Transcripts For FBC Varney Company 20150513

Theyre taking the lion share of the ad revenue. Yeah Varney Company is about to begin. Everything was going fine and like a two seconds span where train just started to shake. All of a sudden we were thrown against the window, and couple of wondering all in shock. Didnt know what happened. If i was fine, i was lucky. I looked around everyone else in my carwas in a lot of pain there was people bleeding, facing were bleeding. People with broken bones so like helping everyone get off that train. People you know, the come next to me was saying her legs leg trapped another woman next to me had fallen into the dirt. So it is kind of like helping people up. People were looking for the exit. We couldnt actually exit towards the lefts or the right normally it. We had to exit up through this sued which is now ceiling. So we actually had to use seat as a ladder to climb up to the top. Now, this is a very human story. It is a personal story were going to deal with it right after derailment passengers took to social media to get their story out. Tell relatives what happened and that they had survived. Posting pictures and video that twitter and instagram that is how you tell your story these days instantly affecting this program. Kaelin campus reform editor in chief scheduled to be on show today he was taking that train up here from d. C. He was injured taken to the hospital, and released. He is going to be okay. Ashley webster judge Anthony Napolitano here a major story this one affecting millions of people. Judge to you first one of the things that came to my mind and you in mind. Good news is that if youre injured by amtrak, you can sue. And if youre injured by derailment you dont have to prove that amtrak was negligent it is presumed that therm negligent because you were in their car and their car got off the rail. Limits . Bad news is there are limits number is huge and easily eaten up in an accident of this nature. Theres a cap of 200 million for all liability on a single fox accident so you have Property Damage unloves life that can be extremely expensive depending on earning capacity of the measure of the loss of life. Think about how a lot of people got injured what were they not wearing because it was not available to them. Every single state that train travels through, new york, new jersey, pennsylvania, delaware maryland, District Of Columbia has mandatory i mean, criminal penalties for not wearing it. Mandatory seat belt laws, but the congress has enabled amtrak to exempt from compliance with seat belt loss and the congress has immunized that decision from liability. So you cant sue because there werent seat belts and sue because they made a decision not to offer you seat belts. Stay there back to you in just a second. Ashley, you know thing about the technology of the black boxes and it has been found. How long before we find out what that black box can tell us. Conceivably a good idea by early this afternoon. Theyre going through that black box to tell us where controls were set at the time of the accident. It was to tell them the speed that it was going into the sharp curve and has a forward facing video recorder and look at the video until the time the train went off the tracks that could help. Also conductor has been uv intoed, now he may have a theory or tell them things theyre not going to take his word of it but back it up by looking at the track signal and mechanics of the train. As i understand it the accident took place just outside of philadelphia. The train was moving, at full speed. It was going around about to enter into a curve. Goes to the left. And passengers said it was like their train was slamming on brakes a big bang, crash and then it happened. Instinct must have been going too fast to hit this curve but dont necessarily believe that. Other experts say it could be a track issue here. Question of to wait and see. But i dont know not going to rush with the answer that is for sure but they could have a very good clue some time this afternoon. Mary what is the issue with infrastructure . Yeah, right well Congress First instinct is to throw more money at amtrak that is what theyve been doing for last four decade they shouldnt rush to that conclusion. Ashley said we dont know what caused this crash. But the question really is, if the infrastructure is deficient who should pay for is it . How do we prevent this from happening in the future . Would this be better infrastructure if it were prioritized . Prioritized cost of a ticket on amtrak would go through the roof. Dont necessarily know that. We have private railroads in my home state of florida all onboard florida an theyre building railway that people will use. I bet that the service on that railway will be of Higher Quality and more use to those passengers than what amtrak interrupt for a second we have this coming to us from the pentagon telling fox news that a u. S. Naval academy it was one of the six People Killed on that amtrak train. Okay, a personal tragedy story. You take that train a lot dont you . On amtrak on thursdays as you know when i go down to d. C. To be only the show in their evening and on with you in the morning. So im on fox and friends 6 30 and 8 00 train against the Union Station at 0130, and it is comfortable, it is convenient it is quiet almost luxurious, you dont think twice about it. Be with no seat belts, all you have to do is doze off. Youre sitting, your body is a sitting duck for what could happen to it with the slightest little irregularity in the movement of it. Youre a libertarian do you think seat belts should be managed story on trains . I think they should be available but government shouldnt make me put one on. But i have the right to be crazy. What mary said i agree fully with the idea of priority prioritization superb prices and service. Not going to build another railline next to existing. The government has sufficient right of way right now. To install more tracks, in fact there are 6 tracks going north and south between washington d. C. And new york city. Some are used by locals like new jersey nj transit some used by feds. Build it where demand is high fest the northeast corridor. Amtrak loses money on routes stopping are you abandoning your wonderful instincts towards the free market to what socialists taught you at the London School of economics. What is wrong with you . This is a personal story. It is a human story. It is a tragedy story. I want to focus rights on politics mary has a solution and it is double. Hold on a second Amtrak Service is suspended between new york and philadelphia. Trains running new york to boston and d. C. To philadelphia. Operate on a very is limited schedule, fox news doug is in d. C. With the latest on this. Give me the big picture if you can, the mtsb has a team on site. What is their priority . First to talk to the engineer he might be able to answer straight away what caused this crash. Now whatever information he providers will have to be verified by data but trust but verify a is what investigators john said on fox news just a little while ago. And we also know that that engineer has injured but conscience and has been talking at this moment in addition, hell have to take a drug test to see if he was under the influence of anything. Amtrak engineers have been required random urinalysis and im not sure on that. Another important factor amtrak locomotive equipped with a did man switch. A term much more technologically sophisticated than that. But if at any time the engineer takes his handle off the switch or off the console train will alert him with a beeping sound and also a flashing light. If he doesnt respond within 20 seconds train kills power ands to a stop. They need to examine the vet recorder weve been talking if like a plane black box to offer information as to what caused the crash. Heres Deborah Hersman of the former of the mtsb. Good information about breaking, total position, speeds, other indications they can get from recorders will help them to ask right questionings antes information together. Another factor of positive train control, the entire northeast quarter is governed by positive train control which to a limit a trains speed in override whatever inputs the engineer will put in. So it will be very curious to see whether that positive train control again in effect across the northeast quarter operating effectively. The other possibility here is that it was, of course, track failure. Their looking at that as well stuart. Doug thank you very much indeed appreciate it. Okay leave the story for a moment mover on to what is happening on markets the today and word is not much. Dow jones industrial down 18,066 no news there. Dupont big drag on the dow it defeated activist investor nelson push to get the feet on board. Broke the news last night and said he was pessimistic and that stock is tumbling 6 . Big drop for a dow stock. Price of oil 61 almost. Price of gasoline up a penny overnight 266 and price of regular by the way has gone up 28 cents a gallon, in a month. The chemoest gas in the station, now 1. 