♪ ♪ imus in the morning ♪ >> exciting, isn't it? day after day, the records fall. money is being made and it's been years since we saw our investments go up like this. good morning, everyone. you may see a small pullback, but stocks will be open today and won't put much of a dent in the pile of records we've seen

this year. is it good profits? is it ben printing money? who cares. if your money is at work, you are looking good, smile. and so is housing, a dramatic fall in foreclosure activity, it's down to a six-year low and so is tesla, the electric car company. it's making a real profit. watch its stock zoom this morning. and yes, "varney & company" is about to begin. [ male announcer ] at his current pace, bob will retire when he's 153, which would be fine if bob were a vampire. but he's not. ♪ he's an chitect with two kids and a mortgage. luckily, he found someone who gave him a fresh perspective on hisortfolio. and with some planning aneffort, hopefully bob can retire at a more appropriate age. it's not rocket science. it's just common sense. from td ameritrade. it's just common sense. are you still sleeping?

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>> we're going to start the day with obamacare. question, is it constitutional. is it a constitutional right, more to the point. congresswoman sheila jackson lee says yes, it certainly should be. here is the congresswoman. >> what should be continuously emphasized, as the president's leadership on one single point, that although health care was not listed per se in the constitution, it should be a

constitutional right. >> all right. she says, it should be be a constitutional right. maybe ms. lee is playing defense with obamacare under attack, she defends it by making it a right. you cannot repeal or take away a right. of course, the question stands, is health care a privilege or a right. that sounds like a question for judge napolitano and he'll talk about it in the next hour. another black eye on carnival cruise line. two passengers are missing on the australia coast. they're believed to have fallen overboard sydn overboard. as for the dow another record high yesterday, that will be the 17th this year, the s&p 500 another all-time high, that's the fifth straight for that indicator. the stock price run-up apparently still has legs all right. and then there's this. the miami marlins got a 600

million dollar brand new taxpayer funded stadium, one problem, the fans just are not showing up. so, what's the solution? shutting down the upper deck to all fans. by the way, the marlins still won't be able to fill all the seats. we've got more on this coming up. change makes people nervous.

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♪ sign, sign, everywhere a sign ♪ >> do you recognize that, that's the song "sign" and played it in honor of tesla. and first we've got scott shellady with us. scott, out of the box for a second. we saw the sheila jackson lee, democrat, texas, health care, she wanted it to be a constitutional right. something to say about that, scott. >> welcome to the common sense room. life, liberty, the pursuit of happiness, let's turn the tables on her a little bit and look for the places, the constitution, we're responsible for our own action. take responsibility for ourselves. and she is just another one of those people part of the nancy states that want to give and take care of you and take control of you. >> thank you, scott, i'm glad we

brought you into this argument. i've got to ask you, i've gotten seconds, stocks keep going up generally speaking? >> yes, they do, because we've got two things, we've got a nonparticipatory rally and money on the sidelines and uncle ben bernanke behind it as well. yes. stuart: uncle ben printing away. i thank you, scott. the opening bell has rung and we're off and running this thursday morning. a series of record highs and we're expecting a pretty flat open, maybe slightly lower, and who knows where we will close out the day. in the early going we're at 15,100-- 1, 2, 3 point gain. look at that, 15,100 who would have thought that say five or six months ago? we've got the big stock to watch though, that's clearly tesla, the electric car maker. it reported its first ever quarterly profit and lifted sales outlook for the future. look at that stock go. 13 bucks higher at 69. remember, please, this is not your normal green energy

electric car subsidy company. far from it, it did get a government loan, but paid it back five years early. and by the way, 5,000 of those very expensive cars, the teslas, they were sold in the first three he months of this year, that's globally. stock is up 24%, the stock of the day, thus far. sony, yeah, it made a profit, and first time in five years, however, it did so by selling assets, like its new york headquarters. and the electronic side of the business, that's still bleeding. by the way, loses money on every tv set that it makes and despite the profits it's down. monster benefit is taking a hit and underfire for marketing the energy drinks to kids. >> int to regulate caffeine. >> not just the kids, you're right about that, but the entire public is concerned about caffeine, the health risks involved. you may remember, they were

investigating five deaths to see if there was a correlation there, all this have talk and chatter, put them under pressure and sales dwindled, it's down 8 1/2%, i mean, no one consumes more caffeine than i do, but, and mine is usually from starbucks, but you do see here, that obviously, the health concerns really did hit the quarterly numbers. >> i have to tell you, nicole, i drink at least four cups of coffee first thing in the morning, i just do, and look at me. >> and look the at you. >> all right. that explains a lot. okay, we've got to move on, nicole. >> those cups are small. >> say what? >> those cups are small. stuart: no, i drink serious coffee, brew it myself. it's free. and exactly where are we this thursday morning? stocks at record highs. the housing market is coming back nicely. i've got more on those foreclosure declines shortly and the economy, it is growing

slowly. some people might say that printing money, good ole ben, has been good for america. peter schiff of course, will not agree he with that and here he is. all right, peter, before you launch, have you got nothing good to say about what ben bernanke is doing? because he has got interest rates down. he has helped the housing market. he has helped push people into stocks and away from bonds. come on, he has. >> oh, i mean, this is -- this is monetary, we just talked about, monetary caffeine. that's it. and he's injecting it into the economy and it's no good. the market is rallying, but it's rallying for the wrong reasons. stuart, if your child brought home a "a" on the example and you knew he cheated on the test, are you proud of him. stuart: hold on, you can't dismiss it because a lot of people are making a lot of money. the average wealth of

