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tv   Cavuto  FOX Business  March 25, 2013 8:00pm-9:00pm EDT

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neil: the die has been cast, bank deposits are fair game, wow. welcome. i am neil cavuto. focus on this rich guys did not dodge the tax. now a government has broken precedence, by going after what is in their bank account, how long do you think it will be before governments start sniffing around your bank account. frankly, i believe it's not
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long. think this country, when first federal income tax was just to blender efforts of world war i but it stuck around. or europe. expanded. what started out as a 4% tax for millionaires is now north of 20%, and en snaring, well, everyone. that is what concerns me about this cyprus tax. what the poor saps will discover when the banks reopen in cyprus, run. can't take their money and the government is watching and limiting, and i am kind of worrying. what is going on in this island nation, is a tsunami. bank on it. literally. to rich edison, in cyprus to this nervous night before, hey,
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rich. >> good evening neil, you have to imagine, folks without access to their banks account will have some tomorrow 8:30 in the morning. for more than a week these folks had closed banks today there was a bit of a lull, in fact that banks were closed not because of a bank panic but a regular holiday, greek independence day. but there are thoughts to last week with long lines in front of the bank, protesters in front of parliament and presidential palace, a couple protesters from last night who want to return tomorrow evening and continue their protesting. neil, you talked about limits, customs and border patrol, from "wall street journal" are looking for those leaving, with more than 10,000 euros, if they find more than that, they can keep or i di or detain that amot beyond 10,000 euros. there are only two banks closed,
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they happen to be two largest banks, if you have any more than $100 thousand euros in your bank account or a bondholder at any of these two top banks, on thursday you will likely have much less in your account than when you last saw it. neil: thank you, rich. banks reopen tomorrow, anyone's guess what fallout will be, especially when they are informed you cannot take it all out or leave the country with it either. kind of makes me wonder whether the price of admission to a club is worth it, in germany most members do not meet requirement to be in the club, why not just jump the club. see the euro for what it is and close the club, la is the worse that could happen. let's ask nicole, who knew
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cyprus well, her parents were born there. and ty young, who knows euro spillover well, what are you hearing from your folks and friends out there about what is expect tomorrow. >> i'm speaking with people in cyprus, i have a first cousin there. a lot of friends and family, there is a lot of -- while some people thought tooay's bailout of a celebration, in fact there is a lot of sadness, sorrow, they are frightened and scared, they have worked their whole lines, they put money in the barge, where you are supposed to trust, they see it taken away. a lot of fear and worries about contaicontagion. we talked last week. about the euro, and while cyprus is so small it is the big picture of the euro, we saw euro
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today hitting lowest level since november 22, market turned from positive to negative territory, you heard a finance minister talk about what happened in ed in ed in cyprus maybe that is a great model for other banks, is that really the right way to save the euro? we know by all means they plan on doing so, but is it the right way? neil: you raise a good point, ty, this is how you keep the clubbing it by clubs member -- club together by clubs members, that is a weird club, that calls into question not only the stability of the judge but its humanity. >> thank you. you are right, the chair or chief of international monetary fund actually said out loud today she thought this move,
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seizing private property would bolster the banking system, she has to be in la la land to believe that. you cannot ring this bell, once she seizes private property and european union takes private money to pay for their errors and bailout the banks system. it will continue. you will see a run on banks and people taking money out of the cyprus banks and out of the euro as well to other safe havens, the euro does not seem to be a safe brac brace any more. >> people see images of people trying to take money out of their accounts, but not all their money, they bet dor it in stages, and they better not do it all at once, if i am in italy, or greece or por portugar ireland, or any beleaguered
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european members, i am thinking, i am taking my money now and running this could happen here soon. >> they were hard working people who worked their whole lives if i worked for the companies, and made money, saved money for the families, now they are told, you know, that money you had about 40% is gone. or whatever. but you know depending on how much they had over and above that 100,000, imagine having no access to cash for groceries, you can't get gasoline or drive. they have really suffered greatly throughout this week, as we noted. the economy in cyprus, is going to continue to drop. 10 to 20% is likely. this is a country that was glowerrishing before -- fluorishing before it joined eurozone, but now cyprus is taking a hair cut for greece,
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and greece for cyprus, and the troika is coming in to help. you cannot just jump out at this time. yet there is no room for nail failure, they are not printing more money, they will severe draconian measured. severe austerity, one country at a time, in the meantime people are weeping, imagine everything you have known to be true, is not true any more. neil: if you think about it, ty. you are a big investor, and world renounce, a lot of folks in europe, their bank acount is everything, their savings are there their vestments are in glorifies pass book savings accounts, that is it.
