nuisance. you understand the risk. you are willing to am september it or take the money and run. i do think it is ridiculously expensi expensive. maybe one day it will be worth what it's selling for. until then, understand i am not blessing this. i like to . fear is starting to grip senate democrats as the blame for the obama care disaster comes straight to their doorstep. but is there anything they can really do to fix it? we have the the latest tonight from capitol hill. and at the white house, president obama has just wrapped up an interview with chuck todd. the president still defending the failing health care overhaul and he didn't apologize for the cancellation of health care as a result of bom care. and a great day for twitter, but bad day is for stocks overall.

tomorrow's jobs report may be very disappointing. all those stories and much more coming up on the "kudlow report" begins right now. good evening. i'm larry kudlow. we're live here at 7:00 p.m. eastern, 4:00 p.m. pacific. first up, the big ipo wall street was waiting for. the rest of the market sold off. seema mody with all the key details. good evening. >> good evening. that's right, we saw 152 point drop for the dow, the s&p 500 had its worst day since august 27th. and the nasdaq hit a one month low. tomorrow we do get that all-important october jobs report. but despite the bad day on wall street, twitter shares saw a whole lot of up side. the stock soaring on its first day as a public company closing up by 72% or 73%.

twitter does have 230 million monthly active users. a strong presence in the u.s. and as well as overseas. but its competitive edge is the worry. lastly, its lack of profitability. but the bulls set all that aside at least for today. >> all right, we'll talk to you later in the show. thanks for that wrap-up. now, president obama just wrapped up an interview with chuck todd and the issue is all those canceled insurance policies because of bobama care. and another senate democrat is introducing a new bill to delay the health care law mandate. joining us more eamon javers. what is your take? did president obama really apologize for breaking his promise about keeping his policies? >> that's the question here, larry. the question is was this an apology or not. this is a sound bite that is getting a lot of attention tonight, a lot of commentary on

twitter and here in washington, what is exactly the president saying. why is he saying it. the president as you say was asked by chuck todd whether or not -- or he was asked about all those people in the individual markets here who have been forced all of their off plans because they were not conforming with the obama care standards. here's what he had to say. >> i am sorry that they are finding themselves in this situation based on assurances they got from me. we've got to work hard to make sure that they know we hear them and that we'll do everything we can to deal with folks who find themselves in a tough position as a consequence of this. >> a lot of folks are saying that amounts to an apology. even our own graphic said president obama apologizes. but putting on my analyst hat here for a minute, that did not sound like an apology to me. it sounded like an expression of regret here from the president that this process is not going as well as he hoped it would, as

he needs to politically. not an apology necessarily from him taking personal responsibility, although he does say elsewhere in that interview that the buck stops in fact with him. now, all of this coming just one day after a group of 15 senate democrats who are up for re-election next year met with the president and we're told that was a fairly tense meeting, a lot of those senate democrats getting very nervous about the impact of the obama care rollout on their own political futures next year. remember, they have to run for re-election. the president does not. >> by the way, i totally agree with your analyst's hat. i didn't hear an apology at all. in fact i'm not sure what he was trying to tell me. but we'll get to that later. and one last one. talk that there is a tax cut for the labor unions, $63 per household, this reinsurance tax cut. nobody is sure what that means. what do you hear? >> i'm not quite slur whure eit. there are a lot of proposals floating around particularly on

obama care and what they will do to make up for the difference, those folks in the individual market. the president raising an interesting possibility tonight saying he'll do everything he can to help those people who have been affected by this, that is people kicked off of their plans who now have to buy more expensive plans. the question is what did the president mean, is he promising some kind of fix and how much money would it cost to fix that and where will they get the money to do that. all of that unknown at this point. a lot of ideas floating around in washington how to do it. p not the clear if they can. >> those are exactly the questions i had. you nailed it precisely. we'll try to fiddle around here and get more analysis. thank you. by the way, we have chuck todd, he'll join us in a few minutes, give us his personal take on his interview with problem. but with us right now, former obama presidential campaign aide and we welcome back terry jeffrey, cns news service. terry, let's have some fun with

