warner: 310,000 per quarter. imus: at least up to now. warner: and 20,000 per minute. connell: wow. warner: per minute and he's not even on the field half the time. imus: next year far more interceptions than touchdowns and you know. warner: finally, i-man, thinking ahead, but although maybe not a good sign for the fans, the new jersey, new york super bowl committee is looking 11 1/2 months ahead and they've asked for 20,000 area men and/or women volunteers to be ready to shovel out open air metlife stadium just in case it snows on or near february 2nd he. imus: of course, you know what gunz and i are hoping for? a nor'easter. 18 after the hour here on the "imus in the morning" program. and gunz will have is a briefing coming up. this is the number one album in the country, emmylou and rodney with a kris kristofferson song. ♪ it takes one to know one, baby ♪ ♪ i know how you feel ♪

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you just didn't care ♪ ♪ you got loaded again ♪ ♪ ♪ ♪ imus in the morning ♪ >> the president is losing credibility. the new week starts with no hint of armageddon. good morning, everyone. no impact from the sequester cuts so far. and the president is backtracking. he now says the catastrophe will not the happen soon. as of now, he's still blaming the republicans. as of now he still wants more tax revenue. okay, fast forward. this week, we get reports on

manufacturing, productivity. jobs, all expected to be grim. so, here is where we are, the cuts have arrived, the economy's getting worse, but the president still wants to tax the rich some more. it will be another big week. crisis fatigue guaranteed. so, let's get started, "varney & company" is about to begin. ♪ [ male announcer ] this is karen and jeremiah. they don't know it yet, but they're gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, t commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade.

>> good morning, "varney & company" viewers today is monday, march 4th. first item on the agenda, an example how president obama got it dead wrong on the budget cuts. here is the president from friday. >> starting tomorrow, everybody here, all the folks who are cleaning the floors at the capitol, now that congress has left, somebody's going to be vacuuming and cleaning those floors and throwing out the garbage. they're going to have less pay. the janitors, the security guards, they just got a pay cut. and they got to figure out how

to manage that, that's real. stuart: not so fast. right after the president spoke of pay cuts for janitors and security guards, the superintendent of the capitol hill building issued a memo and said the pay and benefits of each of our employees will not be impacted. there was a specific mention in the news today by a high ranking official, i guess that's the president, he says that the employees that clean and maintain the u.s. capitol will receive a cut in pay, this is not true. the president dead wrong. one more armageddon item, furlough notices were sent out to 150,000 justice department workers over the weekend. all right, that's that. and while those federal works face furloughs, it's not stopping our government from giving out millions of dollars to other countries. case in point, new secretary of state john kerry first overseas trip approves aid to egypt kerry says for the continued support of egypt's future as a democracy. more on that coming up. we're just minutes away from the

market opening bell. the dow closed 74 points shy of the all-time high friday. we're getting though some bad projections from companies from profits for the rest of the year. we'll bring you that story and the opening bell right after this.

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>> we're just a minute from the

opening bell and i've got a late report coming in about the future profitability, the outlooking issued by american corporations. i want to bring in larry levin from chicago. larry, i've got this report from the wall street journal, pr pre-guidance, at an alarmingly high rate for american companies, what do you make of it. >> it's going to be an issue going forward. you mentioned before the break on the highs of 2007. if the market runs out of gas, a good reason for a lot of people to step in and sell this market and you add that fuel to the fire, right. guidance like that, that's not going to be a good situation if you want the market to hold up and keep going higher. stuart: it sounds like a lot of companies are expecting a weak economy for the rest of the year, that's my initial reading, you? >> the companies are doing best they can to deal with that. that's not good news and the market's going to react to that. >> thanks much indeed, larry, the opening bell is about to ring and we're going to kick this thing off again for a monday morning. where are we on the futures?

well, we're down about 30 points and that's what i'm expecting in the first minute of business. the opening trend a little bit lower, carrying us back to around 14,050. we'll see when the opening bell rings what kind of opening trend we've got. there you go, down just a few points, 3, 4, points in the first couple of seconds in business, but i want to go straight to sandra smith on the floor of the new york stock exchange, i've got apple opening at a new 52-week low? what's going on with this thing? >> major setback in the patent battle with samsung, that's why the shares are opening to the down side. a 52-week low out of the gate this morning, remember, apple shares down 19% so far this year. what we're learning is that a federal judge has slapped a billion dollar jury award by more than 40% and stuart, a new trial has been set to dining room damages. so, lots of uncertainty around this stock and a major setback for apple. stuart: 427. i was not expecting that this

monday morning, march 4th. all right, sandra hold on a second, i've got a couple more items and i'll get back to you. in fact, the items concern apple. question, do you like downloading apps for your smart phone? all those 99 cent apps are adding up. global revenue is expected to raise 62% this year, to 25 billion dollars worth of apps this year. apple and google get some of that revenue. apple is hurt by the patent problem and google well above $807 per share, can you believe 25 billion on apps? now, this, annual letter to shareholders warren buffett says he's on the hunt for another company. let's go to sandra. i don't think there's going to be any impact on merger shares, but-- >> we are watching it open slightly to the down side, but it's been flat in pre-market, but we're still watching the shares, this is uberimportant right now. remember, berkshire hathaway underperformed the s&p 500 in 2012. it's been a major

underperformer, now, warren buffett's chief is calling the performance subpar, what does that mean? it reported profits of $1704 a share well below the street's estimate so shareholders are not going to like that news this morning. stuart: all right, but 101 on berkshire, thanks so much, sandra. and the dow opened 30 points lower right in line with what was expected. 14,050 is where we are. and oil is coming from the february highs, hovering around $90 a barrel right now poised to drop maybe below 90 and by the way, gas is starting to come down. not quickly, it's coming down slowly, we're off about a penny and a half overnight and back out this monday morning, 3.74. i want to bring back larry levin in chicago. you know, gas went up real fast, and it's not coming down real fast. do you want to tell us why, larry? >> well, about greed,

