mad house when hundreds of students became unruly, asking for photos and autographs. and finally-- >> they're in college station, texas, i been there. >> yes. finally cowboy owners jerry joan unveiled his lady elegant the cowboys new elegant 8 1/2 foot wide bus to be used for cowboy office personnel. hey, jerry, any other use you could think of for that bus? >> taking a nap. imus: well, warner. [laughter] we might all get in it, go on over to the titty bar. [laughter] ♪ what you want, baby got ♪ ♪ what you need, do you know i got it ♪ ♪ all i'm asking is for a little respect when you come home ♪ ♪ hey, baby, just a little bit ♪

♪ when you come home ♪ ♪ i ain't gonna do you wrong while you gone ♪ ♪ ain't gonna do you wrong ♪ ♪ all i'm asking is for a little respect when you come home ♪ ♪ just a little bit, baby, just a little bit ♪ ♪ when you get home ♪ ♪ just a little bit ♪ note the note give you all my money, all i'm asking in return home, honey ♪ ♪ give me my problem when you get home ♪ ♪ just, a, when you get home, just a little bit ♪ ♪ imus in the morning ♪

>> ooh, this one sends a shiver down the spine of every city in america. detroit is broke, bankrupt by any other name. good morning, everyone. detroit has lost control of its money. michigan's governor has 30 days to appoint an emergency manager who will make all financial decisions. two options. the state or the feds pony up some cash, that would be a bailout, or bankruptcy where a court decides who gets what. clearly, for detroit, the game is up. the city couldn't come up with a workable plan of its own for solvency, 14 billion dollars worth of debt and pensions for retired city workers, they're at the heart of the problem. where the ripple effect comes in. countless other cities and states have made promises to their retirees which they cannot keep. we are on it. we're on gas prices, we're looking at stocks near a record high and we're looking at president armageddon. yeah, "varney & company" about

to begin. with fidelity's new options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity option.. evaluate them with our p&l calculator... and execute faster with our more intuitive trade ticket. i'm greg stevens and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to0 decatherms. how bout ya, joe? let's go ahead and bring it online. attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines are now powering some of america's biggest cities.

siens. answers.

>> we are minutes from the opening bell, and we're one good rally away from an all time record for the dow industrials, which is 128 points shy of the all time records. the dow and s&p 500 closing at new five year highs yesterday. all the indications we're opening close to yesterday's closing level which was 14,035. now, your 401(k). that may be looking good, but you are burning a lot of money in the gas pump. the national average price of regular gas up another two cents overnight and that's a spike. 3.76 now and 34 straight days that the price has gone straight up. just in the the past month, gas has spiked 46 cents a gallon. and remember, economist david cosar told us for every penny gas goes up, it's like hitting us with a 1.2 billion dollars tax, if that's the case, so far this year, we're on track to

take what, 60, 70 billion dollars out of the economy. question, why is this happening? former shell oil president john hofmeister, 10:45 this morning. listen to this, not only has colorado legalized recreational use of marijuana, he wants to use pot as a tourist draw, a tourist attraction, if you're over 21, feel free to smoke up. forget amsterdam, hop a flight to denver and light up a joint. we'll have more on this at the top of the hour, including how this could be a boom for lawyers. and i bet a lot of people will try to bring pot home from colorado not allowed and a defense attorney for you, all right. let's get back home, shall we? and so far, a tranquil america, we are 128 points away from the all time high this is, and up next, we will ask a trader if investors really care about spending cuts, sequester, do they care the at all.

the opening bell next. [ male announcer] surprise -- you're having triplets.

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chicago. yesterday, the president warning of armageddon if we have the spending cuts. the stocks still went up. i've got a feeling that you guys actually want these spending cuts, as a down payment to stop a downgrade. what do you say? >> well, simple fact of the matter is, does the bring think that the united states is-- and the united states citizens are bad at math? whenever i hear about 1.1 trillion in cuts over ten years, does anyone realize that 1.1 trillion is what our fiscal deficit was in 2012? so that was our shortfall one year. stuart: i've got two seconds. do you care if we get the spending cuts? do you care. >> the market knows it's not going to happen. the politicians will dance around it and spending cuts aren't going to happen. they'll find a deal. >> tres stay right there. gold perilously close to below 1600. right now the dow industrials are off and running for another day and we open from 14,035,

we're down just a fraction, we're expecting a pretty flat opening. i've got a loser for you, right as we get going here, that's toll brothers, and nicole-- >> hi, stuart, we're taking a look here at toll brothers and came out with quarterly numbers and came out well below the analyst estimate and as a result, you're seeing it selling off on a day where we've talked about housing and improvement in housing over the last six months and we certainly see that, but toll brothers too much inventory, they face a lot of costs and see it down 2.7%, by the way, kicking it off. i'm back and got the starbucks and i'm ready for the rally and i haven't had it it yet, but we're over 130 points away and let's see now gives it back a little bit from the all-time high. 2007 when we launched the fox business network. >> i don't need to point it out. but you've got 20 bucks worth of starbucks over your shoulder there. nicole, we'll be back in a minute. and first, burger king and jeep. their twitter accounts were the targets of hackers earlier this

week and now, apple, it says that a few of its employees computers were hacked and no data exposed. unknown hackers infected the computers of apple workers when they developed the software development size. and no impact on apple's stock and we're down three bucks, almost 1%, 4.56 on apple. there is, however, a hacking story on a much bigger scale. there's new pressure for president obama to retaliate against china after reports say the chinese army has been behind a series of cyber attacks on the u.s. the white house is reporting considering fines and other trade penalties. china denies any involvement, but hacking, those stories are big today. back to you, nicole, you're watching google the day after it it broke above 800, where is it? >> yeah, hey, well, let's talk about google, right? hey, i was checking on it, 8.07 was the high and new hundred

level and he's he shouting his opening trades and you can see it above the 800 mark at 805, a good one. stuart: and it broke above 800 on our air as of this time yesterday. nicole, yahoo! what's with it, a new look or something, what's that? >> a new look and the stock is up about 1/2 a percent for yahoo! and that's one that we'll watch as the new look as well on their site. so, keep an eye on that one as well. when i think about google though, i have to double-check, but when that initial public offering happened, i think it was like $84 or something. stuart: yes. >> and it's at 807. i'm talking about the cuts, but it was in the the 80's, if you liked the idea then, you're just sitting in the dough. >> and we were all expecting the same thing to happen with facebook, and it didn't happen. the price actually was cut in half from the open, all right. >> you know what? that's why you're the anchor, and that's the point. oh, all right. >> welcome back, nicole. let's get into gold, shall we? because i want to show you the price right now, it has indeed dropped below $1600 an ounce, well below.

