16% increase as you've noted and the average worker, median income, who is going to pay for the bill for the 16% increase, those making $30,203 and that's the outrage and people feel it. >> john, quickly, the numbers, are the numbers correct that the teachers wanted 29% increase over two years and that's the 71 cents out of every buck that's new dollar at that goes towards education, goes to a teacher's retirement cost. do those numbers sound correct to you. >> those are correct. and 30% over years and how disconnected they are from reality. one. things we're having, they've been asked to work a longer school day. they have the shortest school day of the top ten. and only work 180 days, making $71,000 on average. about $15,000 in benefits. they work 180 days, a short school day, 7.25 hours and they're complaining. they should be grateful. in the private sector, people are putting in more time, trying

to work a second job, to make ends meet and i don't think that's too much to ask. especially when you consider that four out of ten kids start as a freshmen won't graduate high school and only successful six out of ten times. stuart: what we're trying to do is frame the public sector, whether it's working or the not and the private sector, whether it is working or not. for america, and indeed for chicago. and you've just suggested na the public sector, as far as education is concerned, is failing in chicago. the schools are not doing well. tell us again, how bad is it? what's the performance of chicago's students really like compared to the rest of the country? i've got 30 seconds for you, john. >> in terms of academic performance in general, only about a third of the kids are meeting academic standards. and a whole array of studies that show academically roughly one third of meeting the standards or graduating 60%, that's actually up a little bit as competition from charter schools have come in. the bottom line, the only way to create accountability is parents

in power to have choice to take the money with the children. stuart: john, stay there, we will have more in a few moments and we put some more of those raw numbers on the chicago teacher's strike on our facebook page and eye opening stuff. check them out, please, and tell us what you think. and we'll read comments on the air later. in a moment. the financial world pause toss remember the attack on america 11 years ago today. we'll be right back.

>> in just a few moments, the new york stock exchange will hold a one minute moment of silence to mark the 11 year anniversary of the attack on

america. you remember the attack on america was september 11th. all around the new york stock exchange there was absolute devastation, none of the less, the new york stock exchange, the very center of america's financial life, returned to full work on the 17th of september. so, now, let's pause and remember. [moment of silence] of

>> it is tuesday, september 11th, 2012, it is the 11th anniversary of that dreadful day 11 years ago. nicole petallides is on the floor of the new york stock exchange. she indeed of course, observed that moment of silence. nicole, before we went to that moment of silence, i was remembering that the new york stock exchange returned to full business despite the devastation all around us, 11 years ago, just six days after the event itself. thanks to the extraordinary work of dick grasso, i don't know whether you remember those days or not, but you're there where it happened 11 years ago. >> i remember all those days very clearly. of course, this is the very some barry day, a day of memory and a day to remember, here on the the floor of the exchange the traders have been coming in and they're always wearing their flags and they often do so in memory. today, we certainly saw a the lot of folks coming in and sort of remembering where they were on that day. remembering friends and family

members that they had lost. today though, as we saw this morning, some of the military servicemen and women came in here this morning to obviously look back on that day and so now we are getting ready for our trading day in a few minutes. stuart: nicole, i always remember that 343 firefighters died on september 11th and i think that's the precise number, 343. on the set with me now, nicole is elizabeth macdonald whose family, a new york family. >> yeah. stuart: involved very much with the new york fire department, is that correct. >> stuart, this is the the first time i've talked about this in ten years, my grand grandfather ran the fire department and my sister married a firemen on september 9th. and a number of them are gone and my brother-in-law did you go out his brother-in-law new year's eve and recovered bodies out of the lobby and driven below the service level and

chris helped recover chuck. >> that's extraordinary. >> you have not spoke been that. >> no, i've been to a number of funerals and i'm about to, i'm a hardened journalist and i don't want to cry on camera, but this is what we do, this is our family, and this is how we are, we do it for the country and our country that we love and that's, i'm speaking for the firemen in my family. stuart: hold on a second. compose for a second because i'm coming back to you in ten seconds and explain something. during the commercial break, earlier this morning. i was talking to liz about her family background and new york city fire department and she said a moment ago. her grandfather or great grandfather who ran the new york city fire department. she has a story for us, i think she's going to tell us right now. how that man became the new york city firefighter. are you ready, liz. yes, compose my sechlt 1888 during the the great blizzard of new york, he so desperately wanted to be a fireman, but he was too short to pass the height exam

and he had his brother hit him over the head and he brained him with a baseball bat. brained him. but you know, he worked on the shirt waist factory fire that helped to lead to the union moment in this country and ran the scene of the assistant fire commission and made a lot of inventions, created a lot of inventions still in use today. the nozzle-- >> and my family is going to be angry with me, they don't like when we talk about ourselves, we get skin hives, reactions when we talk about ourselves. >> and the dow industrials have opened higher. and let me quickly give you the news background to today's trading and tomorrow, i'm sorry, later on this week, we're going to get ben bernanke saying whether he's going to prints or not. and if so, when. that's weighing on the market. more to the point, earlier this morning, we had moody's, the rating service come out and say, hey, you, america, if you don't get your debt in order, specifically, the debt for gdp ratio, you're going to get

downgraded. now, this is moody's saying this as opposed to standard & poor's which said it and did it in august of last year, and that's just part of the news background, it's not a negative for the stock market on this particular day, first minute of business we're now up about 20 points. there are high hopes for the new iphone, it comes out tomorrow. and introduced tomorrow. listen to this, j.p. morgan says that it could add up to a half percentage point of growth to our economy. all right. nicole, where is the stock now? >> well, we've seen the stock now moving up just a little bit and it's up just over 1/2 of a percent and yesterday hill an all time high of 683.29. see it here, the anticipation, it's brewing, everybody can't wait for tomorrow. the carriers don't really make money on the iphone 5, and over to apple. stuart: i've got to break in with breaking news, ap is

