11 00 a. M. Eastern. We have a triple digit big board lost, so much for 17 k. I go way, we get to use the 17 k graphic, come back as we are down 108 points. Smallbusiness optimism is down. That is not helping the market. Dungee goes 108. Is indeed 500 also on the downside to the tune of 12 points. Look at the nasdaq, 40 points lower, broad selloff across the board, a 58 point loss for the nasdaq, 58 points down, the worst one day loss since may of this year. Charles payne is here, thank you very much, all that hard work getting the ratings to go up. That is great. Thank you very much indeed. List this selloff is the results of peoples thinking the second half of the year the economy is just not going to perform. Have i got it right . Charles we have more momentum the second half of the year than we have had for a long time but the market is up huge and the jobs report is out, there is no catalyst out there. Theres a lot of anxiety. There has always been anxiety, particular early with highflying momentum stocks. The last couple sessions huge. Stuart it is the bullet as we head towards charles the message is you have got to find a way to justify this rally and hired goes the hard red becomes. Anxiety and grow into panic. Stuart not yet. Charles not yet but the snowball can become the proverbial boulder. We are not there yet but we need some news your point, some evidence this is justified between now and the next jobs report. Stuart sitting right next to you, please put it on camera. The news is she has just been accepted to harvard law school. No doubt at all. [applause] i actually do. It is lawful. Stuart lets move away from the markets, we are down 112. There is a growing public outcry because tens of thousands of Young Children are crossing our southern border, moving around the country by the federal government. President obama is asking for 2 billion to address what is clearly a crisis. He is heading to texas to attend fundraisers and also going to meet governor rick perry from texas. One of his biggest critics on the border issue but it will not be a one on one. Instead it is of round table discussion with community and religious leaders. We are joined by the managing editor of town hall. Got to talk about the money. 2 million now from the feds, more later for education and health care for these youngsters. Who pays all of this . The federal taxpayer chips in now but the states and cities which take these children are going to have to pay for health and education later . Absolutely. First of all i heard there will be more than 2 billion. Obama will last for 5 billion upfront not just to transport these kids that given to the countries involved, honduras, el salvador. If you want to know where it is going, look what i said before. Could get the money they wanted to send. This will be obamas subsidy to send money again. Stuart forgive me for delving into politics but it seems to me this has a lot to do with the hispanic vote. President obama welcoming youngsters into the country, hispanic youngsters. Of the republicans object they look to be harsh, in human and anti hispanic. Is there a political game being played here . This is all political. If you look at the june of 2012 decision when he made the announcement that was all about securing the hispanic vote for the 2012 election. He promised jorge ramos to act on univision, he broke that promise of he had to make it right with them so he has in unilaterally changing Immigration Law ever since because he needs to make up. Stuart you have written in town hall that the president could stop this tomorrow and end crisis virtually immediately. Tell us how could he do that . If you look at all the reporters, the white house look that they all lame the 2008 law passed by Nancy Pelosis house and signed by george bush that says any migrant coming from a country other than mexico have to be processed by the department of health and Human Services before they can go to Immigration Court and this is giving up the works, back to the countries where they come from. They still bust mexicans back. Obama says he has to follow this law but obama according to his own logic doesnt follow the law. If you look at his announcement he said i dont have to follow the law because my inherent power of president allows me Enforcement Discretion to enforce Immigration Law totally as i see fit so if obama has the authority to created out of thin air he has the authority to completely disregard the 2008 law and send them back to the country became from. Stuart will they be sent back . Zero. Maybe one or two but the vast majority 99 will stay. They may not all get official asylum. However, once they are brought into this country they are most often released out of families or other people that will take them. Once that happens they will never show up in court because it is not just obama since he came into office has been issuing a series of menus that the prioritizes anyone who is not a criminal. If you come to the country and are released to families or relatives in the country they will never show up in court again but will stay and wait around for the next amnesty. Stuart i just got some breaking news as we speak. The president is going to ask for a 3. 7 billion. More than 2. Stuart thanks for joining us. We do appreciate it. 3. 7 billion will not be popular. Am i right in saying there is going to be opposition to what is going on at the border from a right and left. The president s solution is to talk more money. Not enough money can solve this problem. Is not about money, you is border enforcement. Sending these children back, people went to july 8th emergency request because he was pressured by activists, the American People suffer because is activist base want him to throw money at the problem. Stuart back to the market real fast for a second, we are down 113 points, the dow holding at 16,900. This is not panic but it is a nasty sharp downside move. Crumbs, you know them, abruptly closed up shop totally. Notified employees closing all of its stores at the end of the business day. They are gone, finish, this is a week after the company was delisted from nasdaq. Tell me what happened. Charles i will make this a case study. And didnt finish going through the annual reports but this is an example of a company that was myopic, they had one business model, cupcake business, huge ridge crowded, easy to get into. It was fun, exhilarating and also over expanded. There are 48 states. Was an ambitious project. Stuart 48 stores in ten states. Charles the point is they spent a lot of money, a great looking score, it was in the deal where there was a glut and they simply a group too fast and by the way we saw earlier this year Family Dollar stores started getting hit, what is wrong with Dollar Stores . Same thing. Over expansion. Stuart i know you were up fan of crumbs and you pay 350 for each cupcake, to 4. 