. >> that weighs on consumer confidence and consumer spending and you are talking about home sales. let's not forget, however, that to an unprecedented extent, this recovery by home sales is being powered by private investors and by foreigners with a lot of cash, and in fact never before have we had a situation where one third of the homes purchased has funded entirely with cash. >> the president is talking about how government spending creates jobs cash is something that ignites this. in regards to overseas, how do you bring that home to great

money instead of the government spending money. we have 33,000 more workers and 97,000 less jobs that are full-time since the beginning of the year. this is a really poor job growth picture we are looking at right now. lou: within the part-time jobs and all that is happening, a very important drivers obamacare, which has yet to go into effect and to be fully felt in terms of cost across the economy. that changes in 2014. unless something material happens, whether it be senator mike leigh's initiative and to repeal or reform it. >> here's the thing. 320,000 part-time jobs the last jobs report, when the government says that full-time employment is 30 hours instead of 40 hours, you create an amazing problem for a lot of people.

there is the money in this country that is not there. lou: it is not there and we may find a changed leadership tone and attitude. >> i hope so. >> and direction that there are those that say that this president has this economy going precisely in the direction that he wants. he has this and he wants to see lesser dependence in this country and he wants to see a greater and lesser role for government and that is bad news for the private sector. free enterprise capitalist economy that depends upon private sector innovations and entrepreneurship as well. >> you cannot regulate, you cannot legislate, and he cannot redistribute the way to prosperity. this is something that the

president fails to realize. i don't think you have a good understanding of what drives this economic growth and jobs creation in this economy and when he tries to help the poor with various types of government intervention, the more that he risks impoverishing the entire economy. dennis: you may have noted the crowd is responding enthusiastically to what you're saying. first with twitter and not a buzz that has built into applause. [laughter] lou: perhaps for the president of the united states. we have a lot going on with knox college in galesburg. we have a slightly better picture and the commander in chief is moving toward center stage, and this has been

dominating the lives of more than 20 million people with jobs in the economy who are out of work, people that are unemployed in this country or working part-time. >> that is correct. lou: let's see where the president is. we don't see him, but we see a highly expectant crowd. that they have produced the specter of the president himself and he is not yet in this hall. i want to go to this issue in galesburg. it is interesting to go back as we all have to the 2005 then state senator of illinois. he talked much about living wages and about retirement and he talked about the standard of living in this country. and i wonder as you if you look at those pictures from eight years ago we have to wonder if

he is under assault from so many quarters. go ahead. >> i have printed out the text of his speech. and i listened to his speech to see the differences. particularly at the end when he talked about labor and other things. when he actually had a collective labor -- in other words, the collective mass of the society is always on the president's goal is about crushing this income inequality and bringing the top down and not the bottom up. bringing the top down, but you're rewriting wrongs of yesteryear. lou: this president has talked about the middle class. it has become sort of a default reference. it is not always what he wants to talk about, but it is what he talks about and it serves as an

avatar for precisely what charles has described. reducing income disparity in this country and there has always been and there always will be, these are unprecedented issues. as you say, it is clearly now. >> this has been the attitude and in fact, this is a lot of mobility. in fact, this has dropped from the lower brackets in 2005 and the reverse happened, the brackets have moved out. so there are no lonesome doves that can be found and the federal reserve has also been helping us economy. jobs that were lost or recovered, this has taken about six years and counting to get

the jobs in this recession and that is a big issue. lou: became out of the recession in july of 2009. in the president's first year and we still struggle to come close to a level of job creation for the creation of jobs in any point. it will restore prosperity and that challenge we may hear answered in the speech today. and you are looking again at knox college in healdsburg. the president, we are told he is one minute from entering this stage and we anticipate, as do you, i am sure, great excitement on the part of the crowd perhaps no new initiatives, but perhaps profound change in trend changes in direction of leadership. we will see what the president has in mind. he is turning to the middle class once again to talk about

what had succeeded in his administration's policies and what has not. i'm not yet disappointed by the fact that he doesn't have a new initiative. because even with old initiatives he can reassemble them and create new tactics to implement. now all he has to do is talk about the nation in this country is headed in absolutely the wrong direction. we hope that it includes spirit and offers a strong outlook on our economy and in fact is this president would have it, as you hear the applause began to build, perhaps this will offer a greater reason to have hope and to perhaps see change in the direction of the economy. about 200 jobs more a month

being created, excuse me, 2000 jobs per month. we can also use real confidence and it is part of the american dream that is alive and well and the government will not intervene between aspirations and realization of the potential. the potential seizure of opportunities in the private sector. [applause] [applause] lou: i think that the president is missing his keel. [laughter] [laughter] lou: just based upon the audience. [laughter] >> the president of the united states ♪ lou: president barack obama ♪ ♪

♪ [cheers] [applause] [cheers] [applause] >> hello, galesburg. [cheers] [applause] >> it is good to be home and knowingly. [cheers] [applause] it is good to be back. it is very good to be back, thank you. thank you so much, everybody. thank you. [cheers] [applause] >> everyone have a seat. it is good to be back. i want to first of all thank

knox college. [cheers] [applause] [applause] >> i want to thank the college and your president of the college for having me here today. that deserves a big round of applause. [cheers] [applause] >> i want to thank your congresswoman for her support. [cheers] [applause] >> we have the governor here today and lieutenant lieutenant governor as well. lou: the president and reducing all of the honored guests and attendance there in galesburg,

illinois. this includes the ordinary scandals that embroiled the white house we are going to determine whether or not he is making news and we will be offering this illustrious contributors and colleagues here is the president of the united states. >> jonathan have to go to every event,,he can defend one of his brothers out. it is good to see them. dick durbin could not make it today, but he said that he is back and we loved it. he is doing a great job.

and we have one of our favorite neighbors, the senator clair mccaskill. she is from missouri. [cheers] [applause] >> it is great to see all of you as well. [cheers] [applause] i hope everyone is having a wonderful summer, the weather is perfect. so eight years ago i came here to deliver the commencement address for the class of 2005. things were a little different back then. for example i have no gray hair. i also didn't have a motorcade or a prompter.

there was a problem printing of the speech and and we had to have it driven in from somewhere. but it was my first big speech is your newest senator. i was telling sherry sherry and clear about how important this area was. one of the areas that i have spent the most time in outside of chicago and how much it represented what is best in america and the folks who are willing to work so hard and do right by their families. i came here to talk about what a changing economy was doithe mid. and what we as a country needed to do to give every american a great chance to get ahead in the 21st century. you see, i have just spent a year traveling the states and listening to your stories.

