♪ imus in the morning >> all right. everybody, listen to this. gold up. oil up, stocks way up. that ben bernanke, he's a great guy, isn't he? good morning, everyone, it's august the 1st. ben signals no change in the money printing schedule and investors pile in. the record would be number 29 this year you'll like this. another hit for obama care, the government bean counters say that young people are not going to get insurance so healthy 20-somethings won't bail out the old and the sick and we are now precisely two months from day one of those obama care exchanges. isn't that ready? we are. "varney & company" is about to begin.

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>> i've got headlines for you from apple this morning. and the journal reports a new ipad mini will be out in time for christmas and they will have a better high de-def displ. and it's 82 billion dollars overseas, more than any other american company. they don't pay american taxes on it now, that could change if the president gets his way. and despite their hoard of cash and the new ipad mini, not everybody is hard on apple stock. a fidelity fund manager says he cut his stake for the first half of the year, citing apple's quote, slowing growth profile. and google is launching a new phone today. and the mobile x. made in america. it will be the company's flagship device. it's the latest into the

hardware market. and google glass is not just a software internet company. clayton morris is here and he'll pass judgment on this. you know, it's all about market today. the price of gold is up. the price of oil is up and as for stocks, looking to open, i mean, sharply higher. no signs yet that ben is going to stop presenting money, make no mistake about it, and we've got several big companies that are making moves right at the opening bell. you'll see them. first though, this. nsa leaker edward snowden, a source says he left the airport and that snowden is too insignificant to damage ties between the u.s. and russia. he's staying over there. the boys used double miles from their capital one venture card

to fly home for the big family reunion. you must be garth's father? hello. mother. mother! traveling is easy with the venture card because you can fly any airline anytime. two words. double miles! this guy can act. wanna play dodge rock? oh, you guys! and with double miles you can actuay use, you never miss the fun. beard growing contest and go! ♪ win! what's in yr wallet? >> ♪ >> and the google phone is going to reveal today and we're waiting for the details and reports say a highly customized device, 4.7 inch screen, can it beat the iphone?

clayton morris is here in a couple of minutes. we're at the opening bell. come in larry levin in chicago. the number at 8:30 eastern, 19,000 fewer new claims for jobless benefits. i immediate that as pretty good news. any impact on the market? >> absolutely. in fact, we're sitting the an all-time highs on the s&p futures in the pit behind me and we did that overnight. 1700 certainly in play and what you said the reaction to that number. 45 minutes to an hour or so ago where we had a 5 1/2 year low on the jobs numbers and they're already near the highs and certainly pushed them to new highs. >> i thought bad news-- i thought good news on the economy was bad news on the market. you're telling me it's not that way? >> well, it's a little interesting, because that is what was going on for a while and the tapering is not going away. so, that's the tapering without having-- or with economic data that seems okay.

and wants to push the markets higher. it's an inflection point and all-time high. sometimes you throw out the regular rules, stuart and the inflection point is an all-time high and that's what happens today. >> maybe it's the goldilocks economy, i don't know. but we're going straight up. thanks very much, larry. the market is now open and it's thursday morning and we're looking for a gain on the dow within the next minute or so, of well over 100 points and should put us above 15-6. we're waiting for the move upward and it's starting. you'll see it moving in some momentum any second now and keep an eye on the board. meanwhile, a vote -- quote on apple here. nicole: apple is looking good. and jeffries raised their target as well. to 450, but that's where it is, 456 basically, 3/4 of 1% and now we're hearing that the suppliers are working and according to sources, but a new ipad mini in the fourth quarter

and they may be using samsung screens, so, i think that's interesting as well. >> tell me about microsoft. based on 850 million worth of the surface tablet last year and apple sold what, 26 billion dollars worth of the-- give me a quote on microsoft. >> very close, very comparable. okay. but you know what? hey, they did well. look at it, they did sell 853 million dollars worth. and as a result, the stock is up 1/2 of 1%. >> all right. we've got a lot of big names with big news today. we're going to start the big name parade with exxonmobil i should call it, and profits fairly disappointing. made 6.9 billion in a quarter and the street wanted more so theestock is down 1%. okay. now, look at the share price of ford motor company and reported sales numbers up 11% in july. compared to july of last year. and that's the best performance since 2006.

and 17 per share. and facebook, all through the show yesterday. because the stock broke above 38, the ipo price and retreated at the close and come on, nicole, where are we this morning? >> and hey, all right. let's take a look. yesterday, 3831 was the high. broke through the 38 dollar mark. and everybody waited since last may to get back to the ipo price, stewart and some people said, 38, hallelujah, i'm taking my money and i'm done. and yesterday, remember, we talked about the high was $45 on that ipo. it was in fact. $45. >> yes. >> so, if anybody bought it and thought they were getting lucky at 42, they're more disgruntled. >> if they bought it at 45 and they're still holding it, they're praying that it keeps going up. we will check it. dow industrial average in 2 1/2 minutes. up 120 points as we suggested. and i have been talking about

