Transcripts For FBC Varney Company 20130228

Whatever. Happy birthday to jason aldean. Imus in the morning the president walks back armageddon, not so bad after all. My, how times change. Good morning, everyone, quote from last night. A lot of people may not notice the spending cuts. Really . Whoa, thats a far cry from the disaster speeches the president was making all week. Thousands outtafter job, meat not inspected, children not vaccinated. But now, a lot of people may not notice. Why the switch . Why retreat from the armageddon threat . Perhaps the president knows it was political grand standing all along. After all, will the sky really fall if we make a tiny spending increase reduction . So, here is where we stand. The cuts hit tomorrow. Most people wont notice. Ben will keep printing and the dow industrials could hit an alltime high soon. Varney company is about to begin. [ male announcer ] at his current pace, bob will retire when hes 153, whh would be fine if bob were a vampire. But hes not. Hes an architect with two kids and a mortgage. Luckily, he found someone who gave him a fresh perspective on hisortfolio. And with some planning and effort, hopefully bob can retire at a more appropriate age. Its not rocket science. Its just common sense. From td ameritrade. Good morning, everyone, we are indeed on the brink of recession. In the last three months of 2012, the economy grew at an annual rate of 0. 1 . Absolutely miserable. Barely any growth at all. All the economists were forecasting a very nice bounce. We did not get it. Clearly this is not a robust economy, you just cant spin it that way. Despite that, your 401 k has been on a tear this week. The dow jumped 300 points in the last two days, that is a rally. Were now 89 points away from the all time high on the dow. Whats going on . One, ben says hes going to keep printing money. Two, with a. 1 growth rate he will definitely keep printing money and three, if the president is indeed retreating from the sky is falling threat, then perhaps spending cuts wont be so hurtful after all. Now, look at this, please, the white house threatens a big name reporter, bob woodward, the watergate guy, the man who says that sequester is obamas idea, he gets an email from the white house telling him he could quote, regret staking out that claim. Regret. About obama and the sequester that is. Sound like a threat to me. Who sent that message . Jean sperling, senior Economic Advisor to the president. Could be a sign that the tide is turning. Could the Obama Administrations honeymoon with the Mainstream Media be over . Youll get my take on that at 10 25. Right, no growth in the last three months of last year, when everyone was shopping for christmas and the holidays. But were still 89 points away from the all time high. Perhaps traders new all along that the president s threat of economic armageddon was false. The opening bell is next. Dad, id put that down. Ah. 4g, huh . Verizon 4g lte. 700 megahertz spectrum, endtoend, pure lte build. The most consistent speeds indoors or out. And, obviously, astonishing throughput. Obviously. You know how fast our home wifi is . Yeah. This is basically just asast. Oh. And verizons got more fast lte coverage than all other networks combined. Its better. Yes. Oh, why didnt you just say that . Huh what is he doing . A minute from the opening bell. 89 points from an all time high. I want to see wall streets reaction to the lousy economic report we got. 0. 1 , thats virtually no growth at all. Lets bring in larry levin from chicago. Larry, thats, thats a lousy economic performance, does it hurt the stock market today . I think it would hurt the stock market if we were in a different place, right . You mentioned how close we are to the all time high, stuart. And thats really whats in play and traders minds. Theyre kind of ignoring that. At least for now. But a couple of days from now, maybe they he wont ignore it, but right now, its a situation where the all time hey is in play and appears where the market wants to go. Stuart of course, ben keeps printing. And state right there. Well get back to you right after the opening bell. Were looking for a 10 point loss after the opening bell. And ill repeat the gdp number final period of last year, Holiday Season, basically the holiday expanded at an annual rate of. 1 . It was originally reported as a contraction,. 1 , turn it around,. 1 gain. That is nothing, that is miserable to. Big board, yeah, we are ten points lower from the getgo, puts it at 14,066. Here is a big name you know and boy is this thing lower, groupon, it lost money and expected to make money, nicole, how bad is it. Nicole the latest quarter, you can he see to the down side this morning in a big way for groupon. And most of the company had to cut their revenues in order to lure the merchants and its down looks likes 28 . Stuart thats a drop and a half. Nicole this crowd is for j. C. Penney which is not open here yet. Stuart that thing could be down 25 ive got a couple more big names you know, the man who major retail magic and apple, look at this, not having much success thus far at j. C. Penney. The Company Reported a much wider loss, very weak sales, its not going back to bringing in big weekly sales, big discounts. Thats a reversal of its Recovery Program for j. C. Penney. It doesnt like that. The market doesnt like it, down 15 . Tough economy turning out to be good news for dollar frtree. We mentioned that sales continue to grow and Discount Chain sales are up. Why is that . Youve got less money in your paycheck and main youre out there looking for bargains. And this is a bargain store. Moved up yesterday, 10 . No pullback seriously today and thats all weve got. Two stories there. Lets go back to larry levin in chicago. Ive got this for you, larry. Late yesterday the president in my opinion seemed to walk back the doomsday scenario. If we cut spending the sky falls, he appeared to walk that back a little yesterday. Any difference to the stock market because of that, what im calling a walkback . We saw the stock market having a rally for a few things. I can a lot of people are trying to get from the gdp thinking it would be good and seeing how that turned out, but certainly, that was a big kind of turnabout or you know, 180 degree turn as far as what he was saying before. And stuart, i think that traders down here, theyre not really concerned about it. They, you know, they know that the president says something one day and the next day he says Something Else and were kind of getting used to that here. Stuart not a factor on the market. Larry, thank you for joining us so early in the morning. Thank you. Joining us now from capitol hill is the democrat, the senator from the great state of montana, john tessa is with us. Welcome to the program. I want you to hear precisely what the president said yesterday, im calling it kind after doomsday walkback. Listen to this and see what you think. Conceivable that in the first week, the first two weeks, first three weeks, first month, that unless your business is directly related to the defense department, unless you live in a town that is directly impacted by military installation, unless youre a family that now is trying to figure out where to keep your kids during the day because you just lost a head start slot, a lot of people may not notice. Stuart it sounds to me, senator, that the president understands that the sky is it not going to fall. What do you say . Well, i think