stories of proud maytag workers when the plant go down to mexico. a lot of folks here certainly remember that. and if teachers whose salaries were not keeping up with the rising cost of groceries. of young people who have the drive and energy, but not the money to afford a college education. [cheers] [applause] so these were stories of families who have worked hard, believed in the american dream, and they felt that the odds were increasingly stacked against them. and they were right. things had changed. in the period after world war ii, a growing middle class was the engine of austerity, with the work anywhere in between,

this country offered you a basic bargain. that your hard work would be rewarded with fair wages and decent benefits and the chance to buy a home to pay for retirement. most of all, a chance to have a better life for your kids. but over time that engine began to stall and a lot of folks here saw that the bargain began to erode. technology made some jobs obsolete. global competition sent a lot of jobs overseas. it became harder for unions to fight for the middle class. and washington pulls out bigger tax cuts to the very wealthy and smaller minimum wage increases for the working poor so what

happened is the link between higher productivity and peoples wages and salaries was broken. it used to be that companies did better and profits went higher and workers also got a better deal. and that started changing. so the income of the top 1% nearly quadrupled from 1979 until 2007 and the typical family income barely budged. towards the end of those three decades, the housing bubble and credit cards and a financial sector was keeping the economy artificial. so sometimes it tapered over some of these long-term trends.

but we all know the bubble had burst and it cost millions of americans their jobs and homes and their savings. and i know a lot of folks in this area were hurt pretty bad. in the decades long erosion that has been taking place, the erosion of middle class security was laid bare for everyone to see. today, five years after the start of the great recession, america has fought its way back. [cheers] [applause] we have fought our way back. [cheers] [applause] so together we have saved the auto industry and we have taken on a broken health care system. and we have invested in new

american technology and we have double the wind and solar power. [cheers] [applause] and together we have put into place tough rules on the big banks and protections to crack down on the worst practices of mortgage lenders and credit card companies. she has changed the tax code in favor of the wealthiest at the expense of working families, so we have changed.for 90% of americans and we asked those at the top to pay a little bit more. [cheers] [applause] >> you add it up and over the past 40 months, businesses have created 7.2 million new jobs in

this year we are off to our strongest private-sector job growth since 1999. because we bet on this country, suddenly foreign companies are doing the same too. more hondas are made in america than anyplace else on earth. [cheers] [applause] airbus, the european aircraft company, they are building new planes in alabama. american companies like ford or replacing outsourcing within sourcing and they are bringing jobs back home. [cheers] [applause] [cheers] [applause] >> we produce more natural gas than any country on earth. we are about to produce more of our own will then we have done

for the first time in nearly 20 years. [cheers] [applause] and the cost of health care is growing at its slowest rate in 50 years. [cheers] [applause] and our deficits are falling at the fastest rate in six years. [cheers] [applause] so thanks to the grid and was williams and the determination of the american people. folks like you. we have been able to clear away the rubble from the financial crisis. we are starting to weigh a new foundation for stronger and more durable economic growth. you know, this is happening in our own personal lives as well. a lot of us have shed debt,

maybe cut up the country in a couple of credit cards, we focused on those things that really matter. and as a country we have recovered faster and gone further than most other advanced nations in the world. with new american revolutions in energy and technology and manufacturing and health care and we are actually poised to reverse the forces that battered the middle class for so long. to start building an economy where everyone who works hard and get ahead. were and here is the big question. i am here to tell you today that we are not there yet. we are not there yet. we have more work to do. >> even though our businesses

are creating new jobs nearly all of the income gains have continued to float to the top 1%. and the average ceo has gone arrays of nearly 40% since 2009 and the average american learns less than he or she did in 1999. and companies continue to hold back on hiring those who have been out of work for some time. today more students are earning their degree, but storing cost has saddled them with unsustainable debt. health care costs are slowing down. but a lot of work with families have not seen that saving yet. this helps a lot of families get this back in millions of americans still have no idea how they will be able to recover.

so in many ways, the trends that i have spoke about here in 2005, eight years ago, the trend of a winner take all economy and if you are doing better while at everyone else treads water, that has been made worse by the recession and that is a problem. it is growing inequality. in equality of opportunity it is bad economics. businesses have fewer consumers and wealth concentrates, you can inflate bubbles. when the rungs on the ladder of opportunity or farther and farther apart, it undermines the

very essence of america and the idea that if you work hard you can make it here. and that is why reversing these trends has to beat washington's highest priority. [cheers] [applause] [cheers] [applause] it has to be washington's highest priority. [cheers] [applause] >> it is certainly my highest priority. [cheers] [applause] unfortunately over the past couple of years in particular, washington has not just ignored this problem. too often washington has made things worse.

[cheers] [applause] i have some friends who are republicans who i have worked with in the state legislature and they did great work. they are suggesting that they pay the bills that congress bring up. that is part of the fragile recovery in 2001, and we cannot afford to repeat that. rather than reduce our deficits by cutting our programs that we don't need, fixing ones that we do need that or maybe in need of reform, making government more efficient, instead of doing that, we have folks who have insisted upon leaving in place a

meat cleaver that has cost jobs and harm the growth and it has hurt our military and gutted investment in education and science and medical research. [cheers] [applause] almost every credible economist will tell you that it has been a huge drag on this recovery. and it means that we are under investing in the things that this country needs to make it a magnet for good jobs. then over the last six months, but good luck has become not so good luck and i didn't think that that was possible. the good news is a growing number of republican senators are looking to join their democratic counterparts in trying to get things done in the senate. so that is good news. [cheers] [applause] for example, they worked

together on an immigration bill that economists say will boost our economy by more than a trillion dollars, strengthen border security and make the system work. but you have a pack of republicans in the house who won't even give that bill a vote in the same group gutted a farm bill that america's farmers depend upon and also america's most durable children depend upon. and if you ask some of these folks, some of them about their economic agenda, how it is that they will strengthen the middle class and shift the topic to out-of-control government spending despite the fact that we have cut the deficit by nearly half of the economy since i took office. [cheers] [applause] [cheers]

