it. a good note to end on. charles, thank you very much. dagen, it's yours. dagen: after all wiener has done and caught doing, he can't take the high road just once with him? i guess he can't. >> nope. don't we love him for it? thank you so much. no pow wow with putin. president obama has yet to sit down with the president while attending the g20 summit in the country. a california city testing a fix for underwater mortgages, imminent domain. you can't make it up. it's a battle royale with the banks landing in court. medical information exposed. the rush to implement obamacare put sensitive records at risk. see it to believe it. the manning brothers rapping their way through a new commercial for direct tv. literally rapping. ridiculous. we'll show it to you anyway. all that and so much more this hour on "markets now."

♪ >> stocks down, worrying about a pull back from the federal reserve. is this what the month will be like? adam, answer me that. >> there's been a lot of people who have been talking about a four to 8% pull back, a correction. who is winning and losing? the s&p down ten points, dow down 70 points, but leading the charge on the dow, at least some to the positive. united technologies, chevron, merck, they are up now, but the big losers on the dow this morning, disney, lone ranger, two words, zinger. you know it. bank of america down from the lawsuit, and home depot down, but disney's the loser on the dough, responsible for shaving off 15 points. dagen: thank you so much, adam. good to see you. we'll see you shortly.

meantime, the president is not studying down for a one-on-one with the russian president putin while in the country for the g20 summit next month. last night, the president offered this tape to jay leno on our relationship with russia. listen to this. >> there's there have been times where they were in the cold mentality, and what i say to them and putin is that's the past, and, you know, we have to think about the future, and there's no reason why we shouldn't be able to cooperate more educatively than we do. >> bringing in michael, senior political analyst at the washington examiner, a fox news critter, michael, standing up to russia, finally; right? >> well, finally president obama came to office, pledgedded for a reset of relationships with russia. he evidently had the view then that president bush is a texas

primitive mindless conservative and adopted cold war abuse and repelled the modern up to date russian. looks like he had something of an education. president bush had a positive impression of putin when he met him as he related to the book "decision points," and clearly changed his minds. it's taken president obama a little longer to do so. dagen: is it a waste of time to go to the g20 summit all together, michael? >> well, is it a waste of time to go to the g20 summit? i've never been to a g20 summit, so i have not -- dagen: for the president. >> it's probably a waste of time. we have, you know, it's an odd collection of countries in here. we got argentina in there as one of the supposedly most developed countries in the world, which is pathetic joke, sorry to say, sorry for the people of argentina, and russia is the host, which is become kind of a

thugocicrity, but it gives the president the opportunity to cultivate personal relationships with other leaders, and that could be useful for him to do. dagen: in terms of our frosty relationship with russia, what can unthaw it? is there anything? do we need to worry about that? you can pick up a host of problems and issues we had with the country in recent years. >> well, president obama came to office assuming if he kissed the nether regions of putin, he would be rewarded, and putin would be a handsome prince or something of that equivalent. he did the kissing, but the nice president putin is still missing. we abandoned missile defense installations in poland and czech republic, two countries pursuing democratic courses, very good friends of the united

states, hillary clinton, secretary of state, placed a call to the president from poland at midnight, refused to take the call, and i don't blame him a bit. the idea that if we were nicer, sweeter, made concessions to putin, his russia would be our phren was a fallacy from the beginning, and it appears that president obama has finally figured that out. it took him longer than it took jimmy carter to learn about the communists. dagen:ments to avoid another photo op like in northern island sitting in the chair next to putin looked, well, laughable, absolutely laughable, was it not? >> well, it's, you know, russia is a much less important country in the world as it is today than 25 years ago when it was one of two nuclear -- antagonistic superpowers. it's got half or less of the

