tv Cashin In FOX Business June 16, 2013 9:30am-10:01am EDT
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>> i do. i think this is a really sod stock. >> everybody lis that one. that's it. have a wonderful father's day, folks. keep it here. the numbers block continues with another gre father, eric foley. "cashin' in" is next. first, the government, now are private firms selling you out? as the nsa scandal erupts, one phone company accused of rolling out the red carpet for uncle sam to snoop on you. emocrats accusing republicans ofblow the irs scandal ouf proportion. now there's evidence suggesting neither party is being tough enough. "cashin' n," asking the tough questions right now. hi, everyone, welcome to "cashin' in." our crew this week, yne rogers, jonathan, tracy, also jim. welcome,everybody. so you heard about the verizon being forced to hand over private phone records to uncle sam. now we're hearing the compa
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may have but a special fiber optic cable directlyto the overnment so can access that infortion. tracy, everyone's focusing on the nsa. what about private companies? >> yeah. you know why? it's all about transparency. i get theeed to gather intelligence and keep this country safe. but we should know what's happening. to do this behind our back is so untrustworthy. i have verizon and i'm really pisd off about it. >> i have veriz also. senator rand paul is looking at a lawsuit, suing thegoernment and/or verizon for turning over its records. >> tracy, do you have a theory about area 51, too? maybe you wan to opine on the second gunmantheory? come on. you're not alex jones crazy just ye but these conspiracy theories -- you're getting close, by the way. the conspiracy theoriesabout business selling out private indivuals -- >> you know what? do not first call me names on a saturday morning. i'm so beyond that right now. and jonathan, you so-called libertarian -- you so-called
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libertian, just think it's fine these companies do this without you knowing things? >> no. they're not doingit, tracy. companies only get to be big and successful by protecting and respecting their customers. that's why a lot of big-tech companies like comcast and twitr have actually gone to court to protect their users. no one gets to be big and successful by selling out their users. i'm much more worried about government than about business. >> i'm going side with tra on this one. i thin when you violate the fourth amendment, everyone should stand up and say y, i'm not doing this. you're violating theourth amendment. hold on. >> do you have any evidence of that, or is that just an accusation? do you ha any evidence? >> hold on, we reached out to verizonhether they built fiber optic cable directly so they can data mine our butts. can you hear me now? they never got back to us. make some sense out of this. >> if the government needs to figure outho the best way to do surveillance, who are they going to call? the companies that have been keeping massiveamounts of data on us
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we are so concerned about government surveillance. what about -- it's more ins with us f theorporate surveillance that's been going on rsus the government doing it for security reasons. "financial times" has this calculator. can you put in information on yourself, and it wll tell you how much you're worth. i found out this moing. i'm worth $1. >> big difference. big difference. let me get wayne in here. >> on social media, if i'm pregnant, if i have cancerakes me more worthy tothem. that's survelance i think we should be concerned about. >> when you sign a user agreement that says you can data mine me, you give up your rights. we never signed that deal with the government, did we, wayne? >> the problem here is more fundameal, eric. we have essentially a fascist ecomy in which big -- i mean jonathan isromoting oh, you've got to get big. well, that's wrong. you'veot small. you've got big government, big business and big labor, and they're all in hoots. and listen, verizon didn't do this onheir own. the government leases that line. they provided the financing to
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verizon. the governmentnd verizon are hand and glo. the government and ge are hand and glove. it's going to contl 60% of the banking. everybody is too big. and that's wt's wrong. have essentially a fascist economy. >> go ahead, jonathan. >> verizon's donenothing. y nothing. dumping on verizon. and wayne, you want amall phone company? great. ut two tin cans together. a schmoll phone company will not be able to serve anyone. >> oh, plse, give me a break. you don't know what the hell you're talking about. you're shooting you moh off about something you do not know. >> hold n. hold on. tracy, jonathan says verizon has done nothing. as far as i uderstand -- >> this blowsy mind. this is so not jonathan. what did you have in your cheerios this rning, jonathan? this is so not you! come on, now! this is snooping. this is the kind of stuff that people like you are supposed to hate. you want to gather
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intelligence, tell me. eric is right. i shoulhave signed the dotted line that said hey, you'll be protected. we've got this cable going from new jersey to virginia. >> let me read this to you. i've got to do this. i cay this in m pocket every single day. it'snot aprop. it's the u.s. constitution, fourth amendment. 1 1791, the right of the people to be secure in theheir persons, i their houses, in their papers against unreasonable searches and seizures. they even mention probable cause in the fourth amendment. there's no probable cause to data mine aillion people. >> well, if there is a real threat and they e responding to i and they have to, i've heard in compared to if yore looking for a needle in the haystack, you have to get the haystack. and so when it comes to givingn up a little bit of our security -- or a little bit of ourreedom for security, i tnk that's where the american people are. >> let me ju -- >> this is nothing new. this is nothing new. in 1979, the supreme court said
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that our phe records were not -- you kw, that was not something th we should expect on any level -- >> hold on. nath jonaan, i know you want to jump in here. wayne, here's the issue the fbi has told us they can go back in the data that they have and go back and listen to our phone conversations. do you trust the government that they won't be doing that? the nsa, that they won't be doing with those millions upon milons of phone conversations that they have of ours? >> eric, i don't trust the government to do anything. they're morons to start wit they're taking advantage of it. and you are absolutely right when you say that. collecting informatio in bul that was not a specific thing under the patriot act alone, it has be specific. and the judges who signed that, you ve to be verery careful about what you're doing. >> youre total convoluting the issue. >> and jonathan, you're wrong. >> you are completely convol convoluting the issue. >> the fourth amendment is absolutely right. and you're righto read that. >> jonathan. >> you're completely convoluting the issue.