[applause] or they will talk about government assistance for the poor despite the fact that they have already cut early education for vulnerable kids and insurance for people who have lost their jobs through no fault of their own. or they will bring up obamacare. this is tried and true. despite the fact that our businesses have created nearly twice as many jobs in this recovery as businesses have at the same point in the last recovery when there was no obamacare. [cheers] [applause] that is what this is about. [cheers] [applause]

with this phony sick and 10 scandals, washington has taken i'm here to say, this needs to stop. this needs to stop. [cheers] [applause] this moment does not require short term thinking. it does not require having the same old stale debates. our focus has to be on the basic economic issues that matter most to you. the people we represent. that's what we have to spend our time on and our energy and our focus on. [applause] as washington prepares to enter another budget debate, the

stakes for our middle class and everybody fighting to get into the middle class could not be higher. the country that's are passive in the face of a global economy, those countries will lose the competition for good jobs. they will lose the competition for high living standard. that's why america has to make the investments necessary to promote long-term growth and shared prosperity, rebuilding our manufacturing base. educating our workforce. upgrade our transportation system. upgrading our information networks. [applause] that's what we need to be talking about. that's what washington needs to be focused on. and that's why over the next several weeks in towns across this country, i will be engaging the american people in this

debate. [applause] i'll lay out my ideas for how we build on the cornerstones of what it means to be middle class in america. and what it takes to work your way into the middle class in america. job security, with good wages and durable industries. a good education. a home to call your own. affordable health care when you get sick. a secure retirement even if you're not rich. [applause] reducing poverty, reducing inequality, growing opportunity. that's what we need. [applause] that's whaow.

that's what we need to be focused on. [applause] now, now some of these ideas, i've talked about before. some of the ideas i offer will be new. some will require congress. some i will pursue on my own. [applause] some ideas will benefit folks right away. some will take years to fully implement. but the key is to break through the tendency in washington to just bounce from crisis to crisis. what we need is not a

three-month plan, or even a three-year plan. we need a long-term american strategy based on steady, persistent effort to reverse the forces that have conspired against the middle class for decades. that has to be our project. [applause] now of course we'll keep pressing on other key priorities. i want to get this immigration bill down. we -- done. i will still work on reducing gun violence. we've got to -- [applause] -- we've got to continue to end the war in afghanistan, rebalance our fight against al qaeda. [applause] we need to combat climate change. we've got to stand up for civil rights. we've got to stand up for women's rights.

[applause] so all those issues are important and we'll be fighting on everyone of those issues but if we don't have a growing, thriving, middle class, then we won't have the resources to solve a lot of these problems. we won't have the resolve, the optimism, the sense of unity, that we need to solve many of these other issues. now in this effort i will look to work with republicans as well as democrats wherever i can. and i, sincerely believe that there are members of both parties who understand this moment, understand what is at stake, i will welcome ideas from anybody across the political spectrum. but, i will not allow gridlock or inaction, or willful indifference to get in our way.

[applause] that means whatever executive authority i have to separate the middle class, i'll use it. [applause] where i can act on my own andd3 congress isn't cooperating, i will pick up the phone, i will call ceo's, i will call philanthropists, i will call college leaders, i will call labor leaders, i will call anybody who can help to enlist them in our efforts. [applause] because the choices that we, the people, make right now, will determine whether or not every american has a fighting chance in the 21st century and it will lay the foundation for our

children's future, our grandchildren's future, for all americans. so let me give you a quick preview of what i'll be fighting for and why. the first cornerstone of a strong growing middle class, has to be, as i said berks an economy that generates good jobs in durable, growing industries. that is how this area was built. that's how america prospered. because, anybody who was willing to work they would go out there and find themselves a job and they could build a life for themselves and their family. now over the past four years, for the first time since the 1990s, the number of american manufacturing jobs has actually gone up instead of down. that's the good news. [applause] but we can do more.

so i'm going to push new initiatives to help more manufacturers bring more jobs back to the united states. we're going ton continue to focus on strategies to make sure our tax code rewards companies that are not shipping jobs overseas but creating jobs right here in the united states of america. [applause] we want to make sure that we're going to create a strategies to make sure that good jobs in wind and solar and natural gas that are lowering costs and at the same time reducing dangerous carbon pollution happen right here in the united states. [applause] and something that sherry and i were talking about on the way over here. i will be pushing to open more manufacturing innovation institutes. the term, regions left behind by global competition into global

centers of cutting-edge jobs. let's tell the world that america is open for business. [applause] i know there's an old site here in galesburg on monmouth boulevard. let's put some folks to work. [applause] tomorrow i will also visit the port of jacksonville, florida, to offer new ideas for doing what america's always done best, which is building things. pat and i were talking before i came backstage, pat quinn, he was talking about how i came over the don moffett bridge. the -- [applause] but we've got to work to do all

across the country. we've got ports that are not ready for the new supertankers that will begin passing through the new panama canal in two year's time. if we don't get that done, those tankers will go someplace else. we have more than 100,000 bridges that are old enough to qualify for medicare. [laughter] businesses depend on our transportation systems, on our power grids, on our communications networks and rebuilding them creates good-paying jobs right now that can't be outsourced. [applause] and by the way, this isn't a democratic idea. republicans built a lot of stuff. this is the land of lincoln. lincoln was all about building stuff. [applause] first republican president.

and yet, as a share of our economy we invest less in our infrastructure than we did two decades ago. and that's inefficient at a time when it is as cheap as it's been since the 1950s to build things. it is inexcusable at a time when so many of the workers who built stuff for a living are sitting at home waiting for a call. the longer we put this off the more expensive it will be and the less competitive we'll opinion. businesses of tomorrow will not locate near old roads and outdated ports. they will relocate to places with high-speed internet and high-tech schools and systems that move air and auto traffic faster and not to mention will get parents home quicker from work. dennis: president obama winding up his speech which he is

calling for new initiatives. four cornerstones he calls them, talking about restoring, invigorating our middle class. restoring homeownership. also, education. and important component. as you would expect in any discussion of that which will be brought to the voting public. and of course, adequate retirement. what may be in the offing there we don't know of course. perhaps an even larger social security administration. we'll find out perhaps. in the days ahead. the president goes from galesburg, illinois, on to warrensburg, missouri to give a second installment on his pivot, his pivot to, to jobs and the economy. so, we're going to turn now to our panel. john lonski, moody's economist.

