fantastic. audience, watcher my special thursdays, making your market, 8:00 p.m. thank you for watching tonight. dennis: tonight on "the willis report." find out why unions are calling it an all-out war. and the food police strike again, taco bell dumping kids meals. what is nice, no more happyy meals in a fast fo establishment? you can't have a govnment program without waste,raud and abuse. this one is ha to stomach all coming up tonight on "the willis report."

we begin tonight with breaking news. michigan court has put the brakes on three lawsuitsrying to block detit's bankruptcy filing. it is a huge loss to the big labor unions fighting fiercely against cuts in the government pension. the ruling cles way for federal bank of the judge to consider the casee that begins tomorrow. what hapns next in detroit could affect cities and tns around the nation. do they have the right to reduce the pension promises it made to unions in good time when it will defaulon bondholders in bad times. that simple. with us now, an expert at t conservativeeritage foundati. senior fellow, you are with us. reporting on foxbusiness.com. you are here, it is an interesting background yourself, you were a goldman sachs guy, not just prounion, before going to goldman sachs you a involved in helping detroit out

of the last rush in bankruptcy? in 1990? >> that is right. goldman sachs was hired to sell major assets. i headed the team that did that. dennis: d the city try to make any pension cuts back in 1990 >> not at th time. the skill the problem was much smaller. the gap was $55 million at that time. dennis: now we are talking nearly half of the total liabilities. do you think the city has the right in bkruptcy court proceedings to go ahead and start cutting benefits to current and future retirees? >> i practiced law for a whi but that was a long time ago i think there is a very

legitimate chance the court will actually rule the constitution protects the pension benefits. i think the number is that you mentiod by the way subject to a great deal of dispute. dennis: tell us, if he is right and it turns out the court will so you don't have the right to cut those pensions, will the city be able to get out of this mess? >> nobody wins a fight, they agreed and more prosperous times to these pensns where you could retire in your 50s after 30 years on the job and get a full pension rest of your life. you had just under 1 million residents in the city. now less than 700,000. the city does not have the ability to pay. i think deral la will trump

the state law in this case. detroit es not have the money to keep the lights on they don't have the money to pay theondholders or the unions. dennis: james just said it is about math, but you say it is not about math at all, how so? >> as a lawyer that dealt with the cleveland situation, they almost went bankrupt. ind(ráy of boston when they almost went bankrupt. i think it is about political will. havi been through this before, these kinds of sittions with the local governmentrunning into trouble going back to new york city, the real question the statend the city have to work together not at odds wi one another. dennis: is seems the time to show political will would have been whethe politicians turned down union demand for higher pension, higher pay, we are losing half hour population to 1970 or something.

>> the pensio benefits were cut by 40% lt year. the average workern the city of detroit, nonuniform worker, their nefit will be $18,000 per year. this is not this grand situation. in obligation of aut 4% of total revenues. i think it is fair to say the pension issue has been blown out of proportion. dennis: there is a huge liability across the country from the government pension plans which have never slipped over to putting in your own stuff and invested. kate, we talk about a lot of numbers and the law, you're talking but most of thickly directed. tell us about what you're you ae hearing from these people. >> a breast caer survivor paid into this plan foover 30

years,etired at age 63 and is terrified, no idea if she will be able to collect. and then i spoke to another worker, the quintessential union guy who takes people antiunion off. he worked as an electrician come a retired at 50, got second job in a different iisibility and retired retired after 10 years and got a tenure pension from them. he is collecting to pensions. dennis: the last paragraph of the "wall street journal" ssory when it first broke, what it retire in october at age 50. aren'te bankrupting ourselves if we let government workers retire at age 50? >> city and the unions make promises to workerthat they could not keep. they got to say we got a huge

pay increase, the city did not have to pay for these increases now. there is just no money anymore. they were lied toor generations. they would not be better off i had a 401(k). they did not have to worry about the city going under. dennis: imagine if the pensi plan had money in the stock market in the 401(k) instead of the pension problem rising since '09. one shows how many cities face underfunded liabilities, detroit 5.1 billion, i heardhat was 9 billion. another chart thathey're goi to to show, politicalpending by unions $1.1 billion through 2011.