that there was a lot of caveats to his statement, but let me just say this, stuart. I think that the fact that congress has not done its job in relationship to the multiple crisis that come about, about every 60 days, we evve been do this for over a year and a half now, i think hurts the economys ability to grow and expand, which you just talked about a second ago. This countrys got Incredible Opportunity out there. The state like montana where weve got Incredible Energy opportunity and weve seen commodity price ins all time high for years and years on end. Weve seen the Housing Market start to pick up. Washington d. C. Has been kind of a boat anchor and quite frankly, the sequester stuff is a big part of it. Stuart mr. Senator, the republicans and some democrats in the senate they want to put forward a measure which would give the president the leeway to decide where the cuts are actually going to fall. Give the president the power to layoff this pain, if he wants to. Would you support that . No, and ill tell you why, stuart, Just Congress needs to do its job. A few years ago we gave the ability to appropriate money to the executive branch. Now were going to tell the executive branch that the legislative branch cant do its job and and were going to give him the power . Look, we need to sit down as americans, not as republicans, democrats or independents, and come up with a solution to this problem of continual bickering over the debt. We need a longterm solution for our debt and deficit and Congress Needs to do it. To say that we cant do our job, to prioritize spending in this country is absolutely does not give us any credibility whatsoever. Saying mr. President you take care of it. Stuart is it legitimate for the president to say, were going to inflict maximum pain. The sky will fall, unless you do something about it . Unless those wicked republicans raise taxes. Is that legitimate to say that, sir . Look, i dont think he says maximum pain and. Mr. Senator, he appeared before a back drop of First Responders and said that tens of thousands of jobs would be cut. Children would not be vaccinated. Teachers would be laid off. Border security impaired. He is threatening armageddon unless the republicans raise taxes. Look, what i think i think what needs to happen, quite frankly, there needs to be a broadbased agreement that theres going to be some spending cuts, weve got to close some tax loopholes, make no mistake, it has to be broadbased and we cant keep drawing lines in the sand. Im in business myself, i still farm, but the fact of the matter is theres going to be impacts. Im already getting calls and emails from people in the live stock industry saying, look, if we and about 90 of their budget for the Meat Inspection service is for salaries, if they cut back on these meat inspectors its going to have an incredible impact, it also is on the markets. Stuart he doesnt have to, the president doesnt have to cut the salaries of meat inspectors, and he can have the power to shift to elsewhere in the agriculture department, he has the power to do that. I dont know that. Stuart he do. What i know congress has not done its job and come forward with a longterm plan on our deficit and debt and Congress Needs to accept up and do it and we need to put the party stuff behind us and move forward. It doesnt pt should not be all tax increases, should not be all cuts, a combination of both and weve got plenty of programs that have outlived their usefulness and plenty of loopholes in a complicated and antiquated tax code that needs to be fixed. Stuart i regret to say, sir, that montana is the only state in america which i have never been to, im sorry about that. Youve got to come. Stuart i need to go there. Youve got an invitation, and well show you beautiful country. Stuart if youre not careful, ill take you up on it. We appreciate you being here. Thanks. Stuart to nicole and we have kohls the share price is down and we want to know why. Down 4 , they did so many markdowns during the Holiday Season in order to get the sales and inventory out. They came out with numbers that were dismal. Stocks down over 4 and i cant believe youve been to every state in america with the exception of montana. Stuart its true. Nicole whats your favorite . My favorite . New jersey. [laughter] i really like new jersey. Youre speechless, i dont know why. Nicole they told me to be quick and i wanted to get the answer and be quiet. Stuart good one, nicole. Thanks very much. Try this one for size. Do you remember colorados governor, john hickenlooper, the man who drank fracking fluid to prove its safe and hes taking the support for this controversial drilling method taking it further. Find out what hes doing in his own state to get fracking on board. This will be new at 10 this morning. Seven early movers. Gun maker sturm ruger, up, people clearly pushing to firearms. Had a nice run and nordstrom buying back shares up goes the dividend. 54 a share for nordstrom. Groupon bigger loss and slowing growth the. The market hates that, down 24 . Weak european economies hitting caterpillar, Company Plans to cut 1400 jobs at a plant in belgium. Caterpillar up a little 92 bucks. Disappointing profit at energy drink maker, monster beverage, the namesake brand continues to grow in the United States and its up 3. 8 , nice gain. Better than expected profit and sales at sears, but its down 10 cents. More money coming across the trans limited brand, victorias secret company, clothing retailer gave a disappointing outlook, doesnt matter the stock is up. Were on the upside for the dow industrials, 14,083, 82 points from the all time record high. Time is money, 60 seconds worth of what else were watching for you, much more on the phony armageddon that the president was warning about all week. Well talk to congressman conway next hour on the agriculture committee. Well ask him, are Meat Inspections really going to stop as of tomorrow morning, or saturday . Really . The left i should say keeps pushing for green Energy Despite the fact that its totally unreliable. Case in point, california become so reliant on wind and solar it may face blackouts. Why . Because when the wind doesnt blow there is no electricity. Mike reagan will be here. And the man talking about card counting methods, 10 45, mr. Ma. And the National Debt just crossed 16. 6 trillion dollars, showing no signs of slowing down. John stossel, look at this, just look at john. I think yes, look, why on earth is he riding a scooter into my studio . To prove a point about our spending rubbing off on future generations . John on a scooter next. announcer at scottrade, our clients trade and invest exactly how they want. With scottrades online banking, i get one view of my bank and brokerage accounts with one login. 