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tv   MONEY With Melissa Francis  FOX Business  September 3, 2012 5:00pm-6:00pm EDT

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>> i'm melissa francis and here is the best of "money" had labor day. my fiery exclusive interview with barney frank. the congressman sounds off and calls for more stimulus from the fed to help the struggling recovery and frank slams the criticism politically connected bank is getting special treatment under his signature dodd-frank financial reform law. plus my exclusive sit-down with billionaire executive mort zuckerman. with so many businesses hungering down we discussed what it will take them to come out of their foxholes and how corporate tax reform could be the incentive they're waiting for. a vacuum fit for the
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gods. possibly my favorite and most bizarre interview since the show has been on the air. i speak to the head pitchman after one million dollar gold vacuum. are you kidding me? the company has not yet sucked up sale but he will explain their new approach to reinvigorate sales. it is always about money melissa: in one of my all-time favorite interviews i went head-to-head with democrat congressman barney frank about federal reserve policy. here is what he said when i asked if he thinks the fed should be doing more to the dp the economy back on track? we have a lot to cover. let's talk about the fed which was the money story. what would you like the fed to do when they meet this month? >> i think they should continue what they have been doing. i heard some of the prior
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conversation, well, what do we see from 69 to '82. we have more recent set of examples. the federal reserve has been very energyic putting money into the economy in a variety of ways including to help stimulate the european banks to do the same and the results have been all good. all these people have been predicting inflation could not have been more wrong. for several years now the fed has been taking this active role and there has been no increase in inflation. taxpayers made money off it thanks to legislation put through. there are no secret deals. everybody knows what is happening. i think it has helped the situation from being worse. we had this terrible recession that we began the, 2009 with. we have had the terrible problem in europe which is holding us down. the fed played a very important role here and i think time has come and i would be glad to see it, for the fed to continue to do things it is doing helping to provide funding for the
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economy in a responsible way which they have done it which i said led to no inflation and no abuses. melissa: you would like to see something like a qe3? the question we've seen interest rates go as low as they possibly can go but the economy hasn't recovered that much. do you think more would do more? >> i disagree with you the way you said that. the economy in fact of all the developed economies ours is performing the best. and i think the expansionist policies and the fed whole interest rates are one of the reasons we're performing better than europe but we're part of a world that is an inat that greated economy. -- integrated economy. as any economist would understand, the issue is not doing good or bad, given all the other circumstances terrible recession we began this with and europe and others whether woe be doing worse than we would have. the economic recovery legislation we passed in 2009 we're doing better than we otherwise would have. now we have had public
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policies restarted that. we have gained since the turnaround began, more than four million private sector jobs but that has been dragged down some by the loss of 700,000 public sector jobs because i think of erroneous public policies. i think, exactly how the fed does it is for them to decide in terms of whether or not they buy more mortgages, whether they lengthen the terms of things. keeping interest rates low, a combination of those things, can't guaranty a fast recovery. it can do what it can do, which is to make things better than they otherwise would have been. >> jobs number you're quoting is four million plus from the absolute bottom from the top. if you look at unemployment rate at 8.2%. it ticked higher, gdp number below 2%. certainly you're not great. >> understand the fox perspective on all this. melissa: those are numbers. >> don't interrupt you. you tell me when i can talk. >> please talk. >> thank you. yes, i said, those are the numbers you say from the
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absolute bottom. that is relevant place to measure. barack obama inert hadded the worst economy in 80 years. and, we have begun to improve. there have been a couple of retardants. one has been the problems in europe. europe has been a drag on the economy both in terms of confidence and in terms of sales. secondly we had what i think are mistaken public policies so the jobs number, unemployment number is higher than it would have been by several tenths of a percent because we forced firing of state and local governments by police and firefighters and public works employees. given how bad off we were, given restraints in the rest of the world are we doing better or worse than with a different set of policies and i think it is clear we're doing better. in england they took the opposite view. strict austerity right away and then are lagging way behind us. our economy is not doing as well as i would like it to be doing but doing a lot better than the british economy. >> pressure continues on the fed to get the economy where
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it should be. we'll all be watching closely to see if chairman bernanke takes action at the earned. month. if that same interview i also asked congressman frank immigrant bank become sole exception. owe want too happy about that. hear is the heated exchange. let me turn you to a story making news here in new york. a bank called emigrant bank which was given an exception to your signature legislation which is of course the dodd-frank bill and they were given an exception to the rule which is going to save them about a hundred million at the same time, the owner of the bank is howard milstein. an obama bundler. there are those who are asking the question, this bank is the only one that has been exempt to the dodd-frank rule and they're trying to figure out why. do you know why? >> i want to take exception you saying this. he is an obama bundler. he is also a significant contributor to many republicans. i apologize if this offends you this is fox biased. in fact the administration has said it is against that bill.