charles payne, elizabeth macdonald, my good colleagues here. lizzie, you begin. your reaction? >> my reaction, first thing, one the first things he said about gridlock. he is attacking the gop for gridlock. every second-term president since eisenhower had an opposition power to deal with. the issue is the republicans don't like his policies. >> controlling one house. >> controlling one house. thank you for that. the republicans opposing his ideas he sees as really bad for america. the last time they came to agreement, was the sequester deal the president trashed in his speech. it is a huge drag in 16 trillion-dollar economy. we're talking $85 billion in cuts so far. that is the drop in the bucket of a huge american economy. we're hearing right now, maybe $600 billion more in tax hikes coming from the president in the debt ceiling deal coming this october 1st. he may reoffer that other deal he had last sent. >> liz, he is talking about the,

the broad outlines and i think breaking news, as you do so, a fiscal deal that apparently has been reached, or at least is being negotiated with congressional republicans. those are the, you know, the faintest of outlines what is being proposed. i love the fact that the first detail we would hear of course from the white house would be $600 billion in new taxes. just about exactly the wrong approach and strategy to restore prosperity. charles? >> i heard more of the same that we've been hearing. i heard another divisive speech and one that sort of says, i could do two things. i could take a victory lap and at the same time acknowledge this is horrible economy, which is a brilliant thing to do. you have to be a master of words to be able to do that. i do think the president has been trying to drive a wedge between republicans, old school republicans and the tea party. when he talks about washington that is euphemism for the tea

party. he reached out. he mentioned the gop, some of his friends. this is what he is has been doing the last year. i think he might have seen something in john boehner's eye. i don't know what it is, maybe i candies rapt the republican party enough to get just enough allies to push the rest of my agenda through. the other thing i heard again was inequality was the idea that i will take it upon myself, i will start to do more and more things i think i have the authority to do. and, you're going to have to stop me. >> you know what? i heard, it's interesting because his speech back in 2011 in kansas, chosen because it was the sight of teddy roosevelt's famous populist exhortation for which he got into great trouble, and created great controversy but the president was honoring him by being there and started talking about the middle class and, for all the world, it was one thing to hear this kind of approach, these words when he had only been in office two years. for a man who is now in his

second term, his fifth year, talking about things that one would have thought would have been a matter of daily business at the white house. creating jobs, restoring prosperity. john, am i wrong? >> well, he is putting an awful lot of energy into trying to assure that americans can be average, that is not saying much for his goals. i can't get over this static nature of his analysis of the economy. it's a simple case according to the president, of the rich taking away from the poor, or the rich taking away from the middle class. believe me, there's a heck of a lot more to economic growth than this particular approach used by the president. >> charles payne brought up this point, lou, that the president is one big statistic he cited, top 1:00% income group had basically most of their group quadruple. that income, their income quadrupled between 79 and 97. that is the not the same cabal

of people there in '79 that are there in 2007. charles is pointing out. john is saying the same thing. more people get more mobile and move into upper brackets. with new tax hikes you're talking about very entrepreneurs that create jobs in this country that help the middle class. >> tax hikes already been put in place. >> more could be coming. >> that is very important. because of the tax hikes that took effect in 2013, we have yet to realize economic growth in excess of 2%. if anything, we're going to be looking at just 1 1/2% growth if we're lucky for the second quarter. that is coming out next week. if we're to have more tax hikes we might as well throw in the towel as far seeing growth above 2% anytime soon for any length of time. >> you were talking about the static construction of his economic analysis and view. you were talking about statistics

he makes it clear. government is the moving on each one of these issues and being the guarantor of each one of these announcements today. >> it is more than that. moving equality made of efficiency and productivity. >> he said companies are holding back on hiring with no mention of -- >> obamacare. >> and health reform. doing just that. >> you get the last word. >> by the way this is what we're talking about, paying people who work at mcdonald's out of $20 an hour out of notion or fairness or equality. no economy can be built that way. the reason why our manufacturing crumbled because unionized workers made too much money and japanese made cars with more cushion, better cars, better deals and outperformed us. we can't make that mistake again. >> this is the only president in my memory not to celebrate our free enterprise capitalist economy and to bring pride in that system and our political system. it is also, extraordinary to me that this president is taking on

the republican party in a speech that is supposed to be aspirational, and he is behaving as though the republicans have, well done something absolutely unpress dented. to hold a house of government and in this case the house of representatives, and, as elizabeth macdonald pointed out, that has been the case for every second-term president since dwight david eisenhower. but for some reason this president finds unique and down right aggravating. thank you very much, folks. we appreciate it. we'll take a very quick break. we'll come back with the political angles of the president's new vision. is it an old vision? different vision? for our economy? heritage foundation vice president genevieve wood joins us. democratic strategist, doug schoen. fox news digital politics editor, chris stirewalt, all in the conversation. we're coming right back.

stay with us.

lou: the president putting out four cornerstones for his view as to the response to a lack of jobs and, a almost stagnant economy. joining us with political perspective on this initiative by the president, his economic speech in illinois, former clinton visor doug schoen is with us in new york. in washington, genevieve wood, vice president of the heritage foundation. fox news digital politics editor chris stirewalt. chris, let's begin with you. your reaction? >> well, there was not much new that was in the speech. there was some gift to the republicans, thanking

republicans willing to consider immigration but it was mostly attack in that area. and what it was, i think, was a frustrated president. you heard a lot of produce station from the president that his vision, his economic vision hasn't been brought to bear. that obama-nomics has not been embraced in a broader sense and he's frustrated with republicans. frustrated with washington. that they're not interested in higher taxes on top earners and more domestic spending. lou: does this, doug, play to his base? is this cathartic in some way? in terms of economic policy, in terms of social policy as advertised about this administration that there was nothing new here? >> that is exactly right. let's be very clear. this was the beginning of campaign 2014, no more, no less. he set up the contrast for what the election will be fought on. his vision of fairness, versus a republican party that is both divided and intransigent. there is nothing about free

markets. nothing about growth. nothing about specific policies to help poor people. bottom line, a campaign speech. lou: a campaign speech. is it a, is it a pivot or is it simply a deflection, distraction, from, from scandals and from all of the other politics? >> doubling down on redribtive themes that won him the 2012 election and in his mind is his best course of action for 2014. lou: genevieve? >> look i agree with doug. i think this was a launch into 2014. i think it is looking ahead at the fight coming over increasing the debt limit this fall. look, what he talked about in the speech, class warfare. blaming those who came before. the imperial presidency. as you know other branches of government don't do what he wants, specifically congress he will go do it himself. we've seen that he talked about reversing trends in washington but the very trend that i think most americans understand we need to reverse in this down is spending money you don't have.

