anyway that can judge larry graze worried not only about the storm it takes away attention from a f neil: it takes away attention from a far greater economic mak? storm.>> many in the media do not see do this. when you make of this?ut we >> this truly is the calm befor. the storm. so-called

it is not as tepper, florida.ell but we see europe and washington returning from their so called, vacations that are well deserved. it may return so thatmportant volatility, because the conversation will ship back shift back to the issues that are so,we important. we will be talking about the ever present higher energy prices and the ever present possibility of higher interesths rates.nd m most important, we will talk about the national debt. nationa that is a central issue to this this whole campaign the america people, regardless of the weather, deserve to know at the end of the convention what is the most important issue of the campaign. i can think ofll $16 trillion worth of reasons why we need tok state our case and make it il: we clear.i neil: well said. i always remind my colleaguest e that i think we can do a couplec of things at the same time icanet is, as we dwe can talk about the can can

convention, you can have your cake and eat it too. larry do you get a sense that the markets are worried we're not serious about this. and this is still august? >> right, well, the question really is, are the american people ready to engage in a serious dialogue about the country financial future? as much as we would like to believe they are, there are many americans that are not, it is not at the forefront, it is not at fore front is because it is not affecting their daily lives yet, but as long as interest rates are held at low levels because of the federal reserve policy and you have government intervention we postpone the inevitable making it worse. until people have trouble borrowing to buy homes, they are not worrying about financing the

national debt, they are all looming, they are looming in the near future, but right now the financial markets have not been focused about that. i do worry about the consumer and volatility. but so far the markets have taken the summer off. they worry about other issues. they have been detracked just like we've been, by the potential storm. we're losing focus on the core issue. neil: i've not been distracted. those when who are worried about their hair are. >> if i had more hair, i would worry. neil: i respect the heck out of you, but i think more americans, than you know, appreciate are ticked off about this. i think they get very mad when we walk past the graveyard. i think they are the ones whose views are either understated, under reported, under polled, they are ticked off more than what you think about what is

happening to debt, oil, and gas and their spare change. they don't have much. >> i think you are right, i think as a grassroots campaign that is building, it is powerful, it is comes from the people. they are concerned. we need to make them more concerned. you are doing your part. a weizman said that -- weisman once said that all of the great changes start at the dinner table. neil: thank you very much, larry. >> democrats are dealing with their own distraction when many hope will be a good one, but big, the big dog, take a look. >> this is a clear choice, the republican plan is to cut more taxes on upper income people and go back to deregulation, that is what got us into trouble in the first place, president obama has a plan to rebuild america from the ground up. it only works if there is a strong middle class, that is what happened when i was president, we need to keep going

with his plan 92 here i. neil: here is the thing about bringing in the big dog, it does not just make folks notnostic. and bringing in bill clinton is a habit of the obama campaign, which is interesting considering that bill clinton has been at odds with the obama campaign. >> it looks to me like i hostage tape, but that could just me. >> you never know. neil: he does not look like he is really into it. >> going back to that point, it does not look like he is into it, he is not, this is a disingenuous thing with bill clinton coming into the obama campaign. neil: compliments mitt romney, and talking about surpluses instead of deficits, but

speaking on this ad, bill clinton is talking about a plan, right? which naturally leads people to asking, what is president obama's plan. if he is the clear choice, then he probably has a clear plan for the american people to look at. we have not seen that plan. bill clinton talks about investing in job training but job training is worth less when there are no jobs, president obama can talk about more spending and vest am but there ment but -- investments but there is no planning, and they told paul ryan, look, we don't have a plan, we just don't like yours. neil: and the political ads, george bush the gift that keeps giving. bill clinton liberalized home lending at the time it looked like a great idea, we all know it went too far, but leaving

that aside, do you think it moving the base to see bill clinton and bring out the base? >> i don't know it does. and this is why because i think that people understand that the clinton era was a separate economy. neil: he was moderate. >> he worked with republicans in congress to get -- with shrinking government,. neil: now this president. government actually grew at a slower rate under bill clinton, national debt was $6 trillion, now, it is $17 trillion. neil: a very smart guy. i have interviewed him many time issue his propensity for numbers is amazing, his recall is amazing, people can go back and forth, fair game, but he knows the numbers, i am thinking he has to know the numbers that

this president 5 trillion on in debt, and has haranged business and gone after fat cats and almost made evil everyone who is successful in this country, and questioned how they became successful. >> i think when bill clinton is talking behind the scenes, and caught on tape talking with paul ryan, giving him a that's boy, and giving mitt romney some credit and talking about how, actually we should be extending tax cuts for everyone because we're in a recession, i don't think that it is a real genuine portrayal. neil: they came out, and i thought they were shouting out a help for the president. but, to a man they said the same thing, you got to cool it. >> but you asked about whether

