>> i can't tell you what will happen over the next four years, but i can only stand here tonight as a wife and mother and as grandmother, an american, and make you this solemn commitment, this man will not fail. >> hold on a second. the mainstream media, i repeat the mainstream media response's to ann romney's speech was surprisingly positive. three headlines from news outlets across the country. i'm going to start with the los angeles times, los angeles, california remember, please, headline reads, i'm quoting, romney gets the nomination, but wife steals the night. move on to huffington post, the

show. and reuters high stakes convention speech, ann romney connects. steve forbes is here the author of the new book, freedom manifesto, all right, steve, in your judgment does her performance, ann romney's performance, does it begin to bridge the gender gap? >> i think it sets it up for mitt romney and paul ryan to do it and i think their speeches tonight and tomorrow night are going to be absolutely critical. stuart: okay, what's your judgment of her speech last night? because-- >> well. stuart: and with women, she directly appealed to women and-- >> what she did was make the case, look at the man. don't let the mainstream media warp your judgment, judge him for himself, so she's given him a second chance or a first chance, for people to say, is mitt the man. stuart: you've still not given your judgment. was it a good speech. >> she did what she had to do

and she hit it out of the park. stuart: okay. >> what she's done is put a real burden on her husband, can he match it? and-- >> did she overshadow him. and the new york times-- >> i want to stay with the rnc for a second. let's roll on governor chris christie, briefly. what he had to say last night. >> we've got to tell each other the truth, right? listen, there is doubt and fear for our future in every corner of our country. i feel traveled auld over the country and i've seen this myself. these feelings are real. this moment is real. it's a moment like this where some skeptics wonder if american greatness is over. stuart: steve, i want you to comment on his style. there was a deliberate, almost you and i both live in new jersey, a very much a direct, blunt new jersey style. does that work with middle america? >> i think so it does because people know this economy's not right. people have the feeling the country's not going in the right

direction and polls show that by an overwhelming margin. here comes this guy, a record of achievement in a blue state and says we need new leadership, let's take polls instead of following polls and people say, yeah, we need some direct talk. enough of this high flutein' rhetoric that doesn't produce jobs. stuart: and now we've got to choose respect over being loved. that's the message. >> and i think people feel that about the country. they don't want the president going over and doing apology tours, please love me because i am bowing down to you. they want a country that stands for free market and wins respect around the world. that's what they want with ronald reagan and want again. >> i hope you've got time for five more minutes, past the opening bell and bring you back on. thank you, steve. juan williams has a different take on ann romney's speech.

he was critical in the moments after she spoke. juan joins us this morning, what do you think, how did ann romney do? we'll read some of the comments that you deliver to us after we hear from juan williams. steve forbes still here, the opening bell coming up next, and so is one of our voices from the community of moms. she will give us her take on ann romney. did she successfully appeal to women with comments like this? >> you are the hope of america. there would not be an an america without you. tonight, we salute you and sing you your praises. [ male announcer ] if you have to take care of legal matters.

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and don't get heartburn in the first pla. [ male announcer ] one pill each mornin hours. zero heartburn. >> seconds from the opening bell, we're expecting a very modest gain for stock prices, when that bell stops ringing, i've got two numbers in the news background for you. first of all, second quarter economic growth regained from a gain of 1.5% to 1.7%, no big

deal, we still have a weak economy. second number, mortgage applications down. i think this is for the 6th week in a row, down 4%. and that's a big drop, even though you've got fixed rate mortgages, 30 year loans, right around 3.7%, but mortgage applications keep on dropping. okay, the bell is ringing, as you know by now, when it stops ringing, they start trading, here we go. the opening trend is likely to be, dead flat. yesterday, by the way was the third weakest volume since december of last year and they're not doing much trading in the last year of august and the dow indeed has opened with a very mod test gain and we're off 14 points, 13.1 where the dow stands now. now, this, united airlines, hit by a major nationwide computer network outage yesterday. and if you were travelling, you may very well have felt the effects of this. hundreds of flights delayed and that again was a technical glitch that screwed things up.

i don't know whether it had an impact on the stock this morning, but tell me. no, not much impact on the stock, but this lost 50 cents again yesterday because of problems with, you you know, the new orleans airport and airports in the gulf area so now, if you look the at the continental merger with united. several years ago, we had this computer outage and we had trouble blending the systems together. hundreds of ways-- >> they actually stopped sending flights, and many people on the tarmac. >> and a lot of us are mourning the loss of continental airlines in the merger. and that's another story. lauren, thank you very much indeed. the opening trend, we were right, dead flat, up 6 points, that's it. once again the top financial story of this day hurricane isaac, and the national average soared almost a nickel.

