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♪ imus in the morning ♪ >> yes, we are a divided nation and the gun issue makes it very clear. good morning everyone. another publication releases names of handgun owners that's the new liberal line of attack. the n.r.a. goes to the white house, that is guns rights versus gun control. but buyers are lining up for the guns that may soon be banned. yes, we are a divided nation. same with taxes and spending. the cbo says the deficit will again be a trillion dollars this year and left says tax more and

keep spending. the right says we've taxed enough, cut spending. division. a crisis at boeing, more incidents hurt the dreamliner and that stock is down big. can it be? french socialists rethink that 75% tax rate? "varney & company" is about to begin. you turn for legal matters? maybe you want to incorporate a business. orrotect your family with a will or living trust. and you'd like the help of an attorney. at legalzoom a legal plan attorney is available in most states with every personalized document to answer questions. get started at legalzoom.com today. and now you're protected.

>> good morning, "varney & company" viewers, wednesday, january the 9th. america divided in many ways. today the issue is guns. three headlines for you, first, after a newspaper published the names and addresses of gun owners in two new york counties. gossip website followed suit. it posted them, 446 pages long. the headline of the article, quote, here is a list of the bleep-holes who own guns in new york city. second amendment advocates clearly outraged. next, joe biden meets with the n.r.a. at the white house and

president obama's leading effort on gun control. it's unlikely that the n.r.a. is going to back down, here is wayne lapierre. >> i call on congress today to act immediately to appropriate whatever is necessary to put armed police officers in every single school in this nation. stuart: he's not backing down from that stance. then we have new york governor andrew cuomo offering his views on guns in his state of the state message today. an assault weapons ban and tougher penalties with crimes committed with a gun. and on one side. ban some of them in the future. that's a division. what do you think of the latest gun developments? sound off on our facebook page. what would you like to see coming up at the n.r.a. meeting with the president at the white house? we'll read some of your comments on the air. there are reports that a japanese airline canceled a boeing dreamliner flight today.

that would be the third 787 incident in three days. so, let's bring in nicole. any impact on the stock price this morning, pre-market? >> well, we've seen boeing under pressure. yesterday was the biggest loser in the dow and today it's looking slightly lower, you're talking the 787 dreamliner, electrical issues, a fuel leak, a fire, all of this obviously all put together not good news there. today, it's looking right now, the bid-ask sitely higher. stuart: yeah, so it's coming back a little bit, maybe at the opening bell, but it's still down 5% in a couple of days. nicole, thanks very much indeed. moments from now we have the man who conducted what i think is maybe the most important economic interview of the year so far. the man who got the quote from the president that says we will not be cutting spending. we'll have steve moore for you, he got the interview and the opening bell coming up next. ♪

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use promo code: gethelp. if you're not completely satisfied, notify lifelock and you won't pay a cent. order now and also get this shredder to keep your documents out of the wrong hands-- a $29 dollar value, free. get protected now. call the number on your screen or go to lifelock.com to try lifelock protection risk free for a full 60 days. use promo code: gethelp. plus get this document shredder free-- but only if you act right now. call the number on your screen now! >> opening bell coming up in a few seconds, we're expecting a very small gain for the dow industrials. we've been in a fairly narrow range for some time now for the dow. 13-2, 13-3, round about that level. the big thing on the horizon, of course, is this debt ceiling debate that's going to start, it's already started and that's coming up very soon. and that may be another fiscal

cliff, cliff hanger as we approach that magical date. and who knows what the market's going to do when we run up for that date, that time line. nonetheless, the market is opening up now, this wednesday morning and again we're expecting a small gain and the opening trend will be slightly higher for the dow industrials, there you have it slightly higher. first, we heard it. the first that we heard was that a phone for the chinese markets, we reported that yesterday. it will be a new iphone, a cheaper iphone, give to the chinese market. we opened up the show with that news and our partners at the wall street journal reporting the very same story that apple is working on a lens expensive iphone. nicole, is this having any impact on the stock at all. i'm not sure which way-- >> slightly to the down side. no big lose yet. a lot of this news a lot of times comes out and it's all about the dollars and cents. what will be their margin, how many will they sell. that's when we see the stock

move, the astronomical sales or if it's going to cost them an astronomical amount. you're right, everybody is all over this story today, we were on it yesterday. stuart: the first thought is that if you can grab a bigger share of the china mobile market then you're going to do well, but on second thoughts, you've got to spend an awful lot of money and you're going to cut your margins to do that in china, which is not good for the stock. >> right. stuart: that's why i think it's kind of neutral so far, right? >> yes, and i also think -- i heard this morning on the radio somewhere around the $100 range for this type of phone versus 4 or $500, probably the iphones at this point. so, i mean, it would be significantly less expensive. stuart: by the way, nicole, if you were to buy an iphone 5 brand new in france, you're looking at about a thousand bucks. so, i wonder if the cheaper phone will be for that market as well. we shall see. thank you very much indeed. quickly to the big board.

