i still like to be long gold. >> long gold the way to play central bank intervention. that's the word from here, sue. that will do it for "power lunch." >> the trend is your friend. "street signs" begins right now. see you back at the ranch, ty. all talk, no answers. no, not street signs -- the campaigns. both candidates long on speeches and short on specifics. we're going to dig in to what each needs to say to actually sway your vote. we've all done it, sold winning stocks too soon and held on to the losers too long. a new study figured out why we do it and that author is here. plus, boone pickens talks energy and what he thought of the president's comments on oil. and jcpenney trying desperately to remake itself. so if you could rename jcpenney, what would it be? tweet me and mandy. it is pretty clear that investors are kind of in waiting

mode, waiting for the fed and also an expected dose of qe later on this week. dow is trading in a very narrow range once again but the big question here is whether it can avoid another monday loss if the dow finishes lower today, it would be the 13th negative finish out of 14 mondays. the s&p 500 is also trading in an extremely narrow range today but did manage to touch a fresh multi--year high nonetheless earlier on in the session. the nasdaq performing the worst frt of the major. a. t minus 15 days until the election. believe it or not, there are still millions of undecided voters out there. those voters looking for specifics to help them make up their mind. but if you're looking for specifics on how either candidate feels, to get there you're probably going to hear something like this. [ sound of crickets ] >> bottom line -- we don't have

nearly as many details as we'd like. john harwood, why does it seem so difficult to pin down specifics from either side? >> it is because the art of politics is about maximizing the number of people who like you m and minimizing the people who don't like you. this is why politicians try to avoid difficult interviews whenever they can. mitt romney, the republican candidate, had been avoiding going on "meet the press," for example, for quite a long time. he went on yesterday. david gregory, the moderator, pressed him for details about how he would finance the tax cuts that he has proposed 20% across the board. he says he'll pay for it by closing loopholes. david gregory asked and didn't get too far. >> governor, where are the specifics of how you get to this math? isn't that an issue? >> well, the specifics are these -- which is those principles i described are the heart of my policy and i've indicated as well that contrary

to what the democrats are saying i'm not going to increase the tax burden on middle income families. it would absolutely be wrong to do that. but i've had the experience of being a governor. i've demonstrated that i have the capacity to balance budgets. i've balanced them four years in a row in massachusetts and we cut the taxes 19 times in massachusetts. >> give me an example of a loophole that you will close. >> i can tell that you people at the high end, high-income taxpayers are going to have fewer deductions and exemptions. those numbers are going to come down. otherwise they'd get a tax break. >> you can see that he responded by saying i have principles but not details. both sides play this game. president obama, for example, has been attacking mitt romney and paul ryan for saying they want to hurt medicare. president obama has committed to reforming entitlements, cutting entitlements. he came close to a deal with speaker boehner on that last year but he's not laying out the specifics of where he would cut on entitlements. brian, i'm sorry to tell you i

think that's where we'll be through the election, although when the candidates faced off with each other in october, with three presidential, one vice presidential debates, they'll have the chance to press each other for specifics. why is it all talk and no answers when it comes to specifics on how either candidate is going to make all of us better? david rohde fr, let me start wi you. the problem here is you can be held accountable to specifics and no one wants to be held accountable in a very difficult economy. and also faced with a very difficult task. is that not right? >> i agree. john harwood is exactly right. t i do think this will hurt in this election. there is a tremendous sense in the middle class that we've got to make some historic decisions about what kind of government we're going to have and make the expend tuitures and revenues ma. it is really naive but i think

specifics would help. >> specifics certainly would help. people want solutions here. we're getting a lot of accusations, very few solutions. is it possible they're out of solutions, out of ideas here? >> i don't know if it is about them being out of ideas. candidate romney, governor romney, is -- he's loathe to talk about specifics because he's looking to tap in to kind of a visceral negative reaction towards government and government planning and engineering and experimentation. and the president can't really talk about just anything else besides extension of his current plans because to do so and talk about new ideas and new plans would be an admission of failure which he can't do going into an election. i think in the election season as much as david said he'd like to see more specifics, i doubt we'll get much more in the way of specifics. >> david, i loved your piece in reuters and the "atlantic" as well about the pandering to the middle class. basically if you listen to both candidates, right, you're either very poor or incredibly wealthy