4.8 to be pre price 367.80 is wt you're paying. steve forbes is still with us. and i want to ask you about the high oil and gas prices. there's speculation that the president is going to open up the strategic petroleum reserve, flood some oil in the market. late september, october. >> and if he is going to do it, do it now tied to the storm. and why didn't he do it and republicans will have a field day. if i doesn't do know now, i don't think he can do it before the election. >> is there a case for him to be doing it now? >> not really, a nominal impact. two things undermining this, is the dollar, that's weakening oil, raising oil prices. when you weaken the dollar, higher oil prices and it's well-known,'s done it time and time again, when you restrict creation of the supply of oil and gas, guess what?

less supply. >> it could be an october surprise then. >> it could. >> there's october surprises. >> i almost hope he doesn't because people see right through it. why didn't you do it then and in the summer when the prices were spiking. >> let me get back to the republican national convention after ann romney and chris christie spoke last night. and congressman paul ryan he's going it take the stage tonight. paul ryan's night is tonight. and your new book "freedom manifesto" you make the point that big government hurts, it doesn't help. that's the premise of the book. now, is paul ryan in your view, a small government guy? >> yes, because he recognizes, free markets are free people and freedom versus small government. boundaries wanted, but big government that goes to more and more areas of the economy. apple and solyndra, that's about meritocracy, put that out there. nobody minds steve jobs getting

rich because he created products that help people around the world. solyndra, if you support a bureaucrat or a politician, you get a favor. and free markets breed trust, the creation of ebay, new pay system, paypal came along. all the innovations, big and small that make free markets work in abundance. why are we having the shortage of cancer drugs, not about safety, but restriction ins terms of creating the drugs. government means scarcity and free markets mean abundance and cell phones, 5 billion around the world. and used to cost 4,000 and sum it up in 20 seconds, you're a former presidential candidate yourself. are the republicans off to a good start with this, did this convention-- with isaac, off to a good start? >> couldn't be be a better start. and i think she set it up. and mrs. romney set it up and chris christie, we talked about earlier, good jersey punch ahead

and sets it up for congressman ryan and governor romney. by the way, in terms of a free market. go to our facebook page,.u.s. not.gov. free markets are moral, big government is immoral. it's about meeting the wants and needs of other people. government talks and free markets deliver it. stuart: steve forbes, will you come back soon, please. >> oh, stuart for you anytime. stuart: now, i've got another example, somewhat like what steve was talking about there, this is an example of how policy affects directly the economy and jobs, here is the story, more u.s. companies are packing up and leaving america, and the wall street journal says the reason is simple, the reason is taxes. insurance companies, aon, the manufacturing eaton, oil companies, ensco and rowen, among the publicly traded big name companies that are moving

or announcing they are he' going to move out of america. the wall street journal says ten major companies have reincorporated outside the u.s. since 2009. only a handful of companies moved in the five years before that. big stories in the journal today. we ask the question a lot on "varney & company," are you better off? well, a new study shows half of the middle class is not in fact better off, it's just the opposite. we have a new read on income in america and which way it's going, not good. and we'll have it for you new at 10. ann romney's speech last night at rnc, direct appeal to women voters. listen to this. >> it's the moms who had always had to work harder to make everything right. it's the moms of this nation, single, married widows who really hold this country together. you are the hope of america. there would be not be an america without you. tonight we salute you and sing your praises. stuart: if you watched this live last night.

you heard clips there, did ann romney connect to working women and stay at home moms? did she? columnist and radio host, miriam is here. welcome back. >> thank you. stuart: okay, what's your judgment. did she appeal to the middle women of america? >> stuart, i thought it was ladies night. stuart: really? >> i really did. i thought starting with nikki haley with her wonderful introduction of mrs. romney as the epit any of strength ap grace and a true patriot. ann romney came on as a rock star and i think she is distancing, shall we say, the republicans from a previous female rock star who did not succeed, ann romney is, was, was fantastic last night as a performer. did she break through what i'm going to call the privilege barrier, ann romney is very wealthy, extremely wealthy woman, okay, got that. >> right. stuart: did she break through the barrier so she could appeal to ordinary women, ordinary people with much lower incomes. >> i thought she was very moving. at the end of the day she did share that personal moment of

being diagnosed with ms, of having breast cancer and cancer doesn't discriminate no matter how much money you have, you can ask steve jobs that or anyone else who was privileged enough and had the means and still could not fight what their body put forward. so, you look at ann romney at the end of the day a mother of five, a stay at home mom, she raised five men who stood proudly the at her side, quote unquote yesterday, giving her a standing ovation, ises did everyone in the crowd and i think that she was very likeable. very warm, she was real ap people who know her personally, not me, people who know her personally are said this is who she is. this is why she's the strong woman behind the successful man. stuart: did she miss anything, fail to accomplish a goal which you might have had in mind for her. >> i think that a number of pundits said they would have looked for or hoped for greater number of anecdotes, personal stories to back up everything she said about her husband, that he is a man he will not fail, he will move heaven and earth to make sure that the country is

where it's supposed to be and i think that that is possibly a very, very on note or on par kind of a comment. on the other hand, if somebody is looking for a personal moment after wife going through chemo and her husband standing by his side, that's not our business, no matter who you are, and even if you're running for president. i think certain things stay personal. certain things stay at home and i think we need to respect that. we live in a community and world where we are entitled, we think we are entitled to everything and i think certain things need to stay private. stuart: you are the mother of six, i believe. >> i am. you're the father of six. and steve forbes is the father-- >> right, to have five daughters, right? >> he has five daughters. >> requisite by the way for being on the show. >> it is. miriam. >> happy i passed that. stuart: you gave a glowing report to ann romney and we appreciate it. >> my pleasure. stuart: the shareholders have spoken, wellpoint's chief