94 so go to exxon in jarrett, virginia. Six died including shipman from Naval Academy in indianapolis. More than 200 taken to the hospital. Limited service along amtraks Northern Quarter line. That is it. Coming up next, president obama slams fox for portraying people in a negative light that is the way he sees. We will set the record straight in a moment. 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Whatever i can do to help compute a cure for cancer, thats what id like to do. It is still a go nowhere wednesday morning were down 13 points that is it for dow industrial. Facebook, though, timing up with a New York Times buzz feed and several other Media Outlets to post articles, directly into your news feed. You dont even need to follow them to get the articles. Facebook takes heres the kicker, 70 of the ad revenue from articles that goes to facebook that is how you divert a billion users into cold hard cash. Facebook is up 78 this morning. Newest from d. C. On the amtrak derailment congressman peter democrat used his ohming statement during a House Transportation Committee hearing to hint at members of the house appreciations committee warning theming to think twice before cutsing amtrak budget in light of last nights accident heres the direct quote theyre proposing to cut 290 million from the Amtrak Capital grants program, i would say that program is already insufficient. More on that coming up. Now this, president obama speaking to a panel on Georgetown University accuses fox news of spreading negative stereotypes of the poor. Listen to this. If you watch fox news on a regulation basis they will find folks who make me mad. I dont know where they finding them, like i dont to i want a free obama phone. Or whatever. With us lisa i have to say when i looked at that first and saw that my first reaction was that president is spinning his only policy failures that is my five. How did you see it . That is exactly what hes doing but quite frankly if i find his comments scary. He also said that we need to change the way that the media report but that has been this administration approach with the media. Hes tried to muzzle the media. This is a president who said that he was going to have one of the most transparent president or administrations in history. But hes not had anything but. Hes prosecuted more leakers under 1979 than any other president s combines. Well, i think that point here is we only the Fox Business Network on this program weve looked at the Food Stamp Program not at recipients we havent characterized recipients but looked at the program, policy and weapon found fault frankly i found fault with a nation 6 years into recovery. Which still has an extra 2 million on food stamps were not characterized recipient or the poor. What we have done is look at the program and call the failure that it is. That is where im coming from. Stewart unsomewhere has to because the reality is that food stamps have increased by 45 under president obama. The poverty rate is at high fest it has ever been. If we look 50 years ago lyndon b. Johnson launched war on poverty but it is not helping if anything what weve done is created an entitlement nation. We spend more money on means tested programs than most countries entire budget. On the other side of the coin, you could say that the programs initiated bit president have helped people and no question that people are helped by these programs, and i wouldnt deny that for one second. I think that should be part of this debate. Well absolutely. Were not saying those programs arent helping people but argument made here is the fact that weve created this entitlement nation and that were spending entirely way too much on these money, and amount of money that were spending were not getting the performance from those dollars that we should. That is what needs to be evaluated here. Is we absolutely, you know, not advocating to not help individuals, but we with need to make sure that money is being used efficiently and it hasnt been. We havent really answered the question who pays for all weve answered it. Who pays for all of this . Why are we going into such enormous debt and extra half trillion dollars each and every year and were supposed to be in recovery mode that gets me. We never look at whose paying and how much debt were going into to all of the programs that weve put out there. Well absolutely. What weve seen is over the fast 50 years weve spent more than 61 trillion dollars on these programs and the problem democrats approach and liberals approach is just to throw more money at the problem, rather than reforming welfare rather than looking at the problems identifying the problem and fixing them and democrats dont want to do that because theyre scared. Indeed lisa booth we thank you so much for joining us busy day. Thank you very much indeed. Then we have the irs. Ceases more than 100,000 from a Small Business without accusing that business of any crime. That Business Owner is fight back and we have his story for you in a moment. My business cant either. Which was all that was in there. Took 13 years to get it, and less than 13 seconds i guess to take it away. music plays throughout the pursuit of healthier. It begins from the second were born. After all, healthier doesnt happen all by itself. It needs to be earned. Every day. From the smallest detail to the boldest leap. Healthier means using wellness to keep away illness. Knowing a prescription is way more than the pills. And believing that a single life can be made better by millions of others. Healthier takes somebody who can power modern health care. By connecting every single part of it. Realizing cold hard data can inspire warmth and compassion. And that when Technology Meets expertise. Everything is possible. For as long as the world keeps on searching for healthier. Were here to make healthier happen. Optum. Healthier is here. New york state is reinventing how we do business by leading the way on tax cuts. We cut the rates on personal income taxes. We enacted the lowest Corporate Tax rate since 1968. We eliminated the income tax on manufacturers altogether. With startupny, qualified businesses that start, expand or relocate to new york state pay no taxes for 10 years. All to grow our economy and create jobs. See how new york can give your business the opportunity to grow at ny. Gov business elphia heres what we know six have died six critically injured more than 200 others taken to the hospital with injuries now train traveling from d. C. To new york along that busy northeastern corridor route, am track has suspended service between new york and philly. Offering limited service from new york to boston and from d. C. To philadelphia. Now the white house just releasing a statement from the president heres the quote amtrak is a way of life for many from washington, d. C. In philadelphia to new york city, and boston. This is a tragedy that touches us all. Mtsb is on scene right now well have a live report from philly in just a few moments. Now, do you remember lyndon hes the Small Business owner in North Carolina who had his back again wiped out by irs because he was making a lot of cash deposits. Irs took all 17,000 from that accident and fighting to get it back. Ashley hows he doing . Not very well im afraid stuart. It is the feds call this structuring. They pursue what they call structuring cases as you just say anything just under 10,000 made as deposit raises red flag in their mind wait a minute this could be a drug dealer, occur a terrorist or money launderer and cease property and bank account and they dont have to prove anything but doing is because they say we can do it and this particular law of structuring. This happened unfortunately to him he comes to work the 7 a dozen agents in his tiny little Convenient Store in North Carolina. He made a number of deposits this happened to be under 10,000 came in immediately took the money this was last july. 107,706. 