we have a busy hour as a matter of fact, coming up with your retirement under fire in a couple of different ways, the latest on the report from social security and medicare coming out right now. we get jeff flock for that. questions about youth unemployment which is a huge concern for people over in europe. some are even using the word revolution. you will show you why we cannot be ignoring this problem here in the united states either. some loans are one of the reasons we should worry. growing amounts of debt for many. and now they're battling over a deadline of july 1st where interest rates on these loans are scheduled to double. then the money behind the game. the century old rivalry this weekend will be renewed, yankees and red sox, but the yankees' president is with us today, not necessarily to talk about that, but something bigger from a business perspective. holder interests and many are now being shared in other arenas , completely different sports. the president of the yankees and

much more coming up on markets now. ♪ dagen: before we talk about yankees and red sox, mr. teenine, we need to talk about the yankees and mets. connell: it's funny you mention that. the record. that was a nice stretch for them. dagen: yes, yes it was. today on twitter, here is the question we were interested in, i have a cup of coffee first thing? the new edition of the mental health manual lists caffeine intoxication as a temporary mental disorder. if you are coffee drinker or know someone who falls into that category you can tweet either one of us are send your stories to this year. i was sure my own personal story that required me going to a@ neurologist. connell: begin also share a story. when you have breaking news before we get to that. social security and medicare trustees reportedly were talking about, it's out this hour. dagen: and rich edson has all

the details in the washington d.c. >> reporter: social security is good to go until 2033. after 2033 it can pay out about three-quarters of its scheduled benefits through 27. that is the same as last year. medicare, however, is two years better than last year. 2026 is when it can pay at its full benefits. after that it can pay at a certain percentage. when you break down social security, two sets of payments, one is where you get every month, that is 2035. however, the disability insurance fund has problems. it is not going to pay its full benefits after 2016. you meursaults to endure good until 2033. they are not merged right now. also, there has been the president's health care law, it extended the length of medicare when you consider it under actuarial purposes. oliver, the acting chief actuary of the centers of medicare and medicaid says the affordable care act makes it important

changes to the program and substantially improved its financial outlook. there is a strong likelihood that certain members of changes will not be viable in the long range. so from here you are going to have conservatives saying we have to make immediate changes to these programs to preserve them for the future and liberals saying that they're in pretty good shape. do a couple of weeks, raise a low revenue, and we should be fine. connell: that pretty much sums it up. breaking news out of washington. rich edson. let's bring the chairman and chief investment officer of cumberland advisers. rich is right. you will see the same political arguments that we always see after a report like this comes out. just to recap, the social security stay the same as it has been, but two years better than we had been in these projections about medicare. which side of the argument you fall on, david? >> i am on your side. i get my morning coffee until 2026 at least. that's pretty good. that is the good news of the day.

connell: just to put it in perspective, social security, we can fix this. we just use this analogy. the to a listing the together and we could figure out social security if we had to, whereas medicare is a much larger problem. how'd you look at it and what perspective would you put these numbers? >> you will always have these long projections that will show that we will run out of money ten or 15 or 20 years, and we always have to argue about how to fix it. when the crunch time comes in america we wait for the crunch time, that is just our way, and then we fix it. how? we extend the time it -- retirement age is to alter benefits. someone must pay because in the end to end to must add up to four. these are the newest projections. the best way for the united states is to have economic growth. a more robust growth, more younger people working. to do that and these programs will run for the entire century.

that is the impediment, growth. the lack of growth is the problem. connell: that almost sounds like you are coming down not necessarily on the prescription that they might have, but as rich said, some to the left of center will argue, tweet these things a little bit and let's move on. let's not have a complete overhaul. is that true? >> and my answer is a practical one. the fact is, we don't change this system. we won't do it. the politics in the united states won't permit it. our adversarial political system is stymied. it is frozen. and thaa is what we have, so we're not going to change it. we are going to date, argue with, finger pointing. in the end we will keep extending. connell: even the simplest things done as you know politically in washington. something like raising the retirement age. these things have been floating out there for some time. it seems to be sensible. does look at the projections. we do, especially, focus for a second on medicare and leave

social security data for the purpose of this discussion and it seems to be sensible to at least it's something like that done. >> well, it is sensible. uni could sit in the room and 30 minutes and solve this problem and so could most of the people in the country, but in our political environment these things don't happen. connell: that is true. [laughter] real quick before i let you go, how you feel about things anyway? generally speaking, do you think things are getting better? the market lloks pretty good a, i guess. >> the stock market is in wonderful. there is concern about japan. japan sells this issue, goes higher. the u.s. stock market has an upward bias. we are dealing with very, very low interest rates. we talked about in several times over the course of the year. they are in place, going to stay in place for a while. when you're up against lower interest rates as sort -- assets have an upward bias in price. stocks, real estate, collectibles, you name it. there is an upward bias in price. connell: the breaking news, rich edson brought that to us, social

security projections basically the same as last year, medicare two years better than we were. thanks a lot. >> thanks. dagen: what is getting worse, youth unemployment, a major concern about the -- across europe with some leaders calling it the biggest threat to the european union. connell: from the fox news any kellogg in london with more on that. >> reporter: hello. well, it is not just about young people who are worried about their futures. politicians are talking about the possibility of a lost generation. they say it is not just the immediate concern among young people of not having stability or income, but they're worried about future effects, the inability of people that define -- can't find jobs down the road if they don't get a foot in the door now, social dislocation, even health problems. the troubles are particularly acute, for example, in greece where youth unemployment is 64%. that is not working or in full-time school is how that number is speculated. assaying at 67 percent in spain and italy is 47%.

