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tv   Cavuto  FOX Business  January 15, 2014 11:00pm-12:01am EST

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on the fox network. neil: man oh, man, i must have hit a nerve. we had more e-mails and tweets one person saying that government has special trees that keep growing, billion dollar leaves they keep picking it. spending has been out of control, no one is trying to stop it. neil. i'm with you, they can't tell us where that money went they flew blew it on someby stupid.
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keep on them, are right. >> if they cannot account for money spent, by definition any unaccounted funds earmarked for repair have a been mismanaged. >> keep up the pressure. if you don't stop them, next they will be sucking the cream out of our twinkies that would be a tragedy. this twinkie is on a tear. i'm steamed that is why i propose the government do something that all businesses do. all families do, with common sense dictates they should always do, here it is. a full accounting much all federal -- of all federal spending, not just moneys devoted to infrastructure, which seem to befalling in a black old
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hole but all money, all spend, i want to go through this line by line, someo has to explain how it is after spending $16 trillion, fighting a war on poverry, poverty is still winning, number of minorities is growing, someone has to explain how we could pay over $121 billion in gas taxesroad tolls and fees every year, presumably to fix our roads and brings and we need more money to fix our roads and brings. where the hell is it going? only way to solve this get an inspector general of all general funding. not just policing a rescue fund meant for banks that mored into bailing out more than banks but a fund for everyone. and inspection fund for all
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bailouts, all rescues all spending all funding all areas, i know what you are thinking, neil is going at it with same old waste, fraud and abuse thing. i am. but i don't think that washington has ever been serious about it. whether it is democrats looking the other way involving billions of dollars in social programs or republican with billion in defensive pripration, they have their pet projects, and their costs and causes, they dump their bill on us, i say we dump this on them, we're saying, show us line by line, what are we paying for? not broad terms in specific terms, every item, every project, a full accounting and then, if you could still prove you spent that money well, we might give you more money. but not until then. because we have learned already with taxesnd tolls and fees, meant to fix those bridges they are still falling down, i don't know about you, but i'll be
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damned if they take this cntry down with them, time for a inspector general to inspect generally everything. with me now former department of transportation inspector general mary. we normally have pleasure of talking about airlines and planes. but i think that flight path here sorry our money is more dangerous. because no one is inspecting it. what happened? >> well, that is right. problem is you have inspectors geral at every department. but congress plays a role in, that they report to congress and the president, and when they find fraud, waste and aus abeca. for example transportation of important 3.5 trillion in two years but still we have no cuts and downsizing, you not only need an uber ig i hard look at
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spending but you need ansparency, agencies and congress have to be required to make it fully disclosed, make it public where the money is going, what the money is going for. and when every we have a -- whenever we have a government program, a end point, because otherwise you build up contributconstituent yhency, ont someone involved, they want to grandize their role, make their staff bigger and their budget bigger to say, look what i did, by the way with you money. neil: i know it works with budgets and all that, if you don't spend the money, chances are when we visited in following year, you don't get aid as big a think about, but where is the incentive, to save money? that is something that is missing here as we start, i think, needing to take a sort of
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a reassessing? >> that is rig, there is no incentive to save money, a few years i returned money, i said toto myself we'll be frugal and rush money, you are -- return money, the next year was budget was cut, that was find we operated but the budgets get put forth by president, congress approves them, in agencies you are not allowed to spend money not been appropriates but they give you more appropriation than money that you have. neil: mary -- you mentioned for each group, and appropriation someone who is policing it or should be, but, aot of police look the other way. because at least they don't know what the hell is going on under their watch? >> right, once you make findings, if congress does not back you on it, and someo does not hole their feet to the fire, what happens is watch dogs themselves are you know come under fire, i got hate mail, i
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got death threats for finding things for example. it was way over that i was reatened with firing,ongress has to get behind it too, in the end, we find once we get constituencies and people, you can't get them off that government program. that substance called taxpayer money. neil: i think if we bring the numbers to light and show them with the money is going, budge budgeted or not, that could start changing things but i amo could be naive mary thank you. >> thank you. neil: how we better get a halted olhandleon this. you know, we're getting into this later in show, but i'm not mystified by growing indication that world is losing faith in us, a haven for cash, and a business haven period. but because of these games but