this was mobilize the base, because this is a showing of bill clinton's values he used in his presidency, reflecting on same values that president obama has used, they have had very different presidencies, i think people can see thissa not something that bill clinton really wants to be doing, he is doing it for the sake of the party. neil: and in today's newspaper. could be wrong. >.>> you are never wrong, neil. neil: thank you, all eyes on the storm, i am on isaac watch 10 to noon saturday morning, maybe we'll rope this lady in, fox news, we'll continue next week live from tampa during the republican conventions right here on fox business, starting 8:00, we will go to midnight if need be, all other networks say we need -- they are running tupperware commercials, and if

is is late at night into their sleepy time, they say, i need my beauty sleep, but we will because i do not need beauty sleep. meanwhile, media warning, forget about killing jobs, why critics say that romney's energy plan would kill the environment. and did you see this the naked truth about nudity in primetime. the way things are going, you might be seeing a lot more of me in a lot less than you want. are you having dinner? okay. seems they haven't been moving much lately.

but things are starting to turn around sebecause of businessen mopeople like you.. and regions is here to help. with the experience and service to keep things rolling. from business loans to cash management, we want to be your partner moving forward. so switch to regions. and let's get going. together.

trick question. i love everying about this count! including prilosec otc.

you know one pill each morning treats your frequent heartburn so you can enjoy all this grt land of ours has to offer like demolition derbies. and drive thru weddings. so if you're one of those people who gets heartburn and then treats day after day, block the acid with prilosec otc and don't get heartburn in the first pla. [ male announcer ] one pill each mornin hours. zero heartburn. neil: all right we have fox, alert for you, we learn new home sales were up last month, but this could make you throw up right now, it looks like we're stuck with fannie mae and freddie mac the w they are. the maker of wonder bread and

ding dongs is getting dinged by high union costs. hostess ceo is here to update us on whether that does the trip to pull company out of bankruptcy. >> i think it will, we have m substantial progress, we on tuesday reached an agreement with the bakers union, they will put it out for a vote, let the employees vote, it rests in the employees' hands. neil: unions say you are putting it all on them, bad management, bad decisions and bad times that did it. and a health-conscious society

that did this. >> the last part i do not buy, we would not have chocolate companies, who would sell and make chocolate if that was an issue, that is not a huge issue for hostess,. neil: your biggest seller? >> you almost have to look at geography, with drakes cakes and dolly madison,. neil: i think that ding dongs are your staple. twinkies could be, what scares me, how long have they been around, when i open a package, i suspect they have been open for decades. >> not that particular one. neil: they have a long shelf life. >> they do but not as long as people think, that is one reason we have a good thrift store business. as to your question about cost and blame, i think in this case, i have done this for 29 years,

everyone shares in the blame, there is no one person can point at another person say it was you, or this was you, you have a series of event, any type of company that does invest in itself, and get into a structure where they can do, that they will have a problem. neil: let's see you get the concessions to work. you send it out, either we do this or we're gone, they don't want to be gone. normally, what i see, a meet, and agreement and move othey are not happy moving oyou don't have a great jazz workforce, what do you do? >> that is a real issue here, if you look at this, you are asking these employees to do, you are going to people who already gave at the office 4 years ago, there were concessions, now they are back in the soup. neil: like the airline guys, and

pilots and baggage handlers, saying, been there done, that you' more blood. >> that is an issue, the way we chose to deal with it make sure there is shared sacrifice across the board, wage concessions in our case are company concessions, management and everyone, not union, not targeted to the union, we'll cut wages as part of the proposal, 8% in first year, that is not insignificant. neil: and things pick up everyone profits. >> yes. >> what do unions say. >> i think they are getting things they didn't get last time, as offsets, but the concessions are shared by the entire company not just one specific group. neil: are you at a macro disadvantage in an age where

unions are supported and popular with the president, like the president it is returned back to them, fill oes, fill on the feer -- philosophy like yours with this administration, you are up against the 8 ball. >> well, there are certainly politics attached. >> any time unions put the heat on, they respond to heat. >> i give the parties credit. i came into this situation, late, i was the last guy in and you know, we had a very wise gap between the parties involved. so i give the leadership credit, because, they made the moves they needed to make, our lenders made the moves they needed to make, this is a true compromise, because no one likes where they

are. neil: i can't see the maker of twinkies and ding dongs, going out of business, i can not. >> i don't think it will, i am very hopeful this will go through, the company has great prospects, our revenues have held. if you look at what is going on with company in last year, bankruptcy, bad press, strike talks every other week, you know, trial, you know we have corn prices at dufs dust bowl l, we've had everything but locust. neil: a lot of people, whether union or management, they -- are an icon. >> our customers have been supportive. neil: i have single happeneddedl--single-handedly kn business.

