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tv   The Willis Report  FOX Business  August 23, 2013 9:00pm-10:01pm EDT

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♪ ♪ dennis: what a week. the massive shakeup at microsoft is our top story tonight. the ballmer stepping down after a lackluster career of product flops and missed opportunities. within minutes, microsoft stopped soaring. this stocks fell. we have two special guests. where to begin? era, let's start with you. i'm not sure how to interpret this era.
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a guy that had a 90% monopoly in the original business despite huge changes. what side you fall on? >> microsoft failed to innovate when the time came. when the era began, it was basically what began as the most valuable company in the world. the setup has basically fallen. dennis: what is basically happen over the 20 years with a 23 years, it has gone down. the s&p 500 went up a bit. microsoft fell 42%. nasdaq had two big crashes at that time. the s&p 500 rose 15%. by definition, is he a failure? >> he struck out. he was there for 12 years.
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but it was too slow and too copycat like. just these hoses on the cover this week. if there was a publication, it would feature steve. dennis: let's go out to paul carol. you are way out there out west, let's see if you're going to take a kinder view of the ballmer error. >> i have known steve since 1986. he personally has a net worth of about $11 billion. that is not bad. but i certainly agree that over the last 15 years microsoft has in 1986.ey to the kind of stuff it had been just a slow and
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lackluster and innovation. dennis: i remember when ibm was getting killed and i'm wondering what it is is they got killed by facebook. two charts of these mishaps, it is kind of a bust. they just resulted in a 900 million-dollar change. google came along with that, that end social net. once a big fat company like microsoft misses some of these commanders and have to play catch-up? or does it have to create new things? >> it is playing catch-up in the
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question is what is there. microsoft is nowhere. facebook owns, twitter owns. google is having trouble catching up with facebook as well. we believe that as it is. microsoft is nowhere near mobile. and so, you know, goes back. >> there is another metric that you have to look back at. he presided over the erosion of $330 billion. the day before he announced retirement. the one he took over january 2000. the nasdaq was at 5000. is this in on realistic then we are measuring him again? >> there have been a lot of highs and 12 years. it is an iphone. the iphone generated more
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income after apple. is that correct? >> yes. >> but any multibillion dollar company, look at this video. this is what i love about this man. he is a cheerleader, a believer, he is a super salesman. it doesn't turn out though that you need this visionary to run one of these companies.
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>> jeff is the only individual a book that is coming out, there are ways and you can build on those assets and move the obstacles out of the way. so it is possible. >> it seems like it's moved out by the next few days. it has the established business
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of windows and new ideas have a chance to get them away and will not be executed well. >> the bigness and the scale ends up being a thing that drags you down like a greek tragedy. how about bringing in a total outsider and breaking up microsoft. spinning this office consumer business with the xbox. would you say that? >> from a business perspective it might be a marketing brand perspective. let's remember that if they split it up, consumers will see that as defeat. but instead i think they should continue to be brutally honest. and it said that that internet explorer sucks.
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they knew that consumer sentiment was against it. >> time to be bolder. >> i definitely think it's time to go out for an outsider and be bolder. he was certainly a type of guy like this with microsoft. dennis: one last note, paul and i used to do 30th birthday parties together and we both worked at "the wall street journal." just a few years ago. thank you for being with us tonight. dennis: coming up next on the cbs were with time warner cable.