50 for each cup cake . A pricey cupcake and if you bought a box with multiple class in it, it was 20 for the box so it wasnt a cheap place to go. Certainly gained in popularity, over ten years old, went public in 2011. I was a huge fan, and that picture that was taken some time ago. You do see the picture of the sign here, the stock exchange, bringing Great Sadness that it is officially closed down. To no avail, i was sad about that but more importantly the shareholders got hit on this one. We are down below 0. 30, down a few cents and on the nasdaq, not a pretty picture. Data stake, we will see what happens in the future. Stuart you never see a sudden total collapse like that one. I am pretty bummed about it. Stuart harvard accepted for Law School Student would not pay 3. 50 for cupcake. I did two weeks ago. Charles not before she went to school but after graduation she might afford it. Ladies and gentlemen, we have a winner today, it is a down market but we got a winner. I am told reliably in my ear that was a winner, it did get an upgrade, turned 0. 01 war, not much of a loss. Tesla is being sued in china for trademark infringement. The person doing the suing says you cant market anymore and cant sell any more. That is not going down too well. Not a big loss, 216. Check the price of gold, we are solidly above 1,300 amount, oil flat, down 100 per barrel. As we say, i am saying it now, 30 seconds, here we go with the other stories for you. Another african zookeeper, hugging lions, he has left, fed and lived next to these animals since they were cubs. Go pro golf, the video. California, long beach and los angeles, this time the truck drivers, they say the pork operators block them from unionizing and they dont get paid enough. They are on strike. Less for seattle, a Business Group getting enough to put repeals of the 15 minimum wage up to voters. It end up on the ballot in november. There you have it. Walmarts chief, america may be adding jobs but that doesnt mean people spending. Details on that after the break but first check this out, derailed by a tree branch, at six flags in california. The branch contracts. Dont know how id happened but it fell. The first car rammed into it, derails, people stranded for hours waiting for rescue, four people injured. Now you know. We heard yelling. What were people yelling . Panicking, didnt know what to do. [ male announcer ] hands were made for playing. Legs, for crossing. Feet. Splashing. Better things than the joint pain and swelling of moderate to severe rheumatoid arthritis. 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Taken twice daily, xeljanz can reduce the joint pain and swelling of moderate to severe ra, even without methotrexate. Ask if xeljanz is right for you. Stuart the triple digit loss for the big board. Some pessimism from Small Business helping the market go down 116, 69. Look at the biggest percentage losers on the dow, boeing, goldman, an ex, nike, down significantly. Text box getting hit, disappointing smallbusiness data may have a lot to do with it. Amazon go down 11 points, yahoo down 3 down 15. Charles it is a tough one, 661,000 vs 779,000 year ago. That is a gigantic change. All these moves to higher increased minimum wage, all that is going to backfire, it will get worse, not better. No one is going to pay a teenager with no job experience 15 an hour. There will be fewer jobs. It is not. The one thing this economy has proven, the more we stay out of the way the better it will do. We are doing well despite the taxes, despite the regulations but we could be doing great. Stuart people of my generation are doing okay. We are taking these jobs. It is the kids that are getting pushed out. An excellent point. Business insider said this would be a National Emergency of these folks were above 19 years old but because theyre younger this is going unnoticed. In 2000, 45 of teenagers were unemployed compared to now which is 20 . This is a National Emergency for young people that no one notices. Stuart we almost cut in half the number of teenagers working in the summer from 2000 to 2014. Almost cut it in half. That is a social trend i think is terrible. Flat out terrible. Charles you make a great point. Older americans are taking those jobs. You work here but thursday the jobs report, big decline and be long term, laudable people came to the realization they got to go back to work. It wont be the high salaries but lowpaying salaried jobs that may have gone to these teenagers. Stuart walmarts u. S. Chief says improving jobs market, it is not helping sales at walmart or anyplace else. People are not spending money. Joining us is stephen moore, chief economist. I have a solution to the problem you were talking about. Why dont we have a National Policy that has a 5 or 6 an hour minimum wage for teenagers. That will put hundreds of thousands of young people back to work and get them of computer games. Why not have a minimum wage lower for young people. Charles and amazing idea. I love it. Stuart it will never happen. I will tell you why. President obama thinks he gets the youth vote by saying pay them more and maybe for give some what good is it if the minimum wage is 12 an hour if you cant get a job . Stuart that is not sinking in. You are shaking your head. Young people are saying he is trying to help us, and i will vote for him. You guys are hitting liberalism is a once the thought process, raise the wage and we all have jobs, conservatism is a two step thought process, raise the minimum wage and eliminate jobs, young people not getting this, they are not being taught in schools and it is a shame. Stuart kelly got accepted to harvard law. That explains why she is taking over. There is hope after all. Stuart dont go back to the jobs report i want you to comment about the state of the labour market. Seems to me we are creating some new jobs that they are badly paid jobs. Is that accurate . Jobs up, wages flat and if you look at the report closely and for over the report friday, wages over the last year up 2 , anyone been in the Grocery Store or the gas pump for a medical bill will be . Those costs are up more than 2 , 5 or 6 , wages for americans in real terms are continuing to fall and that explains why Stores Like Walmart are not seeing of the big surge in purchases they hoped for because people are stretched in terms of their paycheck and that is especially true when you look at the fact that as you were talking about, all of the new jobs, we actually lost full time jobs. We lost full time jobs in the last of the report. Stuart that means you wont get robust growth of the second half of this year. You are just not going to get even 3 in the second half. I hope so, we have to because we lost 3 in the first quarter. 