this first up. was there an apology there? >> no. how can he apologize when he knew he lied. if you go back april fool's day 2010, about a week after he signs the patient protection affordable care act, he has rally. he says if you want the plan, you can keep it, no one can take you away from it, they won'ten able to do it in the future. he knew he was lying then. it was cold blooded. and he thinks he can get away with it. >> we had ron fournier on and he said basically obama was lie to go protect the first lie when he said here's what i really meant and went on blah, blah, blah. i don't see that the president gets how important politically that was. >> we may have different definitions of apologies. maybe it's a partisan thing. i don't know. i thought an apology is when you say i'm sorry. i watch that had clip and i thought i heard him say i'm

sorry. >> i thought he said he was sorry that people didn't understand what he was saying. and sorry that he may not have explained it right. i didn't hear him really say i'm sorry that i said i'd let you keep your insurance and your doctor and we went back on our word. i didn't hear that. i did hear the word sorry, i'll grant you that, but i thought it was a rather sorry performance. >> i think they might feel sorry coming next year because the beggar problems are yet to come. the small group plans got an extension because they renewed off cycle. so they won't start getting dropped until closer to the end of 2014. but i think the biggest problem is people will enroll and try to use the coverage and nip who was previously insured and now on an obama care plan will be very surprised how risky this coverage is. even if you were in a health savings account with catastrophic coverage, you probably were in a preferred provideder organization. now the networks will be so

skinny, your only choice might be a local hospital. >> just to clarify, i agree. the networks will be very skinny. >> and not cheap. >> if you have premium rate -- >> they managed to degrade coverage and make it more expensive at the same time p. if you look in the city of chicago, average deductible is $4,000. here in morning state, average premium for someone 30 years old is $333 for silver $267 for the bronze. that's not cheap. if you're above 250% of the federal poverty level, subsidies tail off enough that it's probably very uneconomical for you to get into the exchange. so if you're forced to buy a policy, a family of four earning $90,000 could be spending 25% of their after tax income on health care. >> will the senate democrats do anything about this? they went into -- they're all panicked. the election cuccinelli in virginia, the guy almost won,

down 15 points, nearly won. people getting up for re-election. will they make any changes these senate democrats or is it all sound and fury signifying nothing? >> i think they will try to make changes for political purposes. they will not change the individual mandate. they're not going to permanently eliminate the mandate on businesses. they don't want to take effect before the midterm election which is why the president suspended it. but, no, they won't make any fundamental change. and quite frankly, i think they expect to fail. i think they're driving this toward a single payor health care system. >> who expects to fail? will why i thi >> i think the architects expect to fail. in the budget request, 116 million people would be getting medicare/medicaid next year. 44 billion people don't have health insurance. 43% of the americans who have health insurance next year are

going to get it direct from uncle sam. i think where we're heading is -- >> so you're saying government -- no question medicaid is a single payor system. but i don't think that's where most of the democrats want to go yet. and i want to ask you, you've worked in the white house. you've got different plans. some of the democratic senators want to delay the penalties, they want to delay the enrollment deadline. some of them like senator landrieu, she wants to make it possible for everybody to get their insurance that they had and keep it for whatever some period of time. in your opinion, will any of these legislative bills every get voted on much less pass? >> it's tricky. one thing i agree with that was said before, the key question is when the president just said we'll fix these problems, what did he mean by that. that is really the question. because i thought that he did apologize and i think that's sort of a side issue. but the real sub stastantive is

is what will he do next. there is a range of things he can do. i don't think that he's rooting for this to fail. but you do have these democratic senators who are up for re-election -- >> they got to do something. >> i think there will be pressure for make some fixes. >> small group plans get dropped in october 2014 one month before the election. i suspect he will grandfather those plans another year. that will push it past the election. >> let me ask and you questioyo question. if you delayed all of the individual mandates, like the business mandate, would that be possible without busting the entire system? because you have -- financial fee, young people that wouldn't be paying the money in, elderly and secretary people already enrolling. is it possible to delay the thing a year without busting all the -- >> >> this year it is.