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we don't do simple thing that businesses and families do. >> i love this segment for so many reason, first transparency you were covering, notion that the government does not know how much it spends and taxpayer who are funding the government don't know how much. is a huge problem. if this were a privately run business it would be unacceptable. take transportation, you know we're wondering why we have crumbling roads and bridges and where is the money to fix it, people are arguing more of a gas tax to fix its problem is that gas tax money goes into a trust fund, then it is pilfered for pet projects with train museums, and bike paths and beautiful trees on the side of the road, it is being misused there is no way that stop it. neil: i am a believer, idea of
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just shed someight on it. if people knew that this was going on, a lot of you know, go the hard working americans, they have no idea, but if you shed light, this is where your money goes, to this all this infrastructure, you know demand for more. did you know thate do have a lot of money go to this but it is go over here, i brought that to viewers to light the were startled they could not believe the numbers, said if they're right our roads should be paved with gold, and bridges supported by crypt tight. >> you are right, fun story in 2006 legislation that was passed, federal level that requires federal funding to go on-line, idea we would creat a web site, at least be able to track contracts and some grants, get up to notion thattance transparency is a good thing. a couple senators respons sponss
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bill, one of tom coburn the other was then senator barack obama. he had the right idea in 2006 before he ran for president, that since got out of door once we had the stimulus, he promised there would be tons of transparent see, an we would trk every dime of your dollar, not the case. the agencies as you were saying, don't have incentive to cut money, when they stop spending they don't get that money back. we should look at those kinds of rules. >> look at idea that look, we don't care if you spin the money, i do ce, but, whether you know, appropriate it or not, i am saying let's find out what you are spending it on. maid, always a play ire thank you. >> thank you, neil. neil: here is why this is important away we're going folks world does not think we were important.
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neil: we might be home of the free, but that does not mean investors want to be brave, world has doubts about us with the economy freedom, much is the word thinks we don't offer much. u.s. ranking 12 in world wide survey, base on how financially attractive, they are. how many hurdles the country clear. we don't clear too many. because of our taxes our regulations, and our debt and all the. do we not only crack the top 10, country like ireland, i can live with that, chile and estonia -- estonia? excuse me. this is like me hopping up on ck lalanne's most fit list, steve forks "forbes" saying oh, man. >> estonia was under communism, they get a freedom, flat tax, and krugman.
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neil: do you remember that. >> for not being keynesian enough, they their high-tech center, skype came out of estonia. neil: they used us as a model. >> thhy took what we said seriously. neil: that we value these but we dot, but 12 on the list that is a damning statement. >> well, what is bad is the direction, for example national debt, not the debt, per say, bad though it is. it is the trend. we're not really getting a grip on it. you see it in regulations, thousands of pes, of regulations, but they, those rules and regulationsre written in vague language, that means bureaucrats decide what they mean that goes against the rulef law, blunt truth is if they want to get you, they can. they can find something, you have done and you didn't know you violated the rule they can get you, so smaller banks, smaller businesses, why have we not have a job creation? it is hard for small businesses,
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new businesses to get credit they need, getting pressed with regulations, they can't afford big departments, the direct is ominous. neil: i had a business owner on telling me. the same, it is not the taxes not even health care thing, that gets us, it is the damn regulations, up know rate of a hundred day, just too much, ignorance is no defense. i mean if you are in violation of any one of a number of the new rules they throw at you, you are going to be crucified. >> selective enforcement. and the government is trying to get more sway over the economy. good a federal court in district of columbia thrown out the attempt by fcc to put regulation on the internet,. neil: for now, we have a very active progressive, new york city mayor, now, trying to entertain tough rules, and taxes of his own, in this capitalism
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mecca you might see a big retreat? >> well, and again, it is the trend, chile made top 10 in this survey. but they just elected a hard-core socialist president. neil: the gains can be short lived. >> they character in term the of u.s. -- they character in terms of u.s. i think we're laying ground work for change if we get it right in 2014, and 2016, for example business taxes we're the worst in developed world, america the worst, worse than france, for crying out loud. neil: we're worse than france? >> w we have a high are rate are than -- higher rate thanfrance. neil: that dude with the motorcycle, sect -- >> and the first lady. neil: that can i cannot stand, e forbes thank you very much. are you keeping up with this chris christie thing?
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i can understand democrats in new jersey going after this, but damage damagdemocrats in dc? >> ♪ [ male announcer ] this m has an accomplished research and analytical group at his disposal. ♪ but even more pressive is how he puts it to work for his clients. ♪ morning. morning. thanks for meeting so early. oh, it's not a big deal at all. come on in. [ male announcer ] it's how edward jones makes sense of investing. ♪ open tinnovation. open to ambition. open to boldids. that's why n yor has a new plan -- dozens of tax free zones all across the state. move here, expand here, or start a new business here and pay no taxes for ten years... we're new york.
