tv Varney Company FOX Business July 11, 2013 9:20am-11:01am EDT
♪ -p♪ imus in the morning ♪ >> thursday, july 11th and welcome to ben's rally. investors, you're going to like this. good morning, everyone. minutes from now the dow will challenge its all-time record high. ben bernanke says the economy still needs help. investors think that means he's going to keep on printing, so, stocks are taken off and gold is moving straight up as well. by the way, you better buy gas
today because prices are spiking, going straight up. the run-up in oil is passing through to the pump. predictions to a 10 to 20 cent a gallon gain within just a few days. a little noticed bombshell dropped by the government's accountants. 107 billion dollars worth of overpayment in 2012 and they're counting the waste. surprised? no, but outraged? you bet. try this one, eliot spitzer takes the lead in the polls. all right, everybody, i promised to give you the good news on stocks when "varney & company" begins. in today's markets, a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your order to up to 75 market centers to look for the best possible price -- maybe even betterthan you e. it's all part of our goal to execute your trade in one second. i'm derrick chan of fidelity investments. our one-second trade execution is one more innovative reason serious investors are choosing fidelity. now get 200 free trades
announced for comptroller, but everybody look at this, spitzer is up by 9n maris poll. and we'll talk to the man who conducted the poll. and ben bernanke says the fed is in no rush to raise interest rates. that's exactly what the market wanted to hear, isn't it? look at futures, this is how we're going to open, way up there. again way into the triple digits and putting the dow into striking distance. gold, 37 per pounce gain as we speak. and oil 105 is the quote. i'm saying this morning, fill up your gas tank now because gas prices are on the rise. the national average for regular up almost 2 cents overnight. 3.51 and predictions it's going much higher in the next couple can of days. we've got two outrage stories we're following today. washington d.c. lawmakers pass
that living wage requirement forcing nonunion, big retailers to pay 12.60 an hour, what's the result of that. wal-mart will not open three stores that would have provided jobs in a poverty stricken neighborhood in the capital. 2000 jobs gone and this is a union victory. next item, how is this for a number. 107 billion bucks what the government's accountant say the government wasted in 2012. and i've got to say i'm not surprised. comedian colin quinn is here moments from now and reacts to both stories in just a moment. buckle up everybody, he'll make you smile and so will the market. we've got a rally, we'll cover it next. my mantra?
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the economy does need help from ben, right? >> i think it does, we got ahead of ourselves and our imaginations were our own worst enemies, if you think of what he said, data dependent the data is not there to do what the traders thought they were going to do. they can't raise interest rates, up, up and away. >> thanks, scott. we'll keep threw and bring you back in a second and i see they're cheering in the background and the market is off and running and i expect to see a lot of green arrows today. we're expecting a gain of well over 100 points when we get the ball rolling on this thursday morning rally. look at the market right now. we're up 67 points, please take a look at what we call a market scan. that's a scan of all the 30 stocks that make up the dow industrials, and every single one in the green and they're all up today. led by caterpillar by a very big gain there, all dow 30 stocks are up. some individual companies, i'm going to start with microsoft, it's a dow stock and the company announced a big shake-up.
it's going to focus on devices and services rather than pc's and bring it altogether in four engineering units. so, nicole, where is the stock? >> right, so the stock is looking good here, up nearly 1%. they're doing restructuring which is categorized as dramatic. in apps, cloud and devices and devices include just about everything from pc's to tablets to television attachments and the like and they're going to be rechanging the management structure in a big way and it seems dramatic. a look at the big board for a second. and we just passed the old closing high. you're into record territory right now. 15,414 is where we are. a gain of 123 points as predicted. still there, nicole, it will he me about yum! brands. i understand that its sales have been hit by, what is it, bird flu in china? tell me. nicole: that's, that's the
problem. i think they saw a 20% drop because of bird flu and the media that went with it. and nobody was going to kentucky fried chicken there. and they saw sales improving, that's good news for them and the media coverage of what happened had also died down a bit and that's good for them as well. stuart: the overall markets straight up and yum! brands is not. we're up 134 now for the dow industrials, 15,424. and another big name we're following the story closely. wal-mart, d.c. lawmakers called wal-mart's bluff and passed the living wage requiring retailers to pay 12.60 an hour. wal-mart says it will not therefore build the three stores in d.c., goodbye to the jobs. one of the d.c. council members who led the charge for the living wage will join us in the next hour. by the way, colin quinn is here, look, i'm mad about this. the idea that you should walk away from d.c.'s jobs in a poverty stricken neighborhood.