neil: thank you, turning that puppy. >> how much do you want for that old iphone. the industry for soon to be apple clunker, that iphone of yours, you' how much? are you kidding? this man is about to be the millionth customer.

would you mind if i go ahead of you? instead we had someone go ahead of him and wifty thousand dollars. congratulations you are our one millionth customer. people don't li to miss out on money that should have been theirs. that's why at ally we have the raise your rate 2-year cd. you can get a one-time rate increase if our two-year rate goes up. if your bank mes you miss out, you need an ally. ally bank. no nonsense. just people sense.

for many, nexium helps relieve heartburn symptoms caused by acid reflux disease. osteoporosis-related bone fractures and low magnesium levels have been seen with nexium. possible side effects include headache, diarrhea, and abdominal pain. other serious stomach conditions may still exist. talk to your doctor about nexium. hi. remember me? i'm one of more than 3 million disabled veterans living in the united states. my brothers and sisters gladly gave our all for our country, but we need help to get our lives back to normal again. that's why we depend on the dav, the disabled american veterans, to fight for benefits and rights that we earned.

don't forget america's disabled veterans, and remember the dav. neil: in our fox financial, new iphones are coming so deals on the old ones are flying, you can pick up one for $148, today facebook launching a new app that is supposed to be faster

and easier to use, but housing is till hurt. -- still hurt. that is down a bit, from the prior 3 months, but not much. still a high number, and housing still in the hole, fannie mae and freddie mac are still in a lot of pits, money pits, the government-controlled housing giants, sucking in $189 billion in bailout bonds, but fannie looking to change its standard, and require 10% down, instead of 3% on many loans, time for a bigger change, just get rid of fannie and freddie, find a better way, david, that is not going to happen but i do like the idea, we're going to you know, you know, make our standards tougher. it just does not apply to them, i guess, what do you make? >> that is for sure. the fact that when you look at

fannie mae and freddie mac, they are tightening up, white house announced they will be accelerating, the word they use, the wiped down of fannie mae and fridfreddie mac, interesting thy are doing this is the a time when housing industry is trying to recover, so increasing fico requirements from 620 fico scores, to 640, are things that will prevent some losses, but, neil, it a little bit like closing the door after the barn has burned down a bit. we have got to change these two entities. there is a solution that has been put forward by the mortgage bankers association of america, that i think is a reasonable solution that we need to focus on as we look at the gse's of fannie and freddie. neil: i have no problem with

having realistic standards, you can't just walk in with no-doc loans, and no money down, i don't mind standards, i just have a problem with those who don't have standards that talk about standards. but the question is, how did fannie and freddie get into a position of being so dominant? is it that difficult to sort of detach them from us? 7 out of 10 mortgages are with them, they are like a monster. >> they are, they represent 60% of the liquidity in the secondary market, the thought, as many as we would like to see them go away because of structural defects in the way they are designed at the core. a great book, reckless endangerment, outlines a lot of problems there. but we can't throw them off the cliff too quickly, they do

represent all of the liquidity at a time when there is so lite liquidity. neil: what worries me, even critics of freddy and fan, they don't say's peep with this financial reform law, they are both left out. they bero the most money from it. have the worst payback record of any one who profited from it. and yet, they go on and on and on, it is like they have pictures of politicians, i don't know, what is the deal? >> not sure what they have, but it has gone on far too long, we need a change, i hope that two presidential candidates really det serious about addressing this issue in this election. neil: all right, well, as do i am it is important, david lick liken thank you. neil: all right, a new study that shows full pros full fronty

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neil: halftime, will anyone give the u.n. a full throttle, here is proof you need they think squat of us, size issues are winning. mahmoud ahmadinejad has just 1 thwonthe jackpot, an official gl blessing, secretar secretary-gef united nations is going to be with the shortest terrorist on earth, he is bringing friends, officials gather in iran next week for a i summit meeting thae in u.s. have tried to stop, the decision to attend the meeting, called something that

non-aligned movement, shows he is aligned and much of the world and i am afraid to say, again us, and israel and against a head of handful of other western countries that would like to isolate or at least marginalize iran, well good frickin' luck. the country make up biggest voting bloc that i want to powwow in tehran, what does that tell you? what does a country deep in debt, and short on global street cred to do, nothing?an't do squt financial basket case is not iran, it is us, the folks covering most of the bill, and a good chunk of the airfares for iran. i hope it is not first class, i hope once he gets there he stays in a day's inn.

