Transcripts For FBC Varney Company 20131029

Able to keep the plan they like. It was written into the obamacare rules three years ago. There is political and economic fallout from this and we are on it. Today obamacare faces the music on capitol hill. Marilyn cavanaugh testifies, she runs medicare and medicaid and she was at the white house 400 times and met with the president himself. What if anything will she reveal . Well take you there and then theres apple, watch this stock very closely today. Profit down, but the Holiday Outlook is bright. Will take off . We will have legends from the country music. Varney company is about to begin. When we made our commitment to the gulf, bp had two big goals help the gulf recover and learn from what happened so we could be a better, safer energy company. I can tell you safety is at the heart of everything we do. Weve added cuttingedge technology, like a new deepwater well cap and a stateoftheart monitoring center, whe experts watch over all drilling activity twentyfourseven. And were sharing what weve learned, so we can all produce energy more safely. Our commitment has never been stronger. Here is what youre waking up to this morning. Its the big story. The administration knew that 10 Million People would lose their insurance under obamacare and they knew it three years ago and here is the response from the Mainstream Media. First of all, Dana Millbank in the Washington Post, for a smart man, president obama professes to know a great little about many things going on in his administration. And this from the wall street journals bret stevens, call mr. Obamas style aloof or irresponsible, but a president who governs like this reaps the whirlwind, if not for himself, then for his country. Remember, the report about the 10 Million People losing coverage came from nbc, a mainstream tv network, usually very sympathetic to the president. Why are they turning . Because of stories like this. Neil cavutos guest Natalie Willis had one of the lowest cost plans offered by her insurer, 199 a month. 1500 maximum deductible. She liked it, she wanted to keep it. Not under obamacare. Theyre offering 278 a month. 1600 out of pocket deductible and covering 70 of my costs after that. Now im definitely in a position ill be bankrupted if i get ill or seriously injured where i wasnt before. Stuart yes, you heard her right. Bankrupted by obamacare. Were talking about this throughout much of the next 90 minutes, it is the big story. All eyes on apple. This stock may take off, just watch it today very closely. But first this. Not a good night for st. Louis sports. The cardinals losing to the red sox, 31. Boston one win away from win the world series and the st. Louis rams losing to the seahawks on a goal line stand in the final seconds. Both games were played at home. Ouch. [ male announcer ] what if a Small Company became big business overnight . Like, really big. Then expanded . 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Could it be a blowout quarter thats to come with a big reaction in the stock this morning . Could be. Were on this one, watch that stock. But first, lets deal with the federal reserve, shall we . Larry levin is in chicago. I dont buy this. I just dont buy that everybodys waiting for the big fed decision tomorrow afternoon. I think Everybody Knows theres no way theyre going to quit printing money anytime soon. Are you with me on this . I would totally agree. I think thats what were going to hear from ben bernanke. Its going to be more of the same. The president is talking about hes waiting for the economy to improve and the situation to improve. I dont see it anytime soon. With that being the case sitting here in the s p futures behind me opening up on a new record high again. Stuart thank you, im glad you dealt with that fast. The real action is elsewhere, its not at the fed, its on the big board and its at apple. First of all, the big board. Dow jones industrial average opening 11 points higher. 15,580. Wait until we get going, you could see a bigger gain than that. Apple, profits were lower and they made 7 1 2 billion dollars in 13 weeks. 33. 8 million iphones shipped. 14 million ipads and look at the stock in the very, very early going. That thing is up 7 or 8. Let me remind you, when those numbers, the profit numbers came out at 4 00 yesterday afternoon. The Immediate Reaction was the stock went down 15 to 20 per share and thats now been rethought and were up 8. Almost 9 at 538. Shah galani is here and Liz Macdonald is here. First, shah, to you. Apple looks like a terrific Fourth Quarter as they run up to the holiday period. They have he got interesting products. Do you think its going to take off . I think its made a great move. Up 16 from when we got in. Youve got a floor under the stock with icahn support for additional buyback and a substantial Buyback Program on the way and i think the stock is yet to see a deal with china mobile. Theyve got 30 million users who use the China Mobile Service who dont buy phones through china mobile. If they constructed deals through china mobile, i think it could explode in china. Stuart tell me about the cool factor, liz . Very soon theyve got this, what is it, the ipad air. Its very, very thin, its very light weight. A lot of people, i think, will want to upgrade to that. I see that as a huge plus to the stock. I see it as a huge plus. Stuart are you going to say but . No, apple is the porsche of technical devices, ipads and im seeing the market overreaction, the reason its an overreaction, it launched the latest iphones in the last few weeks and last days of the kwaert. We have yet to see the sales effect and that youll see in the next quarter. Basically, i think that apple, the cool factor, not just the new products, but the new products coming down in the pipeline. And it could be, im watching this closely. Whether or not apple introduces a product that looks up to your desk and car that would be cool. Siri tells you in a map function or tells you what restaurants to go to from your dashboard, that would be something that would take off like a rocket. Stuart would you use that . I would. Up on the screen display like the Fighter Pilots have. That would be terrific. So if their legacy products are doing well, stuart and apple was up 8 bucks but i think pulled back to 5 bucks and watch that and see where it goes. Bah being to nicole, tesla, you know, there was another fire involving a tesla, i think the model s, it was in mexico, the car crashed into two walls and a tree and catches fire and you can expect that kind of thing when you have that accident, i guess. Not affecting the stock. Nicole its interesting. And you remember the reporting of the fire in mexico. Last time they reported the fire of a model s, we saw the stock tanking. Today a different story, either people dont have word on it yet or they just dont really care this time because elon musk made it known that the model s is very safe. It actually talks to the drivers and gets them out safely and also noted that regular cars that use gasoline catch on fire at impact all the time. So it doesnt seem unusual, why should you expect anything different from the tesla . Lets not forget if you hit a couple of walls and a tree any kind of car you drive, it might catch fire. Nicole and youre even on your john deere tractor and hit a