we're up 47 points now, 47, okay, that's a modest gain, i'll say. personally i find it hard to get excited about the earnings of big industrial companies these days, i tend to believe that issues and politics motivate investors, but alcoa did kick off the earning season and here is the news, reported more money came in than expected and upbeat for the future. the stock by the way is up 16 cents. all right, now back to "varney & company," we've got breaking news for you, a commuter ferry crash in lower manhattan. and this is the south street seaport, this is from new jersey, a lot of people coming to work, and at least 17 injured. no word on the cause that have ferry accident. the united states on track to have its fifth straight trillion dollar sit for the fiscal year 2013. the congressional budget office reports we ran up 293 billion dollar deficit in the first three months of the fiscal year. and speaker john boehner says, president obama admitted during

a closed door meeting, that quote, we do not have a spending problem. joining us now is the man who got that quote, steve moore, from the wall street journal, i think that was the most important interview so far this year. you got it out there, that the president says no spending cuts, even as we approach this debt ceiling debate. i think that really sets the tone for the rest of the year and the rest of the administration, does it not? >> yeah, it really does, stuart. and you know, when speaker boyner told me thboyne boyne-- boehner told me that, my jaw dropped, i think your jaw dropped probably when you heard it, too, because if the president says we don't have a spending problem, what's the first stage of recovery from addiction, you have to acknowledge you've got a problem, right? so i think that tells a lot about why they didn't reach a deal, but you know, i'll make this point, stuart. i think that republicans, now that that tax deal is done, i think they are now negotiating from higher ground. now shall as you've heard john

boehner and mitch mcconnell say now it's all going to be about spending. if they don't reach a deal, you've got, as you know, you mentioned the debt ceiling, don't forget the other cliff that we face, which starts on march 1st now, which is those automatic across the board spending cuts which republicans say we're willing to go through with those unless we get a deal with the democrats on those big entitlement programs. stuart: they're going to stand firm. maybe firmer ground to stand on, i'll give you that. >> that's right. stuart: but they've got former speaker pelosi saying we still need more revenue and this time we'll get it not by raising tax rates on the rich, but just by reducing and restricting the deductions available to them. that's another taxing. so, i mean, the parsing is clear. whether or not they get it in this debate, that's not a story, but the policy is clear, raise taxes on the rich, no matter what, do not cut spending, do not reform entitlements and ignore the debt. that's the policy. >> you're exactly right, stuart.

basically the bottom line there, the two sides, the republicans and democrats are as far apart today as they were three months ago before this all began. and i've talked to a lot of the republican leaders, not just john boehner, but others, and they tell me, unequivocally, unequivocally, they will not raise any more taxes. in fact, i think if they did try another tax increase there'd be a third party movement in this country. nancy pelosi is talking out of la la land. that's not going to happen. i don't believe there will be tax increases. now, what republicans will agree to is closing some of those loopholes that nancy pelosi has identified and using that money to lower tax rates. that's called tax reform and it's interesting-- >> but that will be taking more money off relatively wealthy people. if you restrict deductions, and those deductions primarily available to those making 250 k or more, in effect, it's a tax increase on wealthier people. are they going to agree to that?

>> well, stuart, depends how you devise it. i'm a big fan of what we did in 1986 when the republicans and democrats, one of the last great bipartisan achievements, they got rid a lot of the pollution in the system and cut tax rates for everybody, good for the economy and good for more sane and rational tax system and that's the goal the republicans are striving for. when nancy pelosi and chuck schumer want to do, stuart, they want to get rid of those loopholes and use that money to spend on other programs and what i'm saying, that's not going to cut it. i've been saying now, the republicans are from venus and democrats are from mars. they're taking past each other, like on different planets. stuart: but the end result, the end result is not, surelily, it's not going to be that the president will agree to lower tax rates? >> well, we'll see, we'll see about that. stuart: do you think that, steve, really? >> you know, i do. i actually think that one of the things that john boehner told me when he had those negotiations

with the president was, at the beginning. negotiations, the president did realize, look, we can't go forward, now this, stuart. i think most rational americans know, we can't forward with the highest corporate tax rate in the world, it doesn't work. the personal tax rates, small businesses pay, too high as well. i think there's a sliver of a chance that we could get tax reform. stuart: i am shocked. >> gets rid of the loopholes-- >> i'm shocked. >> maybe you think i'm polly ann-ish. >> i don't see how january the 1st we raise the rates and march the 1st we lower them again. >> you may be right. the loopholes, look what we did on the last tax bill. the junk that we put in the tax system. algae subsidies, wind subsidies, and nascar-- i've heard you talking about this. a lot of money you could save by getting rid of those loopholes. stuart: steve, let me end it like this, congratulations, you

got the most important interview of the year so far. >> thank you. stuart: you're the man who pointed out the president's and the administration's policy for the rest of his four years. congratulations. we're going to leave it right there 'cause there's no way on god's green earth they're going to cut taxes now, got it. >> you could right about that, stuart, but-- >> i would love to be wrong. lunch on me, dinner on me if i'm wrong. >> ladies and gentlemen, you heard it on national tv. stuart: see you soon. stuart: right now i want to bring you into the other headlines we're watching for you. big day. the national average price for regular gasoline per gallon pretty much the same overnight, but now at, shall i say a new normal of 3.30 and rising. diesel 3.91. officials are now saying that the recent on-line attacks against american banks were the work of iran. got it. more red meat for the greenies, last year was the hottest ever for the u.s. not for the whole globe, just for the u.s.

we' we're by one full degree. flu season is here and supposedly real bad and still isn't close to peaking yet. how do you cash in on the flu? we'll talk about flu stocks new at 10. let's get back to nicole, general motors is up today. that's strange. its market share in america went down, i hear and yet the stock is up, what's going on. the ceo is making a ton of comments this morning, including being cautiously optimistic talking about growth in india, giving projections that are positive and as a result, you're seeing the u.s. auto maker doing quite well today. up over 2%. there it is, 2.7%, 30.16 a share. so, with the ceo there, he's still concerned about the european economy, but these are all made during a media round table in detroit, these comments, and just talking about being cautiously optimistic. stuart: thanks very much, nicole. i want to move on real fast and

show you morgan stanley. i just got a report that they are going to cut 6% of their work force. i mean 6% is what i'm hearing, is that correct, justin? 6%? 6% starting monday. the stock is very little changed, but that's big news. 6% of the work force on its way out the door come monday morning, interesting stuff. now i've got the seven early movers, see what we've got with the dow up 50. clearwire received an unsolicited bid from dish network, 3.30 a share. looking at clearwire right now, it's up 7%. nice gain. the dish network bid trumps sprint's offer and here is a look at sprint down, not much just down a little bit. the for-profit education company apollo continues to report declining enrollment, not good, the stock is down. big name you know, unexpected profits at wd-40, up. and more money processing global

payments, that's up nicely, and the datea storage company expecs more in the future, it's up quite nicely, too. microsoft sold 60 million licenses for windows operating system, in the last week. i own microsoft, it's up 9 cents. the dow industrials up 50 points as we speak. i've got more proof that a government will tax you no matter what you do. buy a fuel efficient car, try to save gas and help the environment and they'll still tax you. you really can't make this stuff up. we'll deal with it next and look at this quote. [ male announcer ] at scottrade, we believe the more you know, the better you trade.

