tv MONEY With Melissa Francis FOX Business March 28, 2013 12:00am-1:00am EDT
12:00 am
depleted because the value of the dollar will drop. ,eil: hours away. fourth quarter gdp on thursday. economists --. melissa: i'm melissa francis and here who is made money today. investors betting on safe harbor assets t was a mess in europe. cyprus placed brutal limits on bank withdrawals. italy attempts to form a coalition fell apart. e.u. sentment tumbled. sparked a big rally for the u.s. treasurys. the 10-year yield fell six basis points to 1.85%. if you own aol stock you made money today. barclays upgraded aol to overweight and raised the price target to $44 a share. shares soared more thain 8%. barclay's said profits will likely grow better than
12:01 am
analysts estimate with cost-cutting measures driving gains there. also making money, fast track, they are the to operators for san francisco's golden gate bridge. for the first time since it opened in 1937 the bridge has no human toll operators. it began all digital to system today. fast track will save $60 million over eight years from the move. even when they say it's not, it is always about money. melissa: so despite the turmoil in europe the bulls shook off most of the day's early losses. u.s. markets seemed like they can withstand just about anything right now. a new report by the commerce department may help explain why. with most of the global economy on shaky ground, foreign investment cash is pouring into the u.s. sounds like good news for us but i don't know, come could back
12:02 am
to bite us with foreign investors decide to yank out their cash. let's bring in the "money" power panel with more. jonas max ferris, cofounder of maxfunds.com. james freeman, assistaat editor of "the wall street journal" editorial page. leif is director of american wealth management. thanks for joining us. jonas, what do you think? foreign investment is pouring into the country. exceeding money going out by 4.7 trillion. >> we don't have much good to sell. we have good investment opportunities. it is not a bad thing it be a destination of capital luckily we're always the place people go if there are mild panics everywhere else and we're seeing some that. this is good investment opportunities. all the great companies started last 20 years most we out of the u.s., all the world's fastest grocers. it is worst for countries doing it. in '80s they were saying japan was buying america. it would be terrible for america.
12:03 am
they have been in a 20-year-old stalemate. it is worse for china than us i think. melissa: it is. james, do we have the fundamentals to back it up? cash is poing in, propping up assets but go ahead. >> i wouldn't really see this as a hot money problem because our rates are so low here not like people are coming here to get the arly nothing return on u.s. government debt. melissa: yeah. >> si think it is a good news story. says like a lot of people on wall street have an about saying we're still the best house in a bad neighborhood of developed economies and let's get worried when people decide the u.s. is no longer an a good investment. melissa: do you agree with that? is it attractive enough to be most attractive horse in a glue factory? >> we know people are buying hard assets. they're buying companies and buying real estate. that stuff you can not sell that overnight. it is not that liquid. reflection of money here to stay at least for longer period of time. i think all the other points made were great. it also points out this is
12:04 am
very much, when you look at rest of the world, we have a lost stability, we have the federal reserve, a lot of things going for us that people feel comfortable about. melissa: jonas, they're buying stocks and stocks are very liquid. >> they're also buying treasury bonds. that is very liquid unless there's a panic and i don't know how liquid they will be there is lot of capital that flows around compared to 30, 40 years ago. that causes bigger panics whether small scale in cyprus or here if the money did go away. i don't know if it would cause that, better portunities abroad. people last 10 years thought our u.s. dollar was going to fall and our economy is done growing and we'll eventually have higher taxes. now these problems fe everybody else. i still think the relative to your original we, the relatively better horse in a blue glue factory. that is viable investment. people have to choose what is the best of the worst options and that's where the money is going to go. melissa: james, do you think there is problem when the
12:05 am
cypriot banks open upnd people will try to get their cash out? they have put a lot of controls to stop it from happening but seems they're only fanning the flames of panic? >> short-term, they haven't handled it well. you wonder when you put in capital controls how do you ever take them out? i think you got to be happy looking at this where we finally had a bank crisis where the taxpayers weren't first in line to get clobbered. where you actually have uninsured creditors here taking a beating. wouldn't it be great if cyprus was providing model for the united states maybe. too big to fail banks. melissa: wait, wait. wouldn't it be great if cyprus was provide ad model? >> capital controls in terms of taking money out of the country, not a good idea. probably will get rid of them. melissa: what about losing 80of what they have in their bank? is that a good thing. >> premise not bailing out uninsured depositers is great thing. we need to bring that back to the american system. in europe it was kind of a