tree and wall. Two quick points. The firefighters have a tricky time putting out the electric car fires, thats number one. And the tesla came out and once again, made it statement in this case, saying the driver was quickly contacted and safe and he had no permanent injury and loves his tesla. He was under the influence as well and driving very fast. Stuart now she tells us. And would you drive your tractor into a wall . The subject is totally over. Tesla, tractors, forget about it. Ive got two more ive made you laugh and youre speechless. Stuart let me recover fast. Two more big names and you know them. Global sales down at pfizer, hurt by the generics of lipitor. And its up. And government funding cuts hitting a private business. Not down much. Charles pick, big on this one. Michael kors added to the s p 500. Where is the stock . The stock is to the upside. Michael kors is doing great, dealing market share from coach. And it will go into the s p 500. Whats coming out . Nyse euronext because of their deal with ice. The stock is doing great with the Property Managers on the index. Stuart weve got an interesting market, were know you up 55 points at 15,628. I dont know how close that is to the alltime high. A breath away. Stuart a breath away, very, very close. And then theres this. Doubledip. What doubledip . Home prices in the month of august, according to the caseshiller report up 12. 8 year over year, in the 20 city index. Home prices rose in august according to caseshiller. And the best performance since 2006 of all times. Well, there you have it. And what doubledip you might ask . I dont see it. I dont see a doubledip. Im increasingly concerned. Wednesday, new york sees a road show for what he is going to be the first ever reo real estate owned to rental securitization deal. Blackstone is essentially securitizing, monetizing some of the 7 1 2 billion dollars worth of rental homes know not foreclosures, and to rent. And packaging that. Meaning its cheaper to rent, meaning for consumers its cheaper to rent than to buy. Is that whats behind that . It has been cheaper to rent, but its fairly equal because the rental prices have risen and im concerned about the numbers in terms of depreciation of home prices. Who is really going to buy . Its been institutional buying. Something like a short squeeze. Stuart theyre got the bargains. Theyre paying price, and maybe, 10, 20 over offer price. Stuart now, facebooks photo sharing site instagram is running ads and all things d say that snap chat could be valued at more than 3 1 2 billion dollars. Snap chat, let me deal with that first of all. They send pictures, you can send pictures, photographs around and when you get them. They disappear after a few seconds. All right . And that gives you a sort of degree of anonymity. And thats how the youngsters communicate, do you like snap chat. Youve got disappearing revenue. Something on your screen for technology, i dont see having something on the screen for ten seconds, providing power to advertisers. Stuart cant get away from it. Im sorry, im torturing you morning, i apologize. Stuart let me go back. Lets remember that if you get receive a picture on snap chat, you can indeed take a screen shot before it disappears . Apologize, im so sorry. I believe that it does take a screen shot of something that you receive from snap chat. You get notification that someone has taken a screen shot of that. And what, does their phone blow up like mission impossible. No, a call from the friend, please dont keep that, i didnt mean to send that. Stuart and 156 a breath away from an alltime record high on the Dow Jones Industrial average. Now, the other big story of the day is were going to have much more on obamacare, the true mess. 10 Million People are going to lose their coverage. And the administration knew about it three years ago. Liz macdonald has all of this for us, just one moment, right after this break. 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. To easily move my money when i need to. Plus, when i call my local scottrade office, i can talk to someone who knows how i trade. 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Were following apple, very, very closely. It has moved to be dead flat and actually now its up a buck 70, it was up 8 and we are going to watch this thing all through the day. All right, now lets get to, where are we now. The gold report. Were down 4. Gold is in a holding pattern. Here is the big story, the administration has known for years that more than 10 Million People would lose their health plans. Despite promises from the president saying the exact opposite. Liz is here and she says that several government agencies, several of them, knew years ago that these people were going to be kicked off their plans, yeah . Several important agencies enforcing the new law, meaning the treasury, irs, hhs and the labor department. Now the administration is out attacking nbc and other Media Outlets reporting facts out in the irs bulletins and the federal register about the new law. Here is the deal, the bottom line. Basically they were looking at Market Analysis that says a percentage of people basically turn over. They dont want their plans and ditch their plans and get new plans. When the individuals get new plans, the new plans may not meet the standards set down by the Health Reform laws, copays, coverages for Preventive Services and the like, the quote is in the federal register, which is the book that the government puts out showing the new laws, and rather the new regulations and the percentage of individual policies losing the grandfather status. Meaning, they would lose the status of being qualified, could exceed 40 to 66, 67 . Stuart of the 14 million policies out there, up to 60 . 66 or 67 . Stuart some say higher, some say 80 could be kicked off the policies that theyve already gotten, that would be in the neighborhood. 10 Million People. Right. That 10 million is what was stated by the irs and its in the government documents in and around the time the law was being crafted. Stuart the irs stated that 10 million, thats the number . Yes, the irs and the department concluded 2010, it could exceed 10 million individuals. Stuart now this morning the white house is putting out their line, putting out talking points. They say its the insurers. Stuart its the insurers, theyre gouging you, the Health Insurers that are doing it. Its not the insurers, thats selfdeceiving on the part of the administration and the Deputy Press Secretary and people like valerie garrett. Its because the agencies who were tasked with enforcing the law got the Market Analysis in places like robert woods johnson, found there was high turnover and found the turnover by individuals with their health plans, that when they got new plans wouldnt meet the standards set down by the law and they found the analysis is already out there. Stuart 10 Million People. Could be more people. Stuart its a totally broken promise from the president. Thats right. Stuart you can keep your doctor, you can keep your plan. I think hes kept his promise because what hes done in a sense, hes taken the public good and handed it over to private enterprise. So the Insurance Companies are going to get some of the turnover and theyre going to benefit by this, but this is perhaps a promise that he made to them. And you cant cancel