22 although not charge and has done nothing wrong. Didnt they ask him questions . Say what are you doing . Why are you doing this . Still under investigation. Now irs has said okay, look we understand this is perhaps a little bit over zealous is not doing this. But not retroactive so has an attorney as you know ises did prattly trying to get his money become and still frozen. Has not gotten all of that money back. 10000. Not one penny he took him as he said in that soundbite we have 13 years get that amount of money saved and took 13 seconds for government to take it away. They wont give it back. A rot ton story that is what it is. Horrible story and he he should get interest back. On the Fox Business Network how does he feel . This guy is really fuming. Six confirmed dead in philadelphia. Amtrak development to philadelphia live in just a moment. After the break facebook teaming up with New York Times, new stories published directly to social media. The dominance of social media proving itself once again in the business. A big moneymaker too. A u. S. Naval Academy Midshipman among six People Killed in amtrak derailment in philly leaves six others critically injured. Earlier this hour comes from teether a democrat from oregon had brought politics into the picture. He called for more funding for amtrak and heres the quote. They are proposing to cut 290 million from amtrak grants Capital Program that program is already insufficient. Okay we got it pop now well have more on this infrastructure question, spending on infrastructure, that is the question that de blasio raised more on that in just a moment. Heres Rick Leventhal live in philadelphia. What is the latest on the crash, rick . Well, we learned a lot in the last hour after a lengthy News Conference from mayor michael nutter, and mtsb officials and others here at the scene who told us that they have, in fact, recovered the black box from the train. It has been sent down to Operation Center in delaware for analysis that we also learned that conductor was hurt in the accident. Received medical attention but has or is giving statements or report to the Philadelphia Police department and the focus now gathering data on more than 200 people who were treated in area hospitals. Some of them in bad shape arent able to identify themselves trying to match manifest with hospital manifest but it has been difficult and time consuming task. They want to be careful because some people may have missed train and they have to be sensitive to the families. They are still on a search for recovery mode here at the scene. Theyre looking for perishable evidence but theyre in early stages of the investigation here so they cant say whether the train was speeding, into the curve when it crashed, mtsb tells us they have seven investigators here and more on the way including specialist and track signal, operations mechanicals and Human Performance and we heard more from the mtsb on what kind of evidence they can glean from that socalled black box. We have a forward facing video camera that is in the head end of the locate not emotive front end of the train so were looking at that. Well be on the event recorders themselves can give you information about the speed of the train. Any brake application or that engineer could have made. It can give us a lot. So that will be key to this investigation is a good download of those data which is being conducted. And mtsb emphasized theyre in the very beginning stages of this investigation so theres a lot of evidence yet to be recovered stuart. Mayor says theres some things we know and dont and wont speculate at this time. And governor put out a statement that all flags will be flown at halfstaffed in the state to honor the passengers and the victims of this amtrak crash here. Joining us on the phone now mark a. Former ceo of the transportation authority. Theres finger or two about rail systems. Mark what do you make the statement that amtrak is basically being gutted financially . Hey, stewart good to talk, obviously, a sad day for those of us who work at the industry. You know, i think that frustration we have is not to call for more spending but prioritized spending let me give you an example. Every single day amtrak run its their train across a 100yearold bridge in new jersey. A bridge that is 100 years old and in the train business that is not a antique but dangerous and i think that the struggle become when is weve seen from president and others to call for spending money on high speed rail when every day were spending tens of millions americans across bridges that are rated as deficient and trains across bridges we dont need more spending but smarter spending. We have to move away from that and do what is safe. Have we starved organizations like amtrak from money and capital during the Obama Administration . And if we have done that, whose fault . It is Republicans Holding up capitol spending projects . I think that the fault is is the fault of our socalled elective leaders that have become elective followers but the ceo of amtrak who is recent as last year was in front of congress in front of the administration talking about what he needed to be able to deliver his product safely. He is increased ridership reduced debt, reduced reliance on taxpayer safety all of the things we would to see from public and what do they do . Not give them appropriate levels of funding and not running trains that is not amtraks fault but our elected leaders fault for not making that safe. Now indication of mr. De blasios statement is that this accident may have been the result of a starvation of amtrak being starved for Capital Spending we dont know that at this time. What is your comment . Question for congressman is did you vote for a budget which was going to spend billions with a b on building a new high speed rail system when you didnt ensure that the current rail system was safe for people to be able to get to and from work. That is the question, it is not more spending but prioritized spending. Ill guarantee that word infrastructure, Infrastructure Spending going to be used many times today by both sides of the political aisle. Mark h. Thanks so much for join us. Breaking away to the market, because that ladies and gentlemen is dead flat. If you have a gain of 0. 27 that is a dead flat market. Would you agree with that ashley webb center . 0. 0 [laughter] up a half point all right. There you go. Price of oil this morning 61 dollars a barrel. Look please at facebook, look also at the stock price of the New York Times why these two . Because facebook is teamings up with times several others to launch instant articles. Now let facebook sending articles directly to your news feed. I want some explanation about this one. So who do we bring in the lance welcome to the program. Thanks, look lets suppose i dont use facebook. What am i going to get from this instant article . Well, if you dont use facebook nothing because article is outside of it. But whole point. What am i missing. This is really about facebook mobile experience with the mobile app and if youre for example looking at a New York Times link within mobile app instead of leaving facebook youre staying right inside of it with an incredibly rich experience. Invented snowfall that lived outside on the desktop and elsewhere. Now, you click the link and youre still in facebook and youre looking at this incredibly good looking content. Heres my fan city smart phone. I dial up i get my [laughter] because what is happening. [laughter] just a slit. I get on to my facebook page, and with this new idea, along comes these New York Times articles or buzz feed articles that straight on to my page. I look at it. I read them. Download them real fast. I dont have to leave facebook t took. That is the key. The instant part is really that experience if you follow links in facebook to expersonal third party it is takes time. Posing of asset a lot of times Media Companies are doingless so they can load faster but in this case, it happens immediately. So using facebook platform to deliver this rich experience and does have ads in it and display in it and, of course, real key for facebook is you never leave facebook. Also a moneymaker isnt it . As i understand it facebook gets 70 of the ad revenue linked to articles. Guys who wrote articles put them out there get 30 . Not sure that facebook has put that number out there. That is a possibility it is kind of actually that is a split that is something you hear quite often when you hearing Media Partnership and constant partnership a physical. Os invented that but i dontvaks know if that is the case here. But what facebook has said is that the Media Partners will be able to manage their experience manage their tracking manage their ad buy. Manage their Business Model in theory. But what im seeing right now is it is very interesting because if you look at the New York Times article within this specious theres no facebook branding but also no New York Times brandings but a little New York Times logo. Theres a share thing next to it and follow and share button that does allow you to share other platform and then just a couple of ads. So it is kind of like the whole idea of monetizing it and branding secondary to having this new experience, facebook. Obviously, in my opinion a very big win for facebook. And it will be a big question of how the Media Companies truly benefit. Who is user on facebook i hear it is who wants to put pictures of little johnny first grade graduation party. Facebook goes back and forth on this. You know, certainly they say that theyre working on getting younger users in there. But yeah a lot of people are that age sort of more middle age parents. Put facebook front and center in the news business. Facebook wants to be a destination for news they want that for years. This is a big step. It sure is. Thanks so much for joining us up next governor waste billions spend on poor projectses . Do you remember the shrimp only the tread mill . Bring you the latest examples. Cant wait. New york state is reinventing how we do business by leading the way on tax cuts. We cut the rates on personal income taxes. We enacted the lowest Corporate Tax rate since 1968. We eliminated the income tax on manufacturers altogether. With startupny, qualified businesses that start, expand or relocate to new york state pay no taxes for 10 years. All to grow our economy and create jobs. See how new york can give your business the opportunity to grow at ny. Gov business im Nicole Petallides with your fox business choppy back and forth action here on wall street right now. And you can see that the dow and nasdaq and s p actually moved in to the green. The dow jones drill average up 18,07537 s p 500 up 3 at the momenting and nasdaq up one quarter of one percent gaining 12. Tenure bond is 2. 