Administration are in thecross hairs. Here the president earlier day making it clear how he feels about anyone who is not on board with his tax and spend plan to grow our economy. Repeing obamacare and slashing budgets in education and research and infrastructure, thats not an economic plan. Theres no economist who says, well, thats the way to help middle class families. Were going to grow doing that. Shutting down the government just becuse im for keeping it open, thats not an economic plan. Threatening that you wont pay the bills in this country when weve racked up the bills, thats not an economic plan. You kno, thats being a deadbt. Louthe president is, in fact, talking longingly of a middle class he seems to have done his absolute best at times to beat down. Hes raised taxes on the middle class, said he wouldnt, presided over the diminishment, talks a lotbut the primary result has been greater dependency on government. He has shoved obamacare down the nations throat, a law that 533 of americans now oppose according to the latest fox news poll. Hes beaten down the net worth of millions of americans by failing to restore the trillions that hve been lost in housing value, the loss o millions of jobs, and S Administration seems all too content to call the chronically high jobless rate in the country the new rmal. On this, the second day the most recent socalled private, its not clear what hes pivoted to. Its not the specific concrete actions that would alter the plight of working amricans, unemployed american, and everyone who expected him to do a lot more than just talk. Well, the president resumes his push for everbigger government, higher taxes, higher spending, attorney general holder, today, resumed his ideologically inspired campaign of race and partisanship. Speaking before the Nation Urban League in philadelphia, the attorney general proclaimed he and the president will set a new course to subvert the Supreme Courts recent ruling o the votng rights act all to prevent the state of texas from exercising the 10th amendment rights recently affirmed by the Supreme Court. Its the new voting and election laws. The correspondent has the report. Reporter one month after the Supreme Court rejecteda part of the hi965 votes rights act that monitored eleetions in mostly southern states, u. S. Attorney general eric holder did the opposite. He announced that the Justice Department is targeting texas, trying to force the state to get federal approval for anychanges in his votin laws over the next cade. Voters spoke at the annul urban League Convention in philadelia. It is the duty f todays justice dppt to continue to monitor jurisdictions around the country for changes that may hamper the voting rightings. Last month, hors after the rules, texas was the first state to react implementing its new voter id law, but holder citedded another Court Decision finding texas legislators lan discriminated against latino voters. This that ruling, this is what the court said, and i quote, the parties provided more evidence of discriminatory intentthan we h space or need to address here. That was a federal court that said that. Reactions sharp. Rick perry branded the move as an end run around the spreerm court says, quote, the Obama Administration is demonstrating uttee contempt of the checks and balances, not to mention the u. S. Constution. Republican senator john cornin acushioned the white house of bullying the state for partisan, political purposes. Part of the ongterm strategof the aadministration is to turn texas blue by engaginin bogus political activity to aise concerns with rerd to things like minorit oting that simply are not supported by the evidence, and i think this is to create a false impression that somehow minority rights are not protected, which they are. Texas republican seator ted cruz critical accusing the attorney general of politicizing the Justice Department saying the refusal to accept the judgmentf the u. S. Supreme court regardi preclearance continuing the departments pattern of refusing to follow the law. The controversial houston based group, true the vote, promised legal action saying its the same Justice Department that, quote, criminalizing gormism and fails o prosecute irs agents. Mr. Holder says he plans to pursue more voter issues in otherstates. Lou . Lou thank you. Federal prosecutors today bringing criminal and civil charges against sac Capital Advisers accusing the hedge fund of a decadelong Insider Trading scheme. U. S. Attorney saying billionaire stepn cohens company has been a magnet for market cheaters. Wen so many people fr single hedge fund have engaged in Insider Trading, it is not a coiincidence. It is, instead, the preictable product of ubstantial and pervasive institutional failure. As alleged, sac trafficked inside information on a scale without any known precedent in the history of hedg funds. Lou eight sac employees have been found guilty or chrged with Insider Trading, cohen s not facing criminal charges himself, but the move could end his careermanaging the money of other people, and the federal gornment now wants 10 billion for the alleged trading violations. For more now on the charges against sac, were joined by fox business stocks editor liz macdonald. Great to have you wh us. This is a block buster set of charges. It is a block buter se of charges, and were waiting to see if steve cohen himself is criminally chargedded. We asked at the press conference, if, in fact, they plan to do that. He said, we ar not going to p comment on what tomorrow may or may not bring. We asked the top official at the fbi if they are developing a criminal indictment against steve cohen, and he says they are pursuing all leads, and and it could be a developing story. This is my last sense of the fbi ying about the case, lou. Lou would you clarify the charges gebs the firm, against the individuals where what is the object