the plans because theyre grandfathered. Because theres going to be a lot of turnover in the industry and some companies will benefit and some will fall by the way side. Stuart look at the investment side of it. Are you buying the Health Insurers . No. Expect to do well by kicking people off the policies and giving them more expensive policies. We did cast a few of them and a nice runup. The market has got kind of to topey. If you look at big gainers from obamacare, theyve fallen and rolled over. I wouldnt touch any of them. Do you think the insurers will benefit under obamacare . Some will, those who adapt will benefit. We dont know where the law is finally going to end up. Its certainly in a state of flux and there are too many unphones for us to get involved. Too many unknowns. Stuart back to the overall market for a second. The alltime closing high for the dow stills was obviously, 15,676. Were now at 15,624, do the math real fast, stuart and youre looking at about 50 points away from an alltime high. And that would be an intraday high, i do believe. Lets not mess around with the distinctions. Were close to an alltime high for the Dow Jones Industrial average, everybody. Not bad. Were going to put the politics of obamacare off to the side for a moment and were going to talk about the economics of it. My take on the impact of the obamacare mess is next. Here is an m here is a hint. Its a disaster. I see a bad moon rising i hear hurricanes blowing i know the end is coming soon i feel the river overflowing [ male announcer ] need help keeping your digestive balance in sync . Try align. Its the number one ge recommended probiotic that helps maintain digestive balance. Stay in the groove with align. Briefly take a quick look at good year. Now, theyre an Industrial Company if ever there was one. Lower chemical sales, down it goes, thats industrial america, down 6 at goodyear. We talk a lot about tech on this program. Coming up in the next hour, netflix, it wants to release movies on day one, blockbusters viewed right now on netflix. Is that the future . Good question. Plus, one of the biggest stars in country music, trace atkins is here, hes got a new christmas album and his story is a true american blue collar success story. Here is my take on obamacare. The Economic Impact. Bad and getting worse by the day. All those Insurance Plan cancellations will have a terrible impact on the economy. Just let me spell it out. 10 Million People are going to get a letter from their insurer telling them that the plan they chose is being discontinued. Now, thats bad enough in and of itself, but there are real consequences and those people will have to pay a lot more. Bigger deductibles and new payments every time they visit a doctor. Thats a lot of money sucked out of the private sector. Many of these 10 million are Small Business owners. Are they going to hire more people and invest in expansion . It doesnt stop there. Counselless businesses have switched to parttime employees. Others have limited the number of fulltime employees. Medical device makers have stopped expanding because of the new tax they have to pay. All of this is a direct result of obamacare and its hitting the economy when unemployment remains very high, the debt is astronomical and growth remains at a miserable 2 or less. Do not expect this president to take responsibility. He will blame the republicans for the shutdown and hell blame the shutdown for the slowdown, but forget politics, forget it for a second. The point is that obamacare is going to hurt the economy. Its going to hurt when we can least afford to take another hit. I really want to end on a positive so i will engage in wishful thinking. Suppose that democrats in the senate come to understand that obamacare is a disaster and they kill it . Now, i know, highly unlikely, but im speculating here. But can you imagine the growth that killing obamacare would unleash . Can you imagine it . I live in hope. [ music transitions to rock ] make it happen with the allnew fidelity active trader pro. Its one more innovative reason serious investors are choosing fidelity. Get 200 free trades when you open an account. [announcer]. Every wish for a bed that could feel perfect under every part of your body. [man]ask me about our tempurpedic. [announcer] theyre sleeping on the newest tempurpedic bed. The new tempur choice. [man]two remotes. [announcer] firmness settings for the head,legs,and back. 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Using data predictively to help power entire cities. So the turbines of today. Will power us all. Into the future. Tuesday, october 29th. And the obamacare disaster rolls on. And the president , he knew nothing about it, or benghazi or anything. And here with us today, Arthur Brooks a leading conservative thinker and hell confront this question, is obamacare socialism . The judge is here, too, and he confronts the big question of the day, is the president telling the truth on obamacare . We also have trace atkins, youve seen him helping wounded warriors. Youll see and hear him on this program today. Apple, general rack, sears, you stop there lately . We cover it all. Here we go. Right there, right now, on capitol hill, medicare and medicaid chief marilyn tafenner about to testify on the obamacare. And she visited the white house more than 400 times in the last four years, were monitoring the hearing and well bring you any highlights when they happen. Staying on capitol hill. Here is Marsha Blackburn on the commission that will grill Kathleen Sebelius tomorrow. Welcome back to the program. Thank you. Stuart youve got a lot of exposure recently on tv, ive been watching you on all kinds of networks and youre highly critical of Kathleen Sebelius, we know that. I say that the president will never fire her, will never ask her to step aside and she will not volunteer to step aside. Am i wrong . Well, i think that regardless of all of that, whether she stays or whether she goes, what we want to do is find out how much money theyve been on this website, who was actually supposed to be coordinating and integrating all of these portals and these stove pipes and we want to know past, present and future, what this is going to end up costing the american people. You know, the incompetence is absolutely staggering, and seeing this kind of incompetence in a website certainly does not lend any confidence whatsoever that they can protect your privacy or they can deliver health care. Now, ten democrats in the senate want the extension want an extension beyond march 31st of the enrollment period. They want it extension above and beyond that. Im sure members want the same thing. Are you going to get it. Hr 2809 is the delay of all things obamacare and i have to tell you, stuart, there are more people, democrat and republican and independent, who are now saying that would be a wise move, the way the website has rolled out, the uncertainty in the insurance marketplace, the providers with the uncertainty that is there. Its time to just suspend all of this and kind of take a stock of where we are and what all has happened and figure out where all the problems are. People cant get access to the information. Theyre losing their insurance, but they cant find out about what is there to are obamacare. Well, if youve got a delay of, as you say, all things obamacare, i