were simpler and lower, america would boom. that is our show. see you next week. ♪ good evening, everybody. thank you for joining us here tonight. new record set on wall street. the dow jones industrials and the s&p 500 closing at record highs after an unexpected decline in the number of people filing for first-time jobless claims. the dow gaining 63 points on the date, the third record close in as many days, and the 14th record this year. all occurring since the first of march. the snb hitting a record close as well. today, almost six points, the fourth record close of the year for the s&p, second in as many days. the nasdaq pressing up nearly

three. setting a 52 week high in the process. the wilshire 5,000 measuring the day's paper game at 75 billion, half a trillion over the past four days. moody's chief economists joins us here tonight to assess this record run. we will see where he thinks we are headed. accused murderer goes public with her, well, complaints about court proceedings. attorneys join us and in "dobbs law" tonight. the senate voting to debate new gun-control laws. will the senate passed antigun rights legislation? house judiciary committee member congressman randy forbes among our guests in tonight's broadcast. we begin on capitol hill. the president's campaign to roll back the second amendment today cleared a not insignificant procedural world. the democratically controlled senate with the aid of 16 republicans voted to proceed to

debate can't control legislation . fox's keep -- chief congressional correspondent with our report. >> reporter: the hard work starts now. recognizing the fight over gun legislation is far from over. even after a 60-31 vote to proceed with debate. sixteen republicans joined with democrats to move forward, leading in a charge against was the senate republican leader. >> this bill is a tear over reset will predominately punish our neighbors. so to protect the rights of all citizens of the commonwealth of kentucky. >> reporter: and other top democrats said it will be a struggle to get 60 votes and the actual bill next week. >> the nra will try to throw all kinds of amendments us. we're going have to work hard to prevent them. >> reporter: the first amendment is backed by pennsylvania republican in west

virginia republican who both have a debt ratings from the nra expanding background checks for buyers at gun shows are internet sales while exempting transactions between private citizens. >> there is no fantasy, but a measure that helps to make it harder for violent criminals in the dangerously mentally ill to get guns, the debt is just common sense. >> reporter: involved in the talks, the group has come out against the amendment. lawmakers are facing pressure on the other side from family members of those killed in newtown, conn. some relatives are pushing for an unlikely new assault weapons ban. >> they ripped through. somebody's skin. >> reporter: across the capitol house makers are waiting to see what the senate is able to accomplish. >> that's all we expect, that the house will lie in some way, shape, or form.

it is a blanket commitment without knowing what the underlying bill is would be irresponsible. >> reporter: white house official said family members were effective advocates and expect pressure to build on the speaker. >> hired up for the house. to look, all of those families have worked so hard. >> reporter: several republicans said it will allow support anything that violates second amendment rights which suggested there was the easy vote and the bigger five will be next week. lou: katie. if the senate does pass a gun-control bill he expects to send it to the house judiciary for an open hearing. joining as now, congressman randy forbes of virginia, a member of the house judiciary committee, a member of the armed services committee, and congressman, good to have you

with us. what you, if i may, to turn to what we just received word on how this just and then i would like to get your reaction. congressman doug lamb board of colorado inadvertently reveal classified information today that the defense intelligence agency now believes with three is capable of delivering a nuclear weapon on a ballistic missile. that memo had been classified. the congressman was not responsible. someone at the pentagon mistakenly marked as unclassified. importantly here tonight what is your reaction to this revelation from the defense intelligence agency? >> well, as you know, i chaired the subcommittee for the armed services committee, so i have access to that classified information and i cannot even confirm or deny something that has been put up once it is classified. when i can tell you, very, very concerned about the weapons that north korea has. one of the things that we have been saying for weeks now is we should not take the situation in

north korea as lightly as something. a very serious situation that we are taking seriously. lou: you as well as the audience of the broadcast will hear what the president has to say. for the first time speaking on north korea since he began his bellicose assault on the united states and south korea. >> now is the time for north korea to end the belligerent approach they have been taking and to lower temperatures that no losses the conflict on. important for north korea, like every other country in the world to observe the basic rules that are set forth including a wide variety of resolutions to the

past. lou: your reaction to the president's statement? >> two things. first of all, all we are seeing is what you and i chatted about before. north korea is perhaps looking for a window. will we will see over the next decade is not going to be north korea. they will have huge weapons that can deliver a lot of damage in a short amount of time. we have to be careful about that. what is ironic about this is that this administration has presided over all of these cuts to our national-security. we will have the greatest cuts in national-security since the korean war. lou: important find out the republican budget of 2014 calls for just about a half trillion dollars in additional spending. i want to turn to gun-control.