executive angela brailly abruptly stepped down. wellpoint is an hmo, veterans demanding better results for years. the news broke after the bell yesterday, so the stock is what? >> surging, number two performer on the s&p 500 up more than 6 points-- 7% right now. and investors are liking the ceo resignation. stuart: that's extraordinary, a very big gain for a very big company just because the chief executive officer takes a hike. remarkable. lauren, thanks very much indeed. the dow is up 16 and i'm going to call it dead flat and please, remember, everybody, we want to hear from you, lots of contentious stuff on the show today. varney@foxbusiness.com, that's how you reach us. seven early movers, a computer glitch at united delayed hundreds of flights nationwide yesterday. the stock is barely moving and the big move came yesterday

actually. and profits disappoint as the telecom services company. taking it on the chin. down 16%, as you just heard. wellpoint's chief braly, stepped down and the investors love it, the stock is up 6%. s&p places costco on review for a potential upgrade, not good enough. the stock down 1 cent. and now, that apple has won in court. a lot of samsung devices dumping them apparently a perfect situation for the iphone 5 expected to be unveiled next month and apple is at 676 this morning. and the jewelry retailers, sayles, less than expected. and strong sales are jack daniels, the stock is up a buck, the dow jones average still dead flat this quiet wednesday morning in august, we're up 12 points. here is a possible concern for president obama when the democratic convention starts in

charlotte. a controversial muslim group looks like it's trying to take some of the spotlight. an outspoken syrian american and guest on this program. why is he so concerned about this? he'll join us next. [ male announcer ] how do you trade? with scottrader streaming quotes, any way you want. fully customize it for your trading process -- from thought to trade, on every screen. and all in real time. which makes it just like having your own trading floor, right at your fingertips. [ rodger ] at scottrade, seven dollar trades are just the start. try our easy-to-use scottrader streaming quotes. it's another reason more investors are saying... [ all ] i'm with scottrade. it's another reason more investors are saying... you know how hard if yit can be to breathedo, and what that feels like. copd iludes chronic bronchitis and emphysema. spiva helps corol my copd symptoms

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>> a controversial muslim group is staging a weekend long event in charlotte just before the democrats convention. the group is called vima. v-i-m-a and 20,000 are expected to attend. not an official dnc event. clearly the group is trying to attach to the convention. look at the ad for the program. and joining us is the author "a battle for the soul of islam" a fate to save his faith. doctor, welcome back, is vima trying to attach itself to the

party and crash the party maybe. >> absolutely. that's the way the islamists operate. i've been to charlotte as part after town hall. these are no moderates. and the dnc had an opportunity to distance themselves and it hasn't. gave a boiler plate answer, well, a lot of groups function around the convention and basically dismissed it. if this was the kkk or nazi party would they allow them to use the dnc's name on their brochures or on the websites the convention that announces this prayer, so i think it's very, very telling they haven't said anything. stuart: do you think that vima is as extreme as the kkk or some of the other obvious extremist groups you have mentioned? who is going to be speaking? what kind of people are represented here. >> the main spokesperson last night, stuart, on channel 9 in charlotte said that american troops were like, he compared, he said the muslims in

afghanistan were defending themselves and it was the american troops that were the insurgents, that were basically the imperialists. this guy is not pro american, he's anti-american. and they have leading the prayers, and i saw in the '90s i saw him pull out a koran in front of 20,000 muslims and said we need to change the constitution with this book from god. basically he's the insurgent and these groups use the veil of political correctness and formed an organization the islamic political party of america in 2008 and since disbanded some of it, but clearly are part of the of global islamic movement and insurgency in this country. >> and presumably that would embarrass the democrats, to have 20,000 people there for weekend long meetings right next to the convention, right before the convention? is that an embarrassment for the democrats? that's the way would i look at

it. >> that's why it's so important and why i'm glad your a covering this and i think they're tone deaf. thing that muslims are part of the minority check box and don't put it in the terrorism or radicalism or islamic issues in the middle east, et cetera. they're so tone deaf to what the group may represent and don't represent mainstream muslims and i believe the majority of muslims in charlotte and elsewhere would shun this group, but yet allow themselves to be represented in the media and the dnc allow the people to help muslims when in fact they're simply a political movement that must be marginized. >> a welcome guest, thank you for joining us today. >> thanks, stuart, appreciate it. stuart: 9:49 coming on 9:50. the gold report. 1666, exactly woofrment' down 3 bucks. hovering around this level for the last two weeks. and governor jerry brown in california a major surrender on an issue facing his state and

chris christie governor of new jersey spoke last night of making tough decisions. next, we'll tell you how badly jerry brown caved. chris christie also spoke about him at the rnc. >> california made a bad choice by going with an old retread who, let me tell you this, i cannot believe you people elected jerry brown over meg whitman.