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See your authorized mercedesbenz dealer for exceptional offers through mercedesbenz financial services. Oh, bring back memories, remember the former General Services administration executive. Spent more than 800,000 of your money on a lavish conference in las vegas. Turns out the government does not learned its lesson, you, the taxpayer are footing the bill for bigticket governmentsponsored events. Hundreds of millions on conferences alone. Find out how much youre having to shell out for this kind of thing. Top of the hour coming up. Now, here is what youre waiting for, john stossel. He is here, during the break riding a scooter into the studio. What . I think perhaps this clip will explain why. Excuse me, i need to take this phone. What are you doing. Im old, i need to i need this stuff. Stop, stop. And take this scooter. Hey, give that back taking things from kids is nice for me, but the rest of you have to deal with the debt bomb. Oh, hes here right now, sitting scooterless i might add. Whats this, our spending is robbing our children. Generational theft, and people our age say i paid into medicare my whole life and getting back what im due, but were getting back two to three times what we paid in. Its unsustainable and president obama says the sequester is hike taking a meat cleaver to the budget, but the sequester doesnt touch medicare and on the part it does, on the military and the discretionary, its you could say it was more like a parring knife . It isnt a parring knife. This is what happens to spending and even with the cuts, he has the redline without, blue line with, theres hardly a difference, you can say its unfair not adjusting for inflation, next slide adjusting for inflation, still, spending goes up with the sequester. Stuart so its a misnomer, you cant say, well, were cutting. And cutting from what they were going to increase. Stuart right, as you said the slide pointed out. Spending keeps going up even with the cuts, were just reducing the amount of increase in our spending, thats what we do. After inflation and adjusting for population growth. Stuart i believe you have a couple of questions for me, is that correct . Is this a quiz . On my show, we have a real or fake quiz. Theres nothing we can cut from the government, but here is what government spends on. Is this real or fake. 75,000 for a radio series of poetry composed by prisoners called the prison poetry workshop. Stuart youre asking me is that a real or a fake program . Yes. Stuart look, its strange credulity, but im going to say fake. Okay. And one more before i give the answer, 220,000 for researchers to discover new methods for killing cockroaches without toxic chemicals. Stuart oh, that i believe is real. Yes. The opposite was true. Stuart youre kidding me. The point is that you cant know, they spend it on garbage. And say oh, cant cut anything or you wont have meat. Stuart the point is anything is believabling. Because the spending is so crazy. I would believe anything you tell me is a real Government Program and its not. Thats right. Stuart john, thats a very good program coming up. Tell us where and when. Ten oclock tonight on fox business. Stuart excellent stuff. Thank you, john. Great stuff. Breaking news on the keystone pipeline, the Canadian Energy minister says he does not expect the pipeline to be rejected. Thats interesting. S most definitive word weve heard on keystone and comes from canada. He does not expect it to be rejected. Stossels got his cleaver in his hand, i dont know why. Whats that got to do with the pipeline. Just, it was ready. Stuart lets go to the gold report, shall we before you do serious damage. 9 49 eastern, 1587 retreating a bit away from 1600. The question for you, would you let a stranger go through your mail . Open it, scan it into a computer, then email it back to you for a small fee . Would you let anybody do that . Well, one Startup Company is offering precisely that service. Here comes liz and charles, they will comment. How do traders using Technical Analysis streamli their process . At fidelity, we do it by merging two tools into one. Combining your customized charts with leadingedge analysis tools from recognia so you can quickly spot key trends and possible entry and exit points. We like this idea so much that weve applied for a patent. Im colin beck of fidelity investments. Our integrated Technical Analysis is one more innovative reason serious investors are choosing fidelity. Now get 200 free trades when you open an account. Hey, moments ago we crossed 14,100. Were 60, 70 points from the all time record high, were watching that for you. Listen to this please, a Startup Company called outbox will come to your house three days a week and pick up the mail dropped by the postal service, open it, scan it into a computer and then theyll email it to your service, your email. Your computer. 4. 99 a month, the company says 10,000 people are on a waiting list. All right, everybody. I cant believe that they would want someone to open their mail. I cant believe it. Charles its hard for me to believe. Im an oldfashioned guy. If you have direct Detroit Police and Everything Else is junk except the Christmas Card from an aunt you havent seen in a while maybe makes sense for five bucks. Stuart if youre an invalid, not laughing, cant get to the mailbox, i understand that. Do you want anybody going to your mail. No, i dont like that. The junk mail, coupons maybe handle that. Rather have an app for somebody to do my laundry than go through my mail. Thats too personal. Even though my laundry is, too. Stuart 10,000 people on the waiting list. Amazing that weve come to this. Charles i think its people are going to go for it, i think were too old to appreciate it. Stuart thank you. Speaks for yourself. Great job, welcome back. [laughter] the cofounder of this company, by the way, this emailing and the mail stuff, he joins us tomorrow. Very interesting. Do you remember bathtub jeff, the former official who spent lavishly on trips to vegas . They havent learned their lesson, how much they spend on conferences, why not cut that. And the profracturiking govern he drank liquid to say its safe. [ male announcer ] ive seen incredib things. Otherworldly things. But there are some things ive never seen before. This ge jet engine can understand 5,000 data samples per second. Which is good for business. Because planes use less fuel, spend less time on the ground and more time in the air. Suddenly, faraway places dont seem so. Far away. Stuart clearly they didnt get the message. The scandals roll on. 340 Million Dollars was spent on conferences and meetings by federal agencies last year, 340 million. Thats counting only those that cost over 100,000. Remember bathtub jeff . That was the General Services Administration Scandal where the government owns bean counters went on lavish vegas spending sprees. Apparently the feds should be thrifty has been forgotten. Then we have the 156 Million Dollars paid to federal workers last year for not working. The union guys. They worked full time for the union, but they were paid by the taxpayer. Why cant we cut here . Instead of kids vaccines, why not cut junkets . This is the kind of thing that drives taxpayers crazy. Maybe that message is getting through to the white house because the president is now beginning to retreat from his armageddon threats. On the spending cuts, he now says a lot of people may not notice. Stuart do you remember the governor of colorado, the one who drank fracking fluid to prove it was safe . Hes deffnding fracking again. The governor says he will sue any city in colorado that bans fracking. More on that in just a couple of minutes. Were going to talk about that and a whole lot more with our company this hour, and our company is elizabeth macdonald, Charles Payne and Nicole Petallides. Look at the big board for a second. The dow is up 10 points. We got a miserable number on gross domestic product, the big picture economy this morning. Its only growing. 