unions represent less than 7% of private-sector workers and 40% of government rkers. is this one big self-perpetuating money machine where the unions elect the government people who will vote to keep paying to the unions who get more dues meanwhile taxpayers, the rest of us are on the outside and we are getting hammer. >> if that is the case, they did a very poor job in detroit. the payout is $18,000 per year is what you get. even though there may be outliers who worked 30 years in detroit, the average retirent age for the average worker in detroit is 63 years old to obtain the benefit. so i thi there is a little bit of a misunderstanding of how generous these pension benefits are. deed the unions and the

workers have been working with the city all along. dennis: even if unions have the right not to grant concession, they granted no concessions and hostess went out of siness and lost all those union jbs. shouldn't employees in detroit in making concessions to help the city get back on its feet? >>he cit of detroit unions have made concessions anwould make concessionsoing forward, but what has to happen is a have to b a dialogue betwe the city and the state. the state cut the revenue sharing last year by approximately the same amount as in taylor pensio imac enterra p. dennis: we're going to have to wrap. i was live got another more, but we lk for the rattle rousing on the other my apologies, thank you for being with us.

now we want to know what you guys think. should workers in bankrupt ties lose their pensions? log onto griwillis.com, vote on the right-hand side of the screen and i will share the results at the end of the show. a lot still to come this hour in putting tips on e best way to rent your vacation home. and taco bell shocking the fast kids meald by sayg adios to ♪

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dennis: taco bell issaying adios to kidseals. dropping kids meals and toys after deciding they are not edgy enough, i do not appeal to millennial's. but did the food police push taco bell over the edge? you follow these issues a lot, interesting thing is sometimes

you want goverent intervention and you almost like mayor bloomberg, but other times you argue look, obesity is our own problem in abo time the crackdown on ourselves. where do you fall on this decision? is it good for nutrition or bad for nutritiin? >> that is an loaded question. they did not do it for kids, this company brought us the fourth meal, after midnight al. they did not do anything for kids, what they decided his ks are less than 1% of their sales, their focus is millennial's. i have a happier hour. they're not interested in althy nutrition, they are not even playing that game. dennis: if it is 1% and nobody notices, you might hold onto it. if you kp getting hammered by

the food police they may give you another reason to drop it. >> they had a good news cycle today, but the other brands are not doing it. when you asked me before whose responsibility, it is my sponsibility to not getat, it is your responsibility toot get fat. what their role is, in obligation to be transparent. tell me what the risks are. what does it mean to me, and how many calories. dennis: we kind of know a double cheesebuer with bacon has a lot of calories anso it is not as if i see the calories posted i will say i will not have that now. we have an obese america, not caused by america an taco bell.

do you tnk they will be more? >> marketers know they can create a tester factor. undermining parent who have to say no. we don't want to be in that position. marketers are adults, trying to establish relationship with the kids. dennis: in my household my daughter refuses to go to fast food restaurants and i'm trying to tell her you can always order chicken. the food police have been on the march abt all of this stuff, it seems even the first lady, they want to blame business and

blame thprit motive instea of aming us for noteing more restraint. >> cry because making us fat and sick. think be honest with us of what is in the food. government haso make sure everythings safe and we have to be held accountable. i will take out, get t,ou're going to buy my dialysis and scooter. denn: the scooter thing is a al problem. it means you jusdon't have walk wn you should really be walking. seems like youe doina really good job, thank you for being with us tonight. lalater in the sw, new evidence shows some of alstreets biggest banks are jac jacking ue price of auminum cans an beers, but can y really corner

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dennis: renting out your vacation home without paying up to the t

dennis: the summer may be halfway over, or may not, but not too late to rent out your home tax free.