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so a trust has been broken to say nothing of the trust in european club, to keep it going. i think when you let people down, when you scare them, when you break a trust of confidence it is really katie bar the door, isn't it? >> i don't think there is any question about that when you wake up and realize your bank or your government, or european union took money out of the accounts, you feel you are next, that is a uncertain feeling, and seizing private assets 50% of the economy in cyprus of offshore banking, that is all gone that means that economy continues to contract, those very people who desperately need that income, their economy is getting smaller so they are making less money. >> you know, i wonder when push comes to shove, you mentioned this the other day, when cyprus
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residents, when greeks and italians weigh the benefits of the club with all pain in the ass features of being in the club, ands pain now has an edge over the benefits, a lot of these folks say, you know, a miss my lira, i miss just, i miss all, that all i know in those days, we were doing okay. >> they were doing okay. they could do, what we're doing right here. they coul could print their own money, and bring money in, and bork it, now you can't, you are really a slave to the eurozone, and you have to follow the measures, in some cases it does not work it took so many years for cyprus to bounce back from early '70s, where they had a serious war, and lost agriculture and tourism, and their economy dwindled, one
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thing they did was become a banking center, they were doing great. so will they go back to cyprus town? not any time soon, have you troika dangling carrot. their tied, they have natural gas reserves they found that will flourish over next 5 years, but trust me that will be a big, big fight among many countries i bet, i am sure poor little cyprus is not going to be able to keep all this wonderful energy, it is too hot of a commodity. a lot of deals made. neil: we shall see, thank you very were. i just know that. this is getting old, and europeans will say, it ain't worth it. >> remember chris farley, and patrick swayze as strippers, one of the funniest saturday night live sketches ever. now, think health budget, and senate budget.
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see, i can have a neat parallel, not identit identical. chris and pat made me laugh, but fact that senate and house has a budget, i am telling you, it is giving me hope. you cado just that. with our visionary cloud infrastructuture, global broadband network andc, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week.
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neil: night and day, mutt and jeff, tom and jerry, wi wile e coyotes and the road runner, you get it. the senate does not go after entitlements. the house does, and house largely leaves defense alone, senate does not, without sounding like opening of the odd couple how can different budget authors get together without
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driving each other crazy? by seeing where their common ground sudde isn't so crazy. there is more to the polar opposites than might meet the eye. when a possible breakthrough dial that might, might, break a logjam, it is true, i feel it in my bones. do i have rocks in my skull? i guess sherri, i am looking at you, and i am looking at how republicans -- versus their own, but i do see, an attempt on part of senate while they do raise taxes, i'm never a fan of that. they don't deal with additional income tax hikes, that lead niece believe there is a correctioner there for commensurate to satisfy boy? >> i think there is their first offer, it will have to be democrats who compromise more. if you want to look into a crystal ball.
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if is no coincidence that handful of democratic senators who voted against senate budget were up for reelection next year. they know that their constituents and the country is not going for a $1 trillion in tax hikesser noser, adding 7.3 trillion to debt over 10 years, they know where the american hearts and minds are, they will have to go down. so fact, that this is just a first offering of the senate democrats, it is not anything that anybody considers to be realistic. neil: senate democrats say that about the republican plan, but i look to -- i try to find out, looking at. is where there meeting common ground, willo willingness to part of paul ryan to cap defense spending. and to at least put some caps overall on entitlement spending down the road, not the kind of caps either side would like, but
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at least speaking kind of the same language, i am talking about maybe greek versus italian versus english versus martian. >> there are a few things, the discreet elements will not be enough to drive a larger coming together to forge a total budget deal because, as you outline, the extremes are so far apart it could make that impossible. but you are right there is room to talk about a few discreet fiscal issues, there has to be some other mechanism. it is not through budget process, because, both budgets from house and senate are far too toxic for either republican or democratic basis. neil: you know, scott, i was trying to negotiate a settlement other day with top republican and democratic leaders, you a pay-per-view event.
