lies ♪ ♪ i hear you knocking, but you can't come in ♪ ♪ i hear you knocking go back where you been ♪ ♪ imus in the morning ♪ >> all right. everybody, this is big. this is new. gold plunging and we want to know why. good morning, everyone. at one point today gold was down 10% dropping to the $1300 level. it's part after big move in other markets. oil below 90 bucks, silver crushed and stocks will open

lower. you can roll out the issue suspect. chinese slows, dollar stronger, ben printing, but frankly we can't point to a single main cause, but we'll tell you this, there is a rush to the exits across the board and this: a 25 billion dollar merger offer. a tv company wants to buy a phone company and "varney & company" is about to begin. is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef bere opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find se good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. it's just common sense. all stations come over to mithis is for real this time. step seven point two one two. rify a lock. command is locked.

five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it.

>> good morning, everybody, we have a lot of questions this monday morning and don't have many answers, frankly. here is number one. why is dish, the satellite tv company, offering 25 billion dollars for sprint shall the phone company? charles runs dish, he likes to shake things up and he wants to bring together two distinct vehicles, tv and phones. while technologies are emerging, dish breaking new ground. sprint will be up. almost everything else is down. look at gold, the price around, it was down $100 an ounce

earlier today, down, that is. now it's down 80 or 90 bucks, that around 1400 even. and we want to know why and we'll ask the people who should have an answer. oil, way down, too, it's back down to around $89 a barrel. this may be because china is indeed slowing down. the dollar is a little stronger today. that may be the reason for oil. but silver, copper, mining stocks, all of them falling very, very sharply. so, that's how things are shaping up as we start out the new week. it's a down day, at least as we get this day going. in a moment we'll have your stock prices for you. we're expecting a drop, but not as severe as the selloff in gold and oil. all right, everybody, here we go. back in a moment. friday night, buddy. you are gonna need a wingman. and my cash back keeps the party going. but my airline miles take it worldwide.

[ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to search hundreds of cards and apply online. creditcards.com. a brand new start. your chance to rise and shine.

with centurylink as your trusted technology partner, you can do just that. with our visionary cloud infrastructure, global broadband network and custom communications solutions, your business is more reliable - secure - agile. and with responsive, dedicated support, we help you shine every day of the week. [ beeping ] ♪ [ male announcer ] we don't just certify our pre-owned vehicles. we inspect, analyze and recondition each one, until it's nothing short of a genuine certified pre-owned... mercedes-benz for the next new owner. ♪ hurry in to your authorized mercedes-benz dealer for 1.99% financing during our certified pre-owned sales event through april 30th. pre-owned sales event if you've got it, you know how hard it can be to breathe and man, you know how that feels.

copd includes emphysema and chronic bronchitis. spiriva is a once-daily inhaled copd maintenance treatment that helps open my obstructed airways for a full 24 hours. you know, spiriva helps me breathe easier. spiriva handihaler tiotropium bromide inhalation powder does not replace fast-acting inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva. discuss all medicines you take, even eye drops. stop taking spiriva and seek immediate medical help if your breathing suddenly worsens, your throat or tongue swells, you get hives, vision changes or eye pain, or problems passing urine. other side effects include dry mouth and constipation. nothing can reverse copd. spiriva helps me breathe better. does breathing with copd weigh you down? don't wait to ask your doctor about spiriva. everybody has different ideas, goals, appetite for risk. you can't say 'one size fits all'.

it doesn't. that's crazy. we're all totally different. ishares core. etf building blocks for your personalized portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks, chaes and expenses. read and consider it carefully before investing. risk includes possible loss of principal. >> good morning, everyone. the headline is a plunge in the price of gold. so before we get to your early stock trades, i want to bring in tre sch tres from chicago. i can't think of a reason for the gold selloff, can you. >> you're seeing a major rotation of the commodities. before the break you talked about some of the commodities are down. copper, gold, crude oil. green markets are sharply lower,

the cattle and hog prices, are slipping. and you're seeing a rotation out of commodities and a lot of people dumping the commodity index funds in favor of what, guess what, and the pundits talk about how equities will never have another down day again. and you're seeing rotation in the assets. and people are rotating out of commodities and into equities and that's what's putting pressures on the commodities including gold this morning. >> so on that theory then we should expect stock prices to be relaaively stable, not showing anything like the decline you're seeing in commodities, is that true? >> this is just a moderate decline in stocks and let's also remember, the stock market may go up, but it's going to do it without me, i'm not going to be long equities in a snow growth economic environment, no thanks. i think right now you're getting a sector rotation, that's all. stuart: we'll take that, thanks, tres, very clear. and the opening bell is about to

ring and my question for you this morning. is this affecting the markets? north koreans celebrate the country of the founding grandfather, but they have not launched a missile test yet and america offered direct talks, and maybe there's cool in the n noko situation? we're trading this monday morning ang expecting a loss of 40 points, roughly when the stock market fully opens up. the opening trend is indeed lower, down 27 now after 20 seconds' worth of business. nothing like the drop that we've seen so far in gold and oil. by the way, gold right now is down almost $100 an ounce. now, individual stocks. the satellite tv company dish wants to buy the telephone operation. dish launched a 25 billion dollar bid for sprint. it looks like a bigger offer than the one from japan's softbank. so, adam shapiro you're on the