i don't think there's anything to smile about. can you make me smile on this one. >> wait a minute, wait a minute, so, wait a minute are we mad at lawmakers or wal-mart? >> the lawmakers. they're turning down jobs for impoverished people saying no, no, unless you pay $12 an hour we're not going to have you in our town. ridiculous. >> in d.c., which has a brutal poverty rate. stuart: nothing to smile about on this one? >> no, well, you know, smiling at the abject poverty of the people of northeast d.c. start off. stuart: you've got to crack a smile the dow is up 150 points. >> i would crack a smile if i understood the dow. the reason i'm on this show i want you to tell me how to get rich. i've been in this business a thousand years and i'm not rich. stuart: who manages your money. >> i have a good business manager, but afraid to deal with stocks, and noi what goes on with whole thing, i don't trust it and plus it's up so high, sbt
that what people say before the fall? >> you need to tune in at the 10:00 hour, and charles payne will be here and makes all kind of money for people. >> be a part of the crew. stuart: sit there for a half hour and learn something. and the rally is up 162 now. because the fed says we're going print more, and listen to me, but they're going to keep on printing money. dow up 160. look at the price of oil, down a buck now, going the opposite way for most of the other markets. it was 107 at one point earlier this morning. please, everybody, go out there and fill up your gas tank now, because gas prices are rising 3.51 is the national average for regular now. and all kinds of predictions we're going up another 10, 20 cents a gallon within the next few days. scott shellady is still with us from chicago. all on track for a really big gain for gold and stocks. nothing's going to get in the
way today? >> i don't think stocks will-- nothing will get in the way of stocks. i've got to tell you, i don't think that's a big shine on gold. i think the reason we're still pumping is the reason why it's higher, but we're in a deflationary cycle here, and gold is a sign of inflation, i don't think we're going to get it and that's why i think this'll keep pumping. so be careful getting too long on gold. no economy can handle high oil prices right now, i think there's he a cap coming soon. stuart: all right we've got it, scott shellady, back to business and making money. i've got a couple of stories of outrage the newest, the federal government does not have a running list of all of its programs, which is probably why the government accounting office, they are the bean counters, they say the federal government wasted 107 billion in 2012, and they are still counting. that number will go up. and there's 107 billion in bogus and excessive payments. surely you can find something. can you make me smile about
that. >> first of all, why is scott-- scott's jacket? what is the purpose of that? >> he trades cattle, he trades cattle. >> oh. stuart: he's a cow futures guy so he wears a cow jacket, okay? >> very good. that's even more horrible than i thought. stuart: you should trust him, he makes real money. >> okay. stuart: 7 billion, you can't make me laugh about that? you're laughing. what about, back to shrimp on a treadmill. >> it's unbelievable, 107 billion dollars missing right now? >> yes. >> in washington d.c.? >> overpayments. >> they could probably pay for the extra wal-mart employees with that money. stuart: yes, they could indeed. that's probably where the money is figuring out the research-- the fact finding committee that decided wal-mart wasn't paying enough was used 107 billion. stuart: air off to a good start. a mile on my face. if the dow is up 150 points. >> don't trust that dow, i'm trying to warn, but that.%
stuart: don't trust that dow? >> i still don't understand, how can one rumor affect the entire tangible economy. >> language, rumor. stuart: you keep your money under your mattress. >> yeah, with a baseball bat next to my bed. stuart: nicole, come in, the dow, winners on the dow, please, the big ones. nicole: for those who care about the dow, let's take a look, lots of winners to speak of. caterpillar, walt disney, j.p. morgan gaining 1%. the 100 points away from the all time intraday high. and hewlett-packard easily the number one performer up over 80% and boeing comes in second place up over 40% this year. stuart: as we speak, the dow is up 150 points. let's get back to the news of the day, eliot spitzer. we brought you that news earlier. he's running for comptroller.