how doou do that? thank you for being with us. i thought if you have a home and rent it out, that is it, you have to declare it as income. >> if you rent your home for less than 15 days the irs say you don't have to include it again. you cannot deduct any expenses. less than 15 days it did not have to rert any income. dennis: versus if i do more than 15 days now i have to declare it as income. 39.6% as regul income? >> reported on your income. and en you offset that any deductions you might have relative to the rental itself, and allolocate your expenses between personal use and your rental the allocated between personal use on your itemized deductions,

and the remaining amounts offset rental income. you can't have a loss created, cap take morore deduccions. dennis: don't i get better cash flow benefits to avoid paying taxes on it? >> appreciate the property on the income basis. it will depend on how much money thtimeyou rent your property. one/six of that year is allocated toental purposes and you can deprecia your value. dennis: congres cgresses despery searching for ways to raise money d soak the rich. deductionsre kind of coming up, the first target may be

allowed on a second home. >> it is tapped at $1.1 million. that is an area they are focusing oreducing the mortgage interest deduction amount so interest on the loan may be 500,000 rather than 1.1 million. capping how much of a deduction at what rate you might be able to get the deduction there has been proposals to cap the mogage intert at % so you will only benefit even though you pay taxes at 39.6%. dennis: now, if i rent a second home and i want to rent tt baby out at a profit, do i have to declare that as income? >> that is a good question. in that case you have to see if it allows for a sub rent.

i would say yes, if you're receiving income, i would say you report that asncome offset by the expense for paying your landlord. dennis: i am renting from someone and i will not be renting it out to anyone else in case anybody else is watching. time now for a look at stories you are clicking on tonight on foxbusiness.com. it'll directiin, stock market flip between gains and losses and naged in record territory anyway. and nat gas blowout today forcing evacuations of 47 workers aboard a drilling rig, authorities saying natural gas not oil is flowing uncontrollably from the rig.

at least it ain't dirty. detroit may be bankrupt but by continuing to prosper. hiring 3000 salaried workers this year as the demand for new vehie grows. sales up tough jun starbucks getting into the greek yogurt craze. teaming up with an expert. the financial terms a deal were not disclosed. those are some of the hot stories right now on foxbusiness.com. coming up, the fight or food stamps giving another example of waste, fraud and abuse in the system. what has happened to apple? making less money, the stock on a downward spiral. should you still be bullish on apple? is it time to take another look?

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[ male announcer ] don't wait. call today to request your free decision guide and find the aarp medicare supplement plan to go the distance with you. go long. ♪ >> are our fox business studios in new york, here again is it. ♪ dennis: apple's shinesgain. a lackluster quarter. handley greeting estimates. even with more than 31 million iphone sold, year-over-year growth has fallen. goodewand bad news. senior equity strategist. thank you for being with us. what do you think bout the >> it was next. remember, you have tout this in the context. thereere some mornings. the ipad sales were light. but the guidance was also weak. if the stock was upecause expectations have come downo

bad, of having a tough time. at the company has failed to innovate or t past year-and-a-half. we are still hoping for some new products and i just read this as everything is copacetic, everything is okay. looking in the future, i am concerned, and i do think that apple could rise. i don't think it goes much higher. dennis: the stockopped nicely after hours. up three and a half percent. >> yes. trading just below 440. apple is fighting a losing battle. the iphone is still there that is there golden child. remember, all smart phone sales have been a slowing because not as many people are upgrading theiphones. the average sale price has come down dramatically and tre are pected to keep coming down. the question is, can apple, but the product that will knock our

socks off that will be, this is completely different than anything we're used to, just like they did with the iphone. the answer i have is probably not. again, the question still remains which is why the stock is higher. dennis: you talked about something that has been bothering me. only in recent weeks i have heard people in the business start to talk out smart phone business the way we were talking about laptops. it's just not a growth market anymore. i am shocked at how quickly investors are taking on this attitude of the srt phone market is not high growth. a the only untapped market left is developing world where they have to do jeep phos that have much lower profit margins have. samsung is much better than apple asompeting at the cheap end of the market. >> they are. don't forge nokia. the lost name in the business which at one time was the king of all phones. they are good. and apple, remember, people love