of the charges, specifically . The object is specifically rampant Insider Trading. In other words, the 4 is 1 41page indictment encouraged cheating and recruited executives with insider contacts to et that information, and the indictment says that steve cohen was rewarded, basically, he rewarded individuals for passing on inside informaon to hm, so, ewe know, this is a case, basically, wheresc is saying we are operating with honesty, no freeze on the assets, but we could have an author anderson scenario. That company collapsed, and 28,000 people lost their jobs, sac capital is saying they are operating. Lou it is operating. It is, of course, a huge fund opposed to a professional services fund, but the Justice Department has been very caeful, and he man behind the anderson charges, all those years ago, which was unprecedented and has ben has not occurred sense, the Justice Department attacking the firm destroys that firm. Thats right, ieu. Lou heavy handed, and were ever publicly honest about it, expresses deep regretin costing ,000 jobs. Thats mad. It is rare for the government to do this, but they said, sentially, said time and again that they have possible proof of Insider Trading. A 2008 email, for example, forwarded to cohen from a top official on sac says we have a solid read on dells earns, before the announcement came out, and he sold his position in dell. A 20minute phone call between cohen and another official about drug stocks in a development. Lou deserving great credit for having the guts t bring he case based on Insider Trading and in the case of steve cohen himsf appears the failure to supervise a copany that he owns, by the way, 1 00 . This is this is always a difficult charge to sub stanuate, one few prosecutors bring. What do you assess th odds are right now . You know, oughly 80 people have been chargedded with Insider Trading. 73 eithe convicted or pleaded guilty, so what we are seeing right no, though, is theres other breaking news. The hemming fun itself is hiring lawyers that represented others in the Insider Trading case and represented Elliot Spitzer in his case, basically. Were seeing this is going to be an up folding story. We could see, possibly, more indictments beyond the eight officials who have been charged already. Lou intrity of the markets at issue, and that is the premium investors around the word pay for, straight, clean, an honest market. Thats right. Lou as best as can be regulated. Thanks so much. Sure. Lou we appreciate it. Fox business fox editor. A choppy session on wall street, stocks finishing higher after mixed reports. The dow up 13 points at the close of business, and s p up four, nasdaq u 26. The number of people applying for new Unemployment Benefits rose slightly up 7,000, but still in the 340,000 neighborhood, 34,000. Good nes, in effect. Durable goods orders jumped 4. 2 in june, an increase in aircraft orders leading to a Third Straight month of gains. Facebook, the standout performer in the technology sector. Facebook doing great, rally, largest ever for the stock, surging more than 30 , beating targets, and that made investors mighty happy indeed. President obama pushing infrastructure today. That means higher taxes. Grover norquist dont like that. The antitax crusader more when i fit felt the diabetic nerve pain, of course i had no idea what it was. I felt like my feet were going to slee it progressed from there to burning. To like 1,000 bees that were just stinging my feet. [ female announce] its known that diabetes damages nerves. Lyrica is fda approved to treat diabetic nerve pain. Lyrica is not for everye. It may cause rious allergic reactions or suicidal thoughts or actions. Tell your doctor right ay if you have these, new or worsening depression, or unusual changes in md or behavior. Or swelling, trouble breathing, rash, hives, blisters, changes in eyesight including blurry vision, muscle pain with fever, tired feeling, or skin sores friabetes. Common side effects are dizziness, sleepiness, weight gain and swelling of hands, legs and feet. Dont ink alcohol while taking lyrica. Dont drive or use machinery unil you know how lyrica affects you. Those who have had a drug or alcohol problem maye mo likely to misuse lyrica. Having less pain is its a wonderful feeling. [ female announcer ] ask your doctor about lyrica today. Itspecific treatment for diabic nerve pain. Lou my next guest is known for his strong antitax poitions, now weighing into the immigration debate as well. Here to talk about whether Immigration Reform is a proposal swrels the president s latest pivot to the economy is rover norquist, president of americans for tax reform, author of the Taxpayer Protection page. Grover, great to have you with us. Great to be with us. Lou your reaction, and i dont know that pivot is the right word, but using it for convenience, at least, the private away from scandals and Foreign Policy failures and failings, and into the issue and speeches of the jobs and the economy. Well, look, this is another one of these message icare. Everyonce in awhile after ignoring the economy, he comes back saying he cars and wants to do something about it, but he might as ell just repeat the speech given the last 12 times of wanting to raise taes and spend more money. Every time he talk about the economy, he wants to raise taxes d spends more other peoples money through the government. This gets tresome. Its not worked for four years. Think detroit. Lou thinking detroit, and were going to take up that issue later here in the boadcast with a congressman who wants the federal government to step in. Do you think that is going to be the direction which we go with these municipalities that some not as large as detroit none larger that were aware of when they do go bankrupt because they surely will. The huse of representatives and the senate will not allow the president to trow american taxpayer money