americans-- >> stuart. stuart: as homes go up and as housing goes up and as stocks go up, they feel more wealthy. whether it's because of ben printing money or anything else, doesn't really matter, does it? >> well, sure, it matters and people felt great as the housing bubble was inflating in 2003, 4, 5 and 6. we're blowing more air into the same bubble. look, if we had a more responsib federal reserve that wasn't monetizing the steps and printing money and buying mortgages, if they let interest rates go to a free market price, the dow jones industrials will be thousands lower right now and eventually, because this is a phony game, either all the gains are going to go away when the fed takes away the punch bowl or if it never takes away the punch bowl, the gains are meaningless because they're obscured by massive inflation. >> i take your point, i really take your point, but a lot of viewers are going to say, there goes peter schiff all over again, he's bound to be right in the very long-term.

and you are. there will be another crash and a bubble at some point in the future and you will be right. meanwhile, you've missed out, or certainly a lot of our viewers may have missed out on the housing rally and the stock rally because they're listening to you. >> no, no, i'm not telling people not to be in the market, quite the opposite. i'm telling people that stocks are going up. i've been saying that for years. i prefer foreign stocks to u.s. stocks and telling people for years, if the choice is between putting your cash under your mattress or in the bank, buying bonds or buying u.s. stocks, buy u.s. stocks. i'm just not going to lie to myself about why the market is rallying and not going to pretend it means that the economy is good or that u.s. corporations are more profitable. it's not. it delusion by the fed and it's going to end. and this is a problem that's going to come back to bite us in ten or 20 years. this is looming on the horizon. i don't know this year, next year, the year after, but it's going to be a horrific crisis,

much worse than what we had in 2008. >> all right. well, we heard it from you directly. peter schiff, we do appreciate that. thank you for being with us again. gotcha. >> thanks, stuart. stuart: let's move onto the housing market. foreclosures hit a six-year low. can we say that the foreclosure crisis is over? very good news on foreclosures, and is the crisis over? joining us is the real estate professor from george mason. welcome to the program, good to see you. >> thank you, stuart. can i make that bold statement, the foreclosure crisis is over. >> just insert peter schiff's comments in here. the answer is, it's improving, paul though 30-day delinquencies are up. it's improving primarily for the same reasons that peter schiff has said. the fed has been pumping lots of air into the market and the housing recovery is mostly an investor recovery, not a traditional home owner recovery. so, the second the punch bowl is

pulled away, it goes. stuart: now in the short-term, before that punch bowl is taken away, does this foreclosure decline, the fewer foreclosures, does it mean that more homes are going to come onto the market, you know, to make juice up the housing market some more? >> yes, it should mean we should be seeing more inventory he released in the market, shadow inventories from the banks, et cetera. however, there's another problem, it's not clear that there's borrowing demand from consumers. they're just not buying. and so, a thin inventory, few buyers, these are all investors. so this is what we're seeing pumped up. it's not clear to real recovery. >> so it's investments that are doing the buying and trying-- and making it look better, it is improving, but ben bernanke pulls away the punch bowl and you say we're back to crisis mode. >> take a look at las vegas, las vegas house prices are going up.

the problem is they still have 9% of the homes in las vegas are vacant. we've got investors, hedge funds and everything buying up using ben's cheap money and rolling the dice, it's not recovery from the consumer side. so, again, as soon as he pulls the punch bowl away we're back at square one. >> professor, we appreciate you being with us, and we know what your he' talking about and we appreciate that, and professor at george mason university. >> thanks, stuart. >> the dow down one point. we're still at 15,100, hardly a retreat. >> let's move on to abercrombie & fitch. the ceo back in the news and standing his ground, why the company doesn't sell extra large clothes or employ so-called unattractive people. the question, does a ceo have a right to pick his or her clientele, i believe it's called in america, we'll deal with that

in america. clientele. stop laughing at me, i've been here 40 years. facebook is in talks to acquire israeli mobile satellite navigation start-up waze, w-a-z-e. facebook is dead flat. strong sales of single serve coffee boosting green mountain profits, that's a day trader stock and you hit the jackpot, boys, it's up $10 at 69. that's had a charles stock, by the way. disappointing sales at the date a center rap space, 22% down, $11 off. health concerns cut into monster beverage sales and maybe they're going off caffeine and it's down 7% now. groupon takes on more money than expected. 14%. big moves today. a disappointing forecast from activision which makes the popular "call of duty" video game. it's down 5%. another big move. and let's move on to microsoft.

it may buy all of nook media's digital assets. and nook is owned by barnes & noble. the stock right now is down a fraction. barnes & noble is-- sorry, up $3 bucks, 4 bucks, 22%, big moves today. the dow industrials are down 1 point and i call that a go nowhere market this thursday morning. time is money, let's move on fast here. what else have we got today. answer, president obama, he lectures on job creation in texas today. two democrats, a mayor and a congressman will join they're both from texas and how do they account for lonestar's boom. government or private enterprise? high tax or low, we will ask them. another for carnival cruise line. can they rebrand for the failures? if so, how can we do it. we have a branding guy to answer the question and dr. keith ablow joins us, the technology makes you dumb? i think he says that, i think he agrees with that.

do you? we're covering it all. well, up next, listen to this, a man after my own heart, a man who says microsoft is poised to become the most valuable company in the world. windows 8 is not the next new code he says, first, millions of people were watching across the country, jodi arias convicted of killing her boyfriend and instead of life in prison, she would rather die. >> in my family, i don't want to spend the rest of my natural life in one place, you know, i'm pretty healthy, don't smoke, and probably live a long time. that's not something i'm looking forward to. i said years ago i'd rather get death than life and that's still true today. 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.