1 a year. Now look at that one of the stocks that really is moving, an individual stock. It is groupon. Not good news there. Give us the full story, nicole. Nicole groupon big loser, down about 24 here. When you talk about groupon, you talk about daily deals. What they have had to do is cut the costs so that the merchants will get on there and give the deals and be involved with this type of company, which is obviously over the internet, people can go locally and get these great deals in their neighborhood, whether its a restaurant or a salon, or whatever. In the meantime, they are really not making the money they had hoped and the stock is a big loser. Stuart hold on a second, nicole. As we were saying groupon is a big loser. Charles payne is sitting here and saying oh, yeah, great, whats with that . Charles it is devastating when a stock s down that much. A major firm just upgraded it recently. Thats a tough one. Stuart you did not recommend it as one of your money making deals . Charles absolutely not. Stuart jc penney, thats a serious loser there. Nicole, do you want to explain this one to us . Nicole jc penney, they did a lot of mark downs. Of course you know they have had a whole issue about how they are running this company, whether they are going to do promotions, not do promotions, change in management. These two stocks alone are horrendous. If you are a shareholder today, i mean, you are very upset with this kind of move, not bringing in the numbers. Stuart all right. Ladies and gentlemen, i want to put nicole full screen, hold that shot, please. Because Nicole Petallides has just been named Greek American woman of the year. Congratulations. [clapping] nicole thank you. Im not sure i deserve it, but it will be a nice event this weekend. Thank you. Stuart thank you very much indeed, nicole. New jersey says yes to online gaming. And that gave gambling stocks a boost, including zynga. It is now considered a gaming stock because somebody has got to outline how you do this online stuff to the states and the casinos. Well, zynga is up again, up almost 1 . A nice run recently because of online gaming. And later this hour, jeff marr joins us, the man who made millions counting cards in vegas. How will Online Gambling actually work and how much money is it really worth to the state . 10 45 this morning. Earlier today i quoted the president who said a lot of people wont see the effects of the spending cuts right away. Im calling that a doomsday backtrack. Charles, let me give you the Precise Expression from the president. A lot of people may not notice the spending cuts. I think thats completely different from what he was saying earlier in the week. Hes retreating. Charles theres absolutely no doubt hes retreating. It is good to be the president when you have the media in your hands. Because now everyone is pushing the agenda for him. Im riding into work this week, and im listening to wbls and they are banging the drums, the world is going to end on march 1st, everyone. All of his people are doing the work for him. The boy who cried wolf act gets a little dull after a while. What happened to leadership . Liz we have a crisis in how we govern ourselves. The gloom and doom Magical Mystery Tour isnt going to play well in the United States. This is a campaign event. Hes trying to help the House Democrats so they can take back the house. I think it should be treated as a campaign event, this tour hes going to do about spending cuts. Stuart its a constant campaign. Hes the leader of a Political Party, not the leader of the United States of america. Thats a personal opinion. Charles hes done a great job as leader of a Political Party and a terrible job as president of the United States. Liz this year with 3 1 2 trillion dollars budget ets, only less than 2 growth and still 3 Million People more out of work since the president took office. Stuart i think that sums it up there, liz. Thank you very much. Our next guest is a former supporter of president obama, but he now says this is what he says about the president now, quote, he wants to be he wants to redistribute wealth, take money that was honestly earned by people who struggled and suffered, and paid the price to win that money and give it to people who dont have to do a thing. Very interesting. Strong stuff. Joining us is harry alford. Sir, welcome to the program. Good morning stuart. Stuart why have you done such a complete aboutface . You voted for the president in 08 and 12. Well, the truth will change your mind. As he went along with his lack of leadership and coming up with all of these socialist ideas, prounion, not even caring about his constituency, doing things that are just wrong for america. It hurt my constituency, black business, we are at an all time low in doing contracts with the federal government. Were at an all time low in Capital Access through the sba. He put in project labor agreements which are union only for construction projects. 98 of my constituents are in the Construction Business are nonunion. When you put up a project labor agreement, you are saying need not apply. Stuart what proportion of the people in the black chamber of commerce, what proportion feel the way you do now, its not a president who is really helping the overall economy period . It is growing immensely, i remember a few years ago, bringing it up at a board meeting, and i got jumped on. Now, when i bring it up at a board meeting, everybodys nodding their heads and were talking in unison that something needs to be done. Our membership is growing because its like the church, when times get bad, you go to church. When the economy gets bad, you join your business association. So were rolling on that end, but weve got to do something to change this tide for our childrens sake and for our grandchildrens sake. Stuart charles . Charles how is it going . This is Charles Payne. We met down in d. C. Not too long ago. Hope things are getting better. Heres the question, though, how do you get this message to the white house effectively, or is the bottom line that the president has an agenda written in stone, and ultimately a lot of people who thought he was on their side are finding out the hard way that maybe hes not . Hes committed to what hes doing. And its like the full speed ahead. I think hes very convinced that hes going to do it his way even though it may not be the right way. It is going to be his way. That is a sad picture. Ive never im 65. Ive never seen a president like this. Stuart what do you say about the spending cuts that probably take place in the immediate future . The president says the sky is going to fall. We think hes maybe retreating from that line a little bit, but hes pushing serious damage, he says he is, what do you make of it . Much to do about nothing. 2. 