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♪ dennis: three long weeks. that is how long cbs has been dark in over 3 million homes in new york, l.a., and dallas as it fights over fees with time warner cable. today tw see when nuclear, offering subscribers fre indoor antennas so they can receive cbs the old-fashioned way over the airways. time for the sec to step in? with more on this, robert mcdowell who quit only weeks ago as a member of the fcc. good to see you. first of all, tell us what you think about this fight now in day 21 after that one hour reprieve last night in new york so they could show eliot spitzer in a debate. what do you think about this verses other recent fights? especially nasty, par for the course? >> most of these get resolved without any controversy or news worthiness or news coverage
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whatsoever. this one is among the nastier ones. there was one about three years ago between fox and cablevision. that was a pretty nasty one with full-page ads in the new york times and the "wall street journal" doing. but the vast majory of these things get signed without any controversy and no one even knows. dennis: now, some people are asking why the sec has stepped in. these guys never saw a few that did not want to get into and regulate. when might they do it? >> well, the sec does that have the legal authority to do very much of anything. dennis: that doesn't stop them. go ahead. >> it has not stopped them before. i know from my seven years at the sec, personal experience. it's a bit of a tar baby once you try to mediate these disputes between cable and broadcasters. they stopped talking to each other at that point. the talks break down. the way for the government to do something, even though they know
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that the government won't. just in case they stop. and so then that increases the likelihood that broadcast signals will be pulled from cable systems and the consumers are left inhe dark. as we are now learning from the time warner cable offer, you can get the signals for free over the air if you use an antenna the old-fashioned way. dennis: and if you like lots of snow. have you ever tried to receive and over the error signal in new york city? it is not easy. if these guys don't grow up and put away their testosterone, aren't they risking that the sec or congrs will get involved? we already have senator john mccain. let people pay. these guys running a real risk here that the government will come in and startushing them around? >> so cable companies will urge senators and congressmen to write th fcc. consumers from back home will also caltheir congressman to
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say they want cbs back on their cable system. and that can lead to a congressional action or at least strongly worded letters from the senate to get the sec to act or the introduction of legislation. you know, it's very hard for congress to agree on almost anhing, including things they're supposed always agree on like budgets. something this controversial and contentious and complex is going to be hard for congress to do. look to the fcc to see if the new chair who could be sworn in sometime in the fourth quarter, tom wheeler, will he try to get the sec to act in this area? dennis: of course they have tried to poke their nose into other tense. it went after comcast. you're not allowed to charge higher fees for carriage to people. and then two or three federal court rulings. way overstepping. well, the a fearless forecaster.
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what happens to end this thing? >> the market will work. nfl season is coming as of september the eighth. that is most c programming. incentive for both sides to resolve this dispute before the nfl season heats up. viewers want to watch those games. there will want to reach a deal. it is all about money. so i think it will be resolved. there will be resolved. dennis: all right. faith in football. thank you for being with us. >> site you having me. dennis: good weekend to you. later in the show, a day after the nasdaq shut down for three long hours, we still have more questions than answers. next, they are supposed to be looking out for the little guy, but weill show you how the new consumer financial protection bureau actually could be making things worse. ♪ right now, 7 years of music is being streamed.
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♪ how did he not see that coming? what's in your wallet?
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dennis: coming up next, yet another federal agencyunning wild with power. we h
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♪ dennis: it's supposed purpose is to empower and protect the consumer, but is the new consumer financial protection bureau ting its power to far? with more on this, a partner at the law firm ballard spark. thank you for being with us. i am a real fan of the e-mails your firm sendsut. you're watching this bureau like crazy, and they seem to be staring thousands of small
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businesses as well as some large businesses. what we go into a couple of areas where they're doing some things as car with swipe fees. did they have a dog in that fight? >> an excellent question. the federal reserve came back to a ruling that came out earlier this month that said that the federal reserve said swipe fees too high for debit cds. and so the federal reserve came back and said that they are interest in appealing at. from the perspective of the cfpb, whether they have a dogn this fight, it is something that will watch closely. possible that they will file an amicus brief in this particula area on the litigation with the federal reserve court. however, i think that they have other things to focus on. but the concern that theyould have certainly is that every time the consumer uses a debit ca their is a feat that is tied to that debit card.