3 isnt even a very high bar to clear. We need 5 growth to get back to 2. 5 growth. What we have never seen, you can get agitated about this, we have never seen a big burst out of growth in this recovery. We are stuck in this wreck of 2 growth when we could be doing so much better. Stuart supposing there was a sweep in november. Republicans increase their majority in the house and take the senate and they come up with a plan, were going to cut individual tax rates, cut Corporate Tax rates, this is what we are going to do. Will we then get some growth . Lets look at the Corporate Tax rate cut . We have seen in the last month or so at least three or four major iconic American Companies moving out of the United States to places like ireland, singapore, taiwan, indonesia because of taxes. Why cant these politicians figure this out . I put it on foxnews. Com it is unpatriotic to support a 35 Corporate Tax rate. We are shipping jobs overseas. Stuart that is what we have got. Thanks very much for joining us. We will see you again next week, i trust. I am back from vacation. You know what that means. We shall resume our world cup coverage but dont worry, do not turn off your sets. It will be brief. I will answer questions about my vacation. That is next. Really. 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I have one more world cup story to bring you. It is about the biter. Suarez. A fiveyear deal has already been agreed to between the teams. That concludes our world cup coverage for today. Recreational pot. Marijuana. It goes on sale in Washington State today. It does not mean that everyone will get stoned. There is already a shortage. Friday night, buddy. You are gonna need a wingman. And my cash back keeps the party going. But my Airline Miles take it worldwide. [ male announcer ] it shouldnt be this hard. With creditcards. Com, its easy to search hundreds of cards and apply online. Creditcards. Com. You see a sharp selloff in stocks today. Social media stocks in particular, i would say. 7 , 8 down. Interesting headlines from the New York Times. Todays teenagers may grow up to be conservatives. You brought us this story. I am not ready yet. That is exactly what the headlines say. 1988 are the youngest that will be able to vote in a president ial election. The economy crashing, the war in iraq crashing. Teenagers will lee more bright. Stuart it occurs to me the issue of taxation. And the issue of economic growth. Why would they become conservatives . That still escapes me at. Younger millennials, were claimed by a bad obama presidency. They said young people would always vote democratic. Stuart any comments, charles . Charles my kid is 17 and right now he is a conservative. They saw him selling it one day. That kind of sealed the deal from him. That is right. Varney company. Stuart thank you very much for watching. Thank you very much, indeed. Lets get to Recreational Marijuana. Making it the second state behind colorado. We are joined by derek peterson. Welcome back to the show. What is this i hear about a shortage of lead . It is a similar situation. The problem was they did not have enough supply to meet the plan. The population seems to be medical marijuana population based. You are looking at over 65 of adults utilizing alcohol. We are still trying to wrap our arms around it. They will grow into it. No pun intended. Stuart you make growing equipment. We got that. You are talking up your own boat. Demand may be a great deal higher for legal need. We had supposed. Yes. I think we see that. People constantly say that this is in emerging market. The differences it existed in a black market. Today it is moving into a more transparent market. I think there is a significant amount of demand. They reflected over 20 million in taxes this year. Stuart the weed will go on sale today in Washington State. When you guys get fired up, surely that price will come down, wont it . We have seen some. They have really stabilized around this point. I have heard that for the last four or five years. Seven 9000 a pound in certain areas. Stuart you make growing equipment. The equipment to grow cannabis weed. Which states are you looking to next to legalize Recreational Marijuana . I assume you are recognizing on the next state to make that step. Quark county, nevada. We think that the Recreational Program will take off there probably in a couple of years. My hope is to allow the medical program to mature therefore a little while. The industry has a chance to build its infrastructure and things like that. Stuart if a marijuana producer was to use your equipment, how many pounds or ounces of weed good one plant produced in one growing season, however long that is . That is a good question. It really depends on how big you growth of plant. How many pounds perlite are you getting. A good girl or well shoot for a pound or a pound and a half of production. Stuart is that per year . Per cycle. You can get multiple cycles per year. Stuart if all goes well, it is a highly productive operation. That is right. The taxes are significant. For right now, the margins across the country are very attractive. Stuart fascinating stuff. Thank you for joining us. This is either a developed market or a developing market. We want to hear about it. Check out this guy, please. Espn puts the camera on him. The results of that, a 10 million lawsuit. The judge is next on this subject. Charles a quick business briefs. As the market shifts, making money with charles, i am thinking the Perfect Place if you want to get some sleep that night, oracle whirlpool. Price to cell is half. Whirlpool, kitchenaid, amanda. Overseas, they have names. Middle east and africa. Huge growth potential. By the way, in america, the man from 20052012 is gaining momentum. Stuart airlines. They are getting hit today. Nicole that is right. Recently because, at least in part, traffic numbers. We saw a rise. We have been seeing these airlines to the downside. Oil is lower at 103point re five. United console mental is down 1. 