Transcripts For FBC Varney Company 20130306

Not too many years ago when dreams werent coming true id reach for inspiration, sometimes it would be you id hear you on the radio i sure did like your song its good to know theres still you with country boys around imus in the morning dont you love it . You cant take your eyes off it, can you . Well dont because the dow looks set to go up some more. Good morning, everybody. And enjoy the ride while it lasts, the indicators suggest that when the market opens in just a couple of minutes, stocks will go up some more. The dow may get close to 14,300 and all of those tech stocks will carry the nasdaq to the best level since the fall of 2000. I do not know how stocks will close today and i dont know how long these record levels will hold, but after five years of financial misery, maybe you can crack a smile. On todays program, were looking for new highs early on and yes, we are going to talk to the rally deniers. Were fair and balanced. This is fun. Varney company is about to begin. [ indistinct shouting ] [ indistinct shoutin] [ 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. All right. Good morning everybody, its wednesday, march 6th and again were looking at an all time high for the dow another one. Ive got to raise the question and i will. Will it last . There are naysayers, it goes back to ben bernanke printing. Plenty of people out this saying once the printing stops, the rally is over. Eventually of course he will have to stop printing, but i would urge everybody, watch what happens a few minutes from now, it looks like another high right at the opening bell. Today, politics shut down as the Winter Weather has closed federal offices today. The storm dumped ten inches in chicago, hundreds of flights canceled. D. C. The hit today and then the new england area gets pummelled by several inches tomorrow. Federal government closes, dow goes up. How about at that . You havent heard, hugo chavez is dead. Venezuelas vicepresident said yesterday he died after a twoyear battle with cancer. No Financial Impact whatsoever. This is a political shift. Venezuelas home to one of the biggest oil reserves in the world. The price of oil didnt budge on the news. Right now its at 90 per barrel. Lets get back to the rally. Another high on the dow just minutes away in all likelihood, will it last . What happens when ben stops printing and when might that happen . The opening bell is next. [ 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. Announcer you never know when, but thieves can steal your identity and turn your life upside down. Hi. Hi. 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Call the number on your screen now here we go again, everybody, a minute to the opening bell and i will tell you now, the dow is going to go up at that opening bell, but hold on. Joining us now is ed butowsky and hes here. Are you going to pour cold water on this and tell them to sell. Not the a chance. Stocks that make highs make higher highs and probably 8 to 10 higher from here. Stuart whoa. 8 to 10 higher from here. Over time. Stuart were 14,253 and odd on 10 , another 1,400 points and looking at 16,000. Stocks are still cheap relative hold that thought ed butowsky, hold that thought. Were coming up on the opening bell. As you know, there are indicators that point towards what will happen when the real trading starts. They call it the futures. Okay . And right now those futures, the future indicators suggesting a gain of maybe 60 points for the dow. That would take it above 14,300 right there from the getgo this wednesday morning. And also, weve got the nasdaq, the home to big tech stocks. The nasdaq moved to a highest level since november of 2000. When the dotcom bubble was bursting and the nasdaq was coming down. Well, were back to that level. All right. Lets see what happens now. The opening when you hear that bell ring, that means that theyre getting ready to actually start trading. Now its precisely 9 30 on our atomic clock and theyre trading. And oh, my goodness, buy something, somebody. Yes, thank you very much. The dow is now up 7 points and the opening trend, i was right, it is higher. 14,269 and counting. 14,271. Away we go. Now, the big stock thats really driven this rally had a lot to do with driving the dow higher, its ibm. Lets bring in nicole right from the start here, what has ibm contributed to this rally . Give me a number. Okay, looking at two things, what has the rally over since march 2009. By the way, were breaking through the highs. Almost a thousand dow points, its so heavily weighted in the index. For in year, about 121 dow points, and right now, were seeing ibm up about one third of 1 . Stuart hold on a second, nicole. Let me get this right. Youre saying from that low in march of 2000, ibm alone has contributed 1,000 points of the rally to where we are now, right . Yeah, close to it because its so heavily weighted. And right now, look, were approaching 14,300. Stuart yeah. Nicole a new intraday record high for getting closer to those levels, a couple points away. Stuart 14,300. Nicole 143, 143. Stuart lets not celebrate too wildly ed butowsky. Hold on a second. Two more stocks we follow closely, names you know. J. C. Penney, wall street journal says pennys board considering selling the company or replacing the chief ron johnson if the drop in sales is not reversed. And microsoft, the eu, european union, those pagans losers and moth, theyre failing to offer web browser, the stock is down on that news just as the market goes up. In my opinion this rally has been brought to you by fed chairman ben bernanke, ed butowsky is with us. Am i right. Partly. Stuart this is a fed, Federal Reserve fueled rally. In many different ways. This market is higher for a number of reasons and when you see the printing of money you see lower rates as you point out all the time correctly and allows companies to get better profits because the borrowing costs are lower, in addition, stocks are cheap based on the expected earnings and here is the key. Stocks right now are about 17 below where they should be based on expected earnings. But because Interest Rates are so low, stocks should be overvalued. Thats why im going to be proven right on this. Stocks are going to go significantly higher from here, because theres no where else to go and theyre cheap, but one other thing i want to point out. Nicole at the beginning here where we saw the dow was down and moved back up. One point move on a dow stock is 7 points on the dow jones, so if every stock went up one point, 30 stocks, wed see 225 point move on the dow so you have to look at every individual stock. To repeat, you said earlier, were up for 8 to 10 more going up 16,000 on the dow this year . Barring any geopolitical event, anything in europe, anything that will negatively impact earnings, that will change, but right now, stocks are cheap and then the rally is going to continue. Now, it occurs to me, that this market which is now up 45 points, shy of 143 as we speak, this market is ignoring president obama. You know what im talking about. Exactly. The president threatened armageddon and getting 2. 3 budget cuts and the economy just tanks. 