and the 98% in between are all middle class and only they can speak to you. i mean it's almost disgusting. >> well, it was politics, i guess. you have michelle obama talking about how when barack obama was younger, his proudest potential was the coffee table he found in a dumpster. ann romney talked about her and mitt romney eating tuna fish when they were a newlywed couple. it is almost a retro election that we're sort of debating the debate that went on in the 1980s. the middle class is in the middle of a very competitive global economy. we have to up our game. we have to up our game. better skills for all workers. better competitiveness in the private sector and a real fiscal plan. we're not getting any of that. again, it's naive and probably won't happen but i think people want to hear real answers. simpson-bowles impressed a lot of people. president appointed the deficit reduction committee and he walked away from its findings. it is very disappointsing so

far. >> that's a very interesting point. do you agree both parties are kind of misunderstanding what the middle class is, they're misrepresenting the middle class, if you like. if you don't really understand what the middle class is and what they need, it is very difficult to find solutions for them. >> well absolutely. just to paint such a broad brush as the middle class, demographically it is so difficult to define. in the election what's at stake here in terms of voters is what? 4% to 6% of undecided, and then turnout. so it is about firing up your base to get out from the turnout standpoint, and then talking to 4% to 6% of the voters that are out there. and it's hard to paint those folks with a very specific brush. >> brant, do we know who they are? do we still know -- is there one way to lump in the undecideds out there or is it a very broad swath? >> we don't know who they are but i assure you that all the microtargeters in the romney campaign and obama campaign have a pretty good idea who they are. and what motivates them.

they've spent millions upon millions of dollars, each of them, going through all kinds of -- culling through data, robo calls, microtargeting. i think they've got a pretty good sense of who they are. >> considering we have a couple of months to go until the election here, if they can't give us specifics to move the needle, what else is going to move the needle between now and then? >> unfortunately, a tax. what we see here is an effort to blame the government for everything is really romney's narrative. it was very interesting during the conventions when romney and republicans talk about the middle class, they stop mentioning small business owners. they're only 10% of the population. when democrats and obama spoke about the middle class they talked about teachers and policemen and union workers being laid off by these greedy republicans. so they're going to be trying to sort of paint these narratives is what we'll see in the next few weeks and blaming each other for a very complex problem that

isn't the fault of either party, frankly. this is decades of problems and again these global economic pressures that we've got to face and be honest with and deal with. >> just a bottom line here on the financial side -- because i know that's your wheelhouse, you're a specialist there. do we know what's going to happen to dodd-frank with either party if they win? >> it's not going to get repealed. it's very difficult to repeal a statute, especially one as far reaching as dodd-frank. >> even with a romney win. you think dodd-frank is here to stay. >> i think he would like to repeal it, but i think dodd-frank is here to stay. at least many parts of it. you may have incremental changes but look, the horse is out of the barn on many of these regulations, the rule writing process is moving forward. i think you might see some changes if romney wins but a full repeal would be very difficult to get through congress. >> the horse is out of the born

and bolting to the hills. unfortunately, while d.c. continues to be all talk and few answers, our national debt continues to swell. in fact, folks, as of today, uncle sam sr. hashas spent all year's official tax revenues. that means we've officially run out of your taxpayer money an every dime we spend today to the end of the year goes right on our nation's credit card. yep, it's borrowed. duquesne university's anthony davies crunched the numbers for us. he says the government will borrow roughly $10 billion a day for the remaining $110 left in the year. yet they can lecture us on how to manage our finances. >> maybe we can send a hat around the newsroom and get a few coins. market news flash, jackie. what are you watching? >> ubs cutting its rating on the precious metals miners to neutral. investment bank is saying these stocks are fairly priced at these levels despite the fact that it is looking at rising

gold and silver prices on the hopes for more qe3. stocks today getting hit -- franco nevada, royal gold, hecla mining, not a good day for these stocks as a group. it's certainly happened to all of us. sell a winning stock but you refuse a dump a losing. it hurts! why do we do it? a new study figured out why and the man behind the science will join ugs. later on, boone pickens is with us talking nat gas, oil, energy and energy policy. excuse me. lack of an energy policy. street signs coming back.