12:06 am
shame where the dutch finance minister said, yeah, from now on we'll not bail out these people with taxpayer dollars. he had to backtrack unfortunately. i think it is a good message. maybe too big to fail institutions aren't necessarily so. at least hoe hopeful. melissa: what do you think about that? are they sting a model what we should be doing here? >> it is a concern. i don't think they're setting a model. it is clearly not a model but there are some good things came out of it. number one they protected the small investor. when we talk about a run coming on tomorrow in the banks of cyprus banks, who will show up? all the millionaires? they will be bangg on the door? let's be realistic. hopefully small investor, the person with less than 100,000 doctor. melissa: they think the people with real money already got out? >> know, hard to know that at this point. those are speculations. i would assume cyprus is little brighter than that when they put fort this idea. melissa: joan knaushat do you think? what do you think happens when the cypriot banks open tomorrow and do you think it has an impact on our
12:07 am
markets. they have been doing everything to fan the flames of panic. they thought they were doing the opposite. they will finally open up the banks tomorrow at noon we found o and what do you think will be reverberations around the world? >> someone got out. that's why it collapsed. when bernie madoff ran out money that's when they had to tell people he ran out of money. i understand what you're saying. we have not solved our own situation where how do we unwind our next bigger bank. we didn't do that. we didn't lit the guy owns 00,000 above fdic didn't get wiped out. maybe somebody will get wiped out and should be known before the crisis happens. this limit how much you will take out will create long lines for days and days which feeds panic. would be better, take whatever you want out. we're 100% fine and you're insured. wouldn't be trips to atms over days and shorter lines and panic maybe gone away faster. because how they're handling it will go on longer.
12:08 am
>> james let me ask you before we go. a lot of people saying this is the germans saying we'll not bail out russians because that -- >> why should they? melissa: that is what is comes down to. we're all blowing it up into something big i recall than that and drumming the russians in essence out of the european union where they felt they didn't belong anyway. >> if you study all the depositers they're not all nice guys. it is perfectly appropriate for germanyo say they're not bailing these people out. >> in america, we have one country. no one got mad we had to bail out california thrift massively larger than any bank over there even a poor taxpayer in alabama you had to do that a little while sort of we bench we paid it back. melissa: i think everybody was mad at that. >> that's the problem with europe. these countries don't really like each other. melissa: we got to go. you guys are great. thanks so much. so as if banks didn't have enough headaches these days "the wall street journal" repos that the inindustry could be hit with a $100 billion legal tab. it is facing a daunting set
12:09 am
of cases around its role in the financial crisis and allegedly rigging interest rates. it is raising fears whether banks have enough money to cover the costs and not damage their bottom lines but dick bove, legendary bank analyst of raferty capital completely disagreeses with the outlook in the ws. and he joins us now. you don't think very highly of this piece in the journal today. let's break it down. you don't think that, you do not ink they face $100 billion? do you think that is not that big of a deal? >> i think first, someone has to be accused of doing something wrong, right? in other words, if you're going to say a given group of people are institutions got to come up with $100 billion you have to ask, who is accused them of rigging the libor rate? in other words, we've been be looking at this situation since 2007, correct? and in 2011, you know the, the justice department started to look at it insensitively and president of the united states has told the justice department
12:10 am
we want you to find things wrong that the banks have done the we want you to put bankers in jail. so we're sitting here almost two years later and no one has accused any american bank of rigging libor. no one has done that. so now the w is. j comes along and says, oka, even though these banks have never been accused of doing this, there will be a whole ries of lawsuits that the banks are going to lose $100 billion on. what are they talking about? do they know? melissa: let me stop you there. large investors e lining up to weigh the potential claims coming in against them. you have calpers, blackrock, vanguard, all feeling like, you know, they have, been hurt by libor rigging a wanting to come in and try to exact their penalty. you don't think that is going to weigh on the banks down the road? >> well, if someone would tell me which bank in the united states, you know, was involved inn rigging libor i would say, i understand who they're going to sue but since no one has indicated
12:11 am