5 . Delta has been the big drag of the bunch. And interesting blog about Morgan Stanley looking closely at United Continental. Most of those guys, two thirds of the guys there voted that United Continental would be the better of the two. Down arrows across the board. Stuart okay. My flight was delayed last thursday. Nicole what plane did you fly on . Stuart i am not going to do that. We did not take off until 2 00 oclock the following morning. Standing up outside waiting like a cow to get on a plane. I am not complaining. That was earlier, judge. Shall we get to the most talked about story of the day. New york yankee fan. He is suing the yankees. He is suing major league baseball. He is suing to majorleague announcers. Here is a clip. How comfortable is about. Probably will not have any back problems tomorrow. Stuart on social networks, they really made fun of the guys. What are you doing commenting on a case like this . This is an utterly driverless litigation. A stadium with a nationally televised game. I am not sure where it was filed. Expose themselves to being obliged to pay the legal bills of the yankees for resisting this litigation. Stuart he could in america, it is a modified rule. Whatever was he went to and actually filed the lawsuit, they themselves, personally, or their law firm, could be impressed with the yankees those of their lawyers for resisting them. Stuart it he make the case he did not want to go to sleep. He did not want to be on tv. He was on tv. National television. It looked ridiculous. It was newsworthy because it was funny. Greater principles and everything. If you put me on television and socks riding a tractor in the audience makes fun of me, i cannot sue you. If i do sue you, i could be liable for your legal costs because i am inevitably going to lose. With respect to you, it would be different. You are a public figure. Stuart dont i have a right not to be made fun of . No. Stuart it was a lovely subject for a constitutional scholar like you. Will you come back again tomorrow . [laughter] stuart obama uses social media to push his cases. Does the president even know what he is putting out on twitter and facebook . We will discuss it after the break. When the world moves, futures move first. Learn futures from experienced pros with dedicated chats and daily live webinars. And trade with paper money to testdrive the market. All on thinkorswim from td ameritrade. Ive got a nice long life ahead. Big plans. So when i found out medicare doesnt pay all my medical expenses, i looked at my options. Then i got a Medicare Supplement insurance plan. [ male announcer ] if youre eligible for medicare, you may know it only covers about 80 of your part b medical expenses. The rest is up to you. Call now and find out about an aarp Medicare Supplement insurance plan, insured by unitedhealthcare insurance company. Like all standardized Medicare Supplement insurance plans, it helps pick up some of what medicare doesnt pay. And could save you in outofpocket medical costs. 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Call now to request your free decision guide. And learn more about the kinds of plans that will be here for you now and down the road. I have a lifetime of experience. So i know how important that is. Stuart breaking news. The rnc chooses cleveland. Cleveland ohio. Not to dallas, texas. President obamas official twitter account. Decided to use the Throwback Thursday trend to block the supreme courts decision on hobby lobby. Throwback when a woman, not her boss, made her own decision about healthcare. The twitter handle is being maintained by the osa. A Political Organization that was the offshoot of the campaign. It has maintained independent of the white house. Stuart explanations to who exactly wrote that on the twitter account. Charles it is a preview of things to come. It will be the official president obama twitter account. Stuart it is ridiculous. Charles for him, it was all about power. Stuart you are maybe going to harvard. You have been accepted by harvard. It is a fantastic move. Texas is a red state. I hate to not see it in florida like last time. Stuart president president obama will choose to back Elizabeth Warren and 2016, not hillary clinton. The second hour starts with a big bang into minutes. Stuart could it be . Times are really changing. Though border. Immigration. The bond policy. Every issue. Right now we have a market selloff. Welcome to our second hour. Headlines for you right now. President obama will support Elizabeth Warren for the white house, not hillary clinton. Can you believe this . The u. S. Is about to pass. It looks like we already have open borders. Kmele foster says that is okay. That is a huge retreat from 17,000 which we hit last week. The dow is down triple digits. Smalltown optimism down. Also, projections for the economy in the second half of the year, not good. Here are the biggest losers on the dow. Down percentages. We Start Talking percentages, you know you have a selloff. Down 15 points. We were down nearly 60 points earlier. Now we are down 73. One and a half percent. The big tech names are getting hit. You know all of these names. Now they are down. Netflix dropping nearly 20. Barely budgeting today. The yield on the 10 year treasury may be for the second half of the year moving sharply lower. That yield is way down. Social media stocks, they are down big, too. Nicole you see big selling going on. Twitter down 7 . A group of social media. With that, you see the selling in this group. That is why this is happening. Thanks to mark newton. This moment telling me exactly why we are seeing this. We will leave that up. That is down over 9 . Stuart you know it is a very significant fall. Not just for the overall. Yelp is down eight 9 . That is a drop and a half. Stuart got that. Thank you very much indeed. Down 130 points. The Small Business optimism. The National Association of small Business Groups. They have a dropin optimism. They are looking for the drop in sales in the future. Is it important for the second half of the economy this year . For me, i am more interested in why this is happening. When you get new job creation, new jobs are being created, why are people spending more . Why are people consuming . Guess what, parttime jobs are usually 2 of more jobs being created. Right now, they are 14 . Those people who have those parttime jobs, i do not know that those people will be willing to go out and say that with added leverage. Consumers do have to pay their leverage back. Consumers will take that into account. What is the likelihood that i will go out and do some leverage finance consumption . I say that that