and he's running. in the first poll, he leads. eliot spitzer leads by nine points. joining the company is lee marchingoff, he conducted that poll. lee, always a pleasure to have you with us. can you explain that one for us, please? >> well, i think we're seeing an interest in voters granting eliot spitzer a second chance and they think he would make had a good comptroller. and he's got high favorables and high negatives. he's a polarizing figure on the new york scene and right now running against the borough president that's not that well-known. and right now, voters are saying, look, this is the kind of stuff politicians, they're all doing one thing or another and have skeletons in their closet. five years ago, let it slide. stuart: if he were a republican, do you think there would be the
same reaction? >> who knows? new york city politics is an unusual place and obviously there are many more democrats than republicans in new york, you know, and anthony weiner has already, you know, in a sense broken the waters for him and now we go on to spitzer and voters don't seem to be experiencing any kind of redemption overload. people ask for forgiveness and new yorkers say, forget about it. what can i tell you? >> 9 points, just got up in the race. lee, thank you very much indeed. interesting poll indeed. thank you, sir. colin quinn, surely you've got something funny to say about eliot spitzer. >> and they're photoing for anybody who has a name. second of all, let's face it, were we outraged even when it happened? i wasn't. stuart: you were not? >> no. stuart: the governor of new york con sorts were prostitutes and walks away from the governorship. >> well, i don't think he walked away, didn't he have to leave because of that?
i think the worst part was i think the prostitute was new jersey, i think that's really the issue. nobody wants to talk about it. stuart: i live in new jersey. >> no, i'm saying disloyal, he should do business in new york. stuart: do you think he'd go down in the polls as soon as they found out the prostitute was from new jersey. >> should be from here. stuart: very good, stay here please. check the big boards, still a nice rally, up 147 points as we speak. and the dow is now at 15,440. got a headline for you, the media stole the election in favor of president obama. up next, our guest, he says he has proof of this and colin quinn is still here. stay right there, everybody. (announcer) at scottrade, our clients trade and invest
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you never miss the fun. beard g growing contest and g! ♪ win! what's in your wallet? >> yes, everybody, this thursday morning the rally hold. look at that, smile, please. talk about your gold report, we've got a rally up 36 bucks an ounce, 1283. another winner for you celgene, a late stage cancer drug improved survival. and lung cancer patients turning up with good news on that. obamacare, you've got to say it appears to be unravelling. is the mainstream media covering this unravelling? brent bozell is with us.
i'm saying it's unravelling, is the media saying the same thing. >> it's falling apart and everyone knows it's going to continue to fall apart. the employer mandate postponed for a year, that tells you the thing is in shambles, it's worse than that. where is the individual mandate postponed? how can do you the employer and not the individual? that's one big question. another big question, is that constituti constitutionalists asking, what gave barack obama the ability to do that. the president doesn't have the authority, ability to do that that's a huge issue coming up above congress where senators like mike lee are going to ask that question. so there's huge calamities going on, not to mention the cost. it was projected to be under a trillion now it's over 3 trillion. not to mention the fact they don't know how to implement. it's a disaster. is it being reported?
absolutely not. stuart: i knew you were going to say that. >> what you get, stuart sa blip here, a blip there, a little story here, a little story there. nobody, and i mean nobody -- how is this for a number that i just learned this morning from my staff? 61 seconds devoted to how obamacare is going to hurt small business. stuart: that's it? >> 61 seconds, stuart, in the entirety of 2012. stuart: you're getting me? >> that's this morning. >> you know, you've covered this consistently because it's a huge story affecting business. 61 seconds in all of 2012. >> now, that's incredible, incredible. brent, i've got to go. a you're right, it's unofficial back door censorship. i've he got to rush, but i want to tell everybody you've got a book out, the title "collusion
how the media stole the election in 2012 and how to stop them doing it in 2016" i've got to run, but come back and tell us about that book because we're interested. >> thank you. stuart: colin quinn is here. >> yes. stuart: do you find anything funny about obamacare? >> i felt the problem in our country is not full medical, it's full dental, i've traveled many times. stuart: you're telling that to an englishman. >> i realize you're well-known for your lack of dental care. stuart: you're trying to be funny about dtdz. >> this show is called "varney & company," you're killing me. [laughter] you have any jokes about obamacare, your material, do you use it? >> not about obamacare 'cause you know talking about policy in particular can be boring and obama-- my whole show is about the constitution, so, it's the show i'm doing called
"unconstitutional" so it has a lot of stuff about, more about political correctness and stuff, more about media perception than specific things like an actual policy. 'cause-- >> and do you take an ideological position, your current show is about the constitution. >> right. stuart: do you take a position? i mean, do you say, look what that guy is doing to the constitution? >> ideological in it-- it's hard to call it -- it's hard to call what i do ideological. stand-up comedy, in my opinion stand-up comedy if you don't hit everything and think, look at it all like with a cynical eye, then you can't really -- anybody that's extreme left or extreme right. it's hard for them to be really funny in my opinion even he though a lot of people are very extreme left, but i mean, it just comes off preachy in my opinion. stuart: you're right. >> so i like it to be more like everybody's complicit in whatever it is, but not to let anybody, you know, yeah there's a lot of slanted comedy.