apple shares hitting a new all-time high ahead of witness' big announcement. it is widely expected to be the launch of the iphone 5. we're all heading out to san francisco as a network. i'll be there. only slightly larger. we'll broadcast live from outside the event beginning on wednesday morning. >> that's rather a big brian for a big announcement. the street seems to be in a standstill as we await ben's next move this thursday. let's get to bob pisani. we've come off a pretty good week, right? the s&p was up by 2.2% last week. do you feel like gold and silver has also been moving on the expectations? you feel like a lot of the gains might already be in here? >> no. if there's anything we have learned, it is when the government -- when central

bankers' money pumps are primed, be careful about saying it is over and nothing else can happen. right now for the day, there is the decline right at the open, and other than that, it's been sideways in a very narrow trade wind. consolidation is not necessarily a bad thing right now. there's been a lot made about the fact we're closing in on a lot of strategists targets for the year. average strategist had a target of 1,425. we're at 1,435. guys like david bianco at boich ba deutsche bank, saying the up side to the year may be limited. that makes some kind of sense here. but what the important thing is here, these stocks have held up very, very well and the federal reserve and, of course, the ecb are very much primed and ready to go at this point. >> thank you very much for that, bob. have you ever sold a winning stock but refused to let go of a

loser? does not worry if you have because you are certainly not alone. but there is a new study out that tries to explain why we make these moves. the oc the co-author of the study joins us now. thank you very much for joining us, professor. do investors really whether it comes down to the data really act irrationally? >> well, thank you, brian. it seems that investors do not act according to their preferences, meaning that it's not that they dislike selling losers, but actually they have some system of beliefs. they believe that these losers may come up, for example, may appreciate in price. yeah, i would say this -- >> that was the common wisdom, right? i hate to sell a loser, i don't want to lose money, it is too painful, so i hold on to it until i'm finally forced to sell

it. your analysis basically disproved much of that. >> well what we find, we find evidence that is consistent with speculation, speculative activity, rather than preferences. it is not so much about the pain, it is more about the beliefs of investors. >> i want to ask you though, as far as i understand, you actually did this research based on investor trades between the periods of 1990 to 1996, right? it's very different marketplace now. right? a lot of things have changed and a lot of trust lost in wall street, a lot of people feel more pain now when they trade. do you feel maybe if you did your research now that you'd have a different outcome? >> well, the study was conducted using data from '91 to '96 which is what was available for us. we tried to understand human behavior. i'm not sure that human behavior changed over those years. humans are humans. >> you don't feel there's more fear out there now because so many people, for example, have

seen their 401(k)s dwindle or maybe they can't retire when they want to anymore. you feel there's more fear out there by people before making a trading decision? >> it could well be that some of the parameters changed over this period. the marketplace changed a bit. but my guess is that people behave using the same principles. >> bottom line, professor, what was the most surprising take-away from your study for you? >> i would say that we have two pieces of evidence. one is that investors as of that period seemed to sell -- had the same likelihood of selling small winners as small losers. so it seems that being beyond the red threshold didn't change their trading behavior. the second one is that investors are more likely to sell big losers than small losers. if gains are -- sorry, if losses are so painful, why do they sell big losers more than they do for small losers?

>> maybe the breaking point theory. professor, fascinating work. take care. let's switch gears and find some winners for you. paul hickey is out with a list of top growth stocks that are posed to pop next year. paul, first of all, what did you make of that study that we were just talking about? >> i think he brought up an extra point, looking at data from the early '90s. granted, human behavior doesn't change that much, but if you look at investors now, there was a completely different world back then than now. demographics have changed. back in the early '90s you had middle aged baby boomers with the wind at their back, not even thinking about retirement. and now today you have this big chunk of demographics nearing retirement or at retirement age and thinking to themselves, what am i going to do for retirement? i think there's -- it would have been better to have this study looking at more recent data.

but to the professor's point, you can only use what data is available. >> sure. it was still very interesting. okay. forget fear. let's go now to making some money. you've got a list of stocks that are poised to pop next year. what did they have to have in terms of criteria to make that list and tell us what they are? >> what we do, this list we actually started tracking in early march. what we do is look at stocks ru growth prospects over the next year. they basically have to be in up trends or trading near key support levels. we update this list weekly. since we started tracking it, it is up about 10%. s&p over the same period up about 6%. it's done pretty well. in an environment where the economy's showing slow growth, look for companies that have high growth and they tend to trade at premium when there's less of them. >> give us your top four. >> the top four we have here,