the senate clearing the bill for debate. background checks being extended is a sore the senate is headed? >> i don't think so. we still don't think you will vote against this. bipartisan support with senator to me, but you also have bipartisan opposition. it has to go over to the house. all of these bills a full hearing. it will not pass it to say we passed it. if elected the legislation it will do nothing and all. this individual stole the gun from a family member. this could not reach out and cover that all. >> seriously mentally ill and none of the bills, none of the legislation goes to the issue of

those who have committed these heinous crimes over the course of the last six events. >> one of the things you have to realize, which i know you do is it is not just to has to give access to the database but what is in the database. woefully lacking because many states have not contributed to that. republicans in the house last year actually double the proposals that the president had. he only wanted 5 million. we put $12 million to make sure we were giving at true picture. protect the public from the lax has to these guns. lou: a want to touch upon one thing as we conclude. immigration reform, so called the new york times saying that the gain of a bill for more

discreet. it has to be disturbing. i would think to most americans that at this point with the president urging immediate passage of everything is the always does there cannot even be an agreement about the definition of two words. border security. >> even more astonishing that all of this is being done behind closed doors. five, eight to six people who think they can go in and make a deal behind closed doors. this has to be debated in the public, have the public -- scrutinize it, will we do allow border security. secondly, are we going to redress the legislation every five virginia years because you know however could the legislation is there will be

people that bracket and will be back in the situation in five sets in years from now. lou: as always, good to talk with you. much more on the gun-control debate. that feature of immigration legislation in tonight's broadcast. the senate was all about arithmetic. we will show you how president obama's arithmetic just does not add up. three days to three straight all-time highs. the record ral (announcer) scottrade knows our clients trade and invest their own way. with scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time.

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♪ lou: the dell 15,000. this year have set. it looks like it is within reach.

chief economist here. about the direction of the stocks. first time jobless fell for the first time in a month. the dow jones industrials closing at its 14th record high of the year. the s&p 500 posted its fourth record starting to feel like it's time to get into this market. hewlett-packard, microsoft, intel, all down on news that pc sales showed their worst quarterly decline. shipments down 14%. pc stocks weighing on the market. retailers a very hot. gold rebounding $6 in yesterday's sharp losses.

the treasury ten year taking slightly lower. well, stocks can continue their record rise as long as profits grow and interest rates don't sort. joining us now with this outlook, chief economist for moody's capital markets, this is -- this is really terrific stuff. this is great stuff. it feels like -- de think it will last? >> i think it will only because stocks don't have much in the way of competition from the credit market. as long as you have deposit rates closed to 0% your money should move into equities provided that earnings continue to grow. they just have to continue their upward climb. lou: is it your sense that earnings will be better than we expected at one.

>> i would not go that far. i will be happy if our knees just come in and be slightly exceeding expectations. lou: some people being very adventuress talking about a little more. >> the point is, the outlook has that earnings growth that will pick up considerably later this year. let's see if that happens. lou: i have to wait until later this year. i'm dealing with the current quarter earnings season. i need to know what is going on now. >> that is true if you are a trader, but as an investor even though the market is up by 12%, market value, common equity year today, i think that the market could rise by another 5-6% before we begin to become worried about a possible overvaluation of equities. lou: you dismiss the idea that once you are concerned about the onset of earnings and not worry about it, but i submit to you that people who have not been in this market have got to be pretty serious about whether or not this is the time to get in.

what are those external. lou: as a people we voters said no. china and other demands to the dynamic emerging economies will grow by enough to provide a u.s.-based multinationals. their sudden quantitative easing approach. lou: the head of a european central bank, looking for the bank of japan, austerity.

he has a tendency toward discipline. that is growing. >> this inflation has taken hold. the annual rate of inflation is just over 2%. and we had some good news on import price inflation from the united states. for import prices, they're down half a percent from a year ago. it makes you wonder. you're talking about inflation phobia beyond imagination. lou: we should not worry too much. more continuing resolutions. obama has delivered another -- of left-wing wish list, not a budget. >> it is only going to be when push comes to shove that we will get substantial progress at long-term budget deficit reduction, and that bush would have to come from a sharply lower equity market. i can tell you right now it is

not happening and it may not occur anytime soon. better yet, global investors are happy with the situation. the dollar is rising, especially against the yen. it is not rising significantly yet against the euro, but eventually should do so. lou: sign this guarantee is we get ready to go to commercial break. we appreciated. >> illegally buying -- the lead binding contract. lou: never. the president's fiscal projections seem to turn out wrong, dead wrong. really wrong. tonight's "chalk talk," we laid out the elegance and the efficiency of this presidency. some explaining to do. and someone has to explain how she is tweeting so much out of jail. we will come right back. with the spark miles card from capital one,

