more than six years. we have been waiting a long time for this. i want you to talk a little bit about it because you made some interesting comments about phoenix, vegas, and detroit saying that their gains are not sustainable. what do you mean? >> in some markets, like those you mentioned, we have seen big
price increases, but without strong job growth and with their risk of some foreclosure still to come. in other markets like san francisco, seattle, denver, we are seeing big price increases along side strong job growth and tight safety race. in other words, and those markets -- gerri: with housing and job growth going hand-in-hand, job growth is what fuels new housing purchases. that is very good news. i want to talk for a second about sustainability of the trend because, let's face it, housing inventories are in the toilet. there was a 17% drop in housing inventories year-over-year. that is a huge move. and you cannot -- i mean, this is what is in part filling the increase on prices because there are so few houses to pick from, naturally the prices go up. so at the end of the day you think it is sustainable. >> in fact inventories are down more than 50 percent in some markets, like many veterans in
california. right now we are trapped in an inventory spiral. no one wants to sell the bottom. rising prices will eventually in the next year or two cause more people to want to sell. gerri: come on. that is that the only reason that house are not on the market. people are under water. they are afraid that they cannot get out from under the mortgage loan. as the real reason. isn't there a huge overhang a potential properties that actually could come on the market late this year, early next? overwhelmed prices sending them back down. >> that is a risk, but only in a very key markets. right now most of the country is through most of the foreclosure crisis. in places where the foreclosure has taken a lot longer, that is where there is still a risk of the overhang. gerri: not even talking about foreclosure. understocking about people are under water. there really can get out from under that house. they can get a new loan. they can sell the house because
they are money if they do. they're waiting. there quietly waiting parodies of the people who have been paying the mortgage, have not taken advantage of any of the government programs. when they finally do get to a point where they can unload this house, let me tell you, it is going to swamp the market with inventory. we could have another doubling down. we could have another downtick on prices or maybe just a slowdown in the market generally >> in most of the country inventory is now so tight that if people get back above water, decide to put their homes on the market, for a lot of buyers that will be released because it will be more -- be more inventory. we are a long way off from having too much inventory by chris of years ago. gerri: from your lips to god's ear, a friend. thank you for coming on. really appreciated. >> thanks. gerri: coming up to my response to something that john stewart said about me last night, and it was not nice. president obama meeting with the
people he has treated as the enemy for so long. and the white house and republicans ever just get along? our panel weighs in next. ♪ >> announcer: you never know when, but thieves can steal your identity and turn your life upside down. >> hi. >> hi. you know, i can save you 15% today if you open up a charge card account with us.
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like they've helped millions of others. to help you retire your way, with confidence. ♪ that's what ameriprise financial does. that's what they can do with you. let's geto work. ameriprise financial. more within reach. ♪ gerri: -- >> from the fox business studios in new york city, is "the willis report" with gerri willis. ♪ gerri: if you wanted to watch me on tv yesterday he did not just have to watch "the willis report". you could have turned -- tune in to the liberals so, the daily show on comedy central. >> maybe it is not just the effectiveness of head start that is concerning them. >> preschool for everybody, we don't have the money for that. >> how much of this bill and that is going to cost you money? >> $10,000 a kid per year.
