Feds. Still want to stand in line, your odds 1 in 175 million. The president or should we say campaigner in chief, hell be on the road and the union campaigns, and the message no entitlement reform in any fiscal cliff deal. And more, ollie north on record gun sales, mike reagan on california and isaacs on Warren Buffett. Here we go. Varney company is about to begin. Looking for a better place to put your cash . Heres one you may not he thght of fidelity. Now you dont have to go a bank get the things you want from a bank, like nofee atms all over the world. Free checkwriting and mobile deposits. Now depositing a check is easy as taking a picture. Free online bill payments. A highly acclaimed credit card with 2 cash back into your fidelity account. Open a fidelity Cash Management account day and discover another reason wednesday, november 28th a bombshell report from forbes this morning, 11 states are in a death spiral. Dont buy a house and dont invest in their municipal bonds. California, new york, illinois, of course theyre on the list and smaller states like mississippi and new mexico also on that death spiral list. And the problem with the states accord to go william baldwin, he wrote the story, more takers than makers and all have more people depending on the government than working in the private sector and like california, for instance, huge public work force, it spends on work for illegal aliens and illinois reportedly facing 233 billion dollars worth of pension obligations for state workers and more takers, baldwin says these states will raise taxes, they will increase the cost of doing business and they will drive people in businesses away and they are in his words, in a death spiral. Hes a democratic i should say theyre dramatic words showing some of the popular states in our country and the next headline, the campaigner in chief and a shift in focus on the fiscal cliff. And president obama meets with ceos from goldman sachs, yahoo pfizer, california among others and the white house today. And some of the same executives will also meet with house republicans, and then the president goes Campaign Style on the road and thats on friday, and selling his tax the rich and dont cut entitlements plans to the public when he makes a stop in montgomery county, pennsylvania. Hes going to visit a toy manufacturing plant there. And now, there has been a shift in focus towards entilements and spending cuts and away from taxes and no movement in harry reids association, he says that democrats have cut enough. Well, remember weve already done more than a billion dollars worth of cuts, weve already done that. So we need credit for that and those negotiations that take place, and however, here is a cave caveat, senator dick durbin is taking a hard line approach. Quote, we cant be so naive to believe that just taxing the rich will solve our problems and put everything on the table, repeat. Everything on the table. And thats the left of center dick durbin. Yesterday, t was taxes, today, theres entitlements, tte impasse continues as we countdown to that deadline. Next case, china, clearly the number one worlds polluter and criticizes us for not doing enough about Climate Change, a Global Carbon tax could be coming, are we going to have to pay . Well talk to a leading environmentalist after the break and of course, we will have the opening belfour you next. Bell for you next. All right, just a few seconds away from the opening bell. The futures suggest were going be to be down nearly 40 points. Of we have this fiscal cliff and its a deadline, the tax increases and more huge spending cuts it seems like the two sides are on impasse it looks likes its shifted to entitlement reform or cuts and no serious movements in the negotiations and check the big board, the opening trenddis down and were looking for a 40 point loss when things get moving. Ive always said that Green Mountain coffee, a great day traders stock, huge volume in the past, and even more so today, after the Company Raised its forecast of how much money its going to make in the future. Look at that, nicole, was that 20 . Oh, my goodness, what a day for Green MountainCoffee Roasters and come out with numbers that beat on the top and bottom line, an outlook beyond the analyst expectations and their keurig and single kcups of coffee are doing so well and you and i know a the lot of folks have been shorting the stock, but i just look back to 2003, and their performance, its up every single year, with the exception of 2008 where he lost 5 . Stuart amazing. And thats great. If you could say i have a stock since 2003 and stellar years, its pretty great. Stuart sure beats microsoft, doesnt it . All right. Lets do a comp chart in the next hit. Stuart no, no, lets not. Thanks a lot. Look at the dow fast because the futures pointed in the right direction, down 45 points now after a minute and a halfs worth of business and the only trend is down. I have some alarming numbers to report on student loans, the total amount of student debt is now, listen to this, 956 billion dollars and that, by the way, is a 42 billion dollar indies in just the last months. And here is the telling number. Student loan delinquencies, hit a new high. 11 of borrowers, at least 90 days past due and more in the next hour, big deal. General motors, theyre going to unveil their new all electric mini car coming out today at the l. A. Auto show and its called the chevy spark, they will be sold in select cities this summer and the cost is around 25,000, but thats if you factor in after you factor in 7,500 worth of federal tax credits. Remember, gm did not do really well at all with the chevy volt and thats the hybrid price much higher and unveiling the spark at california where they are required, all automakers are required to sell at the least some all electric cars. Look at gm stock, no impact on that, below 25 now, youve got to hit 53 a share before our taxpayers get money back from the bailout. And United Nations climate conference, the u. S. Is told its not doing enough to stop temperatures from chiming. China and india, and other major polluters want us to pay more. Were calling this a global money grab. They want us, they want more money from us. And here with the nrdc action fund. Why are we