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♪

>> people ask me all the time how we got for surplus budgets in a row. what new ideas to bring to washington? i always give a one word answer. arithmetic. [laughter] [applause] lou: that is bill clinton's only one word answer in his entire career. the former president speaking at the democratic national convention. his speech was so well received. some say that it got president obama reelected. despite the fact that just one month later president obama was joking that arithmetic is not his strong suit. >> when you help your daughters with their home market is a subject to start with. [laughter] >> well, the math step by was fine with up until about seventh grade. >> yes. [laughter] >> no a freshman in high school. and i am pretty lost.

>> yes. [laughter] >> it's tough. lou: he was just joking. he's not lost, sure. he is just being modest. that is his way. today we are learning just how matt -- bad the man has been in his administration. it would be a lot funnier if it did not involve trillions of dollars of taxpayer dollars and trillions of dollars that were leaving in debt on succeeding generations of americans. when the president released his very first budget for fiscal year 2010, you remember that, of course, he, with his sense of humor and self irony, he intended a new era of responsibility. it has a ring to it, doesn't it? in it he projected that deficit spending over 2010-2014 fiscal years would total what, just over three and a half trillion. that is in and of itself about enough. it turns out deficit spending turned out to be a little

different, a little different. just under five and a half trillion dollars which is why i have entitled this tonight close enough for government work. the president listed by 43%. that is a serious mathematical deficiency. over one half trillion, what is that between presidents and citizens? and that is not all. in his first budget the president also predicted that unemployment would fall below five and a half% by 2013. 2013. now or predicting full employment and that next zero years after but now saying it

will happen in 2018. that's something we don't want to hear. but there's even more when we talk about the one word answers, mathematics. the consequences are tremendous. the obama administration initially projected that setting up those obamacare health insurance exchanges would cost us only $2 billion, $2 billion. there has been a little update on that. it is no more than double that. it is over $4 billion -- over $4 trillion. and that is for fiscal 2012 and 2013. and 120 percent off -- 120 percent off is not too bad, i guess, for government work. now, i don't want to make an

even larger mistake here. trillion, billion, billion. so now it is. billion. 120 percent off getting into the big leagues with that number. and the cost will soar next year. and the numbers keep going and the mistakes, you may have noticed, over this wide sweep in canopy of numbers and programs and issues and in every instance there never off to the low side. they always mess to the upside. but then again, what is a few billion dollars in the context of a health care law that itself will cost over $1 trillion over the next decade. this is more than arithmetic. this is about intellectual honesty. it's about intellectual integrity, and as the nation is

finding out, without that intellectual honesty and integrity and honor and truth, arithmetic just simply does not matter at all. dependence on the federal government at an all-time high. what happened to this nation's work ethic? to of the country's leading psychologists examined the bruised americans cite the next. ♪ lou: open letter. the white house on the defensive. analyzing her own murder trial, jodi arias, from jail viet twitter. who knows what else. "dobbs l@

♪ lou: an embarrassing admission by new york state police that

many in the up costing the state government in court. police recently demanded that an owner david lewis hand over all his weapons because, they said, he was taking anti anxiety medication. no one can figure out where they got the information that he was doing so, but a new anti gun law in new york requires police suspend people's gun permits with a mental health professional saying the patient is likely to hurt themselves or others. here are a couple of problems. the police now are acknowledged that they got the wrong guy. the man's attorney says that plan to file lawsuits against state over this embarrassing mistake. jodi arias back on the stand for 18 days in an arizona murder trial. a lot more to say outside the confines of the court room. it turns out she is tweeting and has prosecutor martinez and her

target. in one she addresses his aggressive style. anger management problems, anyone. this reference actually sort of took me -- i mean, she said it allegedly -- she slid her boyfriend's probe, shot him, stabbed multiple times and is talking about someone else's anger problems anyway. in another trade she refers to the prosecutor cited. those afflicted with valencia syndrome takes society's perception of genuinely good men happen to be vertically challenged . deep, deep philosophy. a friend says he is managing the arias twitter account and updating it after speaking to arias over the jail phone. joining us now, criminal defense