in the u.k. it is 20%, but there are some jobs that are not getting killed. the government is focusing on the disconnected revamping a centuries-old apprenticeship program replace it -- pays employers to take on apprentices. demand for these apprentices at a record high. >> we need to make sure that with the rise of countries across the world, not only china, but india, vietnam, brazil, mexico, that we have a workforce that is highly skilled and able to earn our way in the world and it is crucial because we cannot afford the drag of millions of unemployed people of working age who are out of work. >> reporter: some of these apprentices are actually opting not to go on to college after their apprentice. they just want to stay on the work track. they said they don't want student loans to be burdened with later and feel that the education system here is even

obsolete. one final figure, the european commission is estimating about $200 billion in 2011. this is looking like there is an annual figure, $200 billion lost in all, having to pay benefits to young people who are not working and loss in productivity and also tax revenue. so that is a really big hit. dagen: thank you so much for that, in the kellogg, for us from fox news. also a hit that this country needs to be wary of -- board about as well. to weigh in on that, former democratic senator byron dorgan of north dakota. very easy to dismiss those figures and say, we are not going to ever have more than, you know, six out of ten young people unemployed in this country like this situation is in greece, senator, but if you add back our youth unemployment right now is a little more than 16%. if you add back the one and a half million young people who have dropped out of the

workforce, that unemployment rate is closer to 25%. so one out of every four of those young people in this country are unemployed. how you fix it? >> by the way, some of them calling it -- coming out of college are taking jobs at mcdonald's. just taking a job to get a job in the living in home. we have a problem here. i have recently been in spain and a couple of the other european countries and it is a very serious problem, but it is not as if it does not exist here. the pine ridge indian reservation in the past two weeks. summer youth jobs programs are being cut. as an ignorant policy called sequestration because the important programs along with the most wasteful programs. we have to have a plan to reach out to kids in this country to say, we want to help you find a job monday to work. dagen: if the jobs aren't there, what is the point? sequestration, i would argue, might be in your view a problem, but a short-term problem because the situation that europe is staring at right now has been

decades in the making. if you read a lot of research done on it, many of the issues pointed to by economists are over burdensome regulation in europe, entitlements and taxes that drive entrepreneurs to other countries. you look at those three things and the problems in this country that we are not dealing with as well. >> well, the most significant issue affecting all of this in this country and in europe is the people's economic trough -- the deepest economic trough in decades, many decades. that has a huge impact on the other young people or others will be able to find a job in the job market, but i still think that youth employment jobs programs are important and congress should take a look at that. again, i would reiterate, i think that sequestration is unbelievably ignorant. cutting programs that are very helpful to kids coming at a school now that would love to go to work and one of these programs for the summer. dagen: the president has been in office for more than four years.

why isn't the economy growing faster? >> it is growing. you know -- dagen: i said a growing faster. >> all of us prefer it grow faster. the month he took over we lost 700,000 jobs in that month alone. he took over in a pretty deep trough. all of us wish and hope that this economy will rev up and begin producing jobs. the previous speakers programs are right. this depends on our ability to get this economy moving which will create the expansion of the economic and opportunity for all americans. dagen: good to see you. be well. have a terrific weekend. connell: another story, blocking the sale of the los angeles times. politics could turn the table on this big money deal. dagen: not rich yett segment of the economy. they are having a big impact on consumer sentiment. we will show you how. connell: and then on twitter today a cup of coffee first thing in the morning? many of us obviously did.

caffeine intoxication is now being considered as a temporary mental disorder. we want to know what you think of that. if you think you fall into this category or whatever. you can tweet the answer. it will look to some of those a little bit later on. ♪

♪ dagen: when in doubt : lauren is watching their nets. >> reporter: a huge winner up in the double digits. the reported after the bell earnings beat expectations. same-store sales up tremendous, 11%. the volume on the stock is tremendous, up 5 million shares now. typically 1 million for the entire day. dagen: they do so much. connell: a battle is brewing for the l.a. times.

effort underway to stop the sale of the paper and several others to the koch brothers. dagen: this sounds political. adam shapiro is covering the story for us from los angeles. >> reporter: in a good morning to you. we should point out that no one has ever officially said that koch industries or the koch brothers are potential purposes -- purchasers of the 75 l.a. times, several different entities which are rumored to be interested in purchasing that paper. a tribune company which exited bankruptcy at the end of last year is selling eight of their papers. the times is just one of them. there have been protests on a weekly basis, and not just in l.a., but about the sale of the l.a. times because there have been reports that the koch brothers are very interested. this at a time when advertising revenue of newspapers continues to fall. those protests the spell that began this week because it is this month -- in fact, today is the end of the month. tribune was expected to send data to potential buyers about the financial condition of the

different properties and whether the deals can be struck to seventh. so one of these protests, which are organized by labor unions, they speak out against a potential sale to the koch brothers because they say it would be bad for labor. in fact, here is a spokesperson from the afl-cio who told fox business why she is opposed to a potential sale at the or the koch brothers. >> i see this as a threat to democracy when the largest, media newspaper for los angeles, one of the largest in the country, and the world, will be controlled by extremists ideologues. that will be bad for our democracy, and it is also sending a message that we don't care who runs the media. that is where we get our primary source of information. >> reporter: we obtained a statement from the koch brothers are released from the director of corporate communications for katie company's public sector. what they said is that they pointed out that they have roughly 50,000 employees in the united states, 30 percent are

organized labor unions. they said, where unions represent our employees, we respect the status, work with them in good faith, and honor the terms of our collective bargaining agreements. mutually respectful and productive relationships with the unions. this has been true for more than 50 years. so, again, the sale is going to come at some point if they can get the right deal. just talking about newspaper revenue, all of these papers are valued at about $6,302,000,000. ten years ago it would have been a lot more. as i throw it back to you, warren buffett just bought another paper, so someone sees value. connell: buy low, sell high, whenever the old saying is. out there in l.a. interesting story. dagen: very odd so. people who make good money, but are not exactly rates. why the matter to the economy. jeff flock is on that story. connell: if they stated same interest rates could be rising for student loans big time and could double.

the potential effect of that. before we get to any of that on "markest now," let's take a look. we will be right back. we went out and asked people a simple question: how old is the oldest person you've known? we ge 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. ♪ >> i never thought...