the targets of why are we the villains here . Well, stuart, i think that were looking out for american interests here and this Climate Change is a threat to americans and we see that threat across the summer. The worst drought that i know. Ive got the talking points, but this is the United Nations, this is the United Nations china is saying, you americans, youre the villains here and india saying the same thing. And chinas the Worlds Largest polluter. Why are we the villains here . Why is it the United Nations is the vehicle to screw money out of us . Well, i think that we need to take a global approach. Its a global problem and you make a good point. China is part of the problem, and india, japan, europe were all part of the problem and take a global approach. Stuart they want money for us. They want us to pay more, and they want our money. And wait a second, do you think that president obama should go along with this, if the u. N. Comes up with some type of Global Carbon tax, call it what you might, tax or free or higher dues for the u. N. Theyre going to want our money, would you go along with that . Weve never gone with that in the past and the president was elect today stand up for the United States, thats what this is, a problem for our country and for our and do you believe that president obama, if this tax comes down the pipe from the United Nations, he will say were not paying . Get off our backs . Theres been no talk about it. Its hard to imagine. Theres no precedent for it and its rank speculation, i cant see it happen. Thats not what were talking about. Would he defend our interest by saying we will not sign on to a u. N. Carbon tax, did he do that . I think hell defend our interest by saying its time we good up for a grave and gathering threat. Stuart the question is simple, bob. Im not trying it elude your question. Stuart youre not directly answering the question. If the United Nations comes up with some form of carbon tax Climate Change, call it a tax, call it a fee. And the u. N. Diverted towards Climate Change movement, if they come up with that kind of demand for our money, do you think that president obama will say, youre not getting it, get lost . I think he would, stuart, and the its a sovereignty issue, always been that way. Precisely, but when we get to sovereignty, lets not remember the raging storms at that ravaged our cities from new york to new orleans this year and were paying a heavy price for it. Stuart if the United Nations comes up with a tax and pay it, do you think the United Nations has the answer for Climate Change . The United Nations has been working on this issue for a long time. They made a contribution globally, but here in the United States were getting answers from the National Economy of society and nasa, the guys who put the man on the moon, thats where were getting our information and where were getting our policy guidance and the solutions to move forward. Lets discuss it, the United States, if we have a carbon tax in the United States of some sort, we tax emissions so we have fewer emissions and you think that makes a really, rail big difference to the temperature of the planet . A huge difference because weve got to go after the industrial Carbon Pollution thats warming the planet and paying a heavy price. This pushed the price tag on the problem and we know where the pollution is, lets go get it. One last question, im sure youre familiar with the study by the britains meteorologist office. No increase in the global temperature in a 16 year period. I think it was from mid 1990s until 2010, 2011. And thats what the British Office said flatout. What do you make of that . Well, with great respect, im not familiar with the report. What i can say is here in this country, stuart, we just finished the hottest summer on record, 3 1 2 Degrees Higher than the 20th century average. Who paid for it . Our corn growers, our ranchers, and from the Rocky Mountains to the ohio river valley. Our cities, wild fires destroyed 9 the million acres of the forest and field and its seared across the american hartland weve got it take action now. We hear you, bob. We appreciate you coming on. Thank you, bob. Thank you, stuart. Stuart warnren buffett is at i again and wait until you hear why he says the wealthy should pay more, the reason has nothing to do with economics. His reasoning in full at the top of the hour. Back to nicole, now whats going on with research in motion . Why is this a loser today . Its under some pressure here and this news could be dramatic over time. Today were learning that research in motion lost a key contract dispute over use of nokia patents, not only that, but it also could halt the sales of blackberry phones unless research in motion agrees to pay some royalty fees over to nokia. So, this is not done and this is something they have to settle, so research in motion is down, nokia is up and you know, the end. Stuart let me get this straight. We put research in motion on death watch and the thing goes straight up. We take it off death watch and it goes down. Youre right, good point, good point. [laughter] what are you going to do next, stuart. Stuart pay mno attention to th death watch stories. The dow is dropped more, looking for 40 point loss and now 52. 128 on the dow. Time is money, 30 seconds, here is what else we have for you today. Fueled by fears of a crackdown in guns in an obama second term. Colonel oliver north will join us on that. Weve been telling you about problems in california, but the New York Times says a much rose ye outlook and mike reagan will weigh in as well. What day, wednesday, seven early hovers, here we go. Getco holdings made an offer to buy the Brokerage FirmKnight Capital, what does getco do . I dont know, but Knight Capital is up. Chip maker analog divisions. And guide wire software, down goes that stock. Stranger than expected sales at costco and that discounter will pay a 7 special dividend. Tell me in my ear, thats paid this year and another paying dividend this year, is that right . Yes, another big dividend paid this year to avoid what may be higher taxes this year and weve got bill gates and Steve Ballmer face share moerld questions at microsofts annual meeting today. Below 27 a share, id love to ask a question. Better