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how old is the oldest person you've known? 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 much is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ >> you may remember this week, microsoft announced it was

retooling mixing windows 8 and trying to address complaints and confusion over the brand new operating system. is that bad news? our next guest says, no, no, it's not. and microsoft will be the most valuable company in the world and bear in mind, please, a former microsoft employee and now runs a company that does business with microsoft. so, sanjay, you're not grinding an ax here, are you? >> microsoft is definitely one of the most valuable companies and look the at the clouds surface strategy and people are equating it to the new coke, and all they're making it turning on a windows 7 style menu which is part of windows 8. stuart: hold on, i've got to cut in here because i, and maybe some of our viewers, will not understand about this cloud strategy. what is microsoft doing with the cloud that's going to make it the most valuable company in the world? >> there are several cloud services they're embracing,

right now, microsoft makes like $15 every year when you buy a new pc, and now, xbox, and cloud services $10 a month a much better business model and the visualization, to the clouds services vendors, we've nearly doubled our revenue for the first quarter of this year, a great business to be in and that's what it should be about. the focus on the operating system isn't what it's about. they make money off the patent to android uses and microsoft office is available on the entroye android platform and you see presentations on the android phones and going to the xbox and doing a presentation on a big screen, it's a very different world now. stuart: i don't want to reveal. >> it's not just about windows. stuart: i don't want to reveal my total lack of knowledge, but i want you to explain, can you do this in laymen's terms. how is microsoft utilizing this

cloud to create huge wealth in the future? give me just a fast example of what it all means. >> so, for example, instead of just buying windows, if you get sky drive you're paying about $10 a month through microsoft

you're saying microsoft, because of all of this cloud services and the money flowing in they will be the most valuable company in the world, you're saying that. >> absolutely. we sell to hundreds of cloud services vendors, exciting on the microsoft side and microsoft is joining the party and it's an exciting one. stuart: sanjay, thank you for joining us, appreciate it. thank you. >> absolutely, thanks for having me. stuart: all right, sir. 15,100 that's where we are on dow right now. and let me bring you in the touch of gold this morning, i won't check that today. we're down 9 bucks and not much happening with gold recently. cleveland kidnap hero charles ramsey, he mentioned mcdonald's in his now famous sound bites and mcdonald's said it would reach out to him, however, now,

it is mcdonald's that is f some backlash because of that reach out, okay? charles payne is here and is mcdonald's trying to capitalize on a horrible story? that's what's going on here, that's the question. is it in poor taste? >> i was eating my mcdonald's and hear some girl screaming.

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>> all right. breaking news on obamacare. john boehner, mitch mcconnell, republican leaders in congress sent a letter to president obama and say they will not submit recommendations to an obamacare advisory board. they don't think the board should exist, they don't think that obamacare should exist and if you like obamacare underpressure, maybe unravelling. >> the ipo hit the first time today. they say they've helped to develop and commerciallize the top 50 selling drugs in america and that stock ipo today is up 9%, 43 right now. and there's this. mcdonald's says it will reach out to the man who helped rescue the three women held captive for a decade in a home in cleveland all because he told several news sources he was eating mickey d's before the rescue and now an l.a. times columnist is calling mcdonald's out for exploiting

the situation and quote, it is of course a shameless move on mcdonald's part to grab a piece of the publicity surrounding this incredible and heartbreaking story, why are you laughing, charles? >> listen, i think there's another part of the story, they tweeted out almost immediately, hey, listen, we're going to be in touch with you, and shows you that the social media thing we're embracing, particularly corporate america and i think that's one of the pitfalls to it, you have to be fast, that you have to do, whatever you're going to do, you have to do it out there quickly now that more things are coming out about the guy and some things he had in his own personal life, maybe wouldn't be such a great spokesperson for the company. charles: maybe not, but the idea of reaching out to someone in the news, albeit collected to an awful story, is that legit or not? is that good marketing or not? >> you know what? that's a tough one. it really is a tough one. he did give them a hell of a commercial.

stuart: sure did. charles: he did. and they might have been good just to leave it at that, now what i mean? he's already an internet sensation and people are watching the clip overen over again, i don't know that they had to do that. stuart: it was gripping when he first went on tv. and there, this guy can speak. charles: the most plain speaking common sense guy in america. stuart: president obama going to texas, talking job creation, he's not going there for a tutorial. what could big government tax and spend president possibly say to pro business texas about creating jockbs, we'll ask in t new hour. the ceo of abercrombie & fitch wants only attractive customers. all of ttis is coming up up for you. all stations come over to mission a for a final go.