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♪ >> reporter: get 23 minutes past the hour, i'm arthel neville with your fox news minute. russia is selling more weapons to syria. a russian arms manufacturer says he has a new contract. it would only fulfill existing contracts. also, an american woman was reportedly killed by a syrian government troops while fighting with rebel groups. relatives of 33 year-old nicole lynn mansfield says fbi gave family members news of her death. she converted to islam and married. in virginia, a small plane crashed early this morning into the roof, living room of a three story apartment building. police say it was bound for annapolis but had low fuel an engine trouble. fortunately the pilot,

passenger, and woman in the compartment suffered only minor injuries. those a year headlines. i'm arthel neville. dagen: thank you. good to see. connell: the latest reading, actually the highest level in five years. our question today is, who is responsible for all the spending? dagen: jeff flock -- well, not jeff flock, but he will tell you. he's in illinois with more. >> reporter: if only. we wish. at think i fit into this category. have you fate -- heard of the henry's, high earners not rich yet because they're spending all their money on something like this. take a look at this grill, going as high as $21,000. the president of kalamazoo outdoor gore may, you have had tremendous growth and you say this is what is driving the economy. >> yes. this is what is driving the economy, even during the recession of the last five years we have grown 20-40%. take a look at the numbers.

compared even to the altar high earners. these are folks that make between $10,250,000, have not accumulated great wealth and are spending a lot of money and spending has increased while the altar high-end has not kept pace >> reporter: the reason why we have grown so much all the way through the recession, we did not have a recession debt, is really two reasons. one, our consumers see the enduring value of our product. >> reporter: enduring value. back off from the food. as this one to show you, if you want to buy $21,000 broke, the guy's hand-build this and signed it. it is like, you know, like taking a bentley or something. the higher-end of girls. the ship these all around the world from kalamazoo, mich., made in the usa. connell: pretty interesting stuff up there. now we know them. a very important group.

so this topic of wealth just generally speaking we will stay on. all the wealth lost during the great recession, all of the bullish stock market hit. half of what was lost. wayne rogers is coming up. when will talk to us about that. dagen: that is adjusted for inflation and yankee president here to talk about his team's investments outside of the world of baseball. go mets. connell: don't say that. ♪ ♪

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connell: back at the bottom of the hour on market now. we have not recovered half of the wealth loss during the great

recession. we have wayne rogers here to talk to us about that. huge student loan amount out there. spending beyond the sport. president of the yankees is coming in to talk about, of all things, soccer. dagen: lauren simonetti is on the floor of the new york stock exchange. >> it has opened in the red. they have been pushing higher. the s&p is right near session highs. there is kind of a mirror reversal of what we had yesterday. today we have some good data. consumer sentiment, best level

since 2007. we are starting to move in the opposite direction. back to you. dagen: thank you so much. americans still have an awful long way to go. according to the federal reserve bank in st. louis, u.s. households have only recovered about 45% of the wealth lost during the recession. that is adjusting for inflation. that number is a lot higher if you do the calculation differently. here is wayne rogers. what do you make of this? >> well, i think it will be difficult. there is no dow about it. people have started off with more. it is mathematical. dagen: people who were hardest hit by the job losses during the downturn also had the most that.

you had a situation that was dramatically worsened between these two different things. there was so much wealth loss in home values. do you think that any of these households will ever recover what they were on. >> it will take a long time. you cannot have the treasury go every morning to the bond market. people's net worth will get a lot better. dagen: do you buy that?

is it a reason to invest? >> yes. i would be an investor in real estate right now. absolutely. if i could find the right price. in new york, real estate has gone through the roof. it is just nuts. i think it is an influx of foreign people. i lose half of it, i still have this half.

dagen: wayne, it was good to see you. the foreign buyers are all over. thank you. be well. good to see you. connell: paying off college debt could get more difficult. higher interest rates are on the way. much higher. we will get into that. then, the yankees. randy levine is here to talk to us. we have been laughing about this story. caffeine intoxication is now being considered as a temporary mental disorder.

we both admitted they drink too much caffeine. we have more here. treasury yields have gone up a lot. back in a moment. ♪

♪

>> i am lori rothman with your fox business brief. american optimism over the u.s. economy pushes sentiment to a six-year high. confident of love middle and income earners showing improvement. according to the "wall street journal," the deal could have a price tag of $5 million. some pharmaceuticals -- lowe's is boosting its quarterly dividend 12.5% to $0.18 a share. on the record as of july to fort. that is the latest from the fox business network. giving you the power to prosper. ♪ [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes.