the dismal growth rate of the economy, and i used that word, dismal. and yes, we've got a stock market that's going straight up and straight up today. i say bad news on the economy is good news for the market because ben's going to keep on printing. come on in, market watcher, robert. where am i going wrong with that analysis? >> good morning, i don't think that you're going wrong with that analysis. currently, obviously, the stock market is always a fickle beast. i don't think you can correlate a weak we're in now to 1 to 1 1/2% growth economy, and you can't look short-term and intermediate gyrations. thus far the markets had gang buster returns the first half of the year, but come on the back of weak earnings growth and actually flat revenue. >> all right. what happens when ben says, all right. we're not going to print quite

so much money or way down the road there, we're going to quite printing money? what happens? >> the stock market will probably be in for a little bit of a difficult patch. >> a little bit? >> depending how it plays out. >> seriously, robert, a little bit? a temporary little bit? that's all? >> well, i think what they're going to do start to, in my opinion, anyway, start to taper in september or perhaps even the end of october meeting. >> you don't think that's going to hit the stock market like a ton of bricks? >> i would not be surprised at all with a 5 or 10% correction, but i think that the longer term aspect of what they need to do are going to be very difficult roads for them. i don't think they're going to unwind the balance sheet. i don't think they have the intestinal fortitude to sell treasures. >> the federal reserve have 3 trillion of stuff on their books. >> 4 trillion by he end of the year. stuart: if they start selling

that, that's actually taking money out of the economy, isn't it? that's the reverse of printing money. and you don't think that they're going to do it. >> i don't think they're going to sell-- i think they're going to let them roll off over time, but i think that they're going to perhaps in september or october say that they're going to cut back their tapering, their buying of bonds to say, 60 or 65 billion per month and i think they'll taper further. >> you're market neutral, understood. >> yeah. >> put yourself in the position of one of our viewers, who is not-- he's not an option bond, he or is she sits there. do i invest in stocks or don't i? what is your advice to that viewer right now? >> i think at this tech level. say, 1700 on the s&p. >> just hit 1700. >> in my opinion we're talking about, say, 17 times current earnings, i think that's a high multiple in a very--

>> so you're saying get a little anxious. >> i think that the fair value on the s&p could be somewhere between, say, say 1500, 1585. >> now, okay, so, if you look into that camera right there, you tell our viewers, ordinary, regular viewers, what you do with your stock holdings right now. are you saying sell? >> for the lower term investor i would say you always have to have a portion of your money in equities, but i would be pairing back. >> you're a diplomate, and happy to have you with us this morning, and not trying to put words in your mouth. i want words for the viewers. >> and understood, we've got the message. thank you, sir. >> thank you. >> now to an update on obama care, remember, please, it's exactly two months until the time when the obama care exchanges are supposed to be set up and revealed. and meanwhile, as we wait, a government report shows that the young and healthy, the young and restless.

they would rather pay the fine to get the insurance, what's the result of that? obama care might not have enough to pay for the elderly and the chronically sick. wait a second, another angle herement lawmakers and congressman aides in d.c. do not want to pay what you pay for health care and president obama is personally involved in the discussion to be sure to keep a leg up. interesting. google debuting its new phone today. it's the motox, designed by google and by motorola. it's being built here in america. is it a winner? clayton morris is here and i believe he's joining us. is that correct? >> that's right, stuart. on vacation and on skype. stuart: you are joining us by skype on vacation? we are privileged indeed. all right, clayton, i'm not going to suggest that this thing is an apple iphone beater, because, obviously,

it's not. it seems to me, they're kind of late to the game, aren't they? >> well, they are, remember, motorola has a lot of legs here, this is the first phone in the pipeline that google has worked with motorola to build. i think this is the beginning of the google hardware hero. they've been a services company for so long and now this is the first phone that google has their teeth into. they're going to be spending reportedly, we don't know the numbers yet. over 500 million to promote the device, that's apple territory. that means ads during prime time television, on subways on bus stops and they're all in. >> if it sells swell. they'll be able to milk the new phone, the physical phone not just for the selling price of the phone, but also, royalties from the use of the android software system that operates the thing. it's a winner all around if it sells, right? >> and absolutely. you remember what i said on your show a few months ago, we

were talking about google now and you said what is it? i said basically google's way of predicting everything you want to know now. and we'll know in a few short hours after the event. google now built into this phone so all you need to say is okay, google, i need pizza. >> okay, google call stuart. and it has this predictive google now tendency about ilt into the phone and this is google's way of saying we want to know what you're doing and predict your drive home and advertising to sell directly to you based on your locations and your tendencies, and google basically wants to know everything there is to know about you and give you that information up front. >> that's interesting. and right now, the to being is a bit more than 1%. and ask a fast question, clayton. i bought vizio television.

>> and i'm upset that you didn't call and ask me first, and steve usually asks first. and vizio is a very good choice. did you go with the-- . the big one, okay? out there in the country someplace. thank you. >> thank you, stuart. stuart: check the big board, it's a rally, everybody, thursday morning, it's up. it's higher. 15,600. well above it. now check this out. a ford escape. big seller. i bought one of these things a couple of years ago. can ford sell me a new one? we've got it right outside the set. i'm not going to go and get in the thing. can they sell it to me? after this. (announcer) scottrade knows our clients trade