i think the most assume the mandate will get delayed anyway or the irs will never collect it. so the practical effect of the mandate has been dramatically reduced. >> i'm not hearing that. that's not what the democrats are after. >> politically, you have the policy piece on this, but in terms of the political expertise on this, i think democrats and especially obama will be very wary of going there. >> how big a political decision, 2014, more pink slips where the contracts are canceled? what will happen here? >> the president has already paid a political price for this. democrats will pay some political price. the ultimate question is can we get rid of the whole thing which is what i want. >> don't you have to at that time senate to start that process? >> you need a filibuster proof majority to pass legislation. so the only way you can do it is

the way ted cruise z is trying o it. otherwise it will be the established law of the land and we have surrendered forever a major share of our freedom on an issue where the government will make for us some of the most morally profound decisions we make in our life because sometimes it's a question of life and death. >> i agree. i wrote a column about this. but i don't see how you to any of that unless the republicans take the senate in 2014 and the white house in 2016. i think that's their mission. thank you very much. now we have to talk about very disturbing times for the economy. the gdp report this morning did have a strong headline. but a closer look revealed bad news from businesses and consumers. we have a bull/bear debate coming up with steve forbes and brian west bury. and we'll get you updated on today's market selloff.

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all eyes on the economy ahead of tomorrow's important jobs report. today we saw third quarter gdp

growth came in at 2.8%. sounds good. but i think it's masking a lot of issues in there. take a look at consumer spending, only up 1.5%. and also business equipment spending, or investment, that's the the heart of it and creates jobs, it actually fell almost 4%. yikes. that's why we're not getting jobs growth. businesses are sitting on their cash and not investing. so let's talk. we have brian wesbury and welcome back steeck steeftve fo. you can't report the innards of the report were pretty lousy. >> 0.8% were just from inventories. sure, 2% growth is nothing to write home about, but if you look back over the past year, yeah, consumption from consumers, business investment, and housing. so those three things, they're up about 2.4% after inflation.

we call it, larry, we call it the plow horse economy. it's not a racehorse, it's a plow horse. it plods along, it ain't going to deal over and die, but it ain't going to win any races either. >> that's the thing. we'll see about tomorrow's jobs number. i think the consensus 125,000. a lot of whisper numbers below that. i'll spare you the forecasting on that. but if businesses don't invest, what's called capex is lower today adjusted for inflation than it was at 2007. in fact even than it was in 2000. that's why there is no jobs. businesses are sitting on their cash. if it they don't build long term prof projects, they can't fire. why are businesses frozen? >> because of the uncertain environment that we're in. we had a big tax increase earlier this year. at least we won't get another

one at least the next two years. but on health care, you don't know the cost of your labor. they're determined to kill the coal industry, determined to stop or slow down fracking which is amazing. you have other agencies out there doing their harm. and so when you have a hostile regulatory environment, you have politics being played with a bank like jpmorgan just because jamie dimon opposed the president, now putting that company through the ringer, you say let's see what's going to happen. and delay means stagnation. >> i know you called it a plow horse, but we're in this 2% rut. that's the way i see it. >> yeah. >> and that's very unamerican. they're very european. europe may go into a double dip recession. but american has grown since world war 2 at nearly 3.5% per year. and we should be creating

millions more jobs. how do you get out of that rut some that's what i'm asking. >> well, i'll answer that in a second. but let me go back to the business investment. you're right if you look at overall business investment is below its peak of '07. but if you divide that business investment into two part, one is structures, it's the buildings, we all know we were in a building boom, a building bubble back in '05, 06 ta'06 tat, '07. that's still way down. but if you look at equipment and software, it's higher than it's ever been. and that's why we're growing. because the entrepreneur hasn't quit. we have the cloud, the smartphone, tablet, apps, fracking, 3d printing, all of these things are really positive. so i'm not going to disagree with anything that steve said. he's right. all of those negative things are happening. but there is a lot of great positive things happening, too. and so the way you get to higher growth is you allow the

entrepreneurial spirit to really bloom and the way you do that is to get rid of those things steve is talk about. >> that's the thing. is this an entrepreneurial economy, is this innovation-led economy? i personally don't see it. i'm not sure why. but i think it does have something to do with bad government policy. >> it certainly does. we should have been growing at least 4% given the sharp downturn of '08 and '09. and so the sluggishness we just have to hope and i think brian's right the plow horse will not go to the glue factory, but this is a pretty pitiful performance. how does the president dig out of the disaster of obama care. even if he wanted to, how does he do it other than scrap the whole thing. and then you have the federal reserve going back to more -- at least continuing quantitative ease which go is not good news for credit flows to small businesses. so they have to do major overhauls at the fed on the regulatory side and on obama care or we're going to have a