1588 right now, and let's bring back in tres knippa in chicago. and i would have thought with all of this money print, everybody's printing money, japan, europe, america, i would have thought that gold would have spiked, it's not. it's going straight down. >> right now i think that gold is pressured a little bit by some changes in asset allocation, as the stock market continues to work its way higher, i think you're seeing people, when you get that risk on trade, people say, well, you know the stock market's working up, so i think you're getting basically money moved around between stocks, bonds and gold. some of it's coming out of gold and it's going at a stock and stocks are working higher. i actually think, i understand what you're talking about, stuart, and you and i both agree on the fact that central banks continue to print money, however, i actually think there's a better way to make that trade of not owning currency. you want to just own hard assets, but i believe in owning income producing assets. productive assets. oil wells, gas wells, rental property that sort of thing. you accomplish the exact same

thing as the gold trade, but let's be clear here, gold is risky and it's going to bounce around. it's not just going to be a straight line up. >> we always forget, gold has no he yield. it pays no interest. pays no dividend. i mean, you don't get any rent out of gold, it's a block of metal, it sits there and you hope that you get a capital gain, that's all you're in it for. all right, tres. you make far too much sense. thanks so much for joining us, tres knippa. if you heard president obama yesterday you would have thought we were looking at armageddon about the spending cuts go through march the 1st. question, would a 2.3% cut in spending really be that catastrophic? let's bring in bud, a business owner, employs a lot of of people in this obama economy and welcome him to our program. do you believe that? the president an absolute catastrophe for the economy, we cut 2.3%, what do you say. well, the president's news conference was pure show. the reality is that he proposed

this sequester a couple of years back, now he's turning around and saying that it's catastrophic. the president is against all cutting of government spending, as a matter of fact, based on the state of the union, he wants to expand government spending. >> okay, i've got a couple of issues and want to go through them fast for you, because you built your own business and you started out i believe in your garage and built it it into a sizable business that operates across america. and you've got boots on the ground in this economy and i so i want your reaction to some of president obama's policies. number one, $9 minimum wage. what happens? >> terrible, terrible idea. it cuts off jobs at the lower level and the reality is, if you get a low end job, it's a way out of poverty, it's not poverty. it's a way that you get mentored to greater success in the future. >> okay. tax the rich. that is a baseline obama policy, what do you think of it? when you tax the rich, you make

money away from investment, private investment creates jobs, and grows the economy. stuart: obamacare, baseline obama policy. what do you make of that? >> terrible idea. even proponents of obamacare are now realizing with the taxes and the regulations and the con vo lucien of our entire health care system it's going to be very, very difficult, particularly for small and growing businesses. >> tell me how other business people at your level, i'm he not going to call you a small business operator because you grow, you're pretty big these days, but people at your level. do they share your opinions about these basic obama policies? >> absolutely. you know, in past years, business people have been more ambivalent toward the government, but with president obama high taxes, continuous regulation and growth of government. they cannot be investor in this market and what concerns

business people if the government keeps building this debt, somewhere down the line, we're going to have another financial crash, and that restricts their ability and their willingness to invest. >> how, what's your judgment of the state of the economy? >> i think the economy is trying as hard as it can to recover and it is recovering, but every almost month president obama has a new idea which is counterproductive and i think it worries people and if we would have no new government spending, cut taxes in a very short period of time we'd have a robust economy and our deficit would be cut. >> it's not going to happen though, i mean, bob, come on, it's not going to happen. it's just not going to happen, is it? >> it doesn't seem like it. the president wants to grow government, not jobs. stuart: you're welcome to this program and it's good to have you with us, and we want your opinion again in the future because we want contact people who have got as i say, boots on

the ground in this economy and you have. thanks for joining us, sir, appreciate it. >> a pleasure to be with you, stewart. where are we now for the dow industrials? we're down a fraction, down 4 points we're at 14,030, 31. we're 130 odd points from the all time record high as we said earlier, that's one big rally away from a new high. listen to this, pot tourism is coming-- they want to bring it to colorado. get on a flight to denver, get off the plane and light up legally, but don't think you can take that marijuana home. you cannot. you may well be busted. but for criminal defense lawyer, arthur aidala, that could mean one thing, a boom for his legal business. we're going to ask him about that 10:15 coming you. will he see more people busted for pot and trying to bring pot out of colorado? we'll ask him. we have news on that office

supply merger deal. the office mid-- the office depot, the other one, it's official apparently, what's going on, nicole, with the stock? >> you should pan out this camera. what's going on here, both stocks are halted here at the new york stock exchange. and what's happening is way back at barclays, they have office depot right here, the other barclays post, right here we see officemax and those are halted and the two crowds are backing up one into another. and both are halted for news pending on all of this that occurred, right? they're getting together, wait, it's not official, it was just a pr brief that was drafted and it wasn't supposed to be out. there have been so many headlines crossing on this and now both are halted and as the news continues to come out they're likely to come out. and it's backing up into one another. >> thanks very much, nicole. and it is wednesday morning, and i have seven early morning movers for you. the payment processor, total system services will buy the

pre-paid debit card divider, known as net spend. and we have net spend up 29%, no surprise. and net spend's rival is green dot, it's moving even higher. there are hopes that there's going to be a takeover there as well. that thing is up, what, 5%. web publisher demand media, it said it's considering spinning off the domain services division, and it's up. a major shareholder is looking to take drug discovery company cornersto cornerstone therapeutics private. health company, solid bookings last quarter. it's up. disappointing outlook for the mobile ad company millennial media. it's down big time and better than expected profits at lazy boy, it's up. and we're down 4 points.