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i said, if you could hold hands and jump off the cliff hold hands particular, republicans s together. republicans have to the notion of the tax hikes say they are loopholes but trigger will be both triggers go off at same time this way no one -- what do youuthink of that? >> i think that is fair. i think we'll be jumping off with them if we don't do something, it will be a long hot summer if we go through charade again. so, i think that is a real big issue, but neil let's go to common ground, both the house, and senate say, we want to create jobs, we' america to grow, but if pretty much stops there because look at the senate bill, talks about immediate to create say, jobs and wages. that is the stuff out of the gate that goes against
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everything that house is trying to say where government needs to get out of the way, morality is correct, but ways of get are there is so give verse. neil: do you think what republicans fear that after winning on sequestration, that they are now almost too cocky? they are not seeding anything they, they reveal the president for being an alarmist. and the cutses that did not cause the doom and gloom he said, they feel they have the upper hand. >> they do have the upper hand. neil: because they end up losing next round. >> being righ right -- is not te same as being cocky, i do not think they are being cocky. you have to look at polls they show president obama is now losing his advantage over the republicans on the economy. neil: yeah but his own personal popularity is higher. >> they are tied to him, you know when you are running in a midterm elect like senators wwll
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be next year, the one that voted against the democratic budget in senate, they know, where the american people are on this and they are looking at the president as the leader of their party, they don't want to sticking to them, that is important to batch. and his -- watch, his numbers on theic toke not have anything do with how the economy is doing, but his own credibility, and believe builty and come/10. you know -- competence. neil: all right i'll put you down as a maybe on barack obama. >> your view is what? both parties, hard to be saying this. because we just go the through this elect, neither side wants to hazard doing something that makes it look stupid, right? >> absolutely, it will make it really difficult for either party to be doing anything that can be viewed as a loss for midterm that is why folks in senate who running for reelection did not vet for the budget, this is about posterring
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for that moment in time, we'll not see any grand bargains, because neither side will be willing to go first. and as much as i would love to see them go together, they have this mutual distrust that says, we'll going it as loning togethu leap first. neil: that means. >> that means we'll keep going up in the market. let's just shut down washington for the year we'll be in good shape. neil: all right, in the meantime, powerball dream or a fiscal nightmare, the lottery winner, who could not have won at a worst time. your finances can't manage themselves, but that doesn't mean they won't try.
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neil: you might wish you won that powerball jackpot but we have news for that guy winning that ticket, the jackpot tax is nothing compared to what you fork over as newest member of millon area's club, washington has an eye on you, cities everywhere are tight for cash, your state hasan eye on you. with millionaires everywhere as targets, you know they would give back their powerball winnings knowing all headaches that go with it no, they would not say that you: you are a target, right? >> absolutely. he is forget friends and cousins that will come out of wo wood w, he will worry about the
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government, come get their fair share. neil: you could argue at least, that government does, you take you know. taxes out of it up top. you have seen that, but there is more to come, right? >> there is a lot more to come, if he would have won this lastry last year, say december 31. his tax burden would have been less, but now it is 83 million, federal taxes that will fund government for 12 minutes. so not as if the money is going to any useful purpose in federal government, that is the shame of it. >> a lot of time they don't understand they are out millions more than they would have otherwise been, but they are also in, tens of millions more than they would have dreamed. >> yeah, look at bilmar, he said that liberals the lose him on this and mih pill phil mickelsog
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over 60% in taxes. more than 50% of their actual paycheck goes toward the government, you have to ask yourself, is it worth it. at what won't do we tax too much. at what point is it counter productive, many of these individuals have the means to move. >> trouble with that, is it has been hard to find a country you could escape this, trend is up across the board. even in switzerland, which was a a half ep frohaven, they are gok bonus, and ceo pay, something n the global water that is very distivitdistasteful. >> as gretchen said they become more concerned and more fiscally conservative, the more money