population than it did then. its economic heft, unfortunately, is not strong, and it's exports oil and natural gas when u.s. production of those things is now increasing, and we never needed a reset with russia, and this president has awakened to that rather late in the game. dagen: michael, great to see you, thank you so much for the insight, michael, be well, see you very soon. >> thank you. dagen: so half of the residential mortgage holders in california are underwater, so the city come up with a new idea to prevent these people from going into foreclosure. imminent domain. essentially, the city just takes the loan from the banks if the banks are not willing to work with the city to modify them. this is something that will surely -- i don't want to say "cause temperatures to rise," but end up in courtrooms everywhere. legal analyst for fox news, bob, it's not just richmond, but there's other cities moving, i

think, el monte, california is looking at this. where do they get off? i mean, is there a legal leg to stand on to do this? >> well, the courts are going to decide, dagen, to be honest with you, because this comes from the decision back in 2005, 5-4 supreme court, that sort of allowed private enterprise, if you will, to enter the business of imminent domain. they say, look, lenders, you people, talking about the wall street loans, by the way, not fannie or freddie, you are not willing to reduce, we have blighted areas, we have to save the city, no property taxes, things like this. they believe, municipalities believe, in fact, they have the power under imminent domain, and that's challenged in the courts, believe me. >> well, there's, no north las vegas, where you are, correct, they have moved to do something similar. are you hearing outrage in your community? >> there's already a lawsuit

filed by a lawyer over there, greg smith, who basically said, listen, this action to be even considered by north las vegas, and this is similar, by the way, dagen up in northern california and other municipalities, an abuse of imminent doe nan, violates the taking clause, a due process, all legal things, and bottom line, it's a haven for lawyers that's going to be going around for a long time, and to be lonest with you, the 2005 decision from the supreme court, honestly, dagen, that started crony i'll, allowing for corruption. that's the issue here. what happens, is private investors comes in to buy the loans, and if, in fact, they get the properties, if the homeowner can't qualify, they sell it to somebody else. they will short sell it, and, in fact, the municipalities make money, and everybody makes money going in and out, so they say it's right, but i don't think

imminent domain applies here, honestly. it goes to the supreme court. dagen: what's odd, the towns doing this now, is the housing market is beginning to recover, and many underwater mortgages just with the price depreciation are not underwater any longer, but it kind of -- i guess it goes to your point that there's other motives at play here, not just rescuing homeowners. >> well, you know, if barbara was hearing this, you know, i used the word "bubble," and i think it's fictitious because, for example, in las vegas, there's no inventory. if there's no inventory, dagen, the prices go up. talk about municipalities the, north las vegas, a blighted area, richmond, a blighted area. areas going up are not the areas we are talking about. here's the other downside. dagen, you own a home across the street from where this is happening, an fha insured loan. guess what? your value's under, who saves

you in nobody. when they do these deals in the declarement of domain, your values are equally affected by it. it's not fair. that's under the equal protection argument they argue here in front of the courts. dagen: bob, good to see you. thank you so much for weighing in. always. see you soon, bob. >> thank you. dagen: health records at risk, security lost in the rush to get the president's health care law up and running. the most under appreciated jobs in america. these are people who are irnd -- under paid for work they do. teachers and police officers should be on the list, but you'll be surprised at the other jobs. mannings back at it prepping for the nfl season, but they had time to do this commercial for direct tv. you can't hear it, but you will shortly. it is ridiculous. take a look at the oil markets, tom is coming up to talk gas prices. that's not necessarily good news

at 104, nearly 105, but gas prices are looking good. ♪ [ male announcer ] these days, a small business can save by sharing.