stuart: and you don't do that. >> no. stuart: just make me laugh. about the british teeth, that was funny, a funny story. [laughter] and you've got great teeth. and thank you for being with us, lightning up a day when the dow is going straight up. >> i am irish, it's a jinx, and you keep saying how great it's going. stuart: no works he don't jinx it. 107 billion in bogus spending in 2012. taxpayer dollars wasted. i'm going to say -- well, i've got my take all about that in a moment. ♪
one apollo group and a thumbs up on accreditation and bridgepoint. here is one way to stop the keystone pipeline, build a wind farm in its path. one group is pushing that to literally block the pipeline. meet a young entrepreneur who dropped out of school in the 8th grade, joined the military and now runs a multi-billion dollar business with employees. he's 29-- no, 27 years old. he's here in our next hour. the government's own bean counters have found $107 billion worth of bogus and excessive payments for 2012 and they're still counting. more waste still to be reported. that is taxpayer money wasted by the president's ever expanding government bureaucracy. here is my take. neither you, nor i, should be surprised. for years, we've been bombarded with news of government waste,
inefficiency. who could forget the shrimp on a treadmill. surprised? no, outraged, as this president expand government so does the opportunity for waste and fraud and this president will never abandon the government as the agent of change. mr. obama doesn't care 700 million in waste so long as they level it out with taxes and regulations. he conveniently ignores how government really works. the general accounting office came up with that 107 billion dollar number this week and told there was no single list of government programs. some departments don't have an accurate staffing list, they don't know who is in, who is out. and who should and should not get paid. does government ever change? tell me which programs have been cut apart from white house tours? of the 15 separate food programs, which has been eliminated? nothing ever changes, really,
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who says you must go to college? in eighth grade dropout now runs a $60 million business. he is here. we will take you to ground zero of the real estate crash. you think this is the summer -- nonsense. watch this. ♪ stuart: all right. here i am. checked the big board. it is a rally. smile, everybody. it is a rally.
the price of gold, let's take a look at that. coming in charles payne. the stock market rally, you have to agree. charles: how many have you read? amazing. wd-40, amazing. i am up until midnight reading these things. the underlying fundamentals, the part that i am so sad about is we keep -- what is the next nine months?
stuart: i am saying, get out there and fill up your gas tank now. up almost two cents overnight. ten-$0.20 a gallon of in the next few days. charles: i am trying to find out where i can put this gas. [ laughter ] stuart: the fire department they have something to say about that. stuart: nicole, come on in. i want the three big winners. nicole: caterpillar, hewlett-packard, disney. we are looking at the record highs.
stuart: past the all time closing high. we never closed at this particular level. nicole: that is correct. 15,542. stuart: okay. only 20 points away from that. thank you very much, indeed. you have a rally in stocks. you have a rally in gold. gas prices are about to spike. freddie mac tells everyone what did 30 rate next year mortgage rate is. 4.51%.
stuart: obamacare is unraveling. you are a democrat, you do not want to go into next year's election. >> i am not really worried about that. stuart: now we face implementation. you do not think this is down? >> i think it was a big mistake for policy reasons. the only entity that can kill this is if congress votes to repeal this. stuart: you face after lou flat out. you know that it is true.
supporting this living wage. let me give you the counter case for a moment. walmart will not open these stores. you will not get the jobs that would have been providing jobs. instead, you are going for 1260 an hour and those jobs have walked away. >> the living wage is $12.50 an hour. we have the highest disposable income available. the district of columbia is doing well. we will have a $600 million surplus over the next five years. the unemployment rate is about seven or 8%.
