tv Cashin In FOX Business December 1, 2013 2:30am-3:01am EST
>> is that is it for "forbes on fox." have a fantastic holiday weekend. thank you for watching. keep it here. the number one business continues with eric bolling and "cashin' in." >> no more because of obamacare. consumers clinching, cutting back as chaos continues with the healthcare law. >> i am going to cut things like haircuts, not eating out as much. not going to the movies. >> uncertainly mounts. will our economy pay the ultimate price and flatline because of this? >> a dicey deal with consequences. white house handing over billions to iran in a new deal. will it take down the national security? she's back. "cashin' in" favorite. >> everybody, minority.
>> we warned you about waste and fraud. now, uncle sam realizes we were right. is it time to hang up on obama phone? we are digging up the d.c. dirt right now. >> hi, everyone, i'm eric bolling. welcome to "cashin' in." the crew -- wayne rogers, jonathan hoenig, fields and robert beckel. welcome, everybody. americans thinking twice before opening their wallets. consumer confidence tanking to a seven-month low as people are becoming more uneasy about the job market and their income. one main reason is disgust with the healthcare law. 2009 >> shoppers freaking out because of obamacare sticker shock. what do you say? >> the biggest problem is the uncertainty. there is uncertainty in the law. nobody knows what it saysor rules are. so businesses can't plan ahead. a lot of businesses they know of the restriction about the
employment. they go to part-time employment so they don't pay this. >> the people who are affected by it. people getting poly cancel. $5 million so far this united states canceled. they haven't signed that many people. a lot of people don't need this. a woman here, my makeup person here said the following -- she doesn't want to have children. so she is not interested in having that thing about the child care part of it. she is not interested in some of the things that she will be forced to carry. those are all costing her. so everybody's disposable income will come down. ala the lady we saw. less spending and that is bad for the economy. >> wal-mart said this year, the expectations, spending may go down. because of the affordable care act. >> spending is down, we know hiring has been down for months. >> what creates economy?
is it government intervention? no. i creates fear. what makes the confidence is self-esteem knowing you deal with reality. obamacare says just submit and we will take care of the rest. how can you have confidence in the system that is own creators are admitting is a train wreck. obamacare is. >> bob, you are chuckling and laughing. the reality is that americans are going to have to shell out more money. a lot of them for obamacare. >> i feel badly the stock portfolio is going through the roof. i feel sympathetic. i'll give you a loan. >> what does it have to do with anything? >> this economy is stronger than you are making it out to be. nothing to do with obamacare. it's sillpid. >> the american people aren't feeling that. >> you have no evidence that it's abilitied by obamacare >> john, go ahead. >> wait a minute. it's my block. he inrrupted.
>> you took a shot at john. i want him to react. >> millions of people lost their confidence, lost their confidence because of obamacare. just as the social security recipients have to worry am i going to get the increase. medicare has to worry is the medicare, and the government intervention creates paranoia. it doesn't solve it. >> go ahead, bob. >> can i address your issue about the stock market going up? it has nothing to do with anhing that is going on with the economy. erything to do with the fed, printing $85 billion -- >> strong fundamentals. but he said is important. for most right winger, this is what it boils down to. you want to do away with entitlement, medicare. they won't say it because it's bad politics. >> ly say it. it will say it. look how unsafe the so-called
safety net is. look how tremendously unsafe it is. obamacare is just the latest example. supposed to make people feel safer and confident. >> guys we will do that in the -- >> we will argue merit of welfare program. michelle, give bob beckel a break. he has crying docratitis. it's not terminal but makes people sick around him. is the economy going to suffer because of obamacare? >> absolutely. it's leading to deterioration and confidence. right now consumer confidence is well below the historical norm. it's the lowest it's been in seven months. the reason why is people are not expecting to pay this much for premiums. they certainly were not expecting to get cancellation letters because obama promised it wouldn't happen. for a lot of people, haste is not an option. it's a necessity. they were not expecting to pay that much money. so, they don't have that money to go out and go shopping for christmas, bob. that is just how it is right
now. >> you spoke one thing. it's a right. not a privilege. >> what is a right? >> healthcare in this country. >> you people of course it's growth can afford to pay it. rich people can afford to go to the best doctors you want to go to. >> clear that up. hold on. let's clear that up. clear that up. it's a right because who says it's a right? president obama says it's a right. >> constitution says it's right to life, liberty and pursuit of happiness. >> is a right is a right to action. not a righter freebie from someone else. it's not a right to impinge on other's life, lirty and pursuit of happiness. it's immoral redistribution of wealth. >> is medicare a freebie? >> you are making the point for me. safety nets, medicare, social security, fundamentally are unsafe. >> people pay in the program. it's called fica. you don't worry about it but a lot of people do. >> forced to pay in to it.