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>> you know, we talk a lot about california being the next greece, but could california actually be the next japan? the story, declining birth dates are causing a serious problem in the formerly golden state. as a result, an economic problem as well. children, one third of the population in california in 1970, down to 1/5, a mere 20% by 2030 according to a study out of the university of southern california. far fewer children, far more retirees and a massive pension bill. who is going to pay it? interesting question. now, you're never going to believe this one, apparently the greenies in oregon are not getting enough money from gas taxes because everybody is buying and driving the hybrids and electrics. now, lawmakers want a per mile tax for those fuel efficient cars to make up for the lack of gas tax money. and he brought us the story and brings us the story from portland, oregon.

it seems like they want your money any witch way, get yourself a prius, a volt, doesn't matter we are going to tax you, personally. >> i don't like it considering i drive two fuel efficient cars in the family, a turbo deiesel anda prius. and they are he trying to compensate decades of bad fiscal policy. stay tuned, it's coming to a neighborhood near you. >> and that's it. the proposal in oregon, is it going to pass. >> it's 2013 and they've had decade to work on this and rein in spending and can't figure out how to do it and they're turning to anyplace to get their meat hooks in your wallets. it's government at the people. and the department of transportation, who comprise a test group largely think it's a good idea they need the budget dollars, never mind the consumers won't have it if they have extra taxes. stuart: i want everybody to understand what's going on here.

if i've got a gas guzzler, i'm paying a tax per gallon used, a pretty high rate of tax. >> pay at the pump. >> at the pump, right. if i switch to a prius and getting maybe 40 miles to the gallon, i'm paying a lot less tax per gallon and they want to make it up by taxing me per mile driven and getting the money any witch way, is that right? >> that's right, they want to discern what type of vehicle you're driving, specifically target you if it's fuel efficient vehicle and on top of that tax you on per mile basis and brings into concerns all kinds of privacy issues, tracking to bear. it it brings insurance issues, all kinds of things and you can bet that once the government gets their hands into the data they're not going to let go of it. stuart: how are they going to track it, do i have to have a little thing on my car that says how many miles i've driven and i pay a tax on that? how does it work? >> well, there's two systems proposed. one they use your ubiquitous smart phone to track where you

are and haw fast you're driving, a law enforcement issue as well, but talking mandating specific installation of devices in your car, every car in oregon conceivably could have to have one of these devices into it and raise the cost of the cars coming here, too. stuart: you've got to fight it, you've got to fight this i think. i know you will. and before you go, i want you to comment on the california story. the proportion of children in the population goes way down and brings demographic down. you've brought us the japan story, does it remind you what's happened in japan? >> not just a little bit, but a lot. a very serious issue, they have tremendous fiscal imbalances, the lack of children speaks to a smaller work force, lower number of jobs ahead at a time when they've got huge budget problems and a growing retiree base, this is a very, very serious development that cannot be overlooked. in california it would behoove

them to look this. stuart: they could focus with laser like on their spending programs and-- >> that's why we call them fantasy island. stuart: we put them on fantasy island every day. and the gold report, we're down 5 bucks. al gore sells out to al-jazeera. the man who won a nobel prize for his efforts on global warming sells his tv network to oil. employees are blasting him, they don't like this. and charles is in to react. ♪ ♪

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>> outrage at current tv after the network was sold to al-jazeera, and now, former vice-president al gore is catching heat. after meeting with the channel's new owners, one staffer told the new york post that quote, he's supposed to be the face of clean energy and he just sold out to very big oil. by the way, al gore was not at that meeting. the staffers are mad because he sold to big oil, not because he sold to al-jazeera. >> and where have the the

staffers been. al gore has always been big on everybody else being socially responsibility except him, including his private equity fund doesn't invest in a lot of clean energy. the staffers should have known this about al gore a long time ago. >> the former vice-president of the united states of america sells to al-jazeera. >> al-jazeera, and because, by the way, he sold to them because he says they were ideologically compatible. stuart: not glenn beck. charles: oh, no, al-jazeera wants to bring the voice to the little people. and of course al gore made 100 million on the deal. not little any way you can describe it. >> the quickest way to destroy your credibility, watch what you're doing with your money and what you tell people to do with their money. stuart: welcome back, liz. and we've heard some have not bought into it. flu season is here, supposedly bad, supposedly going to get a lot worse.

is there money to be made? we're talking flu stocks next.