exchange floor for us today. sprint shares have got to be up? >> they're up almost 60% at the opening bell, stuart and part of this has to do. you mentioned the offer from dish, more than 5 million dollars and it's a cash and soft deal, but what they're saying over at dish is that this is a company they value as being worth about $7 a share and you can see right now they're trading at $7.25, so, investigators like this. but then there's this issue of dish, you know, a tv company getting in telecommunications as far as mobile delivery is concernee, a lot of this has to do with how you and i get tv. how you get it is important, too. dish is up over the last 52 weeks, but sprint, they were 31 lower, $2 a share 52 weeks ago and they're recovering from this, this is good news if you've been holding on to the stock. stuart: fascinating when you get tv from satellite getting together with mobile telephone. that's a very technological innovation, we're talking about

fascinating. >> don't ever fight technology. they say don't fight the trend. don't fight technology. >> remember, i'm the idiot who bought microsoft. adam shapiro, thanks, indeed. i've got to get back to the price of gold. it's down so big this morning, almost $100 an ounce as we speak. and joining us now peter schiff with euro pacific capital. you've been a gold bull for a generation, you've got two questions for you on limited time. number one, why is gold down so much today? >> the only reason it's down, people are selling. it's related and why are so many people selling right now, has anything fundamentally changed for gold? i don't think so. i think that the fundamentals are a lot better now than they were years ago when i first started buying it, but i believe you had a lot of hot money, a lot of wall street money at that really never was involved in gold that was skeptical of the gold rally until maybe 2010, 2011 and they jumped on the band wagon and i think now the ride

is over, they're losing confidence, they never understood the fundamentals in the first place. >> if it's a mad rush to the gold vault exits, are you now moving in and recommending buying some more? >> well, i'm buying some more for myself, buying more gold stocks personally this morning and buy them for like 12 years. i think that once the technical selling drives up there is he' going to be a vacuum and i think the real buying is going to push the price up quickly. i think a lot of people are operating under two false narratives. one that the u.s. economy is recovering. it's not. as the stimulus wears off we'll be deeper in recession and the fed will keep on printing money, unfortunately and people are bracing for big sales out of european country that have a lot of debt and still have a lot of gold. i don't think that any of that gold is sold in the open market. i think it will be snapped up by thh banks predominantly in asia and around the world that have huge stock piles and not that

much gold. >> we thank you for your expertise. the price of gold as of right now, a two year low on the precious metal down around 90 bucks an ounce. i want to get back to adam. i've got cliff natural resources and that's a mining company. mining iron ore, for example, that's down because of the china slowdown, is that correct, adam? >> that's correct, they're down about 3.3% and they have he' been having a hell after year, stuart. when you talk about a stock in april of 2012 valued at $21 a share and march and now trading around $19 at this point, but their big problem. he they make one of the largest producers of iron ore in the world and china is slowing down you're not going to need it to make steel and investors are worried about natural resources. stuart: to the big board, we're now down 71 points. again, that's about 1/2%. nowhere near the percentage decline of gold or oil. i've got to say i got a real

shock when i saw gold first thing this morning, it was down more than $100 an ounce. it's come back just a little bit since then. this is very disappointing for all those people who bought coins for the grandkids. again, we ask the question, why this sudden rush for the exits of the gold vault? damon is with us joining us from florida this morning. david, we've heard a variety of explanations, technical, rushhto the exits, it's a stampede or a rotation out of commodities and into maybe equities. what's your explanation? >> well, stuart, peter said it well in the interview you had two minutes ago, but there's a piece here. markets, as soon as they have a piece of news, and they can front run the news, will do so every single time. and they're doing it because of the sales in europe. cyprus is forced to disgorge billions in gold.

people say, okay, cyprus, slovenia, and that's going to depress the price, and i'm going to take a short position and wait for the trade to run its course. as soon as you see an asian buyer, china, state police else, japan uses the new printed yen to buy gold. this can turn. we're in high volatility in this type of a front-running market. stuart: that's fascinating. the first explicit explanation we've had. very good indeed. i've got to move onto the american economy. we hear that china is slowing down. and hard numbers on that and not the gdp that we're expecting. america, our economy, how is it doing? >> not well, stuart. we had the empire numbers out this morning, they're weak. we look at employment numbers, they're not healthy. we're in a very slow tepid recovery, we have an impasse in washington, that's not going to

change. and the federal reserve can print all the money they he want. it doesn't make a lot of difference, they have lost most of the fire power. >> i don't have to worry about the stock market. money is coming out of gold and commodities and going to stocks and ben can keep printing money because of the weak economy and we've got a loss of 50 points on the dow and i shouldn't worry about a huge selloff for stocks, correct? >> well, except that we're in an event-driven world. and you listed them at the owning of your show, korea, wherever you look around, there's a lot of events. so, in our shop, we have a cash reserve. we're not fully invested because of the nature of the events. now, the markets are complacent about the events and that's because of the zero interest rate liquidity. i don't expect there to be a shooting war in korea, there could be. i don't expect the bird flu pandemic, but we have an active