2 of . Winners include microsoft and cocacola. Dupont downside after nelson did not get a seat on board there. Down over 6 weighs on dow. Lower. We did get also interestingly enough some retail earnings and macys lower bill a buck 25. And ralph lauren under pressure as well down 3 an michael coors, new low there for michael coors as i know retail sales overall a cautious consumer. More Varney Company coming up. Tal your brand new car. Nobodys hurt,but there will still be pain. It comes when your Insurance Company says theyll only pay threequarters of what it takes to replace it. What are you supposed to do, drive threequarters of a car . Now if you had Liberty Mutual new car replacement, youd get your whole car back. I guess they dont want you driving around on three wheels. Smart. With Liberty Mutual new car replacement, well replace the full value of your car. See Car Insurance in a whole new light. Liberty mutual insurance. [laughter] film music. Government waste. We thought shrimp on a treadmill was the worst offender when it comes to the government waste. Come on in. Plague joining us. Shrimp on a treadmill can you do it . How can i followup after that music by the way . [laughter] yeah so you havent heard of the denol terms and conditions commission against pig book earlier this morning that commission in alaska received 6. 2 million to build infrastructure. Heres the catch it own Inspector General recommended in 2013 that money be allotted elsewhere. The white house also called for it to be terminated in the budget said sent the money out. Heres another example says more than 51 Million Dollars allocated to high intensity drug areas trafficking program. Which was originally intended for border states, however, it says only 2 of the 10 states to receive money arizona and new mexico are also border states while others look missouri and tennessee received some of the funding president obamas proposed budgets in case calls reducing budget for 42 million basically identical number of the earmark. As you can imagine this all adds up according to the group earmark spending in 2015 hit 4. 2 billion. Even though theres the isle number ofre parks price tag here is up sharply from last years 2. 7 billion dollars in taxpayer dollars. Youre probably asking yourself didnt congress ban earmarks . A few years ago back in 2011. They did. But the spending watch dog here defines term differently, and says these fun necessary expenditures are it will able to make their way into Appropriations Bills as they get scattered throughout legislative language that group says, this in part makes the process, quote, patently less transparent. Stuart. Right, you tried hard. But if i really dont think you could top shrimp on a treadmill. [laughter] what do you say ashley . I wouldnt want to follow it. No. Shrimp on the treadmill come on. That is a stopper. Absolutely. You were one last look there the shrimp on treadmill barry the vatican will recognize Palestinian Statehood in anew new treaty symbolic but significant step welcome by palestinians. Vatican has that include christian holy sites. So to a different different subject now baseball. Great guy, retired yankee catcher, great guy. Guess on a record about steroid cheats. He says it would not be fair if Roger Clemens and Alex Rodriguez were allowed into the hall of fame. Clemens and rodriguez are two former teammates. Another guy with a british accent say about that. I love baseball too. Sure. I like jorge very much. If i like what he has to say and i agree with him on this issue. You be you got greats in hall of fame. Babe ruths they havent have steroids in those days but anyone to enhance their performance it is a huge against what they achieved. I dont follow it that closely but i dont know whether Clemens Rodriguez will get into the hall of fame and what the sentiment is only either side. No wouldnt be no question. But they are involved. They are involved and i dont know i dont think you think a hard line. Comes down to what did the judge say the other day integrity. That is it they hurt integrity of the game and to have them in the hall of fame doesnt fly. Despite record on the field enhance by steroid use. Tainted you have it ashley thank you. Up next 600000 new page of regulations from president obama join his term. Federal regulations, an extra 700 pages on them. How much do you think that will cost the economy . Well deal with it in a moment. Good. Very good. You see something moving off the shelves and your first thought is to investigate the company. You are type e. 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By the way the black box has been recovered, well bring you developments as they emerge from that black box exactly what was happening. Theres heavy equipment being used there. Look like theyre using that to move some of the wreckage around maybe looking for what is left inside that wreckage. But youre looking live at the Train Derailment outside of philadelphia. Six dead in that crash by the way. More as it comes in. During president obamas term would you believe 600,000 pages of regulations have been added to the federal register . That is going to cost a fortune, isnt it . Elizabeth mcdonald is here, look, i know it is supposed to cost 1. 8 trillion dollars. Honestly i dont think you can puts a dollar on it. My interest is 600,000 pages of new regulation. That is right. Wow red tame rising, this is the typical unelected intellectual who think they know better than business and markets on what business and markets need to do. I mean this is the socialist nirvana if nirvana were the way to go rule making we would be in the promise land given the sizes of regulation nation. It truely is red tame rising, stuart. You dont hold back on it. I talk to people in government and in the private sector. Both sides of the ale say it is not about lets move seat belt or fluoride tooth paste but no it is not in the budget what elected bureaucrats are doing to businesses. When were talking about the federal taxes collected, the dollar amount of what it cost the economy is way more than federal taxes collected. It is the hoops that youve got to jump through if youre running a business to do your business. That is true. These regulations, are imposed on you. Youve got to get around it. You have to get through them and understand them. That is right and smashed Economic Growth for last two generations. Ive talked to economists about this. And if you want any proof of it look at the mayhem at the irs dealing with regulations themselves. You know ive talked to irs officials they are truly museum of mass confusion over there because they have to carry through with regulations. By the way, for every law enacted theres 16 regulations written on average behind it. When you look at under george w. Bush 62 major regulations right under obama it was 81 on average annually. Never get rid of it. You know the truth once it is in place that is it. 600,000 new page use never get them retracted. Surprise from business shutdown because they cant handle it anymore . I dont like the dollar amount i get it at one 9 trillion but ahead of canada and india and behind russia. Tenth largest country in the world regulation nation if that number is correct. If it was half of that. 900 billion. A lot of money. That is a lot of money where is it coming from . Out of your viewers pockets out of Small Business and businesses pockets. You cant mention discouragement. You cant and unelected bureaucrats doing it. We understand where youre going from. We agree latest on am track derailment at least one politician already justifying using this to justify more Infrastructure Spending. Were going to talk to a passenger who is on the train. Yeah this is a human i recall to. This is a live look at the Train Derailment scene. Eastern philadelphia, crews on the scene 15 hours after the trade went off the tracks. Six people are dead including the u. S. Naval academy men. Nearly 200 taken to the hospital of injuries. Amtrak has suspended service between new york and philadelphia. Limited service from new york to boston and d. C. To philadelphia. The trains blackbox has been recovered. President obama released a Statement Last hour. He caused the tragedy that affects us all. Last hour Peter Defazio, democrat oregon says the shows amtrak needs more infrastructure. Roll tape. I find it very very ironic as we figure over there somewhere where the appropriations lord said they cut 290 million from the inch rack Capital Program. I would say that program is already somewhat insufficient. Stuart we have every angle covered of course come including a passenger on the train just minutes away. We will have much more on the train in a few moments. A check of the boards, please. I will call this dead flat. Dupont however, very different story. The company defeated the activist investor i tend to get people placed on the board here the market didnt like the defeat. The stock is down 6 . Look at go daddy. Higher sales of a market like that and that nearly 2 . Ralph lauren, strong dollar right out of 3 . The price of oil 61 a barrel almost bid price of gasoline up a penny overnight. A National Average of 266. President obama speaking to a panel on poverty and Georgetown University dismissing wealthy American Society lottery winners. What he said about hedge funds. 