unfortunately, stuart. you want to try and find a fundamental reason why it goes up so fast, right? the stock market goes down fast and goes up slow. well, gas and oil do the opposite and in my opinion, that's greed. that's refineries, that's oil companies out there, that's even owners of gas stations, and even mom and pop ones out there. they don't want to lower the price, they want to keep it as high as they can, that's where the money is made. as a driver, not an owner after gas station, doesn't make me happy. stuart: two sides of this fence. larry, thanks very much indeed. a new report from the state department, it suggests that it has no major objections to the keystone pipeline. the department's latest review says that other options to get oil from canada are worse for the environment and climate change. state involved because the pipeline crosses the american border. and more in the next hour. the economic stall, numbers, confirm they're not going to be good. and joining us now, bill, we've

got numbers coming out on productivity, on factories, on durable goods and then the big one, unemployment. they look like they're going to be real bad. what's your guess? what's the president going to say about this weakening economy? >> well, maybe he's going to blame bush again. remember, he inherited a bad economy, i mean, what can we say? so his policies don't seem to matter or he says that somebody else's policies. so he'll certainly shift the blame, i'm sure, and try to blame the republicans and say they're too intransigent and won't deal, won't make good policy decisions that he wants, and there we'll sit. so, we're still locked up if you look at the small businesses out there, which are half of the gdp and half of part of employment, and 70% of them said it's a bad time to expand their business and 30% of them said it's because of political uncertainty, political climate as washington's not getting anything done. >> i want to focus in on that

because you cover the small business arena very, very closely and you're telling me that 70% think it's just a bad idea to expand your business this year. because that jibes with the number we got from the wall street journal saying that the big publicly traded corporations they've got an overwhelmingly negative outlook going for the rest of the year. business doesn't feel good about 2013, does it? >> right. because if you look back, you know, 12 and 11. we had a very-- we still have a bifurcated economy so the big ones, the fortune 500, you know, have record share of gdp now, as profits. they've been doing very well. and so that part of the economy, let's say that part of the economy is growing 4%, the other half, small business sector is not growing, it's clearly not going anywhere, zero plus 4 divided by 2, that's 2% growth basically what we've had. the driver for the the big firms which has been exports, selling around the world and most of

those companies make more money outside of the u.s. than they do inside. that's slowing down dramatically, so, now, that half of the economy is going to show down, or the small businesses half is not picking up, and so that really augers for less than 2% growth for the year which many economists forecast. stuart: look, i'm going to express an opinion. it's my opinion that slow-- i do this all the time. >> go ahead. >> the slowdown in the domestic economy is a direct result of the threat of tax increases late last year, the actuality of tax increases on january the 1st, and the still, the ongoing threat of more tax increases still to come. i think tax increases are the driver of this very weak economy. tell me. >> well, i think that certainly isn't helping and the president's been going around the country telling us all the bad things that are going to happen because of government policy in washington. so he says everybody's going to be fired and laid off and pay is going to go down and people aren't going to get services and airports won't work and how --

that's really uplifting, right and make you feel good about the year. stuart: and when is the president or the democrats or the majority of the american people going to realize that current policies are not working? >> well, that's a good question. you know, i think it's probably about 50/50 now. and when you look at the very pieces of things, the president seems to get pretty good marks on very specific issues like, you know, getting more health care for you or giving you free contraception or doing this or that, but looking at the management of the economy, it's not getting good marks and you think that would sink in a little better, as the-- at the polls, but i guess we won't really know how voters feel about it until 2014, he so, in the meantime, the campaign's off and running and we're going to see a lot of politics, but probably not a lot of good policy. stuart: and not a very good economy either. bill dunckelberg, thanks for coming by. >> thanks, stuart. stuart: president obama is not

backing down. he still wants to raise taxes on the rich. and they're not paying their fair share, he keeps saying it. accord to go a new report that couldn't be further from the truth. we'll have those numbers for you, how much of the taxes are the -- are the rich paying? we'll tell you at the top of the hour. i've got your seven early movers this monday morning. the department of justice is investigating a subsidiary of a mortgage servicer, and that's fot going down well. not going down much. 60 cents. organic food company annie's says that certain stock holders are selling shares, down 1%. disappointing profits at hsbc, hong kong and shanghai banking corporation, raising dividend. doesn't matter. las vegas sands likely violated u.s. corruption act, down just about a buck. hess, a number of businesses, it's still raising its dividend and it's up nicely 4%. the insurance company hartford

restates earnings in a lost, market doesn't like that. off shore driller trans ocean says that ore money is coming and posted better than expected profits, it's up a buck 60. to the big board because now we are he sliding, it's not really a slide, but 52 points, 14,046 in the very early going. i've got 60 seconds. three big personalities joining us in the next hour, big headlines from each. first, the judge on the case of an elderly woman who died at a nursing home because the nurse would not perform cpr on her. why? threat of a lawsuit. we have the frantic 911 call of the dispatcher pleading with the nurse to do something. the judge on that. the outspoken n.r.a. chief wayne lapierre joins us, is he willing to give ground on background checks? he joins us. steve forbes unveils his list of

millionaires, there are 200 new billionaires worldwide. who is in the top five? who is the richest of them all, king of the hill? 10:45 the numbers for you. and here is the question, why are we giving egypt 250 million dollars and wringing our hands over cuts and furloughs here at home. maybe eric bolling can explain it all? he is next. announcer: where can an investor be a name and not a number? scottrade. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearby and ready to help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: scottrade- proud to be ranked "best overall client experience."