where's that money coming from? >> 300,000 per classroom. gerri: this is just crazy talk. >> money? children's education. are you mental? gerri: so unfair. well, they may have gotten a laugh, it was not based on my entire company. and not above being the brunt of jokes. it all the time. you have to have a tick skin, but tell the whole story. extent of what you have to tell the whole story. here is what actually said last month. immoral to make promises at the end of the day, you can't afford it, we can't to say preschool for everybody, are you kidding me? we don't have the money for that. he promises mortgage assistance, $3,000 for everybody. this is just crazy talk, and it's immoral to put it across as something that's doable, when it's not. >> look, i didn't say sending kids to preschool was immoral. on the contrary. i said president obama was being immoral by making promises he
can't keep offering a handout that will likely never come. that's what i have a problem with, and i bet many of you do as well. here to weigh in, elizabeth, managing editor for "town hall" magazine, a republican strategist, and a fox news contributor. what do you think? i mean, does the president have it right, or am i right? >> you're right. we are broke. it has become immoral to some people to just point out the fact we're broke. we can't afford to do anything. if it's a utopia, we give everyone everything we wanted to do, that's great, but we're $16 trillion in debt. to make promises is unethical in itself. gerri: it's like if a parent tells their child, you know, i'll buy you that ipad, buy you that iphone. if they don't have the money to do it, it's lying; right? >> exactly. well, you'll get no disacceptability from me here, i completely agree with you. the segment was slanted and
basically his viewers are disadvantaged because they didn't get the picture of what you said or the full argument. gerri: last word here. >> well, you know, good government goes out the window when you look at the obama administration, enit's about time that someone else other than the g.o.p. stand up for accurate and good government. the good democrats have been trg to brand the republicans for too long. i'm glad you set the record straight. by the way, it's on the comedy channel. no one cares. [laughter] gerri: oh, well, thank you for that, girls. i appreciate it. i want to move on to obama and the meetings with republicans. we have seen a lot of that. they had lunch -- he had -- the president had lunch today with paul ryan. that was notable, but i got to tell you, i look at this, and i think, wow, if i was o republican meeting with him, how would i feel about this? this is what the president's been saying. >> it's very hard for republican
leaders to be perceived as making concessions to me. this idea that somehow there's a secret formula or secret sauce to get speaker boehner or mitch mcconnell to say, you know what, mr. president, you're right, we should close some tax loopholes for the well off. i think if there was a secret way to do that, i would have tried it. gerri: what do you think of this? i mean, it is a tough turn for republicans to trust somebody who is always bashing them. >> barack obama wants to appear like he loves bipartisanship. remember, he's meeting with paul ryan,ments lurching with him. he beat up on paul ryan for months. he painted paul ryan as the throw the granny off the cliff guy, and now he wants to dine with him? when barack obama comes to the table and wants to compromise on some of the beliefs when it comes to tax policy or something else, gives an inch, then i'll believe he cares about
bipartisanship. until then, not much. gerri: it's not something he's saying bind their back, but publicly every day. >> oh, using the bully pulpit to the full advantage. listen, a leader is supposed to create bipartisanship roins with the people in the opposing parties. the problem is his record has not been that way for his first term or even, frankly, the beginning of the second term, even if he just got around to what a leader is supposed to be doing, what took him so long? that's what i want to know. gerri: i know, nicole? >> well, you know what? the sequester is nothing other than a manufactured crisis, and everything obama's doing now with everybody is making it just a dog and pony show. face it, he's turning it on the g.o.p. because guess what, gerri? the 20 # 14 elections come up, and what better than what he'd like to do than to take over the races that will be tight in the election.
gerri: people are making this point, and i think they are probably right that the president's goal is just to get a democratic sweep in the next election, but i have to tell you, i have questions. i think there's blame for everybody, and the dow president said today that republicans and democrats are equally to blame. they have not worked hard enough together to get the economy back on track. >> yeah. there are big government, big spending republicans. i'm not a republican or democrat. i hold both accountable with ease, and they both need to do their jobs, and they need to sit down at the table, and i think they need good policy. i stand by the republicans on tax policy base it's good for the country, not because it's put forth by republicans. gerri: elizabeth? >> washington specializes in uncertainty, and that's the problem of both parties. the sequester, really was because neither of them came to an agreement on something. there's still problems with not having a budget for the past several years, and i think, honestly, anyone who covered