that any bank in the united states has been accused of anything by any legal entity in this country, right? the justice department is not accusing them of it. the state of new york that loves to sue banks is not accusing them. meliss citibank, bank of america, jpmorgan, all submit rates for libor. so that is who you would think they're going after in this case. you don't worry about jpmorgan in this case and w it would weigh for them? >> well, let's think about it. there have been three banks fined right now, right? rbs, barclays and ubs. and each one of those banks have contributed whatever information that they had concerning the situation to the investigators in london and in switzerland. the united states, according to the press, "the wall street journal", has been informed of all ofthis has been party to these discussions, has all of that information. so presumably if there was, to use the old cliche a smoking gun, someone would
12:12 am
have accused some bank in the united states of something. they haven't. no one in the jtice department has accused either one of the three banks that you mentioned of anything nor has the new york state, nor has the manhattan districts attorney, no e has the people in london, nor have the people in switzerland. so "the wall street journal" is speculating that there will be accused. on what basis they have to make that speculation i don't know. then they're speculating that the united states banks will le the case. then they're speculating that there will be more lawsuits. and th they're speculating that the banks will lose other lawsuits. then they're speculating that $100 billion will be paid. i think it is brawl der dash. i think that --. melissa: you go on to say this is not fair reporting. why do you think they would do that? >> i think that, you know, since 2008, if you've been reading the media related to banks, you can see that there's a strong bias toward believing that the banks have done a lot of things wrong in this country. your prior guest just said
12:13 am
that they shouldn't, shouldn't protect uninsured depositers in american banks. that would create a pretty big riot in this country. the point is, there is this strong belief, written article after article after article in which "the wall street journal" andin which a lot of the media constantly criticizing the banks. just about anything they can think of. the problem is, you know, let's assume that they're talking to investors. that investors care. the problem is that they're not relevant. they're not relevant because no one's listening to them and you say that because bank stocks for the last 20 months have been going up faster than the market and the market keeps goingp. melissa: okay. >> so why don't they say something that fits with the market? melissa: we've got to go. dick bove. always interesting. thanks so much for coming on. >> okay. melissa: last week we told you how health care premiums could soar by up to 116%. and a new study tells you why. details on the dire diagnosis for health insurers next. plus when energy
12:14 am
12:18 am
♪ . melissa: last week we told you how your health insurance premiums could go up by as much as 116%. a new study tells us why. it is because insurance companies will have to pay more for your medical aim. seems so logical. claims costs could rise on average by 32% by 2017 across the nation. thank obamacare for that. this begs the question, how much of an impact will this have on insurers bottom lines and their stocks? joining me to break it down is dick hoover, former chairman of aetna. welcome back to the show, dick. >> thanks, a pleasure. melissa: does this surprise you? >> no. basically you hit the nail on the head. it's the medical costs. melissa: yeah. >> and let's not forget we spend more than twice as much per capita on health care than any other country in the world. so, something is basically wrong with our system.
12:19 am
melissa: why do we spend so much more? >> we pay fee-for-service and doctors who are neither saints or sinners they act like normal human beings. they prefer more money than less money. so if they can do more service, they can charge more fees. melissa: you think that's really why they d it or do they do it because they're afraid of being sued? >> second point. very good point. melissa: okay. >> they practice defensive medicine, because they always have the ambulance chasers over their shoulder. so that's another factor. but those two factors do drive up cost is something awful. melissa: so how does obamacare play into that? >> well, i guess i'm a minority group member in, as much as i think that obamacare net-net is a positive. now it's a screwy piece of legislation but i just couldn't live with the thought of having 40 million americans with no health insurance.
12:20 am
so it does bring a sizable number of those uninsured under coverage. melissa: a sizable. not all of them though. >> you're right. about 30, the estimate is 32 million of the 40 million. so it's a --. melissa: there is tremendous cost for that. you're in favor of bringing those people on board. it means it is going to cost everyone else a whole lot more money. now we're seeing that with companies like aetna saying that the pri could go up 116%. and that's because the t pay out claims or to pay for claims is going to go up. on average by 32%. some places it is much more. looking at this study by the society of actuaries, by the way do you believe them? good group? >> can you imagine their annual dinner, the jokes they must tell? i mean --. melissa: trustworthy people nonetheless. >> i'm sure of that. melissa: okay. there are places where it is going up a lot more. ohio, 80%. wisconsin, 80%. indiana, 67%.