14,031. time is money and we've got three other stories coming up for you in the next hour. are we being too hard on california? am i too harsh on the formerly golden state. could in fact california be on the road to recovery? and "the washington post" says california is coming back. we'll ask our voice of reason, mike reagan. he joins us at the top of the hour. and i'll have my take on the per version of language in washington. listen carefully president obama says loopholes, tax reform, special interests. my takes on that and should workers be compensated for the time it takes them to put their work clothes on? the supreme court will hear the case of the steel workers putting on their safety gear and taking it off, pay them. is it worth going to the supreme court for? is this what the law is all about? the judge will weigh in, 10:45 for the judge this morning. president obama warns of economic armageddon if we cut

2.3% of federal spending and he's using scare tactics so we want to know, does that work with voters? we're talking the psychology of fear with dr. keith ablow after this. (announcer) at scottrade, our clients trade and invest exactly how they want. with scottrade's online banking, i get one view of my bank and brokerage accounts with one login... to easily move my money when need to. plus, when i call my local scottrade office, i can talk to someone who knows how i trade. because i don't trade like everi'm with scottrade. me. (announcer) scottrade. awarded five-stars from smartmoney magazine.

>> please listen to this from president obama's speech yesterday. >> people will lose their jobs. it will jeopardize our military readiness and eviscerate job creating and thousands of teachers and educators will be laid off and tens of thousands of parents will have to scramble to find child care for their kids. >> as you can tell, that is a dire warning to the american people, spending cuts ruin lives. joining us now is dr. keith ablow. doctor, you're at home and watching that presentation. all the devil breaks loose if we do the spending cuts.

that is putting the fear of god into the electorate. does it work? >> absolutely. well, listen, negative campaigning works and fear will work until it doesn't work anymore. think how different the president's message is than we have nothing to fear, but fear itself. he's peddling fear. imagine if i said someone was hooked in cocaine in my office. and warn you, you come off this stuff, you're going to be fatigued, you're going to be craving, you could be nauseated. how do i use more. that's what he's telling the american people. don't come off this fake academy because they will there'll be pain in store for you and he's creating a generation more of an i dikts. he's a pusher, in the bye economy. you're a political psychologist, drawing an analogy and parallel between government spending and drugs and if you get off the spending you'll feel terrible. >> absolutely. listen, you know, the number of weeks of unemployment that people are getting, the free

cell phones, the illusion, what is he selling? the illusion that you're okay and that all of us are okay. when it's not. >> wait a second, there is another side to this, suppose you're sitting in the audience and you are receiving a lot of this government help and you're getting free food and a free he cell phone, unemployment benefits and cash from earned income tax credit and you're getting it all, coming at you. >> yeah. >> now you want that, you want it to continue. you want to hear what the president's got to say because he is defending you. >> what's every child afraid of i'm the not going to give you your allowance. and i will withhold they're the bad people, the republicans are going to withhold your allowance. this president is transparent. legalized marijuana, make guns illegal. don't beef up the psychiatry system despite the fact that all of these tragedies are about people who are untreated mentally ill people. because anything to do with building autonomy is to this president toxic. >> that's interesting.

you regard the president as a collectivist whereas what you really like is the intense individuality of american freedom. have i got it right. >> i know in my office the only way to heal people is to get them to say i am going to make my own decisions and stand with the the truth. if people didn't love me, i'll say it for what it is. he's doing the offices, so, i objjct to it because by the millions he's making people dependent. stuart: we like you, dr. keith ablow. >> well, like me or not i'm coming back. stuart: you're articulate. >> you're not the guest, that's true. stuart: like it or not you are coming back. check out the price of gold you'll not necessarily like what you see. the price of gold is down to 1585. question, would you buy clothes made and sold by the u.s. postal service? yeah, that's correct. letter carrier fashions coming to a post office near you. plus, an elderly british woman finally quits smoking at age 102

and didn't quit because of her health. no, find out why she really quit after this. ♪ smoking in the boardroom ♪ ♪

>> u.s. postal service will start selling a line of clothes and accessories, rain, heat, snow next year, so you could look like one of them. any comment, charles? >> you want to raise 3 million a year with some of-- >> it's cute. and throw in the cologne while you're at it. stuart: oh, oh. charles: okay, i'm not trying to diss anyone i think it's a goofy idea, but i will tell you i remember them talking about building the world's tallest building over at madison square garden. they've got a lot of real estate. i think there are ways to do things to make more than 3 million dollars. stuart: you're a smart guy. listen to this one. after 82 years of smoking, a 102-year-old british woman is finally quitting cigarettes not because of her health, she's 102. she's quitting because her family is afraid she'll burn the house down. the secret to long life is a cigarette, cup of tea with

whiskey. any comment. >> i think the family saw it was a problem when they saw her take a nap with a cigarette in her hand. at that point you can do whatever she wants. >> and if she died now, the politician would blame the fact that she stopped smoking and drinking. told you she should have kept going. stuart: listen to this one, colorado legalizes recreational marijuana and now it wants to build a tourism industry around it. new at ten the financial and legal questions surrounding this move. st stay right there. ♪ rocky mountain high ♪ [ male announcer ] you are a business pro.