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>> i'm the governor, i'm responsible for all that happens on my watch. both good and bad. we will cooperate with all appropriate inquiries to ensure that this breach of trust does not hpy again. neil: well, not good enough, governor for christie's sake, central democrats as in washington, dc. senate democrats are trying to make a official case out of one chris christie. turns out no less than jay rockefeller wants hearings on traffic tie you were and who it might be tied to.
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but then i started thinking, since when did this bridge and tunnel issue become a federal issue? guy benson is wondering, but -- is not, fort lee maybe effort , fort fe fed? >> they are piling up on chris christie. they are going to come at him, at every angle and try to scuff him up a bit, if federal democrats want to do the same in dc they will try their best. neil: i can understand, you know people in state, wants to get to the bottom of this, republicans and democrats, but do you think that guy is on to something, saying this is so over the top
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transparent, it making people just recoil? >> you know, i think this not just a fort lee, new jersey issue, this is the most heavily traffic bridge in theount, it spans two states. neil: would you have cared if it were involved andrew cuomo? >> i would care, this is a continuation of i95. neil: i know - would you really? would you really? would you really? >> i would. if my governor or any other governor decided, he or his staff disreturned traffic on a major artery to exact a political distribution. >> did you feel same rage with charges that obama administration through irs targets conservative groups. >> i think it is -- i think. neil: you were just as out rangeoutraged.>> i was.
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>> guy, i'm wondering, on both sides they both play these games, go for jugular, see what sticks. but when senate inserts itself ahead of what the new jersey politicians are considering, then it gets to be a cluster you know what. >> that is probably true, i want to agree this is a li jet nataline of in-- legitimate line of inquiry by someone, whether it is the u.s. government, not really so sure, but there should be a inquiry into the closure of the bridge. now the governor has come out, he has been clear, and what he did and did not know, if he is telling the truth, think he will be fine, if not he is in trouble. he has fireed people, and taken
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decisive action, i believe him, but i think that people of new jersey are entitled to real answers. neil: you hit a point, a i agree with you, if i know that in if i am stuck in traffic, it is potically motivated -- my. my fear it is overkill, a lot of questions you raise, did it stop with the two aides did it go higher. all good questions, all they should be addressed at local level. then, then if there is smoke we'll see if this fire somewhere else. >> i think this is -- yes, absolutely, organizational culture is important. neil: is that the case? >> i think it weighs heavily. with there a request o governory made the order. neil: atmosphere.
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>> look there are a thousand ways to exact political rutbution against somebody without disrupting traffic. but you have motorists, from trucks carrying commercial goods, i think that for that reason, it is appropriate for democrats or republicans in this -- >> were surprised christie not had a bigger hit in the pole. >> not surprised, he is a popular governor. iwe still like them. neil: a good point, i heard that view, some people admire this. the tony soprano-type. >> this is new jersey. neil: careful now. >> hey, hey. >> i'm from the bronx. >> i was thinking like the hamptons. >> no. neil: new jersey, you mess with our traffic, we don't care who you are. i am wondering if this does help
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the governor? >> well, if you look at polling come out in last couple days, a monmouth university poll has his approval rating 59%. neil: it was at 65. >> it was, but another poll,+ 17 points on approval rating strong marks on honesty and leadership. >> do you think he will get pass this. >> unless, that is my -- >> they don't try to -- >> big caveat, if he is lying he is in trouble, if he is actualing the truth we will be fine. >> that is right, in 2016 he has other problems beyond this, but i think he will get past this, we have short political memori memories. he will get passed. neil: i can hold a grudge forever. >> you will neff forget but, there never forget. neil: ien to forgive, thank you guy, thank you, great job. >> thank you. neil: spying when you sleep or
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neil: halftime, one more time, nsa, listen. nsa can rifle through you your futeven when y are not at it, even when your computer is not logged on. "new york times" reporting u.s. spies were monitering to 100,000 computer users abroad. largely in china, i'm okay with that but. get a load of this, most of those computers were largely not even plugged into the internet. what? former nsa training expert, retired air force colonel.