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michael grimm, republican from staten island on a the committee was main sponsor the bill. giving impression this is favor to obama is outrageously wrong. the obama administration didn't like the bill. i was approached by congressman grimm, a republican from staten island who said would i agree let the bill go to the floor out of the house without a hearing, without a committee vote. i said i don't think in substance it is a bad bill but i think it is a bad procedure. because frankly i insisted which had a hearing and had it done publicly it was republican committee brought the bill up. the republican chairman who moved the bill forward. the obama administration said no. that link to obama is really outrage just. melissa: my question was do you no why the question was only one got an exception. >> the question was he is an obama bundler. melissa: do you know why he got the exception. >> republican from long island and michael grimm and democrats from long island said there was a problem banks under a certain amount of assets were supposed to be exempt.
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they were told by the fdic to increase their capital and they temporarily increased their capital and that put them over the level. your question wasn't just why they got the exception, why a guy obama bundler got the exception. we ought to be clear about that. melissa: okay. clearly the congressman didn't like my line of questioning but he was good sport throughout the interview. congressman if you are watching we would love to have you back anytime. so here is another great "money" moment. paul krugman may have a noble prize i always sort of wondered if he is a little bit off. krugman said a handful of times all it takes to save the economy for the government to spend a ton of cash. turns out i'm not only one who thinks there is something not quite right with this guy. turns out brian wesbury agrees. you say you have the math to prove he is sort of off his rocker so let it rip. >> well, i was asked earlier today what i thought about his idea to stimulate the
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economy by spending more and i said, it wouldn't work. i said if it were true that spending could boost economic activity, then gosh, wouldn't it be easy to make everybody in the world rich? just spend more money. there should be no poverty. so i thought by just, matter of fact, matter of truth, common sense people would realize how wrong he was. he decided to take to the pages of "the new york times" blog and say i was wrong. melissa: let me quote for our audience so they can see what he said and you can respond to it. he said, fiscal expansion has a positive effect if the economy is depressed and monetary policy won't move to offset it. typically if the economy is in a liquidity trap. that is his response. >> right. melissa: what do you think about that? >> these things called liquidity traps. so the idea that in a liquidity trap the federal reserve is pumping in money
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but nobody will spend. that is the whole point. and that's where john maynard keynes and now paul krugman, his heir apparent have taken off and said, well, the government must spend in those kind of cases. the problem is that people are spending. banks are lending. there is liquidity. you know, the economy is not doing great. it is not doing perfect but it's clearly in my opinion being slowed down because government is spending too much money. and i use that as an example, just look at france. france has the government. i think paul krugman would want. national health care. you know, lots and lots of redistribution. melissa: maybe he should go there? >> yeah, exactly. but you know what? in the last 40 years their economy has only grown 2% a year and they averaged 8.1% unemployment rates. so they are, we are france
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today. america is france if you look at our economy. he is arguing --. melissa: does he ever acknowledge that 'canes the whole theory was operating when government was in a surplus? that they weren't going deeply into debt and raising taxes on their population in order to support this dramatic spending? that is a key difference between keynes's philosophy and what is going on today? does krugman ever acknowledge that? >> no he doesn't. that is a very good point, melissa, but it is also true if you go back to the 1930s. the government was only 5, 6, 7, 8% of our gdp in other words, one dollar out of every 10 or 70 cents out of every $10, today we're $2.40 out of every 10 dollars. so i think, if keynes were alive today we would have tried this and it didn't work. melissa: brian, make your last point. we're almost out of time.