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yes, you could. today is gonna be an important day for us.

you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? let's go ahead and bring it online. attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines are now powering some of america's biggest cities. siemens. answers. stuart: good morning everyone. rocky mountain high? colorado wants you to visit that state and get stoned. yes, there is a proposal to open up the weed market to any and all adults over 21, buy a small quantity legally, smoke it openly legally. it is amsterdam in the rockies. the mile-high city of denver? but get this, colorado may introduce an advertising campaign inviting out of state tourists to come and sample

fully legal pot. hold on, you cannot take it home with you. what is bought in colorado must be smoked in colorado. what happens in boulder stays in boulder. if you are okay with that, colorado is your new vacation state. stuart: welcome to the next hour of varney & company. we will have much more on kro -- colorado in a few minutes. but first the city of detroit flat out broke. a state review concluded that detroit does not have a good enough plan to fix its budget mess which includes 14 billion dollars worth of debt and unfunded long-term pension liabilities. looks like bankruptcy or bailout for detroit. now, do you recall one member of the city council there recently asked president obama for that bailout?

>> -- our people in an overwhelmingly supported the reelection of this president. there ought to be a quid pro quo and you ought to exercise leadership on that, not just that, but why not? stuart: that's a flat out demand asking for a bailout. the governor of michigan has 30 days to find an emergency manager to come up with a new plan to get detroit out of this financial mess. now, sandra, i'm saying there's a choice here. it's bankruptcy or it's a bailout. am i missing something? sandra: well, you could hire somebody to get the city under control. the budget under control, which they have failed to do, and it's basically just too late. is bankruptcy the answer? it's not the best possible option, but yes, shut the door, start over. what are they going to do to get themselves out of this? they have put themselves in such a bad position where their outstanding balances are too much to handle right now. what are they going to do? what is going to drive that city out of this problem that they are in? the auto industry? stuart: they are technically

bankrupt. they cannot pay their bills and can't really meet payroll very soon. you say come up with a plan, bankruptcy is a plan. sandra: that's the only viable option right now. a bailout is not the way to go. stuart: charles, i think that sends ripples to other cities and states across the country. detroit would be the biggest bankruptcy for any american city. charles: you guys remember hands across america? could you imagine if all the cities -- could you imagine if they get bailed out, all the cities across the country, the line would be so long. someone has to go there and change the mindset of the people in that city. you know, 47% of the people there are functional illiterates. if you don't go there and change the mindset of the people, anything is going to be a temporary band-aid, whether it's a bailout, whether it's bankruptcy, that just means another bankruptcy down the road. a bailout means another bailout down the road. unless they figure out a way to change their viewpoint on life, it's lost hope. stuart: you have to abrogate

your union pension contracts. charles: absolutely. that was the cornerstone, that was a city built on union pensions. stuart: only a bankruptcy court judge could do that. sandra: there are some plans. they are trying to repurpose land. the population of detroit which was at one point nearly 2 million people has shrunk to 700,000 people. there's a lot of open space there. so somebody could come up with a decent plan, if they file bankruptcy and try to come up with a plan. stuart: they have. some wealthy outsiders have come up with a plan to buy some of that land and start fresh, but the detroit people are objecting saying we don't want outsiders coming in here telling us what to do. they want a bailout. are we done? charles: yes. stuart: check the big board please. we're still pretty flat on the day, down 5 at 14,030. nicole, jc penney, what's this about a downgrade, what happened to the stock? nicole: there's a couple of things to talk about here. the stock up nearly 5% today. that's certainly a stellar move. we did get one of the analysts cutting the target today, so

it's always interesting when you see a downgrade or a price target cut and yet the stock goes higher. sometimes you can't put too much merit in the analyst calls. i know you say that. the second story is that martha stewart's products which are sold at jc penney, it seems like they are trying to pull out some of martha stewart's products there. at the top of the show you said i don't know why i'm smiling, i'm going to tell you why you are smiling, stuart, because you've said it yourself, you love your job, you get paid well and you're happy to do it and you work hard and you're happy to be here. and i know the viewers love watching you. you have a great team. we're all happy to be here too. you said it. stuart: but look, i was smiling as i was talking about the legalization of marijuana in colorado and then inviting out of staters to come on in and smoke legitimately. nicole: out of context, but you are happy to be here. stuart: nicole, i appreciate your comments. thank you very much indeed. nicole: thanks. stuart: hi, everybody.

stock alert. apple now says that a few of its employees' computers were indeed hacked. no data exposed apparently, but apple was hacked. the stock by the way is down 7 points, 452 on apple. google, their stock another new all-time high earlier today. it's backed off a little. 803. but it's been up 14% this year. that's 2013. that's a big jump. look at gas prices. the national average up another 2 cents overnight. $3.76 now. 34 straight days that it's gone up, and that is a spike. for every 1 cent gas goes up, it cuts 1.2 billion out of consumer spending. here's what we've got at 10:35, shell's former president, john hofmeister, he's going to tell us how high gas will go this time around. let's take a look at the headline from "wall street

journal." that's come after these warnings just from yesterday. >> people will lose their jobs. it will jeopardize our military readiness. thousands of teachers and educators will be laid off. tens of thousands of parents will have to scramble to find child care for their kids. stuart: okay. that's armageddon, that is catastrophe for the economy. so we are saying -- the president is saying you cut 85 billion dollars out of a 3.6 trillion dollars budget, and you've got armageddon. sandra? sandra: not so much the case. i mean, we have to cut somewhere. and you know, peter morici wrote something interesting yesterday saying that he's essentially blackmailing the american people where it's either this or this is going to happen. he's not labelling really what the choices are for the american people right now. cuts are necessary. he's threatening this is going to kill education. this is going to kill defense. i mean the way he's speaking, stuart, it's quite alarming really.