at detroit or other faild cities. Detroit has had decades of warnings. They were spending too much. They regulated too much, drove people out of the city, governed poorly. They didnt care. They thought theyd be bailed out and other people would pay for ther mistakes, and the aner is, no. Enough cities and many states have begun to turn themselves around on unfunded pension liabilities and Civil Service costs. Those states, you know, utah and wisconsin and new jersey and louisiana, thoe states will not lose their taxpayers to pay for city and states that didnt do anything to take care of themselves, not happening. Lou and turn now to immigration. Word out today, breitbart. Com reporting saying theres corroborated sources saying congressman goodlatte, chairman of the house judiciary committee, is ready to rescue the once dead on arrival gang of 8 immigration bill. Your reaction . Well, thats a sillyway to put it. What goodlattys going is what the republicans in the house always said they would do, always vaguely interested in what the . T does, not always going to agree what the senate puts out is the opening bid, but the House Republicans want to see the border made secure without sending a jillion dollars, doingsomething on the dream act for people who are four years old when they came across theborder and are now in colge or trying to get into the military. We need, as an economy, more h 1rbgs b visas. We are telling people you cant come here, stay in inya, and start a company to compete with us, cant come here, move to canada, and compete with us. Thats silly. Come of the best minds in the world wanto come to america. Be americans, and create companies that compete throughout the world. Lou grove we want those people. Lou i get so tired, frankly, of the immigration debate because theres so much misinformation spewed by wellintention people, and intelligent people, none more than better intentioned than ou, none brighter, but the fact of the matter, h1b visas are not the issue at all. We have and available to us a tremendous number of h1b visas. Doublehat or triple it. The fact is technolgy compies and principle among them are outsources companies and principle among those are india outsources Companies Using he visas, and they are striking at the heart of people, american citizens, who are seeking those jobs. If we want to do something serious, then, i have to ask you this. Why in the world, where have you been, ere has the chamber of commerce been and others in simply opening up visas to tose most skilled and highly intelligent and educated and bringing them to this country because in each instance, youre not talking about those people. Well, we should be. I say h1b, peop generally mean hightech visas. Were talking about stem education, pple who come to the united states, get aph. D. Lou science, technology, engineering, and mathematics. A we throw them out of the country. Lou no, no, we do not throw them out of the country. We dont let them stay and work. Lou we cant discuss immigration without denigrating the country and character and welcoming immigron policy, i tell you this, you all are doomed to further failure. Do the right thing. Secure the brder, quit gaming the system. Talk honestly, forthrightly, and thats wt the house is doing. It has a chance of working. Dont you all screw it up. Lou, thats exactly what we are looking to do. Weve been lou to screw it up . No, no, no. The effort to allow some of the real talent in the world to come to the unid states, and we do tell people with stem degrees that they cant stay, lou. Thats just the fact. Lou heres the other fact. There are three nations in the world who bring as many people into their country as there are a handf of countries in the world combined who have a generous an immigration policy. Thats wy lou move beyond this and stop denigrating the country and move ahead to actually reforming immigrion law and doing it in the National Interest, and they have the chance of doing it. If he rolls over for those who want to throw the borders open, its going to be a day of absolute dispairin this country. Do the right thing. Do is the right way. That is exactly what were working on doing, and the ente Business Community and all the various communities are united in making the steps forward. Im supporter of a ronald reagan, jack kemp approach lou i love it whenpeople talk icons. Hes the deal. Okay. Lou how about this . In the National Interest right now, in the country, talking about the sovereignty of the nation, secure the border, and i dont mean playing rhetorical games with operational controls as this secretary of the department of Homeland Security ich will soon be leading the university of california system. Look at the proposal that congressman of texas put forward. I think its a serious grownup effort that will secure the border. Hes put it forward. Its been passed through the Republican Committee there. I think that rather than what the senate dids an improvement. We have to have a guest worker program, talk to farmers and dairyman. They cant get workers needed in the country to out to the farms which are temporary jobs. Lou grovr, i heard the same rhetoric, the same reasoning, the same ideas in 20062007 when it went down to defeat. We dont want that to happen, so lets go to the issues some people o. I think the president does. I thi the president does not lou im not going to cast dispersions on this or question motives. If you want to reform immigration, and you must control the border because if you cannot control the border, you cant control immigration, and everything everyone says about it after that is pure bull. It has to begin as a condition preceding actual, real bone mid, verifiable just as the house jew delicious rightact moved in legislation. Do you support that aroach . You seem to be trying to sagree with me when im not sure lou im trying you mistake my wor