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verizon knowing your data doesn't violate your fourth amendment rights. yes, i agree with the panel. the government is listening in the nameof quote, national serity is -- ayou present a false choice, that we ha to give up our privacy or not fight terror. if you want to fight terror, why n serve by naming the enemy calling jihad actually fighting a war, not snooping on americans. what's scary is that's what government is supposed todo. >> fine, jonathan, we'll give you that. >> but actually -- >> we'll give you that. tracy, but the issue and what the segment -- the way we inflowed the segment was verizon building a fiber opc line so that t the nsa n data minus. not true. >> and wayn made the int that they didn't do this, come on now, with their own money. they didn't d this out of your pocket philanthropically. you know they got fundin to do this. agai it is all th covrt stuff, gathering all the intelligence you need. just let the american people know you're doing it. >> go ahead, jonathan, you want to rebut? >> first of all, i still heard no evidence. tracy keeps saying they got no
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money to do it. >> i didn't say that. >> if verizonid se information, it comes onlyt the end of government force. no private companies would have gladly spilled the beans on their customers. failu d be an immediate failure. >> stop. i love you, brother. we didn't make this up out of thin air. this was from "the new york times" and a brought against verizon. we didn'tust make this up, the fer optics line. no, this was reported. this is real, jon. it's happening. it'sot to scare the bejesus out of you, at least yo no? >> if it's happening, it comes only at the end of government end, the quest of government force. >> oh, my god! no private company couwould willingly violate their customers' rights. >> we could go on and on. coming, case closed? some demoats telling republicans they're going too fair with all this irs stf. but given what the fbi just
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know what's going on. they're not doing enough. theirss the oy agency that comes into ever sng one of our homes, and every single one of us are afraid of them. and this is unfr this is happening. we shou know exactly what' going on. >> wayne, the firstsegment we were mad at the government about snooping. now i'm mad th're doing the exact oposit they're not data mining everyone. they're targeting specific groups. that's just as bad. >> no, it's not bad, eric. its outrageous. the fact of the matter is, the government is there for the protecti of the people. they're not. they're not protecting the people at all. they're invading their privacy ght and left. i mean, imagine that somebody is snooping on you, and that information gets in the hands of somebody who is irresponsible as eric holder. you heard eric holder and the head of the fbi,hey don't know the answers. i don't know like 15 times. if they don't know, wat the hell are they doing in their job? they must be morons. >> 78% of the american people say we want to know more about
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what's going on withthe irs. you say the 22% are probably right? >> no. i'm fine with the investigation continuing. but why aren't we getting the ull transcris from e irs employees? and i kn why. know the answer to that question. i've been accused of looking for love in all of the wrong places. darrell issa and republicans are looking for a scandal in all the wrong places. they want to make this tie back to the white house. everyone thinks it's outrageous, wayne, tracy, i agree the president, i've never seen him mad as wen he found out about this scandal. so why can't we hear all of the information instead of, like, picking and choosg something to me it seem like the white house is inn it? that's bad. >> jonath, we s -- >> because they say dlaish. >> because they say i don't know. that's why every time you ask them a question, they say "i don't know." if you've got dummie up tr you know? >> when i hearthese democrats, eric, say don't worry about the irs scandal, it reminds me of
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when the president spoke to -- i believe it was college graduates saying oh, don't fear tyranny and government. at the same ti, he's reading reporter e-mails and collecting data on millions of americans. i mean, the irs is by definition arbitrary government gun. and this scandal shows that yes, it's targeted at innocent people because of why? the potical beliefs. >> there'so innocenceere because this is what's getting lost. >> targeting conservative groups. >> a group that was targeted, they go after individual americans to take ay their constutional right to vote. they wanto get iolved in politics. >> can i just -- hold on. >> but they all shld be. stop, stopplease. listen. it isn't wether or not groups ould be oked into. we absolutely should loo into groups applying for tax-exempt status. the problem is when they only look at conservative groups and they ignore the lberal oups. they le thhem have the free tax
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status and they target. the targeting is the problem. >> ask the naacp. other groups the left who have been targeted. yes, there shouldot be targeting. if you want to play in politi and you want to be subsidized by the american people, if you want subsidize your nonofit organization, get ready for an invesent. >> maybe that could be -- may that could be actually a positive outgwth of this terrible scandal is that we cod move to some te of a flat or a fair tax that you wouldn't allow in politics because there would be no politics involved. every would pay a flat te. you get it andyou don't. t of course, you never hear that from those on the left. they insist on progressive tax. >> tax statusas well. enough of that. everyby has a status at the end of the day. >> we have to leave it there. as a group "cashin' in" we like that idea. forget toys from china.