750,000 jobs. The markets totally ignore that. Well, it has ignored it and it also, stock prices should have moved up a lot more earlier on, you know, in the last couple of years and its been held back because of this president , because of his policies. Were only now starting to see the real price start to take place and stocks should have been much higher year over year, but because of the rhetoric and negative Business Climate and confusion about earnings and having little clarity, stock prices didnt move. We only are making up for what he we should have been up previously. The naysayers, a lot of of them. Saying that this is all ben bernanke printing money and when he quits printing or hints hes not going to print much more, thats when stocks come down, you agree with that . Temporarily and theyll go back up. Theres real earnings and real Balance Sheet earnings and 44 of the earnings of the dow stocks or excuse me growth comes from outside the United States its not a u. S. Centric decision. These Companies Get a lot of growth outside of the United States. Well see printing stop at some point. I dont know when, bernanke says only when we see unemployment at 6 , thats not happening. We might be printing for a long, long time. Stuart our poor viewers are sitting out there. They see the stock market at a record high. Thats right. Stuart they see corporate profits as youve described them as nice and strong, real good stuff. And yet, boots on the ground, unemployment very high, debt through the roof. Yeah. Stuart the economy is not growing at all. Thats right. Stuart what, how are our viewers suppose today explain this. How would you like to do this for a living . Ive got gray hair because its confusing, because its very difficult it separate the economy from the stock market. You have to do it. Stuart yeah, yeah, youve got to separate ideology of the president. Thats right. Stuart separate out the economy and invest on what . Expected earnings. Always look at earnings where Interest Rates are and Everything Else is noise. Stuart how can the economy, which is on its back, generate really good profits for corporations . And dont tell me this is all overseas. Its not all overseas. Stuart europe is in recession, india is hardly growing at all. Its based on expected earnings and i tell you right now were in a Global Economy and i cant stand the policies of this president and this administration, but you want to make money, put your money in stocks. Stuart you know, there is such a thing as videotape and youre on it. I hop so. Stuart as this wednesday, whats the date. March 6th is it, thats right. You said were up to 16,000 fairly soon, straight up. Did i say that . Yeah, you did. All right, ed, thank you very much indeed. Back to nicole, the dow hits the high, but i want to know about google. Where did it open today. Nicole well, it traded at a new all time high for google. Traded as high as 844. And since pulled back. However, another day and another alltime high for google. Stuart okay, what weve got on the dow at the moment then, im sorry, give me best buy . Best buy is jumping and were doing best buy because its jumping and this is one we watch and its upgraded at jeffries and the price target is 24. And thats why youre seeing it up 4 , when we talk about google. Dont forget, this was basically a 85 ipo and here it is at 840. Stuart i remember it well. Nicole what a run. Stuart now the upsued move for the dow appears to have stalled at the moment. Were up 43 points and weve bumped up to 14, 300 and stayed there. Were up and a bit of a stall as we so to speak, but thats a new intraday high for the dow. Gas prices, lets get to that, down again. National average dropped a penny to 3. 72. That means gas regular, down 6 cents in a week. Snow or no snow. House Speaker John Boehner will try to avoid a government shut down by carrying spending cuts through to september and allowing more flexibility to the pentagon. And allow the military to decide where the cuts hit. Hes going to introduce a bill today that it allows just as the storm barrels towards the nations capital. He introduces this bill and even though congress is even though the federal offices are going be to be shut down, congress will be in session. He introduces this very important bill today. It would avoid a government shutdown. That is what he is going to do. Well, perhaps president obama doesnt like that plan for flexibility. Hes threatened to veto it. Once again, the theme of maximum pain has come up. This time in an internal email at the Agriculture Department. Well have the email for you and all the tough questions of the ag secretary faced on capitol hill yesterday. The judge is going to discuss this top of the coming hour. All right. It is wednesday morning, new high for the dow. Heres the 7 early movers. Disappointing sales and a weak profit forecast for staples. That stock is down. The drone maker, here is an interesting stock, aerovirnment, drones out of fashion, down. And fox businesss parent news corp. Introduced the first tablet computer built specifically for the classroom and news corp. Has broken through 30 a share. Did that yesterday, up a bit more today. Higher profits, disappointing outlook from American Eagle its at 20 a share, down 11 . Boeing says, it can move, quote, really fast to get the dreamliner back into the skies, once the battery issue is resolved. 78 on boeing now. Dells largest external shareholder demanding that the pc maker open its books. Nothing happening with the stock. Its at 14. Watch out amazon, google began looking at same day delivery with retailers. Down 3 bucks not much of a drop. Ill check amazon later for u now check the big board, yeah, we stalled. We moved up at the opening bell, new intraday highs and touch 143 and now were up just 35 points. Time is money. 60 seconds here we go. First off, mike reagan, well ask him what his dad did to get along with a democratled house. What did he do that president obama is not doing to get along with the republicans. Hes going to join us, again, the top of the hour and we also have a football coach who has two of the last six super bowls, tom kofflin, new york giants, how he changed his management style to fit the times and he won, won big. 10 35 hes on. And taco bell rolling out a new taco he with a flavored doritos shell. Theyre expecting a big jump of sales in colorado where pot now legal . Just a joke. Check the price of oil, where are we . At 90 bucks a barrel, holding at 90 still. The dow hits a new record. We will ask a question is this gambling . And is gambling different from investing . Are people in this for the thrill . Hear the music . Dr. Keith ablow on his way in and he answers the question, gambling or investing next. I hope youll understand that i was born a gambling man clients are always learning more to make their money do more. ann to help me plan my next move, i take scottrades free, inbranch seminars. Plus, their live webinars. I use daily market commentary to improve my strategy. And my local scottrade Office Guides my learning every step of the way. Because they know i dont trade like everybody. I trade like me. Im with scottrade. announcer scottrade. Ranked highest in Customer Loyalty for brokerage and investment companies. train horn vo wherever our trains go, the economy comes to life. Norfolk southern. One line, infinite possibilities. Look at the dow, we have indeed stalled, shy of 14,300, but this is what is a new if we closed here, it will be a new closing high, okay . We are up this morning. Now, ive got a question for you. What is the fine line between gambling and investing . Are you gambling when you buy stocks . The man who knows the answer is dr. Keith ablow and fortunately, hes with us right now. Dr. Keith, welcome. Thanks for having me. Stuart here is where i see it, gambling is different from investing. Gambling, you roll the dice and you could lose it all, 100 of your bet and its pure luck. Investing, you roll the dice and you can lose a large proportion of your bet, but not everything, and youre investing on the basis of knowledge. I say there is a difference. Theres definitely a difference, there are some gamblers, for instance, people who know horse racing say look, im doing it based on expertise and maybe a few who are. But theyre rare. The thing about investing in Financial Markets is that, yes, its