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why? to support the country's future as a democracy. eric bolling, co-host of the 5, i can't imagine what he's going to say. i'm outraged and are you? >> i saw that story on saturday, i believe i read that and i was like, oh, my gosh, we have to do this on "the five" and talk about this for the better part of the last couple of months, president obama and all of his mignonses, ray lahood, january napolitano, arne duncan from department of education out there saying things like we're going to shut down a hundred towers for air traffic control, planes could be falling out of the sky. kids may not get head start breakfast or education. elderly may not get fed and eboley and food inspectors may not do their jobs. and then the president back tracks and well, maybe not the armageddon we thought it was going to be, and the next day, sign over 250 million bucks over

to the muslim brotherhood, certainly don't like israel one of our allies. stuart: i don't get it after all of this talk of armageddon, here it comes, boys, and yet, a quarter of a billion which would pay for how many head starts and how many teachers and the rest of it, goes to it egypt and the muslim brotherhood. >> not only that, president obama stood in front of the american people and said, janitors in this building are going to get laid off. he was wrong. >> and "the washington post" has four pinochios for a lot of things that president obama promises on the way in, in fact, it's not on the way. i don't know why they do this fear mongering thing, maybe they love spending, they say, listen, if they can scare the bejesus out of the american people the next time this comes up. and this network, both networks, called the president out on the fear mongering, and what happened? we were right. stuart: do you think there is he' a turning point, that the tide is beginning to turn, it's

kind of the president's losing his credibility. he says catastrophe is coming and then says, well, maybe not so fast. he's backtracking. is there a loss of credibility here? >> the man seems like the teflon president. if you go back through comment after comment over the last five years, he's done had a lot of these things and somehow his approval rating still hovers at 45% or whatever, whatever it is. because the man clearly has a following. and i think that's really why this organizing for obama became organized, organizing for action, whatever that. stuart: the lobbying group. >> what he's doing is capitalizing on his following. it doesn't matter what he says, what he predicts, if it doesn't come true or comes true, people flock to this guy and throwing money at him left and right. be very, very careful. the good news there are shows like this one and shows like this on the fox business network and fox news channel and calling him out and american people are not snowed by the fear mongering.

stuart: you're on "the five". >> yes. stuart: and i guarantee you'll do the exact same thing right off the top. eric bolling love having you on. >> thank you, sir. stuart: time for your gold report, 1573, still a long way from 1600. and that rally really came to an end, didn't it? could it be, dennis rodman is the answer for better relations with north korea? i can't -- by the way, the music they're playing is "march of the gladiators" that's what you hear at the circus, right? it's a circus, not liz and charles on the way in, certainly not. the music is apropos, is it not? ♪

>> here is a message from north korea's leader, kim jong un, delivered by dennis radmodman. >> and he wants president to do one thing call him. >> he wants president obama to call him. >> i don't want to do war, he said that to me. >> the former nba player was at

north korea to host a basketball game with the harlem globetrotters and met with the north korean dictator and called him, quote, an awesome guy. liz, your comments please. you made a point at the break that the white house had nothing to do with this. a good point. i wonder if he's such an awesome guy did dennis rodman visit the prison camps are people are brutalized? were the basketball game shown in the prison camp? i think you would have asked that. stuart: i would. >> so many problems with the story and the other thing when they played the basketball game in north korea, they came 110-110 tie. stuart: they did? >> yeah, the funny part. stuart: go on, charles. charles: it's interesting when i read his father died, kim jong un, his father and one the of the things i was shocked, he loved dennis rodman since he was a kid. and i wonder how much they paid him and i bet he would have gave him a fortune, and dennis rodman is is in financial trouble and

not saying-- he hasn't always been the most stable guy out there and acknowledged that he does know about the atrocities, but thinks after meeting this guy face-to-face he's a good quote, awesome guy. that would have been a question that i would ask dennis rodman if i had the opportunity, how much did they pay you? if he says that's private or it's none of your business, all right, but the at least i know that they paid him something. i'd like to know that. >> and his reaction, and also, i think he says he would have asked him what did you eat when people are dying in the country. stuart: eating grass and-- >> millions have died of starvation. stuart: look, you can laugh at that, but it's also a horrible tragic story. that man was used and used badly by a very bad person. >> and he wants obama to call kim jong un, get out of here, get the hell out of here. are you kidding me? >> new at ten, the richest people in the country are paying their highest tax rate in 30 years. and president obama wants to raise taxes even more.

we'll have that, plus, the judge. he's on the story of the nurse who refused to administer cpr next and just listen to this. >> cpr started, okay? let me-- >> yeah, we can't do cpr. >> hand the phone, hand the phone to the passerby, anybody there can do cpr. give them the phone, please. ♪

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right. he wants more taxes so the rich pay their fair share. now, a new report on taxes and fair share from the tax policy center. the top 20% pay 27% of their income in total federal taxes. the middle 20% making around 46,000 a year, they pay 13%. the bottom 20% pay absolutely nothing. in fact, they get a rebate check for taxes they never paid in the first place. here's the important part, that top 20% is paying a higher proportion now than at any time in 30 years. and the middle class and poor are paying less than at any time in 30 years. so the president is mistaken. the wealthy are paying more, and everybody else is paying less. and here's another important point, if we tax the rich more, we'll make the economy even worse. and that hurts the very people the president claims to be helping.