is a bit part of this. Stuart the Interest Rate barometer has moved down so much today. I think that the whole universe is short the 10 year period i will stick with the camp that says bonds actually rally from this point. I think the slightest hiccup in any sort of numbers will bring the fed back. We have a dinner that in new york. When janet yellen leaves office, q we will be higher than when she started. Stuart all right. [laughter] i do not think that she will have that job a full six years. Stuart okay. There is a prediction. Thank you very much, indeed. That is the market. Lets move to politics. Ed klein is here. He says the president has quietly promised to back senator Elizabeth Warren and 2016 if she chooses to run for president. He is not going to back hillary clinton. His book blood feud. He is here right now. He quietly says i will back elizabeth ward if she chooses to run. It is a huge deal. The clinton people are now attacking Elizabeth Warren because of this fact. Her economic policies would be a disaster. The last thing the world would want to see is Elizabeth Boren challenging hillary in 2016. Stuart you are the one that came up with this. That is why Hillary Clintons inner circle is calling you despicable. I think it was longfellow who coined the phrase. They have gone crazy. The clintons have gone crazy because my book has not hillarys book off the top of the New York Times best seller list. They believe that. They are calling you despicable. They believe it is accurate. Of course they believe that. These attacks come from anonymous sources. The ultimate hypocrisy. Stuart well, okay. The blood feud. The clintons versus the obamas. This falls right into that. Absolutely. Of course he will not support hillary for the presidency. He will support Elizabeth Warren. Distancing herself on many different policy issues from obamas which is driving that obamas crazy. They want their legacy to continue when they leave the white house. They are afraid hillary will undo a lot of their policies. I will not say extreme leftwing policies, but he is out there from the left. There has to be a reaction against that. Therefore in favor of hillary. They are out on the left as the president is. Exactly. Positioning themselves as more moderate. The economy really is not helping the middle class people. Obama is saying that it is. She is saying that obamacare needs to be fixed because it is a flawed law. She says it is a great law. Stuart helping hillary get the nomination. That certainly is not my intention. If she gets the nomination and she gets into the white house, giving her bill clinton in the white house with her and she is not able to really carry out her duties, guess who will be calling the shots in the white house. Our friend bill clinton. Stuart you have to come back with more on this. Breaking news on the immigration front. Here it is. President obama will ask for 3. 7 million. Rich edson is here with more details. 3. 7 billion announced not too long ago. What is that money for . Rich immigrations and customs enforcement. Homeland security gets 433 million to pay for operational costs. Much of it could go to higher immigration. The department of health and Human Services taking the largest chunk. Providing appropriate care for unaccompanied children. It is congress that fills in the details. He wants money for the National Guard to provide humanitarian support and effective areas. Stuart thank you very much. Rich edson and washington. Thank you very much for having me here. Stuart good for the president. Good for the country. You surely cannot approve of this almost open border that we have. We now have to take care. The mess on the border is almost certainly a reflection. We have not taken stock of the way we deal with it. Stuart the failure to close the border. When we have people who are desperate to come to the United States to try and find work and will we make it difficult for them to do that, you end up with a disaster that we have with these kids. Quite a significant impact. The streets are dangerous. The United States helps antidrug policies which strengthens the cartels south of our border. To policies that are helping. Stuart if we change both of those policies, you still would have a huge crisis on your hands what would you do right now . I think you can fix the drug war pretty easily. It is the first thing you can do to help stabilize. You can allow process of normalization. When you look at the problem of immigration stuart take a look i am not talking about giving them anything. People that come here for work. They cannot buy insurance. They cannot get a drivers license. When they have an accident, the liability increases. Stuart we will accept and legalize the people already here. We have actually seen places like mexico. We have not seen more immigration in recent years. These people are not stupid. They see opportunity. People are fleeing a dangerous situation. It is a reflection of failed policy. We will end up spending more time and resources to try to deal with all of the overflow effects of bad policy. Stuart we will watch you tonight. Googles chief, larry page. He thinks it will not be so bad. It is unnecessary. We discussed that after this. Stuart this is a significant selloff. Look at go pro, for example. It is down nearly 5 today. I have another winner for you. Apparently, the market agrees. It will not get their get. The dow is down 140. Look at google. Look at this. Its cofounders, they say humans spent too much time doing menial jobs and robots will help lighten the load. We will get more free time with our families if we use these robots. Liz the billionaire guys running google think you should stop worrying about your fulltime job. Either eliminate bubble land where they are putting more topspin on what they are intending to do. They are saying people should not have to work so frantically for happiness. For security for their kids. That is not tomorrow land for them. Tomorrow land is you will have robots. 