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you are the expert, i'm not, this seems creepy. twilight zoney, how did you do they do that? >> it is one of those things. it is complicated but they -- >> i hate it when you say it complicated. contractors at my house say complicated that means it will cost more. >> what they are doing, they are using radio waves to again the signal from the computer, to another base stationn which then goes in to nsa's network, and then the data would be analyzing from that. in simple temps, they use is a creating their own radio transmission system or using the system that already exists in the computer, too transmit data. either way, they can me it eful, from an intelligence perspective this is how they
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work with this program. neil: all right. i guess a lot of americans will hear this, say well we're tealindealing with chinese larg, that find we have always been concerned about what they are doing to us. but this can be done to us as well, right in. >> yes, it come you mention russians and chinese, they are active in do the same thing. especially the chinese with going after backdoors on computer systems, able to hack into the systems, and actually using the data that is on those system to find other people. and so you make those connections you infection one computer, you can use that to your advantage. neil: this the week we'llet wind of what kind of restricts president obama wants the nsa to sort of cool their spying jets so to speak. are you concerned we go too far or not far enough?
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>> well, i think that there is always a risk that we're going to go too far. we have this amazing pendulum i american politics and policy, first on one side we go too far, in this case with electronic skying piece. then other side we may go too for with restrictions. to buy without restrictions. so we have to find a happy medium and we are not talented at finding a happy medium. what you need is a system that allows you to do things in a very targeted way. keeping them away from this and away from being looked at. and that is the ideal way that the people have talked about, the technical reality that we are dealing with at the moment. neil: i'm an expert on this because i watch a lot of james bond movies. every time they try to rein in james bond, they just narrowly do whatever the heck they want to do. and so i am be beginning to
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wonder as a security expert. >> we listen to the people that are giving them the rules and regulations. neil: how would they know? you are spying like crazy on them. there lots of politicians that think this. >> that's right. you have to make sure that there is a strong oversight mechanism in place. and you look at the way to that the house and the senate handle the oversight issues with intelligence agencies and their are a lot of questions that people have legitimately about whether or not they exercise the oversight authorities that they are actually given under the constitution. having said that, the agencies themselves, especially the nsa, they have to remember that it is primarily focused on military operations and it is also an overseas intelligence collection
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agency. so it's focus is overseas and it's not designed to do things domestically. but we have to worry about what the others are doing as well. neil: they did a lot domestically here. and hope springs eternal and it's always good having y on. so thank you so much. weave a lot more here. remember the lyer looking into the target reach? we had some pretty ticked off target customers. apparently she hasn't powerful company. the attorney general in the state of illinois, woman who is on this whole report before anyone. this is prof that things are this is prof that things are getting my dad has aor afib.brillation, he has the most common kind... ...it's not caused by a heart valve problem. dad, it says your afib puts you at 5 times greater risk of a stroke. that's why i take my warfarin every day. but it looks like maybe we should ask your doctor about pradaxa. in a clinical trial, pradaxa® (dabigatran etexilate mesylate)... ...was proven superior to warfarin at reducing the risk of stroke.
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neil: it is very good to have you and what are you looking at we want to know exactly what happened here. least 40 million people had their payment card information taken. as many as 110 million people haddditional information that was taken. and we want to know what in the heck happened with their lack of security in the system allow this to happen and what we going to do to clean it up d prevent it from happening again? ne: yes, customers are very
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concerned about their credit scores. nothing that assured me that this can't happen again. to an earlier point i made, hope springs eternal and i promise to be vigilant about going on diets and i hate to say it doesn't happen. sowhat do you do? and what what your fellow attorney general is due to put their teeth and that's? >> well, we always we have that ability to enforce statutes and laws against anyone who was on the personal information a what i would say to the american public is the magnitude of the target data breach really is a wake-up call to all of us that we have to be vigilant about our bank accounts and credit card accounts and our debit card accounts. we need to see what payments and if anything has been withdrawn and put on those accounts. things that are not authorized a
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one a lot of the creditors don't do that and they certainly are not going to hop on a computer every day. you are more or less saying that they do have to think that way. you have to lookhen your credit car statement comes from one of the great things you can do is get online and put it in place and you can pick your amount and if someone has an unauthorized charge, youill find out about that right then and there. so if you get alerted you are to know that there is going to be a problem. the one thing tt i do want to say is in terms of credit
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monitoing and that will not alert you if they are our unauthorized charges. making sure that someone ends up using your information to open up a new account and then you will be alerted. and they are not actually providing you with a free credit score. they will monitor if there's new credit open but they will not alert you if someone has been using your card. so whenyou call the number on the back of your car, be diligent, get a new car, cancel the old one. that's the only way you're going to be protected at this point neil: i tell evereryone in my family just don't go to the store or don't spend. >> that's the problem. that has a potential impact on our economy because we know that the main generator is consumer spending. so there is additional security put in place, if there's not any that's put in place, we are going to see a big problem overall. i think that you could use cash
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in their other options. neil: then everyone looks like a drug dealing. [laughter] thank you so much for joining us. >> you are welcome. neil: steny hoyer told me ths about the health care law just yesterday. >> i think it's going to work over the next six months and i don't think we were going to worry about it. >> people are going to see that what they are getting is good. neil: okay, one of the key architects in helping things run. we will have that this is the quicksilver cash back card from capital one. it's not the "fumbling around with rotating categories" card. it's not the etting blindsided by limits" card. it's the no-game-playing, no-earning-limit-having, deep-bomb-throwing, give-me-the-ball-and-i'll-take- it-to-the-house, cash back card. this is the quicksilver cash cd from capital one. unlimited 1.5% cash back on every purchase, everywhere, every single day.