hope you can hear me, i know youve got trouble with your ifb now. Yeah, im sorry. Stuart no, thats okay. If you want to delay all things obamacare, would you also roll back the extra taxes that have been imposed upon us because of obamacare to fund it . Would you . Right, and this is this is what would be good about doing that oneyear suspension of the president S Health Care law. You suspend everything, whether its the taxes, the fees, the penalties, or the implementation of the law. The thing is, 1700 wavers have been given. There have been 20 delays of the law, portions of the law by this administration. So, it just makes common sense to step back, have a suspension of this, and then a reassessment. And then decide what needs to be done to begin to straighten this mess out. Stuart okay, Marsha Blackburn, always a pleasure, thank you for coming to see us today. Good to see you. Stuart and im sure well talk with you after you grill Kathleen Sebelius. Im going to stay on obamacare, this is a big story. We have the president of the American Enterprise absolute with us. Arthur, youre among the top policy thinkers out there. Ive heard this a lot. Is obamacare a form of socialism . Well, obamacare is not a form of socialism per se, but its part of an effort to socialize medicine, which is obviously a big part of the american economy. To say that obamacare is socialism is obviously an incomplete answer. I think a better answer is what are we on the way toward . And this is a strategic question for republicans today. And the republicans are tactically trying to hack on the tree of obamacare thinking its about to collapse and you were talking with Marsha Blackburn a minute ago and we have to be careful. When the thing falls, strategicically, its a matter of sort of like the tree falling on your own house. When it falls down, it has to be fixed and it will be fixed at the idea from the left is to fix it toward a single payer system which would be a socialized medicine system. Is it collapsing as we speak . The implementation is collapsing. They cant even keep a website up for it. The system itself will be in a sort of systemic collapse when people dont sign up for it, and enough people are thrown off of coverage, and you have hundreds of thousands and even millions of people who are losing their coverage and its selfevidently the case that its not true that you could keep your insurance, that would create a Public Opinion collapse that matches the systemic collapse of the system, but again, when it collapses, whats going to happen . You know, will it collapse into hillary care, 1994 style . Lets remember who wants to be the next president. This could be the biggest this could be a much bigger nightmare for the right if theyre not careful. But the next form of obamacare, if the current form collapses and youre right, it goes on to an attempt at some form of single payer, that would never pass congress, would it . Ever . Well, this is the point. When we talk about winning elections. And the i understand all of the i am p poe impetus to stop the policies, but the only thing the way it will be stopped by republicans is by winning elections. Recall, when one party has all the real estate in washington d. C. , they can do an awful lot. Obamacare went through when the democrats had both houses of congress and the white house, if they have that again, this could turn from obamacare into single payer pretty quickly. Okay. Dually noted. Arthur brooks, thank you for joining us, much appreciated. Thanks, stuart. Check the big boards, we add Consumer Confidence numbers out, a lower reading than expected and we come down a little on the dow. Well, we were up 50 of 60 and now were up 35, 36. Charles, thats not a big impact from Consumer Confidence. Charles thats not a big impact. And the Consumer Confidence numbers out of sync for a while. Stuart im sorry to jump in. But what does it tell you about the economy Going Forward . If Consumer Confidence is declining now . The about and real new paradigm in Consumer Confidence. Weve peaked in 2000 along with the stock market and the stock market came back in 2007, Consumer Confidence did not come all the way back. This time the stock markets at an alltime high Consumer Confidence is even lower than it was in 2007. The reflection is that people are spending money that they make, but theyre not borrowing money. Credit card debt went down three months in a row, so this is why we get the slowgrowth economy. People havent bought into anything. Automobile sales, the easy comparisons are over. Really, weve got a country where a lot of people are standing around listen, ive got a job, ill spend the money i have, use my debit card, im not going back into debt because i dont trust whats going to happen around the corner. Stuart and i repeat, the 10 Million People who are going to lose their plan have to go to a more expensive plan, i think thats very bad news. Charles thats part of the dark cloud. Thats all part we talk about the dark Cloud Holding businesses back 2 trillion dollars. This is a dark Cloud Holding the American Consumer back from doing things like starting a business, buying a house, even using a credit card the way they used to. Stuart quickly to nicole. Sales at sears falling and theyre closing five stores in canada. The stock is up, you want to explain that. Nicole theyre in a turn around plan and theyre falling not just since today, but 2005, facing competition from target, walmart, amazon and their plan now is to ininspect off lands end. Youre familiar with lands end and competes with l. L. Bean and the bags and the like. And theyre sitting on lands end and thats part of the idea here and also looking for outlets for their auto business to see some Strategic Options to the auto business and really focus on the core business of sears and kmart. In the meantime, stocks are up 5 1 2 and this is after the declining sales we have been talking about in 2005. Stuart once youre on there, i dont think you can see it, were running pictures from inside a couple of sears stores. And one of the analysts of sears and they dont paint a pretty picture. Its a disorganized store to say the least. The stock is up. Nicole if i walked into a store and looked like that, im not picking something up. Thats craziness. Stuart charles. Charles the only thing that held it up, eddie lampert. I think this would have collapsed more than it has already. Stuart lets get back to technology, big story of the day. Technology. We thought that apple would really take off earlier. I see now that apple is actually down 4 points. It was up 8. Im going to get back to that in a second and staying with tech. Ever wish you could skip the theater. Just watch a brand new movie on the day it comes out from the comfort of your own home . Netflix is about to do that, thats what they want to do. Sandra joins us. It sounds like this is the future, and a movie is released by hollywood and you see it in your own home vn the day its released. Thats the future to me. That could be the feature. And theres no major announcement here yet, but this is something that certainly a lot of consumers would hope for. Quite frankly, many of them are sick of sitting down to a 25 ticket at a movie theater. Buying 20 worth of coke and popcorn. So, people are fed up with that, but, stuart, netflix is putting up