>> we can all agree, we can all agree we want everyone to have healthcare. we have don't feel it's necessary to have everyone paying for it. right now, the youngeople pay for everyone else to have healthcare. i want everyone to have healthcare. but it's up fair to make us young people subsidize it. >> hold on. >> stop, stop, stop. >> let's talk about that. is it a right or is it a privilege healthcare in america? >> i'm not sure that that is the point here. the point is the cost of this that michelle said, i talk about the makeup lady. her deductible went up $80. her cost went up $200. she cannot afford it. all of this is dedicated to make the poorer people as bob would have us believe to come in the system is in fact rejecting those people.
>> this particular plan is a horrible plan. it was badly conceived. trashed and redone. >> michelle? >> the reality is that obamacare is a mess. we know that. this is what we live in now. bob is trying to change the subject. >> listen, i think it's a mess. i was for single payer plan, it wasn't for this. >> therein lies the problem. single payer is different. we don't have time to get in to now. >> those of us who are economists are for that. >> if we had more time we could delve in to that. coming up, the white house deal with irap getting a thumbs down from politicians at home and overseas. will it be a raw deal for the will it be a raw deal for the nancia
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the new deal that could come back to bite us. concerns mounting days after the u.s. has sanctions on iran. the agreement, unfreezing $7 billion in asset for iran. in return, iran is supposedly going to temporarily slow down with the news. but more critics are warning iran cannot be trusted. could the plan lead to long-term threat to financial and the national security? >> absolutely. look, this plan is terrible. the deal does not make iran reduce the nuclearrogram. in proportion aid we are giving them. they came to negotiating table
with shattered economy. desperate. it's unlikely to see them in this position soon. we should have taken advantage of that. what we did was we basically legitimized iran to countries like china and businesses that now don't see iran as toxic anymore. so they walk away with a great deal. we walk away with nothing. we're the ones who are not weak going in the negotiation. >> now, bob, you were, i believe, the youngest deputy assistant secretary of state at one time. i consider iran on the same level of trustworthiness of bernie madoff. >> i agree with that. what michelle said with all due respect, i admire you greatly, but frankly, you don't know much about what you are talking about. the fact of the matter is we did degrade, they cannot take centrifuges and make the grade level you need for the nuclear weapons one. two, the germans are doing the inspection, best in the world. >> three, you have -- >> you talk about -- >> you have to haveew centrifuges to finish the
program. that is stopped. what is the alternative? we said nothing, done nothing and in the meantime they go ahead with the nuclear program. at least this gives us an opportunity to see. >> this is six months, though, bob. six months. >> please pay some attention to the details of this agreement. it's six months. it does degrade the weapons system because it does not allow them to make weapon grade plutonium. it also has german and u.n. inspectors doing something about it. you don't know what you are talking about. >> i will agree with you, michelle. i think you know what you are talking about. bob is offbase on the 20% enrich uranium, which is weapons grade and they still have and not going get rid of that. john, your call. >> six months, and the iranians are proclaiming how the deal still allows th to enrich uranium to michelle's point. this emboldens them and legitimizes them. president is quick to use force. sanks, if you will against americans. for not signing up for
obamacare but so hesitant to use them against our known enemies. iran is not a wild card. they are the known large state sponsor of terrorism for 30-plus years. we appease them. we commit to suicide against them by not keeping the pressure on. to michelle's point, sending them $8 billion in aid. >> are we rushing to release $7 billion in asset to iran? even if it's not a lot of money on the scale of things, still going to use the money. i say keep the sanctions in place. what do you say? >> why would the sanctions, why did they come to the table now? because the sanctions work. that is why they are coming to the table now. they are not coming to the table because obama is a great negotiator. they are desperate and they feed to. that worked. the sanctions are working. i read some idiotic editorial in the "new york times" where the guy said well, the a terptive of this is war. either we have war or this negotiation. he is a fool.
what works is, of course, sanctions. i did work. look, piece of the world was maintained from 1812 waterloo to 1914 world war i, by men who understood the great section of the balance of power. this is a balance of power. we have the power, we have sanctions, that is what brought them to the table. >> wayne, point of reference here. $7 billion was confiscated from the iranians in '79-'80. the real sanctions against them is oil. leaving that aside, back to the fundamental question. if you do nothing, let it keep going the way it is. no diplomacy at all, eventually they will have nuclear weapons. at that point it's a much different ballgame. is it notorth six months to see on the outside -- wait a second, john. >> false start. >> you take the finance, let metick to foreign policy. if he is not worth six months to see if there is a way to get a deal? >> it's a false choice.