he didn't talk about that at all. almost everything that he proposed, there were no specifics would increase the debt. that is actually what has grown more under him than almost anything else the u.s. public debt and what every household in america owes. >> oh, but he said that the deficits are dropping at the greatest rate ever under his adminnstration. this, is startling, startling stuff from a man who has presided over a trillion dollar deficits. >> right. lou: and owned them and now he is the man who has reversed them. is this a, is this a reach too far, chris? >> well, look, this is his opening. i think doug's right, these are some echos that you will hear from the campaign trail in 2014. of course you won't hear them from him. you won't hear them in any states that are contested. there is no state that is contested he would provide a substantial aid to an embattled democratic incumbent or someone fighting for an open seat.

what this primarily is, and you guys touched on this, this is his opening bid what is going to be a hideous battle in this town over increasing the debt ceiling, and then, coming up with a new full year, federal fiscal plan on october the 1st and implementation of the health care law. republicans say delay obamacare. he says increase taxes and domestic spending. they're way, way far apart. that is a dangerous 68 or 69 days away from the cliff. lou: i look at the markets, when the president began speaking the market was lower, not much, moving to session lows as he spoke and right now, as you see, the dow down 64 points. the s&p is down nine points. the nasdaq fighting around four points lower on the day. it's not much of a reaction to, to this president. is it a reaction that is

commensurate to the effectiveness of the charm of the speech? >> well, i mean i think the president has enduring charm. that's one of the things he is counting on to get him through but turning to your specific question, lou, bottom line the markets are trending down. there was nothing new. nothing to give wall street sole last. at the same time there is nothing dramatically bold. at least he didn't propose explicit raising marginal rate or capital gains or dividend taxes. lou: republicans, chris, how do they respond? >> with raspberries and theying north it and move on to the next thing. president can call it a win because we didn't talk about william wilkins and irs and we didn't talk about all the other stuff nagging at them. so they can call that speech a win. lou: we have a plan, 7:00 p.m. right here on the fox business network. please be with us. thanks for being with us, chris stirewalt, genevieve wood, doug schoen. thanks so much. thank you for being with us for

this fox business special report. we'll have much more as i said on the president's speech tonight on "lou dobbs tonight," 7:00 p.m. eastern, 6:00 central. "markets now" with tracy byrnes and dennis kneale. >> thank you very much, lou dobbs. i'm dennis kneale. tracy: markets tumbling to new lows during the president's speech. i'm not sure that would surprise many. the nasdaq turned negative during the speech as well after rising all day on apple. we'll have the biggest earnings movers ahead. plus a preview of what's coming up after the bell. >> the white house billed it as a major economic speech but the president offered no new ideas really. we have d.c. insider, greg valliere. he said the speech was anything but a game-changer. what was it? he is here in moments. lori: dozens of workers rescued from a gulf oil rig that caught fire. it is burning natural gas uncontrollably, totally raising new concerns about energy safety in america. we're going to get a reaction from one of the country's top

energy leaders. dominion resources chairman thomas farrell, is part of our special report, america's shale boom. >> and first top of the hour. time for stocks now. let's get to nicole petallides on the floor of the new york stock exchange. nicole, wall street not liking that obama speech seems like. >> we, they certainly were watching it here on wall street. you did see the stock market move to session lows during his speech. the dow jones industrials now at this time are down 55 points, a loss of one-third of 1%. of course we know that we are at at stalemate to a certain extent in washington. another thing traders have been watching closely is the move of the 10-year bond. the 10-year right now, 2.60%. when you talk about that move. that is the relationship between seen. as the yield rises the bulls get out of the market. we've certainly seen that evidence today. let's talk about boeing here coming out with their numbers. a jump in quarterly profit. here's a look at the chart right

now. it is right now down about 1% for boeing and certainly made it through debate all the -- despite all the headlines and such and you see a 10-year chart. also take a look at caterpillar which came out with its numbers. we're looking at caterpillar. their profit tumbled, revenue was sliding down. caterpillar down 3.2%. apple on the other hand has been a real winner. came out with their numbers. impressed wall street with the sales of the iphone they have had. talked about china a great opportunity for them. this stock really buck the trend. it really helped keep the nasdaq green most of the day but it too is lower now. back to you. >> thank you, nicole. lori: president obama says washington has taken its eye off the ball when is it comes to the economy. he wrapped up a first of series of speeches at the topic. rich edson at the white house. rich, a lot of people saying it was a campaign speech. >> well, tracy this is the beginning of an economic

campaign. by the time the fall rolls around which is right around the corner there will be major economic policy fights here in washington. government spending authority runs out at the end of sent. then of course, which will be more difficult fight, the one over raising the debt ceiling. that is sometime in the middle of october or the middle of november. president obama, framing his economic arguments, basically, with broad economic themes talking about a number of proposals that he has had here in washington over the last few years. and he says when it comes to congress, that republicans need to change their views. >> and if you some of these folks, some of these folks mostly in the house about their economic agenda, how it is that they will strengthen the middle class, they will shift the topic to, out of control government spending. despite the fact we've cut the deficit by nearly half as a share of the economy as when i took office. >> as demonstrated the president

is not changing his positions. republicans saying they're not changing their positions. they need to shrink government spending, address entitle mane programs. according to this speech they say, they have heard it all before. >> there are no new proposals in this speech. the president himself said, he isn't going to change any minds. all right, well, so exactly what will change? what's the point? what's going to accomplish? prooably got the answer. nothing. it's a hollow shell, an easter egg with no candy in it. >> the white house says this is the first in a series of speeches the president will deliver over the next several weeks when it comes to the economy. if you look at the economic specifics which were very broad in this speech, it is what we have heard before. he wants to create good jobs and win solar and natural gas. in other words, more government spending on green energy, open more everring innovation institutes, infrastructure spending. he calls for new efforts to train workers. we've heard that before. he also wants to raise the

minimum wage. that is something that he put out in his state of the union address. president obama is leaving right now. that location in illinois. he is headed over to missouri to give a similar speech and then jacksonville, florida, for an economic speech on friday. tracy. lori: rich edson, thank you very much. >> for more on the president's speech let's talk with greg valliere, chief political strategist at potomac research. greg, do i have this wrong? seems like the president sound angry? put upon, if people have been holding him back from fixing the >> i thought it was exceptionally partisan speech. i thought there was no there there. it was not anything new. lori: we heard class warfare. we heard a basically a campaign speech. we heard, i think with we heard

