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tv   Cavuto  FOX Business  March 18, 2014 6:00pm-7:01pm EDT

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we will see you back here tomorrow. neil: welcome, everybody. i am neil cavuto. the next time you hear politiciapoliticians asking fore money, ask them what they are doing with the money they are already getting. they are getting a record lots. a wicket record, over the top like shooting fish in the barrel because they have us over a barrel. in the first five months of this fiscal year tax revenues hit a record. $1,104,947,000,000. in just five months. that isn't just us. never in history of man have so much money than race in such a short amount of time and never
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in history of man had so much of it been squandered until it is gone. gone another $377 billion on top of that. deeper and spending after it is all gone. there's no problem with the money coming in. a very big problem with the money going out because the money these guys are taking from us is not an issue. what they're doing with it is because they are collecting $90 billion more from us for the first time this fiscal year than they were at this exact point in the last fiscal year, and that was a record. yet i keep hearing liberals say they need more, more money for more programs, for more rescues, for more of their friends, for more of everything. the president's budget includes a trillion dollars in such revenues over the next 10 years. very creative and it comes to getting more money, not so creative finding ways to save the money. and that is the problem the matter how much they take, they are still taking from us.
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we are supposed to be happy these deficits aren't as bad. that is like being grateful the iceberg calle caused only a smal gash. we better get a handle on the spending now because we don't have a revenue problem here. we have a what are we doing with this revenue problem here. what is going on? >> there is no accountability. we need shareholders to say what are you doing with our money? this going out for interest payments and social security. what are you left with? they can spend it on lunch for all we know. no one will know because we don't have term limits. if we had term limits you would be voting them out very quickly. instead we are voting them back
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in. neil: we are making a big deal, must be they need more money because they keep on screaming for more money. it is not an issue, the money keeps on coming in. even a slight uptick, that is not the problem. it is what they're doing with that which is the problem. >> you talk about the deficit going down and the media make a big deal of this being a major accomplishment. easy to cut the deficit when you tripled it in your first year in office which is what the president did. exactly what you have been saying. we have a spending problem, not a revenue problem. we need to be focusing on what the actual size of government is rather than what government is taking into feel the growing size of government. neil: a conundrum, look at this.
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>> they are way too high. >> there are some very wealthy people. >> some people are asked to pay more than their fair share to support others. i don't thing by the time obama is out of office we will get back to a place where we are deficit neutral. >> they can do a better job of fiscal management. >> they collapse we had in 2008 with the macro version of what is happening micro, individuals should not get all that credit, the federal government should not be getting all that credit. neil: we decided to take that like godzilla pictures to heighten the fear. that is the gist of it, right? i know you are great accountant, the numbers do not add up. >> that is the most frustrating thing to the people on the street.
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the average workweek has not gone up. they have managed. consumer spending is up, so how are we doing it? we are figuring out a way to do this, and we have to start voting in people who can add. neil: when republicans were in charge, they are not good at this. they talk a good game, but the bottom line is they are far more creative to raise money, to get money than they ever are at finding greater ways even to curb the spending of that money. >> as long as you have tax increases on the table, as long as you have the president talking about more fairness, more taxes, more revenue, bigger government, no politician has any reason to rein in the spending. if they can get a bigger pot of gold through taxing business owners, why would they try to reach spending? neil: it is very convenient to
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say the rich should pay more. with all of the health care costs and everything, it is in the mid-40s not even throwing other items. >> if you continue to allow washington to do this, it will not go away because you will find these groups coming out of the woodwork that need a little bit of the pie, that is what happens. neil: they keep on hearing them up for income? >> that is what they are doing. they're still not money properly. how many potholes are there? don't even tell me about shovel ready projects. collecting more money is not the answer. you know, another thing you think of in this great debate is something democratic harrison raised with me reminding me the
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top rate used to be north of 70%. i said so. we have a lot higher to go. we want to go a lot higher. where'd you go? spiegel of the attacks every high income earner at 100%, you still cannot pay for the spending this administration wants to do. this is borne out by the numbers. the historical norm for revenues coming in, we will get to that level as a percentage of gdp. but w who will not get his spending. spending will continue to be much higher than it was over the proceeding half a century. it will not change unless they take a stance against things like what is happening with the obama administration and his new budget talking actually in dollars in new tax increases. until the argument is made against that kind of fairness, we will not be able to get
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spending down to the historical averages. >> they all have to sit down and do their own taxes because they don't. i do. he ha have to keep a garbage pal next to you while you are doing them. neil: you're doing your taxes and puking at the same time? >> it is horrible. neil: i want to thank you both very much. on this same subject, no wonder they are raging at mitch mcconnell, doubling down on bashing them and tonight they are doubling back. student loan bills are sky high and have the answer. free college, everything free. who picks up the tab? you who. you! ♪
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neil: mitch mcconnell apparently doubling down on his anti-tea party talks. number when he bragged about how they would be crushed? now a growing profile detailing how is that republican leader is happily bucking the anti-insider crusade. in fact he is embracing being insider and a key player.