12:21 am
>> as they say in spanish, oho. that is for individual policyholders. not for groups. the vast majority of insured americans are covered by employer plan those aren't going to change much. so this is a small subset of the total population. melissa: well, i know i beg to differ because a lot of prices on employer plans were going up quite a bit too. >> true. melissa: 30, 40, 50%. >> not that much. melissa: well that is, that was the report that we were looking at last week where companies were going out and warning whether it was the blue cross-blue shield or aetna, or others what premiums were going to be like. it is on that order of magnitude. we're adding a whole bunch of sicker people to the pool. the arguement was the influx of younger healthier people would pay for the all the sick people. >> as you point out very accurately it depends a great deal state by state. so some states have long had state regulations that oblige insurers to cover
12:22 am
people with preesting conditions. new york's the case. so they will see much less of an impact than states that had much looser coverage. melissa: bottom line we'll all pay more, pretty much? >> that's life. melissa: that's life. thanks for coming on. we appreciate your time. >> always a pleasure. melissa: i remember that next time i'm paying more. that's life. from green energy to green tyranny, john stossel finds the green movement laying waste to business's freedom he joins us with a special report as only stossel could next. > plus, blowingway unemployment. record sales of guns and ammunition fuel a surge of new jobs. a top fires arms manufacturer joins us with details on that one coming up. do you ever have too much money? never. ♪
12:27 am
>> celebrities and politicians have solutions. these cool people own electric and hybrid cars. >> first prius i ever owned. >> my mayor wants to ban styrofoam cups. >> i think it is something we can do without. >> styrofoam. >> now we have to look for what's next. >> in the name of protecting earth, we have green tyranny. melissa: it is green tyranny, i knew it! that is the tip of the iceberg. tomorrow's "stossel" takes in depth look how green tyranny crushes businesses and even the envinment itself. here is fox business's very own john stossel. always great to have you on the show. why are we in a great of green tyranny? i love that name. >> it feels good and thank god for the epa and these environmental rules. melissa: really? >> air and water are cleaner. it used to suck. you're too young to remember this, when i was a kid you couldn't open window in new
12:28 am
york because soot would come in. you couldn't swim in the had hudson as i like to do now. people are squeamish about it. they cleaned the water. they spent $700 million doing that. it is on automatic pilot now. every time you buy a new car the air gets cleaner because better cat lit trick converter. melissa: maybe it is worth it? >> that was worth it. now they're spending billions on subsidies for electric cars and insane nonsense. things like the endangered species act. we want to save endangered species. melissa: you love animals. we all love animals. you don't love animals at price of humans. do we love animals more than humans? >> 600 anims 800 plants the response, if you're a landowner is, shoot, shovel and shut up. in other words, if you find an endangered species on your land you don't tell the authorities because they wreck your life. melissa: really. what do they do? >> oh, you can't build anything without getting our
12:29 am
permission. and that takes 10 years and a million dollars in lawyer fees. so,ou just don't want to deal with them at all. melissa: you tackle the issue of global warming which is brave of you. is the planet getting wmer or not? we argue about this all the time? >> yeah, it has been getting warmer over the last 30 years. last 10 not so much. that is what they say that is the issue. theissue is man doing it? i would say, probably somewhat. but is that a crisis? warmer may be better. more people die in cold waves than heat waves. we can adjust to this is what we do if tom hanks owning a hybrid car going to make any difference? no. if everybody in america did what the greens tell us to do the earth wouldn't notice it might delay global warming by, two days over the next century. melissa: you have one of my favorite guys on your show, b.j. orn. talking about electric cars.
12:30 am
he makes great points in the manufacturing of the electric car in the battery, that there is such an incredible carbon footprint in that of itself and all the energy they use, basically you have to drive the war for 80,000 miles before you break even saving the environment. do people know that? no. we'll have him debate a guy from the electric car association. we'll see how that goes. melissa: i saw leonardo dicaprio there. he said recently he wants to fly around the world making a difference with no irony and flies privately. do you think he hears himself when he speaks? i don't think anybody ever pushes back against these actors so they don't get that they're clueless. he has this fisker car he is proud of. it costs $100,000 and get as $7,000 subsidy from the taxpayer. melissa: got a subsidy. we helped him by a $100,000 car. we gave him $7,000 to do that. >> right. melia: i don't feel good about that. it.