2 . Give me a break. Thats easy to do. You know, i was in corporate america, if we had spending cuts budget cuts were being rumored, then the boss comes in and says you are going to cut it 224 . Wed all start laughing. No big thing. Thank you. [laughter] stuart harry alford, black chamber of commerce with us today. Thank you very much indeed sir. Appreciate it. Thank you, appreciate it. Stuart one of the states that is the worst for business, california. So bad that Texas Governor rick perry recently went on a recruiting trip to california to bring business back to texas. Adam shapiro is in palo alto of all places and you have governor jerry browns reaction to per perrys efforts. Did Governor Brown admit businesses are leaving california . No quite the contrary. Governor brown sells california as a governor should do for their state. Let me let you listen to what the governor says about the business situation here in the state of california. Do you think a few trips from politician is going to make any difference . People invest their money where they think theres a return. The ideas, the infrastructure, the climate, the opportunity is right here in the pacific rim. Adam but when you speak to different people here in california, they point out this is not a great place to do business. In fact, real quick, stuart, let me read you, the l. A. Times had an editorial talking about rick perry. They dont like rick perry here. But the l. A. Times said to Governor Brown, the state has a long way to go to get its Job Development act together and the time to start is now. That would be the best way to wipe the smirk off rick perrys face. Stuart its a good story. Texas versus california. California versus texas. You will be at lovely palo alto all day with this story. I envy you. Adam we will be talking with different representatives from arizona and from virginia who have successfully and quietly lured businesses out of california. Stuart thank you very much indeed. We will see you later. California bet big on green energy. Heres the problem, the states shift to wind and solar makes it very hard to keep the lights on. Mike reagan will join us on that subject, 10 35 this morning. Back to the company, the colorado governor, he wants to sue cities that are banning fracking. What do you say . Charles absolutely. Its absolutely this is it absolutely boggles the mind this battle against you know the Current Issue in National Geographic theres a negative article on fracking, but you can take so many positives out f it. One thing i love is this illustration of just how deeply they drill for this oil. It is literally more than seven empire state buildings below ground water, seven empire state buildings below ground water. You know, but im glad hes taking this approach. Stuart i was intrigued he wont allow cities urban areas to ban it. Rural areas is where you are going to be doing the fracking. Liz i like how he did drink the fracking fluid. Did he light it to make a flaming shot out of it . No im kidding. The problem is he puts himself into a box here. Cities in colorado are allowed to ban Recreational Use of pot. They now have to do fracking . Theres a conflict hes putting himself into a bind there. Im also wondering what does he serve at new years eve if hes drinking fracking fluid . Stuart okay. It is a legal sort of conflict. If you allow pot but you dont allow fracking, is that a contradiction . Liz hes saying the cities are allowed to ban pot usage. The cities in colorado. But at the same time, hes saying to the cities, look, we are going to sue you if you do not allow fracking. So, you know, how do you play both sides of that coin . Stuart hes going to sue if they dont allow thats the other way around. Sue you if you ban fracking. Liz right. Stuart i have it. Okay. Bottom line is i want state governors to get out there and allow them to get what is ours. Liz to get Economic Activity going. Charles andrew cuomo, are you going to kick this around for the next four years, make a decision. Stuart i want to see what he does. Are meat inspectors really going to be furloughed when the cuts go in effect . We have a guest on that next. But first heres what democrat senator said in our last hour. It should not all tax increases. It should not be all cuts. It should be a combination f o both. Of both. We have plenty of programs that have outlived their usefulness. We need to take a look at them and eliminate them. We have plenty of loopholes in a very complicated and antiquated tax code that need to be fixed. [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. Protect youramily. And launch your dreams. At legalzoom. Com we put the law on your side. Stuart all right. Heres the new numbers on the economy. It grew at an annual rate of 0. 1 . Truly awful. This is not a robust economy. And the market is well, not responding at all to that news. Its up what 7 points. Thats what weve got. Jc penney, big drop for the stock. Its grand Transformation Plan is not working. It reported its biggest drop in sales in more than a year. Huge drop actually. Jc penney brought in ron johnson to try to transform the chain. Not having much success. It is down 20 today. Investors expected a big profit from groupon but the company took a hit instead. Lost millions in the first quarter. That stock is down 23 . Pope benedict xvi pledged obedience to his successor in his final meeting with cardinals this morning. Back in 90 seconds. Staying active can actually ease arthritis symptoms. But if you have arthritis, staying active can be difficult. Prescription celebrex can help relieve arthritis pain so your body can stay in motion. Because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain and inflammation. 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T help right away if you have swelling of the face or throat, or trouble breathing. Tell your doctor your medical history. And find an Arthritis Treatment for you. Visit celebrex. Com and ask your doctor about celeex. For a body in motion. Stuart sitting behind your desk could kill you, studies show that sitting down for extended periods raises your risk of developing Heart Disease, blood clots even certain types of cancer. Standing up for an extra 90 minutes a day could lower your risk. I would have thought that was stating the obvious. Am i going too far . Our next guest sits on the house agriculture committee. Congressman michael conway, republican from texas. Welcome, sir. Good to have you with us. Thanks stuart. Good to be with you. Stuart i want you to reassure our viewers that Meat Inspections will not stop the moment that these spending cuts go into effect. Youre on the agriculture committee. Tell us, sir. Well, that was obviously the implication i think of the department of agriculture when they put that release out ten days ago or let that leak that they were going to do that, the implication was it was going to suddenly stop. I dont think thats the case. If you are a responsible manager and i hope secretary vilsack is, he will roll those furloughs through the system between now, march 1st and september 30th. Theres no reason any one shop should be shut down. There will be perhaps less meat inspected but the implication was going to stop all Meat Inspection right off the bat was a scare tactic, unworthy of this administration. But nevertheless, thats the theme they have been doing throughout this process, but a good manager will keep that process going. Maybe at a reduced rate, but nevertheless stuart but congressman the point surely is the president has the power to shift these cuts around within departments, within buckets of spending, and that this infliction of pain is really quite deliberate. Thats the way it looks to us. Its the way it looks to me as well. We will know tomorrow how they are going to do this. But these series of scare tactics saying tsa lines will be lengthy, all those kinds of things, thats irresponsible. If you are a manager, you will pick out the things that are the most important that you are supposed to be doing and you will get those done. And the other things that are less important will be the ones where the cuts are taken. But again this president , failure of leadership to prevent this and to not let this happen, but nevertheless thats where we are. And