45 Hedge Fund Managers made more than all of the kindergarten teachers in the country. When i say that, im not saying that because i dislike Hedge Fund Managers already think they are equal. If we cant ask from Society Lottery winners to just make that modest investment then really this conversation is for show. Stuart societies winners. Its not your rate talented drive. But who is here. Fox business contributor Anthony Scott moody. I went to law School President obama. The good news is hes very consistent. Class of 89 from harvard law school. He was class of 91. Michelle is class of 88. Weve known each other a long time. A very consistent statement by the president. He likes to rail on that sort of stuff. The irony is they do expect him to be on the speaking circuit 20 months in my guess is many Hedge Fund Managers will hire him and hopefully get them to come to the socalled rinse. Stuart theres two different issues here. Please called Hedge Fund Managers wonders of lifes lottery. The other side of the court is Hedge Fund Managers get paid through interests. They pay a much lower tax rate on income than those that uni and kennedy and cheryl are. Do you have a problem with that . Well, i have a problem with that and i dont have a problem. You have to understand the way that taxes the way capital is taxed in the United States. If we tax capital differently than we currently tax that come our legislature has to make the decision. You cant just wear one if you want to tax it it differently you will upset the oil and gas industry. Driven to change the nature of compensation in the hedge fund industry, you could say the carried interest which allows you to take a 25 tax say get rid of that for Hedge Fund Managers. Stuart, here is the big problem. It is a rubiks cube. Im okay with it. Marginal tax rate is 51. 5 . I dont like it but im a patriotic american. Particularly to support our military. I have no problem with it. When people simplify this thing they are oversimplifying it. Its a lot more complex. He changed the code on hedge funds and you offer limited Partnership Law in the United States and will therefore have broad ramifications. I dont think the Supreme Court to let you slice off the Hedge Fund Managers. You have to look at the energy. You have to look at the real estate sector in other sectors. The only thing i learned a couple things of moscow. One is dont be a lawyer. Avoid lawsuits and third is the tax code is way more complicated flamer ramification in any of us think. I get the notion that should be taxed more. I understand not. Ive been living without my whole life. I now work as a Hedge Fund Managers so i guess i won the lottery. I dont feel like i won the lottery that way. I wanted by the board in the United States in being part of the society. Stuart libertarian kennedy what do you think about putting last lottery . If you love your country come to you what your country to be wealthy and powerful and successful. See that by having successful individuals and not making comparisons between kindergarten teachers and Hedge Fund Managers. Its not apples to apples in a nosedive. Stuart hes onto a good look opening point. He is not. I think bill deblasio ambitions right now. Elizabeth warren progressive populism is not going to catch on because itll realize it is a losing project. Are we assuming his political statements or is he make any sense i cant wait to get on the speaking circuit when it no longer president. Hes trying to set up party for 2016 to hand over the message. Its not going to work. Stuart he thinks beating up Hedge Fund Managers can make a billion dollars a year and pay a 20 tax rate is good politics. Maybe it is. I think the president would disagree. It has worked. In the midterms that doesnt work but president ial politics, the entire country it seems to work for him. Its a winning formula for him. I hope you are right and it doesnt work. That is gray because Hillary Clinton means she cant run on that because shes a wealthy person whos made money under the circumstances. I hope on a forward basis you are right. But the president demonstrated that this divisive argument, you didnt build it yourself. Anthony, people know what the Small Business owners in the country and the mutual come emotional investment they know that will not work. That means Bernie Sanders will be the next president. To the lower income tiers make it the way should be making about a lot differently in 2008. Reality and punditry are two different things. Exactly. More Small Business were closed down last year than were created. Stuart i want to get back to the amtrak derailment. Six confirmed dead, hundreds injured. A very scary thing. Listen to this, please. It has taken a wide turn and suddenly it wasnt just a turn. You could feel it tipping over. And then there was just the blackness in the dark, not sure where i was going to end up. On the left side of the train where i was, just flew to the other side. I try to hold onto the table but i went headfirst into the other side. Stuart this is a very human story. Look who is here. A passenger on board that train. Hes joining us now. Thank you very much. Tell me exactly what happened from the moment of impact. As best as i can. The train showed. I didnt think a lot of it. It was a different shake and then it really showed and you didnt know what was going on. By the third shake, you are panicked. He started to feel that you heard crunching. You heard screaming. You heard chaos going crazy. The train started to go when it felt like it was going to flip over. At this point in time, i decided i better brace myself. I kind of braced myself and things start of line. Cell phones computers paper shoes, purses, everything you can imagine flying in the air. Stuart you are in the car towards the rear. I was in the last train. That is fortunate. It stayed on tracks . I won the lottery. Stuart youve still got thrown around all over the place. I was kind of stuck. I braced myself and things fell and were flying in the seats were turning. I guess they turned to go the opposite way. They were turning so everything it is a miracle people didnt get legend everywhere. You are able to get out of the rail car. A guy stood up at the end and he had fallen on me. Two women were catapulted, which i didnt observe above the luggage rack. We were getting them down. Stuart you got out of the rail car. It was dark. What did you see . First there was a guy who identified himself as a Police Officer who was on our train just luckily. He and somebody else got the backdoor opened by the time i was able to get out. I had a push scooter for all of my restaurants. I saw the scooter and i said i better leave it because im going to help people and its not that important. So i grab my bag i had draped over my shoulder. I got off the train and i started to go well. I could see the trade up front the train was just perpendicular. I went to help people. There was somebody helping somebody out of the window. The guys that go help people off the train. It was just chaos. Stuart do you still feel shaken up now emotionally . Yeah, when you hear the people this morning, it shakes you up. You think i was so lucky. 