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they make, and more they want to keep, that is why the lottery winners, it is a shock to the system, they really don't know what to do. they really need a financial planner, and maybe take a trip to kaman islands get some sun, and financial advice while you are there it is a shock to the sim, they need to be smart about this and figure out best plan of action. neil: all right, or just return the money, and say i can't deal. >> no, no, they can send it to me. neil: let's not get crazy. this just in, illegals will not have to wait until washingtonning at to get a ninwash -- actto get as a pathw. citizenship. combining your customized charts witheading-edge analysisools from recognia so you can quickly spot key trends and possible entry and exit points. we like this idea so much that we've applied for a patent. i'm colin beck ofidelity investments. our tegrated technical analysis is one more innovative reason
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neil: have license will stay, why what is going down in maryland could guarantee 275,000 illegal immigrants. because they are close to getting driver's licenses, that is pretty much all documentation most of us need to never have to leave, common theme, is a fast way to citizenship. at least avoids them gets kicked off the line, opponents say this is a place marker, paperwork illegals need to make sure they never get forced out, who cares if they have to wait a long time to become citizens of u.s., that pretty much guarantees they will never be leaving u.s.
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what do you make of it? >> what troubles me is the justification for doing this. as the lawmakers, how much money that state would be getting. in are millions of dollars, saying they could do this just something that i feel is just wrong, if look at term, they are doing they doing something that illegal. and yet they will be somewhat rewarded. reason why we're rewards them we're making more money? in state of new york, if you have a dwi . say, wow, if we give. perpetrator, their license back, state of new york will get
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7 million. neil: they might kill someone in the way. >> we're taking them off the street. >> what about, argument you raised earlier, they will get in an accident, and no one for those hit by them to sue, now -- >> research i did. with segment, i'm only one who saying that. neil: did you research for this segment? >> i did. i am aboard with the great neil cavuto. the legislators, nobody is putting that argument forward. the biggest problem they have, they have victims of horrible pedestrian. they get hit by a car that person does not have insurance, now they are missing their legs and arms and life, and there is nobody getting any financial resource. neil: that is assuming once you have a license have you insurance. >> that is the point, that is
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why i don't think that goes far enough. just because they have a license does not mean they will do the right thing. >> what about argument, some paperwork, with some formal i.d., state, federal and otherwise, you have a sort of legitimacy here, a fake i.d., we gave you an air of legitimacy, we talk about making 11 plus million people here illegally,ing welling well legay might not imaginely become kicked out but something like this, means they are less likely to be kicked out or if i reading something else why it. >> this is right. this is part of a huge conversation. neil: this is another thing that attaches you to this country, is
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in the same driver license that we have, they can go to a certain state and show the license and buy a gun circumstance what that what you want. neil: do people look at licenses, do they show at airport they match face -- >> now there are certain licenses, and it says in big red, under 21 years old, some say this is not as a driver license, a state-issued rid. neil: mine says, we didn't believe this guy driving either. >> but if ? what if there is no such telltale red letter. >> i don't think that bill would pass out that red letter, but you have to have it there because they are not entitled to all of the benefits, and all of the protections, of a u.s. citizen, they can't just show this as we do. >> this is all about getting money, you are right that is weird. >> is that is what upset me, money, money, not what i said,
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getting them insurance, protecting other citizens, let's get them drive the right way, i didn't read any where are that was the purpose of the bill, thing i said was the money. >> thank you very much. >> the best, in teen time, if your kids condition visit the white house for lack of a few thousand bucks, how did we just give the palestinians half a million bucks, what the buck? [ kitt ] y know what's impressive?