♪ >> here we go. here we go. new at ten. wednesday morning. the flu spreads across the country and some doctors saying it's going to be really bad. whether you buy into the hype or not. there are ways you can play the flu, dare we say make some money

from it? check the big board, very close to 14-- sorry, 13-4 on the dow, a gain today. and liz macdonald and charles payne back and nicole petallides still right now on the floor of the new york stock exchange. i'm starting with the flu. stop me, if you've heard this one before. the centers for disease control and prevention saying we're on track to have the worst flu on record. and 41 states are reporting pretty widespread cases. whether you believe it or not or, there are ways to make plays. people are going to pharmacists for over-the-counter. nyquil knocks you out and get a good night's sleep and helps you recover. procter & gamble makes nyquil. and kimberly clark makes

kleenex. and bring in charles payne, morality out of making money out of flu, are you going to do that, charles. charles: absolutely, that's why the companies exist, right. stuart: true. charles: to buy them in the first place. you know, listen, the shorter short-lived events like one bad flu season is not necessarily why you want to buy a stock, but you know what, the stocks have done well and continue to do well. i was looking at zicam, not publicly traded and purell, and not publicly trading, but on the-- >> tying knodiagnostic companie hospitals, beds. hca qualifies and they're going to be pretty full up with flu cases. liz: those who make the flu shots. stuart: walgreen's administered 5 1/2 million flu shots. charles: and they've got this flu season, by a major firm. stuart: rite aid, cvs.

charles: rite aid is scary looking interesting and that stock has never been the same since their accounting scandal, but you're right, this is what you invest on because these things happen over and over, although this will be short-lived, another bad flu season-- >> charles payne, full disclosure, which ones do you own? >> of those that we talked about-- i don't think we have any of them. stuart: really. liz: which ones would you like to own. charles: those are solid companies and i think better for someone who may be like 60 years old. already financially sound and looking not necessarily for risk, but like dividend yields and things like that. stuart: are you talking of your own book by hyping the flu, as i say? >> no, i'm not going to try to administer a flu shot to you on the set. they did to lou dobbs. stuart: really? wait a second, lou dobbs had a flu shot? >> not him, someone from his staff. and you know dr. siegel is going to get someone to do it sooner or later. and it wasn't as painful as you

thought it would be, stu. stuart: it's not a question of pain, it's a question of joining that medical milieu. you go once and-- >> have you noticed how little traffic there is. stuart: yes. charles: it's kind of scary. stuart: and we drive from injure i, you do, too, subway, public transportation. liz: yes, i do. stuart: extraordinary, welcome to "varney & company." let's break away. facebook invites the press to, i'm quoting now, see what we're building. the press conference next week. that's way in advance. is facebook at 30 yet? pretty close, nicole. >> pretty unbelievable. they're saying come and see what we're building tuesday, january 15th. 10 a.m. pacific time. what are they building, stuart? right now, 29.85. stuart: i tell you what they're doing. >> what do you think. stuart: they're building buzz. they announced the press conference next week so you build up buzz so the stock goes up, it's going to go above, i don't know, it's approaching 30. that's it, what do you think. >> that's an apple specialty, to

build the buzz, i agree they're building the buzz. question is by the way, there's been so much chatter on facebook and keep reading everything from facebook phone to facebook tablet, possibilities working with pandora. what are they doing? is it just a new headquarters? so, everybody wants to know. we'll know next tuesday. stuart: can you believe that? that facebook would get into the hardware business, actually put out their own phone or tablet? that seems pretty far-fetched to me. >> it's not the first time i heard about it. stuart: really? we'll wait and see and watch that stock go up. nicole, thank you very much indeed. next case, president obama says we do not have a spending problem, oh, no, but the congressional budget office report that had we ran up to 293 billion dollar deficit in just the first three months of the fiscal year, that puts us easily on track to hit a fifth straight year of trillion dollar deficits. liz, to the point. we don't have a spending

problem? >> it's patently absurd to make those kinds of statements when we do. this spending problem will hit a brick wall within a few year's time and even wall street is talking about that. we also have a budget problem, the senate hasn't passed a budget since 2009 that's a big problem and a big 3.4 trillion elephant in the room and since we don't have a budget problem we're allowed to go on a spending spree. stuart: steve moore was on the show a half hour ago, did the interview with john boehner which revealed that the president said repeatedly, we do not have a spending problem. and now we've got a trillion dollar deficit. i just don't know where this administration is coming from. charles: he added the caveat we have like a health care sort of problem, which at least we believe the next course of attack will be anything associated with that. people out there watching the show whose employers pay for their health care, those great fringe bertnefits, we used to tk about, i don't see how they escape this year without being taxed. >> dreadful and also, government spends one--

i mean, $4 out of every $10 it pulls in on government health care, medicare and medicaid and that fiscal cliff is going to turn into a brick wall. stuart: fast, i've got to break away for news on aig, management telling fox business there's no way they're going to join hank greenberg's bailout lute-- against the united states. that the people bailed out would sue the government which bailed them out successfully. that really caused a furor. charles: we already feel like suckers, can you imagine that pie in the face. stuart: they've just told fox business, no, we're not joining that lawsuit. charles: real quick though, i will say i'm interested in knowing more about how this was a fact or bailout for wall street, what hank greenberg-- >> he's saying that because goldman sachs got money 100% trades on the dollar. 100% remuneration, via the aig

bailout. stuart: by the way we've crossed the 13,400 mark again, back up we're up 76 points as we speak, everybody, 13-4 is where we are this morning and we've got a new survey, it's from the gallup organization, more people identify themselves as democrats or said that they were independents who lean towards the democrats. joining us now, celia bigelow, campus director for american majority actions. celia, if i may say, you represent the young people if i'm not mistaken, whether you like it or not, you represent young people. and my question is, if everybody, especially young people are drifting towards the democrats, do you think that the g.o.p., the republicans, should dump social issues? do you think they should do that? >> i think before we fall on our principles, why don't we actually start reaching out to people. the problem is this gallup poll is coming out two months after the election and you know, it's

inevitable that it's going to be in support of the party who won the election, but look at what the obama machine is doing year round. they are articulating their message very well to all demographics and you know, they're-- they're in face-to-face contact with these people. stuart: wait a second, wait a second, wasn't it obvious in the november election, why wouldn't young people vote-- i'm trying to focus correctly here. look, you've got a rotten economy, young people in college face a lousy job market, they face overwhelming debt and yet, they vote for someone who is just focusing on social issues. why did they vote like that, why? >> the thing is, where was romney on college campuses, where was he? the conservatives keep writing off college campuses like they're a lost cause, but that's just not the case. we had a historic opportunity to win back a large chunk of the youth vote if we would have just