big numbers. Today, its at 315 a share. Its got 30 million subscribers, you pay about 8 a month for their streaming feed. You would potentially be looking at, as a netflix customer, a higher monthly fee if they were to try to get these Box Office Hits in and skip the theaters. They would have to pay the movie production company, millions, millions of dollars in order to do this, so be careful what you wish for. If youre a netflix investor it might sound good in concept and they might have to start charging their end user more if theyre going to put up the big bucks. Stuart thats interesting, what do you say, charles . They may have a way of working it out. An a la carte model. Theres going to be a giant pushback against this. Netflix is selling it as a way of saying listen, because you have limited space in movie theaters, great movies arent being made and even when they are made theyre not distributed properly. So theyre kind of going at it from a different angle. Theyre going from a cultural aspect we can help the country put out a lot more great movies and widen the industry if you use us as a Distribution Channel and then well talk about the money later. Stuart i just see this as the future. Streaming is king. Charles there was a time. A couple years ago they came out with the dvd, the same day as the movies. I guess it was a bust. Thats what technology is about, greater access, faster access and you know, of course, i watch a lot of movies on cds and i have to wait two or three months. Stuart youd sit on that great big couch of yours and churn out the popcorn free, youd do it. Charles thats what i do now, instead of waiting three months. Stuart ive got to get back to apple. Remember, please, they made over 7 million in profit in the last quarter and wall street kind of yawned and took the stock down. It came up 8 points this morning and now its down 290. 526 on apple. Shah galani said earlier he thinks its going to take off. We were following it like a horse race at the opening bell. I think it might still. And you . I dont know if i would use the word take off, the bias to the upside. I think its at an inflection point, but to your point, walmart, bmo raised the target. Lazard raised from 570, susquahanna and baird buy from hold. J. P. Morgan sees the catalyst coming soon. And target 590 was 550. And target 535 was 550. Rb c590 was 550. These are small incremental increases. Nobody says a 1,000 stock because they were be using the word takeoff. Stuart yeah, but they got burned with 1,000 predictions not long ago. Charles burned is the understatement. Stuart is the president telling the truth about obamacare . What if hes not . The judge is ready to weigh in on this very big deal and hes next. You made me promises, promises [ male announcer ] it is more than just a new car. More than a new interior lighting system. It is more than a hot stone massage. And more than your favorite scent infused into the cabin. It is a completely new era of innovation. And the highest expression of mercedesbenz. Introducing the 2014 sclass. The best or nothing. See who does good work and compare costs. It doesnt usually work that way with health care. But with unitedhealthcare, i get information on quality rated doctors, Treatment Options and estimates for how much ill pay. That helps me, and my guys, make better decisions. I dont like guesses with my business, and definitely not with our health. Innovations that work for you. Thats health in numbers. Unitedhealthcare. And this park is the inside of your body. See, the special psyllium fir in metamucil actually gels to trap some carbs to help maintain healthy blood sugar levels. Metamucil. 3 amazing benefits in 1 super fiber. Ido more with less with buss energy. Hp is help. Soon, the worlds most intelligent servers, designed by hp, will give ups over twice the performance, using forty percent less energy. Multiply that across over a thousand locations, and theyll provide the same benefit to the environment as over 60,000 trees. Thats a trend we can all get behind. Lets make money shall we . Here is charles with a good idea, zill low. Charles buy zillow on weakness. The momentum stocks are still getting hit. If we can hold here, a rebound of 90 perhaps even 100. I dont do this often, but because its a trading idea. Anyone who likes it i would suggest launch at 76. Stuart a real estate make money when people rent and buy housing so you know what . Weve got big transitions there and the earnings have been phenomenal, but its also the stocks that had a huge move. Stuart youre diffident. Charles i with a nt want to be fair and let people know. Stuart youre a fair guy. Charles protecting your back side. Stuart and lets get something serious. For years weve been hearing from the president , if you like your plan, you go et to get to keep it. Now were hearing 10 Million People will lose coverage and the white house knew this. So is the white house telling the truth . Judge napitano is here. You notice i said the administration, the white house, not the president. Well, if i may, i would extend it directly to the president. Because the president said this emphatically and he used a word that we often use to emphasize the seriousness and precision with which he spoke. Here is what he said, if you like your doctor and if you like your Health Care Insurance policy, you can keep them. Here is the word period now most sentences end in a period, but when the speaker uses the word period theyre emphasizing the literal truth of that which preceded the word. We now know that that was wrong and we now know he knew it was wrong and we know he knew it when he said it. We know this from emails that megyn kelly revealed on her show last night which weve seen intergovernment emails. This is fascinating are you sure that the president knew that you couldnt keep your plan . 10 million could not . This is the president. I dont know personally what the president knew any more than i know if he knew that when he spoke to Angela Merkel from his cell phone to her cell phone that the nsa was listening to both of them. I dont know what he knew and when he knew it, but i know when he has an obligation to know and if he has an obligation to know something and willfully doesnt know it, then hes not doing his job. For him to say i know that you can keep your health care, i know that you can keep your doctor, period, when he doesnt know it, he has materially misled us without any consequenc consequences. Charles to the point of running upon this, i mean, this is not something i would say in passing once or twice. This was the key focus of the campaign and the democrats continuously say, hey, were won on obamacare so leave it alone, but you won on a lie. Charles is correct 100 . How can we not lie to the government, like martha stuart. Her lawyer said is my client a target of the investigation. The fbi says no. And the fbi asked her a question, she lies. Whats the ultimate outcome . She goes to jail and the fbi agency is on the job. How is it that the president can blatantly lie to us, but if the citizen lies, the citizen goes to jail. Stuart i cant explain why, but i think the end point may be that the president loses his political credibility and that the establishment media turns against him. And they have begun to do so. If you look at the Washington Post in the past two