than expected outlook for the apparel retailer and better than expected Green Mountain coffee, that thing is up. 22 the gain. 57 down for the dow. Its another sign that housing could be bouncing back. Sales of luxury homes rising, but price down. And two luxly houses were sold after they were significantly marked down. Lets go fast through this. The Dow Jones Industrial average is down 57 points. More importantly, the price of oil is sharply lower. Down a buck 38, 85 a barrel and more importantly, the your morning gold report way down, and buy the gold coins for christmas, on. Sales of homes, people look for Good Investments and also, many of the expensive homes are much cheaper than they used to be. And joining us, shes going to show us two homes, and welcome back. Ive got to start with the first house in phoenix, sold, i believe, in july of this year, 960,000 bucks way down from the michigan price, tell me. Yes, it sat on the market for 518 days, with six price drops originally listed at 1. 5 Million Dollars. So, its a gorgeous home, almost 6500 square feet on a half acre has the bells and whistles, priced wrong to begin with and someone had a hope after big dollar and a wakeening and sold it for 960,000 after almost two years on the market. Stuart thats terrific because, i mean, im thinking in terms of 2006 and 2007 prices. And 960 grand for that house is a bargain, case can closed. It is a bargain. Stuart fantastic. The second house you brought this one from miami. Yes. Stuart it sold in august i think for 930,000 down from what . 1. 379 and this home sat on the market for 311 days, so they took a 450,000 less to get this property off their hands. Stuart wow. And im trying to walk away with a bottom line for the two homes that you showed us. That bottom line seems to be that bargain hunters, investors are moving in because prices have fallen so much and these homes, theyre getting desperate to sell them. Is that right . Absolutely. Dont be afraid. When theres a lot of days on market. Go in and try to get the baagain and the home you want is a steal. And well, are the homes sold for people who are going to live in them and are they sold as investments . Theyre probably more so sold for people who want to live in them. Not so much as investments, but i do have an investor in miami whos looking right now at a 5 Million Dollar home, it was listed at 59 and going in at 7 4. 75. And you dropped it, and the investor takes a risk that prices could come down in the future. They do. Stuart thats always the risk. Yes, they take that risk and this particular time home in miami, a renter that wants to go in for 30,000 a month for three years. So, this is a good investment for him, but weve got to get the price where it makes sense. Stuart wait a minute, wait a exactly, theres a lot of ifs there, especially with the mortgage deduction and everything going on with the fiscal cliff. Keep us up 0 date on that, im interested in a property that gets 30,000 a month for three years and you offer a million2 less than the managing price, interesting. You bet. Always good stuff. Thank you very much indeed. Thank you so much. A 500 Million Dollar jackpot, a record amount, thousands of people lining up across the country for a shot to win the Powerball Lottery. But is it really just a regress seive tax on the poor . Yes, it is. And the money grab by the staae . Yes, it is. And sandra smith and Charles Payne are here. The powerball discussion next. All right. Everybody, a half billion dollars, yeah, thats a lot of money and thats what you could win in tonights Powerball Lottery jackpot payout win. I say do not buy that ticket. Youll pay a tax upfront and if you win, youll pay a tax and if you have the unfortunate to die, your estate is up a creek. Sandra i dont think that youll talk anybody out of the lotto tickets and bet theyre going to die. Stuart its a 2 ticket. And you buy that ticket. Immediately tax the 50 . 1 goes to the state. And if you win 300 billion dollars, you lose at least a third that goes straight to the feds and then for the estate, local taxes. Sandra youve still got 2 million bucks. Stuart well, do you think thats a good deal. Sandra im saying youre not goinn to talk anybody out of it. What i think is a scam, stuart, im going to tell you why. If you look where the highest population of Lottery Ticket buyers are, its in the most poverty stricken areas in this country and so when you talk about the money that these folks are sinking into tickets when it could be spent you have better chance of stepping outside your front door and struck by lightning than the lottery. Stuart charles. Charles i agree except when the number goes over 100 million. Sandra are you buying. Charles i bought a ticket at the gas station yesterday. Stuart im disappointed. Charles and people splurge and some want it spend 2 on Something Like an extra largee milk. People eat at del frescos across the street and a dinner 200, you know what its a tax on the poor and disengen use just like the syntaxes. Sandra you take a lump sum then. Stuart im very disappointed. [laughter] if i win will you still talk to me. Stuart oh, yeah, yeah, baby. Sandra down to del frescos. Charles well buy del frescos. Stuart new at 10, Warren Buffett says raise taxes on the rich not because it will reduce the deficit. Not because its good for the economy. He has a totally noneconomic reason for it and hes serious, well tell you what it is next. New at 10, Warren Buffett who has been begging the government to raise taxes on rich people like himself, well, instead of writing a check, he says, we should tax the rich because it will, quote, raise thh morale in the middle glass. Hes serious. And all raising taxes on the wealthy may do, the big story of the day, president obamas campaign, holding more meetings on the fiscal cliff instead of real talks with politicians who have to decide this thing. And going on the road and selling the campaign harry reid says no cuts, democrats have cut spending and entitlements already. Remember, weve already done more and billion dollars worth of cuts and weve already done that and we need to get credit for at that and these negotiations that take place. And the president s position, no more cuts, were talking about it all