> >> california made a bad choice you by going with an old retread who, let me tell you this, i cannot believe you people elected jerry brown over meg whitman. jerry brown? jerry brown? he won the new jersey presidential primary over jimmy carter when i was 14 years old. stuart: and then we run that clip. it's priceless. that was chris christie, talking about california's governor jerry brown. now, it appears that mr. brown has caved to public worker unions again. he wanted major reforms to the pension system in california, instead he got minor changes, he didn't get a 401(k) style retirement plan for new workers, he didn't get concessions on health care costs for retirees, what he did get affects only new

hires in a minor way. i say, charles payne, that brown folded. charles: folded like one of the old accordions that used to be popular when he ran for president. it's mind-boggling, we've talked in the last few months three cities in california that filed for bankruptcy and california, the state itself is on the same path. it's mind-boggling. i mean, put some skin in the game. when you talk about retiring at minimum of 52 instead of 50. give me a break, these are civil servants. that's not what people want to hear. stuart: and the cap on pension payments only apply to less than 3% of retired workers, the salary cap. last word to you, nicole, welcome to the show. >> thanks, i enjoyed watching some of chris christie last night and i think about california and about new jersey and can't wait for the election. stuart: and calling him an old retread. pretty hard stuff. now at 10, the latest proof that our economic situation is weakening, a retreat in earning

power is happening right now and we have details for you. also new at 10. the government is now declared that our cars will have to get 55 miles per gallon within 13 years, is that real? another trip to fantasy island maybe? one thing everybody agrees on, this will be expensive and juan williams is about to join us live from tampa. he's causing a big stir because of what he said last night about ann romney. we're going to challenge him about this. >> ann romney, his wife, and you know, the stories she told about struggles, hard to believe. i mean she's a very rich woman. 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,

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we'll even throw in up to $600 when you open a new account or roll over an old 401(k). so who's in control now, mayans? stuart: new at 10:00. the latest news from q research shows middle class americans seeing their incomes shrink. first time since world war ii. the government has declared cars must be $2 a gallon by 2025. to the big board very low volume, dead flat. down 6. pending home sales were better than expected up 2.4% with no impact on the market. here is the company.

you can see them all. nicole petallides, charles payne and lauren simonetti on the floor of the stock exchange. pending home sales up, having no impact. july pending home sales are up 12.4%. the highest level since april of 2010. no impact on the markets. the dow has turned well points lower. to the hurricane. it remains the big story. here is the latest track of the storm. pretty much solved and that is bad news. tons of grain in one place. forecasters say the worst is yet to come. jeff flock in new orleans. give me another 30 seconds. >> you say tens of rain you are absolutely correct. that is the big headline. tons of rain and in terms of wind. come to this quarter, 70 mile an

hour sustained with gusts up to 92. where i am standing running now, fairly close to that. they say this is coming for another 24 hours. see you here tomorrow. stuart: that is extraordinary. get inside. another 24 hours of that. imagine how much rain is coming down. we thank jeff flock for telling us how bad it is. the hurricane is hitting gas prices. national average for regular for almost a nickel overnight. gallon of regular up $3.80 national average and the lead $4.06. with the peas overnight spikes around a golf. baton rouge, this is the overnight. houston 6. jackson of $0.05. tuscaloosa up $0.10. another 4 sense. just overnight. to the markets, well point still winner today because their chief

executive officer stepped down late yesterday. how far off is well point? nicole: stock is flying up 7%. the ceo stepping down. investors applauding this decision. you see it in the stock price. stock is down in double digits down 14% for the year. stuart: thanks very much. got to ask you. a spike in gas prices $3.80 the national average. in the millions they $4 a gallon. i say it is a political issue. >> every penny counts for americans. that is money they can spend on the economy, or food. every penny we go up with gasoline is different. stuart: there is speculation that president obama is going to open a special petroleum reserve and put oil on the market. maybe in september or october as

a political move. charles: they are coordinating that. we have to do everything else -- [talking over each other] charles: republican oil man from texas was in the white house new york times oil killing americans gasoline at $4 and they would show you the percentage. how many americans are being hit hard by $4 gas? the new york times -- i don't see it. stuart: very good. [talking over each other] stuart: good reviews for an romney's speech at the rnc. los angeles times reads romney gets the nomination but white seals the night. huffington post, bastille of the left and steals the show. in reuters the personal high-stakes convention speech and romney connect. frequent "varney and company"

guest ashley: -- juan williams this not agree. >> on the other hand and romney looked like a for that place. the story she told about struggle is hard to believe. she is a very rich woman. stuart: corporate wife. you want to take that back? i use serious? and romney doesn't know the meaning of the words struggle? here's your chance. walk it back. >> walk what back? stuart: you cannot say that an romney doesn't know the meaning of the words struggle just because she is now rich. she started out in a basement apartment with two young boys as babies. they didn't have money all the time. she is a breast cancer survivor and has an mess and she doesn't know the meaning of the words trouble because she is rich? >> i didn't say she didn't know