athena health care which streamlines billing for physicians practices. we have eagle materials which is a play on the improved housing market. 7 of the 50 stocks on the current list are home builders. and eagle is the top leading producer of residential concrete and wallboard. demand for both of these is just starting to rebound from historically low levels. even if we get back to normal levels, that's -- eagle's in great position. 3-d systems is 3-d printing. imagine you buy a piece of furniture that you have to put together and it is missing a part or toy that's missing a part. instead of having to send back to the manufacturer, this is a new growth industry where you could actually print a 3-d rendering of the product instead of having to wait all that time for the product to be delivered. right now the stock is currently trading right around its 50-day moving average. it's been in the support area. it's pulled back in the last couple of days. the stock has had history of doing secondary. you may see a secondary coming

up but we would use that as an opportunity to buy it. finally we have dgaylord entertainment, hotel and entertainment venues in the south, including the grand ole opry. great growth prospects over the next year. again, these companies also have the benefit of having most of their revenues or all of their revenues in the united states that we are highlighting right now. so we think investors are better served in the u.s. than abroad. that's just what makes these even more attractive. >> four names for investors to look at. thanks so much. still ahead on street signs -- why france is telling its richest man to, "get lost, you rich idiot." later on, jcpenney's new strategy seems to be kind of throw everything at the wall to see what sticks from kid haircuts to $100 stilettos. will any of it work? maybe it's time for something drastic. like a jcpenney name change. so if you could rename jcp, what

would you call it? tweet us your ideas. how do you know which ones to follow? the equity summary score consolidates the ratings of up to 10 independent research providers into a single score that's weighted based on how accurate they've been in the past. i'm howard spielberg of fidelity investments. the equity summary score is one more innovative reason serious investors are choosing fidelity. get 200 free trades today and explore your next investing idea. the economy needs manufacturing. machines, tools, people making stuff. companies have to invest in making things. infrastructure, construction, production. we need it now more than ever. chevron's putting more than $8 billion dollars back in the u.s. economy this year. in pipes, cement, steel, jobs, energy.

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the king's bible ringses in at auction. we're not talking about king james here. elvis presley's bible sold for $94,000 at a british auction. singer's uncle gave it to him as a christmas gift in 1957. bible contains notes written by presley himself. cultural icon died in 1977 at the quite young age of 42. a pair of presley's unwashed underwear did not sell because they failed to reach the reserve price. go figure. that is news you can use, folks. get lost, you rich idiot. that's the headline from a french newspaper after france's richest man announced that he is trying to become a belgian. robert frank is here with the story. i sort of tongue in cheek a few months ago said everybody's going to be looking to leave. their biggest guy says he might want to leave. but is it over taxes? >> you might be. and you did call it. this controversy started with

news that he wants to become a belgian. arnault is the richest man in france with a net worth of $25 billion to $40 billion. the french media speculates that he is moving for tax reasons. they say he may be trying to avoid a proposed 75% income tax. the left is calling him unpatriotic. the right is even calling his behavior scandalous. arnault says this is not about taxes. he is doing this for personal reasons. he will remain a tax resident of france. that means that he'll keep paying the current french income tax of 44% and he'll also pay that 75% rate if it is approved. now he'd also pay the french current wealth ta, 1.8% of total assets. if he's not changing this for tax reasons, why is he doing it? i've spent a lot of time with french tax lawyers. i say he wants a way around the

french exit tax. it is a new tax just passed 34.5% on total wealth of french citizens. if they decide to change their residence, they pay 34% of total wealth. arnault could avoid that income tax by becoming a belgian citizen, then changing his tax residency in a year or two. >> he could say that it is not over income tax and not be -- what's the french word for lying -- lying? >> in other words, it's not -- there's no tax break now to do this. but this could be a step toward doing this later. it's really this exit tax that no one's really written about that is the big one for him. because it's about his net worth. >> i wonder if it will set a precedent. we'll start to see some other people maybe want to go to belgium or various other places. >> what's not to like? two national languages, not one. you've got the venice of the north. waffles. and beer. guide atom like structure

outside of brussels. tin-tin. >> that's what the answer is. it was about tin-tin! stupid us. today's sunshine is kraft foods moving higher after obviously upgrading that company from outperform to sector perform. we really want to talk about kraft. candy corn, oreos. some people were horrified on twitter, others couldn't wait to get their hands on them, vanilla cookies with yellow and orange colored cream and they're only going to be sold at target. still ahead -- a new sign that etfs could be getting way too big to fail. and flea market fortune. how a have woman turned $7 into $100,000. we ask you in twitterverse, if you could rename jcpenney, what would you call it? still time to tweet us your ideas. we're back after this. [ male announcer ] when a major hospital