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and often that is passed directly to the consumer and certainly that is something that the cfpb is watching closely. dennis: when congress decided that those fees are too high and american express and visa are so mean and then cap the fees, the bank's turnaround in raised fees on using debit cards straight to consumers anyway. maybe they should let the free market decide. if the store does not want to take american express, let it. moving on to another topic, what about this database of individual consumer financial information and cooperation, basically on every consumer in the country. this sounds kind of nsa. >> it is not every consumer, but it is definitely a random set of many consumers in the country. and the points that the cfpb is trying to make with this database is in the working in cooperation with one of the credit bureaus to pull invidual consumer affirmation and then require financial
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institutions to provide individual a confirmation on those consumers so that the cfpb can put together a database that they cim could then be used to really understand the mortgage market. this seems to make a lot of sense from that perspective. the question really is, is it necessary to be focused on individual consumers at the individual level? dennis: yes. >> a big step for the government to be taking that kind of approach. dennis: and if the government wants the information, how about the come and ask me instead of asking my bank. i've also read that i believe that the consumer bureau has sent out requests, thousands of small businesses. some hardware store as a credit account for customers, they want to know about the interest rates . these are people not accustomed to hearing from some federal agency which has no control or its power by congress. total budget authority on its
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own. >> that's right. the budget is a part of the federal reserve and congress. in allocations process cannot control the behavior of the cfpb through funding. and as to go into the small businesses and asking them about their credit behavior, it is an interesting perspective and certainly these are businesses that are not used to having to deal with the regulator. it can seem very intrusive. putting it in a different wayf thinking, understanding what smaller businesses to versus big banks is probably a good thing for the consumer alternately. dennis: okay. one last point. it just seems other agencies an ounce rulemaking, ask for comment. it seems like this agency rules by punishment. it goes out, strings of some guy and lenses them and then says @%w we have some new rules.
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>> i think that really is the impression. the cfpb through a number of reasons seems to be focusing on putting out enforcement actions and staying away from telling industries what they can expect fairly deregulation. dennis: this just seems to be this anti bank banned after this big consumer protection board. i think it's a bad development. thank you for being with us. >> thanks. dennis: okay. -ime for look is stories you're clicking on tonight. stocks closing slightly higher after vacillating between small gains and losses. despite a startling drop in new-home sales which send money to bonds and gold. the 13 year reign of microsoft's chief is coming to an end. the search for a new ceo has begun. valued at some 600 billion.
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now it's down to 270 billion. ahead, central banks around the world should not cut off their easing money policies. kristine lagard said europe and japan still need help. she spoke at the federal reserve annual compass -- fly-fishing extravaganza. president obama's that law schools in the u.s. should be cut down to two years instead of three. students learn all they need from a classroom in two years. i am wondering who asked him. it is all part of this 2-day bus tour promoting ways to cut costs for students. those are some of the house stories right now on foxbusiness.com. and coming up, mortgage rates jumping. home sales plummeting. is this housing market recovery really for real? and next, officials say it was only a 30 minute problem at the nasdaq. why was that stock trading shut down running for three hours just today? we will take a look at the mixed messages on the flash freeze. ♪
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♪ >> from the fox business studios in new york city, it's "the willis report." ♪ dennis: what is a crisis without a great nickname? the nasdaq flash freeze, a public-relations nightmare. the mysterious glyphs a grounded trading to a halt also resulted inobbledegook statements that one could understand. joining me now, managing director at chaplain capital investments and the president and cio of ng capital group. thank you for being with us. i want you to listen to a sound bite from the ceo of nasdaq talking to liz claman earlier today. first give a listen. >> well, our communications system worked well yesterday. it could always be improved. the first order of business is
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to focus on solving the problem and then deal wiih people directly involved with the problem. in one of those open lines we have people representing our issues on the call. they were there to give regular updates. the formal update out after the close of trading which wanted to do. i think we did well. dennis: let's start with you. communications system worked well? at think we've worked well. as you been smoking? >> i don't think so. honestly, if he has then i have. i think they did a great job. if you really understand the nasdaq, it's different than the new york stock exchange. this is a very decentralized trading system priest had been shut down for a half-hour and get it back up, they did a pretty good job. dennis: first of all, it was tee hours. second of all, traders, investors, nasdaq listed companies went for hours without any explanation. we in the public and more and partly we in the media are
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waiting for them to say something to read when ty finally say it is utterly indecisive. how do you think the nasdaq fair? >> on a public relations scale, of course you are totally right. there was no communication. no communication is bad and creates fear. however, i think the situation here is so much better than we had two years ago. what we saw were stocks that were $30 cut down the dollar. i think when he says week faired pretty well, the amounts of money or not lost and we still have the market opening. continuing to trade seamlessly. from of pr standpoint, everyone was angry, but also the market. the market was telling us, there was no terrorism. this was not any kind of -- dennis: all right. the thing is -- go head.