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>> it's all up this morning. the dow is up 123 points and look at gold, please. also up. we've got the price of gold at 1321. it's up $8. now this. ford motor company came out with sales this morning, they were good. july increase of 11%. as compared to july of last year. and with the best total july monthly sales since 2006. now, we have a 2014 ford escape

titanium. that's a live shot, parked right outside there in new york city. and ford marketing group manager is with us from southfield, michigan, and amy is going to, well, you're in charge of the marketing for this thing. you've got to sell me one of these things. remember, please, amy, i bought one two years ago. and i think, i think i paid somewhere in the region of $34,000. so, let's start with the ford escape titanium. what's the price on it, please? >> the price on the one that you're looking at today is 35,000. but, it actually starts at 22-7. so the one that you're looking at has all the technology that we offer on the escape. >> and what's the titanium. what's that mean? is that just a marketing name? >> it is our highest end series. for the customers looking for the luxury and the technology. the titanium. stuart: what is the miles per

gallon, 32, 33, ford escape hybrid, i might tell you, hybrid. >> excellent. well on the titanium, the highway label is 30 miles per gallon, a two liter eco boost engine and it's quick, and it's fuel efficient. now, there's one future on that particular car. and i think we've got somebody that's going to demonstrate this. the foot activated lift gate and i think somebody is going outside, there you go, okay, you have to kick the bumper? yes, kicking the bumper. >> well, you don't really kick the bumper, i just put your foot underneath in a kicking motion and it opens up, because we know our hands are full and our feet are free. it's an industry first, nobody else offers the foot activated lift gate and that's how i'm going to sell you a new escape. >> i'm not sure whether that

classifies-- whether that is a car or a cross between a car and an suv and a van. what is it? >> well, it is, it's a utility vehicle for ford. so, it is classified as a truck. and it does everything that a utility should do. it has a four wheel drive system. it tells 3500 pounds, but also drives like a car, so, it has, you know, a very smooth drive. it's very quiet and it's also very fun to drive, but you do sit a little higher like a utility, so you see better and have more command of the road. >> i think that's very important, actually. my wife and i frequently said we like to sit up higher, we want a better view of what's going on. a van does that for us, an suv does that for us, and you're telling me that the board escape titanium will do it for me as well, correct? >> absolutely. and it will do a lot more than that, it will actually park itself as well. stuart: really? >> yeah, yeah. so you know the tight spots in

new york city. it has an active part that you press the button and it will parallel park itself. >> does it have the engine light that goes on when one of the tires pressure is down. it's for your safety. stuart: hold on, amy, i'm interrupting you, it's not for my safety. it's so that i have to take it back to the dealer who will have a look at it and find something wrong with it and charge me, come on, you know that, don't you? >> what if your tire was low, wouldn't you want to know that before you're stranded on the side of the road? >> i'd expect to see it before. and nice try. nice try. look, i will probably buy another ford escape hybrid because i like the one i've got, okay? thanks very much for bringing it by, amy right there. we appreciate it. thank you very much, appreciate it. >> thank you. >> sure thing.

>> the dow is up 122 points, it's thursday morning and everything is up today, but this. a dismal growth economien cha championed by the mainstream media. my take on that is next.

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>> no question, it is a rally.

the dow is up 128 and the s&p 500 has crossed the 1700 mark. all right, the president said that keystone will only create 50, 5-0 jobs, even when the state department says otherwise. we've got an oil executive with us from north dakota, he might say he disagrees with the president. he's goiig to be here. >> and then we have the rand paul, chris christie feud. and last night rand paul offered an olive branch to the governor and our judge napitano offered to host the get together. can our judge save what could be the future of the republican party? 10:25. the economy grew at 1.1% pace early this year. 1.7% by the spring, what do you think about that? are you okay with it? here is my take. i'm not okay with it, i think it's a dismal performance, i'm more indeclined to be even more

harsh and call it pathetic. but my opinion is not shared elsewhere in the media. when the news broke yesterday, i watched other business reporters who sounded almost giddy, oh, the economy is growing more than expected. the growth rate has picked up, wow. and then the president's cheering section, they have forced the obama line, there they go again, they're spinning. and when i say the economy's performance is dismal, i am indeed passing judgment. but i'm also being historically accurate. a growth rate in the 1% range four years after the end of a recession is way over the growth rate achieved in other recessions, that's objective truth, it's not spin. let me ask our competitors, since when has a 1% growth made been anything to get excited about? why is it progress on jobs when unemployment tops 7 1/2% for more than four years?

why do you celebrate mediocrity. does it take an immigrant like me to tell the establishment media that this new america, this new normal is not good enough in america's history. this country has been unique, the standout, a dynamic leader which lib rates and creates prosperity. 1% growth is dismal, it's failure and annoys me when i see the media accept second tier standards for this great country. here is our pledge. "varney & company" is a cheerleader, but we celebrate liberty, growth, and prosperity. we tell it how it is and we tell it how it ought to be.

