tv Varney Company FOX Business August 27, 2012 9:20am-11:00am EDT
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>> the share price of apple, going to open higher. the patent victory over samsung friday afternoon is the reason, here is where apple is now. 663-- i'm sorry, look at the bottom numbers, okay? 679, 680, thereabouts, that's where apple will open up, about 16, $17 from the closing price friday now the polls for the november election, according to "the washington post," mitt romney leads president obama, this is nationwide. 47-46 and comes back to the economy and another washington post poll, 72% of voters say that the president's handling
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the economy is the big issue, here is question, how does mitt romney sell himself to voters this week at the republican convention. mark stevens, author of "your marketing a less than adequate", show the front cover, please. marks, you're in charge of the convention and in charge of romney's image, and what image should he sell? >> speaking of this, we have great political advisors, ed rollins and karl rove, people like that, but the greatest campaign manager in history was joe kennedy. and what joe kennedy did. stuart: the managed the campaign of his son. >> he made his son president. what he did, his greatest way of doing that was to show the family on the front lawn, big happy family, all wearing harvard t-shirts in front of their lovely home and then show the war hero thing. he stayed away from the issues for the most part and have america fall in love with his
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family. >> you think that romney should do the same thing. >> absolutely, and very decent person and even people have to agree this is a decent man e why should he move away from the issues, when the issues are surely the economy is the issue? >> well, no i don't think so. here is why. anybody with any sense of ideology has made up their mind already. this is such a black and white election and made up their mind. if they don't have an ideological bent who are going to fall in love with the person they feel closest to. john kennedy won by 100,000 votes or so for that reason he just looked better than nixon, the marketing of the kennedy family was done really well and the other thing that has to be done if i was this charge of the campaign because our candidate is a product, is that we have this thing that even romney says
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i know he's a nice guy, that being obama. stop that. he's called you a felon. he says you killed somebody. why do you keep saying that? end that. and i think he has to be unmasked. we just saw son fox the success of the movie, 2016. there's an appetite for people to see who is this obama guy and i think the duality of showing the romney family and having them fall in love with this, and this is really an appealing thing. stuart: yes, five sons, a wife-- >> and you will of his grandchildren and great decency and unmask obama. go on the attack, almost a personal attack about who president obama really is. >> let him use his own words. like, in judo, let him use his own word, use his words when he talked about reverend wright and use his own words about transforming america, show those words and affiliations, so that juxtaposition is what i would
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do, and stop saying i know he's a nice guy. he may actually be a good family man, the obama, you don't elect the president for that. stuart: i don't think you're going to see that in this convention, i think it's going to be issues and that he'll go after president obama on the economy, that's what's going to happen. ignoring your marketing. >> at their own peril. stuart: and you just sold your company at a small fortune. unbelievable. good advice, we thank you. look at this. a 15-year-old golfer wins the canadian women's open. and her name is lydia coe, t youngest winner lpga. and she wants to finish high school and college. and 15-year-old old miss coe. that's sham pen? we're seeing a wholesale price
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>> all right. we start trading in about ten seconds and we're expecting again, a really flat market with a slight down side bias this monday morning. again, it's going to be a very slow week of trading, the week right before the labor day long weekend. always a slow week in terms of stock market trading. and to the big board, here is how we have opened up this monday morning,nd up 5 points, again, very flat, low volumement, but i want to get straight to apple. as you know by now, it won that abouted ruling in a patent dispute with samsung and the ruling confirms that the dominant technology could place restrictions, and samsung stock is down 7%, but apple going straight up. a gain of $15 a share 678. and here is where shares opened.
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in fact, 678 and by the way, this news is benefitting some other companies, for example, rim. i believe that the theory there is, laura, i believe that the theory is that rim already has a product on the market, it's not going to be frozen out by apple, and therefore, rim goes up 4%. and so that's the rim story, have you got ibm for me? can you show me that? they've got a lot of patents. >> yeah, ibm has a lot of patents and this is good news for companies like ibm and as well as research in motion. ibm shares are flat, but we'll wait and see if they move up more as it progresses. stuart: the big news apple, straight up. lots of fallout with other companies with patents or products already on the market. i think that's the story for the entire day, apple dragging the nasdaq up this morning, while the dow industrials are just up 8 points. what have you got. >> the etf, the power shares on the nasdaq, track the nasdaq
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100, soaring tetoday because ape is a huge chunk and nokia is having a good day because of the apple ruling as well. stuart: got it. all right, back to you, lauren, shortly. and isaac making a beeline to new orleans and expecting to make landfall seven years to the day after katrina hit landfall, that would be new orleans. and look at the price of oil, very interesting, we've got the price of oil up a buck, about 20 minutes ago, and now, down a buck at $95 a barrel. now, please, just for a second, look at wholesale gasoline, that's still high, but how much, 6 cents higher. it was up 10 or 11 cents earlier. let's bring in by phone oil analyst, tom closure. and can you explain to me why oil was up a buck and now down a buck. >> i think it was up a buck with the amateurs that trade it overnight and suggesting that a hurricane in the gulf of mexico
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should send crude oil prices higher. there's plenty of oil ought there and really the oil platforms are not threatened and we've got plenty of supply. and what will happen, however, is that you're going to have precautionary shutdowns of, oh, perhaps a million or more barrels per day of u.s. refeeng capacity, that means less demand for crude, but tighter supplies of gasoline and so the market is actually making sense right now. and if you look at the cash markets, if you need to take delivery of gasoline in say, the next couple of weeks, prices are up 20 cents or more from where they closed on friday. does that mean that we're going to see another jump at the pump? >> yes. >> in the future? >> it does. >> 10, 15 cents, what do you think. >> i think you're probably close to the neighborhood. now we've got a long way to go today, and any departure from the storm track that takes it west to the florida panhandle,
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might mean that some of those precautionary shutdowns won't happen, but so far, i think we're seeing the increases that are going to possibly push retail prices countrywide to 3.85, but most of the increases should be east of the rockies and not on the west coast where they've suffering for some time. >> all right, tom cloza. >> take care. stuart: back to the election, it comes down to the economy and we have bean saying that for a long time and we've g a poll to prove. and 72% say president obama's record on the economy is a major factor in november, but as governor romney takes the stage at this week's rnc, can the governor really fix the struggling recovery if elected. peter schiff from u.s. pacific capital is in tampa. are you a skeptic, peter? i know that you tend to take a doom and gloom few of america's finances, do you think that
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governor romney if elected could fix things? >> well, he's not going to prevent the crisis, we're headed to are a real economic collapse regardless who wins this election. and my hope though is that romney will have a better understanding of why it's happening, it might be more likely to entertain free markets solution, which would be the exact opposite of what george bush did in that allowing the recession to unrun its course, uninterrupted from stimulus and bailout and do what needs to be done to get this country on a solid footing, which is dramatically reduce the size of government, slash spending, cut regular laces -- regulation, and he's talking growing with more spending on medicare, social security, more spending on national defense, we can't afford that. we need a real change and down size government and hopefully in the aftermath of a crisis, we'll get that. stuart: you can't get elected can you?