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♪ dagen: president obama hosting college students at the white house to discuss the ongoing battle over student loan interest rates which are set to double on july 1. john boehner calling the whole thing nothing but a pr stunt. connell: that sounds right for washington. peter: that is right. the president is taking a whack at republicans in the rose garden here. surrounding himself with college students to try to get congress to look at his plan. his plan would keep most student rates low. he would keep the rates fixed throughout the life of the loan and he would but students capped their payment at 10% of their

income. the rates would never exceed 8.5%. the president called the republicans plan unfair and not smart. republicans that this was just another campaign style event by the president and he should try to negotiate a deal. dagen: let's bring in a republican strategist. let's also bring in a democratic strategist. the house plan versus president obama's plan on dealing with these interest rates, they really are not that far apart. >> i think this is a key issue where everyone cares about

students ability to educate themselves, to go to school, to have these opportunities. both sides want these rates to come down. they are in agreement with that. they should be able to sit down at the table and work out these details. this is not the time to surround yourself with students. let's come together. there are very few things we disagree on. we can make this happen. connell: a pr stunt. >> these guys do not do anything and less you basically hold a gun to their heads and force them to do it. this is another example of congress saying it is summer. there is a difference. obama wants a fixed rate.

i think for a lot of people who are concerned about rising rates -- dagen: both plans are tied to the marketplace. >> with the obama plan, i think you will have government -@involvement. students can look at a four-year plan and see what it will cost them annually without having to worry about that. the democrats have done a really good job of marketing this issue. dagen: the house plan, you can consolidate your loans and refinance them at a fixed rate after you graduate. >> they both have a cap. there is a little bit of a disparity. connell: whether we all agree on the fact that lower student loan interest rates is a good thing.

do we need to incentivize students to take on all this debt? >> i think there is nothing better than education. there is nothing that is as tight to a financial higher well-being than education. i think as a whole, it is better to generally have one and to not have one. president obama also wants to do one thing. the pay as you earn program. he wants that to be open to more students. your repayments are based on your income. after 20 years, the debt is forgiven. that falls on the american taxpayers, does it not? >> i do not like the debt is

forgiven. i would love to have my debt forgiven. it has been almost 20 years since i graduated college. >> they need to have opportunities, but they also need to understand the value of the dollar. i taught for years. you need to make smart decisions about what will be practical for your future. understand the value of what you are putting in. you may have to work on the side. [ laughter ] connell: we have to go to the

markets. it is a quarter till the hour. another addition of stocks now. it is interesting, dagen i were talking about house of cards on netflix. this has been some company and the terms of adjusting to the things we do now. some of them have cost -- your thoughts on netflix. >> you have a company that basically everyone loves. people freak out about the stock. they transitioned to online

downloading. connell: pretty interesting. thank you. dagen: too many cups of joe can actually induce a temporary mental disorder. i have been praying for that for a long time. connell: caffeine intoxication. it is listed as a psychiatric disorder. some of the telltale signs of the disorder include restlessness, nervousness and rambling speech. [ laughter ] connell: insert joke here. this is what one response said on twitter. for me it is order, not disorder. guess i am certifiable.

when i start -- when i started working at fox news, i was not sleeping a lot. i was drinking a lot more coffee than i normally did. i developed a nerve problem on one side of my face that my eye twitched constantly. i was freaking out. i actually went to a doctor who looked at it. he said you are not sleeping and drinking too much coffee. connell: too much coffee. that is it. we have randy levine coming in in a moment from the yankees. he will not be talking about baseball.

we will talk about soccer. a very interesting business story. it is coming up next. stay here. ♪

connell: the new york yankees partnering up with manchester city to own the major league soccer team. we have randy levine here. the president of the yankees to talk to us about that. thank you, sir, for coming in. >> we have to get the new york mets credit. they played great. >> we are starting to get our

troops back. we will be ready to go. we do want to talk about soccer. the yankees, the premier franchise, i know you have done some stuff before. why did you do this? >> we always look for investment that we think are really solid investments. we know the people over there very well. we have a hospitality company called legends hospitality. we got to know them. we are partnering with the

organized team. connell: how did it come about? >> they came to us pretty recently. the combination of their expertise -- connell: building stadiums. >> building stadiums and marketing a team. i think it is a great combination. connell: the proposed stadium is in the new york mets back yard.

we will just look around to see if there are any other viable parts. there are a lot of options. yankee stadium is one of them. connell: manhattan still possible? >> we are looking around to see what is possible. >> i like soccer. a lot of young people are playing it. i think it is the right time and in a exciting time for soccer. i will be interested in looking into that in the next however long it takes.

>> a lot of people have their opinions. at the end of the day, these things get done. everybody is pretty satisfied. connell: randy levine, thank you. have a good weekend. dagen: you have a good weekend. the cyber threat coming up with dennis kneale and nicole petallides. worries that it is being used to fund criminal activity. you do not want to miss dennis and nicole telling you about a whopper of an idea. stay with us. ♪ 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. ♪ >> i never thought... >> never thought in a million years... >> ...it would happen toe. >> i was always careful. >> identity theft was never on my radar. >> identity theft can happen to anyone. >> you are vulnerable. >> if you're using one of these, your information is ev more vulnerable. >> i thought my credit card

company would protect me. >> i was wrong. >> it's a common misperception: people think that credit card companies with their credit card fraud protection protect you from all identity theft. the truth is they don't. credit card fraud protection only protects your individual credit card accounts, not your identity. >> announcer: every time you pull out your wallet, you give thieves a chance to steal your identity. simply buying groceries, eating out or even just shopping online can make you a victim. and identity theft can cost you more than you realize. your bank accounts could be drained, you could lose your ability to get credit, you could even lose your home. >> the identity theft really turned my whole life upside down. >> i didn't know where to start or what to do or how to take care of all this. >> you need to take precautions to make sure that your identity is safe. >> that's why you need lifelock. lifelock offers the most comprehensive identity theft protection available, monitoring billions of data points thelp stop identity thieves before they strike. and with lifelock 24/7 proactive protection, you're alerted by

text, phone or email as soon as they detect suspicious activity in their network-- before it's too late. >> you have to be proactive to protect yourself from crime. and that's especially true of identityheft. that's why i'm a member of lifelock. >> announcer: absolutely no one can protect you better than lifelock. [♪...] order now and get this document shredder, a $29 value, free. protect yourself now with lifelock. [click click, ...] dennis: happy friday. i am dennis kneale. nicole: and i am nicole petallides.