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>> august 1st, two months for the obama care exchanges. can't wait. meanwhile, this, do not accept the new normal. do not celebrate mediocrity. steve forbes says the obama economy stinks. keep those doctors in the medicare system, okay. but who is going to pay? congressmen, doctor, mike burgess is here. the president says the pipeline will create 50 jobs? nonsense he says, and trying to heal the republican rift, he's buying lunch. if rand paul and chris christie

break bread. i change the oil in my car over 3,000 miles. john stossel says, i'm nuts. ♪ smile, celebrate the big board shows a rally. we're up 130. fewer people filing for job benefits, down 19,000. the s&p 500 is 1700, that's a milestone, it's a rally. charles is here, this is what you've been talking about. you're afraid people miss this. charles: i know people miss this. 9,000 points, but the message is don't feel like i missed it, i'll wait it out. there are-- >> you're a long-term guy, the guy who says, you always put something away and it's always in stocks. the company that you like and use, that's your message? >> be the owner of a great business. be the owner of a great product. you probably won't get an engineering degree, won't make

the great computer chip or open the next great restaurant, but you'll eat there. stuart: but we are discouraged from owning a piece of wall street. wall street is bad. >> we separate wall street, if you go to cracker barrel once a week, why not own the company, and why not be part owner of the company. if you buy soda drestream. be part of it. if you tell people that estee lauder has a fragrance out-- >> 55 versus 50, that's a positive. and the market takes it as a positive. now we're at the 143 points. do you want to make any comments about that. >> the expansion is a low number historically speaking. we've learned how to celebrate mediocrity. >> thank you, charles. new gun sales up, driving the stock up. and tell me about it, nicole? >> and sturm ruger, with a new

type of pistol, driving up their sales. and up 6% today for sturm ruger, the lc 350. how about the sr 45 pistol. that may be the one for you, stuart. in that case, this drove up sales, second quarter, beat the streams and sturm ruger up 6% and we're seeing smith & wesson at a new high as well. >> the obama administration has been very good for the government, whether you like it or not. that's the truth. >> thank you very much indeed. yesterday, the gdp number came in, the strength or otherwise of the economy. dismal, dismal performance, not the growth we need. yet, you'd never know that by listening to the mainstream media. they've embraced mediocrity and accept this new normal. steve forbes is here and he's joining the company this thursday morning. i'm appalled, quite frankly of the performance of not just the

economy, but what say you? >> well, what they're celebrating, what you might call the new abnormal, sort of like our new york yankees, they make a few hits in a game and people get it, and they're not going to get to the world series, five or six hits in the game, better than two or three. just like a ball player, should be hitting .350. stuart: suppose the policies are going to stay in place. i have no reason to believe they'll change. if they stay in place, have we got any hope to getting to 4, 5, 6% growth? >> not on a consistent basis. as a matter of fact, in the second half of this year, they will be undoing the champagne corks if we get a 3%-- >> 3%. now, in the past, 3% would have been, oh, my god, what a disaster, but after 2, or 1 1/2%, boy, it looks pretty good. >> don't you think we've got at least-- >> so we'll do a little better, but it's not what it should be. >> it's a no chance at tax

reform and you and i think of tax reform-- this president does not want it. in congress there's democratic support for tax reform, getting hold of loopholes and the next president is going to have a very cooperative congress on that, we've got to get through the next three years, thankfully this president cannot get a new tax increase in and that's why he's focusing on those from the regulators. >> around the legislators. >> absolutely. >> ruled by decree, essentially. >> i want to talk-- i don't think it's being cynical at all. i think that the media by talking up the economy and the market, by the way, without the fact that a lot of earnings are coming from outside this country and not in this country at all. helped the president's platform of share the wealth. we're doing great and now share the wealth. and actually it em boldens his platform, if the gdp report came in better than expected and look at wall street, a new

high and those people are greedy and sharing this with us. >> it gets, you know-- >> with this compliant media, anything will help the president. the economy is doing well, we must do more of what i'm doing, if it's doing poorly, we're not doing enough with the medicine. >> that a politically winning message? we've got an election in 15 month's time. >> it would show that the republican party would get back to speed again and they have the ingredients there. positive things that can be done. obama care and the economy still not doing well, despite how you want to boost the numbers. and the spin on the numbers. so, if the g.o.p. comes out or the candidates come out. i think you're going to see it grass roots next year, a reaction to the regulatory statements coming. and the government wants to get you, stuart, it can get you. there are so many vague rules out there, they can get you. >> but the republican party seems to be at war with itself.

>> and by the-- >> and that's fine, have a debate on national security, have a debate on nsa. i think the real scandal there is, how did a guy like snowden get that kind of clearance and the data-- >> your prominence in the republican party, how could you get them back to an economic members, prosperity, growth, how do you do this? >> it's called leadership, you set the agenda. >> where is it? >> it's emerging. you see it. we'll see how our friend can get his act together. stuart: are you a rand paul kind of guy? >> i like his monetary policy and defense needs education a little bit-- but in terms of a positive message out there. i think you're going to see more from the future from paul ryan and you've got governors out there doing real things.