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spiriva handihaler tiotropium bromide inhalation powder does not replace fast-acting inhalers for sudden symptoms. ll your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva. discuss all medicines you take, even eye drops. stop taking spiriva and seek diate medical help if your breathing suddenly worsens, your throat or tongue swells, you get hives, vision changes or eye pain, or problems passing urine. other side effects include dry mouth and constipation. nothing can reverse copd spiriva helps me breathe better. (blowing sou) ask your doctor abouspiriva. neil: well, if you want to visit the white house tough luck. if you want have visit a federal park, good luck, but if you are a palestinian and you promise not to destroy israel, man oh,
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man are you in luck, about 5 million bucks in luck, because that is how much obama administration is giving them. questions? lots of questions. steve, bad timing or is it? >> we've been doing this for years and years, i don't know if timing is the issue, you actually got it right, reason we give money to egypt and palestinians. this is a bribe, we say we'll give you money if you don't invade israel. but at a time with big cuts and programs that people care about, i was writing today about impending cuts in air traffic control system that will cause havoc in the airports, people are saying, why are you cunning this not that. neil: that sounds unreasonable. >> ier in heard that before. e never heard this before. >> the question, 300 million is
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last year's money. that money was -- >> use that to keep the white house open. >> that was frozen by congress, and quietly, unfrozen, is the word they are using. and obama seeking 200 million already appropriated this year from pot that says 440 million, so we're walking around throwing out money, like little christmas goodies every time john ke kerrr barack obama visits a place. neil: you can see how americans are seeing this even federal contractors that are being laid off no rounds. >> furloughs are delayed by weeks, they threaten these will happen. neil: i get e-mails from them saying it is happening, you could be right. they hear something like this, and say, that does not wash, right. >> they are right, it does not wash, john kerry announced $250
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million of new money for egypt when he was there last. this money -- >> 750 million in more than a week, you know. >> always treated like this is discretionary money, we can always do this, what are you naive person or bump kin criticizing this money. >> i find it interesting you kept staring at me when you said bump kin. >> so, you know, high priority on how things look, this does not look good? >> i've discovered in this debate about the sequester, put this in perspective, about 50 billion of cuts out of a 4 trillion-dollar budget, they are small and inconsequential, the white house they shout
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armageddon, they think that everything that federal government does is purpose important. there is lit they wil little thl government does they say is indein-- indepennible. they have added so much you know green pork in all other programs only thing i would quibble a little bit with you about, i don't think we should stop this sequester. i think that every agency should take a cut. if we can find other things like 500 million to palestinians let's cut that too but not cut that instead of cutting something else we have a trillion dollar deficit. neil: you know, every time the president or something else goes on a foreign trip, i immediately
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hang to my wallet. they open the wallet left and right to the foreign governments, i'm thinking, that is not good. >> last week, we signed a contract state department, giving usaid 25 million to crime frightennishtivefight inivetives in el salvador. foreign trade is a much better way to get there. but this shows that spending that steve is talking about happens every day, no one cares, very few people write about itic semp cranks like us, and maybe you should step back, take a breath and cut something. neil: the foreign aid budget, is you know, if you count it about
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20 billion a year. that is a lot of money to be giving away from american taxpayers to give to foreign country, and show me any example where foreign aid has worked to make a country richer. i said, it gives money from poor people, and rich people, and gives to to rich people in poor countries that is what foreign aid is. neil: thank you very much. >> thank you. neil: like mohamed alley coming back to win heavyweight championship, which he did. next, big business guy returns today that has fans, obsessed going wild today. so let's break down this play. charles? uh, charles couldn't make it. his single miles card blacked him out
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neil: like when apple brought back steve jobs, best buy going back to its founder to make things work it worked for apple and jobs but is it too late for a retailer losing jobs. a tough road ahead. so, just bringing back the visionary does not change the man? >> not really, business is very different than it was when i worked at best buy about a decade ago, it used to sell a lot of media, and dvds and cds, and computer software, and games. >> they have evolved. >> but if you think about those items they were pick up vast majority of the store they are digital downloads, you get them from service like apple tv or from xbox.