tried, but you know, the conservatives just keep looking at college campuses and what's going on and keeps writing them off. and if young people are just getting an earful from the left and nothing from the right, what are they going to vote for? of course they're going to vote for obama. stuart: wait a second, wait a second, are young people just not-- just don't understand they need a job when they're out of college and that this administration isn't going it give them one? or is this generation saying, i'm going to vote for the guy who's going to forgive my student debt? is that it? >> no, well, the thing is we need to be articulating that message of course they want a job. young people don't want to be moving back into their parent's basements after college. they're going to college to get a job. the thing was romney wasn't articulating on college campuses, he was never on college campuses attacking obama on this stuff. like he should have been on college campuses. if obama is going to be on college campuses talking how you can stay on your parents health care plan until you're 26.

romney should say if you're on your parent's plan until you're 26 you're going to be unemployed or underemployed because obamacare incentivizes businesses or requires businesses to provide health insurance for their employees. stuart: my original questions, do you think that the g.o.p. should abandon social issues. >> i don't think we should abandon social issues, but articulating a message and rearranging our messages for certain demographics, definitely. stuart: i'm out of time, but look, we appreciate you being with us. we've got to pursue this 'cause i find the youth vote just fascinating, bearing in mind what's going on with the economy. >> i agree, thank you for everything. i'm sorry, liz you want today say. liz: i don't trust gallup at all. they said that nearly half of americans identify conservatively and more identified themselves conservative on social issues than liberal issues. gallup is all over the map on this. stuart: charles, you've said that the g.o.p. should go at and

target communities. charles: you can quibble with the data, with the rationale why someone may feel the way they feel, it won't change what marketing and you could even argue with logic, it's just not going to change that way unless they get really down and explain to people in a way they can understand that this is not a gift that you can-- that you go out for your first job interview at 27. in fact, it's a curse, explain it to them and maybe that helps. stuart: all right. we have been talking all week about a new report that says college kids now feel more entitled than ever. dr. keith ablow is here at 10:35. he breaks down the entitlement culture, why kids feel like they deserve more without actually earning it, at 10:35 this morning. let's go back to nicole. news on job cuts and morgan stanley. >> i can't talk about dr. keith ablow and the topic, it infuriates me. i hope the children of america

are willing to work hard. as a parent, i get infuriated. stuart: do you think that kids do have an entitlement notion, right? they're looking at entitlement culture and-- >> i think that every child starts off with an entitlement notion and parenting pushes them to understand that you need to work. stuart: okay. real fast question. why is morgan stanley going to drop 6% of its work force? have they given a reason? >> i have not seen a reason. they are cutting 6% of the staff, a lot of it is international, about half international. from 1971, to 19.92, it's interesting, right back to where it was when we broke that news, but it's about 1600 jobs. stuart: okay. herbalife, very much in the news recently. >> right. stuart: what's the stock doing and what's the story? >> welsh the story syou remember big ackman over at pershing, he was talking about the whole herbalife concept being a

pyramid or a ponzi. and they're going to hire lawyers to fight him. now we see herbalife up 5%, moments ago halted because it hit one of those volatility clauses, it soared, hit the circuit breakers, took a break and there was a big crowd behind me and now it has reopened and it's up over 2 bucks. stuart: okay. thank you very much, nicole. of i'm going to go now to the consumer electronics show in vegas. our varney regular, he's there. any buzz about apple working on a less expensive phone for the china market? >> yep, yeah, there definitely is. it's sort of ironic that we're here in the middle of the consumers electronics show, all of these companies spending millions of dollars and one of the biggest news stories of the show, apple is not here. there's a rumor they're working on a lower cost iphone that will sort of diversify their portfolio and in the past a lot of people wrote that off. as they feel pressure by

samsung, might be more credence to the rumor this time around. stuart: we feel that the smartphone is the newest-- and selling all over the world a huge deal. primary fight between apple iphone and samsung the galaxy. >> correct. stuart: it looks like in the china market, perhaps the most important market of all, apple wants to get back, not necessarily back on top, but certain a more major player and i hear maybe this new phone, if they do indeed come out with it, could be down to $100 bucks a pop. what are you hearing? >> well, yeah, because there's a lot of pressure on them to, in unsubsidized world we're moving into. if you buy an unlocked phone today, it's $150. when you have carriers t-mobile coming out unlimited plan only for unsubsidized phones that total cost of ownership is important. if apple does come out with a low cost phone it can't just be cheaper, they're going to have to differentiate whether it's in

terms of color or design or even like, hooking up into new trends like wearable fitness. stuart: exactly. mark, we love it when you're on top of this stuff and appreciate it today. i'm going to cut it short, i've got breaking news, thank you, mark spoonhour. it sounds like a ludicrous idea, could the treasury mint a trillion dollar coin. turns out there's a loophole that could make it a reality. i don't believe it, but the judge is here.

♪ >> oh, the boeing dreamliner keeps on taking hits. a japanese airline canceled the flight after finding problems with the braking system after two other incidents this week. on one, an engine problem and a fire, an electrical fire, and in another. boeing stock is up a little bit. it was down 5% and bounced back 3%, a little recovery there. itt education services the biggest for-profit college in the u.s., lower student signups in the the third quarter and cut the forecast for 2013, stock is down 3%. directv added 100,000 net new subscribers in the fourth quarter and chief said they had a good quarter and rate of cancellations better than expected-- fewer than expected. and shares up. and the trillion dollar poicoin i'll dismiss it entirely and so

will judge napolitano in a moment. ♪ [ male announcer ] how do you make 70,000 trades a second...

♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. >> that idea for a trillion dollar coin to pay down the debt, it won't diana congressman from oregon introduced a bill yesterday to make sure that he does go away. you can bet the judge is fired up about this one. all rise because he's here, judge andrew napolitano. the proposal is that somebody in the treasury mints a coin made of platinum, they say-- >> with the president's image on it. stuart: they say is worth a trillion dollars, we'll use it

to pay down the debt with this. >> deposit it in the treasury and pay down the debt. why don't they mint 16 and pay down all of the debt. it's absurd. if this were a valid way to address debt, then why doesn't the government give everybody in america one of these coins and we'll all be trillion nairs. stuart: why is it invalid, coining a trillion, what's the difference? >> it would be lawful because the constitution permits congress to authorize the coining and minting, not the printing, that's another story which we'll go through another time. but the coining and minting of money. so it would be lawful, but it would be economically catastrophic. stuart: why? >> it was result in massive deflation and devalue everything that everybody already owns and it would be fruitless. if this were not-- >> nonsense. >> you're a terrible liar. >> if this were not so, why doesn't the government give all

of us coin and make all of us billionaires. stuart: we're printing a trillion a year, why hasn't that made massive inflation. >> if you're talking the difference between printing and coining and economically there's no-- >> into circulation they're arguing. >> it would create inflation, because it would produce cash. >> the cash would only be used by the government, you know, and-- >> wait a minute, wait a minute. >> it wouldn't be in-- >> the government owes money to your client whom you have advised to buy government bonds. so, that money is going to go to their banks and to them and then they're going to spend it. of course, it would cause inflation. liz: wait a minute, the issue is they'd have commemorative platinum coins, that's the loophole. >> they could mint a coin with george washington's image. liz: or paul krugman's-- you can't mint credibility and once you mint a 2 trillion dollar coin, it would devalue

the dollar. stuart: it's a diversion, we spend a trillion dollars we don't have. charles: the diversion, it's matched to the desperation aspect here. stuart: well said. it's not going to happen, can we sum it up. >> born of incredible economic ignorance whatever suggested it. even though paul krugman himself, i'm ashamed to say at the school at which i am an alumnus suggested it. stuart: yes, he did. liz: judge, doesn't it inspire great pride in american government. >> if this guy taught at the london school of economics, then-- >> moving on, last hour we talked about oregon taxing hybrid car owners on per mile driven, by tracking drivers through their smart phones. how many miles did you drive? we'll tax you on that basis. tracking, judge, does that rankle with you. >> yes, the government can track

us right now, i have it, even though it's turned off. the only way to stop this is to remove the battery. it's a violation of rights by the government and it also a counterproductive because as you pointed out before we started if you buy a chevy volt, an electric car or semi electric that uses gas you're going to pay the same tax as somebody who drives and buys a clunker, gas guzzler. contraire toy policy. stuart: it's money for the government. >> the government doesn't care where it gets the money, cares about staying in power. liz: the government wants green cars. stuart: don't keep him going. [laughter] >> judge, thank you very much indeed. 1 >> not present. the aging populatdeed. >> where was the-- >> not present. the aging population of the developed world, something overlooked, and just as big a threat to the economy, as rising debt. yes, it is, my take on demographics is next. this is $100,000.

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>> >> the two sides, the republicans and democrats are as far apart today as they were three months ago before this all began. i have talked to a lot of the republican leaders, not just john boehner but others and they tell me unequivocally that they will not raise any more taxes. stuart: that was stephen moore in our last hour. he conducted the most important interview of the year so far with speaker boehner who told

him that president obama will not lower spending. he says we do not have a spending problem. by the way, the cbo says we're on track for another trillion dollars deficit this year. nicole's got some breaking news on a stock. the stock is up, why? nicole: more interest in herbal life. third point declares a stake of 8.2%. this is a passive stake. we saw the stock pop today. we saw it hit circuit breakers to the upside, halted, reopened, still showing gains up 3 1/2%. stuart: nicole, thank you. the main driver of our current financial mess is ideology, leftist ideology, tax more, spend more, ignore the debt. it's a real mess. but there is another driver, another issue that really hurts the finances of nations worldwide.

here's my take on demographics. in short the problem is this, in the developed world, populations are actually shrinking and they are aging fast. that means there are more retired people living on the pension and health benefits, supplied by fewer working people who in turn are having ever fewer children. look at the news from california. 40 years ago in the golden state, children made up 1/3 of the population. it will soon be down to 1/5. who will pay the lavish pensions promised to retirees and already breaking california's bank? who will pay? in italy, seven years from now, more than half the population will be retired, and the population is shrinking. italy already looks like a giant ft. lauderdale. in japan, the population has been shrinking for six straight years, but the number of seniors has been going through the roof. there is no ideology with demographics. it is not right versus left. it's long-term population shift.

it's making a mockery of the post-world war ii cradle to grave welfare model. tls it is also making a mockery of president obama's refusal to touch medicare and social security. we cannot go on thinking that taxing the rich will pay for an aging society. that is not a political statement. it is math. it's demographics. [ male announcer ] how do you trade?