we have an economist who sees a bright side in these numbers. dennis: opec losing control. whether the rise in u.s. production has utilized the threat. nicole: the cyber threat. dennis: top of the hour. stocks now and every 15 minutes. we have lauren simonetti at the floor of the new york stock exchange. nicole: yes, we do. >> stocks are up for the seventh month in a row. you see the games now very choppy. the s&p just turned negative. we have been red and green all day. if we look at the dow 30, most of the strength is coming from ibm, american express and good

line. back to you. nicole: thank you. gone, gone, gone. americans have recovered only 45% of the wealth that they lost during the recession. the biggest reason is investors getting out of the market too early during the recession and not coming back quickly enough. rob morgan joins us now. you say investors got out at the wrong time. what time did they get out? >> half a trillion dollars was pulled out of mutual funds. there has been this day louche of money being pulled out.

nicole: people are nervous, to your point. they are not so quick to get back in, necessarily. you think that they should. you still think that there is more move to the upside. >> i do. you know, investors, their view of the future is very similar to what they have seen in the recent past. nicole: is your client base a mix when you have the mom in the

path to the real experts. >> for the most part, local, i am talking about the average retail investors. the mom and pops. we do have a mix of clients. i am referring primarily to that section. nicole: the things you are overweight, stocks, small caps, growth versus value. for the most part, these are some pretty aggressive sex tours, versus some of the safe havens. you are still feeling pretty bullish. >> still feeling pretty bullish. i think yes, what you just described is our stance. it is still fairly bullish, even

four years into this. nicole: small-cap versus large cap. why? >> i do think there are things going on. i think that the dollar will continue to nudge up. that takes a little bit of the wind out of the sales. as a bull market ages and of course, we are four years into this, it tends to broaden into some of the riskier spaces. we are starting to see some of that. nicole: way back in the day, i know you had a very great experience in the financial world. i was reading that upon graduating from college, you served as a submarine officer in the u.s. navy. >> you do your homework. nicole: i like to say thank you. we appreciate your time.

>> my pleasure. thank you. dennis: opec that this morning and vienna. the 12 member nation agreed to keep reduction as is. the market is in excellent condition. this is by growing oil production in the u.s. and canada. we now have editor of the schork rapport. is opec delusional and in denial here and losing its clout? >> it certainly is losing its clout. the united states is losing its clout to help influence policy. that is because north america is becoming more dependent on its own resources. it is less dependent and therefore a smaller client. we really do not have it.

dennis: have oil prices already been hurt by the bigger supply of u.s. oil or is this a matter of anticipating the fact that prices will be down in that land prices to go down? >> north american oil prices are well below the global oil prices. prices here in the united states are between 85 and $95 a barrel. oil prices at those levels, for those countries is a fair value. it is a good proposition for opec right now. these economies can still make a living. prices are low enough that they can still make a living. it really is, at this point a happy balance. dennis: do we have, overall, a shift of power away from the middle east and opec and more towards the americas?

didn't brazil just discover more oil reserves? >> that is a good point. the only way north america can impact its influence on the world is if the united states allows its oil to be exported. right now, we do not allow this. we have this abundance of oil. it is sitting here in the united states not going anywhere. you cannot increase its influence if it does not sell a broad. dennis: shouldn't we be allowing energy producers here to export? >> absolutely. we have a tremendous amount of resources in the ground. it will take a tremendous amount of investment to get that oil, get that gas out of the ground and get it to the market.

we will never realize it to its fullest fullest extent unless the producer is allowed to receive fair market value. dennis: i am so totally sorry for a stupid question. i had no idea that we've and oil drillers here from shipping what they find in the ground to someplace overseas. have we always done that? >> this has been policy since the 1970s when we had the oil shock we were at a point where oil production in 1970 had peaked. oil production had been on a the

client in the 1970s. there was a policy to export the little bit of oil that we are getting out of the ground. you make prices high enough, high prices are the cure for high prices. in the last ten years, we have invested heavily in both natural gas technologies as well as oil technology. now production is swinging to the upside. there is this active debate. a debate five years ago no one thought we could possibly even how. it is here today and it is a legitimate question. americans may not like to hear it. we should keep all of this oil for ourselves. this is a global economy. getting this oil to the global market is beneficial for all. dennis: i bet they would find and drill for even more of it.

dennis: thank you for being with us today. nicole: social security dollars will only stretch for a couple more decades. read at the joins us now from washington, d.c. with those latest numbers. charles: without raising taxes, they could only pay about three quarters of the promised benefits. jack lew says president obama is addressing that shortfall. >> the president recognizes how essential reform is. for social security, the president is ready to address shortfall and has put forward a set of principles. charles: republicans argue when it comes to medicare, the white

house has proposed little. democrats are also touting the president's health care law crediting it was adding nine years to medicare's life. the chief actuary says that while the affordable care act makes important changes to the medicare program, there is a strong likelihood that certain changes will not be viable on the long-range. critics say because of the health care law we will spend more on medicare. back to you. dennis: there is my weekend reading. we are looking at 20-25% social security cards. presiddnt obama, still on the campaign trail, apparently.

surrounding himself with college students. we will have why republicans do not like it i had. nicole: you do not want to miss this one. we will tell you about a whopper of an idea. you may be surprised. dennis: worse, as we do every time at this time of day, let take a look at metals. ♪

♪ (train horn) vo: wherever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities.

♪ nicole: taking a look at our major average. it looks like half and half there. american express leading the way. johnson and johnson is under some pressure. lauren simonetti is on the floor of the new york stock exchange. it is the last trading day of the month. you are taking a look at some of the cyber stocks.