plow horse that could go to the glue factory. >> all i'll say, if all this stuff works, it would have already worked. if all this fed qe was going to work, it would have already worked. if these fiscal policies of heavy government spending stimulus up recently was going to work, it would have already worked. and up none of it has. we're in a 2% rut and that's not american.none of it has. we're in a 2% rut and that's not american. and it troubles me. >> france for the last 40 years, 2% real gdp growth, 8% unemployment. we are france today. >> i don't like it one bit. anyway, gentlemen, thanks. we have more topics to cover. now, very rough day for the stock market. the dow fell, nasdaq had a bigger percentage is drop. a loss of almost 1.5%, 2%. anyway, we'll talk about all

that. and look at this. european central bank cut its overnight rates this morning. but like i strongly urged to do earlier this week, check it out, i got right one time in a row. >> there is a threat of a double dip recession in europe. and there is a threat of deflation in europe. and looking at the balance sheet of the european central bank, i believe they are way too tight and they should be expanding like all get out. so ally bank has a raise your rate cd

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welcome back to the "kudlow report". the most powerful typhoon in record history making landfall in the eastern philippines. super typhoon haiyan accelerated as it approached the island nation with sustained winds reaching 195 miles per hour. thousands of people have evacuated their homes. meteorologists do not the expect haiyan to hit manila directly, but 1 million are in the typhoon's path. we'll continue to monitor that. >> many thanks to seema mody. switching gears, while twitter stock got off to a strong start today, all three of the major indexes were in selloff mode. the dow closed off more than 150 points. so let's think about why stocks dropped so much today. with me here again, steve forbes and larry mcdonald.

any particular quick theory? is this just profit taking correction or what? something going on i don't know about? >> a classic intra day reversal. which is typically over the short term bearish. the market was raging in the morning and then the reversal of about 27 handles on the s&p from high to low. i think short term if we don't retest that high that we achieved today, we're going closer for the next three weeks. >> you have to have correction. you can't go up all the time. >> that's right. >> let me ask steve, a very interesting story in the "wall street journal" today. a bunch of sectors, consumer discretionary, raw materials, tech and industrials have had great runs over the past three months and their profits are exceeding all expectations. steve, those as you know are cyclical growing type stocks. so the stock market is more bullish on the economy than probably either of us. >> i think so.

but we have to keep in mind, larry, going back the stock market today in real terms isn't much different than it was 15 years ago. you and i are old enough to remember the 70s where you had some great upswings in the market. but at the end of the day, it went nowhere and in real terms if went down. so i think this is a period of exuberance and reaction to the federal reserve not doing the taper. but in the real world, i think what happened in the third quarter is a sign that it's going to be tougher to get those profits overall. >> we will see. but i'm just making this point again from this wall street journal. profits are exceeding expectations in a lot of key sectors. materials, industrials, tech and the so-called consumer discretionary. i find that very interesting. i want to go to europe. we have i think a full screen. the european central bank has a balance sheet just like the federal reserve does except the ecb is shrinking.

right side about the middle of 2012 up to the present time, that is a 25% drop, larry mcdonald, in their high powered money. so our fed is expanding its balance sheet. they are slippihrinking its bal risk. i think you have major risk of double dip recession. >> they're in a box, too. they're really trapped. because if the euro appreciates, euro got up to 1.37, 1.38, if the euro appreciates, that hurts the southern countries dramatically. >> but now it's going back down. >> that's why i think they took this dovish stance. >> lower interest rates don't mean that they're -- they have to put cash into the economy. p. >> but i think they're forced into the dovishness. that's why they cut that rate today. because they have to because if they let that euro appreciate anymore, it's going to really hurt the southern countries. you look at spain and italy, the one thing that assumed tsupport

economy the last eight months has been exports and exports get hurt if that euro appreciates. >> steve forbes, ecb, i'm not an easy money guy. you're not. but when i look at the balance sheet of the ecb, it's shrinking. that's not the what they want. that's deflationary. i think they're doing a lot of damage over there. >> i think the ecb doesn't want to do what we did in terms of quantitative easing. the money is just sitting there. interest rate suppression. so the ecb saw that didn't work. and i think we also have to look at the demand for money over there 37 even thou there. even though the economy is showing signs of life, it is still pitiful. the focus should be what are these countries doing to lower tax rates to get their economies moving again. they can print all the money they want and they will just get stagflation like the 1970s. j we need supply side tax cuts,

