tv Forbes on FOX FOX News September 27, 2014 8:00am-8:31am PDT
inexpensive to own, which i do. >> ben? >> your partner, lucky guy. >> a draw, a magnate, as are all of you. guys, thank you. continuing on the place for business. fox. nowhere else. our national security front and center as the u.s. targets isis in syria and new terror threats at home, but while focusing on national security cent certainly is vital have we dropped the ball ob job security? a new survey, only one in four workers feel more secure about their jobs and one in four americans in their prime working years are not even working. some here say government policies are to blame. are they right? hi, everybody. i'm david asman welcome to "forbes on fox." let's go "in focus" with steve forbes, rich, mike, rick and john. rich, are government policies to
blame here? >> well, you know, government can't create growth, but it can certainly create the conditions for growth. and it's not doing that. now what do i mean? it can streamline taxes. it can streamline regulation. it can adhere to a staple dollar policy and if it did that i think we would enjoy 3% to 4% growth and not a paltry 2% growth that is falling on the shoulders of the people that you mentioned, and it's going to leave them out to sea for an entire generation if we don't fix this. we can fix this. >> rick, 22% of the workers laid ought over the past five years are still not working. that's awful. >> it's very depressing. that statistic. nobody should feel good about that. ticking up on what rick said, he'd right. i sometimes think we give government too much credit then too much blame in these situations but there are other things to look at, and maybe it points to some good news. we're finally starting to see the place where the benefits of
shipping jobbed overseas, financial benefits are weakening and more and more companies are bringing those jobs back home. that's a good thing. this may point to the right direction, but we do have to be mindful as we bring those jobs home and we improve that situation, we have to pay these workers a fair living. if we don't do that, we're not really going to stir the economy to where people can go out and buy things. >> also fair returns for the business community as well. to start a business is not an easy thing and we haven't had that undergrowth of new businesses for a long time. have we? >> and that leg goes right to our step of the federal government. we saw the same thing in the 1930s and 1970s, government regulations, government interventions and taxes got in the way of recovery. we see the same thing now. the federal reserve regulations, made it very difficult for small and new businesses to get loans. we have a convoluted tax code. highest corporate tax rates in
the world, unstable it dollar, health care system collapsing imposing burdens on small businesses that want to grow. amazing we're doing as well as we are. look around the world. same thing. private economies getting ahead and wonder why they have youthful unemployment rates far, far higher than our own. >> steve mentioned 1930s. of course a pbs series on the roosevelts recently. ideal iizing them and what they did. massive government intrusion didn't get us out of the depression, did it? >> fdr and president obama both basically believed had you to attack success. look what drives economic recovery. it's business investment. that's where those higher wages that rick and others point to, that's missing, that's where it comes from. during the reagan boom, business investment was 22% of gdp. during president obama's recovery it's only been 17%.
