care. connell: yeah, dagen. imus: and warner a few seconds of sports. warner: finally, i-man, old boxers never fade away. imus: they don't. warner: no, keep coming back. 48-year-old bernard hopkins, the oldest boxer ever to win a title, will fight 31-year-old tavarar cloud for a portion of the light heavy weight title at brooklyn's barkley arena. hopkins' key to longevity, he says he hasn't had a drink since he began boxing 25 years ago. one year after you stopped. imus: i stopped on july 17th, 19 1987. warner: there you go. imus: warner, thank you very much. 18 after the hour. i mentioned this letter i got from george jones. here is a great record that george and randy travis did, that was produced by my friend kyle lenning. ♪

♪ not too many years ago when dreams weren't coming true ♪ ♪ i'd reach for inspiration, sometimes it would be you ♪ ♪ i'd hear you on the radio ♪ ♪ i sure did like your song ♪ ♪ it's good to know there's still you with country boys around ♪ ♪

♪ ♪ imus in the morning ♪ >> don't you love it? you can't take your eyes off it, can you? well don't because the dow looks set to go up some more. good morning, everybody. and enjoy the ride while it lasts, the indicators suggest that when the market opens in just a couple of minutes, stocks will go up some more. the dow may get close to 14,300 and all of those tech stocks

will carry the nasdaq to the best level since the fall of 2000. i do not know how stocks will close today and i don't know how long these record levels will hold, but after five years of financial misery, maybe you can crack a smile. on today's program, we're looking for new highs early on and yes, we are going to talk to the rally deniers. we're fair and balanced. this is fun. "varney & company" is about to begin. [ indistinct shouting ] ♪ [ indistinct shoutin] [ 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. ♪

>> all right. good morning everybody, it's wednesday, march 6th and again we're looking at an all time high for the dow another one. i've got to raise the question and i will. will it last? there are naysayers, it goes back to ben bernanke printing. plenty of people out this saying once the printing stops, the rally is over. eventually of course he will have to stop printing, but i would urge everybody, watch what happens a few minutes from now, it looks like another high right

at the opening bell. today, politics shut down as the winter weather has closed federal offices today. the storm dumped ten inches in chicago, hundreds of flights canceled. d.c. the hit today and then the new england area gets pummelled by several inches tomorrow. federal government closes, dow goes up. how about at that? you haven't heard, hugo chavez is dead. venezuela's vice-president said yesterday he died after a two-year battle with cancer. no financial impact whatsoever. this is a political shift. venezuela's home to one of the biggest oil reserves in the world. the price of oil didn't budge on the news. right now it's at $90 per barrel. let's get back to the rally. another high on the dow just minutes away in all likelihood, will it last? what happens when ben stops printing and when might that happen? the opening bell is next. [ shapiro ] at legalzoom, you can take care of virtually

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>> here we go again, everybody, a minute to the opening bell and i will tell you now, the dow is going to go up at that opening bell, but hold on. joining us now is ed butowsky and he's here. are you going to pour cold water on this and tell them to sell. >> not the a chance. stocks that make highs make higher highs and probably 8 to

10% higher from here. stuart: whoa. 8 to 10% higher from here. >> over time. stuart: we're 14,253 and odd on 10%, another 1,400 points and looking at 16,000. >> stocks are still cheap relative-- >> hold that thought ed butowsky, hold that thought. we're coming up on the opening bell. as you know, there are indicators that point towards what will happen when the real trading starts. they call it the futures. okay? and right now those futures, the future indicators suggesting a gain of maybe 60 points for the dow. that would take it above 14,300 right there from the get-go this wednesday morning. and also, we've got the nasdaq, the home to big tech stocks. the nasdaq moved to a highest level since november of 2000. when the dot-com bubble was bursting and the nasdaq was coming down. well, we're back to that level. all right. let's see what happens now. the opening--

when you hear that bell ring, that means that they're getting ready to actually start trading. now it's precisely 9:30 on our atomic clock and they're trading. and oh, my goodness, buy something, somebody. yes, thank you very much. the dow is now up 7 points and the opening trend, i was right, it is higher. 14,269 and counting. 14,271. away we go. now, the big stock that's really driven this rally had a lot to do with driving the dow higher, it's ibm. let's bring in nicole right from the start here, what has ibm contributed to this rally? give me a number. >> okay, looking at two things, what has the rally over since march 2009. by the way, we're breaking through the highs. almost a thousand dow points, it's so heavily weighted in the index. for in year, about 121 dow

points, and right now, we're seeing ibm up about one third of 1%. stuart: hold on a second, nicole. let me get this right. you're saying from that low in march of 2000, ibm alone has contributed 1,000 points of the rally to where we are now, right? >> yeah, close to it because it's so heavily weighted. and right now, look, we're approaching 14,300. stuart: yeah. nicole: a new intraday record high for getting closer to those levels, a couple points away. stuart: 14,300. nicole: 14-3, 14-3. stuart: let's not celebrate too wildly ed butowsky. hold on a second. two more stocks we follow closely, names you know. j.c. penney, wall street journal says penny's board considering selling the company or replacing the chief ron johnson if the drop in sales is not reversed.