that the dysfunction is back, if i could quote you in your notes in washington, right? >> yeah. >> the fight something back when everyone thought we were over this it's back. >> what a bummer. things look ad little better in the spring. we avoided the fiscal cliff. we didn't have a government shut down. a week or two ago they got a deal on filibusters but now dysfunction is back an back big-time. i understand why the president spoke the way he did today. he knows he has got to position himself ahead of a really bitter budget fight. he knows he has to position himself ahead of the 2014 house and senate elections. but in terms of getting anything done, the speech accomplished nothing. dennis: when he talks about the size of the deficit is plunging and all of these things, isn't it because he borrowed $5 trillion that increased our entire lifelong national debt? is it because we're coming down from such high levels that his administration created? >> no. the deficit is coming down really astonishing. i think it is not well-appreciated. it is because we're not spending

anymore money. the house has taken care of that we're actually making real cuts and receipt growth is pretty good. so the deficit stuff is for real. that doesn't solve the problem this fall, however. dennis: the deficit stuff though is because of the sequester cuts that he opposed and warned us direly this would crush america. >> well he went along with the payroll tax increase. that's the reason, one reason why receipts are up. i give him a little credit on the deficit coming down but i don't give him any credit for advancing the ball today on any issue. lori: now, tax reform in particular, that is near and dear to my heart because i once was a tax accountant, but they have, congress has until july 26th. this is friday, this deadline coming up, to get any kind of thought in. >> right. lori: do you see anything coming down the pike on this? >> no. i'll tell you, tracy you look attacks reform, you look at immigration reform, the student loan deal, the farm bill and of course anything involving the budget and i see utter gridlock as far as the eye can see.

dennis: the president seemed to talk about how too many people in this country don't have equal opportunity to make it and that there is unfairness. have you heard anyone else in washington pick this up? i didn't think this was a big thing holding back our economy, that we're discriminating against qualified people and are not hiring them or something? >> i think it was probably a nice applaud line on a university campus this afternoon but no, i don't hear that argument. maybe from paul krugman but i don't hear that argument getting a lot of traction right now. dennis: all right. thanks so much. go ahead, tracy. lori: i have one more, greg. >> sure. lori: he is trying to get a step ahead, isn't he on the fights, economic fights coming up down the pike, right? between debt ceiling and budget and all that. this didn't move the needle at all. what do you think would? >> he wants to portray himself as the adult in the room and if the republican overplay their hand, if they shut the government down, if they totally kill the immigration bill, he may look like the adult in the room. that is what he is hoping that

the republican overplay their hand. lori: yeah. fingers crossed on that, right, greg? >> yeah. lori: all right. still to come, natural gas burning uncontrollably on a damaged rig in the gulf of mexico. we'll have the latest on that ahead. plus dominion resources chairman thomas farrell urging caution about switching to nat-gas way too quickly. he will join us in our special report, america's shale boom. dennis: breaking news on dell. billionaire investor carl icahn just releasing a statement on michael dell's sweetened offer. a live update from dell headquarters is coming next. first as we do every day at this time, look how oil is trading. you make a great team.

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and a 30-tablet free trial. [ villain ] well mr. baldwin... it appears our journey has come to a delightful end. then i better use the capital one purchase eraser to redeem my venture miles for this trip. purchase eraser? it's the easy way to erase any recent travel expense. i just pick a charge, like my flight with a few taps, it's taken care of. impressive baldwin. does it work for hotels? absolutely thank goodness. mrs. villain and i are planning our... you scare me. and i like it. let's go what's in your wallet? dennis: breaking news. carl icahn responding to mike he call dell and silver lake partners increased bid for dell. adam shapiro at the company's headquarters in round rock, texas. adam. >> they say michael dell's silver lake cross the rubicon that taking a way one thing in

the merger that provided the a voice in the company. caesar croused the rubicon. michael dell and silver lake want change. they want to change the guidelines for voting. they are willing to offer up to $13.57 a share, if, and only if, the special committee is willing to discard the roughly 27% of unaffiliated shareholders who have not cast their vote. right now the uncast votes are considered no votes. in order to raise their bid to 13.75, michael dell and silver lake are saying you have to change the guideline rules which would essentially make it easier for their buyout to succeed. according to the special committee they want $14 a share to change the rules. silver lake, michael dell, sources close saying they're not going above $13.75 a share. who might be smiling at all of this? michael -- carl icahn who

actually issued a statement today which he said essentially all would be swell if michael dell, here is the actual quote, all would be swell at dell if michael and the board bid farewell. we could get an answer by 6:00 p.m. tonight. we may be back here on friday, august 2nd. if michael dell actually decide perhaps, he will go to $14 a share although sources are saying he won't. 13.75 is where he calls it quits. back to you. lou: thank you very much, adam shapiro. lori: quite a little story there. quarter past, time to check stocks. nicole pet the on the floor of the exchange. we were down 40 points. we were up earlier before the president started speaking. >> right. we have come under pressure in these latest hours. so coupled with the president speaking and also treasury yields rising to 2.60%. i want to take a look at some names making news here. and that is hanes and maidenform. look at these two names. hanes brand is buying maidenform

brands. that is nearly 550 million-dollar deal. we have 575 million. you can see here that hanes is up 7.3%. all-time high for hanes. maidenform is up 22.5%. a multiyear high there for that one. as we see now hanes owns wonder bra. maidenform obviously lingerie. so it does make for a good deal. some are saying this is a good% deal for haines brand with this move and a huge purchase for them. this is interesting because you don't often seeing acquirer running up to all-time highs but in this case that's exactly what we're seeing. back to you. lori: thank you, nicole. we'll see you in a few minutes. coming up the america's special report on the shale boom. this has been good to natural resources but thomas farrell says there is a risk to switching too much too soon. he will explain all that next. dennis: first is how the dollar is moving against other

currencies. ♪

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>> at 19 minutes past the hour i'm arthel neville with your fox news minute.

britain's new prince is named prince george of cambridge. the royal baby's full name is george alexander louie. according to kensington palace he will be known as his royal highness, prince george of cambridge. this time the bookmakers had it right. george was the favorite among betters. james was second. the white house is seeking clarity from russian authorities about the status of national security agency leaker edward snowden. although his asylum status has not been resolved it appears snowden is ready to stay in russia for now. his lawyers said he quote, is trying to find work in russia. he faces espionage charges. there is pressure on mayoral candidate anthony weiner to exit from the race two years after he resigned from congress sending explicit text messages. weiner admitted to doing it again and this time with his wife by his side.