45 of peoples jobs will be replaced by robots. That is not good. Stuart computers and smart phones. I am working harder than ever. That is a good point. We are talking about robots replacing workers. Tens of millions of people underemployed are unemployed in this country. Stuart we have a report on a critical security flaws. I am only hearing about this story. Critical problems with the Health Insurance exchange in new mexico. There is a federal audit that has been hit. I and critical risks. They will not say exactly what they are. We know it is a serious problem. They are working very hard to fix it. Stuart i want healthcare insurance. They have my information. Your report says that information is at vertical risk. Is that it . I think that that is the implication. While people have enrolled about 600 of them, they are not yet doing the individual marketplace. Stuart we were not told. Now we find what was the express and . A high and critical. When you sign up, health condition, finances, taxes, just about everything an identity thief would need. Healthcare related Identity Theft. That is on the rise more than any other form. I think you got both the incentive and the weakness. Stuart thank you for coming on the show. We appreciate it. The bbc. British broadcasting corporation. Rigging the Climate Change debate. You will get my take on that in just a moment. My mother made the best toffee in the world. Its delicious. So now weve turned her toffee into a business. My goal was to take an idea and make it happen. Im janet long and i formed my Toffee Company through legalzoom. I never really thought i would make money doing what i love. We created legalzoom to help people start their business and launch their dreams. Go to legalzoom. Com today and make your business dream a reality. At legalzoom. Com we put the law on your side. Really. So our business can be on at ts network for 175 dollars a month . Yup. All five of you for 175. Our clients need a lot of attention. Theres unlimited talk and text. Were working deals all day. You get 10 gigabytes of data to share. What about expansion potential . Add a line anytime for 15 bucks a month. Low dues. Great terms. Lets close. Introducing at t mobile share value plans. With our bestever pricing for business. Sunny or bubbly . Cozy or cool . Meow or woof . Wheels or wheeeels . Everything exactly the way you want it. Until boom, its bedtime. Your mattress isnt bliss its a battleground of thwarted desire. Enter the sleep number bed. Right now, you can save 400 on the allnew c4 mattress set. Hes the softy his sleep number setting is 35. Youre the rock your setting is 60. That works. Hes the night owl. His sides up while youre in dreamland. Youre the early bird. Up and at em. No problem, because youre in it together. Keeping the love alive. And by the way snoring . Sleep numbers even got an adjustment for that. Crazy . Only if sleeping peacefully with your soulmate is crazy. You can only find sleep number at a sleep number store. Head in for the final days of the lowest prices of the season sale. Youll find the allnew c4 mattress at just 1499. 98. Ends sunday know better sleep with sleep number. Stuart the bbc will restrict the airtime given to Climate Change skeptics. Gold standard of broadcasting. It is rigging a Climate Change debate. Here is my take. First, note the language. Climate change deniers that are being targeted. That is a nasty word, isnt it. The elaborately used to smear Climate Change skeptics. Second, the bbc is now clearly involving itself in censorship. Only 3 of scientists are deniers. Their views should only receive the equivalent amount of airtime. Since when has a phony, Statistical Analysis is used to slam the debate . If you point out that the earth has not worn at all in the last 17 years, are you a denier . If you point out that for a billion years, the claimant has always been changing, does that keep you out of the debate . Are you still a denier . Who are these deniers . If you do not toe the party line, you are out of the debate. The people who so passionately believe the earth is doomed. They stock the pipeline. They put a hold on fracking. They kill the coal industry. We have to pay. I am a skeptic. I do not want to see our entire Economic Future play into the hands of extremists. We must not stifle the debate. We must encourage a free and open discussion. Do not solve a problem if you cant discuss it. One we got one of those 4 studies that find a correlation between time spent on facebook and divorce rates. Lauren simonetti is here with more. Not too surprising but a recent study finds for 20 increase in a safe population with people on facebook there is also a 2. 2 increase in divorce rate. It says this is not a causation, facebook does not need to divorce but theres a correlation because your exboyfriend and girlfriend are only a click away. Theres a lot of temptation. Facebook makes it easier to hook up with people and snoop on people. If you are spending time on the computer you are not spending time with your significant other. Stuart is not causation, not like you are in a divorce situation because of what appeared on facebook. They cannot prove that. Sometimes you get divorced, and try to meet somebody else. There is a correlation. Stuart it is logical. There is a divorce situation, then it appears on facebook. Is perfectly logical. It is correlation. Not causation. Liz i dont see what is wrong . People are in relation to this tend to snoop more on facebook on what their partners are doing more you have accesses hooking up on your face book page and as one of your crew makers said, find entire families espouses they didnt know their partners were involved with. That could cause divorce. Stuart on the basis of this report would you buy Facebook Stock . Liz personal yes. Sure. If you put personal stuff on facebook i have issue with you. It is all out there and if you are going through a divorce they confined stuff about your finances etc. So just stay off with the personal stuff. Stuart the point of face book is put personal face post your friends baby pictures. Im not really on it. Stuart that is not personal stuff . It wont get you into trouble if they are legitimate children. Dont know of any other direction we could go. Stuart stock is down 4 . Check the big board. We are down 133 points. That is a selloff, way below 17,000. I was on vacation last week when we hit 17 k so i was not one who was able to use the 17 k graphic. We disappointing . Stuart very disappointed. I wanted to be 17 k before anyone left. I will not drop below it when i come back. Back in america as the u. S. Will remain a Worlds Biggest Oil producer after overtaking saudi arabia and russia. Here is erskine bowles, Senior Energy reporter with the wall street journal and author of boom, drill baby drill all the way. Here we go. When will america surpass saudi arabia as the worlds leading oil producer . If a current case probably in the next couple years, 2015 before 2020. The real question is is it going to be allowed to do it . Enough places left to drill . Will be backlash against drilling in so many communities get stronger . Stuart when you got to tell us about this. If they are that strong a backlash against drilling like in north dakota for example. Is there . Not so much in north dakota. Even there we see some push back and areas placed offlimits. In places like colorado and pennsylvania, lots of not so much taxes or notes dakota where most of the oil is coming from but we are seeing a lot stronger anti fracking sentiment and communities getting organized. Even in my home state of texas we are seeing it in north texas and west texas. Stuart what about new york state . I have property in upstate new york, not allowed to fracking or drilling up there. You are shaking your head. You dont think new york state will allow fracking . We just had an Appellate Court decision oil week ago in new york state which basically said communities are more powerful than the state, if communities want to ban fracking that is okay so new york joins pennsylvania sunday yorkers are on a double whammy, you have a state moratorium and Community Disability to ban fracking. I dont see fracking in new york state anytime soon. Stuart suppose, just speculate get out, fracking, oil and shale, go get it, dont care which state where it is, if we did that how many barrels could be produced . I dont think so. Probably 10 Million Barrels a day would be the limit because that a certain point you are going to run against cost issue. You need to hire more people, and pressure pumping equipment. There are natural limits. Or gulf of mexico where you can put a single straw and get them to 50,000 barrels out, these are laborintensive wells we need to draw a lot of them and cost pressures and why you have so Much Community push back, you got to drill well after well. Stuart a quick question about toms tire the billionaire environmentalists to pledge 1 and the milliondollar Screen Energy but it turns out he bets big on coal. You got the story, here is this guy giving 100 million to the Climate Change cause and yet he is still making money out of coal. What is going on with this . His term he ran for years and years on Capital Management made a large investment in capital asia, these are projects which began when he was associated with the fund, they came into being and get 30 years. A lot of people say the United States and europe doesnt matter for Climate Change and Carbon Dioxide emissions. The real question is asia and his firm certainly stands we have not seen this for the first time. We have seen a number of oil fortune or fossil fuel fortunes turn around with a few charitable trusts coming from the sun oil fortune. And many remaining members of the Rockefeller Family from the few years ago go to exxon to take the issue of Climate Change more seriously. And of the road to damascus, try to move away from it. Stuart i saw the light i changed my mind . He has about. Among the go on his blog he called it use the phrase the pall on the road to damascus, he has seen more information about the devastating impact of Climate Change and he became convinced. Stuart russell bold, wall street Journal Energy guy, thanks for joining us. Forget dow 17 k, market selloff today. How much lower could it go . We will speculate about that in a moment. A sign of the times . According to a new survey more americans are going without land mines. The survey reveals four of ten u. S. Homes only use cellphones now. The survey finds men are more likely to drop their land line than women. Seven years after the final harry potter book was released j k routing has published a new short story about harry potters life as an adult. Isnt an article available on the game website potter war. Apple just lost one of its the Iphone Software engineers. Of 14yearold apple veteran is leaving apple to work for uber. One of the first engine used to work on the Iphone Software in the last six years. He worked on apples map apps. No word on when bloominburg starts at aereo to. The dow 17,000. The real Halftime Report next. The dow 17,000. The real Halftime Report next. The shell brought him great fame. But then, one day, he noticed that everybody could have a magic seashell. [ indistinct talking ] [ male announcer ] right there in their Trading Platform. So the magic shell went back to being a. Shell. Get live squawks right in your Trading Platform with thinkorswim from td ameritrade. Stuart the real Halftime Report. Nicole petallides at the exchange. Michael robinson in san francisco, Liz Macdonald right here. The dow cant be the whole 17 k, disappointing report about optimism and Small Business we got this morning . I dont think so. We talk about this two four weeks ago the dow would break through 17 and i thought we would see a pullback and that is what is happening. People need to keep looking at the long view. Economy is pretty healthy. We have the best five month stretch of jobs in six years, home sales are still strong, auto sales are running at 16. 5 Million Units by year. I am not worried. It will be a shortterm. Stuart that is interesting. Is a blip, a shortterm selloff, say in there. That is what Michael Robinson says. To not panic, do not sell, write it out. Stuart the dow is well below 17,000. Tell me who were the biggest losers today . Looking at Goldman Sachs, boeing, visa, they account for 0. 40 on the downside on the Dow Jones Industrial average and nike, American Express as losers as well, Goldman Sachs 24 negative dow points, 2. 2 . Just a few names trying to sweep out the green such as computer Consumer Tech related games like walmart, trying to pick up the games but the overall market is down today and the down volume is outpacing the up volume. It is one of those riffs on the vix that are higher today. Stuart how about Technology Losers . Some big names are weighed down. Liz amazon, yahoo netflix, talking about stocks, very rich multiples, lots of rainbow and sunshine and evaluations in the stock still looks like the techron tree going on, investors taking money off the table in these richly valued stocks. Stuart walmart, as the u. S. Ceo says the job market is improving but that is not helping walmart sales. Sounds like we are creating jobs but too many are low paying and that is stopping people spending. Is that how it is . Definitely for walmart. They have too much of their Customer Base in low income when it is 20 of the people on some form of government assistance. This company is quietly moving into the ecommerce realm where it has been weekly two years ago they hire new ecommerce head from cbs interactive, theyre going to spend 500 million on the commerce initiatives and probably