and microsoft, the eu, european union, those pagans losers and moth, they're failing to offer web browser, the stock is down on that news just as the market goes up. in my opinion this rally has been brought to you by fed chairman ben bernanke, ed butowsky is with us. am i right. >> partly. stuart: this is a fed, federal reserve fueled rally. >> in many different ways. this market is higher for a number of reasons and when you see the printing of money you see lower rates as you point out all the time correctly and allows companies to get better profits because the borrowing costs are lower, in addition, stocks are cheap based on the expected earnings and here is the key. stocks right now are about 17% below where they should be based on expected earnings. but because interest rates are so low, stocks should be overvalued. that's why i'm going to be proven right on this. stocks are going to go significantly higher from here,

because there's no where else to go and they're cheap, but one other thing i want to point out. nicole at the beginning here where we saw the dow was down and moved back up. one point move on a dow stock is 7 points on the dow jones, so if every stock went up one point, 30 stocks, we'd see 225 point move on the dow so you have to look at every individual stock. >> to repeat, you said earlier, we're up for 8 to 10% more going up 16,000 on the dow this year? >> barring any geopolitical event, anything in europe, anything that will negatively impact earnings, that will change, but right now, stocks are cheap and then the rally is going to continue. >> now, it occurs to me, that this market which is now up 45 points, shy of 14-3 as we speak, this market is ignoring president obama. you know what i'm talking about. >> exactly. >> the president threatened armageddon and getting 2.3% budget cuts and the economy just tanks. 750,000 jobs. the market's totally ignore that. >> well, it has ignored it and it also, stock prices should

have moved up a lot more earlier on, you know, in the last couple of years and it's been held back because of this president, because of his policies. we're only now starting to see the real price start to take place and stocks should have been much higher year over year, but because of the rhetoric and negative business climate and confusion about earnings and having little clarity, stock prices didn't move. we only are making up for what he we should have been up previously. >> the naysayers, a lot of of them. saying that this is all ben bernanke printing money and when he quits printing or hints he's not going to print much more, that's when stocks come down, you agree with that? >> temporarily and they'll go back up. there's real earnings and real balance sheet earnings and 44% of the earnings of the dow stocks-- or excuse me growth comes from outside the united states it's not a u.s. centric decision. these companies get a lot of growth outside of the united states. we'll see printing stop at some point. i don't know when, bernanke says only when we see unemployment at 6%, that's not happening. we might be printing for a long,

long time. stuart: our poor viewers are sitting out there. they see the stock market at a record high. >> that's right. stuart: they see corporate profits as you've described them as nice and strong, real good stuff. and yet, boots on the ground, unemployment very high, debt through the roof. >> yeah. stuart: the economy is not growing at all. >> that's right. stuart: what, how are our viewers suppose today explain this. >> how would you like to do this for a living? i've got gray hair because it's confusing, because it's very difficult it separate the economy from the stock market. you have to do it. stuart: yeah, yeah, you've got to separate ideology of the president. >> that's right. stuart: separate out the economy and invest on what? >> expected earnings. always look at earnings where interest rates are and everything else is noise. stuart: how can the economy, which is on its back, generate really good profits for corporations? and don't tell me this is all overseas. >> it's not all overseas. stuart: europe is in recession, india is hardly growing at all. >> it's based on expected earnings and i tell you right

now we're in a global economy and i can't stand the policies of this president and this administration, but you want to make money, put your money in stocks. stuart: you know, there is such a thing as videotape and you're on it. >> i hop so. stuart: as this wednesday, what's the date. march 6th is it, that's right. you said we're up to 16,000 fairly soon, straight up. >> did i say that? >> yeah, you did. all right, ed, thank you very much indeed. back to nicole, the dow hits the high, but i want to know about google. where did it open today. nicole: well, it traded at a new all time high for google. traded as high as $844. and since pulled back. however, another day and another all-time high for google. stuart: okay, what we've got on the dow at the moment then, i'm sorry, give me best buy? >> best buy is jumping and we're doing best buy because it's jumping and this is one we watch and it's upgraded at jeffries and the price target is $24. and that's why you're seeing it up 4%, when we talk about google. don't forget, this was basically a $85 ipo and here it is at

$840. stuart: i remember it well. nicole: what a run. stuart: now the upsued move for the dow appears to have stalled at the moment. we're up 43 points and we've bumped up to 14, 300 and stayed there. we're up and a bit of a stall as we so to speak, but that's a new intraday high for the dow. gas prices, let's get to that, down again. national average dropped a penny to 3.72. that means gas regular, down 6 cents in a week. snow or no snow. house speaker john boehner will try to avoid a government shut down by carrying spending cuts through to september and allowing more flexibility to the pentagon. and allow the military to decide where the cuts hit. he's going to introduce a bill today that it allows just as the storm barrels towards the nation's capital. he introduces this bill and even though congress is-- even though the federal offices are going be to be shut down, congress will be in session. he introduces this very

important bill today. it would avoid a government shutdown. that is what he is going to do. well, perhaps president obama doesn't like that plan for flexibility. he's threatened to veto it. once again, the theme of maximum pain has come up. this time in an internal e-mail at the agriculture department. we'll have the e-mail for you and all the tough questions of the ag secretary faced on capitol hill yesterday. the judge is going to discuss this top of the coming hour. all right. it is wednesday morning, new high for the dow. here's the 7 early movers. disappointing sales and a weak profit forecast for staples. that stock is down. the drone maker, here is an interesting stock, aerovirnment, drones out of fashion, down. and fox business's parent news corp. introduced the first tablet computer built specifically for the classroom and news corp. has broken through $30 a share. did that yesterday, up a bit more today.

higher profits, disappointing outlook from american eagle it's at $20 a share, down 11%. boeing says, it can move, quote, really fast to get the dreamliner back into the skies, once the battery issue is resolved. $78 on boeing now. dell's largest external shareholder demanding that the pc maker open its books. nothing happening with the stock. it's at 14. watch out amazon, google began looking at same day delivery with retailers. down 3 bucks not much of a drop. i'll check amazon later for u now check the big board, yeah, we stalled. we moved up at the opening bell, new intraday highs and touch 14-3 and now we're up just 35 points. time is money. 60 seconds here we go. first off, mike reagan, we'll ask him what his dad did to get along with a democrat-led house. what did he do that president obama is not doing to get along

with the republicans. he's going to join us, again, the top of the hour and we also have a football coach who has two of the last six super bowls, tom kofflin, new york giants, how he changed his management style to fit the times and he won, won big. 10:35 he's on. and taco bell rolling out a new taco he with a flavored dorito's shell. they're expecting a big jump of sales in colorado where pot now legal? just a joke. check the price of oil, where are we? at 90 bucks a barrel, holding at 90 still. the dow hits a new record. we will ask a question is this gambling? and is gambling different from investing? are people in this for the thrill? hear the music? dr. keith ablow on his way in and he answers the question, gambling or investing next. ♪ i hope you'll understand that

i was born a gambling man ♪ clients are always learning more to make their money do more. (ann) to help me plan my next move, i take scottrade's free, in-branch seminars... plus, their live webinars. i use daily market commentary to improve my strategy. and my local scottrade office guides my learning every step of the way. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade... ranked "highest in customer loyalty for brokerage and investment companies."