why should we be surprised? this president has raised a combine top tax rate for dividend and capital gains to 43.4% from 35%. he's punishing successful investment. naturally, you're going to get less of it. >> and sabrina, all boats were rising in the 1980s. the lowest 1/5 of the population had incomes rising at the same level, just about, as the top fifth. now it's very unequal. >> right. and look, this point we can create conditions for success is so important. one of the problems is that government, they do deserve a lot of blame, because they've been floundering around micromanaging wages and pushing for conversation about contraception than saying we need more energy kploration, bring our corporate tax rate in line with the rest of the world. if we're not repealing obama care get rid of the employer mandate, steve mentioned. going from 49 to 50 employees you're not going to do it
anymore. stop pushing for higher minimum wage, stop pushing for things like the paycheck fairness act. all distractions that are driving the economy down rather than increase job creation. >> one reason why the average folks feel so bad about things. even if you have a job, median income is down about $3,000 since the begins of president obama's 5 mip strags. >> income is a function of investment and this administration has been very anti-investment. i agree with everyone here, there are policy things we could do that would improve the economy. at this point i think the economy suffers from too much washington attention. too much of washington trying to fix the economy. stimulus, quantitative easing. these things do not work. economies are individuals. they're businesses, recessions ar sign they're carrying those mistakes and fixing them. the problem with all of this intervention is that it's robbed us up the chance to fix those mistakes and robbed us of
substantial recovery. gridlock, because if washington gets out of the way we will naturally start growing. that's all we know how to do. >> you say the government only can create the conditions for growth, not growth itself. is one of those conditions doing less? >> well, i think it has to do more to do less, because you know, just take the subject of regulation. this really hits the skilled blue collar industries like manufacturing, transportation, shipping. these are industries much more prone to regulation, and yet you know, that's where we need growth, because that's where the skilled blue collar jobs are that are lacking in this economy. so i think we have to get bipartisan aggressive, deregulation. so, yeah. it's less government but we have to come together to get there. >> rick what do you think it's going to take to change the attitude of people out there? that's just -- there's such a depressioned attitude about the future right now? >> this is actually one place where i have put some blame on the president, and so i'll mention it again here. the real answer to your
question, by the way, you freed to have a couple quarters made a whole year of really good numbers and people will relax, burt i agree this president has been less of a cheerleader than he should be. >> yeah. >> he does not make us feel it's getting better and becomes a self-fulfilling prophecy. >> applauded for skills duration? >> hasn't done it here. i'd be dishonest if i didn't say t. look, to rick's point, when you spend your presidency attacking success, which is what president obama has done. >> no. >> it sends -- >> give us examples, though? rick disagrees? >> thes banks. constantly points to the 1%, about tax fairness. what he fails to understand or is indifferent to is the fact that the top 1% are the people that create the jobs for the people below them. through investments. >> steve, the thing about somebody like a reagan, or frankly, somebody like fdr, they
did have a tendency to be able to pull the country together. had very different policies but did pull the country together. that's one thing this president is not doing. >> done the opposite of the speeches he gave before he became president when he said we're not a red nation, a blue nation, but a united states of america. and since then he's been on a partisan jihad against anyone he thinks is an opponent. and he thrives on that kind of a division and controversy, and you see it again. you see it in the energy side. you see it during the campaign, the last campaign, when he said you didn't make it, disparaging entrepreneurs. people create new thing, great new things for the marketplace. when you have that environment, regulators always looking for new ways to put new spoke, sand in the gas tank. a wonder the car still works. >> rick, sold president obama as a uniter kbhap he said. what his people said, but he's ban divider. has he not? >> no, i don't believe it's his fault. >> really? >> i would point the finger more on congress. quickly i want to say something
is interesting about mike said. a tendency to compare him to roosevelt, but really describes franklin roosevelting cousin teddy who came into office a republican, i nate add and looking out for the working man. >> one final word, sabrina. what about this uniting issue. one thing positive about fdr and reagan, united the country for different means. absolutely. but i don't sense there's anybody out there able to do that now? >> no. in fact, look, for all of the challenges that the united states has right now, we still have a wonderful country with a very positive story to tell about what's happening here in terms of business development and success, and, you know, fortunately is this is a president with certain groups, talking women, certain industries, he talks about societies inherently hostile as discrimination lurking around every corner. everything is bad. rather than gishing people a sense of optimism and something to look forward to.