days, they are aggressively pursuing this. Stuart this story of 10 Million People from nbc, the cheerleaders of obama. The use of the word period implies what i told you is absolutely certain, take it to the bank. Stuart real fast, ive got to talk about the virginia gubernatorial he ooh election. The democrat has 40 and the republican has 35 and a libertarian has 10 . Yes e i blame you for the mccollough victory because the libertarians are splitting the vote on the right and allowing a collectivist to walk in the doctor. And he is a collectivist and in my opinion corrupt, not in that sense, but crony capitalism. And libertarians often take votes from liberals because libertarians in this sense mean what they say on any splitting on the right. Rand paul for kuch nellie. Stuart and youre not taking any responsibility . Quite a few wakeup calls, hear the wakeup calls. Stuart the wakeup call theyre going to get is cuccinelli is going to lose. The conservative wants to tell people how to live. Stuart judge, well talk about that again, im sure. Listen to this, we have a basketball legend here with us, john starks, whether the nba can ever compete with pro football. Plus, how much do you think the federal government spends to battle Global Warming . Youll be staggered by the number which we will give. If youve got copd like me, hey breathings hard. Know the feeling . Copd includes emphysema and chronic bronchitis. Spiriva is a oncedaily inhaled copd maintenance treatment that helps open my obstructed airways for a full 24 hours. Spiriva helps me breathe easier. Spiriva handihaler tiotropium bromide inhalation powder does not replace fastacting inhalers for sudden symptoms. Tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. These may worsen with spiriva. Discuss all medicines you take, even eye drops. Stop taking spiriva and seek immediate medical help if your breathing suddenly worsens, your throat or tongue swells, you get hives, vision changes or eye pain, or problems passing urine. Other side effects include dry mouth and constipation. Nothing can reverse copd. Spiriva helps me breathe better. Does breathing with copd weigh you down . Dont wait to ask your doctor about spiriva. Thrills, rough calculation of 70 points, for an alltime record high. If you want to know how the government spends your tax dollars take this for an example. According to the deadly cholera the federal government spent 22 billion on Global Warming related issues this year. Programs like scientific research, Renewable Energy technology, subsidies for grain related projects. To put that in perspective the government will spend 12 billion on Border Security this year. 22 billion on green related issues. We thought you would like to know. And analysis. He played 13 years in the nba, eight years with the new york knicks, was part of an iconic rival or with Michael Jordan and the chicago bulls, in the star john stock is with us. Welcome to the program. We followed the flow of money. We followed the flow of money, look at it and the flow of money is away from basketball and baseball and galling to football. What you going to do about that . I know what i can do. Stuart why is it happening . Not sure what the reason is that basketball, in a good place right now, the beleaguered alltime high with popularity, obviously, over the years we continue to grow and look better. Stuart Everybody Knows you were in the greenroom mob guy i know you were. Everybody knows that you have this great rivalry with the chicago bulls. That was the day of basketball as the game changed from then to now its a way . Oh. The popularity stuart has it changed . The style of play is not as physical as it was when i played. That is what made the rivalry so intense because of physical competition. Stuart has it become more physical . During the playhouse it goes back to the playoffs, where you get the intensity level and the physicality. Stuart the chicago buls. Not now . Not as physical as it was when we play. There is some physicality in the game. More up and down. Stuart that is what football is so popular. They go at it, they get hurt, got to bring that back. This is the financial program. You may lot of money in your time. Have you held onto it . I have been doing a good job. I have a Footwear Company i am involved with, to help period. Com. Stuart when you manufacture that . It helps prevent wrinkles brain. You know the nasty injury most guys get in the nba, we eliminated that. Stuart when you plan on being the next 90 or adidas . We hope they come a board. Stuart and money. 400 in sales. Stuart where do you make the issue . China . We make in china. We are doing we only have amazon. Com as well as eastband finish line and we are doing very good. Stuart when you hold on to your money, you bell Issue Company and you are Going Forward with your career and your life. You are a happy man. I am a happy man, a blessed man. Charles he has the most famous blocked shots in nba history. Stuart what is that . You know what a dunk is . Stuart stop it. I get it. Stuart define a dunk. You hold the ball, you jump way up and you slam that down into the baggage. Charles and Michael Jordans grill. Stuart im just playing along. Stuart congratulations. Thanks. Stuart Superstorm Sandy hit the east coast one year ago, caused a run on generators. The big maker of generators cash in big. With no hurricanes or major disasters this year, is the company worried . The disaster struck after all and the ceo is with us in a moment. So i can reach ally bank 24 7, but there are no branches . 24 7. Im sorry, im just really reluctant to try new things. Really . Whats wrong with trying new things . Look mommys new vacuum cat screech you feel that in your muscles . I do. Drink water. Its a long story. Well, not having branches lets us give you great rates and service. Id like that. A new way to bank. A better way to save. Ally bank. Your money needs an ally. Peer stuart the big story is obamacare, house ways and Means Committee grilling the cagey on capitol hill right now all. Paula disaster. Rich edson is following the hearing. You have something on enrollment numbers. You know what the hearing has been like for the last 15 minutes which is the entirety of the question and answer. Listen to this. How many people enrolled in the exchanges . That number will not be available until mid november. You replay that over and over again. Stuart it is incredible. Does she know the numbers or is she doesnt she know . She has got to know the numbers, she just wont revealed demand that is ridiculous in front of congress. That is what chairman camp was asking and repeats in november we will let you know. Stuart you have tough duty today. You are the man for it. Today, marks the 1year anniversary of hurricane sandy. One company that made headlines back then was a tough time, that company was what makes what charles callsy daddy of generators and i call the rollsroyce of generators. Of the big after the storm. Joy anemias the ceo who is with us as we kickoff fox businesss day at the plant in wisconsin. Welcome to the program. We referred to you as a disaster stock because you kind of need disasters. There havent been any, heaven forbid, there havent been any disasters. Your stock is going under a narrow band. What are the prospects for growth in the future . We change the company quite a