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>> look at the dow, we have indeed stalled, shy of 14,300, but this is what is a new-- if we closed here, it will be a new closing high, okay? we are up this morning. now, i've got a question for you. what is the fine line between gambling and investing? are you gambling when you buy stocks? the man who knows the answer is dr. keith ablow and fortunately, he's with us right now. dr. keith, welcome. >> thanks for having me. stuart: here is where i see it, gambling is different from investing. gambling, you roll the dice and you could lose it all, 100% of your bet and it's pure luck. investing, you roll the dice and you can lose a large proportion of your bet, but not everything,

and you're investing on the basis of knowledge. i say there is a difference. >> there's definitely a difference, there are some gamblers, for instance, people who know horse racing say look, i'm doing it based on expertise and maybe a few who are. but they're rare. the thing about investing in financial markets is that, yes, it's based on knowledge. the question is, how much knowledge do you really have and how much can you penetrate through the inside game of these companies and of the government and the rest of it such that you can really know that this is better than pulling the arm on a slot machine? >> do you think that people are addicted to investing in stocks, that they get a thrill out of it? do you think that's-- >> well, here, i do think that they get a thrill out of it and i think in the same way that some folks think they're lucky because they win at gambling, i think that they're investors, not the biggest ones, but many, many who are smaller investors who believe that shows either they're lucky or they're very,

very smart. so, it's addictive because you start to think, boy, i'm like magic, or i just get a 6th sense for in stuff. that's where you can lose a lot of money because anyone will tell you, the most successful investor is doing it in a very disciplined fashion. no emotion about it at all. they have certain targets, they sell, they buy at those targets and that's how they do it. nothing to do with how smart thing they are. stuart: i tell you how some people are flat theout gambling on the stock market. doctor, there are people watching this show right now who are not listening to me or you, they're watching the tape. they're watching the stock price and they will buy at say 9:50 eastern time. wait for the stock, hoping the stock goes up ten cents and then sell at 9:55. that's called day trading. i think that's pure gambling. and if it they lose money, they go back in again because they're trying to make up their losses. pure gambling. >> i think that's pure gambling, absolutely so we agree there and i also worry that because we are at some distance from reality

now in our culture, that these markets may not even reflect what reality is, that literally, the stock market could float free of fact, like a helium balloon, carrying with it it all the people who would say what happened? well, what happened is, remember the internet bubble, remember this bubble, that bubble? we could be in another bubble where we're printing money, it's sustaining a fiction and we have to pay with pain later. so, i worry that folks who think they're investing could be a part of a mass lack of reality. do i worry about that. >> that's a fascinating theme that you come up with, that we are divorced, increasingly divorced from reality. and you think that's because of social media? >> i think it's because of social media, reality tv, which isn't reality at all. stuart: no. >> technology of other kinds. listen when people send instant messages to 15 people at a time and you received one and feel valued because of it and reached

out to you, they didn't invest anything in that hence you have a false connection to that person. teas fictional. same in the the stock market. this whole bubble can float away, right? dennis rodman went over and cavorted with a dictator. suddenly there are people who believe fictionally, he must be a great guy, and that's the power of entertainment. stuart: are you going to write a book about that. >> i would love to write a book like that. stuart: any profit or commission to me. >> let's co-author it. stuart: all right, dr. keith ablow thank you very much. time for your gold report. it's 9:49 eastern. where are we? the markets rallying again and gold is at 1567. it is down $7 today. by the way, the dow is back above 14,300. how about that? the death of hugo chavez a big loss for actor sean penn. you won't believe what he said about the venezuelan dictator's

passing. sandra smith and charles payne have something to say about it. they're next. ♪

>> the man who once called president george w. bush el diablo is dead. hugo chavez died of cancer. and sean penn said the people of the united states lost a friend it never knew it had and poor people around the world lost a champion. where do you want to start, charles? >> well, he was never a friend he didn't have and we're up on that. it's the notion that poor people should be coded, should be spoon-fed and really is a negative notion that they don't have the -- they don't have what it takes to make it on their own. you didn't pull yourself up by your boot straps, but we will take from people who have and-- >> hugo chavez says you poor people are being stamped on by the rich and we're going to take the boot off your neck. charles: but also say that in this world, in this world, it's just -- it's against you, you can't make it in this world, but we devised a plan. >> hugo chavez is an

anti-american anti-capital dictator and you know you've got hollywood stepping up. it's not just sean penn, it's oliver stone another hollywood backer. and oliver stone went further. penn called him a friend and oliver stone called him a hero. stuart: hugo chavez ruined his country country's, economy and ruined democracy and stamped down on venezuela's middle class. >> at one time wanted people jailed for calling him a dictator. stuart: i think we better move. shall we move on? further proof that president obama wants to inflict maximum pain with the 85 billion dollars in spending cuts from an internal e-mail at the agriculture department. tough questions from the secretary or for the secretary of agriculture on capitol hill because of that e-mail. the judge with that is next.