reporting that part of a boeing plant in suburban philadelphia has been evacuated. police are investigating after officials say they received a threat related to the facility. this is the factory that makes helicopters. no impact on this, whatsoever. and part of the plant evacuated. let's get back to the teachers strike in chicago, very important stuff. no sign that the teachers will return to work anytime soon, but here are facts for you, this is good stuff. the average salary of a chicago teacher is $76,000, and that's before benefits. and the highest in the nation. teachers pay only 3% of their health care costs and 71 cents of every dollar in chicago spent on education goes to teacher retirement, and only 60% of high school students end up graduating within five years and now, rahm emanuel is not backing down. >> i believe that what has been discussed over the last hundred

plus meetings. over 400 hours, and is an agreement that is an honest compromise. and that respects our teachers, and does right by our kids and is fair to our taxpayers. >> all right, now, john tillman from the illinois policy institute is still with us. john, we've discussed the teachers, the union, the quality of education and the money. and i want you now, please, to put this teachers strike in the context of chicago as a business area, and illinois as an economy. go. >> yeah, 350,000 children were not in school and thousands upon thousands of parents, who normally would be working today who are not going be to be working are scrambling for day care, trying to find places for the kids to be taken care of today. some of the people may lose their jobs and unemployment of 10 1/2% and those who have jobs, are lucky and provide food,

shelter and clothing, and had the expectation that their kids will be in school and put these people in jeopardy as far as the economy of chicago, which is struggling. >> what about the politics of this. chicago is a hometown, essentially, of president obama. he says he's not going to get involved. and the teachers union, which is on strike, is an avid supporter of president obama. and he just goes through the policies for a second, will you? >> it's fascinating on so many levels, public employee union money is given to democrats and a democratic mayor and a democratic president, and it's interesting, for mayor emanuel to be successful as a mayor, he has to take down the public sector unions and right now the chicago teachers union. if he does not stand strong and get transformtive change, we will be back here. and to go against the union sponsors in the democratic party and chief of staff with, the

president doesn't want him to do that, he doesn't want a see a wedge driven between public sector unions and teachers unions and that's why makes the policies so dicey. stuart: charles. charles: let's talk about the kids for a moment and we know about the gangs and murders aen things like that. black families in chicago make less than 40,000, and teenagers in the household, only one in ten has a job. that's 90% unemployment. overall, 27% of the teenagers in chicago even have a job, and that's down from 50% in 2000. so, you know, by the way, these national numbers that we saw on friday and this is part of the untold story, so, you know, we talk about the importance of education and you see the drop-out rate is absolutely amazing there, and this is a giant theatrical, how the teachers could let the kids down at this juncture is mind-boggling. stuart: the teachers argue they don't want to be held accountable for the academic performance for their students. charles: you used the great word, accountability has been

thrown out the window in general. you can't tell a kid i'm going to grade you in a, b, c, d. yet, i don't want to be graded. any of the hipocracy of that. >> four out of ten drop out before graduating from high school, so that's 60% graduate and then the average is 75%. so, i mean, the teachers, what do you do? do you hold the teachers to accountability. >> absolutely. >> and the parents? >> first, you hold the teachers, the parents have to play a greater role in the community. you've got to get rid of the excuses. if we had these numbers on the republican, i'm it willing you right now people would be in the streets, riots, people would be upset. you cannot give this situation-- you can't let it go by simply because you like the president, you can't let that happen. stuart: and go. >> i think the outrage of this is blaming the children and the challenges the chirp are facing with poverty and difficulties of living in chicago. the same kids are expected to go to school every day and do well

and the same disadvantages. it's outrageous, and chicago kids have prfrn that they can compete if given a chance and teachers have flexibility and customize for every individual child. and the problem is, one size fits all with some exception and charter schools, parochial schools, it's more custom and the kids in the lottery filled charter schools are graduating at 77%, instead of 57% and many of them go on to colleges not only the top 10 chicago high schools are charter schools. >> one second now, john, the new york stock exchange is pausing once again as of right now to mark the time 9:37 precisely, so is the pentagon, by the way. 9:37. is the time when the second plane hit the south tower. what you're looking at now is the commemoration of the second plane hitting the world trade center, the south tower in fact. which took place precisely 11 years ago as of right now. i believe you're looking right there at the pentagon. all right, john, i'm sorry, i

interrupted you there. finish your thought, please. >> well, it's an important reason to interrupt we should never forget what happened and all of us in chicago remember what happened in new york. can i lead you somewhere? there are 118 charter schools in the city of chicago. they are not on strike. i interrupted you, when you were saying that they have a far better academic performance. tell us more about that. >> nine out of the 10 top open, open enrollment of the high school in chicago are charter schools, they're performing extremely well and the system in particular does well, as does chicago, several others are doing great and the point is that to disparage the children of chicago when they're proving they can compete and do as well as some suburban schools or schools in the charter schools is a disservice, they're held to account. if you don't perform, the schools are closed down. if you're a teacher and you don't perform you're let go. if you're a teacher you're rewarded better and all the

mayor wants to do and create these accountability. if i may for one second, in the private sector, unions are held accountability because they have competitors, the problem is better competition in the public sector. >> john tillman, the illinois policy institute. thank you for joining. we'll see you soon. >> herman cain is going to join us on his truth tour about the economy, we're going to ask him to weigh in on the teachers strike. he's for school vouchers. and does what's happening in chicago prove the need for them? we'll ask him, and he will be new at 10. an outage for go daddy.com. and affecting maybe millions of websites and you know from racing tv ads and hosting 5 million websites many for small businesses. yesterday, a hacker claimed responsibility for the outage and go daddy says it has been returned to most of its customers. and so much for the post