them because they make good quality stuff. big, fat margins which is why we buy their stock. go into their stores and everything is high-end. i don't believe that they will be able to compete with the likes of samsung or nokia. even the likes of blackberry which is on the verge of bankruptcy. dennis: if i at the buzzer. you don't think apple will be able to compete. okay. you are disqualified. not even close. nokia is dead. two points, one about love and e other as product cycles. apple is a vicm of bad timing. people are n buying quite as many i funds because they know and a few months they're coming out with anyone. love, you know, apple tin years ago was somewhere around two or 3 percent of the value of text -- tex doc. that win up t 17 percent and it felt like a certain amount of that was not so much based on pnc's earnings but investors

fell out of love. back? >> i think steve jobs was the originator and the perpetrator of that love. sounding sort of weird, but you look at what happened from 86 to 97 when steve jobs first lets the company. they fell out of favor in this still innovated. steve was a magician. the way he presented the product to the people, the way he created this bond. while coke is a fantastic gentleman, i don't think that he is bringing that. again, if they bring in a tremendous product and bylaws was something magical, that can come back. but you love the man and you love this creativity. he wasas behind the company. was he that drove it. dennis: i saw something yesterday. twen-seven of 30ave a downading for a hold or sell whic alone could be a good and that says apple will come back.

the old contrarian indicator. thank you. appriate it. and now on to goldman making you pay more for beer and soda. that is what some in congress and the national media think. the beverage companies are saying it. goldman s manipulatg the price of aluminum, adding fractions of a penny to t cost . ultimately costing consumers billions of dollars. it is only going to cost $0.2 for all theeer you can drink in the year. new yk times, go after that. taking this one lying down. i love this. they keep smacking back, and it blasting back at those accusations. rich edson joins us now with the latest. >> reporter: good afternoon. defending itself, still the beverage companies say bank-owned warehouses are slowing aluminum deliveries to turn a profit. subsidiaries control a network of aluminum warehouses.

cutting back deleries to increa storage fees. brewers say the banks are cleaning up all they are stuck paying more. 60 percent of its beer goes into aluminum cans. the company sayshe increased aluminum price is costing its customers. >> the increased cost that we encourage takes away from innovation and new products, other qualities. >> aluminum costs are forcing them to delay fility upgrades. they deny the existence oany scheme. ey only control 5% of the aluminum market. they delivered aluminum prices. the warehousing system is not

driving up the price of aluminum. whether the government should permit banks. currentlyhey are allowed to and the goverent regulates. dennis: thank you veryuch. my vote on that is that goldman is right and government guys are wrong. that is my personal view. with the possibility of beer prices going up which states could be the most effective? which states during the most beer. that list is tonight's top five. number five, wisconsin, a quarter of adults are considered binge drinkers in this state, the highest in the country the state tax is $6 per gallon. the second lowest. number four, a south dakota. despite having only jamborees in the state residence during

nearly 39 gallons. the number three, montana, contributing over one-half percent to the statedp and supported more than 5,000 jobs.@ no figures are not lost productivity from hangovers. residence during nearly 44 gallons and don't have to pay a direct tax on beer. wholesales and burst payhat tax. and the number one state that drinks the most beer is north dakota. residents trying nearly 46 gallons with only ffur breweries in the entire state. the second fewest in the entire nation. do somhing about that. other states include nevada and vermt. and when we come back, if netflix is really as good as everyone says it is, what about the stock? is it time to invest? we are looking out for you and your money next. ♪