10 minutes earlier i had taken a walk of the entire train which i do. I take this train every week because of the restaurants. I walked all the way. I know the people in the first car. I saw them in everything. There was a couple who was enjoying themselves happy and peaceful. Stuart looks, you run a restaurant in new york . Ag kitchen on 72nd and columbus. Stuart walk out of the studio shaken up. Thats where youre going for lunch . We have other restaurants pizza good enough to eat. Stuart thank you for appearing on the show. We appreciate a firsttime account. I just feel for the other people on the train who didnt fare as well. Stuart south koreas spy agency says north korea executed its defense during the meeting. Executed with antiaircraft guns. Peter islam that next. The pursuit of healthier. It begins from the second were born. After all, healthier doesnt happen all by itself. It needs to be earned. Every day. Using wellness to keep away illness. And believing that a single life can be made better by millions of others. Healthier takes somebody who can power modern health care. By connecting every single part of it. For as the world keeps on searching for healthier. Were here to make healthier happen. Optum. Healthier is here. Stuart earlier read write you a soundbite from Peter Defazio calling for more funding for amtrak. The far left mayor of new york and hillsides have any say in the same thing. Here is the direct quote. This is a wakeup call. Weve got to get serious about investing in infrastructure. Your reaction. This is something turning on social media all morning long. They started at 6 00 a. M. Today and i was infrastructure. The ridership of amtrak to be fair has increased by 10 million passengers since 2000. More and more people taking amtrak. Funding has been debatable and has increased. That is where the left is coming from. Stuart but theyve moved this into the wider argument about we need more Infrastructure Spending on roads and bridges and tunnels to get the economy moving. By doing this, they have politicized the accident. Stuart people from the left have been doing that since 6 00 this morning. Saying this is all about infrastructure and using it to their advantage. Stuart i think they are jumping the gun. We dont know whether the accident was the result of an infrastructure problem. It could be human error. It could be anything. We had a horrible accident in new york city two years ago in the train conductor was on a cell phone texting with friends instead of paying attention. We dont know what happened. I will say the infrastructure debate will continue to grab onto this because it is a populist lets create jobs, fix roads and spend more money. Stuart it is absolutely wrong to link an accident of which we do not know the cause to a lack of Infrastructure Spending. I think that is politicizing the wrong way. My opinion. Secretary of state john kerry spends eight hours meeting with russias president putin. He wants to keep the line of communication open with russia. General ralph peters is the author of the great though, valley of the shadow. What do you make of it made our meeting between secretary of state kerry and putin of russia . Its interesting. They tagteam kerry. The foreign minister had them for four hours in hit them for four hours. In the middle putin serves the screaming eagle. All you need to know about the success of the visit. The New York Times on page 10. The state Department Discussion was frank and cordial which is code for no progress in the same day, putin made a dramatic call featured in the Russian Media are putting into serial production the latest weapons showed developing more weapons come expanding Nuclear Forces down to the individual soldier. Secretary kerrys pilgrimage to the shrine of putin just embarrassed the United States. Accomplish nothing. I dont know whether mr. Kerry was trying to get putin to withdraw from ukraine or whether he was trying to get putin on board as some kind of Iran Nuclear Deal or whether he was trying to get him on the board with israelis and palestinians for change his approach on anything. I dont know anything about what was discussed over conclusions may have been reached. The Russian Media was more open on this one. It is asking for cooperation on the area cooperation on iran. The administration has given up on getting putin to pull out. Instead, what kerry was asking for was for russia to observe for peace in ukraine with military force is not putting fuel in the fire are sending our troops under any guise imprudence responses we are not the problem. The key of government is the problem. Meanwhile the politician his Team Released russias involvement in ukraine. He documented 220 Russian Military deaths in Eastern Ukraine and probably were a lot more. So hes just toying with us. He knows obama will not do anything. Kerry is utterly ineffectual. Where do you start . The world is a mess and obama is a child playing with grownups. Stuart will be fed up with that. South Koreas National Intelligence Service is reporting this man has been executed by north korea antiaircraft machine gun fire. He was a highranking north Korean Military leader reportedly fell asleep during an important meeting. They killed him with an aircraft gun. Colonel peters, hold on a second. I am looking at the source of this. South korean intelligence put up this report. No confirmation by anyone else. I tend to doubt it. Do you . Obviously we would like another source to cooperate it. It sounds like the behavior you see from this young paranoid crazy. By the way using heavy machine guns to execute this guy. There wouldnt be enough left to make pulled pork barbecue. It just tears everything apart. He was doing that make it as graphic as possible to terrify everybody else. Is a lot more executions in the north korean government as they try to secure the place. He probably wasnt just falling asleep. Using the word for the new time trashed their time. The leader of north koreas paranoid. Stuart but he has got nuclear weapons. If that is not scary, i dont know what is. Colonel ralph peters, let me close with this. It is a great book, a truly great book. I read it cover to cover and i love it. Walmart criticized for selling water bottled in california. Just as that state joseph in historic route. The whole story coming for you next. Right now, the unthinkable is happening. Faithful christians are being kidnapped, tourtured, beheaded and crucified simply because they are christians. This is genocide and it wont stop unless we do something about it. At the aclj, we are the frontlines in washington at the un, and in the region advocating for those who cannot defend themselves. But we cannot do it alone, we need your support and we need it now. Go to aclj. Org right now and help us fight to restore christians to their homes and families. The aclj has the Global Resources to engage the Decision Makers fight against persecution, and protect the faithful christians in these regions. With every passing minute the threat against christians grows and intensifies. We need your help to get our leaders to understand that christians overseas are under attack and need our help. You can help the aclj stop the senseless and evil persecution. Call the number on your screen or go to aclj. Org just because im away from my desk doesnt mean im not working. Comcast business understands that. Their wifi isnt just fast near the router. Its fast in the break room. Fast in the conference room. Fast in toms office. Fast in other toms office. Fast in the foyer [pronounced foyyer] or is it foyer [pronounced foyyay] . Fast in the hallway. I feel like ive been here before. Switch now and get the fastest wifi everywhere. Comcast business. Built for business. Stuart look at macys theres a name you know. Profit down, and so is the stock. 2 . California as you know dealing with an historic drought. And now walmart is being slammed for bottling water in california and then selling it out of state. Someplace else. Jeff flock joins us with more. Youre in chicago, i believe. Are you drinking california are you taking California Water and drinking it in chicago via walmart . Are you doing, that flock . I think im getting water from overseas. Where does that fancy water come from. Stuart evian . Yeah. Stuart french . French . I drink it out of the tap. My father would turn over in his grave he would die if he wasnt already dead. Ill tell you why you should and shouldnt be upset about it. Everybody does, it everybody is sourcing water from california. It is a drop in the bucket,. 