based on knowledge. The question is, how much knowledge do you really have and how much can you penetrate through the inside game of these companies and of the government and the rest of it such that you can really know that this is better than pulling the arm on a slot machine . Do you think that people are addicted to investing in stocks, that they get a thrill out of it . Do you think thats well, here, i do think that they get a thrill out of it and i think in the same way that some folks think theyre lucky because they win at gambling, i think that theyre investors, not the biggest ones, but many, many who are smaller investors who believe that shows either theyre lucky or theyre very, very smart. So, its addictive because you start to think, boy, im like magic, or i just get a 6th sense for in stuff. Thats where you can lose a lot of money because anyone will tell you, the most successful investor is doing it in a very disciplined fashion. No emotion about it at all. They have certain targets, they sell, they buy at those targets and thats how they do it. Nothing to do with how smart thing they are. Stuart i tell you how some people are flat theout gambling on the stock market. Doctor, there are people watching this show right now who are not listening to me or you, theyre watching the tape. Theyre watching the stock price and they will buy at say 9 50 eastern time. Wait for the stock, hoping the stock goes up ten cents and then sell at 9 55. Thats called day trading. I think thats pure gambling. And if it they lose money, they go back in again because theyre trying to make up their losses. Pure gambling. I think thats pure gambling, absolutely so we agree there and i also worry that because we are at some distance from reality now in our culture, that these markets may not even reflect what reality is, that literally, the stock market could float free of fact, like a helium balloon, carrying with it it all the people who would say what happened . Well, what happened is, remember the internet bubble, remember this bubble, that bubble . We could be in another bubble where were printing money, its sustaining a fiction and we have to pay with pain later. So, i worry that folks who think theyre investing could be a part of a mass lack of reality. Do i worry about that. Thats a fascinating theme that you come up with, that we are divorced, increasingly divorced from reality. And you think thats because of social media . I think its because of social media, reality tv, which isnt reality at all. Stuart no. Technology of other kinds. Listen when people send instant messages to 15 people at a time and you received one and feel valued because of it and reached out to you, they didnt invest anything in that hence you have a false connection to that person. Teas fictional. Same in the the stock market. This whole bubble can float away, right . Dennis rodman went over and cavorted with a dictator. Suddenly there are people who believe fictionally, he must be a great guy, and thats the power of entertainment. Stuart are you going to write a book about that. I would love to write a book like that. Stuart any profit or commission to me. Lets coauthor it. Stuart all right, dr. Keith ablow thank you very much. Time for your gold report. Its 9 49 eastern. Where are we . The markets rallying again and gold is at 1567. It is down 7 today. By the way, the dow is back above 14,300. How about that . The death of hugo chavez a big loss for actor sean penn. You wont believe what he said about the venezuelan dictators passing. Sandra smith and Charles Payne have something to say about it. Theyre next. The man who once called president george w. Bush el diablo is dead. Hugo chavez died of cancer. And sean penn said the people of the United States lost a friend it never knew it had and poor people around the world lost a champion. Where do you want to start, charles . Well, he was never a friend he didnt have and were up on that. Its the notion that poor people should be coded, should be spoonfed and really is a negative notion that they dont have the they dont have what it takes to make it on their own. You didnt pull yourself up by your boot straps, but we will take from people who have and hugo chavez says you poor people are being stamped on by the rich and were going to take the boot off your neck. Charles but also say that in this world, in this world, its just its against you, you cant make it in this world, but we devised a plan. Hugo chavez is an antiamerican anticapital dictator and you know youve got hollywood stepping up. Its not just sean penn, its oliver stone another hollywood backer. And oliver stone went further. Penn called him a friend and oliver stone called him a hero. Stuart hugo chavez ruined his country countrys, economy and ruined democracy and stamped down on venezuelas middle class. At one time wanted people jailed for calling him a dictator. Stuart i think we better move. Shall we move on . Further proof that president obama wants to inflict maximum pain with the 85 billion dollars in spending cuts from an internal email at the Agriculture Department. Tough questions from the secretary or for the secretary of agriculture on capitol hill because of that email. The judge with that is next. How do traders using Technical Analysis streamline their process . At fidelity, we do it by merging two tools into one. Combining your customized charts with leadingee 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. Stuart Charles Brown is a mid level official in the animal and Plant Health Inspection service. He asked his supervisors if he could spread the pain of sequester cuts. He says he was told no, we do not want to lessen the dire impact. The Washington Times obtained mr. Browns emails. Now, the Agriculture Department disputes the interpretation of those emails. Questioned in congress yesterday, agriculture secretary vilsack said he doesnt have the flexibility to shift the pain of cuts on meat inspections. He doesnt have the flexibility, he says. Here we go again. The administration threatens and says its hands are tied. Sequester cuts will hurt. But does president obama want to spread the pain away from essential services . Were going to find out. Speaker boehner wants to keep the cuts and allow the government to spread whatever pain there is to areas that do not hurt, incredibly the president threatens a veto. Stuart first things first, check the big board. We hit 14,300 earlier. And were above it now. 57 points higher. Charles, sandra, does this thing keep going . Sandra first. Sandra yes indeed. We have no indication from the Federal Reserve that they are going to end their bond buying, or money Printing Program thats been artificially propping up this market. In fact they are encouraging more of it. I think this is going to continue. Stuart go ahead, charles. Charles i think it continues. You know what . Stuart but you dont think its ben bernanke, do you . Charles no, i dont. But heres the thing, there was a time when the stock market was a harbinger of things to come. In other words, that was its role, it would tell you where the economy was going to be six months down the road. It lost a lot of the credibility when it peaked before the recession. Adp at 198,000 this morning came in above expectations. If we get a jobs number on friday of 200,000, listen, in the grand scheme of things, in any post recession, this is the worst post recession recovery ever, but the street will go crazy and they will say you know what, the mentality will begin to change. Sandra you get a bad number and they predict the fed is going to continue its Monetary Policy longer, the market stuart heads you win tails you win. If its a bad number on jobs, they keep printing, stocks go up. If its a good number, stocks go