with this company. Sandra smith is here, and Charles Payne and as always on the floor of the new york stock exchange. First up, the facts about proposed tax increases on the wealthiest americans, it would bring in about 82 billion dollars a year. And enough to run the government for just under 9 days. So, why do it . Here is what Warren Buffett says, i think it would have a great effect in terms of the morale of the middle east. So, we should raise taxes on hard working people just to make others feel better. San doctor . I have to cite john hayward in human events. He says this is worse than romneys 47 comment. A brutal insult to american character, saying that americans are envious and children morale will perk up when he they see their class enemies getting hit with higher taxes. And i said a year ago that Warren Buffett, this is not the leeacy he wants to leave, i dont think, but hes going to be really, really diminishing his power and influence. Stuart do you think it has been diminished . The general public it on to that. Hes not talking for greater good of the American People when he makes statements that. When is he the voice of the rich in the country. And hes far richer than anybody making 250,000 a year. Wont help the economy and reduce the deficit and make the middle class. Here you go, charles, your chance. You know its despicable and being honest, hes being dishonest because he keeps the oped, for instance, in the New York Times, the first half talks about the forbes 400, the 400 people on matt lawyer yesterday talks about the richest 1 of 1 and somehow segues to people making 250,000 a year and thats not real. And to make me hate my neighbor who is slightly more successful than me its the worst thing you can do in this country and to me, he wants to be you talk about his legacy, in my mind he wants to be the robber baron never labeled a robber baron and he does everything that occupy wall street hates and he could walk in that cry and be a hero like the Russell Simmons of the world. Lets get more reaction to Warren Buffetts comments and lets bring in senator Johnnie Isaacson and hes from georgia. Senator, welcome to the program. Im sure you heard our discussion there. Warren buffett says if we raise taxes on people making more than 250,000 a year, or the rich shall the middle class will feel better. Whats your comment . Well, Warren Buffett can speak for billionaires, but i dont think he speaks for Small Business america, were over 900,000 Small Businesses and see their taxes go up because of the president s proposal so i have a great deal of respect for Warren Buffett and very successful, but he doesnt speak for Small Business, he speaks for billionaires. Okay, do you think hes talking down to america, im not trying to put words in your mouth, but some company americans are steamed that it seems to us like class warfare. Well, to me, its one american against the other american, thats wrong. To a certain exsent. Thats whats wrong with the yezs approach. Hes trying to isolate americans and finish them and its time to punish them for being successful. We need a raising tide for all boats. Stuart could we have your stand on the tax issue as we head towards this fiscal cliff. Some republicans have, im going to say retreated a little in that they will allow more tax revenue from wealthy people, but not raising the tax rate on wealthy people. Where do you stand, sir . I dont want to raise rates on anybody, because i think that compounds whats already a difficult system in terms of the taxes, but i am for reforming our tax systems, means testing, deductions and things of that nature. So you raise the base upon which the levy is arrived. And reagan and tip oneal did that when they raised from 78 to 28 and revenues went up and they cleaned up the deductions and tax treatments previously buried in the code. We need to revisit that again. Do you see any sign that president obama is ready to move over to your position . I havent seen a sign of it and i fear too much politics dominating the white house right now. The race is over, the president has won and hes the leader of the country ap time he sat down at the table with all of us, ready to represent our state and find a solution to the problem that puts us over the cliff. , but he seems to be just sticking it to you. I won the election, i won the election, im taxing the rich and im going to do it, take it, thats what he said. Thats what hes saying, but thats not going to work and thats not going to solve the problem. We have a macro problem not a micro problem. Weve got to fix entitlements and spending and he yes, the tax code and do them in concert, one with another and you cant do it by raising the tax or cutting out the deduction and do it by Conference Solutions and you put all the issues on the table and you have the players sitting on tte table, including the president of thh United States of america. And senator Johnnie Isaacson, thanks for joining us, appreciate it. Thank you, stuart. Sir. Check the big board, new home sales were down in october. And the market didnt like it and were now down, 105 points on the dow and that puts us back to 127. Lets get back to nicole, costco shares, bucking the trend. Theyre up and you i want to know why. Theyre joining the dividend rush, theyre 103 companies that are rushed to pay out some sort of special dividends or move up and accelerate to pay out dividends here heavied the fiscal cliff and costco has joined into that group. So, its a 3 billion dollar payout and were seeing costco as a leader, its up over 4 , up 4 1 2 now and leading the way, the special dividend of 7 a share and we know that Weight Watchers and walmart and dillards and so Many Companies we covered on varney company. Its a torrent of companies that are paying out serious money, of course, weve got a couple of weeks to go, so, i think we could probably look towards more Companies Paying out a dividend, a big one, maybe a sppcial dividend before the end of the year. Absolutely. Absolutely. Because as weve seen over 100 companies do it and we havent hit december 1st. The other thing to note. The businesses taken care of. Experts are saying that these companies will do buybacks, rather than a lot of dividends. Very interesting, all