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oh, it's exciting! [ man ] touchdown confirmed. we're safe on mars. [ cheers and applause ] ♪ hi. [ baby fussing ] ♪ >> here's what we have for you on this hour. thursday, may 9th, all government obama talking job creation in booming texas. we have it pretty sufficient. technology makes us dumb, really? dr. ablow says, yes, it does. abercrombie and fitch will not sell clothes to large women. how do you feel about that? china be not surpass america in this century. standing conventional wisdom on its head. ♪

the market, thursday morning, up, not much, but we're up, at 15111. charles payne is with me. your first take on what the devil's going on? >> there's solve things with the market, particularly today. stocks, the big boys, the smart guys, the super duper fun managers hated exploding today. >> hated them? they shorted them, going down? >> take green mountain. i remember last year when einhorn shorted it. i went on that very day with connell and dagen said it's nuts. the reason to short it makes no sense. it was in the 20s at the time. look at the stock now. there's a 39% short position, and tesla, i passed one today, it's -- >> don't move on, now you go to

tesla, a 39% short on green mountain roasters, -- >> let me explain to the audience. when companies issue stock out there, there's the float. of that hundred shares, what happens is people actually borrow the stock sphr a brokerage firm and sell it, they don't own it, but sell it at a hundred, goes down, and buy it back at 50 making the profit in between. of that bloat that's out there, 39% sold short, ultimately, they have to buy it back, and that's why when stocks go up, they go like this and go bar bollic because of the short squeeze. >> tesla, betting it would go down, and look today, way, way up there. the way you understand it? >> i guess if you think about fisker. this came around at the same time as fisker, but this is run

by elan musk, a rock star, a dumb personality guy, two or three others like him in the market many people bet on his name alone. >> not a green energy electric car company, the normal kind that's failing, but a success, making money, got a government lone and repaid it five years early. it's not a green car company on average. >> three months ago, i went to the mall in jersey, and there's shops inside the mall, and put half the car in there, the engine, and, i mean, they had a better crowd than apple, a better crowd than apple. of course, the people could not necessarily afford the car, but it's sort of on a lot of people's wish list. >> you recommend it? >> i have. we have a few people left, but i had everybody trading in. >> nicole, groupon, a winner today. what's the story there? >> groupon, daily days business,

well, business is good. look, the stock's up 12%, showing signs of life, posted a strong quarter forming a board to start the search for the new ceo, all good news as revenue rises faster than expected. >> get yankees' tickets 40% off via groupon, interesting. >> no stone unturnedded. >> thanks very much. >> by the way, 20% short position, same story. >> big guys bet against it, and it zooms, cover the belt from buying it. >> although, the saying on the wall street is shorts go out. stubborn people. >> president obama's headed to texas today. he's going to talk jobs and job creation. now, let's bring in texas congressman, congressman, welcome back, we've not seen you for a long time. where you been? >> a little busy up here.

how are you doing? >> extremely well. now, are in a tricky position. you're a democrat. you represent a texas congressional district, and here comes the president to lecture on job creation who is about government spending, have the government create jobs and yet, you, eight of the nine counties you represent, you create jobs through private enterprise. you're in the tough position, congressman. >> actually, we're not. i think we're all in the same boat together, both democrats and republicans, especially in the state of texas where we created in the last ten years, created about one-third of all the private sectors because of trade, because of oil and gas, because of bioscience, because of technology, manufacturing, we've done well in the state of texas. >> yeah, but the president -- you've done well in the state of texas with the private enterprise model. that's not the president's model. the president's model is government, government is the agent of job creating. spend government money.

that's what he's saying. you are in a tricky position, congressman, yes, you are. >> no, no, no, you know, certainly, one of the things we want to do is, you know, we want to make sure we provide the right environment, keep taxes low, keep the regulations low, and if we're able to do that, we'll be abled too that across the nation. >> that's the exact opposite of president obama's politics. you think he wants tacks low and lower tax rates, really, congressman? >> well, if you look at it, we have the lowest tax rate, federal tax rate since the 1950s, since the -- >> no, no, no, you do not have the lowest tax rate since the 1950s. you don't. >> well, the numbers i've seen, i think if you see what companies pay, i think we need to look at tax reform, lower the corporate tax rate to compete across the world, you know, make some of the changes, but, again,

i welcome the president, invited me to go to austin. are you going? i was told not to miss school, so i'm here. we have votes to do here. >> missed an opportunity, could have gone to austin, you know, mr. president, lookkat texas and what reare doing, creating taxes with lower tax rates, reverse course. >> no, no, i worked in the austin 15 # years as a state representative, as a secretary state in texas, and texas is one of the places that are creating the jobs, san antonio, dallas, houston, loredo, just doing well in texas, one of those models for the -- that startedded,

actually, for many years, both democrats and republicans worked together. >> always pleased to have you op the show when you recommend private enterprise, low tax rates, small government. we love it, congressman. come on back any time you like. much.nk you so much. >> thank you. >> in the next hour, about a half hour from now, we go right to the source, talking with the mayor of austin, also a democrat, and will president obama's progrowth -- well, not a pro-growth speech, but a prospending speech go over well in texas? we'll ask, won't we, charles? >> yeah. >> that's in a few minutes. now this. another black eye for carnival cruise lines. two carnival cruise passengers missing off australia's coast. joining us is the branding straes gist. bruce, welcome to the program. good to have you with us. >> thank you. >> carnival's hit with negative

pr stories from stranded ships and now this. i got two questions for you. number one, should carnival try to totally rebrand? what should they do? >> i think there's a number of things to do, and that's important, but it's interesting because the corporate name is also one of their line extensions, one of their brand names. it seems like every time something happens within the family, all of the other ships are painted with the same brush, so, yes, i think you're right, something to do to change that so they don't suffer from the overall image hit every time. >> interesting, bruce. they are known, basically, as the low cost cruise line, known as, i think, as the party boat, and so can they rebrand from the way we think of them? >> well, remember, they own ten different brands. you think of them as carnival corp., but they also own sea