convention bumps. the latest poll from "the washington post" and abc news shows president obama with 49% and mitt romney with 48. this is among likely voters, a key extension. it's exactly the same as before the-- in the polls as before the conventions. time is money, 30 seconds, here is what else we've got for you tuesday morning. chrysler is getting a tax break to make wheelchair accessible vans, we'll be explain. the evidence suggests a bottom in the housing market. will we see a bump and we're all going to be bombarded with the political ads and tv for the next two months, we if it, here it comes will that have-- of course, we'll e-mail you, and

i think i've got something, and usually, it could be you, you're on the set. charles: get it when the market is up. and listen to this one. number one, the fda does not approve nvidia's cancer drug's application and that stock is moving. and cases general store, up 5%, and profit forwards on the teen retailer, 5 below, i'm not familiar with that one. most of the teen retailers i'm familiar with and that one-- >> that's why it's down two bucks. stuart: in my ear they say get on with it. gambling machine maker shuffle master made less than expected. it's down a fraction. and disappointing august sales from mcdonald's, that stock is up a fraction. zynga's chief marketing officer resigns, that's not good. that stock is now, well, it's down well below 3 bucks and old line bank chairs, buying the parent of the washington savings

bank, wsb holdings. how about that? good for an 88% gain and that's a big gain. question, which of these will be better for the economy. the iphone five or ben bernanke printing more money? keith fitz-gerald is never afraid to give us strong opinions. he'll weigh in next. [ owner ] i need to expand to meet the needs of my growing business. but how am i going to fund it? and i have to find a way to manage my cash flow better. [ female announcer ] our wells fargo bankers are here to listen, offer guidance and provide you with options tailored to your business. we've loaned more money to small businesses

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>> to the big board. modest rally. the dow is back above 13-3. check the price of oil please, we've been hovering around the mid 90's, up a bit this morning, $97 per barrel.

here is the question for you, could one phone make that much of a difference? j.p. morgan says the iphone 5 could contribute as much as 1/2 percentage point to our economy's growth in the fourth quarter of this year. 1/2 percentage point, that's an enormous amount of money. joining the company from portland, oregon is keith fitz-gerald from money map press. and up 1/2% of gdp from one phone. is that getting a little carried away, keith? >> it's interesting, stuart. that report caught my eye, too, not one eyebrow went up, but both eyebrows went up. reason is, i don't know whether the economy is so bad, something as innocuous as a cell phone makes a pop, but dependent that that much money would poor into it. what happened it airplanes, houses and everything we're-- >> because we're ready to buy the coolest latest technology.

we'll scrape together every last dollar to get the iphone and that's the few of the technology. i'm not going to argue. i see consumers going after what they want in high-tech and they seem to want the iphone 5. >> i do, too. is it something that's sold or for example, something that's being used? the carriers don't make a lot of money on it. apple makes the money on the sale. apple is an unusual company. they continue to make new products that we somehow buy. and there's nobody in the wings and take the crown from them. if the prices hold, they'll probably contribute that and more to the economy. >> that's the private side of the equation, doing well with the iphone 5 and stimulating the economy. look the at the public sector, for the moment, ben bernanke is a public sector, if he prints more money, that's public sector stimulus, do you think that will do as much good? >> frankly, no, i don't. i think it's actually more damaging to the economy over the

long-term than something like apple. apple is creating new products that people want and are willing to part with cash and bernanke is printing money to make up excess losses incurred by our financial systems and our regulators are all over that, or they should be, and i think that's actually damaging to print because it risks inflation and other variables kicked down the road right now. stuart: do you think he's going to anyway, regardless of what we think is the effect. you think he prints from thursday afternoon, that's the announcement that's coming? >> or some variation of it. even if he doesn't call us for money, i think that's what he's going to do. what he knows and these guys know in the central banking community and he's got the keys to the printing presses and as long as he's got the keys, the party continues. stuart: that's why the dow is the 13,300 with declining economy, fairly weak corporate profits, these guys print and up go stocks, are you okay with that? >> yeah, i think it's accurate. stuart, unfortunate, but very accurate. stuart: i knew i was right. and keith fitz-gerald, always a pleasure are you, see you soon.

>> thank you, sure. stuart: almost 9:50 eastern time that means the price of gold is coming your way now. we're the at 1739. we're up 7 bucks this morning, another small gain. 1,739 per ounce. and more bad news for gm though. the auto maker now denying a report that says it's losing big money on the chevy volt. when you hear how much you'll understand why they are denying it. that's next. hi, i'm phil mickelson.

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>> a shocking new report about the chevy volt. reuters says that gm loses $49,000 on every single one it sells, gm denies that. it says it's losing money, but not that much. gm says the technology costs a lot to develop and that the costs should be spread over the life of the program and not over each individual one. liz, what do you say about that? >> they're saying it should be spread over a larger number of cars that come out down the road. if that's so lower the sticker price below $49,000. does that mean the chevy malibu or chevy cruze should be lowered in price. the logic behind this is questionable and dubious. >> they admit they lose on every volt they sell or likely to

sell. it's a loss leader. charles: it's a loss leader for taxpayers, that comes from the federal government. a lot of state governments are broke, chicago and here is the real story, general motors is in a lot of trouble. the trucks right now inventory is twice as much as they usually are. they only have one car in the top ten. chevy cruze. and malibu. and going to lose a billion dollar in europe a loan out for the pension and this is not a successful turn around. i don't care what the president says and the media says, general motors is in a lot of trouble. >> their sales growth is a fraction of what toyota, volkswagen and kia is getting and for the president and the vice-president to say that the rescue of gm and the auto industry, 1.5 million, that would assume that all of them. ford would have collapsed and. stuart: jobs gone forever. charles: the american jobs,

60,000 now down-- you said in this program that general motors may need another bailout to maintain the current status. >> the general motors would need another successful bailout the recession. stuart: thanks for sarg that first on "varney & company." mitt romney made a strong statement on the chicago teachers strike, president obama has not. the longer it goes on the harder it would be for him to remain quiet. herman cain tells us what he thinks would solve the economic problems in chicago and nationwide, he joins us next. ♪