12:31 am
>> it is not practical for the of average person. melissa: you have a styrofoam cup. the mayor is trying to get rid of that. doest that last 5,000 years in the landfill. >> everything lasts five trillion years in the landfill because everything is so compressed. put a paper cup. i double cup because this holds heat. people waste more or go to the aluminum which is a problem too. it avenues not like, that the substitutes aren't worse. and the myths about land i will if. we're drowning in garbage. no. cities, some compete to get landfills. they build golf courses on top ofthem. there is lots of room in this country. melissa: i can't believe you just admitted you double cup. you will get a lot of e-mail. john stossel, thanks very much. make sure you watch his show, green tyranny, tomorrow night at 9:00 p.m. eastern right here on fox business. i can't wait. always great. time for today's fuel gauge report. speaking of government energy policies. global energy subsidies cost
12:32 am
$1.9 billion? could that be right in 2011? oh, that is according to a new report from the imf. the u.s.-led the way. that's right. government energy subsidies cost a whopping $502 billion the imf says. the subsidies discourage private investment and overwhelmingly help wealthier consumers. we were just talking about that. natural gas prices soared to their highest level since august of 2011. the winter that just won't end and declining stockpiles of natural gas really helped fuel the rally. is the world nearing peak oil demand? ne analysis from citi is making that bold call. a global consumption could top out by the end of the decade. how interesting. this is according to the report. rising vehicle efficiency and growing use of natural gas will play a key role the slowdown. hmmm. we have to do more on that. that's a good one. next on "money", bringing a bang to a job boom. skyrocketing gun and ammo
12:33 am
sales spark a hiring frenzy. a top firearms manufacturer joins us with details next. plus the real estate market may be making a comeback but this is ridiculous. how much would you pay for a piece of the moon? one man has made millions of dollars off just that and he joins us to explain now. "piles of money" coming up. ♪ . ♪ [ male nouncer ] how could a luminous protein in jellyfish, impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing.
12:37 am
melissa: doesn't matter what time it is money is always on the move. look at shares of red hat. they're getting crushed in after-hours. look at that. world rgest operator of linux systems they reported fourth quarter earnings a sht time ago. they came in at the low end of the company's guidance. you can see as a result. we show you who is making money and show you who is losing money. soaring guns and ammo sales are creating a huge jobs boom. the paycheck is big one. engineer with computer design skills can earn $100,000 a year. the problem facing the industry? finding enough skilled workers. i think that is good problem. joining me on the job surge is chief operating officer with red jacket firearms. you manufacture firearms and silencers.
12:38 am
yore seeing a boong business right now. how come? >> sales have increased since the election and over in december, things just took off. my en, every company that i know in the business, whether they make accessories, firearms, anything that goes with a firearm, they're back ordered. they're hiring. they're training and they're buying more materials than they have ever before. melissa: i had dealers on. they say the bottleneck comes trying to get supplies. you can't rampp manufacturing fast enough. there is no way to do it. is that true? it is hard to increase your amount of output? >> that's the problem we face every day. we can't get the raw materials in fast enough to turn them into a finished product to send out down the wholesale distributor and retail chain. it is, with the supplies on the ground being very limited. once you double, triple, quadruple the amount you
12:39 am
order from the past 12 months, the suppliers just can't keep up. melissa: you also have to deal with finding skilled employees. are there not enough people to fill the jobs? >> they're not. we compete with the oil business. we compete with ag business. right now, kad and computer-aided machining, those skills are a small pool of workers and we're all trying to dig out the same ones. in the gulf coast, right now, everybody that can work in my could also work in the oil business. melissa: you say that things have really been booming since the election. do you think this is temporary? that it is a reaction to people thinking their gun rights are going to go away and it would be dangerous to ramp up and hire a bunch more people because things could calm back down and there you are, you built out this is about and you kind of don't have the demand and no longer able to keep up with it? >>hat's something that we all have to walk the line on. how many employees we want
12:40 am
to hire based on how long we think the boom will remain. right now we don't see a boom in sight or a bust in sight, let me put it. we're 18 months back ordered on many products that is everything we can make already has been sold for the next 18 months, 12 to eight teen months. and that's across the industry. almost every gun company in it country, ammunition, compy, they're all back ordered. everybody they're hiring, everything that person could make has already been sold. melissa: that's amazing. so does that mean that you aren't takingon new orders? >> we, like many companies have stopped accepting new orders. melissa: wow. >> because we don't know when we're going to be able to fulfill them because we can't get supplies this in. red jacket firearms and many other firearm in this country are branching out into products we can make. we can get materials for. if the supplier doesn't have something we can turn the machines on to doing something else like we've done with suppresor manufacturing. we increased suppresor
12:41 am
manufacturing about a thousand percent in the last six months in our facility alone. melissa: jacob, amazing. thanks so much for coming on the show. so man hasn't set foo on the moon in more than 40 years but it is not stopping one man from selling plots of the lunar sface to millions of buyers. it is as insane as it sound but he is making millions. he joins us next to explain. at the end of the day it is all about lunar real estate. ♪ ♪ your finances can't manage themselves, but that doesn't mean they won't try.
