tv Cashin In FOX Business December 29, 2013 9:30am-10:01am EST
>> you are going wit blackberry? >> they are out sourcing their manufacturg and it bodes well for the next year. >> that's it for forbes on have a wonderful new year. get ready to ring in 2014, but as the ball drops for new year's taxpayers could be dropping serious cash to bail out obamacare. let's just say the prognosis is in and it will cost you big. plus minimum wage and maximum controversey. protesters are demanding more green and now more than a dozen states are hiking the minimum wailing on new year's day, but don't celebrate just yet. that party comes with a nasty hangover. our viewers cash in from facebook and twitter. you pick the hottest stories. we will debate them right here. we are cashing in. making you a part of our show. it starts should you. >> hi, welcome to "cashing in."
welcome, everyone. if you think obamacare costs america a lot this year, wait until 2014. the new year ringing in without enough people signing up. we have been warning you all year. now listen to this alarm sounding. >> the insurance understands it will be completely ruined and what will happen as a result? there is one way out, a huge government bailout of the insurers is waiting at the end of next year. >> michelle, is a huge government bailout of the insurers, is that on the horizon for us? >> absolutely. the question is not whether they will get a bailout. they will. the question is how much money they are going to get. a bailout is actually written into the obamacare legislation and it says that when insurers lose any money, the first three years of the implementation of obamacare tax pay yirsave to pay --
taxpayers have to pay for the losses. we are socializing losses. >> michelle makes a good point. insurers are backstopped the american taxpayers. when they did the numbers to see how much obamacare costs, they didn't put a price tag on this. it could be tens of billions of dollars. >> that is correct and they did not put a price tag on it. you are right. i don't think that will be the answer. the answer could be we go to a single pay system. so they say none of this works and as a consequence we will have to make these mailouts and we are going to a single pay system. that will be worse. the terrible part is it supports a theory that we have had that we are headed toward a fashist government. when i say a facist government i mean economic terms and not political terms. you have the government in cahoots with major corporations and major unions and they are dictating what the policy is going to be.
>> jim, let's go to you. if i am not misunderstood you are in that little nest of texas, austin x texas. does anyone have any idea how much obamacare will really cost? >> merry christmas to you, eric, from austin. it is a liberal nest. i think charles is a smart man, but he is about three and a half years too late. the afrdable care act itself , obamacare itself was a bailout to the private insurance companies. they were losing premiums because employers were pulling out, dropping their insurance plans and this health care act pulled millions of people into private health insurance without a counter bailing government option. i actually think the direction that wayne pointed o would be a great thing. we do need single payer in this country, but conservative forces did not allow that to happen. >> wow. wow.
john i wonder if it is a bailout for the insurers and a bailout for the taxpayer and redistribution to the people who don't have health care. if president obama had presented it that way three and a half years ago do you think it would have passed? >> it would have never passed. the president has been deceiving every element of government controlled health care which is what this is. you don't have to look far in our history for government bailouts and controlled health system. it bailed out medicare three times in the last decade. the highy trust fund, amtrak, the post office, the student loan monopoly. every time the government gets involved, to wayne's point, the facists get in cahoots with business. the rules of supply and demand no longer applies. to the bailouts and the benefit cuts. >> bailouts. it ription -- it rings a
bell. let's take a listen. >> there are no more tax funder bailouts. >> every time he says period we find out it is the exact opposite. this is in fact an insurer bailout. >> we have to kee in mind that half of all household bankruptcies are due to health care costs. our health care system was untennable before the health care act passed. we are moving in the right direction by having now -- >> hold on. guys -- i don't want to interrupt. ii don't want to interrupt and i love you, but that is the liberal talking point that is passed around. i hear 50 to 60% of household bankruptcies are due to dical costs and that figure is flat out not right. i am not blaming you, but i'm sure the liberals that send it
to you try to get it right, but they got it wrong. michelle, letsy talk about it. where is has this gone? where is this headed? what is the end game here? >> the problem is insurance has become an arm of the government. the government sets the rates and sets the guidelines and sets the procedures. the problem is if they are in trouble you bet obama will come with a life boat filled with taxpayer dolrs to bail them out. it is the american taxpayer dollar. it is the money they work hard for and it will go to insurance companies. they got us into this mess. how is that fair? >> i want to go to john. michelle points out the life boat, but sometimes it looks more like the titanic than the life boat. >> they are safety nets. the much heralded safety net and it is anything but safe. it requires government force to keep these ponzi schemes going. obamacare is now another ponzi