close to a hundred thousand people in silicon valley. Walmart has got to get out of its dependence on superstores which are falling out of favor, smaller better located stores, and and the ecommerce efforts. Theyre starting to do now. Stuart the market likes it because stock is up. I havent seen today, yesterday, decliners led advances 31. Dont know what the stats are today, and a bad day for the market overall, walmart doing well. Stuart my producer says olive garden is an assault on his italian heritage. I dont know where this popped up from. Is the stock down or something . Liz stock is trending. They are long overdue for a makeover. They are finally doing a makeover. I like olive garden. And irish cook books, as thin as the garden restaurant menu. I like olive garden and your producer is always making fun of me. Olive garden make 60 of sales, that is an amazing step olive garden is 60 of restaurants. Stuart it has exploded. I like the solid bar. Do you go to olive garden for your big ziti . Probably not. It does the trick. 40 million. Stuart we have covered all of garden. Bad news for samsung. They forecast a big drop in profits for the next quarter. Is this the apple effect . Part of it is. Excellent point. The Third Straight quarter and what worries me as an investor, samsungs operating profits, not something to look at. This is a company that is the world leader in market share in terms of smart phones but it felt two Percentage Points in the first quarter. At apple. People have been criticizing it is too dependent on the i phone when it is making money hand over fist on the i phone in a way that nobody else can. Samsung has a slight marketshare advantage but it is not translating into cash flow and importantly operating profits. Stuart all right, thank you very much for being part of the real Halftime Report. We will see you again very soon. And number for everyone, 130,000 according to one source, that is how much the American Dream will cost you every year. The full report on those numbers after this. Lou oklahoma congressman refused entry into a military base in his own district, one that houses hundreds of illegal immigrant children. Congressman jim wrightin joins us, stay with us. Stuart the cost of achieving the American Dream is going up. Loren has details for us. How much . 130,000 a year in annual income. Stuart you could achieve the American Dream. What is the American Dream . Logical question . Two kids, white bigots fence, the ability to save for retirement, pay for your kids at education and maybe take a vacation or two year. That is the American Dream and it is just a dream for so many of them. 30,000 a year, one in eight. Stuart 12 of american households actually make 130,000 a year or more, 12 , that is it. 16 million american households. Stuart it would depend where you live. You are not doing very well 130,000 gets you nothing. But you would still think nationally i thought that number was a little low. Two incomes, mom and dad working, you would assume it would be a little more. Usa today crunched the numbers and found statistics that were superhigh like the grocery bill for an entire year, 13,000 for groceries. That doesnt include going out to eat or anything like that and you are trying to save and everything, taxes, getting squeezed. Stuart the purchase in Middle America is going down. The middle class is getting squeezed, the rich are getting richer and everyone else is getting poor. Stuart you know about this. And baxters cofounder, they did away with that. Is name was john parter. He paid 50 million to Ellen Degeneress los angeles mansion. Liz what is interesting is she bought the home. Talk about a flat. She bought it for 40 million, she owned it for nine months and the best part by the way, no brokers. You sell your house to your friend there is no real estate fee, just lawyer to lawyer. Looking at the house, it has not been changed. Is the best house in l a, 13,500 square feet, on a 2. 3 acre lot, nine bass, and tennis courts, full house, and guess who your neighbor is . This scares me. The playboy mansion. For me i wouldnt want to live next door to the playboy mansion but if you are sean parker, sure. Stuart the obvious question is he was the cofounder of naps there which was shot down in a court decision. Where did he make his money . Facebook. John parker. Stuart a couple of percentage of ownership . He really reinvested himself. Stuart 4 . He has 4 of face book. Leading up to the facebook creation he had other businesses, not like an actor was ten years ago, he kept going, he pays 55 million for a house. Stuart thank you, your take on the entire program is next. Really. So our business can be on at ts network for 175 dollars a month . Yup. All five of you for 175. Our clients need a lot of attention. Theres unlimited talk and text. Were working deals all day. You get 10 gigabytes of data to share. What about expansion potential . Add a line anytime for 15 bucks a month. Low dues. Great terms. Lets close. Introducing at t mobile share value plans. With our bestever pricing for business. Stuart if you put a picture of me on television wearing socks and driving a tractor and the audience makes fun of me for years and years, i cannot sue you. If i do sue you i could be liable for your legal costs because i inevitably going to lose. Judge napolitano except the picture of which you speak, you were wearing flipflops and not sox. Your the only person on the planet that would drive a tractor in flipflops. Stuart i am beginning to wonder if i will never escape from criticism for that picture of me on the tractor. Lets do with that, lets move on to the rest of the show, the bbc denying air time to Climate Change, just more proof Climate Change is farce and bought about sides of. Reliance would welcome criticism. Next one, no time. We got another one from canada. Here is dierdre bolton. Dierdre i am going to be looking for pictures of you in a non english soccer journey. We talk about that. Onagain offagain, data storage, has a rocky path to going public, a recent in general and of money over the finish line, one of its earliest backers will tell us if his patience is running out. Speaking of patience, wage is a four letter word in new york city. Even if you find a cat on a rainy night you might think it is too expensive anyway. Uber claims to have a better deal, the chief will be joining me on a price war he just started. And investing in big oil and gas infrastructure, black rock has put more investment dollars has done more work than its peers. The head of Global Private equity