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>> i want to make a last point. i think paul krugman, one of the reasons he lashed out today. he is in his own personal alamo. greece is failing. europe is failing. california is failing. keynesian economics is falling apart. he is fighting his last battle, and he is going to lose so i say bring it on. melissa: krugman fought with greg mankiw over president obama's comment that the economy could hit 15.6% real growth through his administration. with all due respect the way things are going now that doesn't exactly seem possible. do you think you know the biggest problem corporations are facing today? businessman mort zuckerman answers that question. we'll hear from him next in our fox business exclusive. more of the best of "money" coming right up. want to try to crack it? yeah, that's the way to do it!
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melissa: mort zuckerman, ceo of boston properties, knows a thing or two about running a successful economy and he says in this climate today taxes are his number one concern. the good news? he has plans to solve the problem. here is what he told me in our exclusive interview. >> i do think we have to absolutely must find a way to completely revamp the tax code which would broaden the base of taxes and lower the tax rates. no doubt a number of different industries have gotten special privileges, no matter how they got them, some them good, some of them not so good. that affects rates at other companies. we have to make up the loss of revenue the special privileges have granted. i would eliminate the vast bulge of them. i would broad the tax rates and lower the rates. let everybody be more competitive. think it would stimulate the economy. not only corporate america but stimulate individuals because he would lower their
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taxes as well. we came close to that for a moment when john boehner, the republican speaker and the president seemed to have an agreement on $800 billion worth of elimination of these special tax privilege or tax expenditures as they're called and lowered the tax rate simultaneously but the deal fell apart for all the usual reasons. melissa: right. >> but that is something that we really have to pursue and find a way to pursue. i think it is critical. we can not afford running up larger deficits by lowering tax rates. we have to eliminate the special tax privileges to lower the tax rates. melissa: what is going on though? the drum baet is going on. bob iger, someone who is very measured in his what he says, tries not to say anything controversial. he gets out there. he makes a statement like that. it is reverberating around the universe. are big-time ceos getting frustrated? >> i think they have been frustrated for several years. i have never seen the alien
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nation of business executives than i have from this administration. a lot of business people have lost confidence in this administration. it is just that simple. it has been going on for a long time. i have written about it several times and i participated in several efforts to improve it but it is just not working. not when there is an attempt on the part of the administration to channel the anger this country feels about the economy and blame it on the business world or the top 1%. melissa: talk about motivation here? here is someone he believes is a democrat. everyone tells me, you yourself is a democrat, talking about lowering taxes, simplified tax code. people say maybe it in your best interest. you are a corporation. they don't realize. don't pay taxes they pass along the cost or higher fewer people, right? >> that is one of the consequences. the part i don't seem to understand, it is seems to be a part of this administration. america generally boos losers. this is an organization that
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boos winners. they boo the people that are successful within the american system. i think it is counterproductive. it has to be a way and bipartisan way, nothing will happen as long as you have the kind of partisanship we've seen last several years. we have to fine a way to rationalize the tax code. in fact rationalize many other things. we're really hurting ourselves. it is a self-inflicted wound as bob iger is a democrat has and i suggested. >> a lot of people say this is why we haven't seen a strong v-shaped recovery which economists know you normally see when you go into serious recession and you are creating 300, 400,000 jobs a month we're not close to that. do you think that is it one of the reasons? >> i think it contributes to it. the main reason in my judgement that we have unbelievable amount of debt to pay down. we have to deleverage our society. only way we deleverage the private sector we're deleveraging the public sector. the debt is still there. it is transfeared to
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different hands. that level of debt will continue --. melissa: that is insurmountable problem. >> that is not insurmountable problem. one of the things it takes dealing with these kind of special tax benefits. another thing we have to rationalize some of our major programs like social security or health care programs we have which everybody knows is involved in a huge amount of waste. melissa: yeah. does anyone have the political will out there to do it? >> no. no, they do not. they do not. certainly not between now and election time. melissa: what about after the election? >> we don't know. all depend who wins. we've seen what happened with one administration. frankly they didn't address these issues which was really the sad part of what they came into office with. they did not really solve any of the major problems we faced with as a country. melissa: i don't know if anyone has the political will to address it even after the election that is my fear. >> i disagree with you. melissa: good. >> a president who addresses this issue will actually enhance his political standing. we are looking into this
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country for political leadership. we didn't get it. we know we need it. it is only way you can get anything done as ronald reagan did with tip o'neill, the democratic speaker of the house when they reformed and revamped social security in 1983 when it was about to go bust. we need that bipartisan relationship. this administration has no relationship with people on the other side of the aisle. that is part of the problem. we are really faced with the possibility of a major blow up in our economy at some point. it will happen or we'll have years and years of very slow growth. melissa: maybe mort should be running for president. i would vote for him. former presidential candidate ron paul made no secret of what he thinks of our federal reserve. next stop is my one-on-one with the congressman right after the votes came in to approve his long-fought bill to audit the fed. do you ever have too much money?