scheme. the alternative is not the kind of government controlled health care we had before, but a free market we haven't had in decades where ba operators wouldn't survive. they would have their own choice. none of that happens with obamacare. it is already failing before our eyes and a bailout is imminent. >> last thoughts. >> all of those points are very well taken. the idea that this is -- you know, is make it up as you along, and this was not a law. they did 2700 pages of garbage. nobody read it. the people we elect, this is so outrageous the people we elect do not read the legislation they pass. i find that start leg. no where in the constitution do i read where we are obligated to bail out everyone whohas health care. maybe i am not wrong. maybe i missed that. maybe that is somewhere else, but what i am saying is all of
this is a coercive plot and we have toet rid of it. >> not only in the constitution, but president obama promised to stop bailing companies out and yet he is going to do it. >> the per suit of life, leb tee and happiness. we could not put obama's feet, the other failure which is a hot mess before the affordable ca act. for health insurance companies to blame all of this on the president is ridiculous. >> was that a free market? prior to obamacare do we have a free market in health care 1234*. >> we had a hot mess individual market place. >> do we have a free market in health care some. >> we didn't have a free market. >> can't answer the question. >> hold on, guys. here is what jonathon is getting at. prior to obamacare, insurers couldn't sell insurance across state lines and that's why it wasn't a free market and that's why costs were he. >> one of the many reasons.
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wage they say it will help workers. jonathon any indication that will help workers? >> minimum wage hurts jobs. particularly low skilled jobs. that's not my opinion, that's what the department of labor said in 1938 when the first minimum wage was enacted. why? wages are not arbitrary. they are not based on whim or feeling. they are based on the realities of the market place. and minimumage is price fixing. it is disruptive. an employer has to pay somebody $15 an hour for a job that is only worth $7 or $8 for the job. they will go bankrupt or have to reduce productivity accordingly. >> the other option is those jobs will go overseas. china has $2.50 or so an hour. i'm sorry a day. india has 28 cents an hour. those will get the jobs -- the lower wage jobs from america, right? >> you are absolutely right, eric. there is competition for jobs just like every other
product we do in a free market system of the when you cut the free market -- you made a point in the health care that the insurance companies cannot cross state lines. that is why there was no competition among them to bring down the costs. if you have competition with labor, that will bring down the cost. if you fix that and do it by fiaf and said everybody will get x dollars there is no competition. you are right. the jobs if they are in this country or state or county or city, they will go somewhere else. >> every time i talk to a liberal about this top -- topic, they say you need to offer a living wage. here is my question and i ask the same one over and over. if $10 is okay for a minimum wa, why not make it $100? >> eric, let's keep in mi the great words from kris kringle, christmas is notust a day, but a frame of mind. that being said jonathon had to go to 1938 for his talking points.
there is common sense in the fact that if americans are working hard and playing by the rules, they should be making a livable wage. working full time right now on the minimum wage is $15,000. costco, trader joe's, they recognize it is a winning formula. happy people, higher profits. >> just answer the question. why not make it $100 an hour. >> that is ridiculous. >> why is it ridiculous. as long as you are giving away other people's money why not go big or go home? >> no one is asking for that. we are asking for it to be raised in line with the cost of living increases and in line with inflation. if that had happened the minimum we would be over $10 already. if the captains had shared the productivity, the minimum wage would be over $20 an hour. >> i will get back to you. i want to get michelle in. >> you talk about common sense.
you want to talk common nse? if you raise the minimum wage businesses need to adjust for the added costs. they will not be okay with the reduced profits. they will reduce benefits and cut hours and cut jobs in response to that. >> not true. >> yes. it is true. and the people who will be hurt the most are minorities and young people. right now young people have an 18% unemployment rate. young black people have 23% unemployment. those are the people you are going hurt. >> you raise the minimum wage and it puts the money back into small businesses. >>o ahead, john. >> the minimum wage we talk about it as if it is an integral part of the economy. it is the defining of the department of labor in 1938. that's when minimum wage was enacted. quickly talk about the moral argument. this is an employer and an employee coming to a mutual agreemt. now government will come in and say no you can't act out of your own self-interest?