because these aren't the only options that are on the table. stuart: precisely right. charles? charles: i think they know we're in trouble already. you know, fourth quarter gdp was a bust. consumer confidence is down. jobs, unemployment rate is going up. i think they know. all i think he's trying to do right now is establish a blameless position. in other words -- stuart: he's saying you let these spending cuts happen, the economy goes in the tank, and it is the republicans fault. charles: it is going down anyway. they see that. they can see that it's going down. they understand it's going down. and now he's just -- all of this is a smokescreen because if he really cared, when they did this fiscal cliff deal, why did hollywood get 430 million dollars bonuses? why did asparagus growers get a break? why did goldman sachs debt a break for renting out the new liberty building?

if it's such an armageddon situation, why did you cut that deal a few weeks ago? stuart: that was good, charles. you are right. by the way, everybody, president obama is doing interviews with eight local television markets today, eight local news anchors. it's the armageddon tour all around the country. he will be interviewed from local news anchors. guaranteed, he will repeat the armageddon argument. let's bring in mike reagan, our voice of reason from california. i want to ask you first of all about this tour of local news anchors. i don't want to be pejorative, mike, but i don't think they are going to ask probing questions of the president of the united states of america. this is a propaganda tour. this is an armageddon tour. did your dad do that? >> no, my dad didn't do that. this is absolutely outrageous what he's doing. i would suggest that everybody watching right now pick up a copy of the constitution. and look at the very first things that in fact the government is supposed to do. they are supposed to protect us

and serve us. that's the first thing they are supposed to do. but what happens, every time they want to raise our taxes, they always take those things away. we're going to take away fire department. we're going to take away the police department. we're going to take away the teachers. all these things because they feel people will go out and vote to raise their taxes, if they think the fire department, the police department, and the military are in fact going to suffer and not be there to protect them. they do it all the time. and america's got to wake up. just read the constitution. what's the first thing the government is supposed to be doing? and that is the last thing they do. stuart: i want to talk about california. you've got a lot to say about california. hold on a second. the washington post suggests that we have been too hard on the formerly golden state. i'm going to quote directly from the post, mike. a year ago the state was a mess with double digit unemployment bottoming out housing market and a scary budget deficit. now, hiring is up faster than the national average. the housing market is regaining

strength. even the state budget is back in the black. so mike reagan, have we been too hard on your state? >> oh, no, not at all. you've got to remember, again, that the november election, what we voted for, prop 30, was retroactive to the first of 2012, so everybody got caught, so everybody actually prepaid. in fact, the only conservative democrat in sacramento is a guy named jerry brown. he understands that the 5 billion dollars extra money they got was not really a windfall. that's money that's being prepaid before april arrives. he's telling the democrats don't spend this money. it may not be there too long because people are prepaying. but understand this also, if you make 2 million dollars in this state, let's look at golfers, for example, your effective state tax rate back in 11 was 6.7%. today it is 12.3%. you lost 80% of your deductions which means you can't write off

your state income tax on your feds. and you've lost most of your housing deduction. now, do you think those people are going to stay in the state and create jobs, or do you think they are going to leave the state and create jobs elsewhere? my guess is they're already leaving. stuart: but, you know, the new york times took me to task and said that my theory that rich people move to avoid high tax rate, they said it is a myth. and they quoted a sociology professor from stanford who said there's no such thing as these tax migrants. people don't leave because of high tax rates. so the times says i'm wrong on this issue. go. >> i would suggest reading the new york post and having them give you a list of all those people who have left new york and have gone to florida for a better tax rate. florida's being led by republicans. they are lowering their taxes. and they're lowering their taxes on businesses that move to florida. they want to be in competition with texas and get it right. they see what's going on in california. they see what's going on in new

york, and they want businesses to come to their state. so let's see what's going on at the end of the year and see whether california is up or florida and texas are up. my guess is the lower tax rates going to bring people, businesses, and jobs to those states. stuart: i'm listening to you. mike reagan, as always, thank you very much indeed. we will see you again soon. >> you got it. stuart: all right. i want to get back to apple. i keep getting news on apple, obviously, it's a very big name company. the iphone 5 beat samsung's galaxy as the world's best-selling smart phone in the last quarter. how about that. that's news. so what's the stock doing? i think it's down. nicole: that's great news, but the stock is not great. why is that? that's a great headline. and yet we're seeing apple at $451. this is a stock that just recently went from 435 to 485 last week and here it is back at 451. what is going on? stuart: you know, we made a big

deal about how galaxy -- samsung maybe had the new cool and maybe apple had lost it. but if the apple iphone 5 now beat the galaxy, that turns around that whole equation, but the stock has not turned around. nicole, i'm out of time. i'm sorry, i would like to discuss this at length because this is a very big story but i have to move on. at the top of the hour, we mentioned colorado pushes for pot tourism. call it the new mile high amsterdam. next the legal issues surrounding pot tourism. we speak to a criminal defense attorney next. ♪

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stuart: yahoo! getting itself a makeover, a new look on its site today. the website makeover has little effect on the stock, but it's up, which is up 2 cents. look at one of yahoo!'s big competitors, that would be goog. it is a new high earlier this morning. down a couple bucks now but still holding well above $800 a share. that's google. sony set to unveil its newest playstation gaming console after an event in new york city tonight. playstation 4 comes seven years after the release of the last version. shares of sony flat, down 3. the ceo of manchester united, that is a soccer club, ladies and gentlemen, stepping down, if the ceo steps down and the stock goes up, then the ceo is not very good, in this case the stock is down 17 cents.

not sure what judgment that makes. legal pot in colorado but you can't take it out. a defense attorney on that.

stuart: let's get to the push to make pot a tourist attraction in colorado. could this be a boom for lawyers? you leave colorado with the pot, you are not allowed to do that, you get caught, you're obviously in trouble. let's bring in criminal defense attorney. now, we brought you in because i can see a lot of this happening. i mean, it's legal in colorado. i think you can buy an eighth of an ounce.