attorney, fox news contributor, trial and family law attorney. good to have you here. let me start with you. let's start with arias. this is the craziest trial i have ever seen take place. >> i really liked it jailbird tweeting. she gets credit for that. ridiculous. sheikh can spend, in my opinion, the rest of her life in jail, if not the death penalty. it's one of the other. if she is getting some sort of sex satisfaction by making these absurd remarks, anger management, look, he does scream a lot in the court room. the prosecutor didn't slit someone's throat to the bone in the back of his spine, stab than 27 times and then just to be sure shot him. making fun of his height? if i am the attorney at would really to really be upset. but at this point at think this

is becoming a plea bargain trial lou: jennifer. >> i don't know what the judge is doing and why she is imposing a gag order and stop this nonsense. she can get some control over this case. she can threatened arias with sanctions for getting this information out. this trial is already a 3-ring circus. with this it is even more so. at think there needs to be some control. >> your right, but she is in jail. what will the judge do. >> monetary fines. well, she's selling her artwork on line. how about taking some of that money and -- cheese making a joke out of the judicial system and it is being allowed to go on. lou: a judicial system that takes, what is it now, almost five years to bring some sort of resolution, some justice, if that is what this says. i mean, the joke is the judicial system, is that?

i mean, that is the real joke here. >> welcome the you're right. you're absolutely right. it is taking so much time. when your lab -- when you allow things like this to go on it makes it look totally ridiculous. >> can i explain the judicial system? lou: sure you can. >> here is the thing. we are talking about the death penalty case. lou: my heart is bleeding already. >> i you're a true american. lou: that's right. >> this country was founded on individual rights. the government has so much power and so much money. before we execute someone, they just want to make sure -- lou: they just want to spend $2 million on defense. >> before you kill someone you have to make sure you get it right. >> you and i both know in the judicial system files are delayed. a lot of time that goes by. things can move along more quickly. lou: can i sign this for everyone, can i solve this?

"dobbs law" solution, start paying the defense attorneys, okay, 1 cent fee. get rid of hourly rates and i guarantee, you can:00 this sucker down to maybe, what, two weeks? >> let me disagree with you. >> i don't know about that, either. [laughter] >> you get involved in these things. lou: money. i'm sorry. >> does not really what happens when you're involved. your action injury yet takes over. the case i enjoyed those of my tech pro bono, young woman who killed her father lou: 20 year-old chevrolet impalas >> an 1999 vehicle. >> no comment on when i drive. lou: let me turn to the new york state police going after a guys

weapons because they somehow found out that he was taking an anti anxiety, anti depression medicine and screwed it up further and got the wrong guy. this new law that is working so well. this is the great thing about all this fervent anti-gun initiatives that is taking place in several parts of the country. it is a screw up the idea, screwed up legislation and government getting screwed up in its implementation. what is a liability? >> you have a national tragedy that happened in connecticut. politicians feel that it is incumbent upon them to have an immediate need-reaction. lou: that wants exploited. >> that's a different way of saying it. everyone is of such high alert that they think they're doing the right thing. they make a mistake. it's at the end of the world. gasol like the guy went to jail. lou: demagogue's gaming the system.

absolutely. let me help you with the word. they know that emotions, as you say, are running high and exploited. instead of dealing with what the problem was, which was in the instance of adam and sandy hook, conn., dealing with mental health and mentally ill people who are the perpetrators of the six major tragedies in this country by guns, they're dealing with everything but. they're trying to strip constitutional rights. >> disagree with you. lou: tell me why. >> is trying to impose a lot starting in preventing something like this from happening, preventing people with mental health issues from having guns and carrying guns which is a good idea. i don't think that's a bad idea. they screwed up. they made a mistake. lou: i'm sorry. so now we need a law -- now we need a law that protects us from screwed up legislators and governors, is that right? i mean, at some point we have to

quit doing this as are doing the right thing. the right thing -- >> the right thing, they did do the right thing. implementation. i agree with arthur. hell is this guy really harm? what happened? lost his gun for a little bit? lou: by the way, when cops break to your house and take your property, and shrivel be a problem. come back here and tell us how to win. come back soon. youtube. >> are you feeling all right? lou: of feeling generous. thank you both for being here. jodi arias, not the only one with the twitter account. you can follow me. this is our facebook page. e-mail me. tell us what you think of the idea of the second amendment under assault. and about my idea for, you know,

kind of putting the defense attorneys on of fee basis rather than an hourly basis because we all want a speedy trial. up next, a new song that seems to implicate president obama in the rapper's controversial anniversary trip with beyonce. [ male announcer ] how can power conmption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? 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. twe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing.