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melissa: a few weeks back ron pal was victorious in passing a signature bill to audit the fed. the congressman made his mission clear. tighter controls for the system and fundamental change the way the market works. watch this. >> i like the marketplace and a lot of people in, on wall street, different places they say that they like free markets too but we have monopoly control of interest rates. they're controlled by the central bank and they cause distortions. it is price fixing. price fixing distorts markets. nobody wants wage and price controls to come back when half of our economy is working on a price control, price of money. so all the information you get from interest is felonious. it doesn't give you the
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right information. so when there is no savings and interest rates are 1%, guess what, bubbles form. melissa: yeah. >> they have to be corrected and that's what we're in. they won't allow the correction. this is why we're in quagmire. melissa: you auditing the fed makes sense? seems like you're putting more cook in the kitchen. perhaps what makes sense is limiting their mandate and what they can do? >> well, no, you don't have anymore cooks in the kitchen. it doesn't have anything to do with designing mon terri policy. you're responsible for it. we need it know what you're doing. you're bigger than congress were the monies spend and where the monies go. you don't have a right to bail on one country and dump on another country. the congress has the responsibility to be in charge of monetary policy. they have responsibility for transparency and auditing and looking at what people do. but because it is, they have been negligent, the fed does whatever they want, they're prepared to bail out europe
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and everybody else. they did that once already. and it is very damaging. it is, if it doesn't damage the big guys, too big to fail. they love it. that's why they go along with it it. melissa: what is the harl of having the fed unleashed the way they are? >> look at the middle class. it has been shrinking. it has been shrinking for 10 years. melissa: i don't know that we can blame that on the fed. >> sure. melissa: how? >> the fed creates bubbles and correction is the result of the bubbles. interest rates are too low too long. a bunch of us were saying don't do it. don't do it. the correction has to iron out mistakes that is the recession. when you don't allow the recession proceed quickly and you pelong the agony. that is where we are during the recession. we're where the japanese have been for 20 years. right now we do not allow the correction to be made. no liquidation of debt. melissa: what if you really limit their mandate so really what they're there for is to stablize the
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dollar? i think it is fair to say they certainly served the purpose when the financial system was seizing during the financial crisis preventing a run on the bank. maybe by the time we get to qe3 they have gone a little too far. would you like to limit their power to what? >> yeah. can't monetize debt. just think if congress didn't have the backup of fed. they're in bed together. politicians spend money. they take care of the military industrial complex. they take care of the welfare state. don't worry about deficits because the fed is always there. they're the lender of last resort. they always buy the debt to keep interest rates low to make wall street happy. usually it ends up in a mess. and that's where we are. they can get us out of recessions now and then but until the bubble gets too big and the bubble is too big. in '07, 08 we knew how big the bubble was. they're doing everything exactly wrong. they can not allow the correction to occur. if they dump the debt on the people. melissa: are you getting a lot of support for this? >> go to the college
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campuss? the kids that are inheriting this, yeah a lot of support. melissa: in congress are you getting support to limit the fed's role? >> well the first big step is find out what they're doing. i got only 98 people voting against auditing the fed. and it was very clear transparency is what the people want. that's what the members did. it was bipartisan. we're making great strides in finding out and calling attention to the organization that gives us the booms and gives us the ininevitable busts that occur after they manipulate the economy pretending they're going to take care of us all. it is central economic planning with monetary policy is doomed to fail. we're witnessing its failure. melissa: you heard it here. congressman ron paul standing up for the middle class and the need to audit the fed. let's see if the call to attention makes any strides leadings up to the next federal open market committee. that is coming up next week.