02 . If you look at numbers the industry was 10 billion gallons in the u. S. Last year of bottled water. L. A. Uses that much water in three weeks. Talking about a drop in the bucket here. Heres why you should be upset. Its a huge drought you cant water your plants you cant wash your car. Here theyre selling water and walmart is making a pretty good profit on the water. Might want to invest in walmart stock. Take a look how much they pay and sell it for. Pay 99 cents for 748 gallons, they sell it for 88 cents. Thats a 658 profit. Some people think they shouldnt be doing that. Stuart its not cheap, thats not cheap, is it . Exactly. That is correct. Stuart more antiwalmart stuff. You put walmart in a sentence theres opposition to walmart no matter what the issue. Pepsi coke is doing this nestle does it they all do, it smaller walmart does it less than anybody else. Stuart but theyre walmart thats how it works. Jeff flock sipping away on his evian in chicago. See you later, jeff. Thank you. Up next, more from the philadelphia amtrak derailment. Major transit shut down, tens of thousands cant get to work. And the politicians jumping on the Infrastructure Spending bandwagon. New york state is reinventing how we do business by leading the way on tax cuts. We cut the rates on personal income taxes. We enacted the lowest Corporate Tax rate since 1968. We eliminated the income tax on manufacturers altogether. With startupny, qualified businesses that start, expand or relocate to new york state pay no taxes for 10 years. All to grow our economy and create jobs. See how new york can give your business the opportunity to grow at ny. Gov business i hate cleaning the gutters. Have you touched the stuff . Its evil. And ladders. Awwwwwww they have all those warnings on them. Might as well say, youre going to die, jeff. You hired someone to clean the gutters . Not just someone. Someone from angies list. But were not members. We dont have to be to use their new snapfix feature. Angies list helped me find a highly rated Service Provider to do the work at a fair price. Come see what the new angies list can do for you. Stuart still a pretty much a flat stock market with the dow holding about 18,000. Price of oil has not moved much in the past couple of week now at 61 a barrel. Gasoline keeps going up up another penny to a National Average of 2. 66. The price of regular is up 28 cents in the last month. And the cheapest gas is still in jarrett, virginia, it is now 1. 94. More on the amtrak derailment. Six dead hundreds injured after an amtrak train derailed outside philadelphia. Big disruption on the northeastern rail system its not going to go away any time soon. Passengers turned to social media sites to contact friends and family members they post pictures from inside the wreck. Earlier this hour we spoke to Jeremy Wladis a passenger describing the crash. The train shook, and then, you know, we didnt think a lot i didnt think a lot of it but it was a different shake, and then it really shook, and you didnt know what was going on and about the third shake you were panicked. And you started to feel that you heard crunching, screaming you heard chaos going crazy. Stuart all right joining us for more on the derailment, philadelphia radio talk show hostdom giordano. Give me perspective to the disruption on the northeast corridor . Sadly our sister news station reporting 7 dead, and the other thing talked a lot about here in philadelphia is a septacommuter rail line was struck hitting the engineer minutes before this happened. Whether those are connected or not is in play, and our governor rendell who frequently is on my show was on msnbc this morning and using this to politicize and move the ball forward to more funding for infrastructure in amtrak. I wanted to ask you about that, we have mr. Defazio democrat of oregon and the mayor of new york city de blasio, on the left, both have done the same thing as the governor there, and i think they politicized the whole issue of this derailment. Linked it to underfunding of Infrastructure Spending. As if a lack of funding on infrastructure created this derailment. I think thats flatout wrong. Its shameful. The commonsense in philadelphia is one of two things, if there was a problem with the rail amtrak is in charge of making that rail safe or ive taken this curve many times from new york it is a dangerous curve is it a speed issue to get out there and to be hammering away. And governor rendell stuart, wants the rail line to be able to travel 100 or 150 miles an hour. The money it would take to do that between philadelphia, washington new york is incalculable. Stuart how is philadelphia taking the dreadful accident. The key thing is there are a lot of people missing, even by social media by missing people dont know if the relative is okay which is kind of surprising. There are about 200 in area hospitals. There is a chaotic scene to this hours after its happened. Stuart okay radio talk show host out of philadelphia thank you for joining us on a big day for and you for everyone. Appreciate it. Thank you very much. Stuart joining us dr. Keith ablow he has been critical of social media. However dr. Ablow, got to point out something here a lot of people turn to social media on the train right after the crash. They got the pictures out, the descriptions out to loved ones im okay letting them know whats happened. I dont see anything wrong with social media being used in that way i dont think you do either. Well, youre not a mind reader then. That just proves that one thing. But heres the thing, stuart i think i understand why as a convenience and in a pinch this social media is gravitated toward. It did, it provided a link with loved ones, think about whats happening at the same time. You know, it makes sterile to some extent these images. As marshall wrote the medium is the message. To the extent that you are driving images of terrible suffering through a portal that also carries games, mobile games and lots of entertainment and stock quotes, you may be diminishing its impact and i fear that the immediacy. The fact were all armed with this, or now its going to be on our wrists means were going to use the medium for more and more of the human guttural interactions and there by sterilize them. Stuart if one of the survivors of the derailment walked into your office and got onto your couch and said i cant get over this im shaken up by this my head is spinning. How would you treat them . What would you say . Number one, id say i cant fathom everything you are feeling because i wasnt there. Lets agree on that. The folks who tell you, i know exactly what you feel. Theyre not credible. So tell me more because if you try to hold it in its going to become toxic. So lets talk through it. Also lets appreciate the fact that theres no way you could have planned for this it must have shaken your whole expectation of the future if this can happen, anything can happen. So it invokes this fear of death that most of us skate right over, and we get into that and then we discuss how can you be powerful . Even though you feel so incredibly powerless at a moment when a train youre not operating on a day youre not expecting it to happen the furthest thing from your mind leaves the tracks, how can you be powerful though it seems you have no power in the moment at all . Its how you respond. Do you reach out to other survivors. Do you reach out to loved ones . What do you do to show you are effective. Stuart is it the best thing to talk it out, get it soul. That the best thing . I think with sensitive folks the best thing to do is to talk it out, but also but also not let it contaminate everything in your life so you can say this this happened to me. This is not me. It happened to me. And i still have choices to make even though its such a calamity. Stuart okay, dr. Keith ablow, very interesting stuff. A terrific moment for you to appear on this program. We appreciate it. Thanks, stuart, talk to you soon. Stuart yes, you will. Breaking news on the victims of the amtrak derailment. The Associated Press confirms one of its Software Architects was killed jim gains, 48 years old, cheryl . His wife confirming this father of two, attending meetings in washington. He was returning home to new jersey. His death was confirmed by his wife jacqueline a few moments ago. Had been with the Associated Press since 1998. Was a big part of the agencys video initiatives and getting the Associated Press from a press wire service into the world of video which is the Associated Press we know today. Also were also seeing right now fox business learning we are going to get a briefing from the ntsb. Of course theyre on the ground. Thats at 5 00 p. M. Eastern time, theyre going to give us an update on the investigation and were looking at what was the cause here . Was it speed . Was it switching . Was it human error . And theres a lot of questions circulating out on social media. About ten minutes after the train left philadelphia it had gotten to a highspeed maximum speed. It was about to take a left curve thats when passengers reported a series of big bangs and the train derailed. When we get the black box contents we might know why that train went off the rails. Our partners at the journal are reporting that excessive speed is being looked at as a possible cause. That curve, 50mileperhour curve. The train is supposed to go no more than 50 Miles Per Hour on the curve. If excessive speed was a factor. If this is an if, that would give us more. Stuart if excessive speed was a factor Infrastructure Spending was not it. Was not. It would be human error. Thanks. Tom brady fighting fourgame suspension his agent called that suspension ridiculous. Leigh steinberg who inspired Jerry Mcgwire is up next. And jamie colby, letters from jfk, 9 00 p. M. Eastern. When i first looked at them, wow, and promptly put them in a safe deposit box. There they remain for the next quarter century. But a surprise phone call from a stranger will reignite this familys interest in their unique inheritance. I got off the phone and left a strange message are you the nephew of harold w. Marty . Is. Reporter im Nicole Petallides with your fox business brief. Stocks are trying to find direction, in fact, going over that again and again for the Dow Jones Industrial average. Right this moment down almost 4 points at 18,063. The s p 500 is up 1 1 2 points at 2100 even and the nasdaq higher. Information technology has been the best group of the day. Microsoft intel, qualcomm, apple and ibm are all winners. Apple at 126. 