up. Charles wheres the next 100 move going to be wheres the next 100 move going to be . Im thinking longer term. I dont care if the market pulls back if bernanke stops. I will be in there buying. I dont buy the market. I buy individual names that are doing great. Stuart you are a bull. Charles but ive been a bull throughout this 100 move to the upside. But on individual names that are doing great. If you want to be an owner of a great company, its the easiest thing in the world. Sandra optimistic. Stuart cautiously optimistic, a bull, cautiously optimistic. Very good. Ive got to get to jc penney, its a big loser today even though the overall market has gone straight up. I believe the company could be sold or they could replace the ceo . Whats the story . Nicole its no secret. They have been struggling. Ron johnson came over from apple, has worked tirelessly to try and figure out how to turn jc penney around, including removing promotions and just trying to give out the theme that we have great prices all the time which totally didnt work. Now hes working so hard trying to get the Martha Stewart deal which is stuck in courts against macys. The stock is down 4 . It only adds on to the big losses its already seen. Pushing into a new low, multiyear low, to levels we saw back in 08, 09. Over the last one year, its down over 60 . So its just a multitude of factors that push it to the down side. Stuart let me break in for a second. I have the factory orders number. I think it was down 2 , i believe. No impact on the market. Charles that goes directly opposed to your point of view. Charles yeah. Stuart the market is going to keep going up because ben is printing money, not because the economy is recovering. Charles what companys income statement did you look at stuart that would be telling. Charles im saying is ibm overvalued here . Stuart i dont think so. Charles if someone owned ibm, thats not the market. Stuart why is this market rallying . I say and sandra says its because ben is int fromming money. Ben is printing money. Charles 30 companies in Dow Jones Industrial average are doing extraordinarily well mostly because they have a global footprint and the world is on fire. Stuart okay, but the dow is up. Charles jc penney, the last two wall street firms had positive ratings on them did downgrade today. Sort of cautionary tale for wall street research. Sandra except for yours. Charles except for mine. [laughter] stuart lets get the judges attention away from the blackberry which is making an inordinate racket as he scrolls through it. Lets get back to the story that we brought you the top of the hour, internal email obtained by the Washington Times suggests that the Obama Administration is in fact pushing to keep those cuts as painful as they could be. Quoting from the email to Charles Brown, thats a mid level employee within the department of agriculture, quote, so it is our opinion that however you manage that reduction, you need to make sure you are not contradicting what we said the impact would be. Agriculture secretary tom vilsack did not get off so easy on capitol hill. My concern from the email is that it intends, i believe, and the way that it is worded, is that it prioritizes staying consistent with the administration on what they previously said, what they may decide to do to protect producers. Im hopeful that isnt an agenda thats been put forward. Stuart all rise, the judge is here. Look, it seems to me, this is the executive branch of government, deliberately inflicting pain on the voters. Precisely what it is. This is an example of why the government is the least responsible entity in the country to manage other peoples money. They are spending the money, not so as to maximize the return on the money, the way you would spend corporate funds, if individuals had lent money to you or invested in your corporation, but so as to harm the people they are legally obliged to serve. The Agriculture Department has a statutory mission. We will give an example, one of your favorites. Inspect the meat, make sure its pure and clean and wholesome and capable and appropriate for sale. They are going to cut back on that mission in order to prove the president s predictions that the sequester would cause pain. Can they endure the sequester and not cause the pain . Yes, this guy suggested ways to do it. And he got his hands burnt by his bosses. His bosses should be fired because they are doing the opposite of what they have been hired to do. Stuart theres no constitutional comeback on this, is there . The comeback is political. Well, you know, yes and no. The constitutional comeback is an atomic bomb. It would be to impeach the president if he is spending the taxpayers money in order to harm them. Think about it. Hes not enforcing the law. Hes not doing what hes supposed to do, managing the executive branch so it works. Hes intentionally managing the executive branch so it hurts. Stuart it is not going to happen. It is not going to happen because of the catastrophe that that would bring about in other parts of the government. So then the remedy is political. How is it political . He cant run for reelection. He cant be ousted politically from office other than by impeachment. Stuart but his party can suffer in the elections of november of last year. Yes, he desperately wants the democrats to take control in the house, so in his last two years like in his first two, he will have democratic control of capitol hill and he can push through as hard left an agenda as he can. Right now our only salvation from the hard left agenda is republicans in the house. Sometimes they cave and sometimes they stand firm. As they did with respect to the sequester. But he may lose this opportunity because of tricks like this. I mean, think about it, this is reprehensible, do we work for the government or does the government work for us . Theoretically the Government Works for us. Yet it is taking our money and the power we are giving it and harming us. Stuart what surprised me more than just the emails was the fact that there were hearings in congress yesterday, where these emails were brought up. The agriculture secretary was questioned about those specific emails. Right. Stuart and yet the only place i saw this story was in the Washington Times which got the emails in the first place. To my knowledge, maybe i have missed it charles like benghazi. Stuart there is nothing in the new york times, washington post, boston globe. I have looked and cant find it. This is a subject that our colleague ed henry, the Fox News White House correspondent has courageously brought up and taken on some of his colleagues in the White House Press corps. You guys are in bed with this white house and Something Like this hasnt really happened since the Kennedy Administration where the press so idolized the president that it overlooked glaring failures, in this case the opposite of what the president is supposed to be doing. Stuart that was good stuff, judge. Pleasure. Stuart can you come back tomorrow . If you will have me. And my blackberry. [laughter] stuart dont give me the queen dont do it. I dont know what you are talking about. Sometimes shes here in the studio. Stuart hallucinating again . [laughter] stuart judge thank you very much. Thank you. Stuart education secretary said he misspoke last week when he said teachers were already getting pink slips ahead of the budget cuts. He said he used the wrong wording. How bad will it be for teachers . Will hundreds, thousands be laid off, pink slips . Or was the Administration Using fear tactics all over again . We will pose the question to the American Federation of teachers president thats coming up at 10 17. Later in this hour, look at this, an englishman talks football. New york giants head coach just a few