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dagen: time to make a little or a lot of money. shares hitting a new high. >> i'll take a little. under a little pressure, all morning long talked about the pull back. dagen: you call him stu? >> when he's not around. dagen: i can think of things to call him. >> sienna's making the breakout, and it's going to catch your attention. i like to see a close above 23 #, but this is what happened over the last four quarters. a year ago, they missed the street by a hundred percent, beat by 19 it #%, and last time, beat by 300%. something of a trend going on there. networks, by the way, this is a networking play, old school, used to be a hot stock, packing networking coming on strong the last three quarters, converse, the u.s. business, rail impressed. u.s. business, the last four quarters, better revenue, margins are expanding, and i

think this is one of these stocks that you look to chase, and, ternal, standing up big time to me, 23, up to 27, 28 dollars, not difficult for it to do, so it used to be a hot stock, the business is coming back. dagen: this is what august is always like, is it not? >> pretty sloppy. dagen: unless there's a major market moving event like the debt ceiling fight. >> summer dull drums have officially begun. that's more this than anything else. earnings season over, jobs report over, fed tapering thing, listen, anyone out there that doesn't think they will ultimately taper? that's not the issue. to me, it's when they raise rates, and that's still two years down the road. dagen: all over it making you a little and lot of money. zillow a big hit after a second quarter loss, but not all bad. the president set to answer questions on the website this afternoon, adam is watching the shares, talking about housing. i mean, that's where you go. >> yeah, no, they are actually

down today about 8.5%. you know, their 52 #-week low for zillow, $23 a share back in november of 2012, trading well above that, as you see, 82 a share, and although they missed on earnings, revenue up, 69%, they had revenue in the last quarter, 46.9 million, doing well on that line of the report, but what you talked about, the president, at 1 p.m. eastern, going to take questions. it's a live q&a on the zillow website. by the way, most people check in on zillow on mobile devices, over 60%. if you believe the estimate, hey, type in your address on zillow, and they say what you own, your property, is worth more than the market might say. back to you. dagen: that's right, exactly. adam, thank you so much. how long do you want to live? what age? a new study brings us the ideal age for most people. your records at risk, why the rush to implement obamacare put

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>> 21 minutes past the hour, i'm heather with your fox news minute. president obama will not be meeting with russian president putin next month. that meeting was canceled because of russia's decision to grant temporary asylum. to the nsa leaker, edward snowden, president obama still plans to attend the group of 20 economic summit held in russia, but he will not meet with putin. security officials say that suspected u.s. drone strikes have killed seven alleged militants in southern yes , yee day after u.s. and britain evacuated embassy staff due to a threatened attack. the cleveland house where three women were captive and raped for more than a decade was torn down earlier today. those women escaped back in may when one of them broke down part of the door and then was able to

yell for help. that demolition is part of the deal that sparedded armon castrm a death sentence. he'll spend the rest of his life in prison. back to you. dagen: great to see you, heather. data testing security for state-run health exchanges could leave your personal information at risk. our rich edson in washington with more on the story, and everything else that keeps going wrong with obamacare, way do you know, rich? >> this is a massive undertaking, dagen, the health care exchanges to sign up for obamacare to be up and running by october 1 #st, and a new inspector general's report says they will do the final testing to ensure the data is security the day before. this is from the ig report saying if there's additional delays, and completed package, the cio may not have a full assessment of risks and controls needed for the security

authorization decision by the enrollment period expected to begin on october 1 #st, 2012. now, hhs and cms say basically, this analysis was done three months ago. they made vast improvements since then, and in a statement, cms says cms prioritized reviews of the audit report confident the hub will be operationally secure, and it will have an authority to operate prior to october 1st, 2013. one analyst says all the coordination between government agencies is complicated. >> there's a lot of wild cards on this one, and the fact that states are involved heavily in implementing these exchanges, a lot of states have been gung-ho to set up exchanges, and they have to face the fact they are not able to get the i.t. systems out the way they thought they were going to, the federal government is stepping in to help them out and push them over

the finish line and get things ready. >> though, dagen, as he put it, he says that the government has the best geeks in washington working on this one. back to you. dagen: i would, you know, you opened the door for me to make a joke, rich. >> that's what i did. go for it. walk through it. dagen: rich, i love you. >> come on. dagen: love you man, thanks, rich, rich edson in washington. greatest reward is not always money. some of the most important jobs in this country do the most for the communities, but pay the least amount of money. business insider ranked the top 16 lowest paying jobs that make the world a better place. making a list, a crime scene investigators park ranger, soldier, social worker, and coming out at the top of the list? a sign language interpreter. that's rights. would you want to live to be a