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>> new at 10, chicago public school teachers are on strike, they don't want to be held accountable for test results in the poorest areas of the city. how about letting somebody else try. private vouchers could be a way to do that and herman cain is about to make the case for that. he's with us in a moment. check the big board, yeah, it's a rally. 72 points higher for the dow industrials at 13-3. here is our tuesday morning company, still with us, elizabeth macdonald, charles payne and nicole petallides on the floor of the new york stock exchange. all right, nicole, burberry, a luxury retailer if i'm mott

mistaken, shares are down big why. >> and obviously, a global company and they gave a profit warning, stuart, which is obviously at the lower end of the estimate for their full year profit numbers, so, the stock is getting hammered down 21%, its biggest drop since the ipo back in 2002. a tough economy is hitting the luxury. >> that's the point. are they saying that all luxury, the whole luxury area is going to take a hit, because i think that ralph loren is down, too, maybe in sympathy, perhaps. >> you're right on. number one loser in the s&p 500, and all analysts have come out across the board this morning and burberry of course noted this quickly to say it's not just us, it's the luxury market. the back to school season here, and everybody bought exactly what they needed, but they're not hitting the luxury stores, as you noted ralph loren is down in sympathy and ones to watch. lfrment bnh. and louis vuitton, talked about

a tough going for it and hermes, their 75-year-old company was not able to give the forecast because of uncertainty. stuart: louis vuitton, and lbnh run by the runnest man in france, applying for a belgian passport he doesn't want to pay 75% tax on his money. >> and very good, a wealth of information. show me the big board, 72 points higher, an expectation that ben will print and mario will print and the the german courts will say okay to that. why the dow is up 70, in the background we've got moody's saying unless america fixes its debt to gdp ratio, in other words, get your debt under control, we could be downgraded again, that's not playing any rell on the markets, it may in the future. and 25,000 teachers are picketing and at times yesterday, they blocked traffic

in the city and enlisted students to help boost their numbers, though some of the students have no idea what they were doing there. >> >> all right, now look at this, according to the study by the thomas b fordham institute. 39% of chicago public school teachers send their own kids to private schools. joining us now is herman cain, who is in favor of school choice as a way to improve our education system. let's kick it off with this, make the case, please, for vouchers. because i believe, you want a voucher system. go, sir. >> yes, vouchers equals competition. and as you know, stuart, competition makes things better. and the unions, the teachers unions, they don't want competition, and they don't want accountability. so, it's pure and simple, if you

give parents a choice, they can then choose to put their child where they want to put them, which creates competition, and competition makes things better, including education. >> does this chicago strike advance your cause? because clearly, the union is not working to produce good schools in the city of chicago, so, do you think it advances your cause because chicago is such a mess? >> yes, it does. because, parents are not stupid. and they see this as something that's unnecessary, now, rahm emanuel is not someone that i would want to come to his aid because he's a friend of the union. but he even said, it wasn't necessary, and i happen to think that they're being unreasonable. here is something else you haven't heard in the news, stuart. the charter schools are open. it's only the public schools that are being impacted by the strike, with 300,000 students

being held hostage. >> now, the president says he's not getting involved. not going to take sides. what do you make of that? >> i think he's doing the right thing. i don't think mitt romney ought to get into it. this is a local issue and i believe that the mayor and city officials, they should handle things, so, i would agree with the president. >> no, don't you think that the president-- if he wants hope and change and real educational process, don't you think he should make a stand on school choice, for example? don't you think he should come out and say, if we want to improve the education of our kids, this is how we do it. you don't think he should say that? >> i think he should, but, he's not going to say that, stuart, because he doesn't, he doesn't believe in school choice. he needs to make a stands in washington d.c. and do something about not having a budget. do something about tax mcgeddon, we're going to see the end of this year, if congress does nothing in terms of causes all of our taxes to go up and he

needs to make a stand relative to spending and in washington d.c., relative to energy independence, no, he can state what he believes relative to how to make education better, but should not get involved in the situation because i believe the local school district and the mayor, they're going to have to teal with the problem. >> a way to help to look at the presidential race for a sec. it looks like neither candidate really got a post convention boost that lasted. the latest washington post, abc news poll shows that president obama leads in a very slim lead. 49-48 and this is likely voters. and this is very important. what's this telling you about the outcome of the two conventions? >> what it tells me is that people don't know what to believe. a caller into the radio show when i did a special while in tampa. she said, i don't know what to believe and what i think that says, stuart, is that a lot of voters are disillusioned, they don't know what to believe

because of the negative attacks, they don't know what to believe because of the distortions, they don't know what to believe because some officials have been caught in jut right lies and so, i think that's why we'll continue to see this statistical deadlock in terms of who people prefer. that being said, i do believe that this is' about 20% of the people, some disgruntled democrats, independents, libertarians and as well as some republicans who stayed home, that's going to be the deciding factor and i don't believe that the polls are picking that up at this particular point. >> i take a slightly different tact. i don't think that mitt romney is articulating his position in a way which is easily understandable and forceful for many voters. i remember your 9-9-9, that reached everybody. everybody could understand everything you were talking about. there was no mistcation.