stuart: the main theme of varney & company this monday, president obama and credibility. the sky is not falling. economic armageddon did not happen, at least not yet. but here are the facts: we are facing crisis fatigue, aren't we? come march 27th, the government runs out of money. that's another deadline. but still the president wants to tax the rich to solve the budget problem. speaker boehner says that's not going to happen. all right, everybody, do you think there's a turning point here in what the president says and what's really happening and the public's perception of the credibility of the president, charles? charles: i think it is still too early. but i do believe the president is very nervous right now sitting in the white house because he's called for armageddon, and it's interesting, when the president of the united states almost has to root against the u.s. economy in order to maintain his sort of edge, if you will, over the rest. stuart: hold on a second. we have a week in which we're

going to get important economic reports, and they are going to be grim. productivity down. unemployment probably up. we're getting a weak economy just as we're going into the spending cuts, and i suspect that the president is going to say, see? i told you, the economy is weak because of all of these spending cuts. that's what he's going to say. liz: he can't say that -- stuart: he will say it. liz: he will try to say it. we have an economying at 1 1/2% to 2%. -- have an economy growing at 1 1/2% to 2%. the president's approval rating is 46%. the electorate is seeing the light. aren't tax hikes austerity too? it is not really helping the economy. stuart: will this message get through, this year the government takes in a record 2.7 trillion dollars, it's never been higher. okay? all the way back to before the recession. we're bringing in a ton of

money. and the rich are paying the giant share of that increase in revenue coming in. and we've got a weak economy. the president still says raise taxes some more. when are we going to see the economic light? charles: i don't disagree with that. i think this recent hit to approval i think is directly into that payroll tax hike which no one expected and the president said over and over again middle class income will not be hit at all. of course everyone got taxed. but i got to tell you something, though, the only thing -- one of the things that does help the president is when people come out and say there's -- you know, the economy is going to grow at this, and this is going to be weak and tepid, like you said friday this week we're going to see a lot of bad economic news. when it's not as bad as we say it is going to be, that's when the president comes in and says everyone predicted this, but we got that. i think at some point all of that goes away. it is all about absolute numbers. the absolute number is our economy is in trouble. liz: he's now thinking about the midterm elections and helping the house democrats to regain

the house to push his agenda through. stuart: the leader of the united states of america is looking towards the next election as we're in a financial crisis. liz: it is about his legacy now. the inside joke in washington, d.c. according to my guys at the irs and in congress is that of course you're going to tax the rich because those upper brackets are the guys paying the taxes in this country. stuart: page 2 of the "wall street journal" today, it's the rich that are keeping the economy going. charles: the top 20% of earners are doing 38% of the spending. here's what people at home need to understand, if you are not in the top 20%, would you like the money to go from the top 20% to the government or would you like it to go to the economy where somehow it might actually end up in your pocket? that's the question people have to ask themselves. stuart: you are right, charles. gun control, that's the next topic, sure to be a fight as one very strict bill trying to make its way through the senate, but perhaps some headway could be made with background checks, maybe some agreement there. could the nra agree to close the gun show loophole and allow

checks at those shows? we will ask that question to wayne la pierre, frequent varney & company guest, executive vice president of the nra. he's here at 10:35 this morning. we're still down about 40 points on the stocks. let's go to sandra though because we have a change in yahoo!. theestock has hit another high. why is that? sandra: on a down day this is an up stock. last week the big news that melissa meyer was urging all her employees get to work. well, today barclays upgrading yahoo! shares, the stock is up a couple percent at 22.40 a share, just about hitting a new annual high. it is doing very well, up 13% so far this year. up 50% over the past year. also one piece of news on yahoo! stuart, is that they're discontinuing seven of its product lines, including its blackberry application. doesn't speak too well about blackberry, does it? blackberry shares down a couple percent as well. stuart: i have to believe that that discontinuing seven product

lines at yahoo! has more to do with the stock going up than the chief executive saying no more work from home. sandra: cutting the fat. stuart: there you go. sandra, thank you very much. sandra: thank you. stuart: the michigan governor has cleared the way for a state takeover of detroit. joining the company now is with the detroit regional chamber of commerce. sandy, i want to ask you the key question here, we boil this thing down, to us, detroit either gets a bailout from the state or the feds, some more money coming in from an outside source, or it goes bankrupt. what do you think? >> well, actually that's not the choice. right now the governor has provided the city of detroit some tools to restructure. just like a company would, before a bankruptcy proceeding. so we think this is a great step to avoid a bankruptcy. stuart: okay. but there will be some money coming into detroit because they are virtually out of detroit, they can't meet the payroll unless they get some money from

outside. i guess i'm calling that very loosely a bailout of sorts. >> well, there's certainly some government assistance from the state coming to the city, but a lot of it is the city getting its own act together. i mean for example the city is doing a terrible job collecting business and personal income taxes from the residents. that can be improved. the state can help with that. the state is selling the state fairgrounds, which happens to be in the city of detroit for -- to make room for development. that will be a boon to the city of detroit. so there are things the state can do, but it's really letting the city get out of its own way and let the private sector flourish in the city of detroit. stuart: look, i agree with letting the private sector flourish by all means but the one area you have not mentioned is the pensions which the city owes to its retired employees -- retirees. you have to cut them and get them under control and do it now. >> absolutely. we are in completely in support of significant restructuring of

the city's long-term debt. significant restructuring of the city's services. the city really needs kind of a gm-like overhaul and look how successful it was for general motors. so we have some templates that have worked and will work in the city of detroit. stuart: you think it was successful for general motors? >> if you look at where gm is today versus where they were in 09. i would consider that to be a success. i helped work on that package in 08, 09, when i was with the federal government, and frankly, it has worked much better than i had anticipated back then. stuart: all right. so what do you see for detroit in the immediate future? a restructuring plan and then what? >> well, some of our basic needs need to be met. for example, cops on the street, restructuring under the current city charter is absolutely impossible because the city charter essentially the city's constitution is so complex, and emergency financial management can cut through all that

bureaucracy. right now we have something like 64 uniform police officers that work in the payroll department. i'd rather have those cops out on the street. that's something that can be done fairly quickly. garbage services, public lighting, all of those things can move much much faster when we don't have to worry about the bureaucracy that the city has set up over the last 40 years. stuart: sandy, how much money does the state have to put in just for this short-term transition? >> well, right now the city of detroit is running at about a 327 million dollars deficit for this fiscal year. some of that can be made up through increased tax collection and some other avenues. again, the state hasn't mentioned a number yet. and i don't want to speculate on what that number might be. stuart: but it would be hundreds of millions. >> well, again, i don't want to speculate on how the state is going to handle that. stuart: that's why i say it is a bailout. look, you've got to put at least a hundred million in. you're not going to get the majority of this 300 million dollars in debt.