washington on the weekends and over holidays could admit no one knows what's going to happen. there's uncertainty, and schedules are not indication. yeah, no wonder there's uncertainty also in the economy as well. gerri: last word here. >> you know, i think people in general on both sides of the street are really sick of our government not working. >> gerri: i think so too. >> not coming together at all, and you know what? hey, obama and michelle took separate trips. if they gave up golf and the skis trip, maybe they could have saved the white house tour. gerri: your kids won't go on that, that we know, at least for the short term. we preliminary hearing -- reappreciate your time, ladies, great job. if the short clip was not enough, catch all of john stossel's report tonight on education where yiewn veeral pre-k is possible here on fox
business. don't miss it. a tale of two tons on opposite ends of the political spectrum. listen to this. we begin in lancaster, california. guess which side this town is on? according to reports, starting january 1 #st, all single homes must have solar pams or at least a kilowatt solar system. you got to have it. can't go without it. you break the law if you do. the mayor paris wants his community of 155,000 people wants to be the solar capitol of california and leads the state in solar capacity. move south and east to nelson, georgia, a city leader pushing to make it mandatory for every household, every single one, to have a gun as a way to keep crime down. now, the story behind this, the town is just 1300 people has only one police officer who works nights. no penalty decided for those without a weapon, and the ordnance is voted on april 1 #st. i go for georgia. by the way, crime in nelson
consists of petty theft. what do you think? would you rather live in llncaster or nelson. log on, vote on the right hand side of the screen, and i share the results. lancastercaster, say it together. another day, another record on the do. too late to rally? president obama promised to look out for the middle class. remember that? a new report shows obama doing just the opposite. congresswoman blackburn has the details. stay tuned. that's coming up. there she is. ♪
of tennessee, welcome back to the show. good to see you. thanks for coming in. >> good to see you, thanks. gerri: gets numbers because people will be astonished to see insurance premiums jumping to 149%, are you kidding me? >> well, that is what the report found, and in tennessee, they'll go, you know, 100%, and with in wisconsin, they look at 200%. gerri, the point is when you increase taxes and fees on the plans, on drugs, on medical devices, when you guarantee issue, when you have preexisting coverage, what is ending up happening is the young and healthy, who have generally been able to be inexpensive to insure, they are going to see this escalation in the rates that are there for them, and, you're right, it's through the roof. gerri: because they are now required to have comprehensive policies to carry a he hefty pre
tag when they can't afford it rather than the policies they had in the past. i have to tell you, another number from your study that blew me away, obamacare imposing $165 billion in new taxes fees on plans, drugs, and devices. this is one of the most expensive entitlement programs we've ever seen, and to be clear here, it was not supposed to raise the deficit one penny. >> that's right, and when you look at what's transpired with the increases in the taxes and fees, there, again, you put all of this in there, that $165 billion of new taxes and fees on top of the existing premium rate, and then you are seeing these rates go through the roof because of all of those mandates. as you said, having to have these exeensive -- comprehensive plans, and people find they have to pay for services and items they don't want. that's why individuals say we
need to be able to buy whatever kind of health insurance we want from whoever, wherever in the country because this is con stricting their access to affordable health care, and instead of getting the costs down, it is driving it up whether it's the health care delivery or the health care implement, or the pharmaceuticals or the insurance. all of it is escalating. gerri: you know, we were told we could keep the plan. not the case. >> right. gerri: our premiums would not go up. not the case. we were told we could keep our doctor. now it turns out we may not even have a doctor, but just a nurse. every promise given on obamacare turns out not to be true. >> well, you're right, and on top of that, what we're beginning to see, and many of our rural and underserved areas is that the hospital is closing its doors. gerri: wow, why? >> because the reimbursements rates are lower, more difficult
to retain and hold those physicians that are there. you just have so many complications to the process, and we're beginning to hear, here in tennessee, a couple cases already where we have hospitals that are going to have to close the door, and, you know, this is not what it was supposed to be, and i tell you, those of us who have lived through some of these public option health care plans have said you have to watch the escalation in the rate of the cost of health care because it drives it up. you put government intervening into this -- gerri: i thought we were trying to prevent that. the point of obamacare is we were concerned about the escalation of prices for health care in the country, driving them down by doing this, and, in fact, no, i'm sorry, it's just the opposite. >> it's what happens every time government gets into an industry. you have decreased access. you have increased costs, and
the consumer ends up on the short end of the stick. gerri: i don't like that. congresswoman, thank you for coming on tonight. great job. amazing information. >> great to be with you, thank you. gerri: amazing information. thank you. major companies decided to stop giving health benefittings to employees may find themselves on the list in not too long. listen to this, tonight's top five, the companies with the worst reputation according to harris interaction, number five, bank of america, a company talkedded about a lot on this program. the reason this is on the list is the saim reason six out of the top ten financial companies and the public is not over the bailouts from the financial crisis. the ridiculous numbers doesn't help either. number four, american airlines, the layoffs and pay cuts led to a third of the employees and the ceo. things may get better after the merger, or not. blame dick cheney for this, halliburton, not in the headlines since the bush
administration, halliburton, leading provider of fracking equipment which is controversial. number two, goldman sachs, in addition to linked to the financial crisis, a recent high profile resignation letter by greg smith didn't help, nobody likes not being treated as a priority. the number one company with the worst reputation is aig, holding it for five years in a row. at the same time, they launched an ad campaign saying they invest in america, and the company considered suing the u.s. over bailout conditions. amazon.com that has the best reputation. i'd go with amazon. still, my two crepts more on a nutty craze, all good news on ball street these days, but is it too good to be true? we're covering your assets coming up. stay with us. ♪
there's an old saying there's no tops in a bull market, and often times what we think of as being the high is as you pointed out just a high, and right now, the market's trend, in my opinion, the best indicator of the market is higher. the trend is up. it's up in big stocks like the dow and it's up in smaller cap stocks. gerri: you know the other old saying in the market; right? trees don't grow to the sky. remember that one? >> indeed. i have to say i wonder if, really, they are at the sky now. i mean, we're not seeing, for example, the over evaluation seen in 2000. we're not seeing the rampant bullishness in 2000. i have to tell you, you wonder if we're at the sky. you, the dow is at an all time high, but inflation, gets to 15700 to actually be at a real all time high. as high as 14 and change seems -- gerri: a good point actually, a point made all the time. if you take out inflation, the
improvement is not as significant. i want to talk to you, though, about the jobs report. there's a consensus expectation of 7.9% the monthly report, 160,000 jobs. when you look at that, i don't know, you know, this big disconnect between the stock market and what's going on in the economy that effects -- affects you and me and every other american. >> well, i know it seem like that, but keep in mind, the stock market is a leading indicator. it doesn't reflect what the economy's doing exactly now as much as it anticipates way it's going to do six, nine, 1 # months down the line so as weak as the jobs data has been as of late, and i have to say i think the jobs picture would be better if not for the intervention and stimulus, ect., seen for the last number of years, but my sense is that as long as the dow's bullish momentum keeps up, we'll start to see the jobs number improve. they improve at a snail's pace. no one's happy about that, but, again, i think the strong market
is good for numbers down the line. gerri: like what you say with the government intervention holding the private market back. when you talk to the ceo and people in the real world, what they say is i don't see -- i'm not sure what obamacare does to me. my taxes, i'm not clear on. not sure what the rules and regulations will be. i'm going to pull in the horns, not going to spend it, not going to hire. you see that over and over again. were that to change, what would happen to the economy and to the markets? >> well, you hit the nail on the head, gerrr. individual investors, so scared by the government-related crisis over the last couple years or with big ceos with literally billions of dollars at their disposal, government's action parollized -- paralyzed markets and it's everything from obamacare to environmental regulations down the line. if that was taken away, i think we'd see tremendous growth in both in the, quote, real economy in terms of jobs in the highing, itself, and also the performance
on the financial markets as well. i mean, government doesn't create jobs. government doesn't create growth. ideally, simply protects us. it has not done a great job of that. gerri: a silver lining today. a report that u.s. household wealth returned to the prerecession peak. it's about housing prices, but i don't care. it's good news. you agree? >> well, it is good news. although, factor in inflation. 66 trillion back in 2007 adjusted for inflation, we should be more like 73 trillion in household wealth today, and looking forward, gerri, the theory is not about the stock market, but the bond market and presence of creeping inflation. the government doesn't say it exists, but i see it, and that's the next big shoe to drop in the economy and companies at large. gerri: so much more to talk about, but i agree. let's get to 15,000, 16,000. bring me more. i like it. thank you for coming in tonight. >> thanks. gerri: all right. on to this day in history, one
food holiday you don't flake out on. today, national cereal day. they experted with food made by wheat which they left out overnight, even yuckier. the next morning, each formed a flake creating the first dry breakfast cereal, frosted corn flakes. the average american eats 160 bowls of cereal a year. half of us start a day with a bowl of cereal. with $13 billion in revenue, kellogg is sold in 180 countries, the first dry cereal created today, march 7th, 116 years ago, and not here in new york city. way out in the heartland. we'll be right back with the two crepts more and answer to the question of the day. where would you rather live, lancaster, california where you have to buy solar panels or
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