hundred? how about 120? that could be possible one day as scientists work to create treatments that could slow the aging process and allow humans to live longer than is normal today, but according to a poll done by the research center, 56% of americans would not want to live to be 120, arguing that puts a major strain on natural resources. a child born today can expect to live to be 78 years old. ideal life span of the polls is 90 years of age. come on, go for the hundred; right? triple digits. let's do this. gauging the gasoline market, no one knows gas prices better than tom, and, finally, he's here in studio with me. can't wait for that. the manning brothers teaming up off the field for a new ad that, well, it's just plain ridiculous, but we'll show it to you. here are some of today's winner on the s&p. ♪

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>> tom on gas prices, believe it or not, this time of the year, prices at the lowest level. they are lower than last year and the prior. lowest in three years. our country's debt, a new study adds in the numbers left off the nation's balance sheet, and the math here puts us at a frightening $70 trillion owed. can you believe it? the the battle over cbs and time warner cable, the dispute over money that's disappearing from the market. shares of aol jump after the

company announced acquiring video programming company, adapt.tv. they are looking at the shares. >> you got mail, aol is targeting more video advertising as people go to mobile devices and watch video online. aol up today, largest acquisition since they bought huffington post. back to you, dagen. dagen: thank you, adam. afternoon price of a regular gas is at 3.60 a gallon as of this morning, 3.62 on gas, lowest price for this date in three years, so are we going to keep heading lower? tom knows because he knows everything about gas prices,

chief oil analyst joining us now in studio. hey, are we going to keep going lower? >> drifting lower, modestly lower than last year unless you wake up one morning and there's a tropical storm in the gulf of mexico or there's some sort of violence in the middle east, but we should trend lower, and maybe visit numbers not seen since 2010. >> what about the terror alerts that have been issued by the state department. that's, clearly, factored into the price of oil, but does oil need to come down significantly to keep gas prices heading high? >> it's too high. it's priced for every conceivable imperfection in geopolitics and priced for perfection in terms of travel. terror alerts frightened travelers. that's what happened after 9/11. the price of crude oil has, you know, about 40-41billion more

money bet on a higher price outcome. too many buyers out there. dagen: we got production numbers, average u.s. production the highest since i was, like, a freshman in college. >> well, i was still doing this, unfortunately, in december of 1989. that's the last time we had this much crude oil, flushing out of panama. we are producing 4.56 million barrels a day, only going to go higher. we'll have production exceed imports by october, and so we should see some of the benefits to that. we've only seen about a nickel or eight cents to the benefit so far this year, but it will happen, and it's not enough to go out and buy, you know, maybe the harry winston jewelry or whatever, but it's noticeable and pop up consumption a bit. dagen: also, bringing prices down and something that you noted in your notes was that because people bought more pickup trucks and suvs, the

overall fuel economy of the american fleet is heading lower which also helps consumption. >> yeah, ben bernanke has really done sort of consumption a favor. he's encouraged people to buy new cars, trucks whatever, and the fleet is much more first time, and it's rolling over, so even if you don't need to buy, let's say, a gremlin or old denim interior vehicle -- dagen: who has that interior? >> they had that gremlin along with the pacer that wayne's world drove in. there's better miles per gallon, 25 in the new fleet now, and if that turns over, we use less, and people over 55 drive less. i'm determined not to do that personally, but that is the largest growing demographic in the country right now. dagen: thanked go. you don't have people hitting the accelerator as they drive into the cafeteria, somewhere, that happens. >> in the left lane with the blinker on, by the way. dagen: all guilty of.