virus and we don't understand how it's working and there are events to me that says a little bit of cash reserve for safety. stuart: david, thank you very much. and to the big board, the loss is moderating, it's 50 points. nothing like the percentage loss in oil or gold. okay. we've got that one out of the way for a second and we're on this of course. lest we forget, april 15th, tax day. the 12th of april we were treated to a document dump from the white house which revealed the president paid an effective tax rate of 18%. remember, he's a 1% guy. taxable income $608,000. and rate 18%. how did he get his rate all the way down to 18%? i tell you he gave big to charity. but in his budget, he wants to cap na deduction. listen to what i say, don't watch what i do. maybe that's the story here. we will have more on this a little later in the program. right now i've got the 7 early

movers for you. and tough to find them on the upside on a day like this. go and here is the stock price, i am gold. that's 10%, that's a drop and a half. mooddy's downgraded wind stream one notch, further into junk territory, down 2%. better than expected profit at citigroup, that's a big story today. the stock is up a buck, reaching 45, almost 46. disappointing results from the india-based software exporter, infosys. it's down not that much. but nearly 2%. that's a drop. it looks like microsoft is working on a touch screen watch, okay? i own some of this stock. not been good for me. down 18 cents this morning. and thermofisher scientific is going to buy a rival lab equipment maker he, that will be life technologies, and paying 13 billion dollars. up goes thermofisher. by the way, there you saw it

there. we got that one all right. and life technologies, that's up 7%, both doing very well indeed. check the big board again. we're holding at a 50 point loss. way down oil, way down gold, moderate loss for stocks thus far this monday morning. got another question for you. this time we do have an answer. should you be able to patent a human gene? the judge has the legal and constitutional-- and will it get to the supreme court? 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 offe 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 "hiest in customer loyalty for brokerage

and investment companies." and you wouldn't have it any other way.e. but your erectile dysfunction - you know, that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confidentin you. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctorbout all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as thisay cause an unsafe drop in blood pressure. do not drink alcohol in excess with cialis. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, seek immediate medical help for an erection lastg more than four hours. if you have any sudden decrease or loss in hearing or vision, or if you have any allergic reactions such as rash, hives, swelling of the lips, tongue or throat, or difficulty breathing or swallowing, stop taking cialis and get medical help right away. ask your doctor about cialis for daily use and a 30-tablet free trial.

...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta isooking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it.

>> # >> this is the headline of the day. gold down and sharply show. we're hovering at 1400 an ounce. check the big board where the decline is a mere half percentage point. it's a decline nonetheless. and takes the dow below 14-8. and another big decline in percentage terms, $89 on oil.

down 2% and the point being it's below $90 an ounce. and i want you to check this out. and for what our producers calls pretention and adam scott one the sudden death play round beating out argentinian angel cabrera. there was a huge controversy as well. tiger woods right at the center of it. my take on the controversy coming up in the ten o'clock hour. now this: can you patent a human gene? should you be able to? the supreme court hears the case this week. all rise, judge napolitano is here. all right, judge. cost the constitution say whether you can or should patent a gene? >> well, the constitution gives the federal government the right to give patents, exclusivity by a product created by a human

gene. the question is, is the molecule patented produced by man? or produced by man in aid of nature and it's patentable. stuart: the easy answer surely is a molecule created by our creator or nature, whatever your religious conviction, it's created by nature not by man. it's isolated by man, but created by either our creator, or nature, whichever you prefer. >> this is an argument you and i agree and an argue that the supreme court detests. not your argument, but the concept of having to decide. these are lawyers, these are not scientists. these are legal scholars having to decide, is this molecule the same molecule created by nature or is it so modified by man that it couldn't exist without human ingenuity? >> no, no a gene cannot be

modified. >> it's not the gene that's the subject of this, it's the molecule extracted from the gene. if it were the gene we wouldn't have a case. your argument would prevail. >> the molecule extracted from the gene cannot be produced by a scientist in the lab, cannot be. >> well, the producers of this demonstrated to a united states court of appeals for the second circuit right here in new york city that they so modified the molecule that it wouldn't exist without their ingenuity. now, you can see how technical this gets. i mean, this is an argument that will appeal to the department of physics at princeton more than the fordham law school in terms of people in the audience and the supreme court oral argument. >> and it's fascinating because there are huge financial implications. >> that's an implication for us, not for science, but the money. >> and let's suppose the supreme court says, yes, yes, you guys, you scientists, you can patent that molecule. what's the implication? >> the implication is only the

owner of the patent then can experiment on it and distribute it and sell it, that would be almost inestimable patent. and take human genes and substantially alter them, and there's hume from the patent of the changed molecule. stuart: it's split 4-4 the supreme court. >> you and i made the mistake of you studying economics and me studying law, we should have been scientists and patent molecules. stuart: wait a second, you're in the supreme court and four people say yes, you can patent and four saying no you can't. and you're the 9th justice. >> does mr. ailes know i'm on the supreme court? >> he doesn't yet. but for an act of nature, human being cannot claim credit for

the act of nature. i don't know if the court will agree with me. i know it's a case they're not looking forward to. stuart: time for the gold report. added importance on a day like that, they're down $90 an ounce. and bib drop friday, $1400 an ounce that's where we are, we're also at tax day and for the president it's do what i say, not what i do? case in point, the president's plan to cap charitable deductions, the same deductions that got his effective tax rate all the way down to 18%. liz mcdonald is here. @