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>> it looks like to against one. dennis: two against one. the thing is, what hillary is saying, nasdaq did not do that, we did. investors and traders. we are the ones who held their head and did not panic. now, the thing i keep thinking about is that where this outage hurt worst was high-frequency traders who were putting in thousands of tras per microsecond, executing a small number trying to manipulate the spreads and making bold and little quarter pennies on their different trades. those guys must've been going crazy. what do you know? >> and tt is exactly -- i completely agr because what they do is trade in 40 to 60 milliseconds. at some point theyad an open position. they're used to buying something and simultaneously selling within 40 to 60 milliseconds. they were short on one side. when it opened up i guarantee you there will be a lot of lawsuits coming from some of those traders saying we were
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damaged because of this. get ready for that. >> there is going to be more litigation. the nasdaq just settled with the sec, $10 million over the facebook debacle. now, bob learned aesson there, and that was don't open your mouth and don't talk until you are really sure about what goes on. in this case it worked to his detriment. however, let's not forget september 11th, 2001, the nasdaq kept trading. nasdaq stepped in. what we see here is the competition can be good and helping. dennis: oh, but hillary, that was so 12 years ago. heroic and. >> it showed the importance of technology. and we cannot forget what the nasdaq has become. going to a controlled company to a publicly traded nasdaq. dennis: let's go back. >> i like this hillary. i really like her.
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dennis: when something like this goesrong, which would you prefer as a guy in the business, that the ceo of the nasdaq comes out right away and says we are looking into it. right now i don't know anything. he stays on tv and is talking all day. or would you prefer other silence and then at the end of the day they come out with some incomprehensible statement? >> of course that technology in gettinghat back up and going is great. from the standpoint of communication, you have to communicate because people wl naturally get fearful without knowledge. people will start doing things they should not do. absolutely should have had better communication. dennis: hillary. >> just remember -- dennis: i have a question. my questions are far more important than your answers. [laughte but it occurs to me, everyone saying this will further undermine confidence among small investors. really coun't you give a message until small investors that this should not undermine
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your confidence? this is not worth worrying about. >> it isn't worth wong about because we saw the proof is in how the market closed. it closed at. we were able to jump right back in there. we should never forget that bothers the tech guide. he has led the nasdaq to a global international success, a lot of foreign companies public and does so much more. maybe he's not the best communicator, but he is an awfully great technology guy. dennis: also supposed to be a very generous guy. think he will be sending bottles of champagne to both of you. some of the best news he has had in 48 hours. thank you for being with us. have a great weekend. now we want to know what you guys think. here is our question. does the nasdaq freeze make you afraid to invest? log on to gerriwillis.com and vote on the right hand side of
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the screen. we will she the results of the end of the show. coming up all next wk in the 6:00 p.m. eastern hour on fox business, nine of me and all charles payne. he will demystify the stock market, helped you share your fear and prepare for a more prosperous future in the can't miss special, making your market. this guy is great. takes a hit. again, that is all next week. you will make some money. wh we com back forget your smart phone. your dishwasher may be spying on you. we will explain. next economists keep saying the housing market is recovering. new numbers show that may not be the case. stay with us. ♪ where is flo? anybody know where flo is?
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dennis: sales of new homes plunging to a 9-month low, dropping 30 and a half percent in july from june. mortgage rates are still taking up as the housing recovery losing steam. with more on this, anthony sanders, real estate professor at george mason university. thank you for being with us. i know one month does not a trend make. >> i was predicting this a while ago. when interest rates and mortgage rates started to creep up we started watching mortgage purchase applications nosedive. mortgage refinance rates nosedived. new home sales went nosediving as well. so this -- bernanke has bought the house in bubble. dennis: is that a good or bad thing for the economy? >> i think we made a big mistake
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in the last decade. we put all our egg in the housing basket. the economy crashed. i think it's better that we treat housing more as a consumption good rather than an investment good and get back and start doing real investments in this country. dennis: the problem is that with housing it's a nice multiplier effect for the rest of the economy for growth. when housing ses and get it turns out home depot sells most of to f up the house. terms of employment is better for construction. are you wried slowdown is actually going to hurt economic growth? >> they wl, of course. the point in trying to make is that we have superb numbers in the last decade based on housing. very low unemployment. higher unemployment rates. the housing sector is gone away. i don't think this is really going to of manifest itself in the something positive.