you're right. but the reason on monday evening that i said the ecb has to loosen up, our fed has gone crazy over its balance sheet. i object to that as steve does. but i think the ecb has gone too far in the other direction. and i'm just saying i don't want to see a double dip in europe. do you know what the unemployment rate is in europe? >> 18%? >> 12.2%. with virtually no inflation. that's why. we're about 7.2% or 7.3%. that's not good. not good. all right. we'll get out of here. thanks very much. up next, nbc's chuck todd got the big interview today of president obama. and he's about to join us to tell us what the president said especially about the continuing obama care disaster. but first up, our nightly dose of obama care comic relief. check this out. >> latest poll shows president obama's approval rating down to 39%. and toronto may have robbed ford

for the approval when he went up to 49%. how does that make obama feel? better off smoking crack than passing obama care. would have been ten points higher. actually, have you noticed the president backtracking a little bit? like at a funds raiser earlier this week, he said, no, no, what he promised was that you could keep your health care plan if it hasn't changed since the law had passed. you know, he's such a good speaker. he almost believed it himself. and then his pants caught fire. that that's when i nooi. the american dream is of a better future,

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the most quoted thing or requoted thing you have said in your presidency. if you like your health care plan, you can keep it. you said it a lot during the run-up. at this point, though, it's obviously something -- a promise that has not been able to be kept. what happened? >> first of all, i meant what i said. and we worked hard to try to make sure that we implemented it properly. but obviously we didn't do a good enough job. and i regret that. we're talking about 5% of the population who are in what's called the individual market.

they're out there buying health insurance on their own. a lot of the plans are subpar plans. and we put a clause in saying if you had one of those plans could you keep it, but there is enough churn in the market that folks since then have bought subpar plans and that may be all they can afford. p. >> do you feel like you owe these folks an apology for misleading they have even if you didn't intentionally doing it? >> i regret very much that what we intended to do, which is to make sure that everybody is moving in to better plans because they want them as opposed to because they're forced into it, that, you know, we weren't as clear as we needed to be in terms of the changes that were taking place. >> welcome back to the "kudlow repor report". chief white house correspondent which you can todd sat down exclusively with president obama just a short time ago.

they had a wide ranging interview about the obama care rollout debacle and just how something so big and so important to his administration could have gone so wrong. chuck todd joins us now from washington with much more. first of all, welcome back. you're great do this. we appreciate it. congrats on the interview. let me just dive right into what has to be a key spot. does he, president obama, believe that he broke his promise, if you like your insurance, if you like your doctor, you can keep him? do you see the damage he did politically? >> i think the whole poents poi why he decided to sit down to the interview is because they know they're taking on political water for what it's worth. many of the conversations i've had with aides and even outside advisers, it's clear they can read polls, they saw the "wall street journal" poll when he hidden in an all-time low and this whole issue of credibility. so i think they realize that that issue and that's why you heard him -- there was no pointing fingers at the

insurance company. he didn't throw sebelius under the bus. everything -- at the end of the day, everything always was i'm sorry that folks felt misled by assurances i gave them. i'm sorry this website isn't working. it's on me if it doesn't get working. now, i'll tell you, there is a lot of things in there i thought he left a lot of wiggle room when it came to potentially delaying enroll the or the mandate. he did not feel -- that was not somebody who felt confident that they were going to hit all their deadlines because he himself just said i've been buaeeen bur before. >> many senate democrats are in a tizzy and they stormed into the white house meeting a couple days ago and stormed out and headed straight for the microphones. they're saying to some septemex they want delays in various enrollment deadlines and they want to restore the insurance company contracts at least for a year or so that they promised.

now, did the president say anything, did he leave the door open for delays? let's just start with that. >> i felt like he didn't shut the door. i think there is a difference. he seemed to not want to have to delay. i asked him that a couple times and he said enrollment period is through march 31st. and then he started talking about if the website's not up and running, you know, the goal is to make sure all of this works, to make sure people have an opportunity to sign up for health insurance. so he would not be definitive about it. i can tell you in talking with them behind closed -- they believe if they open the door to delay, that takes slippery slope. they don't want to have to. they don't want to do it. but they know they can't shut the door. >> i agree with them on that. i mean, obviously i'm opposed to obama care, but i'm saying if you delay the individual mandate for a year, they have all kinds of financial problems -- political problems. >> exactly.