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he says. here we go again. the administration threatens and says its hands are tied. sequester cuts will hurt. but does president obama want to spread the pain away from essential services? we're going to find out. speaker boehner wants to keep the cuts and allow the government to spread whatever pain there is to areas that do not hurt, incredibly the president threatens a veto. stuart: first things first, check the big board. we hit 14,300 earlier. and we're above it now. 57 points higher. charles, sandra, does this thing keep going? sandra first. sandra: yes indeed. we have no indication from the federal reserve that they are going to end their bond buying, or money printing program that's been artificially propping up this market. in fact they are encouraging more of it. i think this is going to continue. stuart: go ahead, charles.

charles: i think it continues. you know what? stuart: but you don't think it's ben bernanke, do you? charles: no, i don't. but here's the thing, there was a time when the stock market was a harbinger of things to come. in other words, that was its role, it would tell you where the economy was going to be six months down the road. it lost a lot of the credibility when it peaked before the recession. adp at 198,000 this morning came in above expectations. if we get a jobs number on friday of 200,000, listen, in the grand scheme of things, in any post recession, this is the worst post recession recovery ever, but the street will go crazy and they will say you know what, the mentality will begin to change. sandra: you get a bad number and they predict the fed is going to continue its monetary policy longer, the market -- stuart: heads you win tails you

win. if it's a bad number on jobs, they keep printing, stocks go up. if it's a good number, stocks go up. charles: where's the next 100 move going to be -- where's the next 100% move going to be? i'm thinking longer term. i don't care if the market pulls back if bernanke stops. i will be in there buying. i don't buy the market. i buy individual names that are doing great. stuart: you are a bull. charles: but i've been a bull throughout this 100% move to the upside. but on individual names that are doing great. if you want to be an owner of a great company, it's the easiest thing in the world. sandra: optimistic. stuart: cautiously optimistic, a bull, cautiously optimistic. very good. i've got to get to jc penney, it's a big loser today even

though the overall market has gone straight up. i believe the company could be sold or they could replace the ceo? what's the story? nicole: it's no secret. they have been struggling. ron johnson came over from apple, has worked tirelessly to try and figure out how to turn jc penney around, including removing promotions and just trying to give out the theme that we have great prices all the time which totally didn't work. now he's working so hard trying to get the martha stewart deal which is stuck in courts against macy's. the stock is down 4%. it only adds on to the big losses it's already seen. pushing into a new low, multiyear low, to levels we saw back in 08, 09. over the last one year, it's down over 60%. so it's just a multitude of factors that push it to the down side. stuart: let me break in for a second. i have the factory orders number. i think it was down 2%, i believe. no impact on the market. charles that goes directly opposed to your point of view. charles: yeah. stuart: the market is going to keep going up because ben is

printing money, not because the economy is recovering. charles: what company's income statement did you look at -- stuart: that would be telling. charles: i'm saying is ibm overvalued here? stuart: i don't think so. charles: if someone owned ibm, that's not the market. stuart: why is this market rallying? i say and sandra says it's because ben is int fromming money. -- ben is printing money. charles: 30 companies in dow jones industrial average are doing extraordinarily well mostly because they have a global footprint and the world is on fire. stuart: okay, but the dow is up. charles: jc penney, the last two wall street firms had positive ratings on them did downgrade today. sort of cautionary tale for wall street research. sandra: except for yours. charles: except for mine. [laughter] stuart: let's get the judge's attention away from the blackberry which is making an inordinate racket as he scrolls

through it. let's get back to the story that we brought you the top of the hour, internal e-mail obtained by the washington times suggests that the obama administration is in fact pushing to keep those cuts as painful as they could be. quoting from the e-mail to charles brown, that's a mid level employee within the department of agriculture, quote, so it is our opinion that however you manage that reduction, you need to make sure you are not contradicting what we said the impact would be. agriculture secretary tom vilsack did not get off so easy on capitol hill. >> my concern from the e-mail is that it intends, i believe, and the way that it is worded, is that it prioritizes staying consistent with the administration on what they previously said, what they may decide to do to protect producers. i'm hopeful that isn't an agenda that's been put forward. stuart: all rise, the judge is here. look, it seems to me, this is the executive branch of government, deliberately

inflicting pain on the voters. >> precisely what it is. this is an example of why the government is the least responsible entity in the country to manage other people's money. they are spending the money, not so as to maximize the return on the money, the way you would spend corporate funds, if individuals had lent money to you or invested in your corporation, but so as to harm the people they are legally obliged to serve. the agriculture department has a statutory mission. we will give an example, one of your favorites. inspect the meat, make sure it's pure and clean and wholesome and capable and appropriate for sale. they are going to cut back on that mission in order to prove the president's predictions that the sequester would cause pain. can they endure the sequester and not cause the pain? yes, this guy suggested ways to do it. and he got his hands burnt by his bosses. his bosses should be fired because they are doing the opposite of what they have been hired to do. stuart: there's no

constitutional comeback on this, is there? the comeback is political. >> well, you know, yes and no. the constitutional comeback is an atomic bomb. it would be to impeach the president if he is spending the taxpayers money in order to harm them. think about it. he's not enforcing the law. he's not doing what he's supposed to do, managing the executive branch so it works. he's intentionally managing the executive branch so it hurts. stuart: it is not going to happen. >> it is not going to happen because of the catastrophe that that would bring about in other parts of the government. so then the remedy is political. how is it political? he can't run for reelection. he can't be ousted politically from office other than by impeachment. stuart: but his party can suffer in the elections of november of last year. >> yes, he desperately wants the democrats to take control in the house, so in his last two years like in his first two, he will

have democratic control of capitol hill and he can push through as hard left an agenda as he can. right now our only salvation from the hard left agenda is republicans in the house. sometimes they cave and sometimes they stand firm. as they did with respect to the sequester. but he may lose this opportunity because of tricks like this. i mean, think about it, this is reprehensible, do we work for the government or does the government work for us? theoretically the government works for us. yet it is taking our money and the power we are giving it and harming us. stuart: what surprised me more than just the e-mails was the fact that there were hearings in congress yesterday, where these e-mails were brought up. the agriculture secretary was questioned about those specific e-mails. >> right. stuart: and yet the only place i saw this story was in the washington times which got the e-mails in the first place. to my knowledge, maybe i have missed it -- charles: like benghazi. stuart: there is nothing in the new york times, washington post, boston globe. i have looked and can't find it.