years ago, he was on the verge of losing his job, he realized he needed to change his coaching style. He did. It worked. Hes with us. 10 35 this morning. Nicole, big lots, a store actually which i have never been in. Its a winner and i want to know why. Nicole i want to know if you watch football. Its touchdown when you get into the end zone. [laughter] nicole big lots stuart touchdown when you reach the end zone . You didnt think i knew that . Nicole im sorry. You know i was just kidding. Stuart yeah, you are all right. Thanks nicole. Lets bring in mike reagan. Good morning. Stuart president obama cant seem to get things done with republicans running the house, but your dad, Ronald Reagan, he had a democrat dominated house, and he got is a lot of things done. And he got a lot of things done. Take me through it. I know you were there. How did your dad get things done . How did he do it first of all, he wasnt on a Constant Campaign trail against the democrat party. He was out there talking about the things he wanted to accomplish and asking the public for support. But when he did that, he didnt name names. He didnt blame democrats. He blamed government as a whole. But one of the things he did with the Democrat Congress was, when he went and he talked to them, he said to them very simply, if you join me, and you vote for me, for example, for the largest tax cut in american history, brought to us august 13 of 1981, he said i will tell you what, i will not go to your district and campaign against you in the next election. Well, Ronald Reagan was so loved and so revered, the fact is they didnt want Ronald Reagan in their district campaigning against him in the next election. So they came on board. He also had 40 blue dog democrats that were there, so he used them, with tip oneil and what have you. He invited tip oneil to the white house. They had dinner at the white house. Tip oneil went back to the congress the next day. They said what happened at the white house . He said im going to be carrying the water for the president on this tax cut. And they said youre kidding . Hes a republican. Youre a democrat. What did he tell you . What did he promise you . He said you know he never talked about taxes all night long. What did he talk about . He talked about the greatness and goodness of america, how he and i working together can make it better for all people. Before i knew it, im having a glass of wine with the president. Were telling irish stories, and im going to carry the tax bill. Stuart let me turn this around for a second. Could you say that tip oneil was more generous and more forthcoming towards your dad than john boehner is, Speaker Boehner is with president obama . Well, its a different world that we live in today. Sometimes gridlock is really a good thing at that point. But remember, john boehner and the republicans are being attacked daily by the president of the United States who wont come off the campaign trail. What he gave 7 minutes to the republicans the other day. Ronald reagan gave a lot more time than that. He didnt blame the democrats per se. He didnt blame tip oneil per se. In fact he embraced him and said lets get together and lets talk and lets figure this thing out. Barack obama is not doing those kinds of things. And the worst thing that john boehner can do right now is is give into the president give into the president. He already gave into tax increases. Hes waiting in fact for the spending cuts. Ronald reagan gave into tip oneil at one point and said okay i will raise taxes. We will raise revenue but i want 3 in spending cuts promised by tip oneil and to this day my father has still not gotten the 3 in spending cuts. Stuart very different world, you are right. Always a pleasure. Thank you very much for coming on board on a busy day. Thank you. Stuart the dow industrials are up 50 points. Yet at a new intraday high. The dow has never been higher than where it is right now, 14,305. What a day. What a twoday period, great stuff. After the break, Teachers Union president randy weingarten, we will ask her how many teachers will get cut and when those cuts will occur because of these budget cuts that weve already seen from sequester. Hard numbers coming up. First, though, heres one thing you missed if you didnt join us at 9 20. Charles, fired up. Could be in another bubble where were printing money, we have to pay with pain later. So i worry that folks who think they are investing could be part of a kind f a mass lack of reality. I worry about that. Have given way to sleeping. Tossing and turning where sleepless nights yield to restful sleep. And lunesta® eszopiclone can help you get there. Like it has for so many people before. When taking lunesta, dont drive or operate machinery until you feel fully awake. Walking, eating, driving, or engaging in other activities while asleep, without remembering it the next day, have been reported. Lunesta should not be taken together with alcohol. Abnormal behaviors may include aggressiveness, agitation, hallucinations, or confusion. In depressed patients, worsening of depression, including risk of suicide, may occur. Alcohol may increase these risks. Allergic reactions such as tongue or throat swelling occur rarely and may be fatal. Side effects may include unpleasant taste, headache, dizziness, and morning drowsiness. Asyour doctor if lunesta is right for you. Then find out how to get lunesta for as low as fifteen dollars at lunesta. Com. Theres a land of restful sleep. We can help you go there on the wings of lunesta. Stuart microsoft fined 731 Million Dollars by the europeans for not giving its users over there a choice on web browsing. Microsoft automatically gives them internet explorer, which comes with windows operating system. They wanted a choice. The europeans demanded it. Shares of microsoft are down 1. 3 . That hurts the dow by the way. Youtube launching a Music Subscription Service later this year. It will compete against pandora. The service will be free. But users can pay to unlock features and get rid of those popup ads. Shares of youtube parent, that would be google, down only a fraction. Keeping with google, its been testing same Day Delivery Service to rival its competitor amazon. Google shopping express helps local stores sell products online, then have them delivered on the same day. Next, when are teachers going to see pink slips from budget cuts . We will have a date and a number. Stuart you know the story. The president threatening armageddon, the cuts the cuts are in place so how bad will it really be . Returning to the company now, Randi Weingarten with the American Federation of teachers. Welcome back. Always good to see you. Thanks for having me. Stuart i have been promising our viewers hard numbers on how many educators will be laid off because of or furloughed because of these sequester cuts and when will the furloughs happen, can you tell us . So, you know, i am not going to overstate whats going to happen here. I will tell you what we know. The federal dollars go to the most vulnerable kids. Its only about 10 of school funding. But it goes to the most vulnerable kids. So we know that theres going to be three kinds of cuts. Number one is title i which will affect about 1. 2 million kids. Starting as early as probably april or may. And really affecting kids in september. And that, if you do the math, that could mean 10,000 more 10,000 fewer teachers. In terms of special needs kids, if you do the math in terms of cuts, it could be 72 fewer teachers and paras and people who provide services to kids who have disabilities. Stuart okay. And then if you do the math, it could mean 14,000 fewer teachers for kids who are in things like head start. But this is my point that i want to make, this is what these folks do. Stuart hold on a second. I have to follow up with this, okay, youve given us the hard evidence. This is what you say will happen probably starting in september. Okay. Ive got it. Why does the president oppose flexibility . I mean, you could i mean, john boehner wants to give the president flexibility on where these 2. 