>> chuck todd, thank you so much. congrats on the interview. >> you got. all right. let bring in our political round table now to respond to what the president had to say. joining us is conservative radio host hugh hewitt. great to see you. and blake is still with us. hugh, i don't want to get into whether he apologized or not. we did that earlier. but the thing that bothers me, when obama refers to the substandard plans, which ordinary citizens chose and were signed off on by state insurance regulators, if i don't want lactation services, if i don't want mammogram services, if i don't want a whole lot of services, why the hell should i have to pay for them? that's what obama didn't understand. he wants to you hayou to have e and pay for everything. >> i listened very closely to chuck todd's excerpt there and the president is using vocabulary he never used when he sold this plan. we never heard about sub

standard plans. if he's genuinely contrite, he throws the door open and says i'm sorry that i've screwed millions of american hes. he doesn't say it's 5% about of the individual market. he actually goes out and embraces the disaster that he has caused with harry reid and nancy pelosi and he tries to fix it. and i didn't hear that. i don't care about the apology either. i care about the fact that i just came from my show where a guy called me from san diego, he's got a family of six, he'll pay more than $10,000 more next year. this is a disaster in and the president is a bystander. >> it isn't the computer thing. i know they will fix the computer at some point. the real problem is cans link the insurance contract and second problem is resigning up and having to pay much higher premiums and deductibles. i don't see how the democrats get out of that. >> we have the plan, it's the law, it's about to happen. and a lot of conservatives don't like it, a lot of americans

don't like it. the key here is all we've seen from the right frankly has been an effort to repeal, repeal, repeal. that's obviously not going to happen. the question now is, and we were talking about this in the earlier block, what happens now to try to fix this. and i think you're right, that will be interesting to see. you have the senate democrats who are vulnerable potentially next year saying we need to fix this if for no other reason politically. the question is on the republican side is there interest in actually trying to at that time law take the lay w as its an s is a to fix it. >> direct political question for 2014. you saw what happened in virginia. as soon as obama care became the issue, cuccinelli nearly won. in your opinion, is the gop going to make obama care the number one issue? not all polls say it is. a lot of people say it's the economy, but i want to ask you. is the gop going to make obama care the number one issue?

>> if it doesn't, they're insane. it will be the number one issue because it will impact people immediately. and i just made a little list. you have mark pryor in arkansas, begich in alaska, landrieu in louisiana, udall, shaheen, merkley, all facing electorate the. that's not even the four open seats. we have an absolute tsunami sucking in democrats. and the republicans, even if they didn't want to make it the issue, it's the issue because it's going to be thousands of dollars a month, lost doctors, lost coverage and a story a day on my show, on your show of the latest obama care nightmare. and blake has his talking points, but this isn't a talking point issue. you can't spin the bankruptcy of the people who lose their insurance. >> but the thing is, blake, i

just got to be honest with you. i know a lot of these democrats, moderate democrats have been on this show, they voted against republican attempts this summer to modify and change. not just to defund, but they voted against everything. they even voted against changing the individual mandate, delaying the individual mandate. now they have changed their position because of politics and the cuccinelli thing in virginia and because of the polls. to me, they made their bed, i let them sleep in it. i wouldn't give them a nickel on this. >> two points. one is we're starting to see new flaws to the law, so it's possible to say i think this is good, then see certain flaws where people are not getting the plans they thought they would get and try to fix it. but to get to hugh's point about obama care being such a deadly political issue, let's be honest about what happened in virginia. terry mcauliffe was a very, very flawed candidate who had like a

29% approval rating. most democrats weren't even satisfied with him. and ken cuccinelli did not beat him in a pretty purple state. it was a battleground state. so to the extent that we all here think obama care is a poisonous thing that will defeat everytrying to make it the numbr one issue, but i would caution against it. >> i'm out of time. i just want to ask you, do you think that the republican establishment, whoever that is, republican national committee, i don't know who these people are, this alleged war against the tea party, isn't this a bad idea, isn't this just the opposite of inclusion, the opposite of -- why is the gop encouraging a civil war right now? >> you know, i don't think it is. i think it's overstated. i think it's a mean the democrats want to encourage. if it is on the mind of something like the new york

times today to try to drive out the vevangelical voters, it wont work. >> and the tea party people, too. reagan was a big tent guy. to me that's still the motto. we want everybody. i think they're crazy. maybe the "new york times"s is overstating it. we'll see. anyway, blake, hugh, thanks very much. remember this wild scene at a walmart last month? the food stamp glitch that caused a frenzy. that had long term ramification. seema mody will explain it and will also have the latest on the killer typhoon heading for the philippi philippines. stay with us. my mantra? family first.