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one thing might be missing from the labor day barbecue, food stamps. the newest way to spice up your party. "piles of money" coming up. [ male announcer ] it's simple physics... a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis sympto. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain and inflammation. plus, in clinical studies, celebrex is proven to improve daily physical function so moving is easier. celebrex can be taken with or without food. and it's not a narcotic. you and your doctor should balance the benets with theisks. all prescription nsaids, like celebrex, ibuprofen, naproxen, and meloxicam have the same cardiovascular warning.
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melissa: you have to love the government's latest idea to increase food stamp participation. instead after labor day party, why not have a food stamp party? the usda offers following advice for local offices to help boost enrollment. throw a great party, they say. host special events where people mix and mingle. make it fun by having activities, game, food, entertainment, the list goes on and on. under president obama enrollment in the food stamp program has tripled but in this interview democratic strategist jehmu green said the goal is 1 one00%
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participation. she came on to disagree with me. >> we want 100% participation for low income family, military families, children with seniors. melissa: how do you know -- >> the stats prove we're not there. the congressional budget office, the national science institute, everyone who looks at program. we're at around 72%. roo reality is we are the richest nation in the world. we can not have children going hungry. children will --. melissa: can't have children going hungry you're abs absolutely right but getting to the point we have more people in the cart than pulling the cart. encouraging more people to get food stamps we'll run out of money. >> not absolutely. as we come out of the recession food stamp numbers come down to before the recession, percentage of gdp we're in a special place right now where the numbers
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of households that were eligible increased and participation rates have increased. we're not at 100%. we have a saying in texas i'm so broke i can't pay attention. this is really serious. how can children learn? how can they start to really become a part of the economic engine in this country if they're going hungry? melissa: are children reading ads and going to the parties? here is serious.. they're spending $3 million on the ads. don't you want to spend $3 million on food? >> reality is, the government has been spending dollars to promote certain programs since way back to 1792. so, seems like it is a high number. 3 million on, you know, parties. it is not like, they're celebrating because people are hungry. what they are doing is trying to innovate and show different creative ways to really promote to the families that are the neediest. to promote the program is accessible to them.
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without it, then we won't see the type of participation rates that are necessary to fill the gap. >> problem, the money goes into these ads, the money goes into food stamps doesn't come out of thin air t comes from taxpayer dollars. taxpayers would be spending on something else. maybe food their own families. maybe clothes for their own families. maybe they stimulate the economy there would be more jobs so people receiving food stamps could go out and food feed family on their own, and feel good about themselves. >> you talk about stimulating economy. if you talk to any economist, the snap program, food stamps are one of the best economic stimulus we have. melissa: the money doesn't come out thin air. you say it stimulates the economy. it came from somewhere else. it would have been spent on something else. >> for every dollar of the food stamp program --. melissa: it is my money. it is your money. >> $1.72 goes back into the local economy. this is a big part of helping and supporting local economies that are suffering in the recession. yes, it is not ideal to have
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families living in poverty, not able to provide for food on their table. but at the end of the day, when you have a food stamp program, that not only helps feed people but also stimulates the economy, it is a win-win situation. melissa: what do you think about a food stamp party? in the situation would you throw a food stamp party? >> i think the government has to do everything it can to be innovative, to be creative, to use the dollars that have been appropriated to make sure that we have the highest participation rates possible in this program. melissa: usda did provide us with a statement. congress allocates funds to the usda to direct public education about the benefits of snap and how it applies to reduce hunger in america. the agency began airing ads in 2004. more recently develop ad community tool kit to help organizations engage with elderly people and goes on and on. the i'm not sure the statement says anything.
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>> the money is there. woe want the government to be creative and innovative as possible. melissa: we want them to be productive as possible. we want them to be as conservative as possible. we want them to use our tax dollars well. we're looking at solyndra. looking at irs coming after us for health care. now having ads to get more people on food stamps. when does it end? >> using our tax dollars smartly this is where economists say this is one of the best ways to stimulate the economy. better than taxes. better than other spending programs. so this, in a sense, is innovation, is productivity on the government's behalf. guess what? children aren't going to go hungry. military families will not go hungry and our grandmoms will not go hungry. melissa: i obviously disagree with the idea of food stamps for stimulus but was certainly an interesting debate that got a lot of you talking. move aside, food stamp parties. believe it or not we have one that is even better. how about throwing your kid's next birthday party at
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a gun range? at the end of the day, it is all about money. hmm, it says here that cheerios helps lower cholesterol
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melissa: new way to fire up profits a indoor shooting range in texas plans to offer birthday parties for kids from eight and up.