so you walk away with a nice ounce at a low price. i could see a lot of people trying to get out of the state and bring it back to new jersey and new york. i think you will have a boom for your business. >> pay my mortgage -- no, you are correct, marijuana sells for a pretty good price. i deal with this on a regular basis here in new york city, professionally. i will tell you based on amsterdam, the issue that they have in amsterdam is people sending it, putting it in packages and sending it out of the -- in that case the country. here it would be the state because if you send it out, let's say it is smaller an eighth of an ounce, you do it 20 times, come back to new jersey, connecticut, selling it on the street, making a couple thousand

bucks without really breaking a sweat. stuart: if somebody mails a quantity to a person in new york, if they get caught, what's your defense? >> before we get to my defense, let's talk about what they are in trouble for. first of all, what everyone has to understand about all of these states legalizing marijuana, it's really a farce, stu, because these are federal crime. it is still a federal crime to have marijuana. president obama could pick up the phone right now, call the head of the fbi and say no, no, none of this marijuana stuff is legal. lock everyone up. they have shut down some places in california. stuart: we know this. let's get to the nitty-gritty shall we? >> the nitty-gritty -- stuart: i'm going to ask the question. >> yes, i apologize. stuart: somebody mails marijuana to somebody in new york city, they are caught, they are presumably therefore guilty of a federal crime. >> you've got it. stuart: what is your defense? >> they are going -- it is not a

legal defense, but it's a practical defense. i didn't know. oh, i bought it in colorado. it's just like if i bought a pair of skis in colorado at a skiing place, why can't i bring it home? if it's legal in colorado, i can possess it in colorado, why can't i take a small quantity back to new york? stuart: because there will be big signs, you can't take it with you. >> that's what's happening -- stuart: what's your defense? >> sometimes you go to the prosecutor and say look, it's a 22-year-old kid, they have never been in trouble before, please don't ruin their future, they will do community service, pay a fine, don't do something that will prevent them from being a doctor or a lawyer or something like that. sometimes there's a back door way of getting out of things. other times you pray. ignorance is not a defense, but

sometimes a prosecutor who has an open mind will take it into consideration in figuring it out. stuart: before you go, arthur, a woman in missouri is suing for the cost of raising her now 1-year-old child because she says the birth control -- i think it was pills that she took, birth control pills were defective. she got pregnant even though she was taking birth control pills. does she have a case? >> i believe she does because the birth control pill company three months after she's pregnant, issues a recall, and it's not what we would call a products liability case, if the actual pill was defective, but they put the pills in the carousel in the wrong way so when she was on her monthly break, she's supposed to be taking a placebo to keep you in the mode of taking the pills, those were actually real pills and then she was taking the placebo and they are admitting this, that's negligence. can you imagine you coming in

today and you have the scripts for tomorrow or yesterday? i mean there's no excuse for that. stuart: you had me worried arthur. i thought you were going to say my birth control pills -- >> no, i know your birth control pills are in good shape. [laughter] >> they are admitting we

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stuart: dunkin brands lobbying the government to change the definition of what is a full time worker. they want to change it from someone who, who -- from someone who works 30 hours a week to 40 hours a week. if they did that, the company could save money under obama care because there's fewer workers to insure. no reaction from the stock. nicole, the office supply retail

merger is official. what are the stocks doing? nicole: one is moving lower and the other is hitting a new high. take a look here, office depot says it is buying office max. stuart: we've got it. thank you very much nicole. charles is with us. he's going to make some money for us, he says. ruth's hospitality. charles: you know the company; right? you will love this story. ruth was a smart girl. graduated high school at 15. went to lsu, graduated at 19 with honors in physics and also chemistry. but it was back in the day, so she ended up getting married. she got married, had a couple of kids, got divorced. the alimony wasn't enough so she was selling drapes -- drapes out of herself, among other things. still wasn't enough. she was reading in the newspaper one day she sees a classified ad, it is a restaurant. she never owned a business before. she decides to go for it in part because the restaurant opened on the day she was before, february

5, 1927. the restaurant had failed five times before this. chris steakhouse. ruth goes and buys it and mortgages everything. becomes a gigantic success. this has been an amazing company. got hit hard over the great recession, but now it is starting to come back on tremendously. i love the way the stock acts. i love the way the industry acts. i think you have got at least another 15 to 20 percent on this stock on the upside. stuart: so 9 bucks now, you think this is going -- charles: 12 to 13 is my target. stuart: it's wednesday, february the 20th at 10:28 eastern, and you said it's going to 12 or 13. all right. should you get paid for getting dressed for work? according to one union, the answer is yes, you should. and the case is going to the supreme court. the judge lays out that case coming up at 10:45. the english language --

politicians are changing the meaning of the words we use. it is control of the language for political purposes. so here's my take on investment, loophole, special interest, and tax reform. okay? if you followed the news for the last four years, you would know by now that president obama and the democrats never ever spend taxpayer money. they do not. they invest it. much more whole some, isn't it, investing. that puts a whole new spin on deficit spending. are we really investing in our deficit? good question. now the president has also been using the word loophole. and that is clearly a pejorative. loophole, sounds bad, doesn't it? he's really talking about tax deductions. which we all know and use. are you exploiting a loophole when you deduct your mortgage interest? i'm sure you don't see it like that, do you? special interests, hmmm, how about that, special interests, the president makes these

special interests sound wicked, as if they are ruining america. well, perhaps they are, but it seems like they're only wicked when special interests support republicans. surely, unions and trial lawyers, aren't they special interests? and in my opinion, they have done damage to us all, that they are the democrats base, so they are spared the special interest label. and finally, tax reform, this is a republican idea, for lower tax rates. the president has hijacked the expression, so tax reform now means higher tax rates. so let's be clear. to follow the debate these days, you have to listen very carefully to what our leaders are really saying. please do not let them change the english language. how do traders using technical analysis streamline their process?