talk about, because you picked on my part of the country in virginia, if you want, like, the lowest gas prices in the country, you have to go to the gas war that's broken out. >> we really do follow the gas wars, and there's a war going on in the roanoke area of virginia, southern vairs, and north carolina where prices are 2.60 to 2.80 during the day, popping all over the place, but other places are below three, and you'll see that in a lot of states in the fall, and increase year, the whole cycle starts again and popped up and people worry about gasoline and probably without really much to worry about. dagen: with the production that's coming out of shale in the ramped up production in this country, is it possible we get back to the norm of some three dollar gasoline as the infrastructure improves, and we can turn that oil into more gasoline? >> you know, i think we'll get them below three, moments there, but i think probably if we

really get considerably below that, that means that we're in a recession. that'll bring us there, and that's not the one thing we want to route for, but i don't think we're looking at the $4 numbers. i don't think we have numbers next year that are is size of this year or last year. modest, but relief, higher prices than a generation ago, but lower prices than seen in 2008 forward. dagen: great to see you. >> nice to be here. dagen: welcome back any time. >> okay. dagen: coming across the bridge from new jersey is a headache. >> sometimes i just want makeup on, so that's it. dagen: now you're going to go party. tom, thank you so much. this generation of family business, johnson outdoors, going strong, a 52% increase in net income despite the chilly recreation cementer. we are live in eagle lake, wisconsin, where i wish i was, with more. hey, jeff. >> ha-ha, well, i bet you do.

i tell you, doesn't get better than this. we often introduce ceos in the board room or production line somewhere, but i don't know, hellen, how is it to be the ceo of johnson outdoors? >> every day 1 a fun day. we have a good time. >> you know, take a look at how johnson outdoors has done. you know, your dad, famously grew the business that they used to call johnson wax from about 171 million dollars in 1966 to now, now 9 billion company, everything from windex to, i don't know, you know the brands. >> right. lots of packagedded goods, lots of consumer brands. >> still a privately family owned company, but if people want to invest, johnson outdoors is the place to invest because it's publicly traded. >> we are publicly traded, and in nasdaq, and stock's doing good lately. >> not only yours, but look what i caught, by the way, look at this. >> oh! >> a lot of grass.

>> lots of vegetation. >> that comes when you take him out on the lake. recreation stocks have been tremendously well, despite the economy being fairly sluggish, how -- what do you attribute that to? >> well, i think people don't stop recreating when the economy's bad, and i think, you know, with us, it's all about the innovative product, and when you introduce new product, that help make the experience better, you know, they did out and buy it. >> for example, just give our viewers a sense of what that's about, and everything from old town canoes, cay yaks, look at what we are looking at here. this is the humming bird 360. what is this? >> this is our sonar fish finder 360 which, certainly is one of the new products that we've introduced lately, and it helps you look in all directions under the boat. you don't have to be moving, and it's like a picture-like view of

what's going op in the bottom, and you can see the texture and the structure and it's helpedded increase. >> your sense about the economy going forward? next hour, by the way, a couple kayaks out there, we're out in the kayaks. you're the most adventuresome ceo i talkedded to. how do you feel about the economy right now? what's the gut tell you? >> i would say that we are cautiously opttmistic. how's that? >> i heard that a lot these days. >> hard to predict these days, but we are bullish, certainly, our business going forward. i got a bite. >> you got a bite? >> oh, he took my bait. >> we thought we had a fish there for you, but sorry. dagen, you had ph a cane pole in your hand. next hour, the cay yaks will be fun. dagen: i enjoy fishing. i know my way around a popped or two, jeff, thank you very much.

>> take your shoes off before. >> most people can't walk and chew gum, and, jeff, you are interviewing and fishing. kudos, my man. >> apt -- ain't caught nothing yet. >> you have all day, patience, jeff, patience. jeff flock in wisconsin. what is not being counted? a new study has figures that washington wants you to ignore and not know about. the dollar amount is staggering. the battle of cbs and time warner cable, the feud over money that's disappearing from the markets. the manning brothers putting on a show that borders on ridiculous. you know what? people feel the same way if tom brady was in the ad. we'll show it to you. look at treasuries, what the yield cease doing today, down three basis appointments, 262 # on the ten-year. ♪