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welcome back. i'm seema mody. check out shares of priceline down big in today's trading session. falling more after the bell, but know rebounding. the company is splitting its chairman and ceo meaning jeffrey boyd will give up the ceo title. that spooked some investor, but then the street got a closer look at their earnings and revenue. both better than expected. and that's why the stock is rebounding. and we have this news on the

iran nuclear talks. nbc just learned about an hour ago that secretary of state john kerry is going to personally join the talks with iran's for minister, that move was not expected and it signals just how important the white house believes these negotiations are. back here at home, remember this scene from walmart in louisiana? ebt cards were not working, so customers filled their carts to take anything they could get. now the state of louisiana is investigating and threatening to permanently take away ebt cards from anyone who abused the temporary glitch. and we want to he saend with th super typhoon with winds more than 200 miles per hour, one of the strongest storms ever. thousands are being evacuated from their homes. >> awful situation. one quek thing. h quick thing. how will the authorities track down the people in walmart? >> maybe through security cameras, facebook, who knows. >> good luck on that.

anyway, many, many thanks. just how bad a deal is obama care for young americans? you don't know the half of it. the man who explained it all in a big wall street journal op-ed piece is about to join us and explain. switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 70% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. with investment information, risks, fees and expenses so if ydead battery,t tire, need a tow or lock your keys in the car, geico's emergency roadside assistance is there 24/7. oh dear, i got a flat tire. hmmm. uh... yeah, can you find a take where it's a bit more dramatic on that last line, yeah? yeah i got it right here. someone help me!!! i have a flat tire!!!

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welcome back. so is obama care ripping off the young and the healthy? that was the focus of an op-ed today in the "wall street journal". joining us now, the man who

wrote the column, professor schram. he knows a thing or two about health care, he's former president of fortis health care. i want to go back to the whole thing about healthy young people. it was called a big con game in a column. what if they don't show up? if the young healthy people don't show up, is that going to bring the entire system down? >> it's going to because actuarially, it's just a matter of arithmetic, if the young healthy people don't show up, and it's quite cynical, because actuaries know they don't use much in the way of medicine. if they don't show up, there won't be enough cash coming into the system to actually subsidize the intergen race al transfer of wealth up to older people.

>> sort of like the other entitlements that young people are supposed to subsidize all them, too. and it's not working out. you cite a number in your article today, i think from the manhattan institute, 27-year-olds will pay 99% higher premiums under obama care? why should they do that? >> well, they shouldn't. and i think that the big question we'll watch here and i'll make a bet that people as consumers will be actually quite rational and they won't show up. because they shouldn't. unless people are basically going to say, look, it's my duty as a citizen to pay yet another hidden tax by the way to subsidize or cross subsidize care for older people. a rational person would look at these increases and that's what really triggered my research, when i began to see report ises of the extra ordinary increases in individual markets for young healthy people, the costs, premium costs are nowhere near consistent with what the actual in individual markets for young healthy people, the costs, premium costs are nowhere near consistent with what the actual expenditures will be.

>> that's because all the mandates were jammed in there. but let me ask you, you refer to this in your article, so, okay, young people, complaint they get prevent differenc preventive care, have catastrophic insurance, why complaint we design something like that? >> the private market had it and in fact one of the reasons i began to think about this was some years ago when i ran the insurance company, fortis, one of our brokers suggested for me that when kids were graduates from college before they settled into their first job, they were naked for coverage for about two years. so we developed a product that was very xheep. a young man goes to the doctor six times between the ages of 18 and 35. right there it tells you how they will any that population is. how basically low these premiums ought to be. and in a sense, you know, i use

the word rip-off. i think it basically is a rip-off. >> and you can get major medical or catastrophic. but it would be a much cheaper package. that's the point. >> hugely cheaper. and this is something the government could subsidize. >> all right. got run. thank you. appreciate it very much. that's it for this evening's show. thanks for watching. there are many ways that we could do this whole health care thing much better. my customers can shop around-- see who does good work and compare costs. it doesn't usually work that way with health care.

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