stuart: ought have charles payne would be. charles: this is so heartbreaking. it has this third worst income inequality in this country and it is because you have rich people coming in. people in your district, 38% poverty. 94% black people. the bottom fifth make $9000 a year. even at $8.50, they could double their income with these jobs and you have denied it to them. >> we are not going to allow walmart to come into town. charles: how about no wages?
the bottom fifth in d.c. makes $9000 a year. a year. >> walmart ceo makes $11,000 an hour. last year, their net income was $17 billion. they can share the wealth. you can come to washington, d.c. and do business, however, you will share the wealth with the district of columbia or do not come. we are training our residents.
amongst the highest in gross sales amongst the nation right now. home depot is located here. we are doing well. we do not need to beg anyone to come to the nation's capital. if you do not want to do business here, fine. if you want to do business here, you will pay the living wage. charles: how come fast food operations do not have to? why are you so focused on walmart? >> this is not a walmart deal. they have someone that will bargain on their behalf.
we all know that walmart's policy is to utilize the government to pay for health benefits. $8.25 per hour gets you practically nothing. you cannot even buy a home. you can purchase a home in the nation's capital. you can begin to make strides. stuart: thank you for joining us this morning. i do want you to check -- what do we have here? going to a break. back in a moment. [ male announcer ] at his current pace,
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company. he likes it. >> i really do. here is the thing, last quarter, i said it because people get worried about putin sometimes, first-quarter revenue is up 36%. they took market share. they took a percent. their advertisers of 26% year over year. the consensus is going through the roof. i think this stock will be a grand slam. stuart: i said it. there are plenty of empty houses in las vegas. very few of them are for sale. here is bob massey.
he knows a thing or two about real estate. i thought vegas was ground zero for the housing crash. why are there so many empty houses that are not for sale? >> the lenders are just not moving these homes. we have no inventory whatsoever. all of this inventory is basically frozen in time. we have new homes that are built and selling like crazy. interesting enough, we have some new laws that were recently passed in the legislature that were supposed to shape and things up. stuart: the problem is a change in of rules. because of the rule change, they
are not for sale. >> the properties, stuart, are for sale. a lot of them are printed them out. the values are going up 15-20% in some areas of vegas. some want to maximize. that investors are buying everything in las vegas except for new homes. stuart: tell me about the strips. they are often aggressive about trying to sell me one of those apartments that they built on the strip. what is going on? >> the strip is sort of coming back to life. they are trying to sell off the
condos and things like that. the best thing to happen to vegas recently is they will build the best show on the strip. it will give life to the north end of the strip. there are a lot of good things that are starting to happen on the strip. as it starts building up again, they will sell. stuart: cash buyers. bob massey, thank you very much, indeed. back up the markets for you. a big rally in gold.
of about $35 an ounce. newspaper publishes the names and addresses, now one company releases an out that reports on owners. can you believe that? that is next. ♪ with fidelity's options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens, and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account.
>> the market is up roughly 130 points. we have it at these levels for some time now. stuart: there is a new app to mark houses and businesses were they suspect dangerous and gun owners worked and lived. they said it was meant to be educational to show unsay various. i can't believe this. i could point your house to say he has a gun. it is dangerous. watch out. is outrageous. >> it is outrageous and 1,000 percent i hope there is a zillion lawsuits pointed not to the gun are the legal gun owners. point meet to buildings is the gains live there in diana wearing the wrong colors.
don't point to someone's house that has a legal gun owner. don't start that mask. stuart: you are so right on back to -- that. [laughter] is a good point. it is realistic. gap hits a 52-week. >> the highest level today since the year 2000. it is doing great. up 1.5%. but did not report sales numbers until after the bell but people are taking the cue with what we have heard so far that overall consumer spending and we're seeing other retailers doing well so people are anticipating the gap will do well. stuart: don't you say if you shop at a place you like? >> two years ago to women in
the elevator talking about the gap. she said the first time in years they are really good i will start going. i said to own the stock? i did not buy it then but they knew the product had gotten better there were spokes' persons for the company in they were spending their money there but did not think they showed a part of it. stuart: our next guest says he has a solution to one type of fracking waste he is the ceo of environmental solutions and joins us now. let's get this clear. i go fracking for natural gas or oil and from the depth of the bottom of the earth and up comes radioactive material? >> coal and shale has tremendous quantities severed the -- a radioactive
material so some of that comes up. stuart: so up comes the radioactive materials a you deal ith that waste? >> yes. we take radioactive waste and treat it and work with utilities, department of energy and the shale industry. we put it in a form that can be disposed of. stuart: when i think of waste that comes out of the ground i think of chemical and the waste water but not radioactivity. is that a relatively small part of the waste that comes out? >> it is a small part but it exceeds all linnets sing when you have waste coming out that has heim levels back to the marcellus shale.