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dennis: okay. it seems to me that maybe home buyers and owners have become a little addicted to the idea of really scant, low interest rates. if you look at where 30-year mortgages have gone, and tens of the actual increase in the price you have to pay, it is in some months that i should just give up my dream. we are running something right now showing mortgage rates. what do you think? >> again, mortgage rates are near all-time lows. the bad news is that people at the margin are still looking and rising rates. again, when we have a stalled economic recovery, 75 percent of new jobs that are created a part-time and $700 trlion spin off balance sheet liabilities that we have to pay for. i don't think there's a lot of confidence out there in the economy to begin with there actually going to manifes itself very quickly. dennis: rather than gettiting people to not buy homes, why
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shouldn't they prod more people to speed up and go ahead and buy now? do you think rates will go only a premier? is someone is shopping for a moment to be smarter to buy now? >> a couple of us to follow this have been reviewing that story. people who actually jump ahead when they think rates will go up. we just all s thatvidence occurring. we will rates go up? absolutely. i think the fed has kind of lost control of the interest-rate market. still buying 88 billion per month. it's just not doing much good anymore. rates keep rising. rates will go up. one hundred, maybe even 200 basis points. dennis: aren't they just kind of a sign of a stronger econo than we think? aren't they just in some way contradicting the very economic sluggishness we have been talking about? >> on the one hand ordinarily in a normal economy, yes. rising rates are indicative of the fact the economy s growing and healing.
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take a look the employment numbers, gdp growth. it's just stalled, yet rates are rising. why? because the other side of that is that investors around the world will start demanding a risk premium from the u.s. treasury for holding the debt. dennis: right. although let us point out the u.s. treasury is still by far the lest risk acid you combine of any government bonds anywhere around the world. the one eyed man is king in the kingdom of the blind. dennis: -- >> remember that dave hamilton steady from quito. its 700 trillion. the rest of the world knows we cannot pay and off. dennis: all right. you are depressing me. but will do is rappee right now. thank you very much for being with us. have a great weekend. okay. still to come, not just the
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governme spying on you. everyday household items are doing it. find out which ones next. ♪ right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. 's cald hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonshot. it's time to build a better enterprise. together.
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dennis:ery afraid. backers are coming after you and your dishwasher.
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♪ dennis: cisco calls it the internet of everything. more products than ever before linking up to thenternet, we're talking security alarms and a power mears, refrigerators, even dishwashers. they're is a dark side. joining me now, adam levin,
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chairman of identity theft. thank you for being with us. we appreciate it. i remember years ago in the early 90's we did an interview with this big digital soothsayer guy. the next big thing after the internet. things that think and link. winking of things to the internet. twenty years later its happening. maybe this is not such a good thing. why? >> well, the concern is that innovation empowers us. but innovation and technological advances that empower us also can create vulrabilities. and the more data that is collected about us and the me conduit's there are into our lives a weighs the some of these devices c actually be looking at us recording what we , creating behavioral tracking gives people an opportunity to not only have a better idea of what we're doing, but where we are and when we do what we do so
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that they can plan strategies whether it is stocking, burglarizing, or using the internet as a conduit not only to bounce off these devices but to crawl into things like the computers will use to connect to them whether routers that connect us. and then all of a sudden we have a problem where someone can create identity of scenarios. dennis: for viewers, the reason companies that make these devices would want to hook up to the internet, your refrigerator since it has its own belt and said the engine to my it sends out an e-mail to the repair shop and they have a guy schedule to come fix it before he even knew there was a pblem. electric meters to be read with the truck driving by. you would have to send the guy into the home to look if the meter. the spill by categories. i can see why yourable television box in your tv screen. i don'tant people knowing now what is the spice channel. >> the problem is that they can,