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we decided to start the week off on a really strong monday edition of street talk right now.

first up, and, advanced microdevices. >> goldman sachs after 5 1/2 years has upgraded this stock. they had a sell for more than five years. they upgraded to neutral. hardly a ringing endorsement, mandy. it is not an overly bullish call. but goldman says the stock is down 82% since it made the call 5 1/2 years ago, good call, by the way. it doesn't see any further reason for a decline. not saying go out and buy it, just saying we don't think it is going to fall anymore. this time, region's financial. they are adding it to their conviction buy list. they got a $9 target. $1.50 up side. in adding region's financial, it is dual call, they took off wells fargo. news of a new apple radio product. >> it is rebounding a bit on

some positive august listener metrics, talking about pandora. the stock was up at the beginning of the day and has come down. the market is saying guess what? 1.16 billion listener hours, up 70% year over year. they don't care. they are spooked about what apple may say. by the way, wednesday is the big day. we'll be out there. pandora really getting the old apple backhand. >> correction, you will be out there. i will be back here holding down the fort. what's happening with green mountain? it is rumors on this company. stock was up friday because an analyst initiated coverage with a buy. it really had a huge bounce. today you've got rumors out there. after the stock was already up, the rumors came out. this rumor is david einhorn supposedly is covering his short position. i want to point something out here. not just a rumor -- two rumors today associated with einhorn. whenever there is a stock moving, seems somehow david

einhorn is behind it as if he's the most powerful hedge fund manager around. i would say that's absolutely -- >> david einhorn is not going to tell anybody. his traders aren't going to talk unless they want to get the old boot. how did that rumor came about? >> it came about by somebody making a phone call to one of the rumor services. the rumor service takes it, puts it out and all of a sudden people have another reason to bid the stock up another leg. let me tell you something, if i were a betting man, i'd say maybe david einhorn is actually shorting more stock as it rises because he had such strong conviction about the company and the whole story hasn't played through yet. >> who are these rumor services? let's talk about one of your other favorites, jcpenney announcing yet again another strategy to try to lure in customers. free haircuts for kids. sounds good. the retailer got such an overwhelming response to a trial program of said free haircuts last month that it decided to make the offer permanent. the stock totally got a trim

this year. down almost 20%. company also launching a line in collaboration with cosmopolitan magazine. so is jcpenney throwing every gimmick against the wall to see what sticks? jan, what do you reckon about this? >> i heard you guys renaming the company so i really think it is too big both macy's and nordstrom's are taken because that seems to be where ron wants to take them. right? he's trying to bring the company more upscale, it seems. he wants shops. he wants better vendors. he struck the deal with cosmopolitan recently. i'm not sure the cosmo girl and penny's girl are the same person. i'm not sure that where he's going is where we think he needed to be. >> would you have said the same thing about target? >> i used to say target was the best retailer in the world in 2006. i thought they did shabby chic better than anybody.

they became a retail that everybody wanted to shop at. yes, i thought it was really hard to bring a discounter upstream and make that all work. but target didn't go that far upstream. and they didn't have anybody sitting right on top of it. >> i'll defend jcpenney and johnson, believe it or not, learn. a lot of people forget target used to be dayton hudson. a boring old upper midwestern retailer. now we think of target in a cool hip vein, in a way. if they made the transition, why can't jcpenney? >> come on. >> or whatever we name it after today? >> did we ever really think marshall field's wasn't cool? that's dayton hudson over them. that's where the cool came from. that's where the buyers came from that made target cool. i'm not convinced that we're going in the right place with pen penney's. >> last time you were on you said the jcp turnaround could take until at least 2014.

are you sticking with that? >> i'm sticking with it. they were down 20% again in august. i know only 18% down in the first half. i think they were down 20% for the total month. i think they'll be down more in the back half. i am not buying the stock at $28.50. >> will you load up on it again at $19 as you wish you had done? >> at $19 i told you it was no longer a sell. i wish i would have said it was a buy. i didn't. i think at $28.50, it is a sell again. >> thank you so much. jan, stick around. earlier we asked our audience what they would rename jcpenney. thanks to everybody but here are some of our favorites. market raven just said -- just cost pennies. patricia in puerto rico -- penny. >> matthew -- jc nickel. >> they didn't pick out my favorite -- shame on our team. thought the best one came from market dude.