right, nicole, thank you very much 3 1 indeed. I want to bring you back on the dow, its falling, and new home sales down and markets were up 105 points, now, here is a story we paid a lot of attention to, demand for guns, it soared since president obamas reelection and it was a strong market and went stronger when he got a second term. He is the chairman of the n. R. A. s military and Veterans Affairs committee. Welcome, colonel, always good to have you brother. Good to be with you, stuart. By the way, the costco shares have gone up so well because theyre selling so many, really, here is the segway, the segway, page 25 of what you just talked about and i quote, both men were members of the National Rifle association until the ooganization was banned as an illegal extremist entity for add he vo ka advocate that ban the United Nations ation treaty on small arms trade. Thats in the book because thats what people are afraid of. A ban on socalled assault weapons are simply semi automatic firearms that look a certain way and clinton tried and had to go back on and theyre afraid that theyre going to have a secretary of state like susan rice who is going to have the United States sign on to the United Nations treaties that would affect the Second Amendment to our constitution and why the gun sales are up. Stuart youve got it. What surprises me, how much theyre up. 154,000 background checks in one day. And some of those background checks could come up multiple purchases. You may have been, you may be looking at 170, 180,000 guns sold on that one day. Now, colonel, that is astonishing. Never seen anything like that before. In large part because weve never seen an Administration Like this before. Stuart, this is an administration thats consistently lied to the American People about some very important things, the most rehe sent of witch is benghazi, weve seen that deceitly describe a terrorist attack at fort hood texases workplace violence. Why are we surprised theyd tweak the points. And director of intelligence, whether the line on al qaeda as a threat and all of those things, segue back to this book, all of thats in here, not to scare the American People, but to bring them up to speed on whats happening in crowds like the socalled fast and serious operation to go on and coverup with executive privilege. This is a scary administration. Can you give me 20 seconds on what qualifies as an assault weapon, which this administration would like to ban . Because a lot of people theyre confused and so am i, frankly, i dont know wh an assault weapon is. Theyre going to look at a weapon with api pistol grip, an more and a few rounds and a flash suppresser. Even though its like my. 22 or the automatic shotgun im giving to one of my grandsons at christmas. Im one of the folks who applied for one of the permits to buy a gun. What we dont want to have is a requirement to register those firearms and thats what has the got people buying so many of ttem. Stuart thats an important thing, theyre require to register, is that the socalled assault weapons they must be registered as assault weapons or are they banned completely . Which is it. Under the United Nations agreements, both treaties would have them take every single weapon and allow the government at some time to collect them all if the United Nations found we were somehow in violation of the agreement. Thats clearly contrary to the what was the name of the book again for the third time . There it is. God love you, brother. Looking forward to seeing you in new york, youve got your personal copy. Heroes proved or go to amazon in time for christmas. Stuart brother, i love that title. And havent smiled the biggest since i called you general. Thank you indeed. The New York Times, should join california on fantasy island. That very liberal paper says the formerly golden state is showing signs of recovering, really . California resident mike reagan gives us a reality check on that. 10 35 this morning. Ive got breaking news from the white house, and president obama and mitt romney will have lunch together tomorrow. This will be their first meeting since the election. Okay . Yeah, how about that, is that a little awkward, you think. Charles they may have to search mitt and mick sure he doesnt take any silverware with him. Stuart a cheap shot. Take that back. Look in that cameraaand take it back, now. Charles part of it. Stuart please . A texas school now tracking students using computer chips, chips that could locate students anywhere, even in the bathroom. Is it legal for a school to electronically track students or a clear violation of privacy . The judge on that next. Want to try to crack it . Yeah, thats the way to do it now we need a little bit more. [ lennouncer ] at humana, we undrstand the value of quality time and personal tention. Ich is why we are proud to partner th heth care ofessionals who understand e diffence that quality time with ourembers can make. 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Weve got another company paying shareholders a big dividend, ap taxes could go up in the you new year and today its costco, paying a one Time Special Dividend the 7 a share, and paying on september 18th and if the fiscal cliff hits, taxes on dividends go way up after january the 1st, and the total payout for costco is 3 billion dollars and doing it this year would save shareholders as much as 700 million in total in taxes, good deal. And a big drop today for the fresh markets, thats the fresh markets, thats the stock, a Grocery Store chain apparently, didnt know of it. Didnt earn much money, it spent more money opening new stores, down it goes, never heard testify, but i have now. The fresh market. By the way, the judge is next. But whether hes climbing everest, scuba diving the Great Barrier reef with sharks, or jumping into the marke he goes with people he trusts, wch is why he trades with a company that doesnt nickel and dime him wh hidden fees. So he can rry about other things like what t mart is doing and beingeady, no matter what happens, which isnt rocket science. Its just common n sense, from td ameritrade. A school in texas is putting tracking chips in the student i. D. Cards. The school says its for students safety in case of emergency and increase attendance and