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leg. this is a guy who went back for more. he is lousy on technique, but he gets it done. police did manage to arrest one of the two suspects. i'm just guessing, but i think it is the one that his buddy shot and the leg. missing mass love and down a little. a rapper jay-z releasing a song suggesting he and his fiancee had plans for a trip to cuba. listen to his latest scrap entitled open letter. ♪ [laughter] lou: it has such an nice, tight,

lyrical quality. it elevates everything. white house press secretary even wait another controversy insisting again today that treasury handles clarence is in the white house had nothing to do with it no matter what jay-z said adding, i guess nothing rhymes with treasury. not bad. not bad. actually, exceptional for jay carney. up next, democrats zeroed in on gun-control but a number -- ignored a number of real issues that americans could benefit from resolution on. the psychology behind washington's decision to ignore real problems while taking on the really big issues next. ♪ [ buzzer ]

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♪ lou: joining is now to psychoanalyze what appears to be an extra cut -- an exercise in futility in washington d.c., psychologist dr. dale atkins and psychotherapist dr. rob ludwig. great to have you both here. i have to ask, what does it say about our leaders and us that we have a process now underway that is going to take even more time as the president has been campaigning in ignoring almost every other issue talking about gun-control, and their is a pretty strong and significant and broad consensus that this congress and the senate will do anything about it. might we bother? >> i think in part it is a very sexy topic to the american people. the american people canoes. impacted emotionally. is a weight tech connect with people.

he knows he can get a strong emotional reaction when he talks about gun-control. it is right on the heels of what happened in connecticut. people a feeling strongly about it, and i think that is why it is in the news. jobs and the economy is dull. lou: budgets. i could not agree with you more. yet the republicans insist on all of this, what i call, grown up issues that require intellectual capacity in the effort. understand debt, understand its impact on millions of americans who are very young melon to our unborn, the seceding generations who will be burdened with massive debt because these tools keep playing at the margin with the lives, not only of american citizens, but unborn generations of americans. >> i think it's not impossible to the handles several topics at once.

>> at think when something as massive happened as happened recently in midtown i think that we have to pay attention to what that does to people. people respond. lou: i am going to ask when we come back to a follow-up on that. if that is true, and insure it is, why is there such a diffused and muted, perhaps absent reaction at all to the deaths of more than 500 people in the president's hometown of chicago, the murder capital of america and for the first time we can actually say that someone from the president's family showed up in jakarta and talk about it. has been five years. more in just a moment. stay with us. we're coming right back. ♪ this is america.

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lou: we're back with dale atkins and robi ludwig, doctors both, you were saying? i want to turn to usc go trojans. >> okay. i think we need to focus on is issues having to do with whether people think is an important issue. if they think it is an important issue and people are talking about gun control, what makes it elevated. >> we were talking about why not chicago, my theory, everything is a reality show right now, right now the news is a form of a reality show. lou: whose fault is that? >> somebody making those decisions. lou: value-neutral. >> not everyone is neutral like we are. it is interesting in terms of the professor at the college. in a way, he has freedom of

speech. he can say whatever hements, but having said that, do i want my kid having a teacher like that so biassed? >> what happened to the students in the class? lou: quickly, a few seconds of this usc so-called alleged professor. talking about republicans. >> california republicans show you 30% of registration in the state because they are really stupid and racist. they are 82% white, republican party of california all of the time -- >> he is giving his opinion, but he is attacking the person and the group. and when that happens, for a student in a classroom if that student any student, feels connected and identifies with that group, he feels or she feels attacked. they will go on the attack. why can't this person make -- >> hig he was venting it of wro.

>> he of venting about the people rather than the policy. >> this is not good teaching. lou: it costs over $45,000 a year to go to usc and students have to put up with an ignore rhamous like this. >> it happens on both sides, the issue is, if you want to teach, i understand, have you a responsibility, you are trying to have a dialogue with your students. if you as a professor, come down with a particular edec or your opinion, they will be if you can have your opinion, but if you say it in an insulting way, they will not want to share their own ideas, they will often feel they will not get a good grade. he could talk about policies of people, he could talk about effect. lou: that is what is happening in universal after university, we're -- university in university we're watching lift domina