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if they hacked into the system -- and senator schumer sounded the alarm a few weeks ago. there was a flaw in the samsung's system which they said they patched. we don't know whether it exists in other systems. you don't want this to be watching you. you don't want it to be recording you. let's say something is going on in the living room that is very private. you don't need to share that with potentially millions of people. if someone were to record and release it. you also don't need to know if someone who you don't know just to figure out what your patterns are for the purpose of being able to better zero win on how to get to you. for instance, the rairman the shows up your door may not be of repairperson. it may be someone sent by the hacker. could be nefarious reasons. these are areas of great concern. dennis: we have to wrap. appreciate you beingere. t's run down the west. your dishwasher, clothes dryer,
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toaster, clock radio, lights, heat, ac, security alarms, and so on palms, it pacemakers. for me it's still the television. thanyou for being with us. >> thank you. dennis: also, the next batman. brilliant choice or bogus? one of the top trending has tax on twitter was better batman then been affleck. we thought we would put together our list. the worst casting of super heroes. tonight's top five. number five post a two actors, george clooney and chris o'donnell. cluny had his moments. the spare me the visible nipples on his costume. the won hit wonder. and next up, edward norton, the incredible hulk. no one really knows why. it did not make the same mistake twice. very publicly dumping him. and our pick for number three,
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write ann reynolds says the green lantern. talk about bad reviews. a flop at the box office. number two, nicolas cage. the second time playing johnny blaze. the vengeful motorcycle rider. the number one totally miscast superhero is ben affleck. not as bad man. the 2003 film the dare devil. he joked that he would never play a super hero again. many fans will she had kept that promise. we will be right back with the answer to our question of the day. does the nasdaq freeze make you afraid to invest? man up. man up. ♪ [ male announcer ] these days, a small business can save by sharing. like carpools... polly wants to know if we can pick her up. yeah, we can make room. yeah. [ male annouer ] ...office space. yes, we're loving this communal seating. it's great. male announcer ] the best thing to share? a data plan. at&t mobile share for business. one bucket of data for everyone on the plan, unlimited talk and text on smart phones. now, everyone's in the spirit of sharing. hey, can i borrow your boat this weekend?
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no. [ male announcer ] share more. save more. at&t mobile share for busines ♪ do you mind grbing my phone and opening the capital one purchase eraser? i need to redeem some venture miles before my demise. okay. it's easy to erase any recent travel expense i want. just pick that flight right there. mmm hmmm. give it a few taps, and...it's taken care of. this is pretty easy, and i see it works on hotels too. you bet. now if you like that, press the red button on top. ♪ how d he not see that coming? what's in your wallet?
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>> regulators want to take a closer look after the latest glitch brought nasdaq to a halt in trading for three hours. afraid to invest? we asked this, and 31% said, yes, it does. 69%, the brave ang us, said no. on to other topics.
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e-mails that recent fight for wages, david from arkansas says no way should the minimum wage be $15. up employment goes through the roof, and fast food can raise prices or cut the work force. minimum wage is for beginning work. when you do a good job, get experience, and make more money. minimum wage is not for life. well told. aanother says, fast food workers should be paid at least enough per hour to afford medical insurance and stay off food stamps. why should the taxpayers subsidize the ceo pay and fork out the bucks, not us. same for walmart. to e-mail the show, go to gerriwillis.com, and next week, there's a special series "making your market," they are not for institutional investors, but everyday people who are too afraid, too confused, too unsure to invest. charles payne will give you a main street view of the market
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starting monday at six. meanwhile, that's all for tonight's "willis report," i'm dennis kneale. s been a great week.s. have a great weekend. ♪ lou: thank you for being with us, president obama's middle east policies are no more coherent tonight than two and a half years ago when he insisted on mubarak's departure from power. the administration's lack of a clear foreign policy objetive in eggpt dpled to the overthrow of mubarak. the muslim brotherhood's asession to power, and now the secular military's removal of egyptian president morsi and the violent and deadly clashes between security forces and morsi supporters that have followed. the white house, again today refused to exj -- acknowledge whether they will continue to s

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