board, and costa america and on and on and on, they are all painted with one brush so when ship happens, they all suffer. >> take their name off? >> off the corporate name. have a holing corporation with another name to separate the brand. >> okay, what else should they do? >> well, the other thing they need to do -- what happened, this is a tragedy, and we don't know why and out of the respect of the families, no suppositions to make; however, as far as the other things that continue to happen, there's a number of things to do. the first is to come out and say, look, this happened. we're aware of it, and here's what we're doing to fix it. they need to have a clear admission, a clear apology, and then they have to very clear steps of what they're going to do. the other thing is to be aware of what it is that people are

concerned about so that they can deal with the issues, so that the news we get is similar to the news they want us to get. remember, every passenger carries a smart phone, and with that, whenever they are in reach of a cell phone signal, they show us what's going on. carnival's got to work on that. >> all right. bruce, good stuff. thanks very much for joining us, appreciate it. >> thank you for having me. >> look at carnival's stock price, please, around $34 a share right now, $35 it is. it's been hovering in the mid-30s for some time. it's a holding action, basically, as the bad pr comes in: charles, what do you think? >> it is. carnival has the travel, ben realistically, there's a difference between ocean liner and a cruise ship just like, you know, but and for that reason, i think that lower end market, they'll always have those people. you know, i just -- they may have to do things for them here and there that temporarily hurt the bottom

line, but longer term, you know, their competitors don't want to go down. >> they have a lock on that sector of the market. always going to be there, and it's a profitable market place regardless. >> oh, yeah, they built the giant -- >> would you buy if at 34? >> too early, too early. if i was stuck in the stock, don't sell. >> all right, charles. nicole, news corporation, parent company of fox business, share price hitting a high. tell us. >> that's right, all-time high for news corporation, the parent of fox business. you see it's up 4%, trading as high as 34.04, had the quarterly numbers, reported quarterly earnings that beat wall street's expectations, and they are on tap to split entertainment and publishing. they are working hard on just building the brand from everything from fox sports 1, and also 20 #th century fox and movie studios, oscar winning film "life of pi" grossing $60

million, and "taken 2" helped them. a great quarter, record highs. >> yes, ma'am, 30% higher. tharpgs,ny comb. abercrombie back in the news, doubling down on the comments about not selling extra large clothes, only attractive customers is what he wants. not backing down on the policy. he is not going to hire so-called unattractive people either. we'll deal with that after this. ♪ friday night, buddy.

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>> not own electronic salings, they made a profit because they sold off big ticket items like the new york city head quarters, sony price flat down after the report since. groupon took in more money after a strong performance from the daily deals in north america, and it's up 12%. tech crunch reporting that microsoft offered barnes & noble a billion dollars to buy the digital assets of nook media. shares on that news up 19 since a billion dollars is a billion dollars. labor department claims 323,000,

a five year low since january 2008 to be precise. the dow closing at a record high again last night. it's backed off just 13 points in the early going today. next, abercrombie and fitch won't sell to overweight people. what do you think of that?

>> charles is going to make us money, and the company today is sea trip international. whey do what? >> an online travel agency based in china. we are chasing the stock here, but it's an instance like two

weeks ago where it's worth chasing. 27% increase of revenues, and now, margins went down, but that's because they develop products and marketing. they are taking market share in china, focused on the strategy, pricing power down the road, and i have to tell you, the business all around, the pack up 41%, corporate travel up 31 #%, and this is a $50 stock, just two years ago, and i think from here, we got at least $36 on it. >> a nice gain. >> e oh, absolutely. >> deal with chinese clients? >> primarily, and they'll branch from there, but the chinese are amazing travelers. that's the country sending the most tourists around the world last year. >> that is true. charles, thank you very much, indeed. controversial comments from the abercrombie & fitch chief executive back in the news. mike jeffers is the name, and he does not want overweight people shopping in the store and gone to say he only wants thin and

beautiful people wearing his clothing. obvious question, is it wrong for a company to choose who they want as customers? co-author of the new rules of retail, robin louis, he's with us now. sir, is this a moral wrong here when a ceo says get out of my store? i don't want you in my store. >> absolutely not. i mean, i'm surprised at the controversy over this. you know, lane bryant, celebrates and advocates for the full bodied woman. they don't sell petite sized apparel, for example. >> it's the other way around. >> nobody attacks them for that. >> it's not politically correct, is it? if you say -- to put it bluntly, he is saying, i don't want fat people. you can't say that today. it's not politically correct, but that's what he's saying. >> he is designing and merchandising for a very

disciplined core consumer definition. he was one of the earliest and most successful lifestyle brand builders, and he's done an incredible job, and that brand stands for sexy, cool, and young. >> right. >> he adheres from that and will not diverge from that. a lot of the designers today do not size for the oversize. >> this this market, essentially, that's what he's done, find the people he wants to sell to. >> exactly. >> he's also defined the people he wants to agent as clerks in the store. >> exactly. >> you got to be young. you got to be pretty. >> a wash board stomach. >> a wash board stomach, all the above. he gets away with that by calling them models, not sales people. >> well, i think that's fine -- >> if they were sales people, he would be a future discrimination against people who are