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needless to say the story cause quite a stir. the owner of eagle gun range, david prince, told me what kind of action he was getting to the idea. >> we were getting calls from all over the united states and we're having a great time with this. one thing about the old gun range, it is supposed to be, planning on having education and training center. that is our primary focus. our mission is to educate and train all shooters of all ages. we look the all kinds of programs and the birthday party is one of many programs we're going to offer at our range. melissa: you know, a mom was quoted as saying that, 8-year-olds really don't know the difference between pretend and reality. they confuse it a lot. so she feels like eight is too young to have the judgement to be playing with guns. how do you respond to a mom who says something like that. >> boy scouts of america have been in business for decades and every summer they have a boys camp and they have bb guns and shoot every year and their ages start at 6 years old, first
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grade. we feel like, there is video games and other things going on today, children are exposed to guns and all matters and forms. and we want to teach them there are real guns out there and they are to be respected and learned how to use properly. we don't want parents to worry about having a gun in their house so that we're training all shooters, on how to do it properly. education is our primary focus. we're wishing to do that. melissa: you said it is not about money. it is about education. what made you decide on the age of eight years old? what made you come up with that number? >> the shooting tables are so high. we have ballistic booths the tables are there for the shooter's protection, keeps them from going downrange. those tables are a certain height. eight years old would be about the area we thought would be a good time of the also keep the kid's attention. they will go into the classrooms and receive 30 minutes worth of training from an nra certified
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instructor before they go into the gun range. melissa: the eagle gun range has been getting calls from across the state to book kids parties and plan to offer three or four a month when they start in november. remember the world's most expensive vacuum, the one that cost one million dollars? the head of sales for that beauty promised to take me out to dinner when they finally sold one. we'll tell you if i ever collected on that. you can't have too much money or too many golden vacuums so anyway, i've been to a lot of places.
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melissa: a few weeks ago we told but the world's most expensive vacuum, the one covered in 24 carat gold.
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hear is the picture to refresh your memory as if you could ever forget this. go vacuum was selling this beauty for one million dollars. the company has not sold a single one since it went on sale in june. the vice president of sales and marketing couldn't understand why. watch this. it is pure entertainment. justin, thanks for coming on. we've been following your vacuum and wondering, first we didn't think it was for real. you're here to tell us is for real. you expect to sell it. who do you think will buy a gold-plated vacuum. melissa: i'm sorry? >> hopefully 100 people. melissa: who are those 100 people? paint a picture for me of the person who you think would spend a million dollars on a vacuum. >> there are two types of people. one would be like beyonce, jay-z, someone who has a lot of money. beyond that i've been doing this for 15 years. i deal with a lot of people who are kind of vacuum
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fanatics. they really bonded with vacuums. we offer like 60-day in home trials. we have people return vacuums after 45 days, and lock their account because they want to test new vacuums. i know from my experience, all it takes one of those type of a personalities to have a lot of money and be willing to spend a million dollars on a package. hopefully 100 of those type of personalities. melissa: only 100. they would have to be filthy rich, no pun intended or maybe pun intended. how many vacuums exist? have you made any? >> there is one. there is one sitting beside me. if you want to see it. melissa: i would love to see it. that's it. it is really gold-plated and not painted. >> no. it is aluminum and gold-plated inside and out. melissa: i understand you reduced the sum by a dollar. it is $999,999.
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you are open to offers, right? >> that was not intentionally t was part of the shopping cart software on go vacuum.com. it wouldn't allow us to go into seven figures. it would only allow us to go to 999,999. but the dollar came off and they thought it was a pr scam. it is not a pr stunt. melissa: what is the lowest price you would let the beauty go for? you implied you're open to negotiation? >> we are. we use ad company out of israel. they're a start-up. we're using it to liquidate a lot of our open box machines. let's put it on govacuum and suite get offer. >> why do you think someone hasn't made an offer? >> i didn't set the price at million dollars because i didn't think they would sell it at million dollars. i set it at a million dollars, because this is what i thought someone would pay. we'll hope fellly sigh the
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offs coming in and provide the product as being stated with being truly plated in gold, having the outer bag made of any material they desire then we'll sell them. melissa: justin, the minute you sell that baby call us. we'll put you -- >> i will take you out to dinner. >> all right. melissa: justin, thanks to for coming on. time for a little spare change. today we have our very own dennis kneale and sandra smith. would you like to react to the gold vacuum before we get to this other story? >> he need as good ad slow gag. for the filthy rich it sucks. [laughter] >> 'nough said. melissa: should we move on at this point? >> yeah. melissa: apparently i'm going to dinner with him if he sells that. the first story sure to make you feel better about something, airport security. it was announced that the transportation safety authority, tsa is unionizing. yep.