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neil: by now you know all of these numbers. i will just regurgitate a couple of them.
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and ste hoyer, the ranking democrat, he said that the websites problems are going down. more and more americans are signing up. the key architect of allof this is david. david, what you make of that? six months we start seeing this. and things are going much better. the number of people have gaine coverage because of the affordable care act and there
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are a lot of economic benefits to millions of families. there is still a number of very tricky issues that have to be navigated, it is actually going quitel be one no offense to you, i don'think this turned out the way that you planned. but the fact of the matter is that a lot of people were concerned and net net we are down health care coverage. but did you ever think that this would be a disastrous rollout like it turned out to be? >> i think that the numbers people gaining gaining coverage will exceed right away the number of people who lost coverage. many of those who lost coverage will get them in other ways as well. but not all of them will have to y more. when people come forward saying that their premiums have gone up, a lot of times reporters and
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others have looked into this and they are starting to turn out to be incorrect, that is that people didn't calculate that they would get subsids on exchanges. neil: so if you are at this income level you get the breaks. but here's the issue. one a lot of corporations decide what they're going to do and whether they jump their plan or tell their workers to pay more for their plan to move their workers and there is an issue and it's worth more particularly for the high income people especially for those who are not qualify for coverage anyway. so that is why it indicated this
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end they have shifted away from the plan of the private exchange and away from what they were used to. and we are looking at a lot of change for a lot of folks who have not factored that i. neil: you don't think that this accelerated a? >> i think that it will because
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we will provide very high coverage and the companies will say that there is this a viable option which is the exchange that you can actually go and get a subsidy because your income is low enough. so for those workers i think that we will be better off. and for those people that corporations are just not doing very much yet. neil: we will watch very closely. hope springs eternal. well, remember when i told you on this very show that this was going to be the year of the bank's? and i go so far as to say i and i go so far as to say i believe t. [ male announcer ] e new new york is open.
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neil: bank of america outlets and earnings are of the charts. that may be banks are off to the races. are they? time for tonight's business blitz. are you banking on this? >> you know, it's a tough call. and very unique. and so the short answer t all this is bank of america is going to go along with mortgage headwinds. mortgage headwinds will exist.
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>> i dig the banks right now. u're starting to see loan losses go down. they are going back to being banks and like the financials, we own them at. neil: so what do you think the ford at 150. when it comes to guzzling gas, not discrete. at a time the folks that make it are doing the auto club lead in making sure the league are solid as well were showing them that they would want that. so that includes everything from plug-ins the go a lot further to more raditional models that will cost a lot less.
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this is what mcdonald's did to show folks they were doing the right thing? >> yes, and they failed and they did and do really well. but before doing something good, you mentioned how strong the sale was and i think they are taking that next step, saying what do we do next. so he they are trying to penetrate that european and chinese market and we all know that they need hybrids and energy efficient cars. i think it's a great move by ford. >> absolutely, the two top-selling hybrids. our society is changing and it's more acceptable to be green and highbred and five or 10 years from now, yes, the good old country boys in texas will be okay driving an f1 50 hybrid with solr panels. neil: might have time.
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what are we worried about for tomorrow? >> i'm wried about it every night. that is inflation. >> looking for a beat in the earnings come i'm wondering what they have to say about shipping in the u.s. and i really want to see this economy is chugging along. >> i want to know that the economy is taking off from here
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not just sort of chugging along slowly. i want to s growth and not just the ability ♪ kennedy: on the show we believe that we have moved past the traditional and stale ideas of the tea party system and tonight we are just having a party. titans of liberty and john stossel will be here to talk about the core issues with new developments. they remind us that we have to be vigilant. security is a hungry beast and valerie's freedom. in fact, it is a party, it is the independents. ♪ ♪ kennedy: hello, i am kennedy with matt welch and kme

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