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> cheap goods and gadgets from china are one thing, but now the pentagon is said to be buying some of our mility parts from china, too, like the propellant that shoots offhe hell fire missile and the key component that gooes into those night vision goggles. wayne, this may save a few taxpayers bucks, but is thi one
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worth the risk? >> no, it is t. ts is a big mistake. anytime you're tying toave money for national security it's crazy. natnal securityty is paramount for us in that sen and we cannot afford to do that. we ought to make everything here and if we can't make it here, we ought to substitute for it in some is way we find an alrnative technol that's what we have to do. and the world i getting smaller and smaller every day. we cnnot find ourselves dependent on somebody would is distrustworthy. jonathan, i saw thi story like a week ago and i said we have t bring this cache in. thisone, hell fireissile propellant and night vision goggles, i have to say, keep it here in the u.s. >> well, i agree with wayne and i don't think that cost should be a factor when it comes to defending the coury. one promising note is a lot of these rare earth materials, rare earth minerals that are now mined in china finally with the regulation being brought down
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here in america, some of the materls can be brought down here. honestly, what i fear is not so much our ability to get weapons, but actually u em. time and time agin, i tnk america has really just lost its bite and we'veeen that, of course, wi the war against jihad. it's not that we don't have the weapons to destroy the enemy, but we don't have the emotional fortude. i'm much more worried about that than a disruptionf the supply of thweapons itsf. >> i'm a little wried about the fact that we can't make this stuff here. wh the heck is wrong with this untry at we can't make this here? >> but they have a lot of these minerals. they have a lot of -- bottom ne, talk about corporations maximizing shareholder values and we want this government run like business. om a business angle, you go to where you can get the best product for the chae chpe price. if the answer is cna, we ve bigger problems than the fact that they're buying products from china. our problem is innovative here
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at home >> can we spend a few mor buckes and make sure our hell fire missile is propelled? >> we should. they've shown their hand that they're willing to use the supply chain as leverage to get what they want in negotiations. they did that with japan. this is a crystal clear example why we have to continue investing in american innovation, ameran science d what has been discussed a lot of y times is to take money away from the national science foundation, take money away from that innovation so we don't have to go to places like chi and -- >> or we n stop spending money to bill dodd's walkwa for turtles under the highways. >> a there's tha >> do we have some sort of protectionist agreement to make this stuff stop? well, i think, ic, what you haveo do is just go back to the emphasis and say that national security is a primary thing for the uninited states
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vernnt to pursue in the best sense of the word. now, wh you talk about private companies doing it, yes, but you haveo be very carul that we don't wnd up with some sort of a facist company where the private compies are being subsidized for t this purpose. >> quickly, jonathan. >> shortly put, trade with our friend, bomb and destroyed our enemies. >> how abo you, trace? >> oh, my god. let's make this stuff at home. that's the bottom line. >> last thought? >> i am appalled thatonathan is a warmonger on this show. but no, we should not be doing his with china. >> let's keep our hell fiefl missile proplant maden the usa. i'm going to say thank you to jim oh green for joining us this week in green. coming up, should g guesselers rejoice? rejoice? more states going
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how old is the olde person you've known? weavpeople a sticker d had them show us. we learned a t of us have kwn someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that sn't changed much is the official retirement age. ♪ the question is how do you make sure you have the money you need to enj all of these years. ♪
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time for what do i need to know next week? >> states are looking for a way to tax hybrid car users. north carolina is trying itou other states will, too. >> more tax. oh, goody. wayne, you're up. >> look at oxy, speakingf gas. t. boone pickens has a good position in itd it's a candidate for a break-up. jonathan, you've been very hot on the interest rate stuff. you don't like gold, but do you
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like oil? >> no, i n't own any oil, eric. but i like poland. poland was the only one in europe to actually not going into a recession in 2008. in fact, it's very difficult for u.s. investors to buy poland. plnd is a traction index. i like it very much. >> does it attract kielbasa sales inchicago, by chance? >> we have a very large polish community here, very proud of it, and i'm sending my money over here these days. >> i came from chicago. i remember the polish community in icago. being italian american not many kielbasas in my house. you, tce sfp. >> i'm not even sure i know what it is. >> remember, you can weigh in on all the topics we just discussed on twter be sure to sound off. let your vce be heard about today's show and everythg else. i'll see y on the five. have a great weekend. and votes in the midterm elections next year.
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