i think it's a terrible character dplflaw in this president. >> a big shot of optimistic. no doubt. coming up, big banks, bashing walmart over its new low-fee checking accounts. is that proof this is actually the best thing for all banking customers. we debate. you decide. over 12,000 financial advisors. so, how are things? good, good. nearly $800 billion dollars in assets under care. let me just put this away. how did edward jones get so big? could you teach our kids that trick? by not acting that way. ok, last quarter... it's how edward jones makes sense of investing. ♪
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this is a fox news alert. i'm kelly wright. good morning. new details on a horrific workplace murder in oklahoma. police say they're waiting until suspect alton nolen can be arrested. he ras arrested friday after serv severing the head's one woman and stabbing yoanother co-work per's he had been trying to convert effort is employees to islam. oversea, hundreds of hikers
stranded as a volcano eruñts in central japan. officials say they were forced to take cover inside lodges near the summit of the mountain earlier today. at least 40 people reportedly injured and seven more missing. rescue teams planning to reach the area on foot after daybreak tomorrow. i'm kelly wright. see you back here at 1:00 p.m. for a brand new hour of america's news headquarters. now back to "forbes on fox." attention walmart shoppers. get ready for a low-cost checking account. no minimum balance, no overdraft fees. no monthly fee if you direct deposit at least $500 a month. no surprise, some big bank, and the anti-walmart crowd don't like it. you say that's all the more reason to love it. why? >> this is a great story. why wouldn't people want a bank where they tend to shop, and i think it needs to be pointed out walmart's been trying to get into banking for decades but regulators kept them out because they would have cleaned the clocks of traditional banks. it needs to be added here also
if these regulations hadn't get walmart out they could have bought out some of the errant banks rather than the taxpayers bailing them out pap positive development. >> looking for something for the average gip in the first segment. maybe this is one's them. >> it's not in my dna to do a commercial for walmart. that said, look, it may work out really well. we have to keep in mind ap couple of things. might look better than it is. there is a fee to use the service. i believe it's $8.50 a month. may be cheaper than where you're going now. >> hold on a second. a point of order. $8.95, waived if you keep $500 in your k. you're right. walmart will benefit greatly from the interchange when you use the credit cards, all that. there's definitely something in it for them. i'm not going to dis them on it. if it's a valuable service good for them. maybe stir banks to offer things
just as good. >> i like it when the big banks get dinged a little. >> yeah, well i like competition and happy that a highly capitalized company like walmart is coming in and giving them competition and that should be applauded. look, walmart's the tip of the iceberg. the recent apple iphone announcements, apple put a lot of emphasis on using your iphone to point and shoot, to buy products and automate paying systems, so on. i think we're on the cusp of real revolution in banking. >> steve, don't you like it when there is competition? with the big banks? they've had so much from so many quarters in terms of bailouts, help from the federal reserve. finally something for the little guy? >> well, also, though, i think it's going to point out that regulations are killing small banks in this country on dodd-frank. can't cope with it. walmart is showing you don't need all of these regulations to provide basic services to people. in that sense a good thing. like money market funds 40 years ago blasted away interest rate regulations hurting investors
and small savers. this is going to do the same. high-tech is coming to our rescue and rich is right. a lot of other players coming into this, in this game, and the payment process system in this country, david, is still very, very costly. tens and tense of billions of dollars. walmart and others and high-tech are going to dleen oclean that . much more money for the rest of us. >> sabrina, an interesting point, maybe what is happening with walmart is a reaction to this overregulation in dodd-frank and all the other financial regulations, the market has this wonderful innovative quality to work its way through these regs with something new? >> absolutely. look, i think this is coming from the consumer. consumers are tires of the murky fees and the lack of transparency so common with banks and saying, hey, we can offer something new. it's great. a time where people are used to customizing everything in their lives from what they eat to what they watch on tv. they want the same kind of choice in competition when it comes to finances.
i give it a big thumbs up. >> mike, let me ask you to be the devil's advocate here. a lot of people out there including rick who don't like walmart and what it represents. how do you think they'll attack this? if they do it all? >> first of all, i'm bringing rick with me when i go to walmart after this is implemented. he's promised to buy me a solar powered lawn mower. >> true. >> i think we're going to know how successful this is by the speed by which the politicians come in and try to regulate it and stop it. i think that's going to show why this is successful. >> that's a good point. do you think that will happen? the regulators will come in and try to stop it? >> mike brings up something very important, and what i'll say there is i love banks. i think the bailouts of those banks severely weakened them and that's what we have to watch out. walmart could seriously take down the traditional banking sector along with these things that rich brings up like apple pay. if they do, if competition renders them irrelevant, can we allow citi finally to be let to go under rather than continue to
prop it up? done it five times already. >> right. watch out for bailouts. they don't work. they weaken the system. coming up, does this look environmentally friendly to you? if this trash doesn't expose the hypocrisy of global warming activists, maybe this will. >> you going to give up your cell phone? >> no. >> your car? >> are you going to give up yours? >> i'm not the one who's here talking about the environment. >> "cashin' in" regular michelle fields hitting a nerve. she'll be here in a few minutes. first, support for the legalizing marijuana movement. it might go up in smoke. why that might be a very healthy move for america's future. that's next.