the meaning of struggle but lot of couples starting basement apartments. they don't start out married to a man who just graduated harvard business and harvard law school and the son of a governor of michigan and on his way to fabulous life. [talking over each other] >> that i didn't understand meaning of struggle. that is different. [talking over each other] stuart: if this was the republican commentator saying the same thing about a democrat woman that person would have been flayed alive. absolutely flayed alive. right? >> i don't know what you are saying. it was about the speech. her job last night was to connect with american women because the romney campaign has a deficit there. american women especially single women but even split with obama. the effort here was to try to

win that support. these comments about contraception. arguments about abortion. that has not helped the romney campaign. your effort was to connect with american women and if she said we are blessed, very fortunate people and had a good life and we want you to know that we want you to have that good life. charles: i got to jump in. was humble and honest and portrayed a picture of success. no success is guaranteed i don't care who your daddy is and we know that. what i don't get is how did you want her to look? like a bag lady? how should she have looked that would make you feel she was sincere? >> what i am saying is if you start telling me and i know you are a rich woman and all that and success is to be celebrated but i am very lucky and my family is lucky and i have been

let blessed have five great sons and a wonderful husband and i want that you, that would have been a more persuasive message to my mind than saying forget i am so fortunate. nicole: we know she tried to bring in a woman's vote because women often side with the obama administration. talking about being a mom and what an important role that mom lives have to do extra and whether you are republican or democrat, she did a good job connecting with moms and women around the country. i think she hit that exactly on point. >> if you were limited to mom that is true but remember the biggest deficit romney has with women as among single women. single women are just about a large segment of the electorate

as married women and that includes women who are separated or divorced. shea connected on that point. stuart: one comment and a suggestion. when you are looking directly at megan kelly don't ever say she is just a corporate wife and dozens struggle because i saw that look on megan kelly's face when you said that last night. it was not well-received. that is it. you want to walk back at all? >> i am coming to you for career advice. i am always -- you are mr. wall street. i better listen to stuart varney. stuart: that is great. we know we like you. thanks for coming by. appreciate it. here's what you are saying about an romney on our facebook page.

mrs. romney was terrific and i was surprised by >> caller: -- juan williams's comments. he showed a very human side. he showed class and wonderful appeal. en gee, i am the only one that didn't like n romney. i understand the mother/grandmother part but she cannot relate to me, my family or the situation we are in. there was no warmth and she was plastic. diverse opinion on our facebook page and we will take it. follow us on facebook and join in. another question we are asking this week. have democrats abandoned bill clinton? is that what they're doing when they go all in for president obama's of the latitude to business? we ask one of the democrat pundits that used to work with bill clinton. why have you abandoned him? the latest numbers show a disturbing trend from the middle class. incomes are shrinking. first time we have seen that since world war ii or according

to bcu research which defines the middle class as households earning 39 to $118,000.03-year. a shrinking income for the middle-class. stuart: real inflation. charles: particularly for the basic staples and grocery shopping. and this points to policy that aims to hurt. and when you aim to hurt and economy, it has consequences and this has happened before. >> it hits the confidence of the american consumer because of their money is going down and they won't be doing anything. their cheerios are all they can afford. stuart: i have lived in america close to 40 years and cannot remember a similar four year

period where we had shrinking incomes and standard of living was declining. charles: massive call to warm serena educate our work force. stuart: he wants to invest in education. charles: 1 spend more money and teachers. not the same as rejecting a work force making $50 an hour on an assembly line in a job that no longer exist. stuart: du government training schemes? charles: not government training schemes. it should be the overall narrative instead of we take all of bill gates's money and things will be better because they won't be. stuart: strict new fuel mileage standards. 54.5 miles per gallon by 2025. that will be the corporate average fuel economy for the fleet. that is what the auto industry must average. does that mean no more big trucks and suvs? hybrid van compact for everybody? what will this cost?

you are laughing. charles: i went through the monthly sales numbers every month. the f 150. they will be trucks. if you don't have a car and it meets the standards the first will cost a lot of money. made out a sheet metal aluminum. that is the only way to meet these things. >> have you seen the one that looks like the sugar cube? i jokingly say to my children that is the car i am going to get you. stuart: should the government be putting on these -- >> they put on a lot of regulations. we want to save our planet and all that but too much regulation. charles: four five great cars including trucks and throw aways and profitability.

stuart: what about a gas tax as a way of raising money for the federal government and forget fuel standards and raise gas prices so you naturally go -- [talking over each other] charles: federal taxes, >> people driving to work. trucks they're moving item is. right off the top. charles: romney mothers who drive to work and get crushed by state taxes and federal taxes. charles: stuart: a gas tax might be a decent idea. charles: i am a little worried. stuart: a lot of cheerleading from an romney and chris christie last night. willets way independents and undecided voters. what can we expect from paul ryan tonight? will be attacked the president or outline the romney plant? i'm so glad you called. thank you.

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[ female announcer ] at wells fargo we're working around the clock to help protect your money and financial information. here's your temporary card. welcome back. how was london? [ female announcer ] wells fargo. together we'll go far. stuart: hurricane isaac is a financial store. a category 1 hurricane. it is currently held in new orleans with rain and here is the real problem. it is very slow-moving. dumping a ton of water all the time. what you are looking at is a house on the side of lake

pontchartrain being lashed by the rain. and will be another 24 hours. the half-million without power in that area. look at the impact of the storm on gas prices up almost $0.05 overnight. refineries in the gulf coast have shutdown. less gasoline being pumped out in that region, overnight. we're back in 90 seconds to preview paul ryan's big speech tonight. ♪

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stuart: monday was another strong day at the box office for obama's america. did the $1.2 million on monday alone. and include $21 for myself and my wife. after all the buzz over the weekend it brought people into the theaters even on a monday. we will follow the box office receipts for a movie. is having political impact. two topics from the rnc. ann romney and chris christie rallied the republican base last night. cheerleading for the gop presidential nominee. second story paul ryan's speech tonight. would be more cheerleading or give us some actual policy ideas of what is coming. welcome. did ann romney and chris christie delivery now fire last night to attract undecided

voters? >> ann romney's speech was aimed at painting bit romney as a family man. appealing to people who want traditional value. they want a candidate has principal. her attempt was to save that romney has a likability factor. you can see in a lot of polls obama is above him. stuart: in your judgment did ann romney's speech work to do what she wanted to do? >> i think she did a good job delivering on that aspect. it was needed. she had to deliver that kind of speech because mitt romney keeps coming under obama on personality. they look at him as not as likable. not as charismatic but now that she gave this speech, there is more to mitt romney. stuart: how about chris

christie? pugnacious and to the point. you saw the speech. does that appeal to people in the middle? the undecided? do you reach out to them? >> the obama campaign attacking met romney saying going back to the george w. bush policies and what chris christie did effectively is said that we are a different time. we can point thing is that both parties. we have an issue here with our fiscal situation in this country. we can point fingers but different time calls for different leadership and mitt romney has no choice but to shrink the size of government, cut the deficit and the that. stuart: what do you want to see from paul ryan tonight? do you want to see hard-core policy laid out or more cheerleading? >> i don't think he will do too much policywise. tonight is a time to appeal to

of voters looking for personality factor. talking about his personal story and operating and how he is the person he is today and why. we will see more of that. his story and that ground. the medicare plan has been a talking point democrats to hit romney and him and steer away from that tonight. stuart: less policy and more personality and more who i am. we appreciate your point of view. the worst is yet to come from isaac which has stalled over new orleans. we get the leaders read on the storm and what that means for people in the gulf next. >> the university of this corner. 75 mile an hour sustained with gusts up to 92. standing right now. sometimes investing opportunities are hard to spot.

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>> couldn't be better start. they set it up. and good jersey plunge ahead and set up for congressman ryan and governor romney. stuart: that was steve forbes discussing the republican

national convention. catch more "varney and company" every weekday morning at 9:20 sharp. forecasters saying the worst is yet to come with hurricane isaac. one of those forecasters joins us from harrisburg, pennsylvania. 60 seconds. why is the worst -- what does that mean? >> the cumulative pounding continues over the next 18 hours. already trees and power lines down, continues to affect the ariane and excessive rainfall continuing. you already have a bad situation and the storm moving out is due to we were saying a few years ago sitting over top of them and in addition there have been wind gusts over 100 miles an hour over new orleans. when they do the research on this they will find this was a category 2 hurricane. you may be concerned down the road that tomorrow and into

friday this is heading into the natural gas fields of northwest liana and excessive rainfall may shut that down for a little bit. we have a lot going on with this form. it is a louisiana centric storm and when a total it up it will be a multibillion-dollar storm. stuart: joe bastardi, very good information. thank you very much. we will see you again soon. i want to stay on hurricane isaac and talk about how it is hitting your wallet because it is. national average for regular sort and michelob tonight. direct result of isaac. gallon of regular moving up to $3.80. these coming in $4.06. i want you to look at what happened in the keys swing state of ohio. cleveland. gas stations up $0.18 overnight. that is cleveland, of ohio. upstream from the refineries

down there. cincinnati $0.16 overnight. columbus, ohio up $0.22 overnight. clearly that has political impact. that is the ohio. that is a big spike. back to jeff flock in new orleans. what is it like now? jeff: i don't think it is a lot better although to show you the storm range, this is a big factor. they upbraided the pumping system. the water going right down the drain. this is what didn't happen in katrina. i want to get back into the wind and show you that quickly one more time. down the street in the middle of canal street we are getting -- joe was talking about gusts. we are still getting tremendously strong wind in the middle of it. you continue to get hammered with wind. the rain has not stopped and it is not supposed to so that is why we continue to watch that. we will be back with you one more time.

stuart: jeff flock excellent coverage. thank you very much. occupy wall street making a come back according to bloomberg news. a story, occupy is planning a new protest on september 17th. they plan to block the streets in the financial district. how will that affect the election? nicole: right away -- i work there and they do cause chaos and that is one of their goals. sometimes they glad you if you go to work. september 17th is a monday and we will see what it is. stuart: there is political impact. one of the organizers says we are going to cause chaos. they will take handcuffs to see if they can do citizen's arrests of bankers. that won't reflect well on president obama. he was a supporter of these people. charles: he might turn around one of these kids get hurt.

the police intervened and one gets hurt. i don't think they would be doing this without the blessing of someone in the democratic party. >> the backing one they had. wasn't that questionable? [talking over each other] charles: i was reading something -- they use the word occupy a lot between a lot of different -- trying to rekindle this thing. americans instinctively don't like to steal from other americans. stuart: well said. there is a buildup of inventory in oil storage. they can't get it. there is a buildup in the inventory situation. that would announce the price of oil going down on that. a lot more in service. refineries can't ship it so what goes and down goes the price. $95 a barrel.

high-ranking city official in california falsely accused of drunk driving. why? he says because he questioned the police union. the same official joins us to tell his story next.

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stuart: you remember bell, calif.. a group of corrupt city officials accused of ripping off the taxpayers paid themselves outrageous salaries. one of the men involved is suing for $830,000. that is unused sick and vacation days. before he was fired his making $420,000 a year plus lavish benefits as director general services. he was fired and -- wire you shaking your head? charles: he is in title -- if you are not ashamed of making $400,000 in a town where people are making 30 grand you have no shame. i tell people dell, california is a case study of small town corruption and how it can destroy a community. people had to know -- the people who live there must be so broken

down i trace back to the ross riots on the political side, and political policies--a culture of corruption destroyed everybody. [talking over each other] >> the basic understanding of how life works. >> $837,000. and unused sick pay and vacation days i bet he gets it. >> i don't want to hear it. [talking over each other] stuart: correct response. former police officer in california is accused of placing a phony 911 call. he accused acting mayor of driving drunk. this happened after wreck timer criticize the completes union. a sobriety test -- sobriety test and he passed. your honor, that is the correct

form of address. welcome to the program. i got the story right. looks to me like things are turning really nasty in yorktown. >> the story is a little bit off. the person involved was a private investigator fired from the riverside police department and hired by the firm that is the connection to the shaking down of local officials. a law firm hires a private investigator to follow you around and get something on you. and vote against the best interest of the city to protect yourself from embarrassment or something worse. stuart: it amounts to harassment. if you had a beef with the police union over money, in yorktown and you are accused falsely of drunk driving. there's a connection between the two. that is nasty politics. >> we are doing now is need to be hiring new officers.

a good budget to hire officers with a thousand applications for officers but we say the new officers can't come in as 90% of pay at 50 years of age plan any more. we get 81% at 55 understanding the average officer's compensation in most cities, $170,000 a year which is compensation from health benefits and 42,000 in their pension every year. outrageous amount. stuart: i want to lay that on fictive the audience. the average pay for a police officer in southern california yorktown included is $170,000 a year. total compensation and that person can retire at what age? 52? >> 50 years of age. [talking over each other] stuart: forever of $175,000.

very roughly that is 150, $160,000 forever. >> the 42,000 in the pension they don't get paid on but $130,000 minus the health care you take that number and that number goes up 2% 3-year and they get an increase of 2 present on the pension number. stuart: you have been falsely accused of drunken-driving and clear your name we hope. what happens next? >> it has blown up real big. calls from all over southern california and city managers of have been shaken down. the intimidation is unbelievable. this term that is a connection between the effective firm represents the police in bell, california represents 120 police officers associations and their tactics have a playbook to go after people to do what it was. one of a final things on their playbook to tell you what to do as a police officer or union

representative to get what you want to focus on an individual, avoid spreading energy, focus on a colossal person, mayor or police chief and keep the pressure on until he assures his loyalty and move on to the next victim. that is what their playbook said. a big story on it and i am getting calls in southern california where this law firm is basically intimidated to get their contract passed through cut the southern california. the things they do with the pay, when you call it based pay, 75, uniform pay, officers get paid 2% to put on their uniform and if you work with dogs you get so much over time and ride a motorcycle 5% pay for that and so many hours of overtime to get the bike clean. and when they hide it, no transparency in the number. our council has gone on our web

site, click on transparency to see the pay of every employee in the city by every category. battalion chief $140,000 last year. stuart: we thank you for bringing it to our attention. you are the mayor of costa mesa, california and you can come back any time you like. that was really something. those numbers -- >> those numbers. that is extraordinary stuff. charles: so much more than regular citizens in these towns. you love the firemen and police. this is outrageous. it is pure unadulterated read that they rail against wall street about. to get someone to break your will and move on to the next victim. charles: stuart: we will have more in succeeding programs and continue

the political debate. back in a moment. [ male announcer ] if you have to take care of legal matters. legalzoom has an easy and affordable option. you get quality services on your terms, with total customer support, backed by a 100% satisfaction guarantee. so go to legalzoom.com today and see for yourself.

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jumps as well. the price of oil is down today and $0.83 at $95 a barrel. stocks overshadowed, dow industrials going nowhere. markets are waiting to see what ben bernanke has to say about money printing in a big meeting later this week. look at well point. they help insure. the stock soars. 7% from big company like that. we're back in 90 seconds to find out why democrats seem to have abandoned bill clinton.