@ i've got some big news. are you sitting down? well, stand up. actually, it's pretty huge, so sit. no stand, cause that's the whole point. standing burns calories. i'm burning them off right now. you won't want to sit still. the more you know.

>> all right. today's tax day, you know that. now, the president paid more than a tax obl income of 608,000. 18.4%. got it. the president was able to get that low rate by donating to charity and a big deduction for $150,000 of donations and please keep in mind the president's budget, he wants to cap those charitable deduction that got

him the low rate in the first place. and liz macdonald knows about this and has been shifting through the records. >> we were saying that the president has been generous, nearly 25% of it to charity. but we found when the president has chosen to basically, whether or not he's going to minimize his own bill or hand more money to the government, some snarky critics would say listen he's chosen to lower his bills, when you look at tax returns he's taken in the past for tax credits, against income bill sales overseas and not giving more to the government. and basically not experienced the stock market like other people in this country had. certainly the middle class investor and virtually no capital gains reported on the income tax returns since the year 2000 tax return and virtually no dividends. you can imagine what the obamacare, basically the health reform taxes in there that will hit those kinds of investment incomes, and he's personally not going to experience it. >> i don't want to be snarky and don't want to pick on the president for every nit-picking

thing, but he's given big to charity, three cheers for that. >> that's right. >> but he's going to cap that deduction in his budget which means that people will money would probably give a lot less than charity, worthy charities. >> that's right. stuart: and third item, he's not invested in the stock market and certainly hasn't earned capital gains or interest or dividends in the stock market and yet, you know, that's what he rails about, you know, he doesn't like these rich wall street people. >> that's right, stuart, and interest income in the form of royalties on book sales and hasn't experienced what the middle class investment experienced in the way of capital gains and dividends. >> all right, we're following the angles for you today. 25 billion dollar buyout bid for a big phone company, and the germans, they want the rich to pay for any future bailouts and selloff in gold a down side move this morning. we've got that covered for you next.

stuart: tax day, monday, april 15, here's what we have for you. a great leap forward for merging technologies? maybe. dish is willing to pay 25 to $10 for sprint. yes, it is tax day, but look at what they proposed in europe. the germans want to wipe tax on german and italian ice. you have a big account?

you pay. take it big, deep breath. ♪ all right, i want to go straight at it, the selloff in gold this monday morning is at a two-year low. liz is with me, what you think is going on here? liz: the stocks are more productive than gold, and also the goldman sachs for a price target, rested down the price target for gold to $13.90. stuart: when did they put that out? liz: recently, within the past several days. stuart: we have had guys stay in europe because of the pressure on those countries, they are going to sell their gold, they are going to dump it. down $100 per ounce right now.

liz: only fundamentalists demand and supply. a president of the ecb step in and saying you sell your gold reserves. the official in the european zone saying you use your gold reserves to solve your problem, that will put pressure on gold. stuart: no action from north korea, china slowing down, that doesn't seem to be the point. i think it is the europeans pushing the week nations to sell off their gold. i had a shock when i came in this morning and saw that. let's go to the big board, the stock market, gold way down, down only half a percent, nothing like a huge percentage

drop building up some steam, i see. $13.94. off about $104 per ounce. losing some steam as we speak. that is the headline of the morning. i wants to stay with stocks for a moment, caterpillar, i'm sure that the stock is down because the stock is slowing. >adam: after china's gdp estimates. the first quarter came 7.7%, analysts reckon 8% so caterpillar taking a hit, period crediting swiss having ranking them outperform but lowering the target from $123 a share down to $110. closer to $85 roughly pulling the dow down by the weight dow jones industrial average by 14 points so they are leading the losses on the dow.

stuart: adam, thank you very much, indeed. i will say the price is crashing. what about the virtual market crash? lastly the value value of the online currency bitcoin crashed. joining us now, a bitcoin entrepreneur. jeff, welcome back. your side of the bitcoin story is you want to put out atms, so you're the point of contact were put in by u.s. greenback dollars and i get back bitcoin, is that correct? >> that is correct. stuart: i'm sure some have told you it is a scam. >> i have to point out gold and bitcoin are quite a different market.