>> this is a subject that our colleague ed henry, the fox news white house correspondent has courageously brought up and taken on some of his colleagues in the white house press corps. you guys are in bed with this white house and something like this hasn't really happened since the kennedy administration where the press so idolized the president that it overlooked glaring failures, in this case the opposite of what the president is supposed to be doing. stuart: that was good stuff, judge. >> pleasure. stuart: can you come back tomorrow? >> if you will have me. and my blackberry. [laughter] stuart: don't give me the queen -- don't do it. >> i don't know what you are talking about. sometimes she's here in the studio. stuart: hallucinating again? [laughter] stuart: judge thank you very much. >> thank you. stuart: education secretary said he misspoke last week when he said teachers were already getting pink slips ahead of the budget cuts. he said he used the wrong wording. how bad will it be for teachers? will hundreds, thousands be laid

off, pink slips? or was the administration using fear tactics all over again? we will pose the question to the american federation of teachers president that's coming up at 10:17. later in this hour, look at this, an englishman talks football. new york giants head coach just a few years ago, he was on the verge of losing his job, he realized he needed to change his coaching style. he did. it worked. he's with us. 10:35 this morning. nicole, big lots, a store actually which i have never been in. it's a winner and i want to know why. nicole: i want to know if you watch football. it's touchdown when you get into the end zone. [laughter] nicole: big lots -- stuart: touchdown when you reach the end zone? you didn't think i knew that? nicole: i'm sorry. you know i was just kidding. stuart: yeah, you are all right.

thanks nicole. let's bring in mike reagan. >> good morning. stuart: president obama can't seem to get things done with republicans running the house, but your dad, ronald reagan, he had a democrat dominated house, and he got is a lot of things done. -- and he got a lot of things done. take me through it. i know you were there. how did your dad get things done? how did he do it >> first of all, he wasn't on a constant campaign trail against the democrat party. he was out there talking about the things he wanted to accomplish and asking the public for support. but when he did that, he didn't name names. he didn't blame democrats. he blamed government as a whole. but one of the things he did with the democrat congress was, when he went and he talked to them, he said to them very simply, if you join me, and you vote for me, for example, for the largest tax cut in american history, brought to us august 13 of 1981, he said i will tell you what, i will not go to your district and campaign against

you in the next election. well, ronald reagan was so loved and so revered, the fact is they didn't want ronald reagan in their district campaigning against him in the next election. so they came on board. he also had 40 blue dog democrats that were there, so he used them, with tip o'neil and what have you. he invited tip o'neil to the white house. they had dinner at the white house. tip o'neil went back to the congress the next day. they said what happened at the white house? he said i'm going to be carrying the water for the president on this tax cut. and they said you're kidding? he's a republican. you're a democrat. what did he tell you? what did he promise you? he said you know he never talked about taxes all night long. what did he talk about? he talked about the greatness and goodness of america, how he and i working together can make it better for all people. before i knew it, i'm having a glass of wine with the president. we're telling irish stories, and i'm going to carry the tax bill. stuart: let me turn this around for a second. could you say that tip o'neil was more generous and more

forthcoming towards your dad than john boehner is, speaker boehner is with president obama? >> well, it's a different world that we live in today. sometimes gridlock is really a good thing at that point. but remember, john boehner and the republicans are being attacked daily by the president of the united states who won't come off the campaign trail. what he gave 7 minutes to the republicans the other day. ronald reagan gave a lot more time than that. he didn't blame the democrats per se. he didn't blame tip o'neil per se. in fact he embraced him and said let's get together and let's talk and let's figure this thing out. barack obama is not doing those kinds of things. and the worst thing that john boehner can do right now is is give into the president -- give into the president. he already gave into tax increases. he's waiting in fact for the spending cuts. ronald reagan gave into tip o'neil at one point and said okay i will raise taxes. we will raise revenue but i want $3 in spending cuts promised by tip o'neil and to this day my

father has still not gotten the $3 in spending cuts. stuart: very different world, you are right. always a pleasure. thank you very much for coming on board on a busy day. >> thank you. stuart: the dow industrials are up 50 points. yet at a new intraday high. the dow has never been higher than where it is right now, 14,305. what a day. what a two-day period, great stuff. after the break, teachers union president randy weingarten, we will ask her how many teachers will get cut and when those cuts will occur because of these budget cuts that we've already seen from sequester. hard numbers coming up. first, though, here's one thing you missed if you didn't join us at 9:20. charles, fired up. >> -- could be in another bubble where we're printing money, we have to pay with pain later. so i worry that folks who think they are investing could be part of a kind f a mass lack of reality. i worry about that.

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youtube launching a music subscription service later this year. it will compete against pandora. the service will be free. but users can pay to unlock features and get rid of those pop-up ads. shares of youtube parent, that would be google, down only a fraction. keeping with google, it's been testing same day delivery service to rival its competitor amazon. google shopping express helps local stores sell products on-line, then have them delivered on the same day. next, when are teachers going to see pink slips from budget cuts? we will have a date and a number.