you're right. he's stated a 20% cut in rates across the board, but that's not restnating with people when you start talking about 20% cut in rate. it's a start. now i've had conversations with governor romney and made an alternate suggestion. my suggestion is, change the narrative and talk about replacing the tax code. tell charges, don't start cheering yet, i haven't gotten him to say yes. the narrative should be replace the tax code. now, governor romney's concern, and rightly so and others would be, well, what are you going to replace it with. you don't have to answer that question right now. you have three very good alternatives that have been out there. you have the fair tax, which is a national sales tax, you have the flat tax on income, and you have the new kid on the block, 9-9-9. and that's a public debate those

three, but the narrative needs to be replace the tax code. that would resonate with voters and that is forceful and much bolder. stuart: when half the population doesn't pay any tax, why should it resonate them to reform or replace the tax code? that's an argument for another day, herman and i'm sure you and i will have that argument at some point. >> i look forward to it, stuart. stuart: and we look forward to having you on the show, you have clarity, i know exactly what you said. that's not true of so many of our guests, thank you so much, appreciate it. >> thanks, stuart. stuart: here is what you are saying about the chicago teachers strike on our facebook page. louise says this, the per student cost of public schools in chicago would be the cost of a private school tuition. and this is from-- that's very true, that's exactly. i think it's $17,000 a head. an enormous amount of money. this from wayne, if they were doing this for the kids, this

would have been settled long before the school year started. well said. and kate says, we're all to blame, we have abandoned our values, left teaching of our kids to othersen and not demanded excellence. our kids will not be able to compete in a world market. stuart: what do you say to that last one. charles: i think she's spot on. last week they came out with a competitive index, america dropped from five to seven and only because we're the largest market. everything else is free falling, including education. stuart: follow us on facebook, join in, it's a lively debate and we want to keep it that way. and this morning, apple expected to unveil the new iphone 5 tomorrow. j.p. morgan says it could add up to 1/2 a percentage point to america's economic growth in the last three months this have year and i'm going to start with you, charles. a .5% boost to our overall 15 trillion dollar economy? what? >> and it's 70% of apple's

profits these days. and it's -- you know, look, and keith fitz-gerald has interesting observations on this. and having that much impact and coming down that far. would that mean that they'd have to ditch the iphone 4 for the iphone 5. stuart: i've not read the report. it was up to 1/2 a percentage point of extra growth. nicole, you're there, what have you got to say about this? >> a couple of thoughts, everybody got hip to apple's marketing techniques and some speculation that some people skipped the iphone 4 altogether. right. everybody wanted the latest iphone, latest iphone. so many people knew in their hearts when they had the 3 that the 5 would come. they didn't buy the 4. they're waiting for the 5. the question, what will the 5 deliver? is this buy on the rumor and sell on the news? is it going to be bigger, faster, better, et cetera. and can you text on it? every woman i know, so many tell

us that texting the smaller screen is difficult and haven't mastered that and tell us that-- >> every woman i know with text-- >> men text, but they don't have the lady's manicure. stuart: i want to know if there really will be that big of a boost to the overall economy from one iphone 5. by the way, see the introduction of the 5, the iphone 5, that is tomorrow on fox business, and in the afternoon. i'm not sure of the exact time, but you'll watch it right here on fox business. >> and the economy growing at less than 2%, it probably will have-- >> well, it's true, you've been to an apple store. >> yeah. stuart: they're always full, always. charles: always. stuart: you walk in the door and be somebody gets hold of you, one of the guys in the blue shirts and you don't leave until you are satisfied. and that person stays with you all the way through. i like that. >> and also when the iphone 4 came out last october, a year

ago, you know, computer sales and on-line computer equipment sales went up and they may have boosted it by 1/2 of the retail sales growth overall. and that's why analysts are really zooming in hard on the iphone 5. >> i know we'll find out tomorrow, but just a bigger screen, is that all that we've got. >> bigger, flatter possibly-- >> and did-- >> i want to say that the hype hasn't died off either. we talk about the marketing and the seller marketing the way they do it. i can tell you, also, i hear kids all the time making their list for the holidays and now, any, any loyal varney viewer knows that my own children last year were asking for the iphone. guess what they're still asking for every day? an iphone. stuart: all right. you can't tell us publicly, are they going to get it this year. >> i haven't decided i've been saying no for two years, every day. stuart: do you think they are he' too young? >> you know what, it's not about me, it's about the iphone, let's

stay focused. stuart: i didn't hear what you said, my ear thing came out, but thank you, nicole indeed. the if the germans have to wait for their high court to approve a bailout of the eu. should our supreme court do the same thing? what do you think the judge has to say about that? germans, constitution, apple.

>> we want to update you on the breaking news involving boeing. the company's plant in philadelphia was evacuated earlier this morning and police are investigating the bomb threat. a written threat was found in the bathroom, and this is according to the local tv station there, wcau. and mcdonald's reports its august sales figures, worldwide numbers up more than 3%. and similar results in u.s. and europe. raymond james upgrading the stock this morning after the numbers came out. it's up just a fraction. now, stocks adding to the dow's gains and right now the industrials are up 73 points. it looks like hopes for money printing here and abroad are back. up goes the market. in germany tomorrow, a court will rule, on the chance to get a to block the bailout. who will have a chance to block the bailout. probably couldn't, but it could. wouldn't our judge love to have that chance here in america, block that money printing? he's gone over this. 90 seconds.

>> today we remember the 11th anniversary of the the attack on america, the ceremony is taking place right now at ground zero. ♪

and now this, a german court will rule, will get to rule on berlin's big bailout of all the broke countries like greece, spain and others. all rise, he's here. >> don't you, you're tempting me. >> i know i am. >> it's deliberate. now, nothing like that happens in america. over there, the courts can say, the german court can say, european central bank, you're out of bounds. that's not in your charter, you're not allowed to print money like that. >> well, sort of. the german central court could say to chancellor merkel, you cannot participate in this fund. it could not stop the european central bank to stop with other countries because this jurisdiction ends at the border of germany. it's a constitutional court with real authority that can stop the government from doing things

which it finds are contrary to the german constitution. and it permits members of parliament to challenge of the behavior of the executive branch. could you imagine senator rand paul filing a complaint with the supreme court of the united states challenging many things that president obama wants to do and the supreme court hearing those challenges? >> yes, i can-- >> that's very tempting. >> and we don't have that, that system here, we have something called stand in which makes it difficult for you to get the right to challenge the government. in germany, any other member of the government can challenge what the chancellor wants to do. they will probably rule tomorrow and as you said, they will probably permit the government to participate in this. if they don't. you would know better than i what will happen to the euro. >> that's europe. i don't understand why, look, in america, i've always been told that you can sue anybody for anything anytime. why can't any member of the government or any member of citizen of the united states sue the federal reserve and say,