bitcoin is a new, evolving currency and because of that very small market. we are only back to where it was at the start of this month. it will continue to be volatile. people are really trying to gauge if it will become a real currency. stuart: i don't know who started bitcoin, it is anonymous. i don't know who runs it right now. you're asking me to put my money into an operation where i don't know the founder, dr. who is running it, i don't know who it is run from, all i have now is a rumor and a crash. >> you just described the federal reserve. stuart: the federal reserve has been around for hundreds of years and all around the world, you cannot say nobody knows who owns the federal reserve. >> do you know who owns it? stuart: isn't it owned by

federal banks? i know who runs it, his name is ben bernanke. i know where he lives and i can go asking questions. can you say the same thing about bitcoin? can you tell me who started it? >> started apparently in japan, but that is not the important part. stuart: it is the important part. are asking consumers to have confidence in a virtual currency, but you cannot com tee the person who started this where the operation is founded. >> it is open code software. you can see nobody controls the currency, that is very exciting. you don't need anybody to control the currency. stuart: the two identical twins, they own $11 million worth of bitcoin.

winkelvoss, they have a big position. >> good for them. stuart: how come it went from $200 value down to $98? >> it is very volatile. people trying to engage and this will be a real trend. it will continue to go up. it doesn't turn out to be a real currency people use, it could go to zero. what the market is trying to gauge right now is very interesting. stuart: do have an atm in the market? >> we're doing a press launch. stuart: the first time where you take my money. >> or give you a federal reserve note from your bitcoin. stuart: you do? what does that mean? >> it is a dollar bill.

he put the currency in dollars, it goes into your bitcoin, or if you have a bitcoin account with currency, you can take dollars out of it. stuart: okay. so that is the conversion factor. introducing it very soon to california? seriously, thank you very much for joining us. let's get to north korea, shall we? thousands of loyal citizens celebrating the 101st earth day of the country's founder. the rogue nation still has not backed down from threats to launch a test missile. and secretary of state john kerry says he's willing to open up direct talks with the north only if they abandon nuclear program.

you could say, and some have said, there is a lessening of tensions on the korean peninsula and maybe that is the part of the reason for the gold sharp decline. any updates, we will bring them to you as soon as they come in. why is everything down today with gold leading the way? joining us by phone, fitzgerald. we had all kinds of explanations why gold is down all across the board, what is yours? >> institutions are simply realigning the risk portfolios, and i suspect there is a margin call out there somewhere. institutions remain highly leveraged despite the fact we are five years and this financial crisis, i think japan is forcing people to reassess how that works. a precursor to what we saw with greece, ireland, portugal, spain. stuart: doesn't have a chance to defend himself. here a moment ago from the

bitcoin defended the bitcoin and at the same time i see gold literally crashing, some say bitcoin is the new gold. you follow all these markets, what is your comment on bitcoin? >> if it wasn't legitimate currency it wouldn't be dropping from $200 down to $90, to be running the other way and a stable value. to me it is a large commodity scheme. very tough to convert it to real currency. stuart: direct and to the point. now, the dow is down 102 points, so it is folly not as sharply in percentage terms as gold, but what does this mean for the average investor on the stock market? >> stay tuned. this isn't necessarily the bad thing everybody makes out. would you rather buy something when it is on sale or buy something when it is 50% more expensive? this is the exact time to start

getting in. now is the time to start thinking about volume. stuart: appreciated. germany wants a wealth tax in spain, portugal, greece to pay for future bailouts. will they get this? facing an election later on this year. let's tax the rich people. liz: angela merkel in the middle. she has an election coming up. it is hard assets now for southern european neighbors paid to help cover their bailouts. that is their houses, not their cash because the cash to move out of the country as we know from the budget administered in france.

germany sees what can be taxed, that is the assets, the house is old in spain and portugal. stuart: a good point. the people lent money to grease got a nasty haircut. now they're going out to people with big houses. before there was a housing bubble in spain, so you used all that money to build houses, now we want some of that back. germany is being wrongfully attacked, they have been behind all of the bailouts to date, now they're saying enough is enough, you have to do more to pay for your own bailout. stuart: i can't believe the italians, spaniards, the greeks, they're already in virtual depression. what is next? liz: will they have to pay for

their taxes? they are not in the euro zone but their assets are in the euro zone. stuart: let's talk about immigration reform. senator rubio says he is willing to lose some allies in the fight to push this through. more after this about immigration. we have asked this question about apple before, but could facebook be losing its cool? next. are you still sleeping? just wanted to check and make sure that we were on schedule.

the first technology of its kind... mom and dad, i have great news. is now providing answers families need. siemens. answers.

stuart: reportedly microsoft is throwing their hat into the smart watch arena. reports from the "wall street journal" says microsoft has acquired a touch watch like component. the chevron on microsoft is up $0.06. amazon announced launching a health care website. hundreds of thousands promoting healthy living will be for sale. amazon stock virtually dead flat. keeping a close eye on gold tumbling to a two-year low. i say that market is tumbling, now down $100 per ounce. dow jones industrial average o

off. we will hear from marsha blackburn in the house. girl vo: i'm pretty conservative. very logical thinker. (laughs) i'm telling you right now, the girl back at home would absolutely not have taken a zip line in the jungle. (screams) i'm really glad that girl stayed at home. vo: expedia helps 30 million travelers a month find what they're looking for. one traveler at a time.