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levin from the trading floor in chicago. is this a case of just money flowing out of this asset vehicle, out of gold into stocks? is that what's happening? >> well, it's certainly flowing out of gold, you know. i guess you could point to stocks, right? stocks are certainly sitting on recent highs, that's for sure stuart. but gold is taking a big hit. a lot of people stepped in and bought gold just above $1600 an ounce. now we have seen it trade as low as 1588. six month lowssand if you're long even higher than $1600 because i know an awful lot of people are long at 17 and 1750 near the highs you are not looking too good right now. you are taking some heat. you need to decide get out or maybe you're averaging out or buying lower, but that's a dangerous trade. stuart: what is your guess? people will get out and the price will go down some more and try to catch the stock market rally? >> 1540 has been the lowest we have seen over the last 18 months or so.

that would be the biggest support level. if we get below there, there's a lot of sell stops below there. if we get below 1540, maybe 1500 is the next level then lower below that. if we hold 1540 you will see a lot of buyers come in and try and keep that level stable. we will have to see what happens if we get down there. level 1540 is in play. stuart: larry levin, thank you very much indeed. i know we have a lot of gold investors out there. sandra? sandra: we were running a banner with no end in sight where we are now for money printing why isn't gold higher? that's because everybody is in the stock market; right? we are hitting all-time highs or some averages are approaching all-time highs. above 14,000. everybody wants to own stocks at this market rally going on. they are dumping out of other assets, getting out of gold and silver. that was last year's play. stuart: yeah, look at that, stocks up 14,049. gold down 1582 on gold. there's money coming out of there and it is going there. sandra: if they are going to keep printing money, the fed is

going to be a backstop for the stock market, it's a no-brainer. stuart: it's another story we have been following very closely, that's the keystone pipeline. the president has a dilemma on his hands now. he has to make a decision, you build this thing or not. i'm going to say i think he's going to build it. a lot of people believe he will build this thing. well let's bring in someone who knows what he's talking about. that would be john hofmeister, citizens for affordable energy founder and ceo, former president of the shell oil company. what do you say? hold on a second, john. i've got to ask you about gas prices. i will get to keystone, i promise. but i have to ask you about gas. there's a spike going on here. are we going to see $5 a gallon gasoline? i know you have talked about it before. >> well, certainly in some parts of the country, i believe we will, stuart. whether that's california, new york, illinois. these are high tax states. and so that elevates the price to the consumer. but this is the fifth year in a row that we have seen crude oil prices jump in the first

quarter. even with europe in recession, even with the u.s. contracting in the fourth quarter of last year, we're still seeing crude oil prices jump because we remain at the mercy of an international cartel, setting prices and we have no plan in this country. i said to senator obama in 2007, stuart, if he doesn't do something, about drilling in this country, in a major way, and also working on natural gas as a transportation fuel, we are going to see endless pain at the pump, and the american consumers are going to see disposable income just get taken right out of their pocket, here we are. we're losing money. stuart: we've got some economists who have been on this program who say look if this gas price spike continues, and we keep going up, we will be in america, we will go into a recession. it's bad enough already. now if you've got $4 gas, or as you suggest, maybe even higher, we've got a recession on our hands. but i want to leave the discussion of gas prices with

this, you think that we've still got higher to go. is that where we are? >> i think we will see around $4 or over $4. from a national average standpoint. but $5 in certain markets. stuart: okay. let's get back to the keystone pipeline. i think the president, he's got to make a decision, i think he's going to build it, with a lot of contingencies, i will tax this, i will tax that, but we will build it. what do you say? >> i think at the end, he has to make a reasonable decision that's in the interest of the american people. a few thousand demonstrators who don't like the idea of another pipeline is not representative of the american peoppe, especially at $4 a gallon gasoline. this is 800,000 barrels a day from our next door neighbor that if we don't buy it, china will. and it just doesn't make sense, and i don't think the president is senseless. i think he has common sense in this regard. but he has to position himself

relative to his supporters, the environmental movement, to do this in a way that he can somehow hold his head high, whether that means some climate change activity or some regulations or whatever it is, the fact is the american people deserve the pipeline. it deserves the near canadian oil. and the idea that we're moving away from oil is about as senseless as the idea that the world is moving away from coal. it's just not going to happen because there are no alternatives that can substitute. natural gas would help. transportation fuel and i'm a big advocate of that, if we could provide -- if the president would provide some leadership on natural gas as a transportation fuel, i'd applaud him because that's where we need to go next. stuart: one last one. i am told that ultimately the canadian oil fields from where the pipeline would lead out of, ultimately they could produce 4 million barrels a day, is that accurate? >> this is a national strategy of a sovereign nation to exploit

their natural resources for the benefit of the people of canada. why aren't we doing the very same in the united states where we have enormous amounts of natural resources? let's develop them for the sake of the american economy, for the sake of national security, and for the economic progress of the american people. stuart: is it that -- >> instead of stopping it, let's get moving on it. stuart: is it that much oil? 4 million barrels a day just from the canadian tar sands fields. is it 4 million a day ultimately? >> yes, eventually you could develop that resource to that level of production and sustain it for years and years to come. just as we could do with the oil shale that sits in colorado. over a trillion barrels of oil in colorado. as we're seeing now in north dakota or in southeast texas, we have lots and lots of oil in this country and natural gas, which can serve the economy very well, stuart. stuart: okay. john hofmeister, always a pleasure, thanks for joining us

sir. appreciate it. thank you. >> thank you. stuart: getting paid for getting dressed for work, one union is taking that fight all the way to the supreme court. the judge is next. we know a place where tossing and turning have given way to sleeping. where sleepless nights yield to restful sleep. and lunesta®(eszopiclone) can help you get there. like it has for so many people before. when taking lunesta, don't drive or operate machinery until you feel fully awake. walking, eating, driving, or engaging in other activities while asleep, without remembering it the next day, have been reported. lunesta should not be taken together with alcohol. abnormal behaviors may include aggressiveness, agitation, hallucinations, or confusion. in depressed patients, worsening of depression, including risk of suicide, may occur. alcohol may increase these risks. allergic reactions such as tongue or throat swelling occur rarely and may be fatal. side effects may include unpleasant taste, headache, dizziness, and morning drowsiness. ask your doctor if lunesta is right for you.