>> i am. palo alto is getting hammered. down 10%. here is the deal, and loss in the third quarter. revenue growth has slowed here in the u.s. one of their major partners. those are two of the reasons. they are also guided down for the current quarter. we are seeing a lot of red. back to you. nicole: a tough move for them. thank you so much. ♪ dennis: time to make some money with charles payne is our. taking a look at a big player in the wireless and chip maker. charles: they will be at the conference next week.

i like what i i am seeing with them. revenues were up 16%. the operating market, 16.2. that is huge. they are big customers. by 9% of revenue from apple. this battle between apple and samsung actually should create a whole lot of opportunities for them. dennis: it is almost a 50% increase in their margins. prices are constantly going down. >> usually, it is research and development. ultimately, that leads to products where you have a little bit of pricing power. they get faster and as they get faster, they get cheaper. remember, samsung, apple, everyone is fighting with each other to have the fastest.

nicole: who are some of their competitors? charles: micro devices is one of them. they do a whole lot of things, but a lot of them consider them radiofrequency. nicole: apple and save -- samsung continue to grow. charles: i like the way that stocks are at the. technically, a close above 25 is great. if this gets going, it can move very very quickly. dennis: i have been waiting for intel to build in him by somebody. charles: intel is so much more aggressive. microsoft, too, at least microsoft is making some moves. charles: thanks a lot.

nicole: new tornado warnings for the midwest. we are live with up-to-the-minute coverage. dennis: we will tell you about the storm over bloomberg snooping. nicole: here is how the world currencies are faring. ♪ everybody has different investment objectives, ideas, goals, appetite for risk. you can't say 'one size fits all'. it doesn't. that'crazy. we're all totally different. ishares corere. 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.

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♪ >> 23 minutes past the our. i have your fox news minute. the u.s. and germany are warning russia that assad will hurt any possible cease talk. russia's transfer of new long-range missiles would damage plan for a possible geneva conference between syria and rebel groups in july. a giant asteroid is headed towards earth. it is about nine times the size of a cruise ship. do not worry, we are not in danger. it will pass by earth this afternoon at 3.6 million miles

away. a boy from queens, new york, is the winner of the national spelling bee. as champion, he gets a trophy and $30,000 in cash. good for him. those are your headlines. back to dennis. dennis: thank you. more severe weather. we have hail and tornadoes expected across the heartland..3 rich is in the weather center with the latest. >> more severe weather today. there could be some severe weather from parts of minnesota, wisconsin, parts of michigan and parts of dallas. it includes oklahoma city and more to the south of it. this afternoon, again, another day with that threat.

it extends up to tulsa. up to joplin missouri as well. we have extreme drought going on. rain is falling in the wrong spot. temperatures in the 80s all the way up towards new york city. another warm one. 88 degrees. dennis: my vix ready for head is

feeling the heat. nicole: it could be stormy weather ahead for matt winkler. he has reporters on his watch. new york post reporting new york mayor, but i dread bloomberg has privately demonstrated frustration. he could end up losing some of his oversight of the news operation. dennis: what is really happening here is some opponents inside bloomberg are leaking this hoping it puts pressure on winkler himself. every sr. executive in this company knew about it. it controls everything about its employees. they knew this. someone may have to pay.

nicole: he is at the top, though, right. dennis: we have a very special guest coming up. and overnight sensation. grumpy cats. he will be on fox biz next hour on how to turn internet celebrity in the cash. and the cyber threat, digital money and worries that it is attracting criminal activities. interviews that you don't want to miss next. cheryl: and no mall madness. consumers cut spending for the first time in the year, but we have an economist says there is some hope for this economy. dennis: first, let's look at some s&p winners and losers. ♪ tdd#: 1-800-345-2550 when i'm trading, i'm so into it,

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cheryl: best cd cited digital money, words being used -- for is that it is being used to fund child pornography. consumers cutting spending for the first time in nearly a year. an economist ahead on white is not as bad as it sounds. plus, a whopper of an idea. you don't want to miss this one, and you might be surprised to find out who is trying yes. that is at the bottom of the hour. as we do every 15 minutes, heading right down to the new york stock exchange. lauren is down there taking a look. what's going on? >> reporter: a chemical. i want to show you. you can see that there up by more than 11%. volume is pretty good. here's the deal. reported earnings fell 63%. it down in north america. down in europe. that earnings declined.

actually better than the own expectations. therefore the stock is popping. unseen at least three brokerages raise their price target on guess shares. up 302 unchanged. the highest price target on seeing is $37. nicole: it looks like a great day. i'm not. i love gas. thank you. ♪ dennis: the underbelly of criminal activity, underground currency system is taking center stage after liberty reserve was busted by prosecutors for alleged money-laundering of illegal gains. experts warn that the anonymity of on-line currency systems makes them an ideal vehicle for criminals. joining us to discuss this, we have the president of the international center for missing and exploited children. trend micro cyber security expert. thank you for being with us continent. let's go ahead and start with you. wet dog do you have in this fight today?