theyve got the secretary vilsack as a responsibility, i believe, to execute these things in the least painful way possible still getting the savings that are going to be required out of department of agriculture, but do those in a way that are responsible and not ones that inflict the most pain either to the economy or to individual taxpayers. Stuart the president last night appeared to retreat from the armageddon threat. I will quote you exactly what he said. He said a lot of people may not notice the spending cuts. At least for a week, two weeks, three weeks, four weeks. A lot of people may not notice. Im saying that that is a retreat from the armageddon threat. That the president is softening his stand. Maybe his bluff has been called what do you say . Well, i think his bluff has been called. These things are going to happen tomorrow and the sun will come up on saturday as well. There will be effects. It will be a resetting time frame. The furloughs will happen and there will be individuals who are affected but it wont be dramatic tomorrow. Things will go forward as they have been. Its relatively small cut against a total amount thats spent at the government and against the economy itself. Stuart, as you know, we have some 14 trillion dollars economy. This is 85 billion dollars. Its meaningful if youre expected to be on the receiving end of that 85 billion. And it ripples because of certain things that have a value added to it, like Meat Inspection. This is not the end of the world. Stuart will you congressman michael conway, republican from texas, will you accept more tax increases, whether they come in the form of tax rate increases or ending of certain loopholes and deductions, any way you slice it, will you accept a tax increase, another tax increase . No. Stuart okay. Okay. Is that true of your colleagues in the house . Is that it . Yes. Speaker boehner is speaking for all of us in that regard i believe. Under the umbrella of tax reform, through the ways and Means Committee where you lower the rates and you will have some of those things going on, we will be looking at that. A standalone tax increase as the president is proposing is dead on arrival with respect to the house of republicans. Stuart i think what a lot of people want is tax reform, that would be lower rates and some loophole closings in return for longterm entitlement reform. That would be a grand bargain which i think you would get behind and i think a lot of people would get behind, am i right . Yes, absolutely. But this context of the sequester, stopping the sequester, offsetting the sequester, we are not interested in the least in raising tax revenues that way. Now, growing the economy and having more revenues come into the economy, visavis more taxpayers, those kinds of things, yes. But a tax increase that the president is proposing is not going to happen. Stuart many thanks for joining us today. A lot of things happening. Thanks for taking your valuable time. We appreciate it, sir. Thank you very much. Stuart my take on bob woodward, white house threats, and a possible end to the medias honeymoon with president obama. Thats coming up next for you. [ male announcer ] how can power conmption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u. S. . At t. Rowe price, we understand the connections of a complex, global economy. Its just one reason over 75 of our mutual funds beat their 10year lipper average. Twe price invest with confidence. Request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. Stuart an hour ago we thought maybe wed make a run at the new record high, but were dead flat. We are up a point. Thats all weve got so far. But barnes noble im not sure its up. This stock is up. Significantly so. Nicole, we always want to know why. Nicole right. So it seems that they are obviously having some talks. They are talking about ebook sales, which actually are not good news, fell 26 in the latest quarter. Were seeing the stock higher, which doesnt necessarily make sense, but it does seem that they are moving forward with a plan pertaining to that platform and doing it in a different way. Stuart okay. Pertaining to that platform. Nicole the platform in 09 as they established for the nook and theyre going to i dont know let me delve into the 15 pieces of paper and i will get back to you. Stuart the stock is up and we will take it. Thank you very much. I want to see this stock go up because charles is recommending it. The name of the stock is tempurpedic. Do you know the bed, the mattress . Stuart i yes i do. Liz i own one. Charles this is one the Administration May try to take credit for. Initially the technology was developed by nasa, okay. Stuart really . Charles they wanted something nice for the space shuttle. That was in 71. Ended up selling it with a Swedish Company which merged with a company from denmark. One man a businessman from kentucky was in denmark and said this is pretty nice. Then we got tempurpedic. This stock has been phenomenal. That one hiccup cost them dearly. The chart is looking better. It closed above key resistance number which was 40. I think it is a 20 move from here. Yesterday also the International Sleep Products association, they said january was phenomenal. Sales were up. Also pricing power. I love hearing those things. And these guys are acquiring sealy. So they will be at the top end and low end. I like tempurpedic a lot. Stuart now to nicole with more on barnes noble. Nicole you talk about the books, that that portion of barnes noble was going to be taken under another wing, not the nook. The nook, selffinanced, manage their costs, generate cash flow in Barnes Noble College business. With this and the on going discussion continue between the head, the founder, and the committee. Which two things, one, it seems like they are going to separate the nook from the rest of it and also obviously supports the theory that this founder is still moving forward with the possibility of taking this part of private. And thats why you see the stock higher. Stuart got it. Thank you, nicole. Text from my wife, charles. Listen to this, please. Tempurpedic was that horrible thing that we sent back. [laughter] charles thats why the stock got hammered last year. Okay. Stuart do you still want to recommend it . Charles im a little nervous now. Stuart you should be. California brags about its reliance on green energy, that solar and wind power are the answer. Heres the problem, they are having trouble keeping the lights on in california. Mike reagan our voice of reason has the story for us and an analysis 10 45 this morning. The white house appears to have threatened watergate reporter bob woodward, but its surely more than a mere media spat. Maybe its the start of something bigger and far more important. Here is my take bob woodward made headlines this week when he clearly showed that these spending cuts, sequestration, were president obamas idea. Thats not what the white house wanted to hear. The obama camp says its all the republicans fault. Now, woodward reveals an email from the white house saying you will regret staking that claim. That is a threat. Question, will the media now start to ask some serious questions . Will they defend one of their own . Questions like, why are you cutting Vital Services first, mr. President . Are you deliberately inflicting maximum pain . And why didnt you take questions from the media instead of running to compliant local anchors . The list of unasked questions goes on and on. But my point is this, perhaps the long, long honeymoon is drawing to a close. The president for four long years has pursued failed policies on the economy. The media has not held him accountable. In fact, they have done the opposite. Theyve been a cheering section for the president , and they have consistently excused his failure. No, they have covered up his failures. Can you imagine the outrage from the New York Times if george bush had given us 8 unemployment, 5 1 2 trillion in extra debt and 47 Million People on food stamps, can you imagine it . Maybe, just maybe the president feels a media turn. After weeks of doomsday threats, late yesterday he said a lot of people may not notice when armageddon hits. Thats a switch. [ indistinct shouting ] [ indistinct shouting ] [ male announcer ] time and sales data. Splitsecond stats. [ indistinct shouting ] its so close to the options floor. [ indistinct shouting, bell dinging ]. Youll bust your brain box. All onhinkorswim from td ameritrade. Omnipotent of opportunity. You know how to mix business. With business. 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All right, peter even the education secretary, he too is backing away a little bit from the armageddon rhetoric. Whats the point here . Peter that right, stuart. The white house says in its fact sheet here that 10,000 teachers are at risk of losing their jobs because of the sequester. 7200 special education teachers, aides and staff could be cut. But yesterday reporters pressed the education secretary in a briefing for when all of this would happen and how bad it would really get. Most havent happened yet. It really has to do with union notification, so most of that stuff will start to happen in over the course of march and april. There are a couple districts one i know of in West Virginia that has already issued notices because just because they have an earlier notification date. Peter but stuart the Washington Post is reporting this morning that in fact that School District in West Virginia is sending transfer notices about 100 teachers in response to a change in federal spending that is totally unrelated to the sequester. When pressed about that yesterday, about that districts changes, arne duncan said quote whether its all sequester related, i dont know. Stuart i knew the sky was not going to fall, peter barnes. I just knew it. Peter sequester spin gets ahead of reality. Thats the headline. Stuart the Washington Post, amazing. Peter that was good. Thank you very much indeed. Peter thanks. Stuart wind and solar energy causing some problems for california. It is intermittent, unreliable, forcing the state to use conventional plants as back up. Now, problem with that too. They are closing down those back up plants. Lets bring in mike reagan from reagan. Com. All right, mike, i thought you guys were happy as clams out there in solar land. Apparently all is not well in paradise, i understand . Hey, ive been trying to tell you how it is out here in california. Welcome to the nutsy country club. This place is really something. Think about this in 2014, every new home has to have a roof capable of carrying a solar panel. Who is going to be able to afford that . Think of 2020. Every new building 10,000 square feet or larger is going to be required to carry its own energy source. Its going to be wind or solar. So as you drive past a 10,000 square foot building, they are going to have a windmill and a solar panel in the background taking care of their own energy needs. Meanwhile, no power plants here. And one of the people who is a director, an attorney at the department of waterpower downtown sold his home and is renting because he says you are out of your mind to own a home in the state of california because energy needs are going to go up 60 . Stuart just by any chance, are you running for governor of california . No, i mean they wouldnt have me. There is a Convention Taking Place this weekend, up in sacramento. Im not invited to speak. They dont even want me there because they tell me i may overshadow the leadership in the Republican Party of which i said you have leadership in the Republican Party in the state of california . Stuart wait a minute, mike. Thats not the point. You have a Republican Party in california . I was not aware of it. Yeah, so was i unaware of it. Its 29 registration at this point in time. 800,000 in debt at this point. And they havent invited anybody to the dance this weekend who may in fact think about running for governor in the state of california because theres no get out the vote, theres no money. And the people who are actually running the Republican Party of state of california dont want to lose their power base, so god forbid they would ask a reagan to come speak and tell them what they need to be hearing in the state of california to get back winning again because if you win, you get rid of those that have been running this state for too many years. Stuart all right. What can i tell you . The truth is the truth. Stuart it is. Mike reagan, always a pleasure. Thank you very much indeed. Good deal. Stuart new jersey follows nevada legalizes Online Gambling. The state says it could raise millions. But how exactly will the state implement the plan . How do you play online . How do you do that . Jeff ma is a former m. I. T. Black jack team member gambling genius. Hes next. Stuart heres unusual headline for you, gas prices dropped a half penny overnight. The National Average for a gallon of regular still up there at 3. 78. Its been spiking for a month and a half almost. But it was down a little overnight. Next check the price of oil. We have been around 92. We are still at 92 a barrel. The Housing Market, the latest read on freddie mac, the 30 year fixed Rate Mortgage is 3. P 51 3. 51 , down a tad from last week. Starbucks customers are using starbucks wifi. They will be able to access 15 free articles a day from the New York Times. Otherwise you only get 10 articles a day if you are not in starbucks on their wifi apparently. Another company capping its service is pandora, the online Music Company is going to limit its free listeners to 40 hours a month, pandora. Back in 90 seconds. [ woman ] if you have the audacity to believe your Financial Advisor should focus on your longterm goals, not their shortterm agenda. [ male announcer ] join the nearly 7 million investors who think like you do. Face time and think time make a difference. At edward jones, its how we make sense of investing. Stuart charles brings us stocks which he likes. Were going to follow up on one that hes done recently. He did like monster beverage. Whats the follow up . Charles theres two things. First i want to let people know you have to avoid trading after the market closes on emotions. The stock was down 3. 50 in the aftermarket. People sold into that. Look at this amazing reversal. We just took profits on half. This is a story. The company is growing its brands faster than the market. That means it is taking market share. The ceo is emphatic that the product is good. It doesnt hurt you. And finally, my main thesis for being an investor in this market, this year, last year, they had 500 Million Dollars in sales outside of the United States. Its growing like crazy. Any company thats growing outside this country, youve got to look at it as a buy. Stuart youre not worried about lawsuits because they sell Caffeinated Energy drinks, you dont care about that . Charles not really. They said they are going to do their labelling changes. Im worried about the government more than individual lawsuits. Stuart the big story this week in the gaming industry has been new jersey has legalized online gaming. Heres a question, were a financial program. How much money does that bring in to the state . Lets bring in jeff ma, former member of the m. I. T. Black jack team. Now hes a ceo. Heres an opinion from me, i dont think that online poker or black jack, casino table games is going to bring in that much money for new jersey or any other state that does it. I think and you tell me if im right the big money is on sports gambling online, which is not here yet, but thats where the big money is. What do you say . Yeah, no, i definitely agree. I think thats what governor christie is really trying to push for, and thats really where the breakthrough is going to happen. I mean, the high end estimates of some of this stuff is, you know, 12 billion and then 15 of that is 2 billion, across the country. But if you talk about the illegal the money thats bet illegally on sports in the u. S. , they estimate anywhere that anywhere from 200 to 400 billion dollars which means you are talking about up to 60 billion dollars in revenue for the states. So i agree with you, absolutely, that legalized Sports Betting in these states would really be the big boon. Stuart but theres serious resistance to that, isnt there . I mean people say well you start bribing athletes to throw a game or something. Well it doesnt stuart if you can do this at home, thats going to bring out the gambling addicts, isnt it . No, i mean, i think that the a lot of the resistance that you hear is reminiscent of prohibition or anything like that. Right now you are talking about making it illegal so it is much easier to hide things like point shaving. If you make it transparent, it is much easier to expose it. If people are doing something illegal, it is harder to seek help that they have a problem with. They are doing something illegal so they are even more embarrassed about it. I think making it legal will help things like exposing potential point shavings or potential problems. Stuart if you had to put a bet on it, do you think new jersey will get Sports Gaming online any time soon . Not soon. I would say were still a few years away. Stuart by the way, you made a lot of money card counting in the casinos. I think you are banned from most casinos as i recall. You cant count cards if youre playing online, can you . Well, i have no idea what the online situation is going to look like. That exposes a great thing which the fact that the experience online is so different than the experience in the casino that i dont think these people have any idea what kind of revenue they will generate from the online casinos. That points to the fact that Sports Betting which is already done online quite a bit and is already very popular will be the place where as governments they can generate a lot of revenue if they legalize it. Stuart youre not keen on online gaming, you dont play online . No, i mean, whats the fun in sitting behind your computer and playing black jack against the computer . I cant see why that would be something that i would spend a lot of time doing. Stuart because you cant count cards, thats it, isnt it . [laughter] well, i dont like to do things where im not going to make money, stuart, just like you im sure. Stuart oh of course. Jeff ma you know what you are talking about and we appreciate that. Thank you very much indeed. Come and see us again soon. Yes. Stuart bob woodward not the only one who said he was threatened by the white house for his reporting. We will bring you another one after this. You will definitely want to hear this. The American Dream is of a better future, a confident retirement. Those dreams have taken a beating lately. But no way were going to let them die. Ameriprise advisors can help keep your dreams alive like they helped millions of others. By listening. Planning. Working one on one. Thats what Ameriprise Financial does. And thats what they can do with you. Thats how ameriprise puts more within reach. Stuart bob woodward the watergate reporter said publicly many times that the spending cuts were the president s idea. He then says he was threatened by the white house. Specifically by white house Economic Advisor gene spurling and hes not the only one who says he was threatened. Listen to this from lanny davis, former advisor to president clinton. That exact thing happened to me and i havent spoken of this before. Stuart thats quite a threat made by the administration to lanny davis. Thats the Obama Administration to lanny davis. What are you reading between the lines, charles . Charles you know, its interesting when people come out and start to be honest about things, you know, no one has a better lanny has a tremendous reputation. Bob woodward has a great reputation. And its interesting that the media is so focused on the disintegration of the Republican Party, but they are starting to be there a little bit of friction between the Democratic Party as well. Stuart i think the media will start pushing back now. They are going after their own. Liz it is also reminiscent remember before the election last year David Axelrod reportedly threatening gallup for publishing unfavorable poll results about the president. And the department of justice threatening to sue gallup essentially because they possibly mischarged the government, but, you know, these threats dont really play out very well in the media. People dont like it. Stuart no they dont, but will the media which has been the cheerleading section for the obama camp for four years, will the media now turn around and say, you know, maybe we have gone too far. Maybe well step aside. Maybe well ask some harsh questions to the president. Maybe well ask some accountability. Charles what Radio Station was that that lanny was on . Stuart it was out of washington. Charles it wasnt cnn or msnbc or cbs. Were talking about an individual democrat who is saying im going to be honest about everything. Between the media and hollywood, i dont know if you saw the oscars or not, but that relationship will not be severed. Liz it is unfortunate because the viewer out there is not getting the information they need. Charles thats the sad part. Liz whats going on in washington. Stuart as you mentioned, i think theres some internal politics going on here. Lanny davis is very much the clintons guy. And now that Hillary Clinton is no longer part of the administration, i think the clintons and their people really are able to have a go at president obama in the way they were not in the past. Liz i have personally spoken to lanny davis about that and he said just that. Stuart real fast, i have to leave you, breaking news the pope leaving the vatican. I believe we have live pictures from rome. This is happening now. Of course there is a time difference. The pope essentially leaves his position at 8 p. M. This evening. Getting close to that time in rome. Hes now leaving his residence. That is what you are watching right now. Its happening live. Its history. Not seen this in 600 years. With fidelitys new options platform, weve completely integrated every step of the process, making it easier to try filters and strategies. To get a list of equity option. Evaluate them with our p l calculator. And execute faster with our more intuitive trade ticket. 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