♪ >> i'm lori rathman with the fox business brief. a five million second quarter profit, second largest in the company's history, recorded 7th straight profitable quarter, and this comes as president obama calls for a smaller federal role in finance by phasing out fannie

and freddie mae. a goldman sach economist, meantime, sees a federal start to begin tapering in a research note cautioning that a fed decision to scale back asset purchase program would depend on economic data. aol second quarter results beat estimates on profit and revenue, companies announcing it is buying video advertising platform for $405 million. that is the latest look at business from the fox business network, giving you the power to prosper. ♪ if you've got it, you know how hard it can be to breathe and man, you know how that feels. copd includes emphysema and chronic bronchitis. spiriva is a once-daily inhaled copd maintenance treatment that helps open my obstructed airways for a full 24 hours. you know, spiriva helps me breathe easier. spiriva handihaler tiotropium bromide inhalation powder

does not replace fast-acting inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva. discuss all medicines you take, even eye drops. stop taking spiriva and seek immediate medical help if your breathing suddenly worsens, your throat or tongue swells, you get hives, vision changes or eye pain, or problems passing urine. other side effects include dry mouth and constipation. nothing can reverse copd. spiriva helps me breathe better. does breathing with copd weigh you down? don't wait to ask your doctor about spiriva. dagen: put your listening ears on in the words of judge judy, the u.s. owes $70 trillion in off sheet obligations, a new study down by the university of california san diego, and joining us is the author of the

study, james hamilton, professor of economics at uc san diego. good to see you. >> thank you. dagen: social security and medicare make up the majority of this 70 trillion calculation; right? >> that's correct. yeah, the whole question is how you want to treat the trust funds, social security and medicare, that makes a difference for the calculations. >> you looked out 50 years for the number, and that includes housing; right, professor? >> that's right. so the numbers used for medicare come out of the reports of the trustees that just came out a couple months ago, and i'm using their concept of looking at what are the obligations to current program participants, that's defined as anybody that's currently 15 years or older, potentially paying into the systems or getting benefits out. dagen: why isn't this number, why aren't these off balance sheet obligations talked about more? is it a -- is it political that they just want to sweep it under

the rug? they don't want to know how much we really are in debt as a nation? why is that? >> well, partly, of course, when you look far into the future, the numbers you get are subject to some dispute, and one person might want to make one set of assumptions, somebody else different. they are not quite the hard numbers as the actual debt outstanding, but they are very significant, and pretty much any way you look at these, there's no concluding anything other than the fact that the u.s. population is aging, fewer people working, fewer people receiving benefits, a major, major fiscal challenge. dagen: speaking of the challenge, do you believe that politicians will take on that challenge and move to fix this amount of money and reduce it? reduce the obligations that the country has? >> i don't see that happening. i think a lot of us hope that it would, but the issue is that this is not a crisis.

it's not something we have to deal with tomorrow. i don't think we should try to balance the budget next week, and if we try, i don't think we could succeed. it's a promise that develops over time, the ages of the population happens gradually, and so we do have some time to deal with it, but because we have some time, that's the reason not to expect too much, i'm afraid, from our elected leaders. dagen: if we don't deal with it, then what? >> well, the basic calculation is we're not going to be able to continue to deliver benefits the way we have, sooner or later, those cuts have to be made, taxes have to be raised, some combination of those. now, whether the u.s. could ever get into a situation that some of the peripheral countries in europe faced, suddenly a lack of confidence in the debt, that's a lot less clear. i'm not anticipating that soon, but if we keep down the road

another ten years, i think that's a possibility we'd have to worry about. dagen: professor, thank you so much for this, professor james hamilton from uc san diego, beautiful backdrop, jealous of where you work every day. take care, thank you for being here. >> thank you. dagen: stocks down for a third straight day. is this the rest of august until the federal reserve meeting in september? joining us is johnson of meridian equity partners. is this the rest of the month? >> i think we are. july was busy as far as volume, volatility, and market performance is concerned. august, now, all about looking forward to september, october, tapering going to occur, and when. we're starting to price in tapering now. we'll see quiet days of the market just drift lower and lower, and then as we get closer to the date, the tapering effect is going to be priced into our market. from that point there, it's going ton interesting to see how the market reacts to the fourth quarter of the year.