you're not going to get that from extra tax revenues within the city of detroit. the people are not making the money. you're not going to get it. so you're going to have to have at least 100 billion from the state. that's why i call it the bailout of sorts. it is. >> well, stuart, i'm not sure the state legislature is going to approve 100 million or more for the city of detroit right now. i just don't think that is going to be possible. stuart: then they will go bankrupt. >> the state might help with -- again, nobody wants that either. stuart: i know it. that's why i keep coming down to it, the situation is so dire, that it's bailout or bankruptcy, and, you know, that's it, isn't it? i know you don't agree with me, but clearly from a financial point of view, no way around it. >> well, i think that we have this tool that has never been tried before, in detroit. we are very optimistic about this. we've been cheering the governor on in this process. we are very optimistic that this is the right step to take and talk about a bankruptcy,

frankly, it is just premature right now. >> good luck to you. thank you very much. >> thanks. stuart: i want you to hear this 911 call where you can hear the operator pleading with a nurse at a retirement home to perform cpr on a patient who is barely breathing. now, the nurse won't do it because it's against company policy. listen to this. >> we need to get cpr started. >> yeah, we can't do cpr. >> hand the phone to a passerby. stuart: well, the nurse continues to refuse, and by the time the paramedics arrive, it is too late. the patient dies. now, to me this is a case of lawsuit mania. let's see if judge andrew napolitano agrees.

that nurse would not deliver cpr because she was scared that the hospital or the facility i should say would be sued. >> listen, i don't know what was in the nurse's head. this is california. california has a good samaritan rule, which immunizes the person who delivers emergency services from liability for the failure of those services to have the required or the hoped for result as long as they are done in good faith. the subsequent investigation reveals that the woman who died, who was a patient at the facility, signed an agreement saying if you are in extreme, we will not revive you, it is not our obligation to do so. we are here to keep you comfortable and to feed you -- as cold as it sounds, this is the agreement. we have agreed to keep you comfortable and feed you, but not to prolong your life. i don't think there was any liability on the nurse, as cold

as it is. stuart: they want to avoid lawsuits at all costs. >> i don't think that such a lawsuit will survive a motion to dismiss. in other words, someone -- her estate may file a lawsuit. stuart: wait a second. you get this in front of a jury. >> it won't get to a jury, that's why i said a motion to dismiss. her estate may file the lawsuit, but i would think that the lawyers for the insurance carrier for the healthcare facility, where the nurse worked, will move to dismiss its -- dismiss it, and it will be dismissed and it ought to be dismissed. again, this sounds cold, but there was no affirmative obligation on the part of a healthcare provider, licensed by the state, doctor, nurse, or some other such provider, to help a person in extreme -- stuart: you haven't convinced me that the legal system in the united states of america -- >> i didn't say the united states of america because it is different in each state. as crazy as california is, california does have the good samaritan rule, which says if

you help, you can't be sued. if you don't help, you can't be sued. stuart: the nurse didn't know that. i know what we do know. i bet you that this facility laid down the law to all its employees, don't do this. don't do that. because you could be sued. and we don't want -- we want to go outside this narrow area -- we don't want to go outside this narrow area at all because we worry about a lawsuit. you know that's the case. >> if that is the case, it's reprehensible. particularly in california one would think that a patient in a healthcare facility would have their life saved and the healthcare facility would not be concerned about a lawsuit -- charles: the woman who made the 911 call at this point she's got to feel like, you know, totally distraught. does she have a lawsuit against her employer? stuart: good one. >> i don't know who made the 911 call. she doesn't have a lawsuit against her --

charles: she could say my employer stopped me from helping this woman, i thought i would be under some legal jeopardy, and it turns out i wouldn't have been and now i have to live this for the rest of my life. >> the only conceivable lawsuit is the estate of the woman who died. the woman is 86 years old living in a nursing home. what is the income of this? stuart: this is absolutely tragic, reprehensible and frankly disgusting. that's the last word. >> agreed. agreed. stuart: that's the last word. thank you judge. after the break, we bring you a recession-proof business, billions of dollars every year. can you guess what industry it is? what have we got on the screen right there? yeah, you can tell. you know exactly what industry. your pet, you will spend anything on your pet. that's why it is recession proof. but first, here piece what you missed if you -- here's what you missed if you didn't join us at 9:20. >> -- you would think that would sink in a little bit better at

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you are gonna need a wingman. and my cash back keeps the party going. but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to search hundreds of cards and apply online. creditcards.com. stuart: we have gas prices actually going down a bit more. down a penny and a half overnight. so now you are paying an average of 3.74. by the way, that's down about 3 cents from last week. look at the price of oil, and you will see that gas is probably going to fall some

more. we're back to $90 a barrel. look at apple, though. a 52 week low hit this morning. apple taking a hit in its patent battle with samsung. that's why it is down 4 bucks as of late. 425 on apple. the big board, down day for the dow, now more than 100 points away from the all-time high. a lot of s&p companies are forecasting weaker earnings for the rest of the year. that hurts the markets. but cheer up, because queen e -- queen elizabeth has left the hospital. she was admitted last week for a stomach bug. this is the first time she has been hospitalized in more than a decade. long live the queen. back in a moment.