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so, they have been evolving. and they have been doing a decent job last quarter, but it will still take timee neil: still like a big box store with smart guys who work there and can help you with your purchases. >> now what does a founder bridgfound bring?>> i think he r has a certain level of love and vision for the company that no one else can. neil: that love that might have been there a decade ago, when you were there, like you said it is a different world now. does best buy rely on customers who just shop for good on-line? >> i think that is part of it the big thing to make it a better experience so it is worth coming in to check ut products ut -- out the products. i think that is --
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that is what apple did. neil: but the stuff is not best buy stuff. >> it is not but if they could optimize the experience. neil: what would make it enjoy able. >> right now not a lot. but in theory you, understand how something is going to work, you get best advice, and opportunity to enjoy a product that is nice and feels good to be in. neil: are best buy employees paid based on what they sell? >> they are not, sales managers, when i was there, would get commission based on numbers that store as a whole received. but it is not matter if they sell a high-end product or low end product. neil: not to their advantage to push? >> you know, that is a good point. and circuit city was a company that paid on commission, a move they made before they went out of business was to switch.
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neil: remember them, they fired their veterans. >> it was a negative move. for the company, already had a lot of problem. i think biggest problem that best buy faces, i saw it when i was there, still there as i go in, is employee training, a lot of people don't know what products they are selling, i am fortunate i know -- the job that i am now, i can maybe help people out. this is what you should get, i'm i love this stuff. but most of the employees who work at best buy don't have that same sort of passion, i don't know if they have done enough to train its employees. >> you know that is one thing this that disney does very well. all people are smiling, i think they are ordered to smile, if they don't you fire them. but you need to be so, memorable for the customer. that they love you. and you could be faking it, but who cares.
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>> as long as you have a good experience and you are helpful. neil: maybe you should start saying have a magical day, i hate that, i'll be the judge of that. thank you very much. christina. meanwhile, silicon more silah gone valley, that is how bad tech this high-tech brain drain from california to cheaper tax pastures has been, thousand keep them -- how to keep them, try bribing them, meet the californicall citythat is tryine company with a foot out the door that is now listening. your finances can't manage themselves, but that dsn't mean they won't try. bring all your finances together with the help of the one person who can,
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a certified financial planner professional. cfp -- let's make a plan. ah. 4g, huh? verizon 4g lte. 700 megahertz spectrum, end-to-end, pure lte build. the most consistent speeds indoors or out. and, obviously, astonishing throughput. obviously... you know how fast our home wifi is? yeah. this is basically just asast. oh. and verizon's got more fast lte coverage than all other neorks combined. it's better. yes. oh, why didn't you just say that? huh-- what is he doing?
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very logical thinker. (laughs) i'm telling you right now, the girl back at home would absolutely not have taken a zip line in the jungle. (screams) i'm reallylad that girl stayed at home. vo: expedia help30 million travelers a month find what they're looking for. one traveler at a time. expedia. find yours. neil: never invited is hurting for dough. the what said jose officials are not giving up especially when samsung wants out. over $7 million worth of incentives to say it is
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money well spent? let's ask our panel. what you think? >> it is lovely to try but i am surprised that san jose has $7 million to give away. but if the state has not been providing an attractive business climate and policies are bad for business in this economy economy, they will go where they need to go. if governor period texas can't attract business and is good for texas and good for period sounds like a short-term bribe. >> you could always wonder if what you did for samsung do for us. >> this creates a cycle that you could call this extortion if you try to seek a better deal to get concessions where you are. but mark my words sam stone
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-- samsung is thing they are it is a benefit to be in silicon valley a huge pipeline of future talent. neil: but that is the issue. people are leaving. >> not as huge but mark my words this is their attempt to make business bottom line a little bit friendlier for staying in they are extorting the city of san jose and others will follow suit. >> extortion? it is of serious point* but they probably don't have the money. that is what happens to the cities that do that -- to this especially in california, it hurts the city. they come back with services but to the point* that as a shareholder i want to do what is best for the country and in order of
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profitability going to texas the incentives will make the company that much more profitable they should look at it. neil: have you moved? it is a hassle. just like the human behavior thing, you don't want to move you have the established pipeline, not that it is what it was but it beats going halfway across the country. give us something to rallies pacified us. >> you may think california will have to offer is cheap office space because everybody is leaving. the last person turn off the lights. silicon valley was built on innovators. they did invest there in th


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