hey, we don't want you printing money like that, we don't think you should be. >> the supreme court has already permitted it. not this court, anyone on the court right now. you know what, our predecessor court reviewed this and we're not going to-- >> and wait a minute, what you're admitting is that your constitutional position on the printing of money by the federal reserve, has already been challenged in the courts. >> and i have already looked. >> and the plain language of the constitution says, only the congress can coin money, can't let somebody else print money. >> you're saying stuff about the federal reserve that has sovereign immunity. it's a bank not part of the u.s. government. the federal reserve likes to say it's apart from the federal government. >> it doesn't have sovereign immunity and it can't be sued. in fact, our boss, kevin mcgee

sued on behalf of fox business and we obtained documents-- >> i mean about printing money. >> the federal reserve is not immune from suit. the supreme court has the discretion not to hear the lawsuit, perhaps because they might be inclined to rule in a way that would have a tremendous upheaval on the american economy. and a member of the supreme court whose name i can't tell you has told me that those old cases authorizing the printing of money were wrongfully decided. and that person is still on the court today. >> this could be napolitano versus whoever, everybody. >> well, the constitution requires standing, requires that your be different from others. and the government would get nothing done. >> so the federal reserve is the government? >> depends who you ask. for purposes of lawsuit, the federal reserve is the government. for purposes of what they do

with the money they earn-- >> you know what's going to happen now, we'll get thousands of e-mails, don't you know who owns the federal reserve? who opens the federal reserve bank. >> would you permit me to get back where we started. stuart: you've got 20 seconds. >> britain was right not to go to the euro. stuart: not for constitutional grounds. no, no, economic grounds. there's a tremendous impulse in germany right now to get out of the euro. >> yes, god bless margaret thatcher. >> remember the song, god bless you maggie thatcher, they were ridiculing her. stuart: we'll give awe extra 30 seconds if you go through that one. [laughter] . >> some ear plugs. charles: a soft shoe. >> i want to see the black robes and a wig. got to see it. right now, our taxpayer money is use today buy wheelchair accessible vans even though those vans were made for army overseas. we'll look at these vans, they are made in america, so will the obama administration change its

policy? we've got the story for you. it's next.

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>> what happened to airplanes and cars and houses and all these other things we used to depend on? stuart: that was keith fitzgerald in our last hour responding to the post. remember to join us every morning at 9:20 a.m. eastern. they are now marking a moment of silence to mark the time when the world trade center's north tower fell on 9/11. that was 10:28 eastern time. a moment of silence now in chicago. i want to check the market for a moment. take a look at the big board. the dow jones industrial average, modest rally, 68 points higher. most people think that ben will print. up goes stocks. dollar down by the way. up goes stocks. look at gold, dollar down, up goes gold. 1737, up 6 bucks. look at the price of oil, dollar down, up goes oil, $97 a barrel, 52 cents higher. gas prices climbed a bit

overnight. the national average coming in now at $3.84. that's regular gasoline. diesel at $4.11. back to nicole. watching mcdonald's. they came out with same-store sales numbers today. what's the result and what's the stock? nicole: well, global result of gain of 3.7%. that was good news but below estimates of 3.9%. that being said, they have done particularly well with smoothies, lattes, oatmeals, salads and gaining market share from wendy's and burger king. you do have some analysts jumping on board. raymond james put new price target to $95 from $92.50. global picture not bad at all and did well in europe. stuart? stuart: thank you very much. the federal government is using our taxpayer money to buy foreign made wheelchair accessible vans. that was supposed to end once a u.s. company started to make those same vans here.

well, a company called the vehicle production group has been doing that for a year. joining us now is our next guest who is running that company. fred, why is it that somebody else who makes these vans overseas gets government money? you make these vans in the united states, why don't you get the money? >> well, when chrysler pulled the manufacturing out of the u.s., there was no american manufacturer making these vehicles. so they asked the federal transportation administration for an exemption which was appropriate because there was no american manufacturer. we manufacture our vehicles in indiana. 75% american content and we have asked that waiver to be withdrawn. actually the waiver said until there was an american product available, it stayed in force. so by its own terms, it should be over.

stuart: why are they dragging their feet? you were on this program a long time ago, hey, look at this, we make it right here. why are they dragging their feet? >> well, they are not dragging their feet. they appropriately put out a comment period, asked for comments. number of people commented including chrysler. ford joined in on our behest. we use ford power train made in america. in about 35, 40 days we anticipate they will make a decision and hopefully make the right one. the law is clear. stuart: 40 to 45 days they will make their decision, public comment period that's been going on for almost a year, when do you think you will get the money? >> well, the comment period is short, in government terms 30 days is not a foot drag and the money is available to municipalities who purchase the vehicles. so we're all -- stuart: fred, i think you, sir, are a diplomat. former owner of the washington

redskins you must be a diplomat and i think you are being a diplomat now, aren't you? >> nobody has ever accused me of being diplomatic but i appreciate the comment. stuart: whenever the president said you didn't build that, referring to businesses which have been built from the ground floor up, what do you think? >> actually i sort of disagree. we did build it. we brought together the particular resources you need to start a business, capital people and an idea. actually the employees, some 900 that work for us and our supply chain do build it, but without the capital deployed, they wouldn't be building it. i think it was an off-ended comment. but i think the business of america to get america going is people starting businesses. that's what we've done here. stuart: you should start a diplomatic business, i do believe that, fred. i don't care what they say, i think you are a diplomat.

you have really got it. thank you very much for joining us. >> thank you for the compliment. stuart: come back when you get the money, and i don't anticipate you won't be back until next year. i just have that feeling. thank you very much for joining us, sir, appreciate it. could this actual by a housing rebound? home prices going back up across the country? one of our real estate agents will try to convince us that this is the real deal. [ mujahid ] there was a little bit of trepidation,

not quite knowing what the next phase was going to be, you know, because you been, you know, this is what you had been doing. you know, working, working, working, working, working, working. and now you're talking about, well you know, i won't be, and i get the chance to spend more time with my wife and my kids. it's my world. that's my world.