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delivering the goods to fellow kentuckians he says should not risk giving up on a potential senate majority leader. something is registering because right now the challenger is not looking too threatening for now. back with me now. one republican candidate for governor of new york. so what do you think of this, he is not afraid to say don't like you, don't need you. >> he is facing irrelevancy and he is upset. this whole crowd, 20th century folks trying to lead in the 20th century. people are done with them. they gave us that presidential candidates. neil: that doesn't mean anything right now. >> it is like we have the craziness in new york.
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this attitude about the tea party people. neil: they feel emboldened because they are in the driver seat. neil: it could be anything. they feel they will get a bigger majority in the house and take the senate. >> they will do it with a bigger majority of the type of person coming in will not stand for that nonsense sitting on the sidelines. neil: who will be winning all of these seats? >> they will have some interesting primaries this year. neil: you don't think even though the numbers have not been impressive maybe with the exception of lieutenant governor race in texas. >> they went after them big time, they tried to marginalize them.
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i think more and more people are saying maybe i am a tea party member. neil: what about you? you would run in new york with the you would follow up, they first had you challenging andrew cuomo. now this talk about trump might be running, isn't running, what is the deal? >> i found a better candidate than myself. donald trump. best international experience in business. a guy that could do wonders new york state. he came out last friday and says it looks to me like they're going to try to have a primary and put me through all of this craziness and with that i don't think i will be running. but i got a call on monday where he gave the courtesy of calling to confirm he will be at the big anti-safe act rally on april 1. and then we went on to talk, said there are lots of groups talking about a draft on you.
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he was pretty quiet about it. i said i am going to tell everybody i am not running for governor. but i am going to lead those groups in eight draft trump exercise. neil: i think you the great is its members he toyed with it before. would he want to expose his business and his dealings to press scrutiny as a public candidate? >> i have seen the real guy. he carries that about him. neil: he would be going through that 10 times. >> that is why doesn't want to go to the nonsense of dealing with these rhinos the republican party. if the deck is cleared, i can 99% sure a draft will win. neil: i don't see it.
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>> we dropped them i brought 70% to his office a few weeks ago. and so the beginning of that is there. neil: little detail is clearing the decks for him. >> he is a good man. he cannot raise money and he doesn't have the killer instinct. neil: here is the rap against this type of strategy. that's the real conservative is maybe the type who will help a donald trump if he is interested. they are not the force they were. you don't agree with that, do you? >> no. neil: why? >> the press is trying to marginalize it because those people in the press will disappear along with the relevant politicians in the lead right now be at people want different, young people, marco rubio, ted cruz.
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quit talking about ryan. neil: you don't like chris christie? >> christie is toast. that girl could come out and talk anytime. she may have a bad hair day one of these days and she is out there talking. neil: how would it make her talk? >> you never know what goes on. neil: i will leave it at that. you don't think his time is coming and gone. republicans should be seeking out a tried and true conservative. >> i think christie was destroyed. they had a lot to do with exposing it. neil: who do you like in the bunch? >> i like the guy from wisconsin. neil: just not paul ryan. >> he is too much of the old establishment boys. time to end the establishment.
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neil: we always appreciate that. al qaeda has a magazine, can you believe that? maybe the nsa could sav say wasa bundle and read the al qaeda magazine. so ally bank really has no hidden fees on savings accounts? that's right, no hidd fees. it's just that i'm worried about, you know, "hidden things." ok, why's that? well uhhh... surprise!!! um... well, it's true. at ally there are no hidden fees. not one. that's nice. no hidden fees, no worries. ally bank. your money needs an ally. predibut, manufacturings a prettin the united states do. means advanced technology. we learned that technology allows us to be craft oriented.
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neil: think of it as a new yorker but more explosive. actually ads for explosives and stories about explosives. it is called al qaeda magazine. that much and more. who needs spending millions picking apart was bad guys are up to when they can go to a
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newsstand and pick up a copy. and read how car bombs of the latest terrorist rage. al qaeda spelling it all out clear as day, but spending millions on snoops going after us. pretty much every day. i am being a little frivolous here to make a point this is online, they brag about it and it is easy to get. >> it is online, easy to get and protected by the first amendment which says hateful speech, speech that encourages violence, speech that preaches and teaches of violence, speech that commands violence is protected. as long as there's time for more speech to rebut it. neil: why doesn't the nsa just read that? it spells out their attention. >> they listened to somebody's phone call or e-mail about it.
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do they admit they do this? obviously they are aware of this magazine. the first amendment protects this. if they want to stand with a mob with a pitchfork and say go get cavuto and it runs in here, that speech is not protected. neil: why are you giving people ideas? >> this is so unlikely it will ever happen. they want to stand on a soapbox, that preaching as hateful as it is is absolutely protected. that is the extent to which we protect free speech. even a speech that wants to destroy our freedoms we protect. why they don't know about this. neil: they spent a lot of time not looking at the obvious. they collect phone records to start scarfing through 60% when
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a lot of it is staring you in the face. >> he was asked under oath you are listening to every phone call and read every e-mail, he said under oath 57. the next day said i have to amend it to three, and then they say i can't tell you. two judges looked at this, all for said they had not shown us a single, not one terrorist plot they disrupted because they knew about it ahead of time. i think the spying is almost a game with them and it is easier to catch everyone than to isolate the bad guys. neil: you can't tell me there is some morbid among the spies who really enjoys going through this. >> tried 2200 instances of nsa looking at the relatives,
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others. i have not refuted this. he knew how to press a half-dozen buttons and could pull up anything. the nsa has not denied that. the president is almost spying on himself. neil: what did you make of that when this first came to light? i don't know that is more damning you'r you are not awaree government. >> it is inconceivable. he is grossly incompetent. he may be incompetent in foreign affairs and with obamacare, but he is not incompetent about what is going on under his nose. neil: you are always hands-on. >> when things don't go their way like the bridge. neil: did you see the bridge?
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thank you very, very much. better late than never. sorry from gm now. the former executive' is says it is useless unless the company does one important thing and does it right now.
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>> we are putting the customer first. and that is guiding every decision that we made. that is how we want today's gm to be judged. how we handle the recall will be an important test of that commitment. neil: indeed, this is a start. the former ford executives george cook. he forgot to follow what they promised. the new gm stands by correcting the mistakes of the old gm. explain why that is important.
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>> that's important because when you overpromise and underdeliver you have a problem. but i think that she is a new ceo and the new gm and she has a chance to be a rock star, really. she's taking those aggressive and proactive actions to make sure that they understand why it happens and to make sure that it doesn't happen again. and this individual is in charge of all safety situations and recalls and having direct and quick access communication wise to the gm board and top management. so that is very important. neil: i want wanted to respond to this. gm may have made a business decision not to order this. here is the clip of this gm meagher switch is the main source of the problem. >> gm puts profits over the
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safety of business. >> objection. >> it made a business decision not to fix this problem and five months later sold that vehicle. >> you can answer. >> that is what happened, yes we want the charge has to stick. gm says that's not what happened. but do you think that in the end of that is going to be a tough hill to climb? that they knew about this but didn't do anything about this or that it was for knowing to connect the lawsuits that show that it was covering something else? >> no question. she has to take accountability. whether it's old and new gm, it shouldn't make any difference. the name is still the same, gm. from a marketing perspective them from in background, one of the stances they can could take as they could waive the 2009 bankruptcy liability stipulations and say that i'm
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the ceo. i will take charge of the financial potential situations many other situations. at the end point if they do that, it might cost them a billion dollars who can anticipate what the dollar amount will be. that shows everyone that the new leadership at gm and setting a tone thing that we are currently putting first and focusing on customer safety and customer satisfaction above all. i think that if they do that the long-run payoff has increased sales revenue profits and market share so that they have to step in to that. when that is an extreme step, but it gets people to look at the new gm differently than they would be old gm. neil: there is a procedure that we must understand on bankruptcy. >> just. neil: illegal obligations are not married by the new company.
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so the point is that it is going to stand by that apology and do something here. but because she in a prior job oversaw the various things been we were talking about, she might not be quick to do that. what do you think of that? >> that is true. there is pressure from the old gm may say be careful. you may be biting off more than you he can chew here. whether they do that or not, i think it is highly dependent upon how they come through this. neil: but that isn't a seems a stupid thing to me. a bogus position out of the blue. maybe that person will have a job to do.
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>> you have to clean up the dirty laundry, so to speak and i will tell you from my experience that hardly any things that she could bear that she hasn't done already and she now has to do with -- what she has to do is deliver on promises because that is what people are looking at. they made the commitment to make things right now they have to deliver on their promise to be one that is well put. george cook former executive. thank you so much. very good points. okay, so phase one. giving college education for free. absolutely. a lot of you have been tweeting on this story. i think that the cost of not educating our citizens is far more expensive in the long run. and it will probably get what they pay for. nothing is free.
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next, why that's not even the half of it. because guess who's paying for? just guess.
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i'm with scottrade. (announcer) ranked highest in investor satisfaction with self-directed services by j.d. power and associates. neil: whether it's community college, when it comes to buying an education, some don't have to pay a red cent. measures are being prompted with a promise that you don't have to pay for the books or anything. it's all free, all aimed at getting young people competing in this great race. but if it sounds too good to be true, is that? jessica ehrlich thinks it is a step in the right direction. >> from the main things that we need to focus on as a country aside from income inequality is making sure that we have a skilled work force going forward, particularly in the south and in states like tennessee where they're looking
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to bring manufacturing and businesses into the area and having a skilled workforce and educated workforce really make the state contractor. and particularly at community colleges, we have a free ride that would let you go for two years. you would be back in the workforce, particularly for those students who are struggling and having to support their families at the same time for you to give them the opportunity to get upset that we need. particularly with technical training in nursing and we have a huge nursing shortage in this country, particularly here in the state of florida. those are the sort of stuff you get from a two-year degree that can really make a difference and get you in the workforce. neil: sometimes we push college kids and community college in the two-year associate's degree is more than good enough for a
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lot of who want a specialty. >> that is right. i don't think that we have a shortage of college graduates but we have a shortage of manufacturing graduates. back in 21 and 600,000 manufacturing jobs were vacant. to be subsidizing trade schools and schools where people can get skills, manufacturing, so that they can enter the workforce. a no one needs to be a professor sipping coffee and that's only thing the people can do. that's not true. neil: okay, so in thinking of that, i would be open to the, making community college more affordable especially to get the can't get access. but why not extend to those and the like because all i know is that it former star people mercer people and those are in demand as a profession and yet
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we kind of looked down at him. the car mechanics, the people who have to work with their hands. these are the types of skills that we are succeeding in giving away here. so what do you think of expanding those type of trade schools? >> there are a lot of programs in community colleges, helping the folks whether they are getting their degrees, helping with the engineering aspect. neil: but not in the electrical engineering and that sort of thing. very few do not. >> one of the initiatives behind the legislation is to make sure that new businesses coming into the state and they are looking for those workers that have traditional skills. my mother actually got her nursing degree from the local community college here and the opportunity that she was given to become a registered nurse is exactly the kind of thing that we need. community college it's that
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perfectly in our community. as the ability to use the lottery money. it is fantastic. neil: .assumes there's a lockbox for the box. what do you think? >> i have a problem that the answer is always to subsidize college. why is the answer not to bring down costs. one oil and gas industry and gas prices go up, they are so quick to jump on subprime mortgage market and demonize these industries. but the one industry that seems to be immune from bringing down the cost of higher education because those are the part of it. rather than asking health care ceos to bring down the names, why don't they bring down other costs like the president of yell. that's the real issue is on that very same president of those elite schools are trying trying to afford plumbers to work on their homes. some want to thank you both very much. well, here is why free anything sounds good.
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neil: our business blitz. one third of us do to a report they don't even have a thousand dollars tucked away. why are we so strapped for cash? whiz, what happened? >> when i saw this, they took the survey of a thousand people and is it because health care costs are going up? who cost going up? yes, it seems like the only cost of living is part of this and these individuals don't know more about retirement savings accounts. a lot of pressure on the
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government and these people are not saving. >> this is a continuation of a trend. we've seen people go back to the 40s and 50s. saving 10 or 12 or 15% of their income. part of the social safety net has expanded in their personal savings have shrunk. it's negative going back to the mid-2000. whether it social security, medicare, housing and education, it has prompted people to become less responsible with their own money and yours being that now. >> they feel that the government doesn't have their backs? >> estimates right. why do that when you know that uncle sam has your back? two even if you think that that is the case, you can look at where the discretionary income is going and it's not going anywhere. >> yes, that's right. what does that mean? people are going to say that we
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are not going to buy that big house. we are going to launch a health care costs. and that means it becomes tighter than that companies who produce and sell here are going to say, wait a second. there's a deep destruction that needs to be done. but the spending power in this country is going to be coming. it is the fear their? yes. but is there a bright spot? yes. all that can be fixed if you bring that overseas by corporations back home to get economic growth back. neil: it doesn't instantly get their savings going. the? >> well, we need economic growth without a doubt. that is what ultimately can prompt a better economy for everyone. i do think to piggyback on what was read, that is not only the silver lining bringing back the money but also the fact that americans have cut down on their debt. that is something that individuals have done over the past or four years the government has not. they have paid down a lot of
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debt and uncle sam has rented out. >> i do have some good news. i just got from holiday inn express. [laughter] >> but manufacturing us, they recently reported their largest increase in six-month. that could mean the federal reserve has more reason to keep inching that punch bowl out of the room so that could be good or risky. >> yes, it is good. i agree with jonathan on this. and so they have this permanent state of emergency going back to the '90s. he is talking about the fed bailing out even after y2k. the blow of long-term capital. but the investors always think that the fed will come to the rescue and be the first responder. so what is part of this, thinking that they will go full
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throttle. what is the kryptonite? inflation spikes and vehemently deny. >> that's right, we are in uncharted territory. as was pointed out, decades of intervention in a specific extraordinary intervention with manipulation from the federal reserve. one thing we do know is that to quote an old adage of economics, there's no such thing as a free lunch. whether it's stocks or bonds or currency market. >> is a market already getting used to the idea of this coming from the fed, 20 billion less than they were art he used to. maybe it will be another 10 billion light. we have written that out, can we whited out when all of this goes? >> you know, the economic cycle. it's easier to figure out how much they will figure out next
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quarter, it a political issue it's impossible to decipher. it's a good idea to hold extra cash. neil: what if we stop with all of this? >> the fed keeps saying that yes we are going to pull out. watch what we say about interest rates going up. the fed will run to the rescue and there will be no loans and job. one every six weeks and could buy $10 million, which means my default, it's all gone. what do you think of that file? >> unless there is an extraordinary event that prompts them to revise that estimate, i think that that is really difficult to establish in situations like this.
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not trying to get a sense on on the economics are but with the personalities are doing here. and what the people in washington will do. >> he said it is about the personalities. democrats say the fed says this will go away and come film astutely and brilliantly talked about this, he says is that all goes away, what happened. >> what happens is the federal reserve can say if we do have this from which we have an account yet. you would think crimea, japan, the nuclear meltdown, you'd think greece. so what happens? >> they have been saying this. we reserve the right to open up the liquidity. >> they do say that they don't. >> i think that you could seabury.
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the first and here's where we saw upon prices below where. so i think the fed could see it upon prices drop. neil: and you are about to release a definitive book on mother theresa. you have let your subject on. >> no, i'm not. neil: she's ashamed of your. >> she's been ashamed of me since i walked by a church. one that could explain a lot. so do not walk with liz macdonald if you're near a church. [laughter] >> i want to thank you guys very much. getting you guys a choice. apparently a lot of you are envious. what would you decide? this is scary. apparently a lot of you have decided you we asked people a question,
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how much money do you think you'll need when you retire? then we gave each person a ribbon to show how many years that amount might last. i was trying to, like, pull it a little further. [ woman ] got me to 70 years old. i'm going have to rethink this thing. it's hard to imagin how much we'll need for a retirement that could last 3years or mor so maybe we need to approach things dferently, if we want to be ready for a longer retirement. ♪ if we want to be ready for a longer retirement. iwe don't back down. we only know one direction: up so we're up early. up late. thinking up game-changing ideas, like this: dozens of tax free zones across new york state. move here. expand here. or start a new business here... and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at
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those litt cialis tadalafil for daily use helps you be ready anytime the moment is right. cialis is also the only daily ed tablet helpsapproved to treattime the msymptoms of bph, like needing to go freently. tell yr doctor about all your medical conditions and medicines, and ask if your heart is healthenough for sex. do not take cialis if youtake , as it may cause an unsafe drop in blood pressure. do not drinklcohol in excess. side effects may include headac, upset stomach, delayed baache or muscle ache. to avoid long-term injury,gety if you have any sudden decrease or loss in hearing or vision, or any allergic reactions like rash, hives, swelling of the lips, tongue or throat, or difficulty breaing or swallowing, op taking cialis and get mecal help right away. ask your doctor about cialis for daily use and a free 30-tablet trial. neil: what is the time for? what is the deal? so what is the deal with you using props to make a point?
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you did this bracket thing honor fox news show. to rip healthy eating freaks. will you ever grow up? so cool that are to judge than a guy that talks to a a lot of doctors to discuss an issue that is bugging a lot of doctors. and he'll are an idiot, this is what one viewer said. i watch you for years and find you oddly hypnotic. but not in a good way.
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so how but i put out a warning for you, listening and this year the affordable care act and i warned that this will not be the case. matt says i work with ibm and my hours have been cut 10% because of obamacare and the meanest week ever.
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vulnerable. and finally, i am the antidote for angry television. neil cavuto doesn't support obamacare, that's why people aren't signing up. and then we have this tweaks. i'll schedule my own colonoscopy. thank you, mr. president. when people compare the burden of going through this process, that could be a signal that this thing isn't working out.
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about a half precent about negative. give or take about 50%. have a good night. ♪ ♪ lou: evening, everyone. there is competition between president obama and vladimir putin. it is utter silence. from the white house tonight despite reports that russian troops have been in crimea. one was killed the other hospitalized, after bursts of automatic gunfire were detailed by reporters at that base.


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