12:42 am
12:45 am
♪ . melissa: diana ross might not be in town but people in d.c. are lining up for the front row seat to see the supremes. the supreme court that is. everybody wants to sit on the gay marriage arguments being sitting on them held this week. seat something limited. high rollers coughed up big bucks for them someone to hold a place in line. fox business's peter barnes outside the supreme court with this one. peter this is unbelievable story.
12:46 am
tell us what is going on. >> line standing is a cottage industry in washington, d.c. with several companies offer line-standing services. lobbyists, attorneys, executive, celebrities will pay the firms $35 to $50 an hour for someone to get in line for them for important supreme court proceedings and argents as well as congressional hearings. the line standers are here for hours. sometimes for ds, camping out in lawn chairs and sleeping bags as some did here which is how this can get also expensive. one rert of one company getting $6,000 for line-standing for one person. actor, director, rob reiner, paid a ne-stander to get into the arguments today, high-profile lawyer, gloria allred did that today too. these companies were started years ago by entrepreneurs who figured out there might be a market for busy people who consider their own time more valuable. >> this, they probably charge about $50 an hour and,
12:47 am
they usually have like a guy who manages everything. and he gets 50%. that. he turns around and does the headache of hiring all the line-standers. >> i wanted to be fresh. i wanted to be able to really follow the arguments. so i needed a good night's sleep. america has always been built on on theal spirit. i think bravo for someone to figure out a business model and bravo for the people who might be unemployed to make a little cash. >> now the line standing companies might charge 50 bucks an hour for line standing but e standers themselves only get paid 10 to $15 an hour. some of them are in line to get a seating card for clients. now the seating here is free to the public but they do hand out these rds to certain people in line. the clients shows up and gets it an hour or so before the public is let into the building. when the line standers are outside like this they have to brave the elements like the snow and cold weather we've had here in washington
12:48 am
the last few days. and of course, the big question is, is when one of them gets hungry or get something to eat or goes to the bathroom, what happens? guess what? they watch each other's spots and, you know, they are professionals but some do work in shifts so. melissa. melissa: peter i love it. in new york those people would be out of work broadway actors. i love i thanks so much. what a business idea. >> okay. melissa: speaking of business ideas this gives reaching for the stars a whole new meaning. when dennis needed extra mon he had a idea that was he started selling property. on the moon. hope says the loop mole in the united nations outer space treaty makes his business valid. so fare is cashing in, racking up $11 million. -- loophole.