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stuart: joining the company now from chicago is larry levin. i repeat from chicago. home of the teachers strike. larry, i have two questions for you, number one, have you been -- your company, have you been personally affected by the teachers strike at all? >> yeah, we have, and a lot of people i know who are business owners like me, stuart, i have 47 employees so a few of our employees have had their kids with them the last couple of days. they have nothing else to do with them. i guess luckily for my employees i'm okay with that. i'm not alone in this building. i know people in this office who have employees and they are bringing their kids to school. they have nothing else to do with them. stuart: let's get to the money side of things. if ben bernanke does indeed print up some more money, do you

think it helps the economy? not the markets, not gold, silver oil stocks, not the markets, the economy? >> no, i don't think it helps the economy. i think it ends up being worse for the economy. it's good for the markets. you are right there. as far as the economy is concerned, the couple of times we have come out with qe and printed more money as bernanke does, the situation ends up being worse. companies borrow that money or take that money and they end up not hiring people unfortunately. in fact just the opposite. they have slimmed down. they have cut jobs. we have less jobs. not helping the economy in any way. stuart: i see gold and oil is up this morning. stocks are up. i guess that's in anticipation of ben saying yes we are going to print some money. that's what it is all about right now; correct? >> it will help the markets no two ways about it. helped us so far. 1430, 1440 area in the s&ps, hasn't seen those areas in a while. it is helping the markets but not the economy. stuart: thank you very much indeed larry levin and good luck

with that teachers strike in chicago. >> thanks. stuart: i have always said that the best investment is a single family home in a good neighborhood, i have been saying that for the last few years i have been wrong on occasion, but that's what i have been saying. barron's says home prices are headed up 7% through the year 2015. joining the company from phoenix is a real estate agent with team investments. what do you say? up 7% on a nationwide basis, forget location, a nationwide basis by 2015, what do you say? >> i think you are really good at educating your viewers, and what we need to help them understand is that there is no national real estate market. so we need to be careful how we're looking at these numbers nationally. we need to look at markets individually. and if you're in the home-buying process right now, there's two different homebuyers. there's a homebuyer that's buying their personal family home and their criteria of looking at a home is totally different than an investor.

so there is no national real estate market. so all these numbers that we're seeing saying national numbers are up 4%, up 7%, you really need to look at your individual market, if you're buying a personal family home, and as an investor, you need to look and really analyze the market and understand what's going on with your investment. stuart: now you're in phoenix. you have been on this program for the last couple of years. you have been reporting to us what's going on in phoenix. phoenix prices have bounced 12%, i believe that's in the last 12 months, year on year up 12%. i want you to tell white house is doing -- i want you to tell us who is doing the buying? is it investors or people living in the houses? which sector of the phoenix market, luxury, middle, lower end, which section is doing best? go. >> sure, so investors are buying still under $150,000 as rentals and creating great cash flow. that is the number one thing that is moving in arizona. we are just starting to see the

high end market come down, and people are buying a flip there. any kind of flip being done in arizona is a high high end flip. people are buying there as well. the middle market is personal family homebuyer. the people who are coming in to live work have good families live in good school districts that sector is a personal family home. you have a lot going on in arizona itself. stuart: let me get back to the high end stuff. did you say that the prices are just beginning to come down? did you say that? >> yes, and i will give you the perfect example. i just had a bank call me last friday, 2.8 million dollar lot, and if you know arizona, it is on the top of paradise valley, it is on one of the mountains in paradise valley, it is the highest end price to live in arizona. $450,000 they offered it to me for. so that's a long-term hold, though. that's a play where somebody could come in and make a ton of

money. stuart: what did you say? super high end, originally priced at what and now they want you to buy it for 450? >> 2.8 million dollars, it is a lot, no home, just a lot. 3.5 acres at the top of one of the most exclusive mountains and 450 is what they offered it to me for. stuart: 2.8 to 450,000. it is a lot, not a home, building opportunity? >> right. so different play, though, not a low end flip where we're doing it in 30 days. this is a long-term hold. stuart: are you trying to sell that lot? >> stuart i'm buying that lot. stuart: are you buying it? >> i'm considering it. stuart: if you flip it, i want some commission on that. okay? i want a little piece of the action. okay? >> you got it. stuart: tanya, thank you very much indeed. >> thank you. stuart: political ads are filling the airways and media

companies are cashing in. -- airwaves and media companies are cashing in. next the big money that's being made this election year. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank.

stuart: stocks are moving higher this morning. look at this, the dow industrials up 75. tomorrow the fed starts a two-day meeting. many are expecting ben to print some money eventually. up goes stocks. in germany a court will likely give the go ahead to merkel to participate in a european wide

bailout. up goes stocks. look at the nasdaq composite today. earlier the nasdaq hit a 12-year high. all the way back to the year 2000. remember those dot com days? i do. apple is helping the nasdaq this morning. we're expecting apple to unveil the newest iphone tomorrow. there are high hopes for it. jpmorgan says it could add to gdp, maybe as much as 1/2 percentage point, big gain. get ready for more ads over the next two months. how much money is going to flow into media outlets on the politicians? a lot. of up to 10 independent research providers into a single score that's weighted based on how accurate they've been in the past. i'm howard spielberg of fidelity investments. the equity summary score is one more innovative reason serious investors are choosing fidelity. get 200 free trades today

and explore your next investing idea. are we there yet? are we there yet? [ male announcer ] it's the age-old question of travel. the same one we ask ourselves every day. is it the strongest, the most efficient? have we created the kind of vehicle to move not just people... but an industry forward? are we there yet? are we really? [ male announcer ] are we there yet? we are, for now. introducing the all-new seven passenger gl. mercedes-benz. the best or nothing. so let's talk about coverage. based on this chart, who would you choose ? wow. you guys take a minute. zon, hands down. i'm going to show you guys another chart. pretty obvious. i don't think color matters. pretty obvious. what'sretty obvious about it ? that verizon has the coverage. verin. verizon. we're going to go to another chart. it doesn't really matter how you present it. it doesn't matter how you present it. verizon. more 4g lte coverage than all other networks combined.

