At nearly 63 a barrel. The decline is hitting the Energy Sector hard with more than a third of the s p hitting 52week lows. The here to discuss all of it, Charlie Gasparino. Matt welch, cohost of the independents. Also the editorinchief of reason magazine. Charlie, what do you think . Down more even as were talking. Last six years rich people have done very well under president obama. Melissa thats right. They were able to benefit off the multiple qes. The average person got screwed. Now kind of an interesting juxtaposition. The average person is doing pretty well now. Why is that . The economy is getting better. Not just that, when gas prices go down and oil prices go down that is tax cut to the working class. I think thats a good thing long term for this economy. I think fact inflation is low, average people have more money their pocket may not be good for markets but good for the economy. Melissa vix having biggest gain in two months. Very ron so . People worried about the political
Compromise and he will veto the bill if it is passed. The fact is this piece of legislation is not different from the legislation that was introduced in the last congress. We put out a statement indicating if the president would veto would pass the previous congress. I can confirm if this bill passes this congress the president wouldnt sign it either. Also confirmed any Congress Marshall effort to define full time work week at 40hours would be met with president ial veto. Just two hours earlier the president claiming he was ready to work with congress. Im very much looking toer ward to working with them. I already had a chance to say happy new year to them and im confident there will be areas we will disagree and some battles, but im also confident that there are enormous areas of potential agreement for the American People and we have to make sure we focus on those areas where we can make significant progress together. Doesnt sound promising. His comments came moments after john boehn
Jack Senior Editor. We have Veronica Dagher of the wall street journal. And todd. Jack, what did you think of this . I thought the number was good enough. What i was struck by there was strength from the consumer and weakness from business purchases. When you have gdp, thats fine because its dominated by the consumer effect. When you get to wall street earnings, its just the opposite, thats dominated by business investment, not by Consumer Spending. I think theres still a lot of weakness in the economy out there. Melissa yeah. A lot of people in the middle class who are hurting. The American Consumer is carrying the day right now. Well see if that continues if oil prices creep up. Were not seeing wage growth and pressure on exports as the dollar gets stronger. Melissa how do you go from five to 2. 6 . Thats a big decline. Plunging oil prices caused them to pull back on certain asset purchases. Melissa speaking of oil, check out oil. Crude spiking after a new the sharpest drop since 198
Quantitative easing bondbuying program which it did at the october meeting. Quote, some participants preferred to eliminate that language, however other participants thought that the considerable time phrase was useful in communicating policy intentions. In the end they decided to keep the phrase in. Finally the minutes say fed members debated the advantages and disadvantage adding language to the statement to acknowledge recent developments in financial markets. All that market volatility last month. But they decided to keep that language out. Melissa . Dierdre peter Barnes Melissa peter barnes, thank you so much. I want to turn to my panel. Look at market reaction. Charlie gasparino, steve moore, Heritage Foundation chief economist there and fox news contributor. James freeman, wall street journal. I love that, taking a considerable time trying to decide if they were going to use considerable time in their language. Feels like they are slow at everything. Steve . Almost like were all
More controversy, more money. Some of this years biggest money makers are raking in the dough through salacious scandals. Here is fox businesss different standard. Along with jack and James Freedman from the wall street journal. I was going to celebrate that she didnt put an adjective on us. Paula deen had a private equity investment. Restaurant in tennessee. This is a woman who was left for dead after she made racist comments, her network turned on her. Now she is making a big comeback. Even racists love macaroni and cheese. People like recipes. She was able to make money. She has an opportunity here to try to make a turn around and improve her image. She has gone into a new Business Model where she just rather than being on a network she has her own subscribers her own show. If only 3 of her facebook fans subcribed to her new network she will make 17 million. How do you feel about that . I dont see the appeal of paula deen. She is kind of the jim cramer of food. It is an entertaining