now north carolina had one of the worst state income taxes, overnight got rid of the debt patterns. they're doing real things in parts of the countries..3 c1 >> i know you want to get in. >> ten seconds. >> a lot of focus in this country on race. and it's stinking economically and spiritually. and it's really, it's an epidemic. stuart: you're right. why do you bring it up at the end of the interview now that i've gotten seconds left? >> let's say, read charles murray's book on the subject. stuart: steve forbes, thanks so much. appreciate it. now, congressman mike burgess will introduce a bill how doctors get paid for each service under medicare. he wants to keep doctors performing services for medicare patience. the congressman burgess is with

us right now. welcome to the program, good to see you. >> you were, and you were practicing doctor so you know what you're talking about and i think you're trying to remedy the situation that emerged in the wall street journal article, an increasing number of doctors are walking away from medicare patients and you want to stop them from walking away by paying them more money. who pays them more money, taxpayers? >> well, the entire formula system in medicare has been wrong for years. and in fact, it prices the services that doctors provide under what it costs them to -- you can't cover your expenses with what medicare reimburses. every year, doctors are living under this sword of damaclese, so-called fix before the end of the year, this bill repeals the formula and provides for a period of stable updates. you know, there are ways to do things more efficiently, and

that's one of the things that we incorporate into the language of the bill, but honestly, yes, it is going to cost money and the question, are you willing to pay the bligated yourselves to pay when you said we're going to take care of everyone over the age of 65 in this country? i think this bill provides a clear path way to do it and allows them to lead to certainty and they can make plans whether to even stay as a medicare provider and continue to provide those services. we've got a long way to go and this is a big milestone, we're down farther than we've ever been before. >> thank you, doctor, one second. i've got the general accounting office, it says that young, hl think people are going to pay the fine, rather than pay for health under obama care, that means less money in the big pool for the treatment of elderly and chronically sick people. what do you make of that late report? >> well, i think they're accurate. you know, we're not talking about medicare there, we're

talking about obama care, but, the premiums for the unhealthy individuals, the 27, 28, 29 year olds, are going to dramatically increase. we'll probably see that the middle of september, just before the open enrollment period starts for obama care, next september it's going to hit with a vengeance and i think that's where you'll see the national recoil away from obama care because of the costs, and laid bare and people will see what it is they're in for. stuart: now, you were, i'm sure you still are, are you a practicing doctor? i know you were a doctor. but you're on the-- sorry, go ahead. >> i'm licensed, but not insured. if you're illino, i'll call 911 for you. stuart: you're on the inside of the medical profession and know what's going on. you look at the advance of obama care and we see it as the approach of chaos. how about you? >> well, we all are focused on

the coverage costs that are going to go up so dramatically, but right from the physician's perspective. right now they feel lost at sea. they don't know what it means and no one is talking to them. you can't get a straight answer out of the agency or the administration and yeah, it's a time of great turmoil and hardly brings satisfaction. >> you're uninsured, right? you're a licensed medical doctor, but uninsured, is that correct? >> i have a health savings account and-- >> but you don't have insurance to practice medicine, right? >> oh, the liability insurance, right, yeah, that's correct. stuart: no way you would treat anybody if you don't have liability insurance, would you? >> under the good samaritan laws there is some protection, but it would be dicey. stuart: i wish we could have talked about health reform. >> absolutely. stuart: doctor, thank you very much indeed for joining us, good luck. and let's get back to nicole,

i've got yelp. they lost money and mobile ad sales apparently on yelp were stronger. where is the stock? >> well, they lost money, but it was smaller than what was anticipated. so, that's good news. and it's all about consumer reviews, right? and of your favorite restaurants and mobile and revenue just like facebook, that's the trend doing well for them and this is a huge move. 21% gain in one day moves it to a new high. >> 21%, that's a gain in a market-- >> and yesterday. >> yeah, and with charles here, actually you recommended it weeks ago. >> weeks ago, yes, what was interesting, no less than three firms put it as a buy today. i don't-- you know what? i don't get the wall street firms, they've always been bad, but this is the worst they've ever been. >> and it's up 20% and, yeah, it's good. >> it's up 100% from the 52-week low. >> is that right? >> at least. >> okay.

what does yelp do? >> remember, on the table, yelp. and angy's went down, but yelp is a must. >> and headline ott wall street journal, how obama neglects the poor. we will deal with that next. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim.

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[ crows ] now where's the snooze button? >> news on two big tech names. ipads coming in time for christmas and 454 apple. watch out iphone. a smart phone that will do your thinking for you, it's up ten bucks. charles is going to make us money. de aerospace. charles: i'm going to give you two numbers, 20, 35,005. the next two years, 35,000 new commercial planes will be sold in this world, generating 5 million dollars. stuart: and they make-- they make the parts and they're doing very well with things like the food and beverage area, the seating, all of the planes are changing seatings and markets are moving up. and this is one of the stocks that you can buy.

>> and they make the-- >> and exactly, all of that's planes are built mainly as a way -- and i don't think it's going out for a long time. >> are they by any chance british? >> i'm not sure. i think that's the one that's involved with airbus, right. >> and what you're looking at-- >> yeah, that's not --. >> yeah, so you don't mind whether they're british or otherwise, they're going up. >> british, zimbabwe-- >> probably not zimbabwe. >> if i would take it. stuart: good stuff, charles, thanks so much. president obama has been on the road and trying to shift the focus from the scandal to the economy in the middle class and we appear to have a temporary light out in the studio, doesn't matter. we'll show you president obama and the lights are back, everybody. and get this, a new study found

that president obama mentions the poor less than any other president in decades. jason ryan from the wall street journal is here, jason, that's not what i thought. i thought he was always going on about the poor and we've got to help them. what have you. >> that would be his argument. he's concerned about the problem. the problem is, the chance to help the poor, and the fact that it often times makes matters worse than i would think that the current tour he's doing of the middle of the country, talking to the adoring audiences about raising the minimum wage is one example of that. the minimum wage is sold as a ant ant anti-poverty measure. most poor people make more than the minimum wage. stuart: does he care? does he genuinely care about the poor? >> i think it's a matter of priority. his things like pushing for the minimum wage is to throw a bone to big labor which supports