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national support for legalizing marijuana is dropping. the number of americans backing legalizing it are now in the minority, and, steve, the question is, is the tide turning on legalization of pot? >> it's going to take more than one poll to see if this is a trend. the thing is people are learning from the experience especially in colorado that pot is a dangerous thing. especially when you lace it with food. can you imagine the reaction in this country if we put nickotine in food. people who want to legalize it
have to accept severe restrictions on it. hurts the brain development in teenagers and the like. if you want to legalize it, can't do it across the board. >> rich, one poll, but the fact is, so many aspects to legalization of marijuana that hadn't been thought through. people see it work out and not work out they're more against it? >> you know, that's true, but i think that national polls are not particularly relevant here, because a trend we've seen in the united states is that the blue states are becoming bluer. red states redder. so how -- you know, americans as whole, thinking about pot, it may be differ than how people in the state of washington or colorado. so i think you're going to see these different areas that have different tolerances for pot. >> but sabrina, in those areas like in colorado, for example, a headline that colorado's drawing more homeless to the state, as result of the legalization of marijuana. also some horrific stories about kids getting sick, because they
eat this pot candy, which they should never be getting their hands on anyway, but we knew it would end up there. we said that right here on "forbes" a couple months ago. >> right. david, i think you revealed the secret. a textbook example how the news cycle impacts public opinion polling. people are hearing about the legalization of pot all the time. it's on the front pages of the paper, in the news, and usually tied to some kind of negative stories like the ones you mentioned. as a result, they get polled, a big polling company, they have something bad to say about it. this does not necessarily, you know, suggest that any kind of significant shift in opinion. a matter of time and things will probably go back to normal. >> i don't know. john, i think, look, drugs do draw a lot of bad consequences. you don't want people out in the open doing drugs everywhere. it does bring down the level of the community somewhat, and that's why certain communities are saying, we don't want it here anymore. >> well, if what you say true, why do we need politicians to
make them illegal? we don't trust politicians to dictate any other things in our lives. why here? if pot is so bad, why create a law for it? we can take care of ourselves. we will know not to smoke it based on those consequences. >> quick, rick. >> i think the polls will see as more coming. listening to your criticisms, i applied the word "alcohol" instead of pot to every single one of them. it fits. if you want to outlaw pot, good, but outlaw alcohol, too. >> there are consequences to making it legal. >> to both. earlier we told you about a survey showing job insecurity in america. get the stocks to make you feel more secure, no matter what job you have. or managing your investments on your own. helping you find new ways to plan for retirement. and save on taxes where you can. so you can invest in the life that you want today. tap into the full power of your fidelity greenline.
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an old timer. >> yeah. people buying groceries if they feel insecure. i like the stock. >> micro, you like it? >> operating margin as concern. very thin. that's it for "forbes on fox." have a wonderful weekend, everybody. keep it right here. continuing with eric bolling and "cashin' in." thousands of troops and a billion bucks not to secure our border but battle ebola with the legal storming into the country and the territory rising, "cashin' in" han a better use of resources, and then -- >> what do you say who critics who say you go on yachts, traveling and here you are trying to get climate change? >> sorry. >> our very own michelle fields exposing climate change hypocrisy among hollywood elites. leodecicaprio -- >> it's such -- bull [ bleep ]. >> and espn host suspended for speaking his mind about the