bit over the last few years and if you wind back three years ago, storms and disasters matter lot more to this company but we have done a tremendous amount, doubled the size of the company in three years, doing smart things to create our own storms. Stuart wall street doesnt expect you to grow very much. How do you account for that . We have grown a lot in the last two years. What we like to think of is when you get events like sandy or irene the company grows, we will take a big leg up but level of. Holding on to that growth we have gotten the last couple years, a remarkable feat in and of itself. Stuart ive bought one of yours, it is a beautiful machine, top align, paid big bucks for it. It is a beautiful machine. I wont have to replace it for 20 years. Not enough business built into the future. That is a problem for you. Your machines are so good they are not replaced for quarter of a century. They are good because they need to be. You need when youre power goes out. The fact of the matter is, there are only a few things that have what you have, standby generators like that. The future obviously there will be replacements cycles, Building Products for 15 years and we think there are five to ten years before the replacement cycle kicks in but also 3 penetration, tremendous amount of growth. How many manufacturers can say 90 of the houses are potential customers for their product . Stuart well said. Thanks for having fox business at your plant all day today. We will be returning to the plant and returning to you later on fox business. Thanks for being with us, we appreciate it. You didnt quite get one. Stuart charles we were close. We were right up to the permitting process and we had to get it. We always needed power. It is one of those things. It is going to be art, this model change, Disaster Preparedness to tell people you got to have this thing anyway no matter what because it is not cheap. Stuart is this the most debt the testimonial is fantastic. It bought peace of mind when the weather turned sour outside, you might have had a power outage, now you dont worry. Charles i am not talking about those things, you have to check the oil and make sure there is gas, keep it in the garage and the only light of one room. Stuart mine is so big we had to have planning permission where to put it on the property. Charles they stopped working on the superbowl to put your finger in and they said okay, that is it. Stuart dow industrials up 56 points. Apple is not taking off. We thought it might but it is not. Down 2, 5. 27 is the latest quote. Country star trace adkins has a new album out. A success story, this guy from on no name oil worker to Grammy Nominated musician and he is going to be here next to me in a moment. In todays markets, a lot can happen in a second. With fidelitys guaranteed onesecond trade execution, we route your order to up to 75 Market Centers to look for the best possible price maybe even better than you expected. Its all part of our goal to execute your trade in one second. Im derrick chan of fidelity investments. Our onesecond trade execution is one more innovative reason serious investors are choosing fidelity. Now get 200 free trades when you open an account. Theyre the days to take care of business. When possibilities become reality. With centurylink as your trusted partner, our visionary Cloud Infrastructure and Global Broadband network free you to focus on what matters. With Custom Communications solutions and responsive, dedicated support, we constantly evolve to meet your needs. Every day of the week. Centurylink® your link to whats next. Help the gulf when we made recover and learn the gulf, bp from what happened so we could be a better, safer energy company. I can tell you safety is at the heart of everything we do. Weve added cuttingedge technology, like a new deepwater well cap and a stateoftheart monitoring center, whe experts watch over all drilling activity twentyfourseven. And were sharing what weve learned, so we can all produce energy more safely. Our commitment has never been stronger. Stuart here is what sears is looking into, separating lands head and the Autumn Center business from the rest of the company. He would like to pursue a spinoff plan. And already started repositioning the auto center. And between closing some of its unpopular stores. It was up 6 on that news. Walmart kicking off a Holiday Season with a surprise promotion for 25,000 workers. Starting the day at one of the Retail Stores in new jersey continuing in 15 other markets into early next year. The hourly workers promoted to different jobs including store management and will receive a pay raise. Walmart stock 77, up 1 2 . We will be back. Trace adkins is with us with a christmas album. Baron of the buildout. You need a permit. To be this awesome. And you. Rent from national. Because only national lets you choose any car in the aisle. And go. You can even take a fullsize or above, and still pay the midsize price. aaron purrrft. vo meeeow, business pro. Meeeow. Go national. Go like a pro. train horn vo wherever our trains go, the economy comes to life. Norfolk southern. One line, infinite possibilities. Im, like, totally not down with change. But i had to change to bounce dryer bars. One bar freshens more loads than these two bottles. I am so gonna tell everyone. [ male announcer ] how do you get your bounce . [ woman ] time for change peter when youre listening to tree seconds, a song from his new christmas album called the kings give the. It goes on sale today. Trace atkins is in nashville and joins us now. We have met before briefly. Listen to that voice. What a voice. You want my job . You could do it very well with a voice like that. You could. The kings gift. That is a very christian record, isnt it . Are you a question . Of course, yes. I dont shy away from saying christmas and this is the christmas record called the kings gift and something that you might appreciate, this whole album has a kind of caltech feel to it. And 15 years or so that is the kind of christmas record i wanted to make a. That is the direction we went, got the chieftains. Dont know if you are familiar with them or not but the chieftains came and played on some of the stuff with us and silent night which you were just playing, Kevin Costner sings the second verse of that song, dont know if you got to not. He was on his record. Stuart is that right . Wethat. Dont think we got to. I wish we did. Your background, i think you are an american success story. You were an oil worker way back when. Were you not . And you pull yourself up by yourself and that is the america you represent. I like to think so. I enjoyed my time working in the oil field and i worked in the oil field for ten years. And offshore on the drilling rig, that work ethic has served me well and the Entertainment Industry as well. I get up every morning knowing it doesnt matter what i did yesterday, i cant rest on my laurels. I have to get up today and hit it hard again and that is what i keep doing and now i have got into a place where i do what i want, this christmas record is an example of that, the kind of record i always wanted to make and do the record i always wanted to do. Stuart do you think the rest of america is the way you are . In that respect . Stuart work, getting up every day, doing your best, you got a work ethic to die