look at the big picture. it has revolutionized the industry in the united states. it is a problem that can be dealt with you have a very finite amount of material the drillers know about it and they are doing what they can to reduce it. stuart: does it cost a lot? when you fix the radioactive waste does that add to the cost of the natural gas that comes out of the ground? >> of course, it does. at this point it is very hard to have a solution because all the waste is radioactive. stuart: but you have a solution of. >> most people cannot even dispose of it. stuart: did the department of energy come to you? >> we are assisting the government right now to right to the regulation of but there are nine things to
deal with some of these issues. stuart: are you in pennsylvania? >> not he doing the material today because the first that is what are the regulations and at what level does the industry need? stuart: we wish you the best of luck. i think we all want more fracking. >> not the environmentalist. but if you looked at the alternatives we one more fracking. stuart: if we do then they don't. dropping at a school in the eighth grade to join the military in start a company that generates millions of dollars. is it fiction? we have a person who did that after this.
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call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk iludes possible loss of principal. stuart: the rally is moderating a little we were up 106 now is 107. goal this still up but the next test dropped out of school in the eighth grade but now he runs
a multi million dollar per year company called one sale a day.com. welcome to the program. eighth grade is fourteener 15? were you a computer genius or a geek? >> good morning. i was not. i was very curious about new innovation but i was not a computer geek or anything like that. stuart: you dropped out at the age of 14 and you join the military at 18? >> yes. right when i joined at 18. stuart: you have told our viewers to be of interest with technology don't graduate school or college but get out to do your own thing? >> kind of. not completely but formal
education is not the only to hae tools and values that they need to build a successful company. but quite to the contrary, going to school puts you in a competitive cool with everyone else who learns the same textbook rules that you have learned. there will always be somebody bigger and better with better grades. it is far too competitive. i feel the not formal education, which is what really gives you the vision, a determination and innovation to sink outside the box is what allows you to be a pioneer to create a successful business that is unique. stuart: i don't know if you have children but if you do in the future and they get to the age of 14 what will you say if they say i am dropping out and going my
own way? >> i would definitely encourage education but education is not just formal education and so life lessons, experience, into'' mark twain who says the whistling interfere with your education for. if that's the case i am happy. stuart: you are doing a very successfully. one sale a day.com with revenues of 60 million per year? >> would headed 60 million. stuart: i am sorry. that is a big company. what do do? >> we really empower affordable living for the consumer by offering everybody at prices they can
afford we sold the gps at a local retail store at $400 but at $30. we have extremely talented buyers that focus on one item with a quantity to level the playing field between the manufacturer and the consumer. stuart: you could be labeled as a director yesterday oil traded above 106th and touched 107 briefly. still above $100. we will bring in iraq from vancouver who knows about the real market. why is it coming down a little today, rick?
>> i would suspect because it has ben up to three days in a row. the markets fluctuate in the interest market it disguises a bigger trend that shows the tightness in the export markets as a consequence of capacity over 10 years. stuart: that is a long-term trend. if you talk about under capacity or under investment you talk about pipelines? it is not an efficient world market and you think the prices go up from your? >> yes. i think that is accurate. with the disruption from syria and egypt either produce very much oil. that this'' -- disguises the fact oil companies like venezuela and mexico have
under invested in the oil and gas business siphoning off the flow for politically expedient programs. this has reduced the export capacity in peru, ecuador, a man and mexico and indonesia. it cannot be made up quickly. while blame dawn egypt and syria is really diminished export capacity as a consequence of under spending on capacity by a national oil companies. stuart: we appreciate that. too many people say it is just about the suez canal and egypt. a good point. thank you very much. obamacare unraveling? even the top democrats are calling it a trade representative. is at the beginning of the end of the president's signature achievement?