expedia. find yours. stuart: listen to this, new report says facebook is losing its cool among young people. only 33% of teenagers see it as the most important social network. >> listen, they want a place to escape from parents and grandparents.

now parents and grandparents are flocking to facebook, this isn't so cool anymore. it's going to be facebook all alone if they don't watch it. such easier ways to communicate. they want to send photos and messages. stuart: snap chat, you use that? liz: now. i know my niece and nephews do. stuart: close to breaking below that level. liz: teen sedatives down. stuart: were alway two your old iphone can be your eyes and ears when you're away from home. letting you do precisely that. interesting stuff. now, florida senator marco rubio backing the bill that is expected to hit this week. durinjoining the company from te house of representatives,

blackburn republican. this bill modernizes immigration system. it deals with reality and deals with it fairly. senator rubio in the senate, you're in the house, what is your response? >> we don't wan want to see a pathway to citizenship, we want a pathway to a green card. ice needs to reform how they do their processes, a lot of people have been waiting a long time, stuart, to get in this country. we will do something incrementally, the senate wants to do it all at one time. you will soon house move forward

and went to one thing at a time. stuart: the senate comes up with this bipartisan bill, they vote to say yes, the house comes up with its version and both on it and says yes to this? the two then have to get together. what you're suggesting is the immigration bill finally emerges some way down the road will be watered down big-time. >> it will be a bill that does a good job representing and upholding the constitution. that is what you are going to see. it will not be a bill that gets amnesty and will not link a pathway to citizenship. stuart: now let's he honest. it is all about the panel vote. i hate to race ethnicity race i,

or they will not go with amnesty, h you lost the hispanic vote. >> i don't agree with that. what people want to see is something that will respect the rule of law. stuart: do hispanics want that? >> i have talked to so many hispanics who say we want something fair. we understand the path to a green card, they don't want individuals to get in front of others and get amnesty when they are told to keep their feeds updated and come here on a path to citizenship. stuart: have got to turn to guns real fast. there will be legislation that says background checks at gun shows, but not background checks if you and i exchange firearms. >> i want to see what they will end up bringing forward.

the issue over gun control, i don't want anything that will impede or restrict individual second amendment right. i do want to make certain law enforcement is enforce the local and state-level laws that are there to be enforced that are on the books. too often we find people flip through this process and get a gun when they shouldn't get a gun and there is a law on the books to deal with that. stuart: in the last 90 seconds you have gutted a lot of the terms. >> i stand for the second amendment. stuart: marsha blackburn, republican tennessee, thank you very much indeed. >> thank you. stuart: my take on tiger woods respect for the game of golf and the scandal at the masters. that is next. we went out and asked people a simple question:

how old is the oldest person you've own? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and th that: you're history. instead of looking behind... delta is looking bond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history...

we're making it. bjorn earns unlimited rewas for his small business take theseags to room 12 please. [ garth ] bjors small busiss earns double miles on every purchase every day. produce delivery. [ bjorn ] just put it on my spark card. [ garth why settle for less? ahh, oh! [ garth ] great businesses deserve limited reward here's your wake up call. [ male announcer ] get the spark business card from capital one and earn unlimited rewards. choose double miles or 2% cash back on every purchase every day.

what's in your wallet? [ crows ] now where's the snooze button?

stuart: keep a very close check on the dow jones industrial average down almost 100 points, but please don't forget about gold down $106 per ounce. 7% down, that market is crashing. pay close attention to both of them today.

we have a winner, a big name, what is going on, adam? adam: netflix is number three in terms of gainers on the chart. netflix subscribers have launched 3 million hours of programming. and then setting a price target of $250 per share for netflix saying we believe netflix is set to benefit from the perfect storm among them better bandwidth for a lot of people, i've been in marketing, you also have improved set top box and increased consumer interest. bottom line if you have apple tv, you have netflix and you get the first month for free. stuart: is the arrival of streaming, even i am doing it.

incredibly easy and very entertaining for $8 per month, how can you lose on this? you are still looking good, adam shapiro. it seems everyday we get another unintended consequence of obamacare. now here's the question, could the law be unraveling? coming up, one of the most outspoken businessmen against obamacare. we'lwe will ask him, if the deal possible? now here's my take on tiger woods and what i think was a classic missed opportunity. bear in mind i am not a golfer, i like watching, i don't play. i'm an outsider, so i'm not getting into the ever so gritty rules of the game.

but the tiger woods situation late friday into saturday morning at the greatest golf tournament in the world. he dropped his ball in the wrong place, signed an incorrect scorecard. this is a big deal. according to tradition he should have disqualified himself. new rules let him off. that is where in my opinion missed an opportunity. he stayed within the rules of golf, yes he did, but he broke one of the sacred traditions. generations of golfers have disqualified themselves for signing an incorrect golf card. he changed the traditions of the game forever. if he disqualified himself, he could have said i am upholding the honor of the game. i want to get my life back on track and i am doing the honorable, traditional thing. one more step in the right direction for my private life.