those are the latest headlines. now to get you back to dennis and tracy. lori: not enough time in the day to talk but that, arthel. thank you very much. breaking news. a u.s. bankruptcy judge working on the detroit case actually suspended the litigation challenging dettoit's bankruptcy petition which all this means now is detroit can go forward with its bankruptcy, start to get some money. start to decide who gets paid what. lizzie macdonald is all over the story. she will be with us later this hour. dennis: natural gas rig in the gulf of mexico partially collapsed after catching fire. the hercules rig off the coast of louisiana caught on fire after a well ignited. no one was on board when the rig caught fire. 44 workers were evacuated after the well ruptured yesterday morning. hercules is working to plug the well and says it doesn't know the extent of the damages yet to the rig. the federal bureau of safety and environmental enforcement says it is not clear what caused the gas to ignite.

it has flown over and doesn't look any kind of oil slick sheen. so it is clear on that part. lori: scary story. the shale boom has been a game change forethe power sector. electricity generated from natural gas is on the rise. our next guest says utilities should operate power plants that use a mix of fuels. joining us tom farrell, chairman and ceo of dominion resources one of the nation's largest producers. thanks for being with us. your state has a smorgasbord of everything, doesn't it? that is what keeps costs down to your citizens? >> that's exactly right, tracy. we have, get natural gas, we have renewables, biomass, hydro, nuclear, some coal, a little, very small part oil that is used only in very high demand days, and it's a the mix of fuels that has allowed us to have among the lowest rates in the united states. lori: let's talk about coal though. you mentioned it.

you have it in virginia but you are not really putting all your eggs in the coal basket, anymore, are you? is it because of all the regulation against the industry? >> a combination of factors i think, tracy. a lot of it has to do with the increasing costs of environmental compliance. and some of it has to do with just the low cost of natural gas as a, as a fuel that can be used to produce electricity. it has had partly, part of the impact on it but so it's a combination of the two. lori: but the low cost of natural gas actually brings you to basically warn people that going too far too fast with this nat-gas thing can actually reverse that, right, increase the prices? >> well, it could, for example, if you decided to eliminate all of the coal power plants in the united states and replace them with natural gas, and in the next step after that would be the retirement of over 100

nuclear plants that exist in the united states over the next 30 years, all of sudden all you have is natural gas, these plants are very, the new technologies are very efficient but burn as lot of gas and you would, natural gas, and you're going to end up with higher gas prices and much more volatile gas prices. the combination of those two things, volatility, and price, can be very problematic for utilities customers. so it is very important to have a diverse fuel fleet when you're talking about producing electricity on a large-scale. lori: okay. but let's talk about nat-gas now because it seems we have so much, you want to export it, right? so i know you're in the process of applying for permits. actually you have one permit. you're waiting on your non-free trade permit, right? you want to talk a little bit about that? >> we have, tracy, we have a facility in the, it is the only one i believe that would be built on the east coast of the united states. we have an import facility now.

all we're talking about doing is adding a liquifier. we have already the tanks the pipeline, the terminal facilities. liquifyer itself will cost 3.5 and $3.8 billion and take 3 1/2 years to build. so we're waiting on a permit. we had a complete application for over two years. the studies have been done. it is time to issue permits. lori: what's the problem though? seems like you have to be the right person in the queue to get your permit at least according to the government? >> well they, the department of energy is working at it. i'm sure diligently. it's, i think it is important to note, in our case, we've sign the -- signed 20-year export agreements with a company in japan that will downstream to two utilities. one electric utility, one natural gas utility for half the plant. the other half is going to a natural gas company in india, gale. just today vice president bide

o.w.n. is in mumbai talking about the importance of bilateral trade agreements with india and the secretary of industry and trade for japan is meeting with the secretary monez from the department of energy today asking these permits be issued, in particular we believe, we hope he is asking about ours because we do have an export agreement with japan. lori: certainly good for u.s. trade. tom farrell of dominion resources, thanks for explaining it all to us. >> thank you, tracy. lou: earlier this week we heard from the legendary investor t. boone pickens who has an idea how we can put the abundant nat-gas to good use. he wants to use it to power our big trucks. >> it is 30% cleaner than diesel. it is cheaper by $2 a gallon. here you are with cheaper, abundant, cleaner energy in america. you would think you would move to it rapidly. if you did the eight million 18

wheelers on natural gas, that would cut the opec crude by 75%. >> of course boone talking his book there because he actually put money into this. he is an investor nd sits on the board of clean energy fuels, which is the largest provider of nat-gas fuel for transportation in north america and that company's ceo, andrew little fair i will, will be our guest late they are hour. lori: meantime we have lot of earnings going on. actually they're ruling the day on wall street. a slew of new reports coming after the close. big money manager mike cross will tell us whether to buy, sell or hold. that's all next. dennis: first take a look at some of today's winners and losers.

ashley: 90 minutes until the close. nicole petallides is that the new york stock exchange. nicole: taking a look at airlines. delta is up two and a quarter we have also been watching u.s. airways. let's talk about delta for a moment. most of these airlines are doing very well after these earnings. that is good news. certainly, there are a lot of

names that we are following closely. back to you. ashley: thank you. tracy: stocks were in a real push poll. our next guest thinks this week could be the turning week for the market. really? mike, it is really wishful thinking. i hope that you are right. we just keep following the see around here. can we first talk about caterpilllr? they basically downgraded their forecast on mike the world. >> i think most of their problem is coming out of china. i think it is even optimistic. i think china has some big

problems. caterpillar is a real microscope on those problems. tracy: fixed income, consumer discretionary, yet, we still have people saying you should be putting money in those places. >> no. absolutely not. i think that is wrong. however, if you compare the pe to the growth rate, they are really out of whack with reality. something has to give and usually that is the price. tracy: keep waiting, basically; right person mark. >> yes. it will not happen. money is coming out of fixed income. now they have started to move up. the fed may not be able to control it much longer. they are staying in cash.

tracy: between bubble bursting after bubble bursting. i think everyone is thinking the mattress is the safest place to be. >> absolutely. the person near retirement -- they have been burned at least twice. ashley: let's talk about some of your pics, though. >> i sold boeing on the battery problem. i did not want a big airplane flying around with a fire in the hole. i decided it was too much to handle. tracy: i do not think anyone can hold that sale against you. let's talk now after hours.

we have facebook coming. everyone anticipating this. do you think we can get the stock back to its ipo price someday? >> may be. it is priced for perfection. if they are going to take it to the next level, they will have to expand their margins. facebook may be a little susceptible this time. tracy: maybe we get rid of the caterpillars and the others of the world and focus on tax. >> i think that tech is a great place to be focus. i love qualcomm. they have these combination ships which are displacing brought calm.

tracy: would you buy that going into earnings tonight? >> i would probably stay a buyer. tracy: what about facebook? buy, sell or hold? >> i would be a seller of facebook. tracy: we talk quickly about cheesecake factory and visa. how is the consumer doing? >> i think that the consumer is doing great. bernanke has really focused his efforts on improving consumer confidence. housing prices, stock prices and employment. employment is a structural problem. you have two of the three going in the right direction.

i think consumers continuing to spend will probably start to reload or and these will definitely be a beneficiary of that. tracy: thank you, sir. ashley: big losses for oil today. a drop of nearly 2% on week a new fracturing data in china. that brings fresh concerns about demand. coming up, we have more on the motor city bankruptcy. tracy: your market is still down 55 points. it came down after the president started speaking.

the ten year is up nine basis points. 2.6%. your 30 year of seven basis points. 3.65%. we will be right back. ♪ t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or m with prostate or breast cancer. women, especiallthose who are or who may become pregnant d children shod avoid contact where axiron is applied as uneted signs ofpuberty n or changes in body hair or increased acne in women may occur. report these symptoms to your doctor. tell your doctor about all medical conditions and meditions. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ane, feet or body swelling; enlarg or painful breasts; problems breathing while sleeping; and ood clots in the legs. common side effects include skin redness or irritation where applied, increased red blood cell count,

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tracy: a federal judge tossing out litigation challenging the

bankruptcy filing. what does this mean for the motor city? >> the u.s. bankruptcy judge has suspended three lawsuits that were brought in michigan state courts. they were brought by city workers and pension plans and retirees. basically, the judges saying that the federal bankruptcy law trumps the state constitution. now, basically, what could happen next is the court may next a point gerald rosen. he is the chief district judge. he will be the mediator between the union and the city of detroit. you can start seeing the pension and retiree health benefits cut. 9.2 billion of that is for the pension and retiree health benefits for city workers.

they could get a haircut. we have already saw this at central falls rhode island. they already went through a bankruptcy. we have seen pension cuts in those cities as well. tracy: is is all because of a federal judge throwing out all of that litigation? >> that is exactly what happened. by the way, detroit was at one time the fourth largest city in the united states. this could be the biggest municipal bankruptcy in the history of the united states. ashley: i think actually the pensions and unions have a very good case. the state constitution forbids cutting constitutions of people who are already retired.

>> but back i was possibly saying was they did not do the bargaining and negotiation. that is usually what happens before they moved to bankruptcy. now, the judge is saying no. all of those bets are off. they are also saying that accounting shenanigans were going on. tracy: of course they were. ashley: is china erecting a new great wall against hollywood? the animated sequel is an international success approaching $600 million worldwide. china says, no.

brad pitt's zombie film also will not be opening in china ever. maybe china's censors were wary of people running over society. while chinese censors tightens up, u.s. films and other foreign films are losing ground at the box office in china. chinese made films had a rise of almost 150%. hollywood cannot afford to give up on the middle kingdom. tracy: you have to love those minions. quarter till.

time for stocks as we do every 15 minutes. mark, we have a ton of earnings reports coming out after hours. >> i think all of them have the potential to be important. we definitely see signs of stalling out. we have only been down a total of two days so far in july. the nasdaq carrying minor gains based on apple. i think a lot of people will look out qualcomm. interesting to know, treasury yields really moving to the highest point in the last few days. a lot of i european pmi which came out over 50. let's not forget the same thing happened in early 2012. it is tough to say we are really

seeing any sort of meaningful recovery. you are seeing big pullbacks and crude oil. tracy: thank you so much for that. >> my pleasure. ashley: we will talk to the ceo of america's largest mac path energy provider. tracy: talking to mark on the floor there. the dow down 50 points. apple, you are big winner. thanks to those iphone sales last quarter. we will be right back. ♪

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ashley: using natural gas to fuel of is actually 40% cheaper than regular gasoline. why aren't more trucks and cars switching? after all, drivers seem to like it. take a listen. >> you have no idea that you are driving with natural gas. >> they ride just as smooth. acceleration, gas mileage just about the same and you are buying it for a lot less money. >> if there were a lot those stations around, it would be easier. >> if i could get this into my everyday car, it would be a no-brainer. ashley: joining me now is the ceo of a company trying to make that switch happened.

thank you for being with us, andrew. it sounds like a great idea. >> today, we are really focused on fleets. there are 3 million class eight trucks in america. they use almost 25-30 gallons of fuel a year. it is a big market. now we have the engines available. until recently, we did not have the heavy-duty engines. 60% of all of the new trash trucks sold in america are natural gas. ashley: what number right now? >> 4000, 5000. this is really the test year.

next year you will begin to see. i think three or four years from now, you will see 30% or so of those go to natural gas. this will be a new truck game, i think for the most part. the big trucking companies turn these talks over in 3.5-four years. there is a that of turnover. by the way, years ago we started as environmental fuel. we are still good on the environment. today, we have economics. a trucker saves $1.50 a gallon. the average truck uses $30,000. that would be annual savings.

what we are able to do by saving them a dollar $0.50 per gallon would be eight-year payback. ashley: if i want to go back into the old stuff and retrofitted, what, ultimately, is the cost? >> there are not a lot of find examples of that. it is more complicated than it sounds. there are some people doing a few retrofits. really, i think this is a new purchase game that you will see. stuart: they will not save the world ... if they are only doing it to the new stuff.

>> 3 million trucks, it is very significant. if you did those 3 million trucks, you cut opec in half. ashley: really? >> yes. it is really the most significant -- ashley: right. will we ever see the u.s. car fleet, regular passenger cars move over to net gas? what if the demand raised the price andrew and the spread? >> moving america's goods. i think that is great for the country. now when you go to the passenger car market, you are talking about very big volumes. we can make a great impact for the country on the vehicles.

yes, you would move up the price of natural gas. right now, i tell you, it is so much cheaper. you have a lot of room. ashley: if this does not work out, you have a job waiting for you in television. thank you for being with us. tracy: a radio could listen to that voice all day. there are two sides to this story. tomorrow, two leading energy analyst will give us their top stock picks and we will get to the other side. phil bradford will share his concern about the fracking boost environmental impact. ashley: countdown to the closing bell is here. al. really is trading higher after its earnings report. that is a rarity.

we will talk about what to expect next. ♪ with the spark miles card from capital one,

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♪ liz: facebook faces the earnings music. hasn't found its footing? we break it down ahead of the earnings report. what in the world is up with dell? another shareholder meeting postponed. can he beat that adversary karl icahn in this bidder battle? plus, these guys definitely have good reason to be in good spirit.