means more money. Students dont like this, because of privacy. And judge, welcome back. Youre about to launch a second. An i dont see anything wrong with tracking chips in students i. D. Where they are. Obviously the courts would rule on this, as far as i know the first proposal to it. It could lead it a slippery slope. It could be chips under the skin, which has been proposed before. It could be rewired wearing i. D. Off School Grounds and the Supreme Court students can be punished for behavior off School Grounds and outside of the school hours of the day. So, this could lead to a very dark and dangerous area, but in terms of safety in the schhol pbuilding, which the school ha an obligation to ensure, and in terms of knowing where the children are in the school building, and the school has the right to know. I dont think should be upheld unless its tracking them all over the place. If theyre not at school, you can find out, playing truant or something. If theyre he not at school. Stuart cant do that. School cant surveil them, the Fourth Amendment implications would come into play and when theyre in the school building, i think the courts would uphold this and even though i think it will begin a dangerous slope. Sure. As a reasonable way of monitoring their theres a huge difference between a students i. D. And putting a chip under the the skin. I mean, a huge difference. This is a huge difference, but a journey of a thousand miles begins with a single step and this is that step. To the judges point. Listen, these kids, theyre going to collect for five days and you are. And you walk a hundred miles. Cliches. You walk a hundred miles. And well all do and pearls of wisdom. No, no, listen, this kids are going to take the i. D. Off. Cut class, go out and Smoke Cigarettes and a eventually the school is going to say this is not working, we keep finding a bunch of i. D. s in the the bathroom. Keep pace with our desire for privacy. Would you permit a school to implant a chip under the skin of your children. Stuart no. But yet, i would welcome a Public School to put a chip in my childs i. D. Card. I welcome it. Youre willing it draw the line at the skin. Stuart sure, we have to draw lines on all occasions and especially when ideas of privacy come into mind. That sounds like a cliche. [laughter] i want to know something, how is the book going . Pretty well. Yeah, pretty well. Do you look oo amazon every day and this is my 7th book and i did it on the first two and my producer says read the full title. I dont know what theodore and wood droe how two american president s destroyed constitutional freedom. Stuart i think youve gone far. This is not a book about school boys and its to destroy the constitution. Stuart the first step youre talking about walking a hundred miles, i think the first step you just took was a huge sleep. Well, thats actually a phrase, a journey of steps. Woodrow wilson, borrowed to fund world war i and were still paying. And i forgot to ask ollie north, am i in his book. Oh. And do you want tout books that are name is mmntioned . Thank you, judge. California the formerly golden state now the New York Times says, quote, the gloom s starting to lift. Really . My take on that is next. Having you ship my gifts couldnt be easier. Wellhaving a ton of lotions doesnt hurt. And a santa to boot [ chuckles ] right, baby. Oh, sir. 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I cant believe it and i love starbucks and this is compared to fine wines and this is the finest of coffee and the newest premium coffee you could think of it. Its basically very hard to grow and its going to be 7 for a grande, which i way 2. 20 for the other kind, nothing in it. Stuart two questions, will you buy one of these things . I definitely want to buy it to try it because the expert said its lush, tropical, clean, vibrant, a hint of pineapple and herbal complexity. Stuart i can sell anything to you, anything, anything at all. Last question, is there more caffeine in very well said. Is not telling us not that i see. Not that i see so far. Is being called the champion, the finest wine and you cant tell me anything. That is not the point. I am ready to try things and grow and expand. You could just say the same forever and ever. Ashley stuart out of time. Thank you very much. Charles payne. Did he get grilled on John Stewarts and daily show, the comedian going after charles for his take on public unions and labor law. At 10 50 find out what john stewart said and that charless response. Charles thank you very much. Stuart we have been harsh in our judgment of california. I referred to as the formerly golden state. It is nothing like the state that i lived in 35 years ago. It is not even close. Here is my take on todays lead story in the New York Times, quote, california find economic gloom starting to lift. Really . Here is the case at the times lays out. Unemployment is down. Home prices are rising and home sales are up. All through. But the main point is the state may be in budgetary surplus by 2014. Theres a headline. Budget surplus in california. Hold on. Read more closely. The projected surplus rests on the tax hikes that the state just voted for. The times buys into the opinion that tax hikes will bring in enough money to plug the deficit. This is the central theme of the liberal elite. You can have all the goodies if you just tax the rich. I beg to differ. Raising taxes when california is in virtual recession is not going to bring the Economic Growth of the state desperately need to. California has 10 unemployment. Highest poverty rate in the nation and it is hemorrhaging. Middleclass people and jobs. The New York Times thinks tax hikes are the answer just like they think tax hikes will fix the next fiscal deficit problem. Wrong for california, wrong for america. The state and the nation have a spending problem but both the state and the nation voted to keep spending spree, keep going and both voted to raise taxes. I do not share the timess rosy outlook for california or the United States and that is my take. [ enne revs ] [ male announcer ] oh what fun it is to ride. Get the mercedesbenz on your wish list at the winr event going onow but hurry, the offer ends on. Stuart john boehner said he is optimistic that the