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45,000 employees are finalize liesing an agreement with the american federation of government employees. tell me how this will make things better. they're unionizing. >> yeah. and last time, well can we name any industry that unions have gone in there and really helped industry? improved it. autos? unions killed it. steel. unions killed it. government, unions don't go a good job either. melissa: teachers? >> i think this is couple groups will be bad for. it will be bad for the consumer. i fly a lot. guess what if they have collective bargaining rights, tsa will shut down security nobody will be able to fly. it will be an absolute mess. and this will cost the airlines. the airlines are having extremely hard time trying to run their businesses. costs -- costs are skyrocketing this will add to their problems. melissa: we have a laundry list of things happening to tsa. officer in new orleans frisking a 6-year-old girl. the strip search of the 85 yearly grandmother. missing the gun in the purse
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in a texas airport. a lot of things have gone wrong and i'm not sure how insulating these workers under the protection of a union helps reform the system better. >> that is the idea. with those kind of gaffs they need union protection for otherwise they would get fired. >> let it go private. melissa: everything private. there is new threat to national security. and get this, it's porn. employers and contractors at the missile defense agency watching porn and sending exclusive photos on the government computers. the agency's director had to send out a memo reminding staffers downloading porn at work could compromise the security of their network and oh, yeah, could be fired. >> missile defense, insert joke. melissa: oh, yeah. >> the thing that really bothers me in the old days like world war ii they sent a gorgeous under cover russian spy to seduce them. now they can do it by porn? that is so sad.
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on a laptop you compromise security. at least compromise for a woman in person. >> we would so stupid to ask why they are allowed to access the web sites. aren't they busy? i guess the answer will be in case they need it for research. i suppose that could be answer. melissa: oh, no. >> the shows you culture we've created if they have the time to do that and accessibility, that is problematic. >> seems to be, should stop them from doing it. melissa: we have to go. i have to go bid on the vacuum. are you going to put in the bid? all of you out there going to put in your bids. we'll finish off tonight with a labor day treat. i have no beef with energy efficiency, but a new solar mandate policy is the stupidest thing i ever heard. the state is facing nearly a $16 billion deficit. 10.9% unemployment and hundreds of billions of dollars in unfunded pension liabilities and of course a brutally depressed housing market. what does california do to
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restore a brighter future? ticks it even more expensive to own a home. are you kidding me? the state will require all new houses to be solar roof ready. that means every roof will have to be optimized for hypothetical solar panel installations some day. the roof will have to face south. unobstructed by shade most of the day. god knows you don't want shade on your house. it will determine where you put a chimney or skylight. you don't like it? you don't have a choice. these energy efficiency requirements will mark up the price of every new home by an average of 3,000 bucks. don't worry. officials say homeowners will save double that amount in three years. did i say three years? i meant 30 years. seriously three decades. who lives in the same house for three decades? this from the state that once led the world in megawatt ideas. instead now looks more like a dying bulb. california may still be sunny but leaders who need to save it are anything but
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bright. will the lights turn out for good in the golden state? i hope not. in the meantime it is doing the stupidest thing i have ever heard. that is all we could squeeze into this best of "money". we'll see you tomorrow. have a great labor day. if you have copd like i do, you know how hard it can be to breathe and what that feels like. copd iludes chronic bronchitis and emphysema. spiva helps corol my copd symptoms by keeping my airways open a full 24 hours. plus, it reduces copd flare-ups. spiriva is the only once-daily inhaled copd maintenance treatment that does both. and it's steroid-free spiriva does not replace fast-acting inhalers for sudden symptoms. tell yr doctor if you have kidy problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva. discuss all medicines you ta, even eye drops. stop taking spiriva and seek immediate medical help if yr breathing suddenly worsens,
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