tv Cavuto on Business FOX News February 11, 2012 10:30am-11:00am EST
atf. >> brenda: a prediction. >> and forget the health care, now, debacle this week, and ten teen is up, my favorite stock going, they're making-- >> gary b, bull or bear. >> bear, buy it after it's down 10%. >> brenda: and reveal the other hidden bottoms in that health care law? . >> he cracked, that does not mean the health care thing is not cracked. welcome, everybody, i'm neil cavuto. and what to make of the president's mea culpa. and the country is in controversy, but providing a way out for those offended and in so doing, you can now add angry catholics and other religious groups to the health care waiver list. and they join fast food restaurants that really didn't like the restrictions for part-time workers and a lot of the manufacturers, that had issues with how they covered retired workers, but if so
many are opting out, quite a few. are you a sucker for staying in? to ben stein, charles payne, dagen mcdowell along with charlie gasperino and neil weinberg. charles payne, what do you make of that. yeah, i think the-- you know, listen, this goes to a lot of things, and you think the most important part of this is, there's no vetting, this is rammed down our throats and told we were going to like it once we knew what it was about. and as we can see every single time, every other week there's something wrong. some things people probably don't know about. let's say you sell a house you're going to have to pay additional tax, 3.8% medicare, medicare tax associated with selling your house, on unearned income. >> and that's exactly. >> capital gains and dividend. >> medicare tax, and anybody making $250,000, adjusted from 1 1/2% and also, hospitals, i love this one, hospitals that spend more per elderly
patients are going to get penalizing, no rationing. >> and you're looking at this and realizing people granted wavers and opt out for various reasons, maybe to address the issues they find onerous, if so many can get out, what does that tell you? >> what i'm looking at is, congress and democrat congress basically gave the democrat president, mr. obama, a blank check. they didn't fill in the blanks. they didn't cross the t's, didn't dot the i's, they said trust us and said, try it, you'll like it, and tastes just like chicken. it doesn't taste like chicken. it tastes like something else from chicken and it's a big, big, big problem and fill in more of the blanks and they've started to fill in the the blanks when they've filled in the blanks, you'll see we have fully socialized medicine and taking money from everybody's pockets to pay for it. this is not to say that the portion not on health insurance, but to make this goldberg, incredibly complicated contraption do it,
and for congress not to give a fully detailed bill to the president, that was a huge mistake. >> and the catholics responded to that and we don't like that-- >> right. >> all right, so, what do you make of this? >> what do i make of it? you know, if you look at, it's eerily similar, and i studied dodd frank more, to dodd frank. the reform bill. when you unpock dodd frank it's a goldberg contraption of rules and regulations that really doesn't do much about the underlying financial crisis and suppose today prevent an implosion and prevents banks from making moynihan giving out loans and i think it's a huge problem and i tell you, i don't know what republicans do, i don't know what anybody, but there is an argument to be made that this man, just not this socialized the economy, he may be ruining it for years to come. >> i don't worry so much about the obvious costs in the ways to raise revenue that charles
pointed out. i worry about the cost, but at least those have been known and they're out there, like i'm personally, really angry about the 10% tanning tax that went into effect. and a 10% tax on tanning services, 10%, that's outrageo outrageous. >> outrageous, i'm serious, but it's the hidden costs, it's what's hidden in this. >> and they have a separate 10%. >> it's a 10% exeyes tax on just tanning. >> they do that because tanning can lead to cancer? >> what about botox. >> they changed it to tanning instead of cosmetic procedures. >> and pay upfront. >> and it did hurt businesses anecdotally i know for a fact. it's the hidden cost, the issue with contraceptives has been handed off to the insurance companies. well, you know what? these contraceptives aren't free and those costs will be passed on. >> and probably just news to the insurance companies, i'll leave that out for a separate argument. the debate now seems to be not so much over, look, the health
care thing looks decided and done, you know, the supreme court might rule out a lot and pick apart new stuff and congress if that comes to pass, but it is sort of like, as charles pointed out at the beginning, the surprises, the gift that keeps giving and it scares people. >> and well, as charlie's been, they quoted goldberg, well, let me talk about tom wait and-- >> you know, the cardinals today quoted rube goldberg, which i thought was a religious coming together here, but, go ahead. >> the large print giveth and the small print takes away. >> if you go back to sarbanes oxley and dodd frank, they love to put the large complexity on the system and muck everything up. look at tax code, thousands of pages and everyone feels like they're getting screwed and look at the dodd frank legislation, trying to do complicated things with separating proprietary trading and they could have done something simple and elegant if they want today and bring
back the separation between the investment banks and banking and wouldn't let the businessmen work for lawyers and accountants and lobbyists and everyone feeding at the washington trough, they don't do that and-- >> even worse, that would take power out of washington. >> absolutely. >> i'm not, this is not a conspiracy theory when you say this, that part of this administration's goal is to basically get all the power in one place. it's to basically centralize power, that's what you do with dodd frank, you create massive, it doesn't force the banks to break up as neil said. you're mixing risk with insured institutions and why do you want to do that. all i remember' doing is basically centralizing power of regulation in one place to regulate these big banks and the same with this health care law, it's very scary. it's almost 1984ish, but and it's, i'll tell you, it's going torques not saying the economy is not going to improve in the short-term, it's going to improve, but long-term, you know, we have an economic issue here, a group. >> and ben stein, and then it's this. in a negotiation, the other
guy will keep pushing something and see how far he or she can get and i don't think the administration envisions the kind of, you know, reaction it got, but it was going to push and push and push, and it dialed it back a little buit, but not a lot. and that i think is a lesson i'm learning here. >> when the government is pushing and pushing and pushing, we've got a blank check. a president, lyndon johnson asked for more power over washington, but specified what they wanted. in this case, the obama administration, just give us a blank check, trust us to filling it in. turns out if we trust them they take advantage of us. congress has to be extremely specific what it's granting and not granting. i think we can count on a republican house to do that and let's hope we don't have a one party legislature. >> ben, we found out that the obama administration clearly thinks it has a blank check with this health care law, but
guess what, the american people are not going to let them cash it. >> absolutely. >> not after what we saw this past week, i think from the white house. >> although i think it's kind of written in stone, a lot of this stuff. >> well, i think three might disagree. >> some of these things, my brother is a doctor, it's hard to reverse some the stuff that's in place, i'm it willing you. >> and bum you for money now, he doesn't have any. >> he wishes. he's highly educated, he's wishing maybe he didn't get the ph.d. and the mba. >> and keystone, canada is giving us the boot. and china is getting the-- that's money and speaking up in a fox business network poll. the results, they will stun you. [ male announcer ] you love the taste of 2% milk.
there is a major test to the republican presidential race, decided today, it's in maine, where this'll announce a winner of the week long caucus. and mitt romney and ron paul are the only two candidates campaigning today in the states, romney hoping to bounce back from what may have been the worst stretch on the trail. rick santorum swept missouri, minnesota and colorado. you want to keep it here. and a video of the crackdown in syria. and killed four more people in the rebel city. and a strike against the assad regime. opposition fighters assassinated a top general there. i'm jamie colby and i'll send you back to cavuto on business. keep is right here on the fox news channel. see you again in 30 minutes. . >> well, you're not imagining it, you go to the pump and keep getting kicked in the
gas. and pump prices still rising at a record level for this time of year and no relief from canada's keystone pipeline, because we don't have a pipeline, in fact, canada's prime minister in china this week trying to sell oil to the chinese. i've got a question for you. from whom would you rather buy your gasoline. dagen mcdowell asking her viewers on the fox business network all week in what she will admit is an unscientific internet poll, we never let that stop us here. what did you learn? >> we learned that when asked where would you buy your gasoline, where would you rather buy your gas from, middle east, venezuela or canada and almost everyone i want to buy gasoline from canada. >> and 98%. >> i said that was, i love you, but that was kind of an interesting lineup like the rogue's gallery and canada. >> put a happy face on it, either way it's a subliminal message. >> raises two things, wouldn't it be great if you made that
choice when you went to buy your gasoline, number one. >> a very good points. >> number two, what do you prefer, oil or conflict oil? that's how you can divide the types of oils that we import into this country and wouldn't we love to have more canadian oil. guess what, because that, the white house put the kibosh on the keystone pipeline that oil is now going to be going to canada and the-- >> china. >> china. >> and what did i say. >> and do you think that, prime minister harper though of canada then was calling our bluff that he would seriously go through and deal with the the chinese or this is a legitimate thing, look, i want to sell it to you shall you guys with were balking, and the canadians have made a phenomenal investment in money and manpower and woman power, too, i assume in these tar sands. i don't think they want to sell oil to just sit there. the chinese are ready buyers and tons of money. it was so insanely out of sync
with the feelings of america for mr. obama to veto that pipeline, i can't even conceive about thousand crazy it was, now the chinese are going to be the britishry. >> and we should point out the little positive news is that as they increase production, now, more oil on the market, oil prices should go down marginally. >> on paper. >> on paper. but, it is pretty interesting, you know, i want to know, did anybody vote for venezuela. >> i'll vote for venezuela, they were-- >> neil will. >> i'll vote for venezuela. >> muy bien. look at it now, if this is a done deal and the canadians are impatient and they want to do a deal with china and you want to flip it around keystone our part of it can't be resurrected because it's done. game over, right? >> well, i think both parties here have been playing a lot of politics with this. the republicans attached it to
a bill that gave president obama little time to look at it. the business round table, a very pro business group came out and said that no leader likes to have a gun to his head. so, i think both parties, in the political season-- >> no offense, how long did he need. >> well, they had three years. >> he didn't want to make the decision, let's face it, there was no reason we had to have a hard deadline here. both sides are playing mrish politics. >> why not? >> and gas prices are going up. >> neil raised a good point and the government, there was a technical issue of nebraska not having-- as to where that path would be. >> now, that's a stupid reason to stop something, but it was a legitimate. it's like, well, your paper work-- >> neil, nebraska came up with an alternate route and both-- >> it was through an island-- >> and republicans and democrats in nebraska agree that okay, the new route was okay. listen to the point with china
they've pumped 16 billion into canada, canada loves this, willing to do this thing and technically, the gasoline prices highest january ever. >> neil talked about a leader having a gun to his head how about the american people? this is the point we're missing, and this is not about politics, about not about ego, doing the right thing for your country. >> and environmentalists are missing the point, now it's good for the environment to put that oil on a ship and ship it to china and have it refined in refineries, that are not up to the standards ours are and have it burned in factories in the up to the standards. >> so they can fill up their planes and bomb us. >> and the pipeline, the pipeline right now is a political thing, this thing is going to get passed and both sides want to come out in favor of jobs. >> i think he's right. i think in the end-- >> and it's an interesting political dynamic, we're assuming the economy is getting better. >> no, we're not. >> a lot of people are, that the economy is getting better
and-- >> and charles has been seeing depression for as long as-- >> and i mean, joseph collins and-- >> i'm sorry, and always a bull this week. >> and think about it, is higher gas prices, is that going to be an election issue. >> absolutely. >> and that counter acts the fact that unemployment is going down. >> when they're at $4.60 a gallon, in places like new york and california, you betcha. and-- >> not that far away. >> and a separate poll that dagen will be working on. >> are you mocking the work of the fox business network? >> i love it. >> and we should have had americans on that poll. >> and it was about imported oil. >> where was america, where was america? >> and that's not about us. and fair and balanced and the point of being sickening. why work when you can make more just character checks from the united states government? there's a new study that's blowing the lid off the exploding number of americans
who are on the government dole and as the gang from forbes-- that's coming up at the top of the hour. next, think inflation only costs you more at the supermarket? think again, now it's costing america jobs and the government still saying inflation isn't a problem. [ horn honks ] hey, it's sandra -- from accounting. peter. i can see that you're busy... but you were gonna help us crunch the numbers for accounts receivable today. i mean i know that this is important. well, both are important. let's be clear. they are but this is important too. [ man ] the receivables. [ male announcer ] michelin knows it's better for xerox to help manage their finance processing. so they can focus on keeping the world moving. with xerox, you're ready for real business. can you enjoy vegetables with sauce so they can focus on keeping the world moving. and still reach your weight loss goals? you can with green giant frozen vegetables.
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to cut work force. some saying it's not a problem, but something is not jibing here. >> when i worked with mr. nixon and mr. ford when dinosaur roamed earth. i remember my father says, why are you saying inflation is low when we go to the grocery store and see how expensive a pot roast is and my father said that was anecdotal. with respect to my sainted father, waste wrong. the anecdotal put together makes this statistical and any american who shops, buys gasoline, buys almost anything sees prices are up, up, up, and it's extremely discouraging and going to take a toll and by the way, unless all previous economic history is wrong, enormous amount of money the fed has been pumping into the economy will result in inflationary selloff at some point. >> and the dangers to your ben bernanke and deflation and home values and-- >> they're in their own world because they say that-- it's fomenting more of it.
>> charles, i think they've made a tact here with keeping rates low for two years, they're doing this now and i think they're regretting it. >> there's no way you can keep interest rates at zero and not have commodity inflation, just on the very-- just the logic of it. people are going to go out on the risk spectrum and buy commodities, that's what traders do. and so, it's completely absurd, you know, i don't know what's going through ben bernanke's head. i know he's a student of the depression and maybe feels we can go back into a depression-- >> ben bernanke is cocky and flip a switch it's like a game of chicken, he'll flip the switch right at the edge. and the gas, i have three dog, renew the dog license, the tolls, life in general is so much more expensive. >> maybe you can cut out least expensive stuff. >> i've got mutts, they're pretty expensive.
>> and did you hear what the fox guys said? >> neil, what do you make of this, though, i think-- i know how these are could he lated and put together. and i know that maybe the government is using, i think that this disconnect is dissing a lot of americans and it's more than a year, the more they see it's a problem. i think the angrier they're getting. >> people remember their dog licenses, don't remember the fact that p.c.'s are cheaper and houses are cheaper, if you look at the overall number only up about 3% last year, that's not inflation, that's fat. i agree with charlie in the future the liquidity is a problem. and the line in the market right now. >> neil: by the way, how expensive a dog license. >> more than it used to be. >> neil: $10. take a chill pill. >> it adds up. >> i gotcha, $30 in your house. >> and the president obama saves this country $10. >> $10 is a breath mint for