>> it's material -- >> i think the most dangerous -- >> wait. >> how is it -- [ overtalk ] >> bob lit a fire in a crowded room. go around the horn. john, michelle, wayne. let's go. >> how is negotiating and appeasing people who chant "death to israel and death to america" keeping us safe. you can't reason with something -- >> nothing keep us safe? >> no, the president should say iran you have a week to turn over the entire nuclear stock pile or we bombing you. flattening you. that's how you deal -- >> we don't owe them anything. >> thank god you are in chicago doing something else. >> they are the weak ones. we went in there and came out looking like the weak ones. the sanctions did work. that is why they came to the negotiation table. >> iraq war, they now dominate in the mideast. >> michelle, finish your thought. finish your thought. >> the point is that the most dangerous thing here is we legitimized them. now countries like china, they
don't see iran as tokic anymore. they don't see them as toxic as they did. now we'll see, you are going to see china working with them. this is dangerous. >> quick thought, wayne. >> i don't see this as a black and white thing. i agree with bob, you can try certain things. i just think this particular initiative is idiotic. there should be initiatives on table that you can try. this doesn't work. you have to keep sanctions there. if a guy is pinned in a wrestling match you don't let him up. you keep him pinned. >> hit the mat three times and he is out. you win. coming up, waste, fraud and obama phone.
the top of the hour. everybody in leigh minority got obama phone. you sign up, social security, you got no income, you just -- >> yes, that is our good friend the obama phone lady. she is not in trouble. the trouble does continue for the obama phone program, though. as the waste and the fraud grows. the government looking to find companies that provide the service. jonathan, you say the government barking up the wrong tree. hang up the program instead. >> yeah. eric, business has the power to trade. only government has the power to steal. that is exactly what the obama care -- obama phone program is. it's not the abuse that is the program. the phone program itself. bob might suggest we a right to a cell phone.
there is no such thing. it's immoral and waste and should be scrabbed. >> it seems the bigger the program the more waste, fraud and abuse. maybe this one is not so necessary. what say you? >> not at all. the deck lor ration of independence doesn't say life -- declaration of independence doesn't say "life, liberty and obama phone." we spent in 2012 $2.2 billion in this program. time to cut it. riddled with fraud and waste. cut the program and stop giving out obama phones. not a right. >> michelle is right. where does it stop? first it's, you know, housing and help with food and now a phone. what is next? car? buy you a house. where does it stop? >> well, i think, eric, it starts, forget where it stops, it starts with the word "need." we need this. everybody says you have to have thisch we need that. the government is supposed to be the person who supplies this. at is the beginning of a
fraudulent transaction right away. so it's rife for fraud. all the programs. the federal government runs riddled with fraud. that is why. >> okay. go ahead, bob. you want to defend the program? >> a couple of things. this is a program started under a republican administration, bush administration, one. two -- >> but it wasn't a cell phone. it was a land line, but okay. >> nonetheless, started under the bush administration. >> it started under reagan, actually. >> you want to take the block here? >> go ahead, bob. >> please. thank you very much. i got a right to speak too, right? the other thing i say about it, i think it has waste in it. it does. but for all the people what use e phone to call in medical help when they have been very sick; particularly, elderly people, go take their phones away from them and see if you feel better. >> everybody will jump in. can i clarify a couple of things. the program ballooned under president obama, number one. if that is the case, if you
worry about emergency phone calls, hand out phones that only dial 911? >> because what if you want to say a pharmacy? or call your brother to take care of you. >> we got to go -- >> michelle, you're in miami -- >> another reason, "cashin' in" should be an hour. we love to have more time. thank you to michelle fields and bob beckel for joining thus week. coming up, the president says he is for capitalism, but actions speak louder than words. is the healthcare law the reason for this?
time for a quick what do i need to know for next week? wayne? well, i like therapeut you cans. they make the products, tissue protection and repair. breaking out of a rising pattern. i own it. has a way to run. >> john? >> reits and mlps, short them. anything with interest rate sensitive will get whacked. >> leave it there. that is it for the cost of freedom block. thank yo for joining us. before we go, i'm unapologetic capitalist, folks. america was founded on and thrives under the free market. they provide incentive to succeed, competition to stay lean, and reward to innovation. be thankful for that system. protect that system. that's why i scratch my head when our commander-in-chief finds it necessary to vince us where he stands. >> people call me a socialist
sometimes. you to real socialists you will have a sense of what a socialist is. >> problem is, obamacare is socialized medicine and president obama is a progressive ideal >> welcome to this fox business special, american icon. your package is about be to delivered by the ups delivery person. what you don't know is that ups over the last 100 years has grown into a corporate powerhouse that does a lot more than deliver packages. over the next hour, you'll meet ups's ceo who meets regularly with president obama and learn why ups is considered an economic bellwether for the u.s. and global economy. and then, we'll speak with the chief financialofficer who offers insight that investors