he would have been acclaimed as a hero of the game fully rehabilitated from his personal troubles. instead he spent the weekend looking angry when he did not win. one last masters comment for anybody watching it. to exxonmobil. there had dominated the tv coverage. i don't want an oil company lecturing me on education, thank you. it's not your turf and you will never get on the good side to matter what you do. so here's my message. shut up and drill.

but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fility guided portfolio summary. it's one more innovative reason seris investors are choosing fidelity. now get 200 free trades when you open an account.

stuart: joining me now, very important, very popular guest on "varney and company," his name is zane tankel. he owns 40 applebee's restaurants and an outspoken critic of obamacare. i don't want to discuss past controversies, i want to know this. you oppose obamacare. >> i do. stuart: following quotation next year, do you think there is any way it can be unraveled? >> now, hasn't been unraveled for all of the effects are. it is still unraveling.

what is a full-time employee? they say now 30 hours. if you are below 30 hours, you are susceptible to it. in addition, most people are going to opt out of it because the employee has to pay 9.5%, so the cancellations that we have done is a minimum-wage employee will be responsible for proximately $1240 per year of payment. gnome which employee is alternative or her alternative would be to pay $90 fine. stuart: in your applebee's restaurant if you pay minimum wage employee. >> like to say on air we have none. but say i do. stuart: the company has a minimum-wage employee and that employee is offered health care by the employer. >> crack.

stuart: that employee will have to pay out $1200 per year as their contribution to the employers cost of obamacare. accurate? >> it is 9.5% of the annual premium. so it would depend on the minimum-wage or above minimum wage. 9.5% of his annual or her annual income goes to their share. stuart: that is impossible. that employee would have to make $20 per hour will be forced out to these exchanges, that is what is going to happen where they will have to buy insurance which meets the standards of the obama administration, therefore it will be relatively expensive, they won't be able to afford it so they go ont on to medicare, s that it? >> exactly.

having said that, stuart, it is still unfolding because for example we just learned you will get one year to determine whether somebody is or isn't a full-time employee. so you say january 14, it is not a dropdead date because how do you ascertain if somebody is full-time 30 hours or more employee or not? are you retroactively looking or are you looking at 2014 for 2014? stuart: that is delivered. they don't have this chaos running up to the election. >> exactly. a whole lot still unraveling, so what do you unravel to unravel? stuart: you are in an impossible situation. you are. liz: besides herself, were talking about this at the break,

employee health insurance hurts workers, so why not just pay the two grand fine on the part of the employers, not insure them? >> because the $2000 fine if not tax-deductible, if you're in a 35% tax bracket amounts to about $3750. i go back to what i said to stuart, it is unraveling so how do you unravel what is still unraveling? it is unfolding, i would like to say our company with approximately 400 employees is ahead of it. we spend time looking at it from the date was proposed, so we are out in front of this, right up to the date with full-time lobbyist in d.c. feeding us information. but we're getting different information depending on the week.

stuart: would we be better within your industry, the restaurant industry, is there uproar within the industry? >> of course. tremendous uproar. the concept, let's get people back to work. you don't add on to the cost, obamacare is here, no restaurant has stayed in business after it has been unionized not because of money, but because of job rules, work rules, this guy makes a hamburger, this guy uses the buns, this guy does this. stuart: i would like to talk to you longer. >> you could. stuart: we appreciate you staying with us. >> i appreciate being with you. stuart: thank you very much. have an old iphone?

now you can turn it into your eyes and ears no matter where you are in the world. the company that does that will demonstrate next.

♪ (train horn) vo: wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities. stuart: look at gas prices down a little overnight. the trend continues. the average price for a gallon of regular unleaded down $0.07 for the week. gas even lower.

$88 per barrel. keeping a close eye on gold today as it continues to plunge, this is a crash down $117 per ounce. i think crash is valid. dish network trying to buy sprint nextel. fish said they would combine the tv and broadband services with the cell phone operations. shares on sprint jumped on the news. australian has finally done it, adam scott beat cabrera at the 2013 masters. sinking a 12-foot putt on the second playoff hole to win., big deal. get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people o are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other,

which isn't rocket science. it's just common sense. from td ameritrade. it's just common sense. all stations come over to mithiss for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative softwaren the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers.

stuart: alpha natural resources, they mine for coal, and they are way down because china's economy is slowing. how far down are they, adam? adam: they're down about 9% today, but year-to-date down 26%. right now trading around $7.19 per share. but following all of the miners down today on the news out of china. gdp in the first quarter 7.7% growth when everybody expected 8% growth. stuart. stuart: thank you very much, adam. i will now bring our viewers a technology story. here is the question, do you have an old iphone sitting around your house? our next guest can show you how to put it to good use. people power cofounders are with

us. i go first to cofounder of the company. i will try to see if i have got this right. i have an old iphone, ipad, don't use it anymore. if i use your app, i can plug it into the internet, i can tune in and look at it from anywhere in the world and it acts like a nanny camera. >> that is exactly right. a wonderful app and it is free. the price is right, what you can do is download it into two iphones or ipad and turn your spare device into a camera. stuart: are you a public company? >> where i set up -- we are a startup.