jcren mendy. >> i thought macy's and in order storms were good ideas. herb will be back to raise another red flag on etfs coming up. tablet wars are now becoming child's play. watch out apple, a talking giraffe has your number. boone pickens will join us. he's going to talk energy. the president touted his energy policy. what did boone think about that? where does he think we're going? find out coming up. [ male announcer ] at scottrade,

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i'm bill griffin. coming up on closing bell -- do not miss maria's exclusive interview with italy's prime minister mario monti. they talk about fix being the eurozone prices, interest rates, and how long he plans to remain in office. plus, aig getting set to end four years of government ownership. we will get reaction to that from former aig boss hank greenberg. and get this -- a new survey out shows 40% of gen y and z expect big inheritances from their parents but they may be in for a big rude awakening. we'll have details on that and a

whole lot more. th maria and i join you from the new york stock exchange at the top of the hours. >> kids these days! expect a handout from mom and dad. watch out, apple, jeffrey the giraffe may have your number. toys "r" us is getting in the tablet game. it will be available only at toys "r" us stores. it will cost $150. the hope is this plan will try to stop the show rooming phenomenon in its stores. the tabeo goes on sale in october. herb has another big flag, but this time on etfs. your fear of etfs is kind of like my fear about you, simply too big, too powerful, too soon. >> well, maybe, yes, i would say all three are correct. >> that's a compliment, by the way. >> yes, coming from brian. here's the deal. if nothing else what i'm going to talk about right now, this raises just a bunch of questions. today blackrock ceo laurie fink says he has a big pension fund

client to switch from 4,000 individual bonds to just fixed income etfs. this is the result of the fund complaining about the ill liquid markets for bonds which makes it tough to get a return right now. fink said this change in thinking will transform the fixed income market. on one level, it actually makes a ton of sense with bonds. but here's the deal. what are the ultimate consequences? if this becomes widespread, how does it impact the mechanics of the credit markets and credit analysis, and what about trying to magically create liquidity out of illliquidity? what i know is that nobody really knows right now. but that's exactly when you need to start asking the questions. i think this is an issue that will continue to go oun. it sounds great on paper, it will work for funds especially in the bond market. but it is just another one of those things -- >> there's always a tradeoff. >> this is one tradeoff -- we don't know what it is yet. >> thank you for posing the

question. a cnbc exclusive. more evidence of a resolving door at the s.e.c. it involves a former top enforcement official reprimanded earlier this year for trying to cash in on his connections after going to private practice. turns out, wasn't the first time. senior correspondent scott cohn is here with the story. >> to be fair, there have been a lot of changes to the s.e.c. since this happened. but spencer barish has been a symbol of the revolving door effect where regulators head into the private sector and cash in on their connections. he was the region at head of the enforcement agency in ft. worth who agreed in may without admitting guilt to a one year ban on practicing before the commission and paid a $50,000 fine to settle allegations that he repeatedly tried to derail investigations into the allen stanford ponzi scheme while at the s.e.c. then after leaving from private practice, he repeatedly tried to represent stanford and briefly did, which the s.e.c. and the justice department said was a conflict of interest. asked what the heck he was thinking, he reportedly told the inspector general -- every

lawyer in texas and beyond is going to get rich over this case. okay? i hated being on the sidelines. apparently he really hated being on the sidelines because we've obtained documents showing stanford wasn't the only former target that spencer barash represented. another was microtune, a texas company subject of an options back dating investigation. according to this report, within months after leaving the s.e.c. in 2005, he was working for microtunes audit committee and contacting his former colleagues at ft. worth regional office. s.e.c. inspector general's office says that contact was a violation of federal rules and recommended that barash be disciplined, though the s.e.c. ultimately dropped the case. barasch's attorney says his client did notify the s.e.c. and the matter was closed. barasch's remains a partner at andrews kurth in dallas.