wire you here? >> well, i am primarily here because we spend a lot of time and effort attacking the exploding problem of child pornography. banks, credit card companies, they came together to try to address it through the mainstream payment system. what we are learning is that we did not ended. we just moved it. it is moving into a kind of virtual shadow economy made up of digital currencies, anonymous payment systems, bulletproof hosting companies, and new anonymous tools for using the internet so that those who are engaging in these kinds of organized criminal activities conduce so with far less risk. dennis: and tom kellerman, it seems like this is going to be far harder to track down and stop that was to go to visa and mastercard and ask them to stop funding these kinds of purchases . you're -- there are hundreds of these current systems out there online, aren't there? >> more importantly, the crimea has noticed that most of the major organized criminal systems in the world and develop tanking

components and using these virtual currency anonymous payment systems to basically barter and trade, the national secrets that were hacked. dennis: i see. to his seems that even with these anonymous digital cash systems, at some point on the front-end you have to take some form of real money and paid to some anonymous system to then turn and into these digital points of some kind. have you been able to get back to the original front-end source until mike credit card company not to do that? >> it is very difficult to do. and the reason is that it is virtually impossible to track. digital currencies are not sanctioned by any government. they're not tied to any central bank. this is literally a kind of internet based barter system. so the challenge is to create enough infrastructure that you can identify who the customer is, who the original purchaser is, the financial crimes

enforcement network here in the united states has taken an important for step, but this is a global challenge. seventeen countries had to work together on the liberty reserve case. this is a problem that will require a global-based solution. dennis: and yet it seems like anonymity is one of the core values of the entire internet when you have government activists who might it hanged if they are going to catch themselves up and some campaign scandal. how are we supposed to peel back anonymity when it is a founding precept of the internet? >> the whole hacker community, cyber crime, said the economy underground is very reliant upon the bulletproof post and anonymous payment systems. inevitably they touch the real world, whether through stored value card immobile payment systems. but needs to happen is some sort of standard of care, some do diligence standard on knowing the customers under the president's -- presidents of status should be implemented across the board for this alternative payment systems. and for that matter maybe we should consider electronic

forfeiture law that allows us to forfeit these electronic assets and move monies back into the system to fight cyber crime as a whole. dennis: it seems like you're trying to egg grasp. even if you manage to shut down the anonymous digital cash systems, what these guys just invent the next generation and be a step out ahead of the? >> there is no step that is a moving target. and let me add that there are very important uses of digital currencies in these and other innovations. we are not suggesting that they should be wiped off the face of the earth. however, there is a balance that can be achieved. we cannot allow the system to exist that enables organized criminals and not just involved in child pornography, but human trafficing, drug-trafficking, weapons trafficking, a host of organized criminal activities to operate with total impunity in total anonymity. dennis: and yet, are we guilty of the demonization of looking

at digital cash and right now you cannot trace real cash if someone to use that to buy something illegal. >> here is the real issue. all of the great anti money-laundering efforts of the financial institutions that are watching right now as it basically a brick wall. if you do not incorporate the concept of anonymous payment systems and investigating them into your anti money-laundering regimes and financial institutions in today's world you're losing the fight, in addition to the fact the use losing a retail customer base to move can also -- channels to distribution of cash. dennis: thank you very much. a very intelligent conversation, cinnamon. have a good weekend. >> a key. nicole: president obama surrounded himself with college students posing as planned to stop student loan rates from dublin. why some republicans don't like it ahead. dennis: and, you can put off your creditors like this. procter and gamble taking up to 75 days to pay off. details ahead. nicole: and we have to take a look here at a very hot topic,

the 10-year treasury. ♪

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>> reporter: a president's, pushing to stop the race from doubling. both sides have proposed fixing the problem with separate plants. the president pushing his plan today in the rose garden, packing it with college students . his plan would keep most student loan rates low by pegging them to attend-year treasury bond rates, plus with a surcharge of about 1%. so the rate on loans to they would be about 3% under that formula. then he keeps the rate fixed for the life of the loan and let students cap their payments at 10 percent of their income to keep loans affordable. now, last week house republicans passed their version of the plan. it would peg rates also to the 10-year treasury with a surcharge of two and a half percent so that the rate today for them under that plan would be for a half percent. it would reset rates every year, but the rates would never exceed

eight and a half%. now, i year ago the president and republicans reached a temporary deal to keep rates low @%rough this july so that they could have time to workout a permanent fix. >> this year if it looks like your representatives have changed their minds, you are going to have to call them up again our e-mail them again or to read them again and ask them what happened, what changed. >> republicans would have none of this. the house speaker said in a statement, the differences between the house plan and the president's plan are small, but today rather than working to resolve the issues, the president resorted to a campaign stunt to score political points. dennis: thank you very much, peter barnes. nicole: despite 5-year highs for consumer confidence, consumer spending fell for the first time in nearly a year in april. tracking a slight drop in wages. joining us now, capital markets chief economist.

mixed data that we have gotten once again, one piece of good news is that consumers are spending a little less on gasoline, but what are your overall thoughts on the economy right now? >> it seems pretty obvious at this point that the economy has lost a little bit of momentum here in the second quarter, particularly from a consumption perspective. we know that fox business was a blowout. of the gears in the other way to describe it. from a consumption perspective. and actually looking for that rate to be cut nearly in half. around one and a half% consumption outcome. the report -- important thing to remember, particularly as it relates to the first quarter numbers, the only reason why the consumer is able to grow consumption at such a fraud the rate was because of a massive drawdown in the savings rate. it went from about 5% in the fourth quarter to about two and a half% in the first quarter. able the consumer to drive spending. that is not so fundamentally sound. not happy to see something like

that. now here in the second quarter, the income shrank a bit. as a result of that we think that the consumer probably wants to the bill's savings a bit. it really explains why we should be expecting more of a softer outcome in the second quarter. nicole: of wanted to talk about what we have been seen from the set. you're talking about economic numbers that are showing that consumers and of spending less. our spending. they are not saving. we're seeing it -- seeing the savings rate dropped. people like digging into savings in many cases just to pay some of the basic stuff. the idea that the fed may stop with the bond purchases sooner than later, do you think that is going to happen? not necessarily? >> you know, what i like to say to people is people sort of, you know, giving exact dates on when it will happen, this is literally a dart throwing contest. it is hard to say precisely when the fed will -- nicole: it's easy to say sooner or later. right? you could say sooner or later.