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dennis: is netflix over? some analysts sayhe company's stock has gone tooigh and too fast. shareholders may be in for a nasty shock. one of the better performers in the rket of more than two unde. the stock was a hit today, down more -- down almost 5%. now we wil talk to rich, one of the analysts whoays w watch up below. the painful story because you had the nerve, the courage to comeut and say that apple basically is a short and as a ice tart of 80. netflix, i'm sorry. now $250 even after falling 5%. stick with that $80 price target. >> a reasonable price than you would pay for a stock, some

estimates on wl street are much higher than our $4, but here ishe thing. 2017s a long time away and we have really negative body language. dennis: tell us about the body language. what would you see o hear? >> fir of all, on page four of their ledger they sai that they are going to change the amortization schedule on their original content costs which means that content that they only have one and two-year contracts on that there amortizing ver four years is going to bring back to two years which means the content cost on that particulariece hazy since lead double which compresses the earnings. dennis: that will let the earnings. >> yes,. dennis: you have all read. promised hollywood close to 4 billion. a couple billion more. how is it they are allowed to do

that and others don't? >> well, every media company will amortize contents. it is just, this is taken to an extreme level. dennis: in terms of what they're pushing off the balance sheet. other cryptic line is a lot of buzz for the oginal programs, house of cards. nine emmy nominations. they also did arrested development. did not get an emmy for best comedy, but they say that an established sure that you bring back helps there on like a brand new show. >> most of their effort is for brand new original production, almost a minute that house of cards had no impact in boosting. >> we think it h about00,000 subscriber impact verses the prior quarter. we think that arrested development had a one-and-a-half

million impact to the positive. going down. the business outside of all of this type is going dow. wh is going down for a couple of reasons. a, anneals like you're in turns. every millennial that i ask does not have their own nflix account. they can borrow. there are squatting. second point is now we're starting to see the emergence of netflix user password generators . to modern 50,000 or you can sign up for this now where and kate netflix, basically -- to get you in free. gerri: how much is this costing off of the revue line? >> they don't give you user estimates. you cannot triangulate what is going on. dennis: it iss kind of problem.

>> growi affection --ridge. -- and friction. dennis: the stock hasone up. they are all latter-day hbo. >> they are buyingt, but let's put it this way. it took fox and hbo about 20 years to get to this point. rita hastings thinks he will get to 90 million subsibs at the end game. add 90 million a the rate that we got lt quarter, 630,000, it will take in 20 yea. so investors are wait too optimistic about the subscriber nuers. this is a companyhat is going down the chain. 22% margin, international, he will have less margin. dennis: i still don understand why this streaming internet

business is lower profit than dvd. the physical dvd, i don't get. >> and n paying for just the content. dennis: that you. thank you for being with us. stay with that $80 price target. you are brave. still to come, outrage over foo stamps as a new report says many are using government aid to buy food and ship it back on to other countries. we have a debate coming up after the bak. ♪ [ male announcer ] the mercedes-benz summer event is here. now get the unmistakable thrill... and the incredible rush... of the mercedes-benz you've always wanted. ♪ t yobetter get here st... [ girl ] yay, daddy's here. here you go, honey. thank you. [ male announcer ] because a good thing like this.. phew! won't last forever. mmm. male announcer ] see your authorized dealer for an incredible offer on the exhilarating c250port sedan.

but hry, offers end july 31st. on the exhilarating c250port sedan. when you do what i do, iyou think about risk.. i n't like the ups and downs of the market, but i can't just sit on my cash. i want to be prepared for the long haul. ishares minimum latility etfs. investments designed for a smoother ride. find out why 9 out of 10 large professional investors choose ishares for their etf ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives,risks, . read and consider carefully before investing. risk includes possible loss of principal. dennis: shipping taxpayer funded groceries overseas. the ne r

♪ dennis: in food stamp nation. according to the new york post recipients are using food stamps to buy groceries and s ship them to relatives overseas. big barrels of the grocery stores. here to weigh in on this, diana ross, senior fellow for t manhattan institute and joe berg is with us, executive director of the new york city coalition against tiger. why don't you start us off. anytime a government money floods into an area, it seems likeraud source along with spending. president obama increase spending almmst 50 percent in hifirst year in office. >> he reay did. he expanded eligibility, expanded the amount. whereas i think it is making a great sacrifice, they sit down to the caribbean. is shows that bit of really need the food stamps. and what we should do is involve e program to the state, take

the food stamp money, give new york is part in new jersey its share, california its share. get them to administer the program m because that way they will have an incentive toake sure that just the neediest get it. other programs to help people in other countries. dennis: okay. what do you say? the fact that they are shipping this food overseas is a sign that they obviously don't need it on. >> notes. my staff proved that that story is absolutely fabricated. a member of my staff that the managers on record. the new york post did not "a single person by name, and the tree to the matter is even the stories of the departed and the barrs over a month. unless members of the store staff for actually following people home and hanging out in their kitchen over a f weeks or months you would ner know. the story said that they spend $70 to ship overseas. most low-income ople don't have that. the program has 1 percent fraud. increased dramaticay under present bush.

phar-mor fraud on wall street. phar-mor fraud in defense contracting, 2% in the united states as a representative. dennis: a couple of things. they did not "anyone directly, i don't think that proves the case. why did you think that the supermarket to buy supermarkets is selling 55-gallon barrels? not to serve their customers who are suffering the meant shipping amount. >> no. low-inco more middle-inme and grim new yorkers are sometimeshipping through to the home nations, but they are not using food stamp benefits to do it. dennis: on food stamps. >> prove that the people doing in our on food stamps. >> i wl go ahead if he will let me. quite apart from that. we have seen food stamps used decle over time during the recovery. this one we have not seen.

we have 107 million americans on different kinds of programs. this is pt twouch. this is clearly not being directed in the correct way. we need to have states making sure of eligibility, setting their own requiremts and telling them, it is their residents. they get to keep it for other things dennis: frankly, i am astounded that there is only 1% front-end to stamps. my neighbors i know. the storm manager in my neighborhood devises peoe on how get the highest and that they can. running radio ads saying it is so easy to get on food stamps. how can you say there is only 1% from? >> the inspector general of the u.s. to part of agriculture was appointeby president, republicans have h hearings. dennis: when would you trust anyone appointed by presiden bush? >> a different number. that is what the official invested is a pound house republica at a hearing. it did not find a single eetra

interest. the state should have some flexibility. the house republicans, the first farm bill which failed actually took away flexibility from states, took away the ability of government to allow people to develop a efforts to move out o poverty. >> when the obama administration comes in, 47 percent and increases the dollar 115 percent in four years but the number of people getting the money, 68%. do you think that we have a 47% interest in need in a single year? >> yes. i find it veryurious. they want to take life preservers a life of a drowning. dennis: i find it unbelievabl that anyone would think aa47% increase in spending, 1 percent fraud. that is just not -- there is no way it is true. we after rapid.

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dennis: the federal court overseeing the bankruptc case said the first-ever tomorrow. after the sears and to stop halting plans to restructure. millions of dollars in debt and liabilities. it should workers i bankruptcy is a pension. here's wt some of your posting. there would be a disaster since most of plan theilives accordingly and are too old to@ start over. time to sell off assets, chang current contracts and that the cities of red. michael dre. i think whoever bankruptedhe cities, they are responsible. the people should notose their pensions the responsible party should be investigated. we also ask the this on gerriwillis.com. 68 percent said yes. government worrs to lose the pension. 32 percent said no.

the sure to log on to gerriwillis.com for our on-line question every weekday. does it for tonight and "the willis report." thank you for joining us. have a great night. breezy being here. ♪ lou: good eveng. thank you for beinwith us. america creating new enemies in the middle east. kiki -- key congression into teeven reignited the of obama administration efforts to arm syrian rebels fighting the regime. the ama administration has been widely criticized for is e fm behind policies in libya, egypt, afghanistan, now providing small arms and ammunition to some of that 1200 different rebel groups that he beendentified in syria. we don't know which groups the united states will arm, but we do know -- excuse me. we do know groups and elements of the oos