stuart: there is more proof that the administration is backtracking on that armageddon forecast from the spending cuts. listen to homeland security secretary janet napolitano answering questions about whether there are delays at the airports. >> and we will begin today sending out furlough notices. we are already seeing the effects at some of the ports eventually, the big airports for example. some of them had very long lines this weekend. >> specifically where? >> let's see, i want to say o'hare. i want to say l.a.x. i want to say atlanta, but i'd have to check. the new york airports got through okay, but that's going to be temporary. so we will see these effects cascade over the next week.

stuart: homeland security chief not quite sure where the impact was. i think she's hedging just a tad. would you say, charles? charles: reminds me of one of those old school board walk fortune tellers. she's making the most obvious guesses out there. you have a mother and father, don't you? yeah, i'm sensing you have a mother and father. you do. okay. i'm sensing you live -- we're in new jersey now. hold on -- i'm sensing something, wait a minute, i'm sensing, did you eat today? i know you ate today. we're getting close i feel it. is she serious? new york and l.a. had delays at the airports, is she serious? is that man bites dog? i mean is she serious? you've got to be kidding me. stuart: she is serious and she does not know. charles: she doesn't know. stuart: that was this morning. she said that this morning. charles: of course new york, l.a., jersey, everybody. stuart: that was this morning;

right? yes, that was this morning. and she does not know categorically which airports were delayed or whether those delays were linked to furloughs and threats of cuts. liz: working on the taxpayers nickel not knowing the information. new york times already is quoting travelers saying they suffered no delays at los angeles and other -- in new york and other areas around the country. stuart: good story, isn't it? good fortune telling there, charles. charles: she's amazing. stuart: interesting line. i'm going to bring you an industry that is clearly recession proof, no matter how bad the economy gets, we apparently will always spend money on our pet. just listen to this. last year alone, one year, we spent 53 billion dollars on our pets. that's what, just over a billion a week. our next guest is cashing in on that. he is dan barton, owner of hollywood premier pets, and he joins us. forgive me, i shouldn't say cashing in. you are part of this industry. i want to know why it is, that

when we've supposedly got a recession, we spend even more on our pets. do you want to nail this for me? why do we do this? >> well, pets are, you know, part of the family these days, unlike many years ago, now you have a lot of empty nesters, and the pet is part of the family. the pet has replaced the kids that are off to college. pets replace the kids in your family because you can talk to your pet if you're stressed out or talk to your pet about obama care or whatever the case is, you feel better after talking to your pet. you feel better after taking your dog for a walk outside. there's been studies you instantly feel stress relief out of your body by simply taking your dog for a walk. stuart: i can see that. i'm putting it in contrast to some of the misery that's going on for human beings in this economy. and we still up the spending. for example, 33 billion dollars

just on pet food, i believe. that's a reasonable figure? >> yeah, absolutely. the food business for pets has increased quite a bit. there's a lot more available. there's more research now. pets are living longer just like humans. so owners are in tune to not only their own health and fitness, but they are also in tune to the health and fitness of their pets. so they are looking for products that are natural. they're looking for products that are made here in the u.s. they are looking for the all natural better source ingredients for their pets. just like you and i would in every day life. stuart: it's 53 billion last year. i believe you think it's going to go up some more. are we going to hit 60 billion a year in pet supplies soon? >> absolutely. my company is a spa membership program, where you pay one monthly fee, and you can bring your dog in an unlimited number of times throughout the month. stuart: your business is up?

is. >> up -- we're up -- we have locations reporting the top two thirds of our locations are reporting over same-store sales of 20 to 40 percent increase in sales. that's huge. stuart: that is huge. we thank you for bringing us that number. dan, i'm sorry out of time. but i've got to rush. >> no problem. stuart: we will have you back. it is an interesting subject. thank you very much. >> thank you. stuart: we're going to break. we will be back in a moment. [ woman ] if you have the audacity to believe your financial aisor should focus on your long-term goals, not their short-term agenda. [ woman ] if you have the nerve to believe that cookie cutters should be for cookies, not your investment strategy. if you believe in the sheer brilliance of a simple explanation. [ male announcer ] join the nearly 7 million investors

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stuart: one way or another, canada's oil is going to come south. developments on the pipeline and the railroads enter the picture as well. here's my take, the state department issue as report suggesting that the keystone pipeli pipeline would have a minimal environmental impact. this is an important step forward. read the tea leaves and odds are the pipeline will be built. but suppose the environmentalists win and keystone is rejected. well, here come the railroads. no permits required to put canada's oil on rail cars and move it south. word is that the price of those cars has gone through the roof because the oil companies are buying. they know that canada's oil will get out, and if a pipeline doesn't carry it, the railroads will.

will the sky fall? no, it will not fall. the environmentalists have engaged in the same kind of scare tactic as president obama when he threatened armageddon if the spending is cut. the president has an agenda, distribute the wealth. that is a mistake. what do we get when canada's oil eventually comes to us? energy independence. we get jobs either building the pipeline or staffing the oil refineries around the gulf of mexico. and we get reliable oil, that's not subject to the wild swings of mideast conflict. we may just get the start of an energy-led recovery. and of course president obama will take the creddt. this is $100,000. we asked total strangers to watch it for us. thk you so much.