fiscal cliff negotiations will speak successful. Use the word optimistic. Market coming back a little on that. As we told you earlier forbes saying that 11 states are in a death spiral. Their words. Dont buy house in the 11 states, dont invest in their municipalbond. Joiiing us from one of those states is Scott Kennedy in chicago, ill. What do you make of that . I totally agree. I am not going to buy another house in this state ever again and as markets said, at some point we will run out of spending other peoples money. We can support the maxes with the tax rate here and obamacare on top of that. We are in a death spiral and more people will be leaving the state. Stuart i think you are a lifelong illinois guy and you are saying you would never again buy house in this state . Really . Do you know what the realestate taxes are here . Astronomical land set to go higher so we are going to be taxing those who bought houses already. People are not going to buy any more but they cant rent either because nobody is buying. We have a situation where you can have any housing. We have that problem with residential realestate and as we have Business Owners scrambling with their accountants to worry about whether they will get hit with obamacare. We are losing people faster than we are gaining them. Stuart the word death spiral is not going over the cliff, not too extreme. You buy into that. That is dramatic stuff. Always a pleasure to have you on the show. I wanted to get your reaction. I completely disagree with that statement. I think illinois is in a tough spot but i am born and raised there and would never give up on a lawyer, chicago i know theyre in a bad situation but i think they can get out of it. Stuart that is emotional attachment. But your economics, your money, your prepared to buy another house . By entities realestate taxes and income taxes . You are buying into that . Sandra i have to believe in it. Property taxes are very high but illinois is better off than a lot of the other 11 states mentioned in this forum to write a. There are 105 acres in illinois for every 100 givers and as many other states that are far worse off, where are you going to go . I choose to believe in my own state. Texas is far better off. What you going to do in texas . Work in the oil industry . You have proximity to your job. Stuart i couldnt do this show from texas. Sandra i am not willing to give up that quickly. Stuart get your views later. We will hear from you later. Charles whatever steve said. Stuart a moment ago with you heard my take on the california socalled come back, now we are going to hear from californias own mike reagan from reagan. Com. Welcome back. Headline in the New York Times you know what im talking about. California finds economic gloom starting to lift and the premise of their argument is those tax increases will produce a Budget Surplus in california in 2014 and you say what . Charles they are out of their minds. Interesting the headline in the story is lolita, calif. Goodness gracious, talk about the capital of capitalism where people go on vacation and the reality is this. This state is not getting better. We are not taxed enough . The 13. 3 millionaires tax they just voted for, the highest tax rate in the nation, just isnt going to be enough. We have to tax people more. It also talks about housing and the fact the cost of housing, prices are going up on houses, more people are buying houses. There are people trading up with the equity in their home to get into a new home at a lower price at a low interest rate. When you talk about people renting, it is a ranchers haven because most people cannot get that loan from the bank to buy a home so they rent a home and the reetal prices of skyrocketed. Stuart let me turn this around a little bit. As opposed to a resurgence for california, would you agree that maybe califfrnia has hit bottom . It may bumble along the bottom while but it has hit bottom. What you say . No. We voted to get to the bottom because with vote that took place november 6th you have a 29 registration rate in california of republicans which means we cant elected dogcatcher here. The other side of the coin is theres a two thirds majority of democrats in the state senate and state assembly which means republicans can stay in their house, drink their 7 cut starbucks and get a paycheck from washington because they have no say in the state of california because they have no say in the state of california. Stuart another story we have been running is the Magazine Article from bill baldwin putting 11 states saying theyre on a death spiral, california is one of the 11 states, baldwin says you dont buy a house there and you dont buy their municipalbond. Maybe that is extreme language. Would you go along with aadeath spiral and apply it to california . Death spiral, we have been in a death spiral, were still in a death spiral and need to come out of it. It will take the people of california to vote themselves out of it and wake up and start putting people in sacramento who are going to be there not for themselves but for the state of california and i will be working in 2013 with the assemblywoman from bakersfield and we will try to take this state back by Ballot Initiative if necessary but i am going to stay here and try to fix this state in 2014 with a ballot measure and if i cant do it then, move over, i am moving in. Stuart i knew that was going to be the punch line at the very end. Mike reagan, great stuff. Thank you very much indeed. We have a record 500 million power ball jackpot that has many people rushing to buy tickets . Is a all hopes and dreams . Basically a tax on the poor. That is what i think. Before copd. I took my son fishing everyear. We had a great spot, not easy to find, but worth it. 