minimum wage. >> of course, union members make more than the minimum so you have to wonder why. and what labor wants to do is limit the supply so that they can increase the cost. so that's their goal. the minimum wage helps them do that by pricing less experienced, lower skilled workers out of the labor market and so, that is what president obama is up to here pushing for a minimum wage. >> now, i looked at figures the other day which suggested that lower income labor categories, restaurant workers, hotel workers, that kind of thing, they have lost 5% of their purchasing power during the obama years. now, they're low end of the scale and actually flat-out losing ground. >> and that's, that's-- those studies have been out there for decades and-- is president obama's policy to blame? or globalization? is it president obama? >> we have these fast food worker strikes going on right

now across the country and labor is pushing them and this is really a double whammy. because you're going to price a lot of the workers out of a job and increase the price of food at an establishment they're most likely to frequent. so they get it coming and going, but i think the policy, the minimum wage policy, being sold as an anti-poverty measure, is where the mistake is. and other policies, such as the earned income tax credit are much better at getting it. they go to families and therefore, if you have a teenager, from the high income home, they're not going to benefit. so it's a much better tool. minimum wage is primarily about what big labor wants and that's why it's on president obama. >> charles. charles: jason, first of all, he gets the votes anyway so it doesn't matter. secondly, the things you talked about the earnings from tax credit and the other things that government gives to people, doesn't it make it hard to make the leap from being

pour to the so-called middle class? the transition, you might actually net-net come out losing money as you climb the ladder, if you will, the economic ladder. >> i'm not a huge fan of tax credits, i think they muck up the tax code. if you make the argue or the itc than the inm mum wage. people in the minimum wage tend to be teenagers, grandparents working, seniors, retired people working an extra job or something. but obama sells this as heads of households trying to support a family of four on minimum wage. that's not the typical minimum wage worker. the anti-poverty program-- >> job. and the minimum wage law destroys jobs. >> and senator rand paul versus governor chris christie, both men going after each other, but last night on your world with neil cavuto, an olive branch.

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and it is a rally.

148, up 15. we can legitimately call at 1% rally. kristy rejects rand paul's offered to grab a beer and kiss and make up. too much work to do. judge andrew napolitano is here. judge napolitano: how did i get into the middle of this? stuart: i was watching neil cavuto's your world, interviewing rand paul and says you ought to get together with chris christie. and rand paul says you come on the show. on another subject on will pay for the chris christie -- the beer summit. judge napolitano: folks want to weigh in. on will pay for it in trenton in washington or in frankfurt, ky. don: there's a lot of stake

here. if the risk continues -- judge napolitano: at pointed this out and this will appeal to you. we had these risks in the republican party before and it is the search for the soul of the party. the classic with in your lifetime or mutton although we were children at the time and i was trying to get into princeton, nelson rockefeller against goldwater, rockefeller won, and republicans had a collapse of the fee. you could argue by virtue of that the conservative movement was formed and ronald reagan came along. stuart: we haven't got time. we f-16's years from it. stuart: judge napolitano: ronald reagan reached across the aisle. and the republican national convention. reagan's running mate was george h. w. bush, his ideological

opponent during the primaries. that is what rand paul is trying to do, not a guy will run for president, he is saying we can disagree but not be disagreeable and agree at the outset which of those wins we have the support of the other. don: stuart: america cannot afford, america cannot afford to lose the next presidential election. i have a democrat with another four years in the white house. judge napolitano: rand paul said he would support and campaign for chris christie if he wins. that is the attitude that is needed. chris christie running for reelection and has other things on his mind but i wish he would accept my offer, like generosity. possible even make homemade pizza. if it is in new jersey. charles: republicans are shooting themselves in the foot. that is one of the reasons mike

huckabee, the nomination process, they bruise the jump up to the point where whoever comes out of it is damaged goods anyway. judge napolitano: if there is going to be a bloodletting and is going to happen it has to be ideological and not personal. there are serious feelings on both sides. republicans believe we needed to preserve the country, republicans believe it will destroy the constitution. diane in the latter camp. doesn't mean i hate the other side or can't reach out to the other side or can't vote for the other side but you have to have that attitude. you agree with what i just said. stuart: what i want is to focus on growth. grow the economy with tax reform. if that was the central issue you win. but it is not the central issue. judge napolitano: the central issue is freedom to grow the economy and freedom connotes things you don't want to talk about. governments' buying. stuart: i want a tax cut. i don't want to be paying over

half -- judge napolitano: you want the freedom to dispose of your wealth as you choose. stuart: want to lease the united states and america. judge napolitano: have you ever seen anyone from great britain afraid of freedom? stuart: that happens in a socialist system. judge, seems the republicans need a godfather, a referee. in other words these disputes can't get overheated but they always get overheated. who is the godfather? can step in as oldest aids and to make sure those debates don't over the? judge napolitano: his last name is spelled a i l e s. stuart: referring to roger ailes, our boss. that is the last word. not bad. stuart: thank you, not bad.