44. Microsoft at 47. 83. Buybacks and dividends, taking a and American Express have initiated movement there. American express announcing a 12 Dividend Increase and stock buyback as well as Delta Air Lines pushing dividend by 50 and a 5 billion buyback. Godaddy revenue rose 17. 5 . More varney co. Coming up. Stuart breaking news. Philadelphia Police Confirm that one of our guests said a few minutes ago, a seventh person has died in last nights amtrak crash. We know one of the victims a u. S. Naval Academy Midshipman and another an Associated Press software architect. A seventh person has died in the amtrak crash. Want to you look at tesla stock for a moment. We do a lot of this. 244 a share. Get this. It says its got nearly a billion dollars in orders for its new batteries. Thats tesla. Shah gilani is here. Whats he got to say about this . A billion dollars for orders of new batteries, i suspect its a little high. You . They arent actual orders they are initial expressions of interest, i think theyre calling them. You can go online and express interest you might be willing to buy the batteries. The consumer batteries start at 3,000 to 3500. Not cheap. The commercial batteries start add about 25,000. Theyre all stackable its brilliant, and the move is towards helping elon musks 25 ownership in solarcity. Thats what the batteries are really for. 800 to a billion dollars in presales that would be like the iphone coming out or viagra coming out. Well see. Stuart i want to talk to you about ge, they sold off a five billion dollar japanese credit operation they want to be all industrial. What do you make of that . Unfortunately, i think its the wrong move. I wish they would have spun off their General Electric commercial credit, which is traditionally responsible for 50 of the revenues in. The last quarter its 42 . Theyre going to get rid of all that. Theyre amassing a huge hoard of cash. They are announcing a 50 billion Stock Buyback Program going to use bits and pieces and use it to support the stock. As a true industrial play, they expect they will be viewed more cleanly and people will apply a higher multiple and the stock will be nice and strong. The stockholders would be better off if they spun it off, spunt General Electric commercial credit off into a company as a tax free event for shareholders and raised cash and supported both of them. Stuart not your fathers ge. It had a huge pop in april, i think its going to come back down. A buying opportunity, 24 or 23. Stuart well wait until then. Shah gilani, a pleasure, thank you, sir. Joining us sports agent leigh steinberg, the man himself leigh. If you represented tom brady you wouldnt let investigators get at his phone and private texts, would you . I would have done something very different which is to have him make a statement prior to the super bowl when all of this came out that said, look, im a competitor i like to throw balls that are less inflated. I am sure i push the staff to make sure this happens if that resulted in wrongdoing im sorry. And large part of this would have gone away. The nfl had a heavy responsibility here because what makes professional and collegiate sports different why, we put all the money into Fantasy Sports and going to games and watching and memorabilia is the thought theyre played on an even playing field. The equipment is the same, rules are the same, and athletic effort makes the difference. Anything that undercuts that is a real primal threat to football so the commissioner had to act. Right now i would not be appealing. What happens if you appeal stuart, is that cheating and tom bradys name get inextricably intertwined over and over again in the press you do not want that for his brand. Stuart you would have taken a very, very different approach. You have been upfront, open a bit more honest, shall we say, certainly more open, and if you had to have this suspension imposed upon you, you wouldnt appeal. That is a very different approach. I wouldnt appeal because what happens is that this issue hit the third rail of this role of public opinion. This wasnt just the media construct fans across the country were repulsed. So knowing that really . Hold on a second leigh really . Fans across the country were repulsed or just reacting to their inate hatred of the patriots . Oh, my goodness the patriots are as popular a team as there is in the country. This is the last thing the nfl wanted to see. Bob kraft is not only the most powerful owner along with jerry jones in the league, he sits at the head of the Compensation Committee that awards Roger Goodell his salary. So the thing that the league feared most was having a team thats been a very popular team with a poster boy quarterback engrossed in this controversy. No one wanted this to happen, and most fans across the country are propatriot. And like the team quite a bit. Stuart leigh steinberg, you have a different perspective on things, we appreciate you coming on the show to tell us good stuff leigh. Thank you very much, my pleasure. Stuart the amtrak derailment. A 39yearold Technology Company ceo still missing. We have the full story after this. Im only in my 60s. 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. To me, relationships matter. Ive been with my doctor for 12 years. 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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 listen to this the wall street journal reporting that excessive speed may have played a role in the crash. Cheryl, what kind of excessive speed . The wall street journal is reporting, quoting two sources talking to the journal saying the train was potentially going over 100 Miles Per Hour on that turn. Over 100 Miles Per Hour. Stuart two sources on that . Two sources talking to the journal, sources close to the investigation. Stuart okay all right Rachel Jacobs is the ceo of a Technology Company is believed to have been on board the amtrak train and she is still missing, what do you know . Ive been following this throughout the morning. One of the question marks. Her colleague was talking to the gang on fox and friends this morning and said they cannot find her. Listen to what they said about how theyre at a loss for her whereabouts. Rachel is extremely wonderful, kind, smart, on her way back home to new york last night, and we havent heard from her since. The interesting part i think about rachel started with amtrak is that she has a ten pass, she can get on any train. They dont have her on the list because of it. They still have not found her, she can get on any train. She texted her husband 15 minutes at 8 45 and the train crashed around 9 00 p. M. Stuart where is social media . Where is the contact. Were out of time, more varney after this. There is clearly more that can be done talking about a Railway Infrastructure that is decades old. If there are better investments we can make in terms of upgrading this infrastructure and make it safe, im confident that will be on the minds of not just the investigators but the leadership of the transportation department. Stuart White House Press secretary josh earnest to call for more spending on infrastructure. And there is this the wall street journal citing two sources saying excessive speed 100 miles an hour or more, thats to blame. The journal has two sources saying that train was going more than 100 miles an hour as it took the left curve ten minutes out of fill fit. Nothing to do with Infrastructure Spending. My time is up now. Here is deirdre bolton. Deirdre stuart thank you so much. As you have been covering this amtrak train derailing in philadelphia last night. We can only confirm that unfortunately we have six deceased. We have transported now hundreds of people at the various hospitals. Deirdre we are going to bring you to the scene for a very latest update in just a few moments. Fresh numbers out as well revealing exactly what the Government Spending money on. We follow the money trail for you. And its no secret that facebook is in the news business, exposing just how much traditional sources are at risk. Want to get you to the very latest from philadelphia. You are going to be looking right now at a shot that was taken earlier today. Of course a deadly scene there. The amtrak train derailing just after 9 00 p. M