3 cuts are actually imposed. Spread the pain around. Why does the president oppose that . So let me just, stuart, let me just be in my wheel house here about kids and schools. And just say to you that weve had 300,000 teachers, fewer teachers in this country in the last three, four years because of the recession. A lot of that was because of state and local cuts. What that has meant is that kids have had far less music and art and class sizes have gone up. But this is whats really happening. This is why these cuts are really hard. Stuart hold on, randi. You have to address the issue of flexibility. You have got to. Because look america is asking youre going to cut 2. 3 from spending out of 3. 7 trillion dollars. And yet its got to be the way the law is written, its got to be across the board, everybodys got to take their cut. That includes essential services. What Many Americans are saying is, why cant we have some flexibility, so you can cut your 2. 3 , not where it hurts the most, but where it hurts the least . Why does the president oppose that . I mean, answer that question. Why does the president oppose that . That you are going to have to talk to the president about. Stuart all right. Do you oppose it within the education realm . Do you oppose that . We have been very open to finding different ways to find money for poor kids because what were seeing is that 70,000 kids are going to lose their head start stuart right, so are you putting pressure on arne duncan and saying come on, mr. Secretary, we would like to cut janitors, for example. Can you do we dont want to cut janitors either. We are putting stuart i would suggest that janitors are far less important than head start meals or teachers for disabled kids, wouldnt you . Actually making sure that schools dont have bed bugs or roaches or things like that are pretty important as well. But listen stuart you dont think you dont want to put some pressure on secretary arne duncan to say, maybe we could use a few less teaching assistants or janitors or how about the 82 teacher improvement programs that we have, why dont you put pressure to spread that pain to nonessential areas . Why are you resisting that . We dont actually resist it, stuart. We put pressure on them all the time to actually spend money wisely. What i am saying to you is that the money right now thats going to cut schools, let me give you one example, in philadelphia, a teacher who already has seven or eight more kids in her class this year, shes going to lose the people that actually help kids do reading intervention. Stuart ive got it, ms. Weingarten, but i dont understand why that teacher cant do without a janitor, for six months. I dont understand that. Well, i think that if you actually want to make sure that schools are places that are healthy, you want to make sure you have the people stuart what im coming away with from this is you really dont want to spread the pain. You want the pain to be inflicted, so you can get more thats what im thinking. Actually what im saying to you stuart is not that at all. Im saying weve already had 300,000 cuts in terms of teachers and the bottom line is this is our kids and our future. Look at what we have done. We have actually tried to stuart im just not hearing you say youre going to grab hold of secretary arne duncan and say look, wed rather have fewer janitors than fewer special ed teachers. Listen, wed rather have fewer people who are doing testing. Wed rather spend far less money on Testing Companies or on Companies Like Rupert Murdochs company who is doing that new tablet plan. You are totally right about that kind of stuff. But in terms of Real Services to kids, we need to make sure if a child is struggling with reading, you want to have that service to make sure that child is helped at this time. Thats what were trying to do. Stuart i appreciate you being with us. It is a good and open debate. Thanks for being here. Thank you very much. Thank you. Stuart im sorry i had to cut that short. It was a good debate. Movie stars, musicians, celebrity chefs, all seem to have an opinion on something political. Theres a problem here. Many of them lack the facts to back up their opinions. My take on that is next. Music plays thank you orville and wilbur. Amelia. Neil and buzz for proving theres nowhere we cant go. But, at some point. Giant leaps gave way to baby steps. And with all due respect, youre history. If you taught us anything, its that you cant cling to the past. If you want to create the future. Thats why, instead of looking behind. Delta is looking beyond. Pushing u. S. Aviation to new heights. All 80 thousand of us. Busy investing billions in the industrys boldest moves. Its biggest advances in technology. Bringing our passengers the best, the most spacious fleet in the sky. And earning more awards than any other airline. To show for it. So rather than simply saluting history. Were out there making it. Stuart the actress daryl hannah was our guest yesterday. The subject was the keystone pipeline. She is against it. Shes one of several celebrities who have made their names in other fields and who now want to influence Americas Energy policy. Heres my take movie stars, musicians, even celebrity chefs, they are all entitled to express their opinions on anything, got it. But they are not entitled to their own facts. For example, i told ms. Hannah, that the oil from canadas tar sands would be responsible for just 0. 01 of Global Carbon emissions. That number, that fact came from the state department. Ms. Hannah said it was a lie. How can you debate an issue when one side flatly denies the factual evidence and then launches into a Conspiracy Theory . President obama, she said, was a big pal of the Oil Companies. To her, oil money is the sole driver of Energy Policy. Other celebrities are making similar i say irrational statements on energy. Ono says quote fracking kills the land, the nature, and eventually the whole world. Robert redford says fracking is a bad deal for local communities. I would love to show him the 4 billion dollars a year fracking has brought into pennsylvania. Alec baldwin says Energy Companies deliver, quote, a pittance in compensation to landowners. They hurt the environment and then they split leaving behind the bill. I would love to introduce him to people have kept their farms because of drilling royalties. I know them. Heres the point, we welcome a free and open Energy Debate. The pipeline, fracking, wind, solar and all. But the debate must be rational. You cannot invent your own facts. You cant pour on extreme emotion, but thats what many celebrities are doing. They are in my opinion losing the Energy Debate and they have only got themselves to blame. Ive got one quick postscript. On the death of hugo chavez, sean penn says america lost a great friend we didnt know we had. Please, please. Dont take your politics from hollywood and dont take Energy Policy lectures from them either. Announcer yonever know when, but thievecan steal your identity and turn your life upside down. Hi. Hi. You know, i can save you 15 today if you open up a charge card account with us. You just read my mind. 