i could not handle a ritz-carlton. it is a tad unnerving. it is incredible, but the times say it is what it is, when you are broke, you don't have a lot of friends and we're broke. >> thank you, neil could we're $16 trillion in debt, adding over a trillion in debt in annual basis, obamacare coming in we have fiscal cliff, because of those things our influence is declining, that is a huge issue, and a equally big issue is lack of leadership could look no further than jimmy carter in late '70s we had terrible economic policy, and worse foreign policy, and we had the iran hostage situation, they were not released until ronald reagan became president, in part i think because of his leadership ability and they were in fear of retaliation, fast ford, our president has gone

around the world and apologized, the united states hugged our enemy in hugo chavez, in 2009, iranians were rising up, we did nothing, and let them fail. our -- >> to be fair. i mean, u.n. has been a pain in our butt. whether we have a republican president or a democratic president, they had a problem with george w. bush, and they problem with ronald reagan, they just hate us. look, certainly there are exceptions, i do know about the sort of round robin nature of these meetings, iran's important was next, but this this environment, someone should have said, maybe this is not the time, i am wondering if there is such a disconnect to this body, we should say the hell with it? well, you know, u.n. is not aligned with the u.s., as you

pointed out, it is aligned against the u.s., we pay 22% of their tab, more than anybody else, they do everything and anything they do to ac the opposite of our best interest of will no wonder in u.s. taxpayer sentiment is so negative against the u.n., can you imagine this happening under ronald reagan? i don't think so, this is lack of leadership, the president, he gave up our missile defenses, and got nothing in return. and endangered, and antagonized our allies, and at the same time with an open mike, president of united states saying that president of russia, after this election, we can do whatever you want, i am pier phrasin -- paraphrasing a little. neil: they were not big fans of ronald reagans or his aggressive military plans, star wars and

whatnot, but you are right, that is back to a general question, u.n. aside, about how we're financially seen, and how you see the markets going into the fall, because, one day does not a trend make. today the markets are doing okay, apple shareholders are doing very okay. but do you see this puppy running out of steam? play up the fall for me? >> well, we seeing gas prices go up, we're industrying food prices -- seeing food prices go up, the reason that market have done so well is price inflation due to prints of money and regular trading, goldman sachs and other hedge fun managers, september back money saying that -- sent back money saying that people are too powerful. so, these markets could be dicier, i recommend get your money in a protected place to receive a reasonable rate of return. neil: man, oh, man, tyyoung

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>> everything this president is doing now as not one thing to do with policy or reality it all has to to with politics, they will do everything possible to get reelected, that means everything. neil: alan simpson ripping everyone, peeved that his recommendations are being

ignored. former debt commission member -- goes on and on. alice likes it. and recommending both parties go with it. >> thank you. neil: senator simpson, in his way, was saying, he is frustrated. nadler was on earlier saying that debt commission's recommendation should not become part of the president at debate, they might cheapen the process, what is your take? >> well, the record of facing up to our long run deficits is is adismal, we have not done it, the main thing driving your deficit going forward is retirement of baby boom

generation, and cost of health care, we've known about them for years, we have not done anything, i share the frustration of senator simpson that the political process is not facing up, it is republicans and democrats. neil: you are right. over the years that i've known you, have you been warning about entitlements and focused on them when nobody was, long before that guy ross perot was, yet, it is ignored. i wonder, what do you think it will take to get this addressed? >> i think we're about to find out, neil. because the congress put itself in a box. it e enacted short tax cuts, and allowed them to expire at the end of this year. all of the bush and obama tax

cuts expire at the end of this year. and we have this weird thing called the sequester, which means we'll have automatic cuts in defense and domestic spending, very large ones, and irrational, when that hits us at the end of the year could we're risking a double dip recession, i think that is right. neil: that is if we let it happen. i talked to a prominent congressman on this very issue, doctor, that said his best bet, was that he thinks there will be a 90 day extension of all of the above, and then they will hammer it out whether with a new president or a reelected one, do you think that is likely? that is kicking the can down the road? >> i think that is a one of the

likely scenarios. they have to do some kind of a combination of kicking it down the road could because they won't have time to do all the things they need to do before the end of the year. some combination of kicking it down the road, and putting a framework for getting a solution in place. neil: i know paul ryan did not vote for this final recommendation, now he is -- you know vice presidential candidate, how do you think he will do if we got alleged, as a vice president. >> well, i don't know, i doubt he knows. i'm a democrat, i hope that we don't find out. but. but i think that paul ryan is smart. and understands the budget very well. he is a committed conservative. he believes in small government.