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stuart: hurricane isaac is the big story. here's the latest track of the storm blew still huge. wind and rain coming at you. >> you bet. u.s. army corps of engineers just saying levees have all held. that is good so far. but again it is so far. this is about right for a category 1 and i hear a siren in the distance. ready for category 1 intensity. just looking to see -- looks like we have an ambulance coming as we speak. this happens periodically. they will come past us here. people are in the street. i can't tell you where the ambulances headed but i know lot of people are on the street. look around, you see there are

folks -- hurricane ready. i don't think that will do much good. just tell you there are people on the street and people potentially injured. no big deal like the super dome last time. we have all these people inside in one place. now people are sheltered in place and all across the city but the levies are holding. the question is if it does last 24 hours will they continue to? stuart: get under cover. excellent coverage in the streets of new orleans and we appreciate it. i say clinton democrats and what they stood for are being snubbed by the obama administration. bernard whitman is here. no shouting matches. you worked for bill clinton. president obama has completely abandoned the policies that give some degree of prosperity in the clinton years. and yet you support president

obama even though he has gone completely the opposite from bill clinton. >> disagree with your premise. i spoke to the president couple weeks ago and spoke to why you are incorrect. president obama has a vision of america shared prosperity where everybody moves ahead and everybody pays their fair share where it is not a matter of romney's vision, continue to do well and those of the bottom fall further behind. you will recall the rich did very well and the tax rate under president clinton, was substantially higher. that is what president obama wants to go back to and creates -- stuart: you are saying president obama will change course just a little bit. he will go back and move back to the center in a second administration. you say he spoke directly to him. wasn't one on one but spoke to you. is he cold and arrogant as

people say? >> president clinton? i was talking president clinton. i don't think -- clinton is legendary -- barack obama is a little more -- stuart: you are telling me president obama will change course a little bit in a second term. he will go to bill clinton's policies. >> he has been trying to sins the argument over the debt ceiling. trying to get the bush tax cuts for the wealthy ended and extend for the middle class. that is the type of policy bill clinton advocated and president obama tried to put in place and was unable to do so over republican opposition. stuart: if president obama raises taxes on people making $250,000 a year that brings in an estimate of $80 billion a year. you are going to tell me in economic terms how does that create jobs? >> it is an entire parcel of economic cuts, tax increases,

investments in infrastructure the country needs to get the unemployment rate down and create jobs. stuart: and spend it on infrastructure -- [talking over each other] >> when you apply it out -- stuart: that will create jobs. will it create jobs? >> investment in our country's infrastructure does create jobs. stuart: why hasn't it created jobs? we have fewer jobs now than at the beginning of the administration despite massive spending on the part of government. >> we had 29 months of job growth than four million jobs created and half a million jobs in the manufacturing sector and greater growth over a dozen years. these policies are working. stuart: we will see if the american people agree with that. thank you very much. my take on two have to lead our country of the road to

bankruptcy. back in a moment.

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stuart: i have a tale of two politicians. one is the governor of the bankrupt state. the other hopes to lead our

country away from its path toward bankruptcy. here is my take on california's jerry brown and paul ryan. couldn't be more difficult. governor brown just caved on entitlement reform in the formerly golden state. won't make the tough changes to the pension system for new state hires. won't touch lavish health benefits for retired state workers. california is going bust because of the same pension entitlements. governor brown has caved to the union's. paul ryan wants to reform the country's in title and programs. he wants to change the structure of medicare. if we keep going with medicare the way it is it runs out of money. the whole country will look like california. an odd twist on the president's old slogan of hope and change. democrat jerry brown won't change and the only hope he is offering is for a bailout of his state in a second obama term. republican paul ryan offers a plan for real change. you may or may not like it but

it is the only reform plan on the table and the only real hope for medicare. i tell you this election really is a fundamental choice and that is still my take. the highlight reel is next. want to try to crack it? yeah, that's the way to do it! now we need a little bit more... a little bit more vanilla? this is great! [ male announcer ] at humana, we believe there's never been a better time to share your passions because the results... are you having fun doing this? yeah. that's a very nice cake! [ male announcer ] well, you can't beat them. [ giggles ] ohh! you got something huh? whoa... [ male announcer ] humana understands the value of spending time together that's a lot of work getting that one in! let's go see the birdies. [ male announcer ] one on one, sharing what you know. let's do it grandpa. that's why humana agents will sit down with you, to listen and understand what's important to you. it's how we help you choose the right humana medicare plan for you. because when your medicare is taken care of, you can spend more time sharing your passions. wow. [ giggles ]

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td ameritrade's empowering web-based trading platform. take control of your portfolio today. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account. stuart: here it is. the highlight reel. i think virtually stalled. that is not good news. it is raining and raining and raining. dumping huge amounts of water. >> that is the big headlines. tons of grain. you talk about the rain and the rain in the rain, you are exactly right. stuart: tons of grain in one place. >> i don't know if that was 32nd, but i am done. stuart: that was great.