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quarter. not helping the stock. boeing might have found a fix in the problem of the 787 dreamliners. sources close to boeing quoted by reuters say there needs to be more space between the cells in the battery. that could be the fix. the planes are still grounded. boeing stock is up this morning. keeping a close eye on the dow. just one solid rally away from a new all-time high. not happening yet. we're up 8 at 14,044. here's what's coming up, union workers are heading to the supreme court because they want to be paid for the time it takes them to change into their safety gear. should they be paid to changing into their work clothes? interesting question. what kind of precedent would it set? the judge is next.

stuart: now charles is going to make us even more money with a company called joy inc. what does it do? charles: mining equipment. stuart: legalize marijuana -- no, sorry. [laughter] charles: john hofmeister was talking about demand particularly for coal around the world, one of the reasons they are going to do well. the projects around the world, china, amazing, amazing, there's some scuttlebutt on this company this morning talking about a swedish conglomerate maybe making a bid for them. that kind of stuff has been around for a while. coming to the inflection point of demand. also making money in the aftermarket, keeping fleets up, servicing. the stock is oversold. i love this one a lot. i think it goes substantially higher.

stuart: it is a coal company? charles: no, mining company, coal is a big space for them. stuart: thank you very much charles. the u.s. supreme court will hear the case of steelworkers who are demanding compensation for the time it takes them to change in and out of their safety gear. all rise, judge andrew napolitano is here. what do you make of this? >> have to send a bill for the time it took me to put my necktie on this morning. stuart: that's not safety gear. >> right. actually, you know, the language in the statute says whatever they wear, and the case addressing this, says what about a bracelet? what about a wristwatch? what about eyeglasses that are not safety glasses and they are wearing them? here's the problem, the problem is that different courts in different parts of the country have construed this differently. some courts have said whatever they wear, whatever they have to put on, they have to be paid for the time it takes them to put it on, to take it off, to wash up, and to put their street clothes back on. this particular certain court sitting in chicago said that's ridiculous. they have an agreement, called a

collective bargaining -- bargaining agreement. these are members of the united steelworkers and u.s. steel. the collective bargaining agreement is silent on whether or not they have to be compensated for the time it takes them to put their clothing on, therefore they don't get compensated. so why did the supreme court take it? because the supreme court wants the law to mean the same thing throughout the entire country. stuart: they want uniformity. >> right, right now it means something different in chicago than it does in san francisco where your friends in the 9th circuit have decided whatever you decide to put on and take off, even something like a bracelet, which is not a safety matter, you have to be paid for the time it takes you. stuart: that's the 9th circuit. >> right. you know, the 9th circuit, the 6th circuit sitting in cincinnati also agreed with the 9th circuit. the 3rd circuit sitting in philadelphia and newark agreed with the 6th circuit in chicago. so the supreme court wants to make it to uniform. stuart: should this really be

matter for the courts to decide whether or not you should get paid for getting dressed in the morning? that's ridiculous. >> in my opinion, in yours, i think in the minds of sensible people that believe in the free market, it should not be for the courts or for the government. the problem is that the congress has written very detailed, but at times ambiguous legislation. the other problem is, and this opinion points out something you will appreciate, the nlrb cannot change its rulings depending upon whether there's a republican or a democrat in the white house. because what's fair in 2002 when there's a republican should also be fair in 2012 when there's a democrat. but the nlrb seems to be going back and forth, back and forth, depending upon who appointed these members and that's not a fair way to administer the law. for all those reasons, the supreme court wants to say with finality and certainty this is what's the law means. stuart: maybe the supreme court will say, you know, i don't -- we collectively don't think that the law should have -- the law should not be imposed between

employee and employer. >> it should be negotiated for between employee and employer. stuart: is there a chance the supreme court will see the light and say that kind of thing, get the law out of our lives to some degree? >> yes, there is. one of those opinions that i told you that went in favor you should be paid for the time it takes, was based in large measure on the collective bargaining agreement between the union and the corporation. stuart: i'm laughing because of the expression you used. [laughter] stuart: judge, excellent stuff, as always. thank you. >> pleasure stuart. stuart: vice president joe biden's interesting take on gun control. you will hear it next.

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stuart: victory lap for charles following his recommendation of sun power. it's gone straight up. go ahead. charles: hey, listen, from friday to today, we've got 15%. so 15% in one trading day, you've got to take -- we would

take half and let the rest ride. stuart: when did you recommend it? charles: it was friday morning. $11.80 when we did it. you know what? ride the rest. stuart: well done, watch everybody when he makes money for you, sometimes he really does. [laughter] stuart: if you're confused about what kind of gun you would need to protect yourself, vice president joe biden has some advice for you. roll it >> if you want to protect yourself, get a double barrel shotgun. stuart: he ease gone to say you -- he's go on to say you don't need an ar 15 to protect yourself claiming it is too hard to aim and harder to use. he actually goes on to say he says he sends his wife jill to fire out the back door a couple rounds. sandra: it is legal to own a shotgun in the right of self-defense, you can use it but he was suggesting if you hear a noise out in your backyard, fire a few shots, that's illegal, but his point was you don't need to

own an ar 15, an assault weapon. stuart: his point was i am pro gun. look at me. buy a shotgun. i am pro gun. charles: you don't need an ar 15. he also said that the policies would ultimately work just like the ban on lead in gasoline. i mean how you make that correlation, i don't know. but the other thing with the shotgun, it's just a pure bidenism. i'm happy he's still around. stuart: we should have a whole highlight reel of joe biden. charles: you have to do a whole show. [laughter] stuart: but the regular highlight reel is next. [ indistinct shouting ] ♪ [ indistinct shouting ]

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