overweight. he doesn't call them sales people, but models. >> well, that's smart. >> yeah. >> he's a smart guy. >> is and and fitch still a successful retailing corporation? they are up and down. >> yes, very successful. they dipped down in the recession because he refused to discount or promote his goods, but he learned that way, that he had to come back with some promotional stuff. it's been coming back sense. you -- you read the book "the new rules of retail," and occurs to me this is an old rule? the ceo of abercrombie & fitch lays down the rule of establish your market mission, sell aggressively to it. >> he personifies and his brand exemplifies one of the most important new rules which is what we call a neurologically

addictive experience, okay? with the -- the fundamental premise there's more stores out there than the world will ever need, and ten new websites coming up every day with one a better deal after another, retailers, either online or off today, must create an experience so overwhelming it connects the consumer's mind. you walk in there, it's dimly lit, loud music, like a club, the fragrance wofting. they exemplify that first new rule, okay? >> they are good. >> yes. >> all right. co-author of "the new rules of retail," thank you for joining us. >> well, thank you for having me. >> okay, yet another democrat saying that health care is a right, should be guaranteed within the frame work of the

constitution. what do you think the judge says about that? ha-ha, after this. ♪ [ femalannouncer from more efficient payments. ♪ to more efficient pick-ups. ♪ wireless is limitless.

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>> not much a pull back after a series of record high, down 27 to 15078 on the dow.

toyota, i think that stock is lower, but it's had app extraordinary run. >> it has had an extrortd their run, and, smafort, yesterday, stuart, it hilt the highest levels since 2007 or eight so it's had a multiyear high. today may have profit taking, down 2%, but there's news about china's sales numbers, auto sales numbers up 13% in april, but the growth is seeming to be slowing so that could be putting a damper on things, and, of course, japan and china have been battling it out since china gets the car sales to happen, but you can see today it pulled back, but, ultimately, a great run. >> almost 120 the other day, 119, not much of a pull back. nicole, thank you very much, indeed. one of the themes on the program is obamacare. we cover it constantly thinking it's a huge issue for everybody. here's the question of the day, is health care a constitutional

right? sheila jackson lee says it ought to be. this is what she said. >> what should be continuously empathized is the president's leadership on one single point, that although health care was not listed per se in the constitution, it should be a constitutional right. >> by the way, jackson lee said, to quote the declaration of independence, you have the right to life, liberty, and pursuit of happiness and health and education fall into those rights. here's judge andrew napolitano. >> you couldn't find somebody less sympathetic if you tried. >> you couldn't. >> i respect her courage to go with other members of the government won't go. >> they would like to go there. >> yes, they would. that's what i mean. there are democrats who agree with her who don't push it to the extent she has. she's done it before. i respect that.

she stimulates the conversation like the one we are having, but if she read the declaration of independence, which incidentally, is the first statute enacted by the congress and still the law of the land today, the first statute on the first page of the thousands of pages of laws enacted by congress, she says it articulates that our rights come from the humanity, not the government. i know that not everybody today accepts that. president of the united states doesn't accept that theory believing government can create rights, jefferson, the founders, the framers, the natural law believers, that side of things that animated the country, when we secededded from the mother land, articulated the view rights come from humanity. health care is not a right. it's a need. food is a need. working out at the gym is a need. a book is a need. you say the government should provide needs. that's a legitimate argument for her to make, but for her to

transform a need into a right, you'd have to be the creator because the creator gives right, thought, personality, speech, privacy, travel. >> it's been around, when fdr did this, the freedom from what covered all of this stuff, and this has been the ground, the frame work that they worked from every since. >> legal scholars and philosophers put it in two categories. the natural right that presupposes that our rights come from our humanity and our humanity comes from god and something called positivism, which presupposes that the majority can create any law or any right it wants. it can find a need and call it a right. under positivism, the government's, the law giver, does what itments. under natural rights, rights come from humanity, and the government has to respect the rights. >> to me, miss jackson lee falls

into the camp of the president. >> she does. >> reflects his world view. >> as charles points out, fdr was in the camp, all big government people in that camp. >> that world view says you need something, therefore you have a right to it, therefore, the government must provide it. >> could not have articulated it better. that is a neutral explanation of their world view. if you carry that to its logical extreme, then there is no private property because the government will take from a and give to b so that everybody is the same. >> one thing, judge, and i don't know if you're watching it, but i pay attention to a lot of things, you know, outside the bubble, if you will. seems like there's a burgeoning movement to ditch the constitution. i mean, not just people who are against it, but a serious effort to build a ground swell to sort of ditch it or remodel it to keep up with the times that it's an old piece of paper that it

didn't take intoing the changes in technology -- into account changes in technology. >> you do hear that from sources never heard before, judges mumble, off air, and occasionally law professors discuss it. i don't see it happening. >> that is a factor in today's society. >> it is,. >> it's there, you hear it? >> when the government does things so wide of the mark, then the government gives the impression that it doesn't feel bound by the constitution. what's wider of the mark than obamacare? >> stamp on it, judge, okay? thanks very much. judge napolitano. >> i thought you were going to say "stifle it," but you said "stamp it." >> no, no, we're in total agreement on that. president obama pitching tax and spend policies in a state that's appty regulation and proenterprise. what does the mayor of austin think about it? he's a democrat. he joins us after this. ♪