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Stuart i got to say it, stocks have bounced back little, dow industrials down 70 or 80, and john boehner says he is optimistic that a deal could be reached to avoid the fiscal cliff, back comes the markets down 8 at the moment. President obama continuing campaigning for higher taxes on the rich, meeting with cees from goldman sachs, caterpillar among others at the white house today. And a lunch at the white house, obama and mitt romney. One person, maybe more could join the one tonight. If it attacks on the poor, outrageous. Stuart 500 million, half a billion is the power ball back but tonighh. People are lining up to hand over ritter money. Lets bring in the about. Com guide to the u. S. Economy. Kimberly, i am going to give you pmy opinion up front. I think the power ball and 0 other state lotteries are a lousy deal. Point number one. You by 2 ticket you are immediately subject to 50 tax because 1 does not go to prizes but the state. 2. If you win, youre subject to another huge tax. I think it is a lousy deal. The best way of taxing poor people. I dont like it. You say . I hate disagreeing with you so much. Stuart go ahead. It canes my heart. It is not our tax. It is voluntary. So people can decide to do it or not decide to do it. One of the bad things about is is very bad odds. 1 seventyfive million to 1 of winning the lottery. People who win the lottery are play the lottery, that is their choice and we cant wedges late free will. On the other hand they should make changes to life style. If you play it the lottery should not fly in a plane because the chances of being killed in a plane crash at twentyfive million to one. Stuart it is a involuntary tax. Would you pay your 2 for power baltic it . Would you do it . Dodge, no. With those odds i shouldnt go to bed tonight. I should sleep on the floor because the odds of killing yourself by falling out of that are two million to one. Stuart try this one. If you win 500 million a you elect to have a payout scratch over 20 years, suppose you do that and you die in the first year, york estate has to pay estate tax on the 19 years worth of income which you havent received but would have received if you did and why. You can go bankrupt doing that. Is a lousy deal. What do you say . I agree. Is a terrible deal. That is why i would never paid. I will give you frightening statistics. One of the things that is really frightening is 20 to 30 of peeple surveyed say that playing the lottery is their best plan for retirement. That is frightening. Stuart terrible. 20 to 30 think it is their best chance of retirement . That is their retirement plan, playing the lottery. A lot of people say it is only 2, what difference does it make you take 2 a day and invest it and only got 5 back in 17 years, you would have 20,000 which adds up to something. That is if you will get 5 the year. You know as well as i do that the stock market is supposed to give us 10 year. Lets hope we get to that one of these days. Stuart policy questions. Would you ban state lottery . I wouldnt. It does give the state some money. There are 56 billion collected through the lottery last year. Unfortunately only 17 billion went to the state but that is 17 billion the state for leads. Stuart we have reached agreement here. I do believe. Neither of us would buy a ticket but it is a voluntary tax so other people if they wish to do it could keep doing that and the state can keep doing it because they make some money out of it and it is an efficient way of taxing the for. We are in full agreement. Are we . Yes we are. It is Income Redistribution from the 4 to the rich. Stuart that was very good. Appreciate you being with us. Thank you. Stuart sandra, what you historically laughing . Sandra i was laughing about a statement the stock market should return in a year, when does the stock markets supposed to guarantee return . That i would have disagreed with. Stuart would you buy a sandra no. [talking over each other] charles you buy tickets and sleep on the floor so you dont fall off the bed. Stuart a defense was Charles Payne gets grilled by john stewart on the daily show but after the break charles gets a chance to respond. Stay right there. Stuart Charles Payne got roasted by john stuart on a daily show last night. It is a stretch, an amazing stretch to try to pin this on walmart. I cant think of the worst target. I believe that is walmarts slogan. Think of the worst target. You were being callously dismissive of the working conditions in bangladesh to score points against american unions. Charles dont think the people in bangladesh dont need those jobs as well. We like to victimize everyone in this country when it comes to motivation which is being assaulted. Youre first argument seems to be they died in a fire but they had jobs. Stuart it is funny but they chalked it up and you werent talking in that frame of reference at all. Charles i started off ironically comparing this to the triangle factory fire in 1911 and gave the unions props because we did need unions and better conditions but i also said because unions did the thing on black friday and it was terribly unsuccessful and heard walmart the bottom line is walmart does hire people and create jobs and the Progressive Movement if you remember fdr said there are four freedoms which have, what is freedom from want like we should never want anything. The government should provide it all. Are round of world that ha was context and the ray lahood contract the callous like no unions and walmart. Charles people were happy to perish in a fire people were happy to get out of work. You should be happy not to get up and go to work, that somehow being an american, you shouldnt have to go to work or count on slave wages. The nobel prize went once to the guy who started the micro loans in bangladesh. We are talking about 500 loans. That is the First Step Towards capitalism and yet a greater step towards capitalism, great points against unions and theyre defending unions. Charles cant we agree it was funny . They were nasty to you. Charles the part i dont like is the emails and stuff on none of it is smart. It is all insulting. Stuart here comes the highlight reel. It is next. Here it is, the highlight reel. Roll it, please. Theyre pretty steamed about the idea you tax the rich and the middle class will feel better. This is worse than the mitt romney 47 comment. It would have a good aspects to the morale. Warren buffett is at it again. When is he the of the rich in this country . It wont help the economy, wont reduce the deficit but will make us all middle class feel better. We went through Warren Buffett. It has been a fun show. Thank you very much indeed. It is yours. Connell good morning, everyone. Dagen