stuart: you know the story. the president threatening armageddon, the cuts -- the cuts are in place so how bad will it really be? returning to the company now, randi weingarten with the american federation of teachers. welcome back. always good to see you. >> thanks for having me. stuart: i have been promising our viewers hard numbers on how many educators will be laid off because of -- or furloughed because of these sequester cuts and when will the furloughs happen, can you tell us? >> so, you know, i am not going to overstate what's going to happen here. i will tell you what we know. the federal dollars go to the most vulnerable kids. it's only about 10% of school funding. but it goes to the most vulnerable kids. so we know that there's going to be three kinds of cuts. number one is title i which will

affect about 1.2 million kids. starting as early as probably april or may. and really affecting kids in september. and that, if you do the math, that could mean 10,000 more -- 10,000 fewer teachers. in terms of special needs kids, if you do the math in terms of cuts, it could be 72 fewer teachers and paras and people who provide services to kids who have disabilities. stuart: okay. >> and then if you do the math, it could mean 14,000 fewer teachers for kids who are in things like head start. but this is my point that i want to make, this is what these folks do. stuart: hold on a second. i have to follow up with this, okay, you've given us the hard evidence. this is what you say will happen probably starting in september. okay. i've got it. why does the president oppose

flexibility? i mean, you could -- i mean, john boehner wants to give the president flexibility on where these 2.3% cuts are actually imposed. spread the pain around. why does the president oppose that? >> so let me just, stuart, let me just be in my wheel house here about kids and schools. and just say to you that we've had 300,000 teachers, fewer teachers in this country in the last three, four years because of the recession. a lot of that was because of state and local cuts. what that has meant is that kids have had far less music and art and class sizes have gone up. but this is what's really happening. this is why these cuts are really hard. stuart: hold on, randi. you have to address the issue of flexibility. you have got to. because look america is asking you're going to cut 2.3% from spending out of 3.7 trillion dollars. and yet it's got to be the way the law is written, it's got to be across the board, everybody's got to take their cut.

that includes essential services. what many americans are saying is, why can't we have some flexibility, so you can cut your 2.3%, not where it hurts the most, but where it hurts the least? why does the president oppose that? i mean, answer that question. why does the president oppose that? >> that you are going to have to talk to the president about. stuart: all right. do you oppose it within the education realm? do you oppose that? >> we have been very open to finding different ways to find money for poor kids because what we're seeing is that 70,000 kids are going to lose their head start -- stuart: right, so are you putting pressure on arne duncan and saying come on, mr. secretary, we would like to cut janitors, for example. can you do -- >> we don't want to cut janitors either. we are putting -- stuart: i would suggest that janitors are far less important than head start meals or teachers for disabled kids, wouldn't you?

>> actually making sure that schools don't have bed bugs or roaches or things like that are pretty important as well. but listen -- stuart: you don't think -- you don't want to put some pressure on secretary arne duncan to say, maybe we could use a few less teaching assistants or janitors or how about the 82 teacher improvement programs that we have, why don't you put pressure to spread that pain to non-essential areas? why are you resisting that? >> we don't actually resist it, stuart. we put pressure on them all the time to actually spend money wisely. what i am saying to you is that the money right now that's going to cut schools, let me give you one example, in philadelphia, a teacher who already has seven or eight more kids in her class this year, she's going to lose the people that actually help kids do reading intervention.

stuart: i've got it, ms. weingarten, but i don't understand why that teacher can't do without a janitor, for six months. i don't understand that. >> well, i think that if you actually want to make sure that schools are places that are healthy, you want to make sure you have the people -- stuart: what i'm coming away with from this is you really don't want to spread the pain. you want the pain to be inflicted, so you can get more -- that's what i'm thinking. >> actually what i'm saying to you stuart is not that at all. i'm saying we've already had 300,000 cuts in terms of teachers and the bottom line is this is our kids and our future. look at what we have done. we have actually tried to -- stuart: i'm just not hearing you say you're going to grab hold of secretary arne duncan and say look, we'd rather have fewer janitors than fewer special ed teachers. >> listen, we'd rather have fewer people who are doing testing. we'd rather spend far less money

on testing companies or on companies like rupert murdoch's company who is doing that new tablet plan. you are totally right about that kind of stuff. but in terms of real services to kids, we need to make sure if a child is struggling with reading, you want to have that service to make sure that child is helped at this time. that's what we're trying to do. stuart: i appreciate you being with us. it is a good and open debate. thanks for being here. thank you very much. >> thank you. stuart: i'm sorry i had to cut that short. it was a good debate. movie stars, musicians, celebrity chefs, all seem to have an opinion on something political. there's a problem here. many of them lack the facts to back up their opinions. my take on that is next.

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stuart: the actress daryl hannah was our guest yesterday. the subject was the keystone pipeline. she is against it. she's one of several celebrities who have made their names in other fields and who now want to influence america's energy policy. here's my take: movie stars,

musicians, even celebrity chefs, they are all entitled to express their opinions on anything, got it. but they are not entitled to their own facts. for example, i told ms. hannah, that the oil from canada's tar sands would be responsible for just 0.01% of global carbon emissions. that number, that fact came from the state department. ms. hannah said it was a lie. how can you debate an issue when one side flatly denies the factual evidence and then launches into a conspiracy theory? president obama, she said, was a big pal of the oil companies. to her, oil money is the sole driver of energy policy. other celebrities are making similar i say irrational statements on energy. ono says quote fracking kills the land, the nature, and eventually the whole world. robert redford says fracking is

a bad deal for local communities. i would love to show him the 4 billion dollars a year fracking has brought into pennsylvania. alec baldwin says energy companies deliver, quote, a pittance in compensation to landowners. they hurt the environment and then they split leaving behind the bill. i would love to introduce him to people have kept their farms because of drilling royalties. i know them. here's the point, we welcome a free and open energy debate. the pipeline, fracking, wind, solar and all. but the debate must be rational. you cannot invent your own facts. you can't pour on extreme emotion, but that's what many celebrities are doing. they are in my opinion losing the energy debate and they have only got themselves to blame. i've got one quick postscript. on the death of hugo chavez, sean penn says america lost a great friend we didn't know we had. please, please. don't take your politics from hollywood and don't take energy

policy lectures from them either.