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we have breaking news. what you're seeing on your screen is the cited godaddy. the site has gone down. they support millions of other sites and, therefore, they have gone down as well. we believe there's one infamous hacker group that's taken responsibility. as we learn out more we'll bring it to you. oil imports a hot button on the campaign trail. last week at democratic national convention the president tauted

his energy plan saying, last year we cut oil imports by 1 million barrels a day, more than any administration in recent history. and today the u.s. is less dependent on foreign oil than at any time in nearly two decades. we are still importing nearly 9 million barrels of oil a day. can we get off this addiction? let's bring in boone pickins. listen, i was a little priced the president talked that up, talked about opening up more land for drilling, cutting our imports in half by 2020. do you believe it can be done? >> you can do it, but to date the president has talked about a lot of things. one of them is the cutting imports and all. he had nothing to do with that. actually -- well, maybe he did. the economy's poor and that will get you less imports. so, i can tell him, you can cut

imports further if you have the -- if the economy gets worse. here you are. you've got 30 producing states, producing oil and gas in the united states. that's the greatest number we've ever had. the 30 producing states can decide this election. and some of those are pennsylvania, ohio, colorado, new mexico, west virginia. all of those are key swing states. and it would surprise me if any of those states, when they realize that governor romney has a plan, governor romney, i think, will carry his plan out. and that is to advance alternative energy for transportation, which is natural gas. now, when you -- you know, 70% of all the oil used every day in the world goes to transportation fuel. wind and solar, great sources of energy, but have nothing to do with imported oil. so, president obama talks about wind and solar all the time.

but what you've got to do is develop resources in this country. we have those resources. and you can get off opec oil. now, that is sensitive oil that comes into the united states. 4.5 million barrels a day. remember the straits of hormuz, persian gulf, 7 million barrels a day move out of the persian gulf. we only use 2.5 million barrels of that. we get barrels from nigeria, venezuela, angola, but we do not have to import opec crude. we have sources in america that can be developed. so i believe what you're going to see in governor romney, he's going to step up with a plan. he'll carry it out. president obama's had four years to do something and nothing has been done. all he wants to do is talk is tax. he says the industry's doing well but we should tax them more.

tax them more, they're doing well. i can tell you, you tax them, you will cut the activity dramatically with taxes on the oil and gas industry. >> okay. boone, listen, you're already a powerful gouy but i'm going to give you a promotion. you're energy secretary for a year, maybe an autocrat. you can do what you want, outside of natural gas for transportation, because we know that's the basis of your big plan. what would be the first one or two things you would do? >> well, you've got to develop resources in america. we've never had the leadership in washington from either party. everybody has promenised, elect me, we'll be independent. obama said when he got the domination in 2008 in denver, he said in ten years we will not import any oil from the mid east. he has not shown a plan. he has not done one thing to accomplish that. but the economy going down has cut imports.

but what would i do? i would -- i would come in with -- where i'd lead from is we have resources in america and we're going to use our resources. anything american goes with me. i'm all-american on resources. we have the resource. i would have a plan. you've kind of given it to me here, but it would be a long time before i'm energy secretary. i'll be ready when i get there, i can tell you that. >> well, you know, you still have a ways to go, boone, don't worry about that. pipelines. haven't heard much from any candidate about this. we've got a lot of jobs sitting out there, right, waiting to be built, literally. >> sure. there's no question. the excel pipeline, key stone pipeline, should be built. i mean, canada is offering us their oil. we should do it. you should make a deal with canada and mexico, united states, and have a north american energy alliance. and you would not have to take any opec oil at all.

all your oil would come from north america. that is not a tough one to do. i would do that in probably the first three weeks. when i was energy secretary. >> well, at least now we have -- >> it wouldn't take a month. >> well, that's -- >> it wouldn't take a month. >> -- have given you the autocratic role, boone. i appreciate you not canceling the interview because i know your cowboys had a tough loss this weekend. >> it was a tough loss. >> i thought you'd back out and you'd be in a bad mood and say, i can't go on, we lost to a pac-12 team. >> well, it was -- i think we had pac-12 referees. we got 157 yard penalties and arizona got 15 yards. >> right off the top of your head. that's why we like you, boone. thanks for coming on. we'll see you soon. coming up next, how a woman turns $7 into 100 grand in an instant.

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a flea market find turned into a gold mine. a virginia woman bought a $7 painting. she only wanted the frame. her mother insisted she get the painting inspected. turns out it was a lost renoir painting, worth an estimated $100,000. it will be auctioned off at the end of the month. there you go. >> well, thanks -- we have a tour gro