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Ishares. Low cost and tax efficient. Find out why nine out of ten large professional investors choose ishares for their etfs. Ishares by blackrock. Call 1800ishares for a prospectus which includes investment objectives, risks, charges and expenses. Read and consider it carefully before investing. Risk includes possible loss of principal. Stuart and youre saying the state department is flat out totally wrong . Flat out totally wrong. You have conservative farmers and ranchers blocking this pipeline, locking themselves down to equipment. Trust me, i think that the president had every intention to pass this because hes buddy buddy with, you know, all of the Oil Companies. Stuart the state Department Says that those tar sands contribute 0. 01 of global emissions. Take that paper, crumple it up and throw it away. That was a piece of garbage. Stuart that was a pleasure. You guys need to get some stuff out of our ears. Stuart the stuff is out of my ears. Im feeling real cool now. That was daryl hannah yesterday. Sandra . Sandra i could barely respond because my blood is boiling just watching that. Speech 101 you dont bring emotion into an argument. She did simply that. The state department came out with a report that simply dispelled the very fact that they have been basing their protests on. And she simply responds by saying theyre lying, theyre buddy buddy with the Oil Companies . I mean, with due respect because shes not here anymore, it was very good tv and it was very good discussion. Stuart thank you. I thought it was a terrific interview. Where did she get the idea that president obama is buddy buddy with the Oil Companies . Charles i dont know. Although the guy, solyndra, hes a big oil guy. The World Bank Report was good. The state Department Report was bad. She gets to be the arbiter of what government report i will let you know which reports are good are good and which reports are bad. Every Single Person in this country is benefitting from this. If we did not have this fracking boom, imagine where our unemployment would be, where our economy would be, where gas prices would be. Every Single Person in this country has benefitted from it. Stuart all right, everybody, in a moment im going to talk football with one of the great coaches of american football. Okay . Just wait for it. It is coming. First, heres the market, yeah, new high, if it closes here, it is a brand new high, just shy of 14,300. Our next guest, here we go, changed his strategy in 07. That change helped lead him and his team to two super bowl victories. Joining us now is the head coach of the new york giants. And hes the author of earn the right to win. Coach coughlin, First Time Ever interviewed by an englishman. I do declare. Yes, sir. Stuart were not going to mention soccer, is that okay . That will be fine. Stuart heres how i see the book, you are in 07, you are close to getting fired, as i understand it, but you completely change your ways. You get more of a team coach. You get closer to your team. And youre saying that you can apply the messages from your coaching experience to your personal life and to business life. I can. I think it is a universal approach, a universal lesson. And it happened that we wrote this book as a result of winning the super bowl and then looking at the run of the last six weeks when the players came up with a theme all in and certainly they were all in. I mean, they were everything we asked them to do, they did. Six straight weeks, and so when we completed that season, what i always talk about earning the right to win is a protocol for victory and it takes place from week to week in the nfl. And it simply means commitment and doing your very best on a daily basis. Stuart yeah, but what did you change . What i changed is youve got to go back a little bit, back to the 06 season, at the conclusion of the 06 season, were 8 and 8. And i come home one night, and my wife says to me, they hate you. The print media hates you. I said okay. Because she reads everything. I read nothing. So now weve got to do some changes. Weve got to make some changes. So Vice President of communication, new york giants, takes me aside, were going to sit down and going to talk to each one of the print media, and were going to get the cards on the table. Were going to take the gloves off. It will be a private interview with each individual. You tell them what you dont like. They tell you what they dont like. And through the course of this, what struck me and why i did decide that i was wrong and i needed to change was here was a bunch of men, okay, who were trying to do the best they could do. Thats what this book is all about, being the best that you can be. But there was something in the way, and what was in the way was me. Im a bluecollar guy. Theyre bluecollar people. Theyre trying to do the best they can. Im holding back information. Its not going to reveal anything about the new york giants, but it may help them to tell the story, to write their story. So i thought about that. I said if im bluecollar, they are bluecollar, what am i doing . Im going to change. Im going to try to change. Out of that came other changes. One of them was we started a leadership council. We started a group of men who sat and talked with me. They were players from different positions, michael strahan, eli, those people were on my leadership council. What the idea was there was i would communicate to the players exactly what i thought, and better than that, what the intention was, what the meaning behind it was, so that they could then take it to the rest of the players stuart you opened up. I opened up. Stuart did you change your basic personality . What i did was stuart youre still a tough guy. Yeah, you know, thats the way i was brought up. You know, im old school. That was the year i came up in, as a player with sarcasm, you know, and tough and hard nose and all of that. Stuart let me turn it over to someone who knows football, charles. Charles what youre essentially talking about is we all know, you were the tough guy, you were hard, is there a generational problem . Because it feels like this is not just in football. Listen, i hire young people. I have a hard time getting them to work hard. I tell them beforehand there are days i want you in at 6 00 in the morning. There are nights i want you there at 10 00 at night. Okay. Okay. They dont come at 6 00 in the morning. What happened . Well i left on time. Why are you telling me you left on time . You need to be here on time. Its generational. Thats part of it. The american scene is that way today. I would like us to go back to some oldfashioned values. I would like to get from behind the computer there and get the kids outside again and get them running and get them involved in things of that nature, but the idea one is just simply punctuality, how about that . Stuart are you the guy who said if youre not five minutes early, youre late . Im the guy. You have to be five minutes early or youre late. I came into a situation where the new york giants were 4 and 12, and i said look, i dont want anybody coming in that door relaxed. I want no one comfortable. I want everybody anxious about whats coming next. I want i want people to prove to me stuart is it true that you can tell me now what your team is going to eat for lunch on september the 20th . I can do that. I can tell you what they are doing and what time they are doing it as well. [laughter] long range planning. Stuart thats long range planning. That wins super bowl. What is the name of the book . The book is earn the right to win. It tells you exactly if you stick with those principles that you can in any profession improve yourself, with the theme being being the very best you can be but be willing to pay a price. Stuart were going to sell some books for you. I expect a fat Commission Check when we sell them. You sell these books . Stuart we sell them for you. It was a pleasure to meet you. Thank you. Thank you, you too. Stuart sounds like a match made in heaven for cereal snackers, tacos infused a an addicting taste for doritos. The man who runs the man who runs taco bell is next. Stuart plenty of good news for you this morning, price of gas is down again, 3. P 72 3. 72 for a regular. Down 6 cents in a week. Price of oil, no impact from the death of chavez, but it has dropped below 90 a barrel, 89 right now. Staples took a hit after people were more careful with their spending. Income down 72 . Closed a bunch of stores. The share price is down 6 . Were keeping an eye on the dow as it hovers right around 14,300. Were up 42, 43 right now, right at that level. A winter storm that blanketed the midwest now hitting d. C. All federal offices are closed for the day. However, the house is still voting on boehners extension of the budget cuts to keep the government running through september. Maybe thats good news for the markets. Next, taco bell, a new taco, we will tell you all about it. And i honestly didnt think i would ever quit. [ male announcer ] along with support, chantix is proven to help people quit smoking. It reduces the urge to smoke. It put me at ease that you could smoke on the first week. [ male announcer ] some people had changes in behavior, thinking or mood, hostility, agitation, depressed mood and suicidal thoughts or actions while taking or after stopping chantix. If you notice any of these stop taking chantix and call your doctor right away. 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Stuart back to nicole, the dow at highs, however, ive got microsoft which is a dow stock, and thats sharply down, i think. Nicole right. I mean, its just not right. We know youre a shareholder. We are looking at microsoft which is the biggest loser in the dow. Down over 1 . It turns out they are going to have to pay fines to the eu. They admit obviously they have to do this. 731 Million Dollars. Theyre warning others, eu, and it is all antitrust this is why its down. Stuart those europeans are flat out in recession, financial chaos and theyre telling us how to run our technology companies. Can you think of a big Name Technology company in europe . No, you cant. Nicole, thank you very much indeed. Heres charles with a very successful new segment on this program which is called making money. Todays company he likes is hees. Charles thats the symbol. Still like them both longterm, but 20 to 25 percent less in a month, i usually ring the register on those. I wanted to share that because our paid subscribers are doing that. This company is a play on the construction of housing, the construction of all kinds of things that are going on in the country. The company reported. They changed their model. They are focused on rental equipment for construction stuff, stuart, is through the roof. The adp report this morning, construction jobs are up. I think we might have hit an Inflection Point on them. In the meantime, their margins are surging. They are expanding their fleet, footprint. Earlier this week, are you familiar with another company, it is a British Company . They are expanding so rapidly this they are taking money they were going to invest next year and buying equipment now. I love this space. Stuart hees, thats the company. Charles thats the wrong chart. Thats not the right chart on there. Take a look at it. I think it is going to be a grand slam. Stuart here we go, there is a new taco in town, it is the cool ranch doritos taco. Its being debuted early for its fans. Here we have taco bell ceo with us. Heres your chance to give us a commercial. I will open up the airwaves for you. What is in this new taco . Why is it so good . Well, its so good because its cool ranch doritos flavored. Last year about 12 months ago we launched a nacho cheese stuart you are an australian, arent you . I am an australian, yes, we can talk cricket if you want to. Stuart no, im fascinated by an australian running an American Company who sells mexican food. Thats really repeat good, ive got to say. Its very exciting. I couldnt have a better job than running taco bell. This launch will be huge, its a huge doritos product. On 12 months ago when we launched the nacho cheese, everybody asked when can we get cool ranch . For our social fans and friends, if they go to taco bell and ask for it today, we will serve it to them. For our facebook fans, twitter fans, social media, you go to taco bell and you can get a cool ranch doritos taco the day before everybody else can get them. Stuart i just gave you a commercial. I think thats pretty good of me. I appreciate it. I think it is fantastic. Were very excited about it. Our customers have been tweeting and talking about it. Stuart okay. The commercial is over. [laughter] stuart that was great. Thank you very much for joining us. We appreciate it. Thank you, stuart. Thank you very much. Appreciate it. Byebye. Stuart the postmaster general says he has a plan to return usps to profitability, but it needs congressional approval. Is he going to get it . We will ask him, confrontationally, in a moment. Axiron, the only underarm. Treatment for low t, can restore testosterone levels back to normal in most men. Axiron is not for use in women or anyone younger than 18. Axiron can transfer to others through direct contact. Women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. Report these signs and symptoms to your doctor if they occur. Tell your door about all medical conditions and medications. Do not use if you have prostate or breast cancer. Serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet, or body swelling; enlarged or painful breasts; problems breathing while sleeping; and blood cls in the legs. Common side effects include skin redness or irritation where applied, increased red blood cell count, headache, diarrhea, vomiting, and increase in psa. See your doctor, and for a 30day free trial, go to axiron. Com. Stuart earlier this morning i spoke with postmaster general patrick donahue. He says they can be profitable this year and pay off all their healthcare costs by but congress hasnt said yes to it yet. We are not shifting them. We are cutting them, reducing them through competition. Stuart you have to get congress okay on that. You havent got it yet. We are fully funded in two retirement funds. Nobody else is. We have a 50 billion dollars already funded for Retiree Health benefits. Nobody has anything like that. What we would do is reduce the longterm costs of healthcare for both employees and retirees. That would allow us to get back in good footing and not have to continue with the prefunding. Stuart but congress has to okay that and they have not yet okayed it. Correct . Yes, that is absolutely correct. It is my job stuart by the way, the union hasnt okayed it either. Quick reaction . Sandra nothing is going to get done. They are running 20 billion dollars in deficits annually. The Postal Service has not done anything to keep up with stuart but he cant. His hands are tied. Congress wont let him do it. The unions wont let him do it. Sandra cutting healthcare costs isnt necessarily the answer. They havent done anything to keep up with fedex or ups. What have they done to battle the decline of mail volume because of emails and text messaging. Nothing. Stuart i say privatize it, sell it, get rid of it. Thats not a popular opinion, by the way. The highlight reel is next. Back soon. Its tiny. But lyrics not just about what you cant see. Its about what it can do. Lyric can be worn 24 7 for u to four months, without battery changes. Incredibly easy to live with, lyric can be worn showering, sleeping and exercising. In fact, you might forget its there at all. Call for a riskfree trial. And youll see lyric can also give you exceptionally clear, natural sound in quiet and noisy environments because of how it works with your ears own anatomy. testimonial section testimonial section testimonial section