12:49 am
i have a lot ofuestions. this outer space treaty from 1967. it is from the u.n. no nation will have sovereignty or control over satellite bodies. you say there is loophole it doesn't say an individual can own the moon. am i explaining that right? >> yes, you're explaining it perfectly. melissa: you wrote a letter to the u.n. basically exessing this was your belief and you didn't hear back from them. as result you sort of took that as consent that you're right or how did you interpret at? >> well, what i sent them was a declaration of ownership for the lunar earthnd eight plan etc. of the moon. i would subdivide anybody from wanted it. if they had a legal problem to let me know. i know they wouldn't respond to me because the language in the outer space treaty. they didn't have any legal right to tell me i couldn't do this. melissa: you don't think they ignored you because they thought you were crazy? >> well it doesn't really matter what reason it is why they didn't contact me but
12:50 am
they those not to. in fact i never had a ever challenge my claim of ownership. i had some individuals. melissa: go ahead. you had some individuals challenge it? >> i have had individuals told me i can't do what i do, but it is just their opinion. melissa: in the meantime, you have, you know, divided up lots and sold them to a whole lot of people. is it true you have made $11 million doing this? >> we have grossed just at $11 million in the 32 years i've been doing this, yes. melissa: tell me how you do the pricing? i understand it is an acre. you pay 19.99 an acre plus $10 shipping and handling. you're not getting propert what is being shipped and handled? >> weave to send property documents. for every purchase we send codes, covenants and restrictions which is one document. a deed which is a physical description of the property which includes area, quadrant, lot number, latitude, lontude. then we send a site map which shows the probs mat location of that particular piece of property.
12:51 am
melissa: yeah. >> they're 11 by 14 inches and suitable for framing. those are the documents we mail to the individuals when they buy a piece of property from us. melissa: you made $11 million. you also sold a lot of property to a lot of famous people. you say barbara walters, tom cruise. you pick the lot by rt of, you know, looking and you kind of point to something and that is what somebody owns. let me simply before we run out of time. why in the world would i want to own property on the moon? i can't get there. what am i going to do with it? >> everybody that purchase purchases property from us has their own reasoning behind it. we know historically 17% of the people that purchase land from us buy it because it is some sort of a novelty. we also know that 42% of the people historically buy property from us want us to register that property in some sort of a trust. melissa: yeah. >> they take it more seriously. melissa:id george bush buy it for himself or a gift, can you tell me? >> i'm sorry? melissa: did george bush buy
12:52 am
it for himself or a gift? >> it was purchased by one of the customers and we sent it to him. melissa: as a gift. >> right. melissa: thanks, dennis. thanks for coming on the show. we appreciate your time. good luck with this. >> thanks for letting me tell my story. melissa: lululemon recording hoards of its yoga pants for being see-through, but customers trying to return them may practice their downward dog. think about it. think about it. you can never have too much money.
12:56 am
♪ melissa: all right. a little fun with "spare change." we are joined by our fabulous team. i am working on it. first up, in for another round of trouble. some stores are reportedly making them try on these scheerer yoga pants that are being recalled because you can see through them, but when you go to return to their making them bend over in front of the sales associate to assess whether or not the pants can be returned. seriously? i mean, this is -- is this that marketing?
12:57 am
>> coral. first of all, i have a quick question. the pants are see-through. what's the problem? all these people are showing off their bodies anyway. melissa: that's right. what do they care? >> ben dover. melissa: two-story. >> all the retail salespeople take it back no questions asked. >> yoga. just wearing their bras. what a dumb idea. melissa: this is a little sample . not that. it was the other one to see of the pants. >> an awful lot of black pants. i want to up find out how this quality problem happened. let's make an extra share. where did that come from?
12:58 am
>> only you would think of that. you added yourself with that comment. melissa: i think they just tried to a substitute something. >> all the time. i cheryl hall of the stuff that th make. >> they want to you which. sensitized by some perverted worker. up next, expanding a pay what you one experiment to of 48 locations in st. louis. %-only offing the turkey chilii and a bread will for the suggested price of $5.89. proceeds going to customers who cannot pay the full price along to local hundred initiatives. long-term you think this is something that they can do? >> they do this in new york. i would go a pay $10 for that, just for that idea. >> a smart idea. customers today and employees
12:59 am
want an extra up side for their commerce. customers to think that buying something they are contributingo charity, that is a great extra sales. melissa: you don't think that in new york, home of cynical everyone that people will go in and pay a dollar? >> radio head came out with an album. pay is what you want. they never did it again. melissa: let's go and check it out. moving on, tired of people abusing the term and are requesting internet users to stop using the word unless they actually use ito look up someehing. what do you think? >> kids to go to the library, a physical library and look at the duodecimal system, the college dueling a but. the company has to protect its trademark. how kleenex
111 Views
IN COLLECTIONS
FOX BusinessUploaded by TV Archive on
![](http://athena.archive.org/0.gif?kind=track_js&track_js_case=control&cache_bust=823708702)