and he believes in cutting quite drastically programs for low income people, and all of the things like student aid and things that president and i think are quite near to improve your economy. but the best thing that i think could happen, would be a reelected obama. and paul ryan back as chairman of budget committee and a negotiation between them. neil: why am the not surprised you said that. >> hello, smart man. they both kno understand the prm well. neil: i don' don't doubt they understand it they are just doing squat. alice rivlin, left or right, you are a class act. >> good to be here. neil: oil is dropping and mitt romney is promising by 2020 not a drop, not a drop of foreign oil will be here.

that is if he becomes president here. the plan that media is not buying into but we'll start drilling into the capital one cash rewards card gives you a 50% annual bonus. and everyone likes 50% more [ russian accent ] rubles. eh, eheh, eh, eh. [ brooklyn accent ] 50% more simoleons. [ western accent ] 50% more sawbucks. ♪ [ maine accent ] 50% more clams. it's a lobster, either way. [ male annncer ] the capital one cash rewards card. with a 50% annual cash bonus, it's the card for people who like more cash. [ italian accent ] 50% more dough! what's in your wallet?

neil: this just in, how go a teleprompter i am, fox poll, romney-ryan ahead. slightly leading the obama ticket. but close as a tick. neither of them have all of the electioof thevotes yet. >> and when it comes to kissing thsheik's hand you will not see

this by one mitt romney. after what he announced today, i'm not sure over there will want to kiss him at all, he salehing ouhehelaying out a go , with no oil from there, remotely popping' over here within the next 8 years. if saudis don lik saudis don't n said he can beat them up. >> i have been to iraq 8 times, i know the region, i think we can get off of the foreign oil, there is no d every president since nixon said they will do it. but i think 8 years is too

ambitious. we get 3.3 million barrels between canada and mexico, we're talking about 6 million barrels outside of north america, we could increase our capacity by 2 or 3 million barrels within the next 8 years, then it would depend on what happens with nat-gas cars or electric cars, we could by 2030, i think that 2020 is not quite possible. neil: i think it is, you need big goals. you are a big texas guy, you know the state in and out, every once in -- every one thought that kennedy of crazy, he said, by end of decade we'll land a man on the moon, and return him, of that bold, when ronald rig an reagan said mr. gorbachev tear down this wall, and they did after 4 or 5 years, i say, unless you set a dramatic marker. >> i agree.

the way to get off that, you have to use natural gas for transportation, which you do shift that, the electric car never took off but if nat-gas fills that void. void,. neil: isn't that what he says today, if we explode everything we have -- exploit everything we have from here natural gas to drilling, we could in rapid order get it from here. >> absolutely. neil: can you do it in that short of time, you think he is 10 years too je generous. >> natural gas has to be the manhattan project of next 8 years, that is possible. as far as getting off complete lee off foreign oil that is tough, i don't think there is a reason to replace oil we get from canada and mexico, being our neighbors and friends, we want to create jobs here for us as well, they are refined in our

oil refineries, but it is possible with natural gas plan it is possible to create millions of jobs, there is no job creation even on the horizon except for an energy plan, we are only country in world that does not have one. neil: johnny thank you. great to see you. neil: isaac still scary, somewhere, someplace, al gore has to be smiling, something climate will do serious g.o.p. change. ely. but because of business people like you, things are beginning to get rolling. and regions is here to help. making it easier with the expertise and service to keep those wheels turning. from business loans to cash management, we want to be your partner moving forward.

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>> i'm about to say something crazy. if your name is barack you have to be routine for tropical storm isaac. who do think they're not talking about? not even within a 1,000-mile radius. also of the tropical storm stop being the nominee from unleashing his own storm. news organizations talking about how they will get what they take away from romney and paul ryan some anchors are talking about their hair the very few talk about the economy an hour wreaks

greater have it. this could be held that is on the way. but not so long i take it over economic issues. it doesn't matter liberal or democrat. this is wrong. the mainstream media relishes in a bad timing. they did not have to say barack obama. they'll ready did. this is a big deal. we're down there and worried about our her. this is a helmet and chemically sealed to my head. category five cannot touch this.