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use promo code: gethelp. plus get this document shredder free-- but only if you act right now. call the number on your screen now! i'm a conservative investor. but that doesn't mean i don't want to make money. i try to be smart with my investments. i also try to keep my costs down. what's your plan? ishares. low cost and tax efficient. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. stuart: and you're saying the state department is flat out totally wrong? >> flat out totally wrong. you have conservative farmers and ranchers blocking this

pipeline, locking themselves down to equipment. trust me, i think that the president had every intention to pass this because he's buddy buddy with, you know, all of the oil companies. stuart: the state department says that those tar sands contribute 0.01% of global emissions. >> take that paper, crumple it up and throw it away. that was a piece of garbage. stuart: that was a pleasure. >> you guys need to get some stuff out of our ears. stuart: the stuff is out of my ears. i'm feeling real cool now. that was daryl hannah yesterday. sandra? sandra: i could barely respond because my blood is boiling just watching that. speech 101 you don't bring emotion into an argument. she did simply that. the state department came out with a report that simply dispelled the very fact that they have been basing their protests on. and she simply responds by saying they're lying, they're buddy buddy with the oil companies? i mean, with due respect because

she's not here anymore, it was very good tv and it was very good discussion. stuart: thank you. i thought it was a terrific interview. where did she get the idea that president obama is buddy buddy with the oil companies? charles: i don't know. although the guy, solyndra, he's a big oil guy. the world bank report was good. the state department report was bad. she gets to be the arbiter of what government report -- i will let you know which reports are good -- are good and which reports are bad. every single person in this country is benefitting from this. if we did not have this fracking boom, imagine where our unemployment would be, where our economy would be, where gas prices would be. every single person in this country has benefitted from it. stuart: all right, everybody, in a moment i'm going to talk football with one of the great coaches of american football. okay? just wait for it. it is coming. first, here's the market, yeah, new high, if it closes here, it is a brand new high, just shy of 14,300.

our next guest, here we go, changed his strategy in 07. that change helped lead him and his team to two super bowl victories. joining us now is the head coach of the new york giants. and he's the author of "earn the right to win". coach coughlin, first time ever interviewed by an englishman. i do declare. >> yes, sir. stuart: we're not going to mention soccer, is that okay? >> that will be fine. stuart: here's how i see the book, you are in 07, you are close to getting fired, as i understand it, but you completely change your ways. you get more of a team coach. you get closer to your team. and you're saying that you can apply the messages from your coaching experience to your personal life and to business life. >> i can. i think it is a universal approach, a universal lesson. and it happened that we wrote this book as a result of winning the super bowl and then looking at the run of the last six weeks when the players came up with a theme all in and certainly they were all in. i mean, they were -- everything we asked them to do, they did.

six straight weeks, and so when we completed that season, what i always talk about earning the right to win is a protocol for victory and it takes place from week to week in the nfl. and it simply means commitment and doing your very best on a daily basis. stuart: yeah, but what did you change? >> what i changed is you've got to go back a little bit, back to the 06 season, at the conclusion of the 06 season, we're 8 and 8. and i come home one night, and my wife says to me, they hate you. the print media hates you. i said okay. because she reads everything. i read nothing. so now we've got to do some changes. we've got to make some changes. so vice president of communication, new york giants, takes me aside, we're going to sit down and going to talk to each one of the print media, and we're going to get the cards on the table. we're going to take the gloves off. it will be a private interview with each individual. you tell them what you don't like. they tell you what they don't like. and through the course of this, what struck me and why i did decide that i was wrong and i

needed to change was here was a bunch of men, okay, who were trying to do the best they could do. that's what this book is all about, being the best that you can be. but there was something in the way, and what was in the way was me. i'm a blue-collar guy. they're blue-collar people. they're trying to do the best they can. i'm holding back information. it's not going to reveal anything about the new york giants, but it may help them to tell the story, to write their story. so i thought about that. i said if i'm blue-collar, they are blue-collar, what am i doing? i'm going to change. i'm going to try to change. out of that came other changes. one of them was we started a leadership council. we started a group of men who sat and talked with me. they were players from different positions, michael strahan, eli, those people were on my leadership council. what the idea was there was i would communicate to the players exactly what i thought, and better than that, what the intention was, what the meaning behind it was, so that they could then take it to the rest of the players --

stuart: you opened up. >> i opened up. stuart: did you change your basic personality? >> what i did was -- stuart: you're still a tough guy. >> yeah, you know, that's the way i was brought up. you know, i'm old school. that was the year i came up in, as a player with sarcasm, you know, and tough and hard nose and all of that. stuart: let me turn it over to someone who knows football, charles. charles: what you're essentially talking about is we all know, you were the tough guy, you were hard, is there a generational problem? because it feels like this is not just in football. listen, i hire young people. i have a hard time getting them to work hard. i tell them beforehand there are days i want you in at 6:00 in the morning. there are nights i want you there at 10:00 at night. okay. okay. they don't come at 6:00 in the morning. what happened? well i left on time. why are you telling me you left on time? you need to be here on time. it's generational. >> that's part of it. the american scene is that way today. i would like us to go back to some old-fashioned values. i would like to get from behind the computer there and get the kids outside again and get them running and get them involved in

things of that nature, but the idea one is just simply punctuality, how about that? stuart: are you the guy who said if you're not five minutes early, you're late? >> i'm the guy. you have to be five minutes early or you're late. i came into a situation where the new york giants were 4 and 12, and i said look, i don't want anybody coming in that door relaxed. i want no one comfortable. i want everybody anxious about what's coming next. i want -- i want people to prove to me -- stuart: is it true that you can tell me now what your team is going to eat for lunch on september the 20th? >> i can do that. i can tell you what they are doing and what time they are doing it as well. [laughter] >> long range planning. stuart: that's long range planning. that wins super bowl. what is the name of the book? >> the book is "earn the right to win". it tells you exactly if you stick with those principles that you can in any profession improve yourself, with the theme being being the very best you

can be but be willing to pay a price. stuart: we're going to sell some books for you. i expect a fat commission check when we sell them. >> you sell these books? stuart: we sell them for you. it was a pleasure to meet you. thank you. >> thank you, you too. stuart: sounds like a match made in heaven for cereal snackers, tacos infused a an addicting taste for doritos. the man who runs -- the man who runs taco bell is next.