>> go ahead. >> go ahead. >> the biggest problem in all going to have to raise those things. have states -- we have five cities in the state of california filing for bankruptcy. you have detroit in bankruptcy. you will have more bankruptcies because of this. they have to sign on to is race federal, state and local governments cannot afford it. >> we need to go. a great discussion and a lot more to talk about. coming up, obamacare, the nsa and nghazi. we asked you and you responded in mass. the hottest topics of the year the hottest topics of the year and guess what we foun
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stay tuned. we asked, you decided. folks on social media getting a shot at becoming the fifth panelist of "cashing in" by telling us what the hottest topics of the year were. here is what barbara on facebook said. there are so many, t number one obamacare and 2, benghazi and number 3 the power grab of the executive branch. the rest of facebook voted this way, number one, obamacare. number 2 benghazi and number 3 a tie between the nsa scandal and irs scandal. on twitter, captain awesome said obamacare was so corrupt it takes the top three spots and here is how the rest of twitter voted number one, obamacare and number 2 snowden and nsa and number 3 -- what say you, michelle? >> government is synonymous with incompetence.
that's definitely a common theme. but dishonesty is a they'll in all of these issues. they told us they weren't spying on us. they told us what they had to do with the youtube video. they told us they weren't spying on the tea party conservatives. it was one big, fat lie in all of these issues. >> the topic of the year was? >> i think obamacare. i think the americans finally woke up. americans left and right realized what obamacare was about. >> your thoughts? >> i don't think its even competence as much as lawlessness. all of these examples, obamacare, irs, nsa, and our government is using its guns against innocent american citizens. this year all we saw was government essentially using force against american citizens. 245 has been a hallmark of obama's administration and it will continue in 2014 as well jie. and your pick for the story of the year, the topic of the year? >> as europe's entitlement
state implodes america marches toward the same. >> i was surprised not that obamacare is not overwhelming number one on both facebook and twitter, but benghazi came in there quite a bit and as michelle and john point out it is less transparent in administrations. your thoughts? >> look, at the end of the year there is clearla lot of work that we have to do to make sure people understand that government plays a very important role in fixing our problems and the level of incompetence on a number of these issues does have to be addressed. but it doesn't take away from the fact that we cannot solve these problems without the help of government. it is not a left-right thing. the organizations that happens as well. >> your story of the year then. >> i think it has to be obamacare. >> i have to move on. have i to move on. we have to get wayne in here. go ahead, wayne.
your thoughts on this? >> well, i think just the opposite of what they are saying. you have to get the government out of this. you can't let the government come in and try to solve something. they are the same people who made the mess in the first place. it is outrageous. benghazi, we have been lied to. by hillary, by the secretary of state, by susan rice, by all of these people who just bold faced knew the truth and outrageously lied to us. the same is true about obamacare. they make it up as it goes along. they have no idea what it is. and the nsa is spying on the constitution of the united states. >> great discussion. wish we had more time. thank you to michelle fields and jamou green from austin texas. coming up, we go from the ♪
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know for next week. the hottest stocks of 2014. wayne, what is it going to be? >> eric, have i been hot o biotech and i am ain this year. i had one last year. it was up 25%. i like to put them in a bsket so i am safe at the sme time. i am looking for something called ibb. it is a biotech etf. >> how about you, are you staying hot? >> thank you. just as a financial collapse in 2008 and started in 200 sigh, i really believe the great bond blow up of 2014 started in 2013. i am betting against bonds in 2014.
jgbs goes up with janese interest rates. i think you should buy and i own it. >> bonds go down and rates go up and your picks will do well. thank you very much. great week. that's it for the cost of freedom block. thanks for joining us. before we go, end of year goodbyes are predictably gushy and nostalgic and not my style and not "cashing in" style. i want to thank you, our awesome, loyal viewers who consistently put us in the top shows all weekend and i love it that we, most weeks, crush our competitors on the other networks combined. when i took over this show a year ago i promised to defend conservative, libertarian, constitutional capitalism and that's what we do here. heads up to our competitors an the liberal bloggers, get ready for 2014. we have month are in store to whine about and point your finger at and get outraged at over. happy new year, folks.
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