keystone pipeline stalled, president obama will not act, the top guy at an oil company at the break. he reacts to how many jobs the president thinks the pipeline will create. >> they keep talking about an oil pipeline coming down from canada that is estimated to create 50 permanent jobs. that is not a jobs plan. ♪

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stuart: it is back. facebook back above $30 a share. that was the ideal price, $30.09, 3% higher. president obama says the keystone pipeline will only create 50 permanent jobs. fifty. q it again. >> they keep on talking about this -- and oil pipeline coming down from canada that is estimated to create about 50 prominent jobs. that is not a jobs plan. stuart: but state department, his own state department says the project could create over

42,000 jobs. we have chief executive officer chris falkner out of north dakota standing next to a pipeline, not the unbuilt keystone pipeline but nonetheless, you drill for oil, you produce oil, you know pipelines. how many jobs would keystone create if it were built? >> let's look at the fact. the keystone pipeline's southern portion has reproduced 4,000 new jobs just from the peas from oklahoma to the refinery and i believe the state department got the number right or even a little bit low. 42,000 direct and indirect jobs is the number. the president shouldn't be laughing when it says only 350 jobs. she couldn't be further wrong or from the truth. stuart: i got it wrong. that is a train filled with oil tankers behind you, not a pipeline. sorry about that. >> no worries. stuart: what was the reaction in north dakota where you are

producing huge amounts of oil? what was the reaction to the president and the keystone mess? >> i think the whole industry is laughing at the president and when you look at what he has done to create jobs, look at the green jobs he has created, $6 million for every permanent job he created under his green jobs program, this industry in north dakota, this industry of the united states, a free-market industry is creating jobs by the boat load, support ten million jobs today, more than most industries over the past five years growthwise adding jobs every single day. in north dakota these folks who work at this depot or drilling wells out here these folks are hard-working americans, the president should get behind the man support them, not talk about lack of jobs we are going to create but how many jobs we can create. stuart: you are ceo, how many barrels of oil are you creating third day and how do you plan to

expand? >> we do plan to expand and we are drilling every single day, new wells coming online producing thousands of barrels of oil in other areas in texas and the united states but the north dakota is doing in short order, they have become basically the second most oil-producing states in the union at if you thought five years ago north dakota would surpass these big historical oil-producing states everyone would have said no, they would have been laughing at them but because of what happened with hydraulic fracking, and hard work these folks found a boat load of oil. how much g7 or eight billion barrels beneath our feet that arrives on the rails going to refineries producing gas and producing heating oil and diesel that helps every american consumer. that is the real story happening here today and is working. stuart: let's suppose for one moment and all the restraints came off and we went out there in america and drilled for every

last barrel we could get, fracking wherever we can, do you think we could be oil independent in how many years? >> if that was to happen by the end of this decade we could be oil independent. without any of that happening i can tell you i firmly believe we are producing 7.5 million barrels a day every single day we can surpass and will surpass saudi arabia as the biggest oil producer on this planet within the next five years and that puts them in serious peril considering 92% of their economy is based on oil. they are not happy with what is happening in north dakota and rightfully so but because of these folks up here we will not ever be held hostage like we were in 1973 when they embargoed our oil. we are on the road to self-sufficiency and that could not be a better thing for america. stuart: we like your style and we hope you can join us again real soon.

appreciate it. >> thanks for having me. stuart: bring you up-to-date on the markets on thursday morning, it is a rally. the stock market straight up 137 points, roughly 1%, we are at 15-6, maybe it the 29 all-time record high of this year maybe later on today. price of oil is also higher, price of gold is a little higher, it is all up. i say it is because of ben bernanke printing a lot of money. charles disagrees. he says it is because the companies in america are making a lot of money. stuart: like the guy we just interviewed. also bring up he talked about it the department of energy lending in billion dollars to the top ten solar projects that would create less than 300 permanent jobs. taxpayer money, less than 300 permanent jobs, you have got to be kidding me. stuart: you know what is coming. a hole in my hand right here,

this is the chewy energy bar made from minced cricket as in the insect. we had some sense to us overnight, the ceo of the company that puts out these insect bars, they are environmentally friendly. tomorrow i may well be one on live television and by inviting charles to join me. you will join me. charles: if you save me some of the peanut butter chocolate. stuart: that is mine. watch out, you we come tomorrow. i changed my oil every 3,000 miles on my car. i was always told to do it but according to john stossel why don't have to, i am wasting my time and my money. stossel will discuss this in a moment. the most free research reports, customizable charts, powerful screening tools,

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stuart: we got some positive news on the economy and we will tell it like it is, initial jobless claims to the lowest level since january of 2008 down 19,000 compared to last week, 326 total. the president was on amazon tuesday, new data reveals amazon employees donated $118,000 in 2012 to 2012 election campaign.

netflix rolling out a new feature that will make it easier for them to track and analyze the viewing habits of their customers. the new tool comes out today and could track five people in one household. john stossel will clear up some myths for you. i bet you thought they were true, didn't you. change your oil every 3,000 miles. after this he says i am not buying it. but he is. sleeping apart. things should never come to this.