we are a private company. stuart: i have given you a fantastic commercial here. are you doing an ipo sometime in the future? >> have taken the company public before. i took my first company public, this one is going to be the biggest one. stuart: how do you make money with a free app? >> after people love it, we just launched two weeks ago, we are going to upsell by selling other devices like this, anything you plug in can be monitored and we can save you money. stuart: there we go. going to demonstrate the product.

you have 30 seconds to sell me. >> i have a spare ipad in phoenix. you can use this as a camera to watch over your things, security monitor and also two-way audio video. if you want to talk to them when they are at home, a beer elderly relatives can be can talk to them through this device. let me turn up the volume. hi, samantha. >> high. >> i pop into the living room at night and ask if you are there. i took her to on a tour. stuart: i'm getting behind this technology. how many employees so far? >> we have about 20 employees. stuart: it is called people

power, correct? presence. they are using this in a way that you described, is that correct? >> i can tap into my camera, that will transform this device into a wifi video camera. motion detection can be enabled so while you're away from home you can turn on a motion detector and if it sees anybody moving, it will send you a video clip. right to your phone. stuart: how many people have signed up? >> we have people in over 100 countries and getting sign-ups of thousands per day. it has just taken off like a rocket. stuart: i have given you one of the best commercials you have ever had. >> we love you, we love this show and all of our viewers. stuart: i expect 10% commission.

thank you for being with us. you turn her off, are you nuts? samantha, thank you very much indeed. for the first time i have been made aware of technology which i might actually be able to use, although i'm not sure i can figure out how to actually plug it all in. >> that is why you have your smart, lovely wife to do it for you. >> even my mother set it up in the next and it is so cool even my kids love it as well. stuart: forgive me for asking, how old is she? >> she is 74. she has her ipad, this is so easy. if you can download an app, you

can set that up. stuart: i am not there yet. thank you very much, indeed. nice and gentlemen, that was great, we really appreciated. >> >> thank you. >> thank you. stuart: you can bet the left will attack us. the hedge fund managers. time for them to pay their fair share of taxes. we will discuss it next. @

stuart: there's no question what is the headline today. it is cold. look at this, please. the price of gold is down $136 per ounce. liz macdonald came up with what i think is the best single explanation for the selloff of gold. liz: european central bank president says cypress is already committed to selling the excess gold reserves but now we have seen the ecb president stepping in and saying if you're going to make any profit from gold sales like cyprus can have used the money to cover the cost of your own payload. we could see this as a trend taking hold in the euro zone of any central banker any government in the euro zone sells your gold, have to use it to pay back the euro zone bailout funds.

stuart: greece is in trouble, they could be pressured, that would add, that is a road. liz: it is so easy to buy gold, they don't have to get an armored truck to backup your door. that makes it easier to dump, to sell. at the ease in which you can buy and sell gold these days. stuart: any significant market dumping 8% in a day. i've not seen that in a long time. >> we haven't seen this kind of a route since 1983. stuart: the top for hedge fund managers all made over a billion dollars last year.

they're going to go crazy over this. liz: they will go berserk over it. should they be paying the taxes on the lower capital gains not on higher rate income tax rate. stuart: were talking about something the president wants to stop. that is hedge fund managers being taxed 15% capital gains tax rate versus a 39.6% income tax rate. the president says we can't have this, that's not fair. what do you say? liz: he has a point. republicans have a point as well. it is not legal income. i will tell you something. these guys have lost their shirts, there is no lifetime membership in the rich club. a lot of them make bad bets, so

what are you going to do, can you test all of their income? you get $1 trillion. if you tax 100%, you will not pay down the consensus. stuart: an interesting question, isn't it? "the highlight reel" coming up next. appetite for risk. appetite for risk. you can't say 'one size fits all'. it doesn't. that's crazy. we're all totally different. ishares core. etf building blocks for your personalized portfolio. find out why 9 out of 10 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 possib loss of principal. omnipote of opportunity. you know how to mix business... with business. and you...rent from national.

because only national lets you choose any car in the aisle. and go. you can even take a full-size or above and still pay the mid-size price. i could get used to this. [ male announcer ] yes, you could business pro. yes, you could. go national. go like a pro. ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history.

instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. stuart: i call this the bold highlight reel. role-play it, please. gold plunging. we want to know why. >> it is all technically related. why are people selling right now ? >> that is what is putting pressure on the commodities, including gold this morning. >> you use your gold reserves to fix your problem. that will put pressure on gold.

>> they use the new printed yen to buy gold. this can turn. stuart: that was interesting. if an asian power comes in and uses its newly printed currency, like the japanese, for example, you will see a turnaround. this is a crash, in my opinion. >> a very limited picture with what is going on with the gold trade. there are other hedges out there. it is a more rounded picture that needs to be told. stuart: down $140 as we speak. dagen: i am dagen mcdowell. connell: good morning. i am connell mcshane. is it just a convenien