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next check the price of oil but as you may have just heard going higher than this long-term. the housing market with the latest reid on the freddie mac mortgage rate four-point 5% up from last week that was 4.2. justice claims people getting first time benefits 360 this in -- and is 60,000 at a two month high. we're up 113 points as the speak. microsoft is up today after obama announced a major restructuring. i want to make things more secure.
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call us. we can show you how at&t solutions can help you do what you do... even better. ♪ stuart: a pension problem is starting to hurt. announcing they are suspending the state lawmakers' pay and his own because the legislature could die reach an agreement for the $97 billion unfunded pension liability. that is a big number. senator hatch is with us from capitol hill to call for a permitted to lay in all of obamacare that is accurate? you want the whole thing is delayed permanently? >> yes. we are saying if the president will put up
corporate tax credits in tel next year than why would he do it for the individuals in this country fell also be hit with improper tax situation? so we have lifted -- written a letter to the president say put off for one year in the individuals are just as needy as the corporation. stuart: on our side of the fence there is a great deal of frustration that we detect from the viewers. pc chaos coming from the health care system and obamacare did we have to pay for it. people want action. >> you have got that right. we pointed out this week the premium subsidies under obamacare will now go to people earning as much as
the $4,000. -- 94,000. but they have no computerized system to keep track of anything so people could be making more but claim that they make less and get the subsidy and all kinds of fraud is taking place. i sought a situation yesterday where as you know they estimate 25% of the money is distributed fraudulently could you imagine if we make a subsidy the same way? it will be at least that may be around $300 million of fraudulent payments under obamacare. stuart: give us your best outlook. do you think october 1st these exchanges will be in place and we will have an exchange for health care?
>> the hhs people have said they will be in place but i can tell you they will not. they don't even have this scheduled to take care of the subsidy or the earned income tax credit. we would love to do these under the guise of the irs with a refundable tax credit. it helps people to think maybe it is not welfare payments but that is what they are. and now they have a situation where these premium subsidies without actually knowing if they are qualified in the process. is mind boggling but it is filled with fraud and it
will not work i guarantee within a couple of years they will throw their paeans in the year to say it is it working we will go to a single payer system. it will be run by washington d.c. if we do that we will never get spending under control. stuart: you are right. thank you for bringing this up today on the chaos it is to come. senator hatch. >> i appreciate what you do. stuart: in effort to block the keystone pipeline by putting a wind turbine in its past. next. >> first or you don't understand the analysis of what they are using there comparing all rail accidents versus just the oil spill. >> no, no, no. we're talking oil spill. >> i know the data it is my job. ♪
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around 300aking news on bucks s share a and we have news of the company itself. the sales level of amazon.com are up 30 .6% year-over-year. i gave of sales of one third for amazon.com and the stock has posted at 300. we have agreed grope -- a group. a way to block the pipeline to build wind and solar farms in its path. hold on. if this were to be built it would come down from canada and go across nebraska. are you telling me the environmentalist are intending to block it with a wind farm? >> yes.
guarantee in the men's wear moment to say to the president we will build the turbine in the path if you go ahead you will rip out quickly in energy in favor of dirty energy. stuart: to they have approval or financing? >> there in the fund-raising process right now. but those to render a decision by september 7 in the interim they have to work fast to build the agreed energy projects. but they're fighting this interestingly. they will meet with the president later today. the internet is on fire about this but possibly later today. even canada within 20 confirmed dead and 30 missing in the real road accident but spills do occur
three times more frequently are on the real purpose of that is where the debate was stuart: they don't want canadian oil period so they will put up a bogus windfarm. i call that desperation. more next. ♪ [ villain ] well mr. baldwin... it appears our journey has come to a delightful end. then i better use the capital one purchase eraser to redeem my venture miles for this trip. purchase eraser?
you are making $9000 a year. it is a step up. stuart: you have it. dagen, it is yours. dagen: thank you, stuart. on a day like this, stocks are still cheap. microsoft stock at a 52 week high. the first handset maker to build a complete phone right here in the good old united states of america. a fish oil shocker. new research now links fish oil to a big increase in prostate cancer risk. all of that and more coming up on markets now. ♪