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stuart: charles says he will make us some money looking at a stock called sin does. charles: this is flash memory. they have done phenomenal. "after the bell" yesterday said they would buy back $2 billion stock, raise your dividend, looking down $5.24, four 4 go four dollars and $0.54. the company is doing tremendous and will break out to new highs. my target is 67 which will be the all-time high but could go higher. stuart: august 1st you said, 10:47 eastern time. there are a lot of things we regard as fact that sometimes turn out the total myths. john stossel is here to separate what he calls summer's facts from summer fiction. i will start with the oil change. here is what i say. you should change the oil in your car every 3,000 miles and you say? >> 6,000 miles, 7,000 miles,

look at the owner's manual and ignore the commercials would say 3,000 miles. synthetic oil which costs more will let you go even further. stuart: times of changed. john: things get better. stuart: am i nuts if i do every 3,000 miles because that is what i have always done? john: depend on your car but yes. stuart: next one, jellyfish. if you pee on the jellyfish stings you get in the ocean in the summer it relieves the pain. i have always been taught that. john: another myth. it can make it worse. white vinegar is what you should put on it and i concede a lifeguard at the beach laughing when they give you the advice. stuart: another myth. total myth. let's get something more serious. finally, it is said that global warming, that is why we have more frequent and more intense hurricanes. that is serious stuff. what do you say on that?

john: we don't have more frequent or more intense hurricanes. i don't know if you have the grass since 1880, the hurricanes were worse around 1880. there is more property damage now because there's more property in the way because we build on the edges of motions but they haven't yet gotten worse. stuart: governor cuomo, chris christie and a few others are totally wrong. john: totally out to lunch about a lot about global warming. the water gets warmer, becomes more active but there may be countervailing forces. stuart: you say it is a myth. john: so far. stuart: you have to wait awhile after eating before you swim. not right? john: you might get cramps because the blood is working on your food. turns out when you start to swim your system moved it around. total myth. stuart: fascinating stuff that you have more of these myths on stossel at 9:00 eastern on the fox business and the work.

you have the promo. john: summer myths tonight. stuart: big moves in herbal life. billionaire investors make investing useless for the little guy? that is next. (announcer) at scottrade, our clients trade and invest exactly how they want. with scottttrade's online banki, i get one view of my bank and brokerage accounts with one login... to easily move my money when i need to. plus, when i call my local scottroffice, i can talk to someone who knows how i trade. because i don't trade like everi'm with scottrade. me. (announcer) scottrade. awarded five-stars from smartmoney mazine.

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president obama downplaying both so-called phony scandals that plagued his second term. senator john grasso on the real-world consequences tonight at 7:00 eastern. stuart: george soros bought a big chunk of herbal life. he thinks the stock is going to. william asherman is betting against it, he thinks herbal life is going down. what is the little guy to do? in come these billionaires' making the big headline, stock goes all over he place and the little guy is left thinking what am i supposed to do? charles: big guys we referred to have so much money and have the will to crush these companies in the first place and i don't like to go short but feels like a lot of times but media is complicity with this as well. last year he said this is a pyramid scheme. he said that december last year, stock was in the mid 40s and

went to $26 so in january and other network did documentary on herballife pickling his theme, if you get a baldwin as a distributor you will find yourself with unmanageable debt. is a bad business model. maybe it is a pyramid game. one thing to have billionaires' fighting out and another when it feels like the media is helping, particularly the little guy has no shot. stuart: no media outlet should be backing up the statements of a billionaire with a long special report to jack up the stock or down. what about has luck? charles: another fantastic example. the media outlet said tesla's earnings were, quote, abysmal. the quality of them were abysmal. i got to tell you from the 52 week low the stock is up 400% but i guarantee there were people flipping the channels around, saw this negative report, there are a bunch of shorts on it, sold this stock, have not been able to make the

kind of money, once in a lifetime money. stuart: something similar happened with soda stream. charles: nook at soda stream and it looks corny. but again when the media starts to say we think it is that, there have been people on other networks who said this is going back to november of 2011 a gigantic short position against it and there's a short position. it is up from the 52 week low. as we speak coming into today, 43% still short herballife and 30% tesla and 30% so the screen. a lot of that has to do with affect the public, the media, it is tough. people look at me as overly bullish but i would rather be optimistic based on my work as opposed to a hearing to help these billionaires who don't need my help driving companies out of business. stuart: i might need your help tomorrow leading across the bar as in insects.

we will deal with it in just a moment. you know throughout history,

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24 hours. zero heartburn. stuart: i accompany that makes snacks made of crickets. they grind them up and make an into an energy bar. they sent some to me. i will eat one. charles, which flavored do you want? dark chocolate coffee-or the coconut ginger wine or the peanut butter chocolate bar? charles: anything but the tide bar. it is tough to eat crickets to begin with but has to be a flavor of like. stuart: anyone who says i couldn't eat that has never been hungry. stuart: we are out of time. dagen: i don't have to be hungry to eat crow stuff. and nutritious.

i can't wait for tomorrow. unemployment claims 5.5 year low. wall street journal's dan henning there's not jumping for joy worried obamacare could wipe out more full-time jobs. how about bigger government? not big enough already? we have a guest to wants uncle sam to employ everyone who does not have a job. automakers on fire, sales for july the best we have seen in years. of the company's betting too big on pickup trucks? out of time out of luck and out of the game. alex rodriquez a number of major league baseball players could be suspended at any moment and performance enhancing drugs, we are on that story and everything you need to know this hour on markets now. connell: a-rod, a sports business story. dagen: