tv Varney Company FOX Business March 18, 2013 9:20am-11:00am EDT
even win their tournament. and nobody's going to sell go gonzaga from the west coast conference. and talk about a bozo, 29-year-old ultimate fighter welter weight nick diaz after losing the championship in montreal. diaz in the post-fight press interview suddenly revealed this information. >> you know, i've never paid taxes in my life, no one wants to hear that kind of talk. warner: the irs just heard you and you will be hearing from them, man. . >> idiot. warner: very good, nick. connell: good one, nick. imus: never paid taxes in my life. okay. well, what else, warner, anything? >> well, my time is up, thank you. imus: your time is up. wilson pickett would have been 72 years old today. of course, he's not.
he did record this before he left us. ♪ mustang sally ♪ ♪ guess you better slow your mustang down ♪ ♪ what i said now ♪ ♪ mustang sally now baby ♪ ♪ oh, lord, guess you better slow your mustang down ♪ ♪ oh yeah, you been running all over town now ♪ ♪ oh, guess i have to put your feet on the ground ♪ ♪ what i said now ♪ ♪ imus in the morning ♪
>> legalized theft in a country you barely heard of and your money takes a hit. good morning, everyone, cyprus is the country. the seizure of private bank deposits is the issue. europe says, if you want more bailout, you cyprus people, then everyone with money in cyprus must pay a tax on all bank deposits has been proposed. intense anger on the streets. they've run out of money while they try to get their cash, the banks remained close. the danger, if they can seize money in cyprus, why the not italy, spain, or heavily indebted country. you will see stocks lower this morning and see gold go up. "varney & company" about to begin.
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>> your money will take a hit this monday morning and here is the reason why. cyprus. a tiny island country in the mediterranean, it will vote tomorrow whether to allow a tax on private bank accounts to pay for a bailout. if they can seize your money in cyprus, why not spain, italy or here? that's why our markets will open lower today and money going into gold. buried in the back yard and they can't touch it, can they? $1600 an ounce for gold right now. america's run away debt has a ben carson word and launched another salvo. 's he a rising conservative star and warning about our debt problem here. he says the president is ruining the nation. >> let's say somebody was there and they wanted to destroy this nation. i would create division among
the people, undermine the financial stability of the country. it appears coincidentally that those are the very things that are happening right now. stuart: remember that expression, undermine the financial stability of the country. we will be hearing a lot more about dr. ben carson's remarks throughout the day's program. eric bolling coming up on that very soon. next, the markets react to that crisis in cyprus. no other financial program will have an american, a greek decent, but we do, nicole petallides will be reacting shortly. plus, we bring you the man who saved the twinkie, no unions as part of his deal. the unions lost this one big time, but the twinkie lives. >> yahoo! it's twinkie the kid. >> wow! >> howdy partner, it's a golden sponge cake twinkie. >> watch out, they're stealing
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take some out of everybody's private bank account. let's bring in nicole petallides. nicole, welcome to the program. look, i want to tell everybody that you are of greek descent. you have family over there. and tell us what are you saying to you this monday morning. >> absolutely, both my mother and father were born on the beautiful island of cyprus and i've been there many, many times. i have family there and lots of people who have money there, who own stock in bank of cyprus and the like. and the whole idea what they're saying there is what traders are saying here on wall street. this is outrageous, it seems unheard of to go in there. ted weisberg of seaport security whom you know, stuart, it's confiscating people's money who are saving it and the fact that you put money in and expect it back in full like someone is coming into your home, i'm going to take your stuff, maybe your car. stuart: i never thought i'd be sitting here reporting on a
story where a european government is he seizing the private welt alth of citizens. but it has. we've had two terrific weeks and a pullback on friday, but two terrific weeks that took the dow to 14,500. we're expect the market will come down in the first minutes of business today. down maybe 80, 90 points because of the cyprus situation. whoever thought that we'd be sitting here seeing an obscure island in the mediterranean affect our money so sharply. opening trend is indeed down. here we go, they're opening up the stocks and the dow is now down 48, 50 points, 14,400 we're back to now. and get to individual stocks, three big names and now them, apple, blackberry, boeing, all went up last week and i want to start with apple. according to a new analyst survey, apple set to raise its dividend by maybe more than 50%. it doesn't make any difference,
it's down two bucks this morning. now, our partners in all things digital reporting that the blackberry chief told an australia newspaper that the iphone is past its prime. it doesn't make any difference, blackberry is down this morning and boeing's rival airbus landed a huge order maybe 24 billion dollars worth of planes from indonesia for the european airbus. that's one of the world's fastest growing airlines and boeing has retreated to the $85 level now. i want to take you back to the big board because we're now down close on 100 points. this is because of the cyprus situation. let me fill you in again. the government of cyprus proposes a tax on all private bank accounts. essentially, use a strong word here, that is the seizure of private financial wealth. never seen that in europe before. that's why the dow is down 90. if they can do it who else. and not many people trade them,
but down huge. >> i see them down, 3, 4%, 5% respectively and obviously, that's the trend that we're taking here today and when you talk about what we're seeing in europe. the euro at a four-month low. the dollar is very strong and this is spooking investors, not only here at home, but also obviously over there. so, it's just really, it's the beginning of what next, and it seems wrong right off the bat. stuart: when the banks reopen in cyprus, maybe wednesday, possibly into thursday, i predict there will be a run on those banks, and the question is, will there be a run on banks in spain and italy as well? we'll see about that and it's all speculation, it's very dangerous, as a matter of fact. back to the big board, please, we're now down 97 points, coasting in on a 100 point drop and follows two weeks of extraordinary run-ups, which took the dow to a series of record highs and pulled back a little bit on friday, but now we're down 95 and again, this is the result of cyprus, i want to
show you the price of gold because clearly there's a move into gold, a tangible asset because people lose faith in their bank accounts then maybe you go to some gold coins or gold bars, which they cannot touch. if you've got to bury it in the back yard. 1607 is the price that we have right now. and let's bring in scott in chicago. scott, i've got to tell you, i never thought i'd be sitting here reporting that a european country is seizing private wealth. go. >> well, that's the shocking part and i think that's what we're worried about could that continue to spread to other european countries number one. don't let this be the head fake. of the morning. we've got china and the european contagion to worry about and this is going it give the people out there looking for a pullback in stocks to get into the market now. >> give me 20, 30 seconds on the new problem in china. what is it? >> well, the stocks are off from the highs and jp downgraded and
they're off 2%. china is the engine that makes us go, the ones buying our debt. if they're not there to back stop the u.s. problems, who is going to do it? it can't be europe and this is going to set up the investors who haven't had a chance to get into the market to get in now. i don't think the cyprus thing is going to get as big as people think. i think the problem is going to be china. stuart: we're listening to you, scott. always good stuff, thank you. >> all righty. stuart: the dow is now down 102. back to 14,400. you know, it sounds like house speaker john boehner agrees with president obama when it comes to the debt crisis. listen to this. >> it could be a year, two years, three years, four years, it's not an immediate problem-- you agree with the president on that? >> yes, but his point as he went on to say in that interview is that we don't, we don't really need to do anything at this point and i would argue that we
do need to do something. stuart: okay. joining us now is rich, the media watch dog. speaker boehner seems to be in line with the president, playing down the debt in the immediate future. i want to know how is the media responding to the latest salvo from speaker boehner? >> well, they're not really responding to speaker boehner and they didn't respond to the president he when he said something different on tuesday. on tuesday the president said it wasn't an immediate crisis, but he also said we had ten years, sustainable for ten years. stuart: hold on a second. are you saying that the establishment media is just ignoring the debt and what the president and speaker boehner have to say about it? look, to me and our viewers, this debt is a huge problem, i mean, it's a crisis that's coming at some point. we know it's coming. are you saying that the media just flat out ignoring this then? >> pretty much. abc covered it because they had the interview with the president and so it was included in the snipets they showed tuesday night and wednesday morning, but
no comment wednesday night, thursday, friday, saturday. cbs and nbc didn't touch it at all on those days. it got some traction on the sunday political junky shows, including speaker boehner's response and the speaker said we may have one or two or three years and they seemed to suggest it's a problem that's solved and sustainable for the next ten years, i'm not sure anyone would agree with that. highly controversial for a republican president to say something like that, a problem that everybody seems to admit we have. 83% of the public says we have a spending crisis, and republican president said no we don't. and it would be huge where his mind was at. this democratic president says that and it's not news. >> i wonder if there will be any shift by members of the media when they look over the pond and see what's going on in europe with this seizure of private assets because of massive debt. i wonder if they'll change their tone at all or link the story, link europe's debt with our
massive growing debt? >> it's certainly a story that shows you need to solve the problems early before they become out of control, but the media have given this president a pass on the debt for years, in 2008, george bush's deficits were unpatriotic and a fraction of what these are. and 2009 cut the deficit in half he the end of the first term and that was essentially ignored in 2012 when he ran for reelection and failed to do that and mentioned one time in the newscast in one year. and 2012 told msnbc taking care of the deficit being the first order of business, this week, or last week, he said no and you're not going to get a balanced budget for the the sake of balance and sustainable for the next ten years. i think he's clearly moving the goal post, a watch dog press would be all over this, but seem to be ignoring this. you should see the e-mails, our viewers are all over it. rich, thank you. tax the rich not playing well
overseas or at home for that matter. listen to this. >> in france, the approval rating of the socialist president hollande has plummeted to a mere 31%. remember, hollande came to office proposing a huge tax on the rich. here, bill maher of all people are turning against high taxes. yes, bill maher. complaining about how high his taxes are, would you know it. the man who gave a million to reelect the president now says it's outrageous, you'll hear exactly what he said at the top of the hour. and e-mail us, please, debt, bill maher, price of gold, whatever is on your mind. tell us what it is. firstname.lastname@example.org. seven early movers in a down market. have you had your coffee yet? profit down 45% of the wholesaler coffee holding company hurt by lower prices and that stock is down 8%. clothing retailer quicksilver expecting higher income the past
year, it's down or dead flat i should say. cruise liner carnival the stock is down. and panasonic considers exiting the plasma tv business, no effect on the stock, it's up 20 cents. disney "oz the great and powerful" the most popular film in america and canada the second week in a row grossed another 42 million and disney stock retreating from the recent all-time highs. and boeing picked ge as the sole supplier of engines for the triple x twin aisle jet expected to launch at the end of the decade. futuristic stuff all the engines made by ge and boeing is down to 85. look the at the share price of ge for a second. no impact there, it's a long-term deal. it's down 20 cents. so no big upward movers so far of the seven earlies. >> and the dow is down 79
points. what else we're watching for you quickly, time is money, in fact, could what's happening in cyprus actually happen here? a tax on private bank accounts? the seizure of private capital. it doesn't sound farfetched when you think about it. you'll hear what judge napolitano says about it 10:23. and there's a documentary out and dick cheney, we'll have the washington examiner critic, did mr. cheney get a fair shake? and it seems every day we find another example of government waste and area that could be cut. talking about the senate barbershop. how much taxpayer money do you think funds free hair cuts for senators? we'll give you the number. time to check the price of oil at $92, we're way down today. down a buck 21 at 92 for oil. dr. ben carson making headlines once again with the criticism of president obama. eric bolling coming up next and we'll have him respond to barbs
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the people, undermine the financial stability of the country. it appears, coincidentally, that those are the very things that are happening right now. stuart: the audience loved it. and let's bring in eric bolling. he is the host of "the five" on the fox news channel. eric, i think that dr. carson is a rising political star. what say you. >> i would agree with you, stuart. fantastic ideas, he's got energy and brings his neuro surgical background to the political table so people say what's that got to do with it, i don't know, the committee organizing has to do with politician, there's no political background, but the guy is refreshing, he's smart, he sees it and he speaks what most conservatives want to hear, that it's about smaller government not bigger government. it's about taxes not having to go up to do the same thing. think about this, this whole sequester joke, you know, the pr
messaging thing that they put out here that was going to be so bad is failing on them. and the white house is trying to backtrack on all the pr they put out how bad sequestration was going to be. the reality sequestration only brings us back to where we were in 2012 and 2011 and even when you account for increase in medicare and medicaid spending. it really wasn't what they told us. stuart: you know, dr. carson is using pretty tough language and saying that the president is ruining the country. he uses that word, ruining. now he delivers it in a soft voice with a smile on his face and that's harsh stuff. you're a conservative. do you go that far, is he ruining the country? >> he has gone that far, yes, more and more people on the government dole. if things are getting better why are food stamps up to almost 100 billion dollars when prime minister took over 39 or 40 billion dollars. almost two and a half times what was back then. gas prices are up.
he's ruining everyday life for the american people, but what he's doing is, he's making people more dependent on the government. and so you have to vote for getting more of your stuff. stuart: the long-term thing is the debt. look what's happening in europe at the moment. they're seizing private assets on the island of cyprus. tiny obscure place, okay, but the principle is to pay down this massive debt they're seizing your private wealth. now, i don't think that's going to happen in the united states, i just don't see that and i'm not going to put it out there. how about you? >> i think you're right. rather than seizing assets what we do, we just print more money. and we keep printing and printing and printing, but the question, this is the first step, this is at least that i've heard of, where a government goes in and takes private assets. the question, should we be happy it's only cyprus and it's not spain, portugal. >> could he easily be. >> because they can't print their on currency and they're part of the euro and couldn't print their own currency unless
they left the euro zone. in one sense we're happy it's just a small country, but on the other hand, i think things need to get better. you and i may disagree on this, and i think things are turning around. he'll get bailed out by energy that is going to grow, energy, cheaper fuels and actually being an exporter of fuel. stuart: they can't bail out the debt. >> and that's where it will get bailed out. he can bail-- he will get bailed out, slow the rate of growth and the debt maybe turn the debt clock going negative if he gets a 4 or 5% growth rate on the economy. if he gets that not because of his policies, in spite of his policies, you know, over final, the american consumer is a strong consumer. they've held back for literally five years. if they start spending again you'll see growth coming back into the economy. the gdp will probably go up to 4 or 5% and guess what happens to the debt clock, it starts going backwards, which would be a good
thing and-- >> i live in hope, eric bolling. i live in hope. and see you later. 9:50 time for the gold report. it's up 16 bucks, that's cyprus, seizure paper money assets. 1609 on gold. we talk a lot about the food stamps on the program here on "varney & company." 47 million and counting on the food stamp program. next, an entire town that's virtually dependent on them. charles and liz on their way and we're talking about that town next. ♪ you can't always get what you want ♪ ♪ you can't always get what you want ♪ ♪ but if you try sometimes you just might find you get what you need ♪ [ kitt ] you know what's impressive?
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>> arkansas, parts of michigan where cities rely heavily on government stipend. and once thought to be stig stigmatized and taboo. >> woonsocket is not alone. how do you pull back? you can't. >> it's tough shall you have to reform the entire system and i have to say that woonsocket, part of the population french and french american and i can't resist the dig. stuart: that's terrible, charles. charles: i couldn't resist. there's a grander scheme to this. when you see the payments made out. cut your grass around welfare time, no one will cut the grass and wait a week, and they will cut the grass. people get lulled into not even working around the time the checks come in. it's a grand, grand big problem for the entire country. >> who r vote for a politician
who says i'm going to withdraw that penalty. nobody. >> unless the politician can convince them the their life will be better by withdrawing it. stuart: good luck. bill maher of all people railing against high taxes, we have the tape to prove it, new at ten and plus, dr. ben carson says that president obama is destroying, ruining the country. what does a former big oil executive say about that when it comes to the president's energy policy. all of that next.
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stuart: bill mueller comes up publicly. here is my take. frankly, this just makes me angry. a foulmouthed, so-called comedian turned full circle when it is his office that is being -- "i just saw the statistics. it is outrageous what we are paying. i am willing to pay my share, but it is ridiculous." i do love these statistics. really? you just found out that the rich almost pay all of the bills for the entire country. what nonsense. now he says it is outrageous that the rich pay so much. where was he when he gave that million to the obama campaign knowing full well he was supporting a tax the rich more
policy. he manages california and says the liberals may lose me. where was he last november? bill and his money have supported a ruinous policy. a lot of people understand socialism when they see it. people being sick tired of being talked down to. ♪ stuart: we will have much more on him in a few minutes. a tax on private pay accounts to
pay for a bailout. our markets are moving lower. we are down. the big board shows a 48-point loss. the money is going into gold. $1600 per ounce level right now. let's bring in nicole. nicole: financial stocks here in the states, down arrows. abroad, also lower in the financial world. citigroup down, glenn sacks down. this is a huge concern globally. i know cyprus is a small little island, what the question is what does this mean big picture? stuart: here you have a government saying we have to pay for this bailout and we will do it i taking money out of your private bank account.
what about spain? what about italy? nicole: when you read a headline and you hear the government will just say, you know what, you have been a great worker and a great saver, we are just going to take some of that. stuart: i want to bring the rest of the company into this. i never thought i would sit here and talk about a european government which is reaching directly into private bank accounts and taking money. >> it is taboo. it breaks the cardinal rule. you want public trust in the banking system. the direct opposite of what they intended. it is called a flight to treasuries right now. that is the other irony. cyprus is less than half of the gdp of the euro zone. italy tried this move and 92.
stuart: charles. charles: it really is the most frightening thing. a lot of people already worried about government, in general. they get into financial difficulty and cannot find their way out of it. this is frightening across the planet. it could happen anywhere. you cannot say that it cannot happen here. the idea that people on thursday had their money in the bank, fell like they were working hard, doing everything right would be taxed, punished. >> we sell this idea coming out of germany. cyprus is viewed heavily by russia as a money-laundering center. first hit the bondholders. now it is about hitting the depositors. stuart: they will hit the russians hard.
in fact, it spreads to everybody. charles: any wealthy person in the world who thinks they can apart their money somewhere, we will find a way to get it for you somehow. stuart: you are right, charles. what happened over in cyprus, could it happen here? would it be constitutional? the judge will have his verdict on that at 10:25 a.m. this morning let's go to bill maher. here is what he said that got me so fired up earlier this morning. >> you are in california, i just want to say, liberal, you could actually lose me. it is outrageous what we are paying. i am willing to pay my share, but, yeah, it is ridiculous. liz: i just saw the stats. as if this is a newsflash. it did not clearly take the equivalent of the entire city of san francisco to lead over a
six-year period for bill maher to understand what it's like to live in california. stuart: nicely put. charles: a week ago he said that bloomberg's soda ban looked bad. now he is on this. anyone who really works hard for their money has a point. i think he has reached it. i bet something awful happened where he saw the money being squandered. you could even say you are patriotic. i think most people would step up and say i will pay extra. to take the money, compensated and wasted to the degree that it is wasted --
liz: the comedian said, you think health care is expensive now, wait until you see how much it cost when it is free. stuart: doctor ben carson strikes again. he was critical of president obama as he was sitting right next to him. now he is warning about our debt problem. he says the president is destroying the nation. >> let's say they wanted to destroy this nation. i would create division among the people. undermine the financial stability of the country. it appears coincidentally. [ laughter ] >> that those are the very things that are happening right now. stuart: let's spread this out right now. doctor carson, he was talking about that.
i want to talk to you about energy. would you say that president obama is ruining access to the fossil fuels which are hours. i would use the word abusing the american people. he says he commiserate with the american people paying high gasoline prices. he says it is like a tax on the american people. you and i have talked about this numerous times. this president has done more to damage the energy system in this country in areas that he can, federal lands, permits down 50%, production is down of oil and gas within 20% in the time he has been the president. if he is really worried about citizens paying a high price for
gasoline, he is creating it, stuart. stuart: is it deliberate? you talked about production of oil and gas down. is that a fundamental policy? he says i do not like oil. i will not let you get it out of the ground on federal land. is it deliver it? >> absolutely, it is delivery. on the one hand, he wants to say i am with you and he takes all of these federal action to deny americans access to natural resources. then on the other hand, he says to the american can do mark, it is like a tax. we need to do something about it. let's spend $2 billion on alternatives for oil and transportation. this guy is so much lrt when it
comes to energy that i have just stopped listening to him because it just is not worth my time. he is abusing the american people in the process. stuart: if we had our energy resources unleashed, just go get what is ours, we would have a real pool and the overall economy and jobs. will you spell it out for us, is that possible? >> i gave a 30 minute speech on this very subject. the only stimulus this country needs is investment and energy. we could produce so much energy across the board. it would take private money, not public money. we could achieve 7% annual gdp growth if we would just unleashed the forces within the industry backed by private capital creating millions of
jobs. this president will not let it happen. he appoints people that will not let it happen. he does not want this economy to grow because he wants the dependency that some on the show were discussing. stuart: as soon as you propose some kind of fossil fuel product, environmentalists will go to court and told us that project for years and years and years. it is quite deliberate. they will do it. you know that will happen. >> he spent billions of dollars of hard-earned money to purchase leases from the federal government. that was seven, almost eight years ago, stuart. the courts ave held it up in the interior department has held it up. those billions of dollars have essentially shown no return to shareholders. that is where the government is holding back economic development.
the last delegation wants this to happen, in alaska. the federal government says no. the federal court says no. there is something really wrong in this economy with the leadership that we have today. it could be completely opposite. 7% growth. we could have such an economic found. it could continue for decades. we would rebuild the 20th century energy system to create the 21st century energy system. stuart: we hear you. come back and see us again real soon. thank you, sir. >> thank you. stuart: carnival cruise lines has had technical problems recently. where is the stock now? three incidents now. connell: they had the triumph, the legend and the dream.
carnival is down 1.7%. the market has been breaking new highs and we watched carnival dwindle. it is down about 7% over the last three months. stuart: tell me about hewlett-packard. nicole: it has an up arrow. morgan stanley upgraded hewlett-packard today. they certainly think that there is upside potential. stuart: all right. we will take it. it looks like republicans are finally listening to our very own charles payne. they are spending money on minority outreach. the mainstream media fare on their coverage of president obama? >> last week he said, no, you will not get a balanced budget for the sake of balance. he is clearly movinthe
goalposts. this press seems to be ignoring it. ♪ with fidelity's new options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity option.. evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past.
and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. stuart: blackberry expected to release its phone this month. apple is behind. it is nearly five years old.
blackberry stock this morning is up $0.50. temper. it, that was a charles recommendation. it completed its acquisition of sealy. a deal valued at $1.3 trillion. shares of plasma tvs are up 3%. the rnc attempt. charles respond to that. he has another stock which he says will make you money. he has a pretty good track record over far. let's see how he does. the local it's monday.
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stuart: charles payne says he will make you some money. charles: rite aid is a name we all know in the new york area. it is a big story. a big name in the new york area. stock has been, for the most part, sideways for a long time. and accounting scandal. their ceo pled guilty to this. see. there is signs that they are getting their act together. i would like to see a pullback.
i think you can make 50% or more on this. stuart: today is monday march 18 and he says you can make 50% or more. charles: friday i had a big loser. i will update that all my next hit. stuart: the biggest union in the country is facing a strike of its own. staffers, who are represented by a different union, they are going to strike for a different union for which they work. liz: this is so ironic. union bosses are not exposed to the same kind of embarrassment for which they target the companies they strike. they have been without a contract since last september. nine out of ten have voted to strike against the union. stuart: the staffers work for the communication workers of american union.
they are suing the fc are you on the grounds that they are not making enough money? liz: they are not suing, they are threatening to strike. i am wondering if you will see cameras on the line of the picket line. charles: [ laughter ] stuart: maybe some good visuals. charles: you thought bill maher was good. [ laughter ] stuart: the man who saved the twinkie bought the brand without a union contract. we will talk about that with the man who did indeed save the twinkie. he is on the show at 10:35 a.m. this morning. planning to spend $10 million to try to get votes on minority. charles, you have been talking about this for a while.
charles: it is not the money per se. it is the messaging. it is a grass roots effort. stuart: are they spending this money to send real people into universities by mark you get out there and you make your pitch and you tell your story. on the ground stuff? charles: i think they have to do it a lot bigger. this is the right time to do it and stick to it. ultimately, i know it will pay off. liz: it does not matter what you're at the city is. the government bubble will burst inside your wallet and you will be happy to be paying more taxes to fund the government bubble. stuart: 45 or whatever percentage is back its money for for the government. you have to go out and convince them that they could be better
off with economic growth as opposed to more handouts. charles: every generation is seeing thereou generation doing better. we do not have to peek here. your kids can do better. i do not think they want their kids to be born on welfare. stuart: 7% wrong. we went out and got the fossil fuel that is ours sparred how would you feel if you suddenly got taxed on your bank account to pay for government bailout? that is what they are voting on in cyprus. it does not sound so far-fetched of it happening here. could it happen? the judge on that is next. ♪
financial problems, jcpenney actually has the option of isolating its top 300 locations and comforting them to and entity. that is an interesting concept. the other comment that you got here, they see promise. the stop & shop both jcpenney is a great thing. stuart: you make your company a real estate play. i guess that is what they are doing. stuart: if you want to get bailed out, everyone with money in the bank is going to pick up. could the same thing happened here? all rise, judge andrew
napolitano is here in new york with us. could it happen here? could congress pass a law and the president signed it that your bank account will be taxed 5%. >> yes, they could. the people who have more than $100,000 in the bank are targets for any government that is looking for money. stuart: in the case of cyprus, it is anybody with money in the bank. >> the deposits are not guaranteed. the deposits are insured. stuart: they he rch that principle. >> day, just like the american congress, feel like they can wrany law and change any law. do not abide basic principles.
the only way we can sure of our own ability to manage the government is to steel. stuart: i do not think it will ever happen here. the worry is that over there there will be a run on the banks in cyprus and other heavily indebted countries like spain and italy. >> you informed me that the banks are closed at the moment. >> they are. >> what happened when they open? stuart: true. charles told us earlier that the authorities in europe will stand behind the banks in cyprus and shift in a ton of money. charles: i am sure they will put limits on what you can take out. they cannot back down. the unoffici vote is coming
tomorrow. they cannot back down. >> parliament of cyprus basically says to those socialists in brussels, go take a hike. we are sorry we joined the eu. we are not going along with it. stuart: the banks would collapse. they would not get the bailout money. essentially, the banking system collapses and they leave the euro. >> do you evade grasp how smart the british government and people are? stay out of the euro. if you are in, get out. stuart: i think it is another step towards the breakup of the euro as we know it. >> they are funding so much of this. the two why should the germans keep funding everyone else.
which politician can win election in germany saying, yes. >> the people drove the government and cyprus out. stuart: i think the euro days are numbered. >> yes. stuart: thank you very much. indeed. the dow is down only 32 points. the twinkie alive and well. unions will not be making or delivering any more. next, the man who saved the twinkie and will do it without the unions. ♪ [ indistinct shouting ] ♪ [ indistinct shouting ]
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labor. >> that is accurate. stuart: i conclude that you be back to unions that ruined hostess in the first place. >> i would not say that is the way to state it. rats were operated at 50% capacity. highly leveraged balance sheet. there are a lot of reasons that this was a complex model. stuart: you are a diplomat. you put in $410 billion. presumably, you think that the brand is strong enough and well known enough for you to make some real money out of this.
>> we are also committing another $300 million to get these operations up and running. a total commitment that we have put in this $700 billion to get this business up and running. we feel very confident that these brands have a great place with the american consumer. we want to certainly putting them back and innovate them. yes, we are quite optimistic. stuart: you put $700 million in and people think maybe you will go public and take 3 million out. >> the first thing in my mind is we want to build this rate business. we want to innovate the brand. extend the brand. reach to a wider consumer base.
the exit finds its own solution. certainly, our objective here is to worry less about that and have it be more about how do we bring it back and had a good business model. stuart: have you ever thought about putting out a twinkie that is no fat, no calories and no sugar? lack. >> interestingly enough, the company introduced a low-calorie product. unfortunately, they did not have the marketing investment to put behind it. clearly, it is a very expendable product. i think as we look at the future and the demographics of today, you have to focus on some healthier offerings. remarkably, notwithstanding all the challenges these businesses
had over the past several years, the brand has remained very consistently stable in terms of not the climbing. it is remarkably resilient. i think there is a lot of strong following. stuart: the first, almost the first thing i ate in america when i arrived on the shores 40 years ago what a twinkie. consistency over 40 years. thank you so much for bringing them back. come see us again soon. thank you, sir. >> look forward to it. thank you very much. charles, you have been itching to say something. charles: i would like to see have gained a little bit of weight. [ laughter ] liz: this company has all the food groups that i like now. jeff boyd rd and bumblebee tuna. stuart: the new did cheney
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stuart: gas prices dropped just a tick over the weekend. down less than a penny in the past week. a national average of $3.68 for regular. check the price of oil. ninety-three dollars a barrel right now. now let's move onto cyprus. a vote that would tax deposits. they will vote tomorrow. this is an attempt to save the country from vagrancy. the dow is down. oz, the great and powerful one the box office. the movie a sequel to the wizard of oz. i got it. it is a prequel. back in a second. ♪
and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. stuart: i have some breaking news on the cyprus situation. the banks there will remain closed until thursday. will there be a run on the banks? we do know that europeans are saying they will have enough money in the banks at that time so if you want to get the money out you can. charles will catch up on a beauty retailer. charles: ulta.
they beat the street, but the guidance was a little so-so. i think, obviously, if you like a stuck at 85, you'll love it at 73. i would caution people about jumping in right now. the company is still taking market share. credit sweeps of did. i think the stock is severely oversold. hold on to it. i would let the dust settle. the stock got hammered real good. i need a beauty supply store. [ laughter ] stuart: listen to this clip from the new dick cheney documentary. >> there is a wartime situation and it is more important to be successful than it is to be
loved. >> i did what i did. it is all on the public record. i feel very good about it. stuart: that documentary airs friday night on showtime. charles: it was over and over and over again. stuart: kelly jane torrance is with us. she is a movie critic. you watched the movie. i thought because showtime is associated with cbs, i expected the cheney documentary to be the got up. was that the case? >> i do not think so. not quite. you are bright to think that about showtime. remember when cbs had the reagan movie and there was a huge controversy because of ridiculous things in script. they dumped it on showtime. it does seem like showtime is
the place where they like to put the anti-republican shows did i talked to a source close to the cheney family and they are not happy with the documentary. they participated because they thought it be fair. they do not think it was. stuart: gives examples of what the family did not think was right or fair. >> what i think is that the filmmaker, rj cutler, he is actually a very good documentarian, i think he could not win. did -- dick cheney, the people who hate him really hate him. the fact that this documentary was quite critical, it was not enough for them. they want to see him on a stand tried. the people who do like him and
the family themselves, given the fact that he did give so much time to cheney's critic would not take them happy. stuart: overall, as he watched it, give us a bottom line on the entire movie that you saw. >> to be honest, i think the sort of tone can be summed up by the first moments of the film. he gulping down a starbucks. he is asking questions about logistics. i am sure dick cheney had no idea he was building. it seemed a little petty. i found throughout the film, it is called the world according to dick cheney. he spends a lot of time giving his critics voice without letting cheney respond. it would have been more interesting to have a discussion. the director himself has not asked a lot of questions. it is an interesting film.
a lot of interesting details. ultimately, it is very superficial. you have a guy who failed out of yale twice. got arrested twice for dui. in less than a decade, the youngest ever chief of staff. you don't hear anything about it. you don't really find out how this guy became who he is. stuart: i will watch this thing. thank you very much, kelly jane. breaking news on cyprus. that country will likely have a new proposal this afternoon. remember, cyprus thanks will remain closed until thursday. today, is it today or later tomorrow -- how much the tax or levy will be to private your bank account if you have money in cyprus.
new proposal. vote on it this afternoon. thanks reopen on thursday. the dow is only down 33 points. saturday mail delivery and the senate barbershop. two places to cut spending and it will not happen in either place. prepare to get mad at the government for wasting more money impact wool exports from new zealand, ♪ textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. twe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing.
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stuart: you will most likely continue to get your mail on saturday at the expense of the postal service. government spending, yes, it includes six day delivery service. charles, they want to get rid of saturdays. you cannot reform the postal service. charles: let us clean up our own house. what is this all about? congress, we do not have a spending problem? this is like general saying we don't need certain planes or tanks. stuart: more wasteful spending from washington. the senate barbershop.
liz: free haircuts for the senate. it is take haircuts out of our own wallets to pay for this. stuart: 50 senators it free haircuts. liz: yes. saying, i will cut your job. stuart: do you ever get a shave in the barbershoo? charles: the hot towel and everything. stuart: you have done that? charles: sure. stuart: the highlight reel is next. ♪ when, but thieves can steal
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