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can you get elect president of the united states, and saying, i'm cutting social security, cutting medicare and cutting the government handouts you're not going to get elected. >> we he ever in know, no one has tried it. everybody panders and nobody wants to tell the truth and everybody is afraid they're going to shoot the emergencier. stuart: well, ron paul said it and what did the man get. may be 10% of the vote? >> if he would have got the media coverage of romney he might have won. he got a lot of sport e no, he didn't. >> oh, come on, no he did nt. stuart: he got a lot of coverage and-- >> no. stuart: a vigorous group of supporters out there all the time. a lot of coverage. >> stuart, all the coverage he got, stewart, all the coverage he got was why he couldn't win and was out there and maybe towards the end by the time it's too late, but if he'd gotten the coverage early on and taken him seriously in new hampshire, in iowa, and it might have been
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denver, but i agree, it's difficult to get elected telling the truth and that's the problem. >> it's impossible. >> that's the problem with democracy. >> it's not impossible. look, there are some people that have won some primaries for the u.s. senate and for the congress that told the truth and see if they ultimately get elected, but look, rand paul got elected to the u.s. senate and telling it like it is and-- >> hold on, let's go back to governor romney. his plan is tax reform, lower tax rates, fewer deductions and long-term entitlement reform. and now, isn't that a plan at least, which would surely work over the long-term if implemented. have we gone too far? >> no, he's talking about reform, not cuts, they're committed to increasing social security and increasing medicare and that's not reform. and they're also saying that nobody over the age of 55 is going to lose a nickel. that's impossible. >> no, wait-- >> that's going to bankrupt the company. >> they're talking about using market forces to reduce the cost
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of medicare, and talking about long-term social, know he, that's not going to work, what's going to reduce the cost is cutting the benefit. the government has overpromised. these are gigantic ponzi schemes, they do not work. the only reason the economy hasn't collapsed because the interest rates are artificially low. the fed cannot keep interest rates low indefinitely and when interest rates go up, the party is over and then we're not going to have the choice anymore. we're going to have to finally deal with the problems or destroy our currency and that's going to be a real economic crisis that will make 2008 look like a walk in the park. >> give me a time frame, peter, when will the crunch hit us. >> it's in the next administration, i hope it's trillion enough at least the blame doesn't go on capitalism again and hate for romney to be there for a couple of years and it falls apart and somehow capitalism gets the blame even though it's not. it will be the same big government policies pursued by
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obama and bush, but, you know, that is the danger that republicans face, if they think that all we have to do is elect romney and everything is better, we can't fix these problems by repealing obama care and cutting taxes, we have structural problems that underlying the u.s. economy that are very deep and require real free market reforms and unfortunately, none of the major candidates are even talking about that right now. stuart: you see, peter, ron paul's position got a lot of exposure right here, right now through you. go on, ten seconds. >> and-- we always appreciate you being with us. and much more on isaac coming up next hour, and take you back to the rnc, rich edson is standing by, he'll set the scene at the convention. is it a ghost town? back to lauren, best buy shares, a winner again. now, why today are they winning? >> up 5% today and the reason
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is, 20% of best buy stock and he's reached it, and they're conducting due diligence, forming an investment group with sponsors to do so. they're headquartered in inm min and they had to wave some minnesota laws in order for that to happen. should a transaction be proposed and the board reject it and not to pursue another quick until january of 2013. looks like a day trader's stock to me and out by 10:30 eastern. thanks very much indeed. time is money and what else we're watching for you, we talk a lot about money printing and ben bernanke and money on you. it hurts your buying power and so does the weak economy. ed butowsky has strong opinions how well off you are or are not. >> california why you're expected to go big, does that mean the biggest state has no role at the g.o.p. convention, we'll talk to a leading
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conservative about that. >> neil armstrong, real american hero passed away over the weekend. my take on the death of who is a truly great man. we want to hear from you, too, e-mail right now, varney@foxbusiness.com. we'll read them on the air. all right, seven early movers, apple a lot higher after the patent win against samsung and apple was around 680, i'm moving on swiftly to hertz, it's going to buy dollar thrifty, pay about 2 billion dollars in cash, and hertz is up. it's the buyer and it's up 12%. now, look please at dollar thrifty, they are being bought. where are they? up 7%. government motors, not general motors, bans campaign visits by romney and obama, still languishing at 21 a share. and i am immunogen, it's up 6%.
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immunogen. and aol going to buy back stock and cash dividend 15 cents per share, up 33 on aol. luxury retailer tiffany, lowered sales and profit forecasts, and not more than analysts expected and it's up 5%. m and t bank to buy hudson city savings bank in a deal valued at 3.7 billion. there are your 7 early movers ap the dow as we said opening pretty flat and a down side bias, not much. down 13 points as we speak. and you know, there are 11 key swing states that could decide the presidential election and next, scott rasmussen has his first tracking poll from the 11 states. who is leading, where it really counts. an answer in a moment. ♪ [ male announcer ] at scottrade,
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>> monday morning, in late august, low volume. small movement for stock prices down 24. the dow industrials, big movement for the price of oil now, down a buck 51. it was up a dollar earlier. why is it now down? because the refinery shut downs means less demand for oil, means a lower price, it's down a buck 50 as we speak. and if mitt romney wants to win in november. you have to win the swing states according to the latest tracking poll. he had work to do. and scott rasmussen from rasmussen reports from new jersey, what's the results of the fch practicing poll. >> president obama is up. he woulden by 7 the last time and includes some states that are on the fridge of what you
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might call swing states like michigan, pennsylvania, states expected to go for the president, all 11 of the states were won by president obama four years ago, and they include everything from states that lean to obama down to the pure tossups of ohio, virginia, and florida e so this is an average of the 11 states? >> that's correct. if this average moves to the point where they're tied, in all 11 states, that probably means romney is going to winnowo virginia and florida. if the president can get into the range he's in right now, 2, 3, 4 points in his favor it means the race for the white house is a tossup. is there a trend in the swing states towards the president or towards hess challenger? >> there really hasn't been much trend in any of the polling. we saw the president up for 3 points the best in a couple of months, but really, it's just at the upper end of the range, he's getting 47% support, he hasn't done better than that since
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march. stuart: how do you measure enthusiasm? i think it's going to be very important in getting the turnout of key constituents. is there any way to measure that. >> yes, two different things that people refer to as enthusiasm. one is very important and one is not. the very important one is howley -- how closely people are following the campaign. and on that consistently republicans have an about a 10 point edge in terms of people following the campaign closely and that's why the leikely vote polls for registered voters or adults. the second way of measuring enthusiasm, people do it and ask, are you excited about the candidates or lesser of two evils. democrats are more excited about their candidates than republicans, we'll be updating numbers tomorrow, but that doesn't translate into extra votes and the reason is because a lot of republicans may not be
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thrilled with mitt romney as a the nominee, but sure want to get to the polls and vote against barack obama. so the president provides passion for both sides e fascinating stuff. please, please come back and tell us how things are going as we head towards the big vote. scott rasmussen, thanks indeed, sir. >> thanks, stuart. stuart: 9:50 almost. here is the price of gold this monday morning, 1,671.80, it's down just a buck. holding at a relatively high level for the past two months, that is. we often rail against america's liberal academia on "varney & company" and say it's not their peers pressing them to be liberals, it's the professors. and charlie payne and gerri willis joining us on this very subject. ♪
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>> ruth weiss is a professor at harvard and writes in the wall street journal today and says there are plenty of diverse political opinion among the students, but when it comes to the faculty they're all solidly democrat. and here is what she writes, and scroll back to that, please. political independence alive and
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well at least among students now days pressure for conformism comes more from the faculty which tips democrat like the "titanic" in the final throes, you're on the harvard faculty better be a liberal or else, so much for intellectual diversity, that's what i make of it, charles, you. charles: i think it starts long before harvard. at least in public schools in new york and new jersey. stuart: is that right. charles: my son used to many could and tell me they blame this on christie and i mean, they start to indoctrinate-- >> the teachers. charles: the teachers. the kids at a young age to hate republicans and of course, you get to college when you're supposed to be able to spread your wings and learn things and it's interesting in the article, characteristically and tellingly, absent from the will is is political intellectual diversity. stuart: anything to add to that, gerri. >> need more e new at ten, good enough. new at 10:00 the impact of isaac, but what about the republican convention?
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convention, but what's the situation as of right now? new at ten we're about to get a live update from tampa. has the weather made it a ghosttown? and what about tomorrow for the rnc? and check the big boards this monday morning, very slow tray trading and minor declines in stock prices, apple though, way up. here is our monday morning company and gerri willis is with us and charles payne is with us and lauren simonetti on the floor of the new york stock exchange. apple, let's start there, lauren, it hit a high after its victory over samsung, where is it now? >> right now, apple is 600 and waiting for the board, stuart. 74. it's up more than 1% and the all time high is 680.87 and-- e it hit that earlier. 680 earlier today. we've got a spillover effect from apple's victory in the patent case. i think that rim, research in motion, blackberry are up after that verdict. >> yes, they have the upcoming
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blackberry 10 operating system coming out. this isn't hurting research in motion, it's up 2%, and more earlier. and nokia is doing a good day and android is the system taking a jolt today. stuart: republican in tampa and the convention, they're waking up wondering what the weather is going to do to their plans. rich edson is awake in tampa and rich, it doesn't look too bad where you are right now? >> a little breezy, stuart, that's about it on this one. the hurricane or tropical storm wrapped around tampa and we've gotten rain here, but not that much. and when republicans made the call to delay this, did so on sunday. you've got a massive footprint downtown, half of downtown is shut down and tens of thousands of delegates have to get here, by shuttle bus, five, ten, 20 meals away and a nightmare to do this during a tropical storm. it's tracked west since then, this'll gather for a few minutes
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after 2:00 and they'll start a national debt clock, and they'll add the debt through the days of the convention and gavel out after that and the festivitying begin tomorrow, stuart. stuart: at this point it doesn't look like tomorrow's activities will be interrupted very much? >> it doesn't. the one thing they're looking out for here is not necessarily what this storm will do to tampa, but what kind of damage and what kind of problems on the north, north of here on the gulf coast, you really don't want to be celebrating when there's major problems, weather problems and destruction going on somewhere else in the country. stuart: fair point. thank you very much, rich. as rich mentioned they've got the national debt clock up there in the middle of the convention and that debt clock is expected to cross the 16 trillion dollar mark sometimes around next week when the democrats meet for their convention. this week at rnc, the republicans are using that
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rising debt as one of the center pieces of their campaign. greg vallier joins us from sunny d.c. and greg, i think it's a pretty good move on the part of-- to put at that debt clock up within sight of everybody in the convention, going to have an impact? >> et cetera quite an arresting number, worth more than your total net assets, stuart. a lot of money, 16 trillion dollars, but i take a contrarian view and we'll probably argue about this, stuart, it doesn't bother the bond market. if the bond market isn't worried, i'm going to sleep fine. stuart: there aren't a lot of bond market voters, and voters who care about 16 trillion dollars. >> it's a big number and i might push back and say that paul ryan doesn't balance the budget fo two decades and it's gone up a lot for president obama and
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probably used against him. stuart: you brought up paul ryan, i would say he's unified the republicans more than any other pick. they look united party right now. >> they sure do. looking at the polls the last few days, i saw you with scott rasmussen, he didn't see a big shift. i can sense in the air, more spirit, more enthusiasm on the part of the republicans and looks to me as if the mitt west, ohio, michigan, things have gotten closer since ryan was put on the ticket. stuart: how many people, greg, do you know who are really, really demanding another four years of president barack obama? how many people are jumping up and down, we've got to have this, we've got to have it. >> yeah, i think they're meeting in a phone booth later today. but, here is the thing, what the democrats will do next week in charlotte is paint the republicans as too extremist and that's their only hope to say this stuff with the gold
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standard and medicare changes and abortion, the republicans are out of the mainstream. they do not have a positive narrative to elect us, et cetera a negative narrative as to why the republicans are too radical. that's their only hope. look at at that, 72% of voters in a washington post poll. 72% think that president obama's record on the economy is a major factor for the november election, that's a huge number and that's a big negative for the president, isn't it. >> absolutely. even as we've got a good unemployment number in about 11 days, friday the 7th, september. he think it's too late. i think that people's attitudes on the economy have hardened and obviously hurt obama. now, earlier today. we had a marketing expert on the show who said, look, mitt romney should forget about the issues, forget about the economy, people have made up their minds on that, and what mitt romney should do is got out there and advertise his family. and five wonderful sons, fine wife and a terrific guy, loads
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of grandchildren,'s he a nice guy, not an extremist, what do you think? >> i totally, utterly disagree. people want to hire somebody who has the correct prescription to make things better. i don't think they really care what his religion is, what his family looks like, it's all background noise. they want someone who can fix things, his strongest suit in my opinion. they've got to like you. the person you put in the white house is going to be op your tv screen, they've got to like you and respond to you, you've got to show them who you are and you're likeable, you're a good guy. >> you know, i've watched-- very persuasive, stuart. i've watched all 20 of the republican debates this winter. came away thinking romney is good, likeable, funny, quick, knowledgeable and i think he'll be plenty likeable nuture. people want someone who can fix what's going on and that's his strongest suit.
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stuart: who do you think is going to win? >> i think we'll be up until 5 a.m. on election night to see what happens in colorado and nevada and i still think the electoral map slightly tilts toward obama, but since you and i talked a week ago when you said there was a shift toward romney you're a visionary. since we've talked a week ago, i can sense thing tilting more tornado romney. flattery works wonders, keep talking like that and you're on every week. >> be careful what you wish for. stuart: greg vallier, always a pleasure. any comments from the-- >> this weekend i was reading a scientific magazine and people being hired, overwhelmingly if you're perceived as a nice person you'll be hired so much quicker than someone else and dove tails with what you're talking about. >> peggy noonen said something interested in the wall street journal said that mitt romney needs to show his humor because it's not something that president obama does well.
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kind of cutting humor against obama would work, because he is not the kind of person to laugh. stuart: the gentleman on the show earlier, mark stephens, a marketing expert. said it was john f. kennedy's father who got him elected insisting he get out there and show his family and have the whole family lined up in hard vard t-shirts and fine and prosperous and good guys and the rest, romney should do the same, five sons, attractive wife, family, grandchildren all over the place and do that and you permlize the election. charles: hard to say a guy like that is against women. i've met his sons, they're fantastic. stuart: and hardly extremists. charles:en i don't how they get away with it. he's got to find a way to counter act that sayings. stuart: and that's the thing. and oil and gas prices, and take
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a look at oil, down a buck 30. and refineries are shutting down and less demand is lower price, and why oil is down. please look at the wholesale price of gas up a large 6 cents a gallon and that will filter down to the pump prices that you and i have to pay eventually. as for the pump price right now gone up to an average nationally of 3.75 and diesel is up again, 4.03 a gallon and seeing a spike in some florida cities by the way. tampa up a strong 13 cents a gallon and fort meyers, 12 cents and miami 11 cents. isaac has hurt you at the pump in florida already. much more on what we can expect the gas price spike to reach at the retail level with pat trek doohan from gus buddy. and the latest read 10:35. and lauren and tiffany stock, the latest.
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>> tiffany stock is it doing well today. as you can see, but the numbers are not good. and the profits in the quarter, but missed analyst expectations for revenue. same-store sales fell and they said key markets in asia and new york, but the stock is up. we're thinking the reason is, when they cut the profit outlook for the full year, they did not cut it as much as many analysts were expecting, and so that could be the reason behind this 6% gain for tiffany's. stuart: thanks, lauren, never bet against the rich basically? >> the story in the las three months, three, six months, the high end retailers have done well. >> you don't have anything to add to it. charles: not when it comes to theism. retail, i want to stay away from that. stuart: a movie on a fraction of the screens compared to big releases came in at number seven at the weekend box office. it's all about president obama, it's not a positive movie by any means.
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and we are going to talk about it next. . >> obama has a dream, a dream from his father, that the sins of colonelism be set right and that america be down-sized. you see us, at the start of the day. on the company phone list that's a few names longer. you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank.
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hey, travis... get some friends, loser! you all right, man? ♪ lean on me, thanks. ♪ when you're not strong... ♪ >> the big story this morning is isaac and its effect on you and the your wallet. and the track turned away from florida and could hit new orleans, right around the 7th anniversary of hurricane katrina
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that would be. and a huge turn around in the price of oil. 97 and now 95. earlier tom cloza says that the short-term, refinery output and less demand for oil. and the stock is flat and the dow a down 30 on low volume. aol giving a special dividend. 15 cents a share, ooh. we're coming back in 90 seconds, talking about the movie this weekend. and you chimed in with comments and you'll hear some in a moment. moment. ♪
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help millions of people by helping to make gluten free bread that doesn't taste gluten free. together, the elements of science and the human element can solve anything solutionism. the new optimis >> the pain i felt was my father's pain. my questions were my brother's questions. their struggle, my birthright. >> obama has a dream, a dream from his father, that the sins of colonialism be set right and america be down-sized. stuart: well, that was a clip from the surprise box office success, "2016 obama's america", a very limited release, the film made 5,799 dollars per screen, a lot of money per screen. the anti-obama documentary grossed now the biggest money making film of its kind for the year. joining me on the phone is emmy
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award winning screen writer rbt avarak. calling from los angeles and thank for calling in. you said you went to a screening in los angeles of all places and an enthusiastic reception to the showing of the film. >> yeah, it was very surprising. when my wife and i first found the theater with a lot of difficulty, we -- before we stepped into the theater i said, this is going to be empty. and when we walked into the theater, it was packed to the rafters and we had to seat ourselves in front row seats. >> and now, i am-- available. i'm told at one screening in los angeles the audience broke into had a chorus of "god bless america" is that true? >> that's what i heard. at the screening where i was after the film was over, stood up and gave it a standing ovation and a couple next to me i heard somebody say that at another scre screening and some
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sang "god bless america", i think the film is more than an anti-obama movie. i don't think that's correct, i think what it is more than anythingles is reaffirmation of the greatness of america. stuart: really, that's interesting, robert. you are an emmy award i think with screen writer, i believe. >> yes. stuart: isn't it unusual for a documentary to get this response and number of people to see it. >> it's very unusual, most documentaries never seen outside of film festival or on cable televisionment and that's amazing, this film is so successful without the mainstream media and it's skrn and ckocontempt by the normal ma and pushed my like michael moore
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and most documentary are highly left wing documentaries, they're supported by people like reviewers from the new york times and the l.a. times. and this is supported by citizens. stuart: that was fascinating. robert, we appreciate you being with us today. thank you very much. your firsthand experience of the movie. appreciate it, thank you very much indeed. stuart: all right, everybody, i've not seen it, charles you've not seen it, but you've heard it, and the success of this thing, go. >> i think it's going to be fascinating. this author has been highly critical of obama, but i think he's delving deeper in the movie and got people's attention. the financial success of this alone tells you something about where people's minds are, and it is reminisce september as your guest said of michael moore's fahrenheit 911 critical of george w. bush and that movie had a long life and came at a similar time in the election cycle. stuart: to my knowledge, nobody has yet criticized "2016" on the grounds of accuracy, nobody's
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said this is not true, and a falsehood. charles: if it hasn't happened by now, it's not. it would happen the first day. so many people stopped me on the street. people tweeted me, and so many people. when i get an opportunity to go to the theater, and hopefully come out on dvd soon, i hear there are shocking things about his father, about his relationship with america, his interpretation of what america should be. and really, really truly shocking things, and again, it's all based on factual things, something that everyone should know. stuart: and you have to remember though that the people who are predisposed to go and see the movie are probably not obama folks. >> there's select, no doubt about it. what's interesting about part of this point of view, he thinks that obama wants a smaller america and an america with less ambition and not running the planet or globe and works with
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other countries as sort of an equal, not the view that a lot of americans have at all. we want to be wealthier, want to do better, we want our sights higher every year. stuart: and here is robert telling us about an enthusiastic reaction in los angeles of all places, los angeles. and the wall street journal reports it was playing to packed houses in union square, manhattan. >> shocking. stuart: if that's not the heart of liberalism in america, i don't know what it is. packed houses. charles: i wonder how they left the theater, probably the back way, to the train station and-- >> wait a second, many of our viewers saw the movie and here is what you are telling us on twitter. dennis sharp says, explained obama's beliefs, did not berate the man and shows where obama is taking the country and some folks cried following the movie. stuart: that's interesting. and nancy calls it the best documentary in history. well written. and everybody needs to see it before going to the voting polls. and sue says very popular in
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southern indiana, enlightening and saw it mid week afternoon showing, mostly seniors, theater full. >> seniors vote e and follow us on twitter, facebook and join the discussion, please, fascinating stuff. the question that very few people will be asking this week in regards to the rnc. what role if any will california play at the republican national convention, california? should the republican use a formally golden state as an example what know the to do? we'll answer that question an a moment. i'm so glad you called. thank you. we're not in london, are we? no. why? apparently my debit card is. what? i know. don't worry, we have cancelled your old card.
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. it's going to happen in the next administration, i hope it happens early enough the blame doesn't go on capitalism. i hate for romney to be there for a couple of years and then fall apart and capitalism gets the blame. stuart: by the way he was talking about a financial chris, that was peter schiff in the last hour, a grim outlook for the future of the economy according to peter schiff. catch "varney & company," tune in 9:20 eastern, please. to the big board, virtually no movement in stock prices we're down from very low volume. virtually no move in the price
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of gold. down 50 cents, but, oil, movement. down a buck. we were up a buck and now we're down a buck, apparently, less demand for oil in refineries which are shutting down means a lower oil price. the national average for gasoline 3.75, diesel 4.03, that's going up because the wholesale price of gas is rising because of isaac. and back to lauren, and hertz buying dollar thrifty. 2 billion dollars paid. what's with the stocks? >> they're surging on the news. it's usual we see both companies, acquirer and acquiree, and look at that. hertz at a new annual high. and dollar tlfty up over 7%. and hertz is the victor in this deal. stuart: up 12% and that's unusual, paid 2 billion and up. lauren, thank you. we know that california and electoral votes, we're pretty
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sure that the votes are going straight to president obama and the election, but, the state still has a huge number of republican delegates to the convention, so, what role will those huge number of delegates from california have at the convention. and from front line strategist was going to be on the floor, but the rain and wind have kept him in the hotel, i believe. mark, welcome to the program. why am i hearing that at the convention the california delegates will play a role, and that role will be to shout down and/or oppose ron paul delegates if they get out of line. are you hearing that? >> no, i hadn't heard anything like that. in fact the story that we're getting this morning is more of a sense of optimism about the future of californians if republicans can finally get their message together and step up to the plate. governor chris christie, a huge get here for the california delegation, talk to us and say you guys got to get in your own
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back yards and fight for yourself just like in new jersey. there's a sense that we're not going to worry about mischief making, especially dealing with the issue from the storm and isaac moving through the area. more importantly, it's what can we do to try to tell the rest of the country, don't make the same mistakes the democrats have been making the last years here in california and continue to happen for the rest of the country. >> does the california delegation, does it really have any impact other than putting the message out. here is what you should not be doing? >> well, the impact we have, we've got a lot of intellectual people and kevin mccarthy, for example, a majority whip from bakersfield, california and putting a strong message out there, you know what, california congressmen can actually increase the republican gains in california, the state we've got about 12 races going to be impacted here and we think we can pick up a couple of seats because the tide is finally turning, i think. and the year of the golden state, you know as well as anybody stuart, we're at the
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bottom of every single leading economic indicators and businesses fleeing the state and hemorrhaging tax revenues and democrats want to be the power brokers that double down on higher taxes and failed check and regulatory policies and continue to put this, this state on the edge of collapse. and if that goes into collapse, you know, think about what's going to happen with the rest of the country following suit. stuart: now, does president obama win by 8 points, 10 points, 15 points, how many points does he win by in california? you know he's going to win. >> you and i talked about it earlier and asked how many points. i'm thinking that obama is still reasonably popular and polling at about 52, 53% and i think that that's about where he's going to end up in the state and he's going to be closer than people think. and i don't think that anybody reasonably believes that you know, the state might not go red all of a sudden. that's not to say as chris kisskiss ty christie told us to get out
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and fight. we've got to start from the bottom up to rebuild the california republican party. we appreciate you being with us, who ep to see you on the convention on the floor. charles, you want to say something? >> 52% they're chipping away in california. stuart: i don't know how many points president obama won by in 2008. off of top of my head i think it was 15 points, something, it was a wide, wide margin. >> getting people off the government dollars is going to be hard. almost like, and where the rest of the country might go. you know, mitt romney is i can making the point we need to spend less on entitlement programs. if california were to have a stronger republican party, that would mean something. stuart: but why would you vote for the republicans if you're in california? you are broke. you desperately need a federal bailout. who is going to give you a bailout? romney or obama? president obama. that's where the bailout would come from.
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charles: and voting republican, probably left the state. stuart: back to the markets, two stops hitting, am i right, all time highs, apple and amazon, really? whoa. i'm sorry, it's just me, i thought we were going to bring in lauren for that. apple earlier today hit 680,ets all time high and now 677, it's up there, $14 higher. amazon earlier i think hit 247 something leak th-- something like that, and two all time highs coming in today. and charles two big names, you want a thought on them. charles: amazon, and i love jeff b bezos. he's old school and thinking five, ten years old and his stock should have been up a long time ago, but every now and then miss the street and get in, but this guy is a visionary thinking
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about the long-term which every ceo should and unfortunately most can't take the hit when the stock-- >> apple is the flip side of that. the new gm, doing everything to preserve its edge in the marketplace, and this decision friday from the court, i've got to tell you, this is going to hurt consumers. prices for-- >> do you think so? >> prices are going up and bad news means that apple controls absolutely every inch of everything they've ever designed. not good news. stuart: do you think that could keep samsung products off the markets. >> competitively it is a disaster for non-apple players. stuart: that's what samsung said. >> i agree. it was almost absolutely everything apple wanted it almost got. and it's because everybody views this company as the big white knight. i have to tell you, there's some very sharp edges with that company. stuart: interesting. next the man who tracks the cheapest gas across the country in every city, every state, what's expected to be a spike in the next few days, will it happen because of isaac?
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you know him as the gas buddy thanks to me. is it not true that i personally have made you a fortune by appearing on this program regularly? have i not? >> i don't have the numbers in front of me stuart, but i am wearing a new suit this morning. with the fidelity stock screener, you can try strategies from independent experts and see wh criteria they use. such as a 5% yield on dividend-paying stocks. then you can customize the strategies and narrow down to exactly those stocks you want to follow. i'm mark allen of fidelity investments. the expert strategies feature is one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account.
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stuart: isaac is expected to make land fall on the 7th anniversary of hurricane katrina hitting new orleans. and right now it is making a beeline for new orleans. first of all, look at the price of oil. it's down a buck. but please, more importantly now look at the price of wholesale gasoline. it is up 6 cents. that is a very big jump. and that will translate to a higher pump price pretty soon. here's what you're paying now at the pump. remember, please, it is going to go up, 3.75 for regular, the national average, 4.03 for diesel. we are actually already seeing a spike in some florida cities. over the past week, that is. tampa up 13 cents a gallon. that's in the last week. fort meyers 12 cents. miami up 11 cents. that is a spike. let's bring in gasbuddy.com. patrick, we just said wholesale gas prices up 6 cents a gallon. when does that translate to the pump price? >> probably three to five days from now we will start to see this increase hitting the pumps.
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stuart: national average of 3.75 for regular. earlier today a guest on this program said it would hit 3.# 5 fairly quickly -- 3.85 fairly quickly. do you agree with that? >> especially the gulf communities where the increase will be quickest. we are talking about stations replenishing their tanks. people will be filling up in advance of the storm. probably see the quickest in the gulf. i just checked wholesale prices and things are looking pretty rough in the chicago region. another pipeline issue that's come to light and it's actually worse than what's going on in the gulf right now. wholesale prices in chicago are up even more than they are in the gulf. stuart: that means -- okay, we've got that. now, as i understand it, people in california and washington state and oregon, they are already paying an average of $4 a gallon. connecticut, illinois, new york, within 2 cents -- 2 cents of $4 a gallon. i'm listening carefully to what you're saying, basically that tens of millions of americans more on top of the millions
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already paying $4, $4 is a reality very very soon for a majority of the country? >> well, depends on where. you know, the gulf is the cheapest area in the country already. we will likely see big increases in the gulf. i don't think a lot of areas will see $4. but -- stuart: you see, patrick, i'm talking about very big population states, california, illinois, connecticut, new york. there's tens of millions of people in those states. >> yeah, that's right. all your biggest cities we have been at $4 and probably will stay there for quite some time now. new york city, chicago, l.a., but, you know, when it comes to texas, dallas, houston, i'm not sure -- don't believe we will see 4 bucks there. the biggest cities are at 4 bucks and will stay there. stuart: is this just temporary? you know, hurricanes come. hurricanes go. pipeline issues come and go. refinery issues come and go. basically supply and demand in the fall. are we going to come back down
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again? >> we will. it will depend on how the hurricane goes. how much damage it causes. katrina caused damage that was left for eighth months to a year. -- eight months to a year. this is not going to be the strength that katrina was but we could be talking at least three weeks, maybe a few months. >> what about impact of labor day driving? >> that could be an effect. americans are hitting the road. prices are set to go up before they do that. people may be changing their plans last minute. stuart: cheapest gas in the country? >> el paso texas at $3.24, but with the storm coming, you may see that pop up as well. stuart: most expensive gas station in the country, where is sthit -- where is it? >> santa barbara california 4.99. >> that's for regular? >> that's regular.
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>> patrick, we appreciate you joining us. our foremost authority on spending power and inflation, money manager to the wealthy, he will be here in a moment. hey! did you know that honey nut cheerios has oats that can help lower cholesterol? and it tastes good? sure does! wow. it's the honey, it makes it taste so... well, would you look at the time... what's the rush? be happy. be healthy.
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right now it is at $95 a barrel. the initial reaction was that isaac would send oil prices higher. instead restrict refining activity which means lower demand for oil which means lower prices, hah will be short-term -- that will be short-term. stock market, holding with a loss of 26 points on low volume, but the nasdaq is higher. why? because of apple. up big because it won that huge patent case against samsung, awarded a billion dollars. but even more important could be what it puts on the competition. apple up 2%. that's why research in motion is up as well. it is have an existing product, doesn't infringe on apple. if other companies are frozen out, that will limit competition for rimm as well. we're back in 90 seconds with a look at how money printing by ben hurts your personal finances and so does this very weak economy.
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stuart: gulf coast refiners trading higher today because a venezuelan refinery blast. how about that? so valero is up nearly 5%. hah's all to do -- that's all to do with venezuela a fire there, really? >> hey stuart that as well as valero in addition to exxonmobile and chevron. they do about 19% of total u.s. output in louisiana and mississippi. it is also isaac that's making a big threat. but for valero, it is about a dime away from a 52 week high which they hit a little bit earlier. stuart: lauren, thank you very much indeed. do you have less money in your wallet these days? certainly less spending power?
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according to the census bureau, annual income for the average person fell, repeat fell, 4.8% since the so-called economic recovery began in june of 09. that decline was even bigger than what it was during the actual recession. joining us now from dallas, ed butowski, money manager to the wealthy. ed, you have your own numbers on spending power, standard of living, and all of the rest of it. was that number down 4.8% in line with the numbers that you have come up with? >> well, it certainly is. i mean, it is much higher than i thought it was going to be. but what we have to understand about this is any time you create more of anything, the value of what's already out there goes down. so when there's more money printed, the value of the dollars that you already have go down. so when you combine that, stuart, with your income is going down, the cost of goods go up, you have a negative double play, and this's why people are very -- and that's why people are very miserable right now and that's why you will also see more people relying on the
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government. as gerri said earlier when you get people on the government payout plans and they start getting money from the government, it is hard to get them off that. we will see more and more of that if we don't get the economy turned around quickly. stuart: i have lived in america for almost 40 years i can't remember a similar prolonged period where our standard of living better yet our purchasing power went down by such a long period for so much. i can't remember that. >> i don't. quantitative -- quantitative easing is printing of money. it absolutely hurts proportionally the the people in the middle class more because they spend more of their money because the very nature of their income, how much they have on energy and food. those prices have gone up. it is a tax right on the middle class when you hear quantitative easing 1 and 2. and we might be seeing quantitative easing 3 which means more printing of money. stuart: i'm going to take the
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other side of the argument. i think this has more to do with the very very weak economy and the lack of jobs. if you add up all the money that we earn, it is actually down compared to where it was before the recession because we've not -- -- paychecks coming out. i think that's a bigger reason, that's my opinion. >> it is really both of those. it is a combination. we could take every single component of what's going on in this economy and literally say things are not getting any better, thr getting worse at -- they are getting worse at a rapid pace. >> you're being critical of ben bernanke. what about his impact on savers? >> look, the savings rate, as you know, a lot of money is on the side lines from corporations, but people don't have that much money in savings. the money they do have, gerry, as you know is earning very very litt little. they are earning 1%. people are not ready to do anything because they are scared of everything that's happening
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out there in the economy, from the political, you know, spectrum as well. so people just sit there and they earn 1% inoney market, and guess what? they are losing what, 5, 6, 7, 8 percent purchasing power a year. >> i believe you and your son went to see the movie 2016 over the weekend. >> yes. stuart: you've got 30 seconds. i want a review, a critical review or an exciting review, whatever it is. go. >> great movie. everyone needs to see it. my son who is 14 said it was almost as good as the avengers, almost. stuart: you've still got 10 seconds left. what was the reaction of the rest of the audience to the movie? >> i've got to tell you, it was really kind of subtle. i mean, just left that movie with their heads shaking going why isn't everyone seeing this movie because they really need to. you've got to go see it, stuart. i'm sure you will. stuart: as a matter of fact i'm going this afternoon. you will hear my views probably tomorrow. ed butowsky, everyone, always a pleasure. thank you.
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>> thank you. stuart: i will give you my take on a true american hero, that would be neil armstrong and that's next. that's a few names longer. you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank.
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stuart: there are very few people who make a great mark on history, yet refuse to push themselves into the headlines, very few. the attraction of fame and fortune usually is just too much. so here's my take on one man who did just walk away, and that would be neil armstrong. many of us can remember vividly the impact of that moon landing, the giant leap for mankind. it so happened that i was in iran hitchhiking to india when the news came of armstrong's first step, i was in tehran. the crowd was shouting apollo right at me, big impact. weeks later, i was on an american air force base in northern turkey when the first film arrived. it was film in those days. the entire base turned out to watch, big impact. but neil armstrong refused -- refused to cash in. just about everybody in the world knew the significance of what he did. nasa showed him off around the world and then he took himself right out of the public eye. he could have cashed in big.
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he did not. he could have revelled in the spotlight, he didn't. on the news of his passing, someone said that 500 years from now, neil armstrong's achievement will be remembered as the great historical event of the 20th century. probably true. neil armstrong's name will be remembered in that context. america, at its best. neil armstrong -- armstrong, truly a good man.
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stuart: the highlight reel, here it is so roll it please. >> it's all about president obama. it is not a positive movie by any means. >> obama has a dream, a dream from his father, that america be down sized. >> this is not true. that's a falsehood. i don't think anybody has said. charles: if it hasn't happened by now, it is not going to happen. stuart: it was played in union square. >> the financial success of this alone tells you something about where people's minds are.
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stuart: i'm told that at one screening in los angeles, the audience broke into a chorus of god bless america. i would have loved to have been there. i would have loved to have seen that. in los angeles? god bless america. i would have loved to have seen that. i am by the way going to see this movie this afternoon. not telling you where. >> this is why you should tweet because then we would know what you think about it right now. we get that unvarnished varney. that's what we need. stuart: you will find out tomorrow. charles: it will be raw and unvarnished. take my word for it. l.a. times, now anyone with political agenda and low cost camera can make a movie and call it a documentary. stuart: like i was saying on the highlight reel there, nobody has criticized it as being inaccurate and that's because it uses president obama's own words, it uses his voice reading from the audio book about -- from his book. >> he wrote a biography when he was 12 1/2. the man's life is not undocumented by himself.
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right? there are no secrets. he's told much of his life story. stuart: so you can't contradict it, can you? you can't say that's wrong. charles: they always say you interpreted it the wrong way, but, you know what? there's a lot to be said about this and how obama truly feels about at least america's past we won't say about america and america's past and what he can do to right the wrongs -- stuart: will you read the l.a. times again? >> anyone with a political agenda and low cost digital camera can make a movie and call it a documentary. >> like michael moore. stuart: fascinating stuff. i'm going to give a full report when i see this thing tomorrow. we're going this afternoon. my wife and i will see it. i promise a full report. it promise you a full report, everybody. that's it from me, until tomorrow. here's dagen. dagen: i was going to say tell gerri not to ask for unvarnished varney because you will bring in photos of yourself on the the tractor. stuart: very g
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