for, is that do you represent modern america or something from the past . You know. Let me be honest with you, i dont work for a living any more. I used to work for a living. Now i get to did i am one of those fortunate people that my hobby turned into my career so i am very blessed in that respect. I come from that world, that bluecollar world, and come from that world where doesnt matter what job you did yesterday i have to get up and better that today or at least do as well and that is the approach i have taken in the Music Industry and entertainment business. It served me well. Stuart we really enjoyed having you on the show. I am rushed for a time but i want to play more of your music because it is terrific and we will be doing that. Thank you for being with us today. Good to talk to you again. Stuart i would do anything for a voice like that. Do you think that is of voice . Rich bass voice. Charles my favorite prey second song, i think about my daughter, my 20yearold daughter and a lot of times when i listen to what i shed a tear. And amazing song. Stuart it is not on this album . Charles nobody is amazing. Stuart charles, lets get back to him. He says avon. Charles the ceo, chinese heritage was going to make the company big in china, networked out. Classic turnaround. 24, 25, backed up by warren buffett. They are getting back down, the new ceo has turned the company around. Making tons of money in latin america, europe turned around, i love the way the stock is acting. Not all the components i typically look for but for a long term buy or hold that is worth it. I gave you trading like a dinner earlier, and stuart what is long term to Charles Payne . Charles if the government is 20 tomorrow, other than that three to six months. Stuart do you know how long i have phoned microsoft waiting for that . Charles people held stock for three years on average ended all turned upside down in the 1990s and never recovered. That is a shame. I wish we could buy stock for three or four years instead of every Earnings Report that missed by a penny and the stock plungeds. How do you operate a business these days . Stuart especially if you make a profit and pay a great big capital gain tax on it. What is the joy and that . Make a come back. Cant hit the story enough. The obamacare disaster. Charles reacts to what one doctor said about the law on this show yesterday. You wont believe what she said. Y became big business overnight . Like, really big. Then expanded . Or their new product tanked . Or not . What if they embrace new technology instead . Imagine a companys future with the future of trading. Company profile. A Research Tool on thinkorswim. From td ameritrade. A reido more with less withwim. Buss energy. Hp is help. Soon, the worlds most intelligent servers, designed by hp, will give ups over twice the performance, using forty percent less energy. Multiply that across over a thousand locations, and theyll provide the same benefit to the environment as over 60,000 trees. Thats a trend we can all get behind. She loves to shop online with her debit card. And so does bill, an identity thief who stole marys identity, took over her Bank Accounts and stole her hard earned money. Unfortunately, millions of americans just like you learn all it may take is a little misplaced information to wreak havoc on your life. This is Identity Theft, and no one helps stop it better than lifelock. If mary had lifelocks bank account alerts, she could have been notified in time to help stop it. Lifelock has the most comprehensive Identity Theft protection available, guarding your Social Security number, your money, your credit, even the equity in your home. You even get a 1 million service guarantee. Thats security no one can beat. Dont wait until you become the next victim call the number on your screen and use promo code notme for 60 days of lifelock Identity Theft protection and get a document shredder free. Call the number on your screen or go to lifelock. Com notme. Lou on lou dobbs tonight comprehensive immigration reform, amnesty. Why is the gop establishment, why is big business go scared of the house plan on immigration . We will be joined by douglas holtzeakin on the renewed push by the big guys from the right tonight at 7 00 eastern. Stuart take a look at as low. It is down big now, had opened a little higher earlier today. The only news is that a second car fire reported last hour, it was a car that hit two walls, caught fire, we put that story out, the stock is down eight points. Not sure theres a connection between us putting the story out and a big loss but it is a big story today, the big story at the administration, knew that ten Million People would lose insurance under obamacare. Despite promises to the contrary. Remembered dr. Alice chin on varney and company yesterday, here is her explanation. Kicked off the plan that they like. The plan is actually stuart a choice doctor and out of our hand the government will decide what level of care they get. How much they have to pay for it. Lets be clear, ten Million People will be kicked off the plan that they like, which they chose. And kicked into a higher price plan with a bigger deductible and more copays. That is a disaster. Charles we know better than you, you think you like something . We know what you like, we went to harvard. I you nuts . Let us decide what you need. If you get pregnancy screening we will get that in. If you are 20 we will do something for you about dentures. They have crushed this thing, kill the and it is a shame. Stuart i think they lost the establishment media. Charles i dont know about that. Theyre reporting on it but not with a vitriolic that if it were president bush they would. Stuart lets focus on the Economic Impact. I will bring you your take on obamacare, the Economic Impact. Always obvious. Sometimes they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Last hour i gave you my take an Economic Impact of obamacare. A lot of your comments were about the president himself and the Mainstream Media finally taking him to task over obamacare. When has this to say about the president. He is a child, acts like a kindergartner. Most point fingers as an attempt to place blame anybody but themselves. The White House Press has thrown obama only softballs for so long and he has gotten used to be able to fit lies out of the park. Kevin says he will be blaming those evil Insurance Companies for the increase, not the law that caused them. You are right, sir, that is exactly what is happened this morning. We appreciate your input on this very important subject. That is it from me. Now here is dagen. Dagen thank you. Health care on an even hotter seat. Capitol hill testimony on who knew what about the shortcomings of obamacare. And talk about hotter than they have been since the heavy date of the housing bubble. Home prices. Any better place for your money right now . Spying on your friends and im not just talking about in the bathroom when theyre in your house but former cia agent on a laid his head to nations intelligence gathering. And facebook romance, social network can now predict if you are on the verge of getting a dear john or a dear john letter from your significant letter. Who writes letters anymore . I bet you Connell Mcshane does. He is old school on this hour of markets now. Connell that literally makes no se