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p, texas, lee, who is a democrat. welcome to the program. are you going to tell the president that texas is booming, creating jobs because it's less government, low taxes, and low regulation, and that's how you create jobs? are you going to tell him that? >> i won't tell him how to do his job, but will say texas is booming, austin in particular is booming, and that's for a lot of reasons. certainly, texas is a good business environment. i acknowledge that, but i think austin has done better, actually, than the state of texas as a whole, and that's what i want to talk to him about. >> he's going to come down there and tell you, spend more money. government is the agent of job creation. what are you going to say to that? >> well, you know, i think cities in governmental unites all over the country use economic incentives to create jobs. we've done that here. we make sure that we do it in a

way that's only cash positive for the taxpayers, closely monitored, and the standards have to be met before any rebate payments are made, but we have an active economic development program here, and it's been key to the success over the last few years where during the recession, we were, frankly, not affected much. >> it's just the exact opposite, isn't it, of the president's policies? i mean, the president is a man who is all government all the time. he wants to spend more money, raise taxes, intense regulation. texas has dean thee exact opposite, hasn't it? >> i certainly don't want to go into any kind of analysis of president obama's economic program. i know he's going to make some proposes today to stimulate manufacturing jobs, and i think that is important to us because that's the most difficult part of the economic development program is to attract manufacturers back to austin, back to texas, and in the united

states as a whole. >> all right. , you're, welcome you on the program, and we'll see how things work out today in os p texas. thank you very much, indeed, sir. >> thank you. >> thank you. ten seconds. >> the most successful state in the country, and they want low paying manufacturing jobs? they have oil, gas, technology. that's why the things are flaw. why would the president want to jigger texas' economy with manufacturing jobs that don't have high wages? that's nuts. that's nuts. >> all right. technology, yes, it has given us the ability, far beyond our imagination, but are the distractions from technology making us dumber? research from carnegie melon university says, yes, it does, and strongly. what's the dr. keith ablow think? i've just seen the head lines, technology distracts us so we are not as smart as we could be. what do you think of this? >> well, it's a tas nate -- fascinating stuart because the study did confirm that if

somebody's interrupted while taking a test that requires them to e focus, they could have a 20% reduction in their performance. now, that's enough to go from a b to, like, a "d" in terms of score of a hundred. the amazing thing here is if the people are put on alert that they might be interrupted, not only are they not impacted negatively, but they do better on the exam so all assumptions about, oh, my god, my cell phone could go off, an e-mail comes through, that could make us focus more. >> i don't get it. you're on both sides of the fence. you don't like technology. >> i'm never on both sides of the fence. >> well, all right, which side are you on? >> listen, my beef with facebook is less about the fact that it distracts you from finishing a math problem or reading comprehension test than allows you to defeat requester empathy. i'm never back and forth on

facebook. on this study, however, really is intriguing that if your mind knows that the intrusions are out there, people could be retrained and pretty quickly in a cog -- cognitive way, and it might even make you focus directly because you know anything could km at you at any time. it's like, if you knew people in the stands throw popcorn at you, you might be focused on the goal in app extraordinary way. >> so, figuring it out, and know that distractions distract, and get over it, and you'll be smarter; correct? >> well, know that distractions distract, but in terms of employers, for instance, saying, look, we got to cut this stuff down because it's impacting our productivity, not necessarily, because your employees may be learning, brain-wise learning to deal with distractions and noises and be focused. in fact, strangely, and we have

to look to see if it's rep kateed, they could be more focused. >> okay. >> doctor, recently, i have a small business, and, recently, i've cut off internet access, and since i've done that, our business is up 60%. now, some of that is because of stock picks and things like that, but fact of the matter is, you know, the first time i spent money, spent a million on technology. the guys blew up the servers because they downloaded a billion songs. i forgot my home phone number. if you push home all the time, you forget how to do math or write cursive. >> charles, listen, your information here may be the headline. we don't understand this very well. first of all, the study needs to be duplicated. we don't know the impact of the technologies. we're getting conflicting data, and any technology, we don't filter to whether it's helpful,

just roll it out because we are enname moried with the technologies, thinking more is better, but more is not bet eric and you experience that. you saw people's focus and performance climb when they had the ability to think, to connect with their interfeelings, their gut feelings, perhaps, intergrate that with the data, and perform. it could be that additional tests show that's exactly what's required. we don't know what the stuff does. >> there you have it, dr. keith ablow, not buying facebook stock any time soon, i trust. >> i have not a share. [laughter] >> good man. doctor keith ablow. >> i have an account though. take care, my friend. >> thank you, sir. miami mar lips have a dlrks 600 billion stadium using taxpayer dollars. here's the problem, few people go to the games at that stadium. then we have the new york yankees pricing fans out of going to the games. what's the yankee's solution? groupon, 40% off the ticket

price. what does the general manager say about taxpayer boondoggles making it unaffordable for fans? we got one in the set, next. with ideas, with ambition. i'm thinking about china, brazil, india. the world's a big place. i want to be a part of it. ishares international etfs. emerging markets and single countri. find out why nine out of ten large professional investors choose ishares for their etfs. ishares by blackrock call 1-800-ishares for a prospectus, which includes investment objectives, risk charges and expenses. read and consider it carefully before investing. risk includes possible loss of incipal. [ whirring ] [ dog bai wanto treat. ♪ our business needs more cases. [ male annouer ] where do you want to take your business? i need help selling art. [ male announcer ] from broadband to web hosting to mobile apps, small business solutions from at&t have the security you need to get you there. call us.

we can show you how at&t solutions can help you do what you do... even better. ♪ >> creeping up gradually, the price of gas moved up a fraction, but now at 3.54, up two cents in a week. next, price of oil, 95.97, almost 96 meaning maybe no more

reductions in gas prices. freddie mack reading 3.24% up, but not much. 342. the s&p reached an all-time high for five straight days, closing at a record-high yesterday, down 12.dow holding well above 15,000. facebook talk to buy the stock called ways, paying about a billion dollars, ways uses satellite navigation from smart phones to get up-to-date traffic information. no reaction from facebook. the stock down just blow 27. baseball next.