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stuart: i want to bring in larry levin. he's in chicago. larry, the u.s. is heading for a fifth straight trillion dollars deficit this year. it means nothing to the markets at all, does it? >> it's unfortunate stuart. it is kind of this culture that has really permeated through our government and our country. it is really a situation that people are used to this. i mean it is not a good thing; right? but it is more and more our government seems to spend like crazy. that's no surprise. and we're getting more and more used to it. that's why you don't see a market drop 100 or 200 points on the dow when we're moments away from going over a fiscal cliff or a can debt ceiling -- or a debt ceiling situation. doesn't seem to hit the markets at all. everybody is kind of used to it and it is not a good thing. stuart: is there a moment that we would come to, an event that might happen which would make the markets sit up and say hey we can't do this anymore, is there a moment like that? >> i would like there to be because that's what free markets

are all about, and the markets when they move freely. the issue is our government is going to continue to back any situation that comes in front of it and until they don't do that anymore, and they shouldn't do that, because that's not free markets but until then, i don't think it will. any small break, small drop in the market, people will step in and buy because they know that's the situation. stuart: larry levin, always right. thank you very much indeed larry. see you again soon. >> thanks. stuart: we have been covering this week a study that says college students now they they are more special than ever before. dr. keith ablow is here on that. the expert, the man we should turn to on narcissistic children. i blame people like me. i blame baby boom generation of parents who always praise their kids, no matter what. our kids can do no wrong. you get a b? that's wonderful. you get a c? not too bad, johnny. it's our fault, isn't it? >> some of it is our fault. trophies for kids on losing teams. ribbons, kids come home with

fist fulls of ribbons from swim meats where -- swim meets where they didn't win anything. we have decoupled reality from this celebratory mentality and you question of course as you should how could the markets be responding this way when we face a fiscal abyss? well because reality doesn't matter anymore. what they have found in this study is kids are more likely than ever to say they are gifted and driven although their performance scores are going down and they are studying less. stuart: is there something inherently wrong with that? what's wrong with feeling good about yourself? having a sense of self-confidence? isn't that american? >> the thing that's wrong with it is you can't cheat the truth forever. so number one is it takes you away from reality and empathy. it takes you away from the truth. if you can't really come to terms with what you struggle with, you can't resonate with the struggles of others. it isolates you and it makes you unable to empathize. what's more it sets you up for depression. we know this about the markets. create a bubble, the bubble will

burst. create kids who on facebook think they have 900 friends and are able to delete negative feedback and block people who disagree with them, you're going to find that our mental healthcare system which by the way doesn't exist is that much more overwhelmed ten years from now. stuart: that's interesting it sets you up for depression, anxiety, bad feelings about yourself, sets it up in the future, that's fascinating. >> lying to yourself is the perfect formula for major depression. stuart: don't we all lie to ourselves? >> this is my real hair. stuart: you know what i mean. >> of course, look, we all distance ourselves for instance most of us too many of us from the reality that we're mortal. if we were focused on that, we would probably love each other more and pursue careers that meant the most to us, and we should. that's the wonders of psychotherapy are most on display when we help people to do that, to get away from this fantasy and illusion. but now we have made it an epidemic, it is a drug.

there's no difference being on facebook thinking you are a hero and being on coke and thinking you are happy. stuart: i have another subject. that's gun control and the mental health aspect of it. i'm suggesting if we really want to crack down on people who get guns we have to break that veil of privacy between an individual and a therapist. at the moment as i understand it, if i come to you for therapy, and i admit i've got real anger problems and all the rest of it, you cannot go to the cops and say this guy is out of control. it's a private relationship. >> well, the truth is if you felt that somebody either had an identified victim or was at risk for homicidal ideation, you have to hospitalize that person. so if there's somebody who is psychotic and says i just went and got a gun, that person should go to the hospital or it's mal practice. i think it's simpler than what you are envisioning. we don't have a safety net for

the potentially violent mentally ill. we deconstructed our mental healthcare system. the people who are visiting this havoc upon us are people who can't get that help. we need to build that system. it's not firearms. they have nothing to do with this. stuart: you have to give more power to therapists like yourself to say this guy is dangerous, get him out of here. at the moment you don't have that power, do you? >> right now, if you were that individual, if you had a child who was that individual, you would be routed by an hmo -- hmo a socialist and a clinical nurse. that's the help you would get. if you tried to get that child of yours into an inpatient unit,

you would be charged a lot. stuart: we can't afford what you're talking about. we can't afford to do that. >> we can't afford not to do it because these cases filter down to the penal system. they cost much more there. and the bottom line is people are paying this money, if i pay my monthly fee to an hmo, and silently there's a shell game going on where they intend to withhold treatment from me and this is every mental healthcare hmo in the country right now does not intend to treat you, that's a massive -- it should be a massive class action suit. stuart: wait a second. you are thinking of running as the republican candidate for a senate seat in massachusetts. you are thinking about doing this. >> thinking. stuart: okay. now, fast forward, let's suppose you run. let's suppose you win. would you go to congress, you would go to this floor of the united states senate and plead for a whole lot more money for mental health coverage, would you? >> i would plead for money to be spent properly, for instance,

people with first time violent offenses, they should be routed potentially to psychiatric treatment to prevent recidivism. stuart: you admit it would cost an arm and a leg. you know that. >> no, i think it's an investment in the future that -- stuart: you sound like president obama. he doesn't spend money. he invests it. >> this is partly on the backs of industry. in other words, if you have an insurance company, you're supposed to insure people for illness. if you had diabetes and you were told hey look if you fall down several times in the streets, that's what your care is supposed to provide. stuart: you are asking for massive increase on the spending of mental healthcare. yes, you are. come on. >> first of all, if you don't spend on this, you will be cleaning up lots of crime scenes later. stuart: you're definitely a republican? >> and secondly, you already know people will deluge the emergency rooms with they think they are having heart attacks -- they think they are having panic

disorder. you cannot escape paying for this. you can do it smartly if you jump on it from the beginning. we have medicine -- stuart: you are talking up your own book. you're a mental health professional and you want more business. >> i have more business than i can handle but people pay me in cash. why do they pay me? because you can't get an insurer to pay for you to see a psychiatrist. stuart: we're out of time. what can i say? >> i tell my patients you can pay me now or pay me later. i would say the same thing on the floor of the united states congress. stuart: we will consider supporting you in massachusetts -- dr. keith ablow, that was terrific. thank you. >> thank you. stuart: one report suggests that the president might approve the keystone pipeline. another says there are serious environmental and health concerns, new ones. we will deal with it next.