stuart: quickly to nicole, facebook's chief mark zuckerberg speaks today at a tech conference. the stock is doing what? nicole: that's a big deal here. of course i have my friends here from the united states army on a day of remembrance. we're taking a look at facebook here. up 1.6%. and today he's going to be speaking -- this is the first time the world's youngest billionaire will be talking about facebook, its growth plan, so everybody is certainly anticipating what he may or may not say. stuart: nicole, from all of us here in this studio in new york, will you offer our thanks for the service of those two gentlemen who are standing there with you on this september 11th anniversary. thank them. nicole: we say thank you for your service from everybody at fox business. thank you. stuart: thank you very much. political ad spending is up 23%

because of the election cycle. katie bachman is in d.c. we all know there is an avalanche of this coming on television. is it possible to put a dollar number on it for the next two months? could it be a billion dollars worth of tv ads? >> it is going to be around 3.3 billion across all of television. and 5 billion -- more than 5 billion across all of media. so it is really a bonanza for just every single type of media outlet out there. stuart: you have taken my breath away there. over 5 billion dollars in political advertising on television in the next two months. >> yes. stuart: where is all that money coming from? that's the obama and romney campaigns alone, is it? >> well about half of it so far has come from the packs, as you know. there's also all kinds of other races going on, senate races, all 435 house seats, different

ballot initiatives so about half of it will be presidential advertising, however. all of that is going to be concentrated in about nine states so it is very very concentrated even though it is a lot of money. if you are in one of those states, if you have a tv station or a radio station and you are one of those nine states, it is a bonanza. stuart: i'm just trying to imagine what it would be like to live in ohio, listening to the radio or watching television. i don't think there's room for any other kind of commercial other than a political commercial. i mean, you're buying every second of airspace, i would say? >> it's going to be crazy. i live here in virginia, so i can tell you it's already nuts, and we're not even at the peak yet. it is just now starting to rev up, but it is going to be that last month and particularly those last two weeks where we're just going to be inundated. stuart: doesn't that dilute the effectiveness of it because if it is coming at me constantly,

i'm going to turn off? >> sure, it is very very difficult. imagine if you were trying to be a commercial advertiser and you are trying to get on during that time, you simply don't. so, you know, one wonders just how effective all that is when it's back-to-back political ads. i don't know, they still want to get their voice out. so they are still going to spend. stuart: can you give me the number again? you said over 5 billion dollars in total in the next two months? how does that compare to 2008, the last time we had presidential elections, senate elections and all members of the house? >> that's up b 35%. -- that's up about 35%. if you go back to 2004, in total, political advertising has doubled. it's actually doubled. it just keeps getting larger and larger. in fact the biggest jump was really between 04 and 08. stuart: real fast, how about internet advertising, is there much of that?

>> look, internet advertising is up ten times. however, it's still only 6% of the ad spend. so it's really 300 million, but they are happy because it is more than they have ever had before. stuart: katy, that was extraordinary stuff. thank you very much indeed. i did not know. i had no clue about 5 billion dollars. katy bachman everybody. we will see you again soon i'm sure. thanks a lot. >> thank you. stuart: my take on the chicago teachers strike is next. [ male announcer ] let's say you need to take care of legal matters. wouldn't it be nice if there was an easier, less-expensive option than using a traditional lawyer? well, legalzoom came up with a better way. we took the best of the old and combined it with modern technology. together you get quality services on your terms, with total customer support.

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stuart: here's my take on the chicago teachers strike. it is very revealing what those teachers are doing speaks volumes about just whose interests they are protecting, hint, not the children. first of all, this strike is not about money. they have been guaranteed a 16% raise over three years, and that's a very good deal. so why are the teachers on strike? because they want to keep control of who gets hired and who gets to keep their job. they want to be accountable only to themselves, nobody else. they do not want their work evaluated on the basis of student performance. they do not want school principals to have a greater say in who gets hired and who keeps their job. no, the teachers union has accumulated enormous power over

our public schools and they will fight tooth and nail to protect that power. that's what they are doing in chicago. all right, now, step back for a moment. i think teaching is a profession. professionals should not be represented by an industrial-style union. professionals don't strike. they don't write thousand page work rule books. and teaching professionals do not sacrifice children for the sake of union control. to be truly radical, let me propose this, de-unionize the public schools. up until 1960 the unions were a very minor part of the education system. if the president really wanted hope and change, he would oppose the teachers in chicago, along with the rest of us. that's my take. the highlight reel is next. it's all about the strikes.

stuart: all strike all the time; it is in the highlight reel. here it is. >> teachers are on strike, kids are the losers. the kids are always the losers.

they even enlisted students to help boost their numbers. the teachers union they don't want competition and they don't want accountability. >> competition makes things better. stuart: public, private, that's the framework. charles: everything else is free-falling including education. stuart: that strike really dominates the news, financially, culturally, socially and to a degree politically. last comment from liz? liz: school district in chicago, in the red, already drained cash reserves, raised taxes to the legal limit. they had a guaranteed 16% pay hike over four years, they initially wanted 29% over two years. stuart: it is not money, is it charles? charles: these teachers have overplayed their hand dramatically. stuart: they could pay a price this time. dagen and connell are here, it is s.