stuart: plenty of good news for you this morning, price of gas is down again, 3.p $72 -- $3.72 for a regular. down 6 cents in a week. price of oil, no impact from the death of chavez, but it has dropped below $90 a barrel, 89 right now. staples took a hit after people were more careful with their spending. income down 72%. closed a bunch of stores. the share price is down 6%. we're keeping an eye on the dow as it hovers right around 14,300. we're up 42, 43 right now, right at that level. a winter storm that blanketed the midwest now hitting d.c.

all federal offices are closed for the day. however, the house is still voting on boehner's extension of the budget cuts to keep the government running through september. maybe that's good news for the markets. next, taco bell, a new taco, we will tell you all about it. and i honestly didn't think i would ever quit. [ male announcer ] along with support, chantix is proven to help people quit smoking. it reduces the urge to smoke. it put me at ease that you could smoke on the first week. [ male announcer ] some people had changes in behavior, thinking or mood, hostility, agitation, depressed mood and suicidal thoughts or actions while taking or after stopping chantix. if you notice any of these stop taking chantix and call your doctor right away. tell your doctor about any history depression or other mental health problems, which could get worse while taking chantix. don't take chantix if you've had a serious allergic or skin reaction to it. if you develop these stop taking chantix and see your doctor right away as some can be life-threatening. if you have a history heart or bloodsel problems, tell your doctor if youave new or worse symptoms. get medical help right away

if you have symptoms of a heart attack. use caution when driving or operating machinery. common side effects include nausea, trouble sleeping and unusual dreams. with chantix and with theupport system it worked. it worked for me. [ male announcer ] ask your doctor if chantix is right for you. ♪ [ 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. ♪ stuart: back to nicole, the dow at highs, however, i've got microsoft which is a dow stock, and that's sharply down, i think. nicole: right. i mean, it's just not right. we know you're a shareholder. we are looking at microsoft which is the biggest loser in

the dow. down over 1%. it turns out they are going to have to pay fines to the eu. they admit obviously they have to do this. 731 million dollars. they're warning others, eu, and it is all antitrust this is why it's down. stuart: those europeans are flat out in recession, financial chaos and they're telling us how to run our technology companies. can you think of a big name technology company in europe? no, you can't. nicole, thank you very much indeed. here's charles with a very successful new segment on this program which is called making money. today's company he likes is hees. charles: that's the symbol. still like them both long-term, but 20 to 25 percent less in a month, i usually ring the register on those. i wanted to share that because our paid subscribers are doing that. this company is a play on the construction of housing, the

construction of all kinds of things that are going on in the country. the company reported. they changed their model. they are focused on rental equipment for construction stuff, stuart, is through the roof. the adp report this morning, construction jobs are up. i think we might have hit an inflection point on them. in the meantime, their margins are surging. they are expanding their fleet, footprint. earlier this week, are you familiar with another company, it is a british company? they are expanding so rapidly this they are taking money they were going to invest next year and buying equipment now. i love this space. stuart: hees, that's the company. charles: that's the wrong chart. that's not the right chart on there. take a look at it. i think it is going to be a grand slam. stuart: here we go, there is a new taco in town, it is the cool ranch doritos taco. it's being debuted early for its fans. here we have taco bell ceo with us. here's your chance to give us a

commercial. i will open up the airwaves for you. what is in this new taco? why is it so good? >> well, it's so good because it's cool ranch doritos flavored. last year about 12 months ago we launched a nacho cheese -- stuart: you are an australian, aren't you? >> i am an australian, yes, we can talk cricket if you want to. stuart: no, i'm fascinated by an australian running an american company who sells mexican food. that's really repeat good, i've got to say. >> it's very exciting. i couldn't have a better job than running taco bell. this launch will be huge, it's a huge doritos product. on 12 months ago when we launched the nacho cheese, everybody asked when can we get cool ranch? for our social fans and friends, if they go to taco bell and ask for it today, we will serve it to them. for our facebook fans, twitter fans, social media, you go to taco bell and you can get a cool

ranch doritos taco the day before everybody else can get them. stuart: i just gave you a commercial. i think that's pretty good of me. >> i appreciate it. i think it is fantastic. we're very excited about it. our customers have been tweeting and talking about it. stuart: okay. the commercial is over. [laughter] stuart: that was great. thank you very much for joining us. we appreciate it. >> thank you, stuart. thank you very much. appreciate it. bye-bye. stuart: the postmaster general says he has a plan to return usps to profitability, but it needs congressional approval. is he going to get it? we will ask him, confrontationally, in a moment. . axiron, the only underarm . treatment for low t, can restore testosterone levels back to normal in most men. axiron is not for use in women or anyone younger than 18. axiron can transfer to others through direct contact. women, especially those who are or who may become pregnant, and children should avoid contact where axiron is applied

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stuart: earlier this morning i spoke with postmaster general patrick donahue. he says they can be profitable this year and pay off all their healthcare costs by -- >> -- but congress hasn't said yes to it yet. >> we are not shifting them. we are cutting them, reducing them through competition. stuart: you have to get congress' okay on that. you haven't got it yet. >> we are fully funded in two retirement funds. nobody else is. we have a 50 billion dollars already funded for retiree health benefits. nobody has anything like that. what we would do is reduce the long-term costs of healthcare for both employees and retirees.

that would allow us to get back in good footing and not have to continue with the prefunding. stuart: but congress has to okay that and they have not yet okayed it. correct? >> yes, that is absolutely correct. it is my job -- stuart: by the way, the union hasn't okayed it either. quick reaction? sandra: nothing is going to get done. they are running 20 billion dollars in deficits annually. the postal service has not done anything to keep up with -- stuart: but he can't. his hands are tied. congress won't let him do it. the unions won't let him do it. sandra: cutting healthcare costs isn't necessarily the answer. they haven't done anything to keep up with fedex or ups. what have they done to battle the decline of mail volume because of e-mails and text messaging. nothing. stuart: i say privatize it, sell it, get rid of it. that's not a popular opinion, by the way. the highlight reel is next. back soon.

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