>> it is a hard drive maker. it makes computer hard drives. it says it expects to make more money than expected. it is up 4%. the world's largest biotech company, amgen lowered its outlook for earnings. it is blaming the irs saying it didn't get a research tax credit it was expecting. nonetheless, amgen is up 88, up a little.

next news on the keystone pipeline. an oil industry spokesperson weighs in on whether we might still build it. that's new coming up next. the dow is up 74 points. 13,4 hush 13,400.

stuart: drill baby drill, texas has what looks like a huge budget surplus, upwards of 9

billion bucks. thanks to energy production. according to one analysis, the taxable value of oil produced in texas surged to 39 billion in 2011, result, texas led the nation in job gains adding about 700,000 jobs. imagine what keystone would do for the nation's economy if it's not stopped first. which brings us to this, a new study says that oil production at canada's oil sands area has polluted surrounding lakes with chemicals that cause cancer. that's where the proposed keystone pipeline would originate. jack gerard is the president and ceo of the american petroleum institute. he joins us from d.c. jack, i've got to say that once the environmentalists get hold of this idea that we're polluting lakes with cancer-causing chemicals, they will kill the pipeline all over again. what say you? >> well, stuart, i think a couple things. first of all, when you look at that study that came out just yesterday, the canadian environmental minister very quickly pointed out that those levels that they found in those lakes are within canadian

guidelines, number one, but number two, they are about ten times less than the same levels in urban lakes that are far away from the oil production. stuart: okay. >> so what they are talking about here, it is really trying to create an issue where there isn't an issue. and it's really unrelated to the determination around keystone. the question for president obama is keystone in the national intrelss -- interests? we clearly believe it is. prime minister harper of canada has said repeatedly it is a no-brainer. there will be those that try to confuse the issue. this shouldn't confuse anymore. stuart: they're going to confuse it even more. i had someone on the national resource defense council a couple of days ago that said the area where they are producing this oil from the tar sands in canada is now a vast industrial wasteland. that was the expression that he used. with that kind of verbiage around, that does give the environmentalists a real scare to promote the killing of the

pipeline all over again. in your judgment, jack, i think you'd agree with me, they are going to kill this thing. >> well, it's a question of fact versus fiction, stuart, as you know, and some of these wild outrageous allegations, we need to remind people where they are coming from. those spokes people you're referencing, they adamantly oppose any oil and gas production, and they say so publicly. stuart: yep, they do. >> they're trying to find red herrings. they're trying to find artificial issues, and frankly they need to be disciplined and honest about the scientific facts. the reality -- go ahead. stuart: i'm sorry i have to close it with this. one year from now, i know you think we should be building the pipeline, but i wanted you to give us odds, will we, one year from now, will we be building the pipeline? give me odds. >> well, i would suggest right now it's better than 50% if the president lives up to his commitment he made to the american people to have a truly

all of the above energy strategy. if the the president denies the pipeline, it's a signal he's not serious about energy policy in the united states where a game changing opportunity is occurring and he's not living up to the commitment he made to the american people to provide us with jobs and economic recovery. stuart: jack gerard, thank you very much for joining us sir. >> good to talk to you. stuart: quick point. charles: a lot of people are saying that canada has got to give some sort of nod in approving something in the future. a lot of people believe this is punishment with the canadian government for getting out of kyoto. the obama administration is not happy with that. stuart: some socialists in france are having second thoughts about the tax rate of 75%. what? we will discuss in a moment. [ rosa ] i'm rosa and i quit smoking with chantix.

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stuart: the french raised the top tax rate to 75%. french socialists are now having second thoughts about 75% tax rate? liz: that's because the highest court said wait a second we're going to strike this down because it is excessive and targets individuals, not fair. finally socialists have woken up. stuart: but the government went back and said we will reimpose

it, reword the tax. are they having second thoughts? liz: yes, they are having second thoughts. stuart: it's beginning to look like a party in colorado. a new law would allow 18-year-olds to drink in bars and restaurants if their parents are there. what do you say to that charles? charles: i hope my son doesn't find out about this. stuart: is it good or bad? charles: it's bad. there's got to be better ways to combat cabin fever, really. i think it's just nuts. it is a free-for-all. stuart: you want to keep it at 21? charles: absolutely. stuart: you can't be taught responsible drinking with your parents at a bar or restaurant, you can't have a glass of wine? charles: a glass of wine, but do you think it will stop with a glass of wine? stuart: with your parents. charles: with my parents it would have stopped with one glass of wine, but not necessarily with others.

stuart: espn is apologizing saying the comment went too far. liz? liz: i'm reading a tweet from donald trump saying we are going to invite katherine webb to be a judge at the miss usa pageant coming up. stuart: hold on everybody. we have the highlight reel for you next. your identity and turn your life upside down. >> hi. >> hi. you know, i can save you 15% today if you open up a charge card account with us. >> you just read my mind. >> announcer: just one little piece of information and they can open bogus accounts, stealing your credit, your money and ruining your reputation. that's why you need lifelock to relentlessly protect what matters most... [beeping...] helping stop crooks before

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use promo code: gethelp. if you're not completely satisfied, notify lifelock and you won't pay a cent. order now and also get this shredder to keep your documents out of the wrong hands-- a $29 dollar value, free. get protected now. call the number on your screen or go to lifelock.com to try lifelock protection risk free for a full 60 days. use promo code: gethelp. plus get this document shredder free-- but only if you act right now. call the number on your screen now! stuart: you know i just saw facebook hit 30 briefly. right now we have the highlight reel for you. roll it please. >> a trillion dollars coin to pay down the debt -- >> it would be economically catastrophic. >> why. >> it would result in massive inflation. stuart: the president has said repeatedly we don't have a spending problem. lit