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stuart: i'm looking at the tape and i see apple down to 424, another 52 week low. i'm also looking at google which i think has just hit another new high. so sandra, tell us how high and why. sandra: well, you know, it recently topped the $800 mark and everybody started to think maybe it's topping out, but look at it keep going. new 52 week high. in fact, an all-time high. we're looking at now for google. 814.47 is the high that it hit, stuart, just a little bit off there right now but still up 7

bucks on pretty decent volume and this as you said as apple hits a 52 week low. so, you know, google really dominating the search market. news about the new glasses. they have been innovative. but stuart, keep in mind, remember when everybody started saying apple was going to thousand, now they are saying that about google. and analysts are getting a little worried about that. stuart: if you say the same thing about google, well, who knows what will happen. 813 on google right now. sandra, thank you very much. sandra: thank you. stuart: i want to bring in nra executive vice president wayne la pierre, there's a specific issue i want to talk about with you is background checks. i want to put my opinion out first. i have no problem with universal

background checks, if i go to a gun show right now, i, stuart varney, i can buy a gun, and there's no background check. i don't like that. i think that's dangerous. tell me why i'm wrong, wayne. >> well, here's the deal, stuart. we're a billion dollars into this system we have already, which nra supported the instant check system. it is not instant. there are all kinds of delays. most of the states have not put their mental records into the system. and the administration has made it very clear they have no intention on prosecuting anybody. so you're not stopping anybody from committing a crime if you don't prosecute if you don't take them off the street. that's a complete imaginary reality. stuart: hold on, wayne, are you saying that look, i get a background check done on me, and it shows that i am a criminal, or whatever, not fit to carry a gun, you're telling me that i've applied for a gun. i've tried to buy a gun, but i'm not prosecuted for lying on the background. is that the case? i'm not prosecuted?

>> that's the case. the administration has recently testified, they call those paperwork violations. they have no intention of prosecuting. and that means the whole thing's not worth the paper it's printed on. now, what they are talking about doing is expanding what doesn't work right now to 100 million law-abiding people in this country. a farmer in nebraska who wants to sell a firearm to another farmer. a hunter in kansas that wants to sell a firearm. they are going to put all those people under the federal government, make them go to a police station, go find somebody to do a check. it's a huge unfunded mandate. it's going to take law enforcement resources off the street. and the only people it's going to end up affecting, it's a speed bump for the law-abiding. it has no effect in the real world on stopping crime or keeping mental defectives from committing horrible acts. stuart: do you have a problem in just -- in principle, if the system could be made instant and

workable and universal, and fair, would you object? >> we supported it for dealers, but it's never going to work for law-abiding 100 million law-abiding gun owners that right now they sell firearms, shotguns, rifles, hunters to hunters, farmers to farmers, relatives to relatives all the time. criminals will never go through that system. and here's the other deal, society is never going to allow the adam lanzas in connecticut to be put on a list. the hippa laws, the mental laws, the medical laws, the privacy laws, the educational secrecy laws are so strong, they are never going to be on a list. they are never going to be recognizable and will never be in the system. therefore, the only people that will be are people like you and me. it is a huge waste of money. it's going to be selectively enforced. it is going to be abused.

and the worst thing, you're creating a registry of all the law-abiding people in the country, that own firearms. i know the politicians say hey we will never use that list to confiscate. that's a pretty tall order to believe a promise from people in this town right now. i watched the same thing in the u.k., and they broke that promise. stuart: i'm very familiar with that. i find this a fascinating discussion. i'm very glad that you're with us to give both sides of the argument, because i don't think your side has been clearly heard, and you just gave it to us. wayne la pierre, we thank you very much indeed, sir. >> thanks for having me. stuart: forbes releases its annual billionaire list. warren buffett, bill gates, who gets the absolute top spot? find out in one minute.

stuart: in a listing the company is looking for a software engineer who will help it with its new windows phone which is expected to hit the shelves this holiday season. not many more details are available. the stock of microsoft which i happen to own down 19 cents. andrew mason, groupon's former chief walking away with just over $375, is that right? is that million? no, it's $375 as his severance. that's it. the board fired mason from the

company that he founded after disappointing quarterly results. he won't be hurt financially, he has more than 212 million dollars worth of groupon shares. okay. cardinals from around the world gathering at the vatican today to begin the process of selecting a new pope. ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all onhinkorswim from td ameritrade. ♪

why do more emergency workers everywhere trust duracell? duralock power preserve. locks in power for up to 10 years in storage. now...guaranteed. duracell with duralock. trusted everywhere. joining us now is a special guest, steve forbes. welcome back. >> good to be with you. stuart: who is the richest man

in the world? >> once again carlos slim, 73 billion dollars. stuart: excuse me, 73 billion dollars? >> give or take a billion between friends. stuart: who is up and who is down on the latest forbes list? >> well, you have a lot of ups. we have 200 additions this year. primarily because equity markets around the world even though economies haven't done well. the u.s. stock market has done well. global stock markets have done well. a wealth increase from that. about 200 new additional billionaires on the list this year. stuart: that's incredible. when the left gets hold of that, steve, they are going to jump all over it and say see those billionaires are doing just fine. >> well, first 200 new billionaires mean 200 people doing things that people want out of the world. and the biggest gainers are not hard assets but people in the consumer business, tory birch, bruce nordstrom and others, a

fellow named woodman who made a camera, he loved sports and wanted to take videos of it and came up with a camera that's very very hardy and tough and can take these wonderful pictures. through his passion, he became a millionaire. that kind of entrepreneurship you see all around the world. stuart: who is out? who's come down in the world? >> well, a fellow in brazil, down. others handful of others are down. but the amazing thing is the numbers that are going up. you take, for example, bill gates, now, we think of bill gates as microsoft, do you realize he has a company called cascade where he puts his personal investments now worth 56 billion dollars. his microsoft stock is about 11 billion. this guy is diversified which we're all told we're supposed to do. stuart: wait a minute steve. you're talking to a guy who bought a lot of microsoft stock. i still own it. i'm sitting on this stuff. you are talking diversification to me. that really hurts, you know

that. [laughter] >> wait a second, you are getting 2 1/2% on it. stuart: thank you very much. cascade, 56 billion dollars? >> yeah. stuart: that's gates' money? 56 billion? >> yes. he's picked some good investments over the years. we always focus on warren buffe buffett, but each august they come out with a number on this thing, and off he goes. i just learned that factoid. i didn't know that. stuart: how about warren buffett himself? >> warren buffett is now -- he's gone from third place to fourth place. stuart: who took his position at number three? >> a man named ortega from spain. he's got fashion stores all around the world selling cheap fashions. his stock is on fire. last year he was worth 38 billion. this year he's 57 billion. he's moved ahead of buffett. now, how long that will last, i don't know. but it's an amazing story. stuart: it really is because spain 25% unemployment rate and

they're in dire recession -- >> but you have entrepreneurs who are doing things that can defy national economies. a people who do things, whether it's this woodman guy or others, that people want, meeting the needs and wants of other people, it's in essence of free markets, by golly, you can still make it in this crazy world. stuart: did you break it down? >> the united states still has the most billionaires in the world. we haven't quite lost that one yet. 442, up slightly from the year before. but other regions of the world, especially the asia pacific region. and the amazing thing is you have several more billionaires in europe, even as that continent implodes, you still have people who can do things and defy the downward pull of gravity from their crazy governments. stuart: all right. 442 billionaires in the united states of america. 442 american billionaires.

>> yes. stuart: now is america still a place where you make the money as opposed to inheriting the money? >> yes. and you can see it by some of these new names, like tory birch and woodman and others who are doing it on their own. look at the people who are near the top of the list, like bill gates and warren buffett. bill gates started off in the 1970s, a terrible decade in this country where we nearly tanked the economy, we came out of it in the 80s. bill gates and microsoft. apple, oracle, amgen, southwest airlines, all these new things came along. we still have that despite what's happening in washington today, which wants to turn us into this mythical west european paradise of stagnation and high unemployment, that spirit is still alive in this country. and if we just make a few changes, in a few years, you will see it really blossom again. stuart: love it.

steve forbes, thank you very much. >> thank you. stuart: all right. that was taped friday when i was wearing a different tie. let's call it socialism light, france backs down on its plan to tax millionaires. we will deal with it next. >> meet bill and melissa. like many, they built their financial house on stocks, bonds, and insurance... and then saw it blow away with the first winds of economic change. when mary lost her husband, she invested in real estate. but when the housing bubble burst... so did her financial future. robert and rachel discovered the security, safety, and stability of american bullion, the name you can trust for 401(k) rollovers and i.r.a. transfers. unlike other gold companies, american bullion handles all the paperwork for you, hassle-free and 100% tax-free. call 1-800-gold-ira now and speak with one of our gold experts to see how simple working with american bullion can be.

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stuart: we have two items from

charles. first of all, a follow up on the homework we assigned him on friday. and he has a new stock pick. charles: i assigned the audience a homework assignment. all-time high a minute ago. we talked about their chain, distribution storage and the fuelling. there is a lot of talk about locomotives which we hit on, prices for locomotives at all-time high. they use liquid natural gas. this will be the wave of the future. ultimately i think even in our own automobiles. but locomotives, trucks things like that. stuart: you recommended it and it is up nicely this morning. charles: on a pretty down day. this is an interesting idea i have got for you. it is a staffing company. we've got the jobs numbers on friday. you say well okay the numbers -- jobs are going to be really bad. they have a nice niche, science technologies engineering and math. maybe 2 to 3 million jobs going begging at this very moment. they reported last quarter. four segments were up, but the margins were up. love the way the stock is acting. i have a 19, 20 dollar target on

this one. it is not a bet on the broad jobs market. it is a bet on specific jobs, the stem jobs, the educated jobs where there's a lot of money, a lot of value and they are right in that niche. i love the way the stock is acting. stuart: 4% gain right now. you say it is going to 18, 19? charles: 19, 20. stuart: kforce, it is monday march 4th at 10:53 eastern. france now considering a top tax rate of 65, 66 percent on households making 2 million euros or more. liz, do you think maybe france is becoming a little -- a tad less socialist? liz: no i mean they invented tax on the rich. the socialest head of the budget committee there is saying listen he wants to disincentivize companies in france from paying officials a million dollars or more. that's what his aim is.

meanwhile, now 47% of french people do not want higher taxes because entrepreneurs are leaving the country. that's according to a recent poll. stuart: 47%? liz: and that is up. stuart: so now on 2 million euros, make it 65 or 66 percent as opposed to the old 75% on a million euros. liz: listen, i think the people in france see all this spending going on there certainly did not help the country because its lost its triple a rating from moody's last november. so it's not a triple a rated country anymore. stuart: what is that about the rich and how many they spend in america? charles: about 20% spent 38% of the money. 38% of all spending comes from the top 20%. so the idea is if -- listen, even if you are not in the top 20%, do you want the government to take money from the rich, directly from the rich or would you rather see the rich put it into the economy where maybe some of it eventually flows into your pocket? stuart: so taxes on the rich in

america, which were just imposed, that is you think the key reason why we have a very slow sluggish stalled economy. charles: without a doubt. liz: shouldn't even call it the rich. the rich didn't start out life on third base. charles: i always call it successful people. liz: 57% of the upper bracket fell to the lower bracket and the same percentage held true, they moved to the upper bracket between 96 and 05. stuart: that's what america offers. liz: that's what happens. stuart: social mobility, if you track them for a long period of time, they go up and some people come down, not everybody goes up and stays up and moves higher, that's not the case. charles: that's always the inference, when they sell these high tax policies, that the same people that were up in 80 are there now, and that's not true. stuart: the president has taken a hit to his credibility. that will be a major part of the highlight reel which is next. friday night, buddy.

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