>> sure. but how useful is that from mars that -- market participants perspective. it's a in five years. i mean, i think you need precision. and what i would argue is that what you want to look at is a handful of employment metrics. and once those become a bit more stable, that is when the fed will actually start to scale back on asset purchases. we believe that is at the end of this year from the fed will start to scale back asset purchases. it will continue to scale back over the course of anywhere from six to nine months, and at that point it will stop the process. the important point is you need a stabilization in the economic data. as you pointed out, the data has been very uneven. and even added 2% cliff. is not like we are falling off the cliff, but it is the unevenness that keeps the steady gaze. nicole: get to the ten year bond. that is something we have been seeing. completely different situations from the last on the quayside at these levels. a different situation. and you don't think it is a one-way path after the ten year.

>> i think that's absolutely accurate. if you look last -- a few months ago in march we actually were in the same vicinity in terms of tenure yield. what was interesting is yields were rising and that actually was accompanied by a rise to -- by an improvement in economic data. that is largely absent. i want to make sure this point is clear. i am talking about and and even back up around a 2% pace. nevertheless, the data has been very uneven. very different from last year to year yields rose. we would say is if you want this to gain a little bit attraction here and continue to rise that is going to need to be accompanied by improving economic data instead of moving sideways which is what has been doing over the course of the last couple of weeks. nicole: the chief market economist. we appreciated. thank you. >> thanks. dennis: all right. stocks every 15 minutes. let's hit the new york stock exchange. jason was port of seaports security.

so much for selling may and go away. our going to keep going up? >> i imagine that we will take a little pause. i hope we have a little pause. would be healthy for the market to see that boss that we see a continued upward revised net for q3 and four to finish up the year. however, we have big in bonds. morgan stanley rebalancing. we will see an abnormal level of volume today to the upside. so i think that a lot of people have stuck around this friday before we see, you know, that sell-off that you normally would see inmate. dennis: expecting more of a sell-off in the dow managing to be up 11 points, as we speak. thank you for being with us. good weekend to you. >> youtube. nicole: gold is on track to and may lower. spending seven out of the past eight months in the red. let's head over to the trading pits of the cme and our own phil flynn. >> $1,400 an ounce seems to be fleeting right now.

traders that began with a number starting to take some profit on the shiny metal right now because of concerns about the growing economy and rising bond yields. we also, of course, have the lodging -- emerging-market currencies getting slammed right now because traders are a bit nervous. having said that right now going into the weekend this market is holding up pretty darn well considering the fact that we have risen up to a 3-week high. so really the power of this market will be how we will close. the amount of rebound a last day of the month. instead regain 1400. that is with the trees will be watching. if they can't make his weaponeer, but if they can and will look very bullish going into next week. nicole: thank you for all those people who were loving gold. so hot on it. obviously they got it. thank you. dennis: it is official. two more. an american idol. we will tell you which ones. nicole: and of opera of the tail. our favorite story of the day,

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dennis: time for the day's median minute. area and wait. procter and gamble, one of the biggest advertisers in the world now forcing suppliers to with a full 75 days to pay. and that is 25 days longer than before. their late day delay follows similar moves from spinoffs, johnson and johnson, anheuser-busch, and agencies are miffed. but these giant brands do this was because they can't. what are you going to do about it? and two more celebrity judges are added. both quit yesterday. finally these to catch fighting people agree on something.

american i'll audience down 25% this year. it predicted the oscars of for idle house a few weeks ago. and now only one of them has left. country singer keith urban. and what price parity, how about half a billion dollars. between the productions, lions gate charging the studio used illegal threats to kill a parody of the twilight teen love vampire flex called twice harder seeking 500 million in damages. fat chance. nicole: that's great. well, here is a story that is almost too good to be true. look, mom, no hands. burger king out with a hands-free whopper holder. we love this video to celebrate the 50th anniversary in pr. fifty people that this brilliant handsfree holder. and dennis kneele, take a look at what we found. wow. that is --

dennis: just so you know, that is. nicole: that is real. dennis: i believe an alternate with my hands. eating food with your hands is kind of the whole point. that is fine. nicole: painting your nails were leading. i mean, handsfree. you could be reading. it's good. dennis: a funny video. making fun of themselves. like that. okay. holder meets the press. this of the record meeting as the pressure mounts between the attorney general and the press. pressure mounting for special prosecutors. nicole: and on a prayer. rocker bonds of the stimulus package for those who are struggling in europe. dennis: plus, the youtube sensation for the big screen star, the one and only grumpy cat and her agents. turning as sourpuss into as we success. here next with ashley and lori. ♪ ♪

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ashley: you know, a secret. and i have always been drawn to unavailable women, which is why i also like cats because there are so unavailable which is why i am loving the grumpy can't. lori: you love it? does it give back a little? and no. you will learn all about it. ashley: recently learned something about dennis. thank you, dennis. lori: for what it's worth, and a dog person. ashley, on. lori: i am very skeptical about the cats. ashley: maybe she can win you over. lori: a actually have a feline guest today. ashley: we do. lori: good afternoon. well, can you blame them? the bull's when it. the snb on track for its seventh straight monthly gain since 2009. ashley: the ongoing battle of the student loan rates. should congress advocate those

rates from doubling? we will hear the case for letting those rates rise ahead. lori: plus attorney general eric holder meets the press as pressure mounts for a special prosecutor. weighing in on the off the record. ashley: know, yes, the internet sensation that is sweeping the nation. our very own lori -- no, it is ground pecans and her agent who will be here on how to turn internet celebrity into cash. ms. crosby. cute. in internet sensation. let's said ted stocks. the floor of the new york stock keychains, the never grumpy laurent joining us. you know what, forget the trends . it has actually been a great month. >> reporter: sell in may and go away. not this month. if you take a look at the major aver