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serious investors are choosing fidelity. now get 200 free trades when youpen an account. >> the marlins got a new $600 million taxpayer funded stadium. the owner of the building said it would bring in more fans, new business, but a year later, neither the fans or business showed up. the team's shutting the upper deck to all fans. they still will not fill the stadium. some call it a taxpayer boondoggle. steve phillips, former manager of the mets, say this is a taxpayer boondoggle? >> yes, it is, no question. they got a sweet heart deal, absolutely, local money came in to fund the stadium, tax breaks, as well, and they spent money on players, and traded them this season, and nobody to watch now. they are fielding a aaa minor league baseball team with the talent on the field now.

>> strong stuff. >> it's a minor league team on the field now. arguably the worst team in baseball, can't score right now, and there's young kids playing with no veteran presence on the roster. they get lied to the fan base. put in the players and traded them away. >> doesn't that spill over into football? look, i don't know about this, but i said the miami dolphinsmented a new stadium and the government to give help, and they are not going to get it? >> that's the issue. they need funding to renovate the stadium, and the local government says, why do this? we are tainted by the marlins' deal, a give away, and we don't want to give money to the sports team. we may live. >> what do you think, see if you agree, the price of a ticket to get into a major league baseball game is so high, ordinary, everyday people priced out, and you created boondoggles. >> well, there's certain seats available to fans they can afford. i think, you know, baseball's still the most affordable professional sport compared to

basketball. it doesn't change the story that they are getting local money from the government and really fans are not coming out. >> they are not coming out. is baseball, itself, as a sport is in decline, as a spectator sport? >> there's a bit of a challenge there. game starting, playoffs late, a bit of an issue there. there's support, some teams that are growing in attendance, but the mar lips, nobody's coming out, and no real money. >> what about the notion florida is not the place? i mean, their places have been starving for some of the action, like the oklahoma city kind of stuff. maybe you have too much to do there like get great tans and dinner. >> it's been a question a long time. tampa bay and miami teams there, the question is is there enough of a fan base? when you build a stadium, you don't relocate the team. they have that stadium. is there a product on the field for the fans to watch? they soured that fan base. >> who is going to buy the team that may be successful, do they

have the money? >> they have the money. listen, there's a lot of money from major league baseball that subsidized what they do to put players on the field. they just don't spend on the players. they get money from major league baseball not invested. >> what do you do about this? >> well, i think, that the marlins have to be 4e8d accountable. listen, salary caps in baseball would be great, union will not agree. if you put a cap in, that allows you to put a floor in as well, force the team to have a certain amount of money. right now, spend as little as they want with no accountability. they get money for baseball if there was a floor and ceiling, force everybody to a level playing field, and i think level it out for everyone. >> ten seconds. think they'll see it? >> no. >> thank you, sir, great hand, by the way, from florida. >> from florida. >> i knew. it china will overtake the u.s. as leader of the world. not so fast. my take on that is next.

>> the daily telegraph, a british newspaper, it is generally conservative, and a head line this morning caught my attention because it stands conventional wisdom on its head. here's the take on china may not overtake america in the century

after all. that was the headline. it is the exact opposite of what we've been hearing for years. sure you have seen the charts where the size of china's economy beats america by, what, 2030 or 2017 by one count. wrong, says the telegraph saying the 30-year miracle is nearing exhaustion. the world's tallest tower china was to build in three months flat? the site, still a waste land. local governments that made the boasts are, quote, out of control, a quote from the chinese, not the telegraph. member the towns full of unoccupied fancy homes? empty. remember the stunning growth rates? the statistics were, quote, manmade, and that's according to none other than prime minister lee. this is serious stuff. the telegraph says they've been making it up, cooking the books, controlling the media to clamp down on the truth, desperate to stay in power.

i don't know whether or not china's $7 trillion economy catching up with america's $16 trillion economy, but i know things about trust, and the tell gaffe's headlines says we captain trust china's boasts or pontiffs who think america's in terminal decline. the wright brothers became the first in flight. [ goodl ] i think the most amazing thing is how like us these chimpanzees are. [ laughing ] [ woman ] can you hear me? and you hear your voice? oh, it's exciting! [ man ] touchdown confirmed. we're safe on mars. [ cheers and applause ] ♪ hi. [ baby fussing ] ♪ we don't let frequent heartburn come between us and what we love. so if you're one of them people who gets heartburn and then treats day afr day... block the acid with priloc otc

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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 much is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ stuart: guess what, charles has a reaction to my take on china. charles: the numbers that matter to me the most, science, reading and math, science is number one. they have come a long way. they have $1 trillion of our debt. i would not write china off too soon. stuart: that was a pretty good comeback, charles. i am speechless.

dagen and connell. connell: have a good one. dagen: i am dagen mcdowell. connell: i am connell mcshane. in greece, more than 60% of 20 somethings cannot find a job. dagen: what is so bad about down 15,000? mark fahlberg can always find the bad in everything. connell: worker productivity is costing our economy billions of dollars. dagen: call it the cyber bust. those stories and a whole lot more coming up on markets now. ♪ connell: you h