dagen: thank you, good to see you. >> thank you. dagen: from the new york stock exchange. cbs and time warner cable, the real truth here could be the two sides fight over money that is quickly disappearing, and peyton and eli manning together doing ads for direct tv. this ad is more than a little uncomfortable to watch. we'll show you. enjoy. coming up. ♪ [ male announcer ] these days, a small business can save by sharing. like carpool.. polly wants to know if we can pick her up.

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dagen: providing murder talks as the fight between time warner capable and cbs enters the fifth day. the fight between time warner and cbs, and what's it mean? >> a fight between guys who drive bmws, and others who drive

a mercedes. they fight over the profits, and meanwhile, they hurt the customers in the process, but the "wall street "wall street ja compelling story saying are they fighting over the wrong thing? their entire business, the cable model is sinking before their very eyes as they fight over the crumbs of how much cbs should pay to let shows be carried on cable. that's one thing. it could be that entire cable model disappears someday because we go out to the internet, we're going to order shows when we want them, where we want them, instead of watching that lineup pour over you from a channel organized to do it. james dolen, ceo of cable vaition came out, someday, i might get rid of the channels and just sell internet access and let you guys get yourselves, viewers, ordering as you want. dagen: i have their internet access, and it's awful. good luck with that. >> yeah, i have their internet access, it's fine for me. i don't know what you are pulling down, but it's an

interesting argument that the thing about this, though, this, though, we underestimate new stuff, and how good the incumbents are at staying there and adapting, and time warner cable's the leader in cable and embraced the internet letting you watch shows on your ipad even when yoir not at home to watch them because you're a subscriber. these guys do a good job of trying to nullify and new -- true -- neutralize the advantage. the newspaper was a 250-year business model until the last 20 years, especially the last five, did it slide. dagen: other alternatives out there. if you don't want cable, get the internet, hook your tv or computer up, and just use hulu, an amazon prime, for example. >> yes, you can get netflix, this new scheme that barry is backing that sells you for like 12 bucks a month, steals the signal from the sky to your cell

phone. there's all kinds of schemes, but do we, as viewers, want to shop for the meal and buy ingredients and see what shows to order and when, or just do it the way it's been done? dagen: a lot of people do it. >> 10 million people out of the country do this and go over the top. dagen: a big number, but live programming sports. >> unbeatable. >> unbeatable. >> 97% of sports programming is watched live rather than on tape. dagen: why the super bowl gets the ad dollars it does. >> yeah. dagen: speaking of football, the manning brothers created, well, just watch it. ♪ football on your phone ♪ that's what i said ♪ it's football on your phone ♪ you can watch it in bed ♪ take it wherever you go ♪ show your friends ♪ and watch them all go, oh ♪ football on your phone ♪ football on your phone sphoats

football on your phone ♪ ♪ now east the chance >> i think, i got to tell you, that is brilliant advertising, the fact we're doing a storying on it, buzzing all across, and as they say in the ad, that phone ain't for calling, that phone's for footballing, parodying themselves, hilarious, a great job. dagen: i didn't think it could get worse, but it did by you trying to rap the lyrics from the song they rapped in the commercial. >> something funny about middle-aged or younger than that white guys wishing they could rap. they are playing on it to be funny, not doing it, of course, making fun of themselves as they do it. dagen: lasting impact of the super bowl shuffle live, the chicago bears. >> ultimate commodity of rap, yeah. dagen: i have to wrap, and not the musical version of rap, but get out so you can get in my seat. dennis, thank you so much.

dennis is coming up joined by my girl, tracy burns, talking about the federal reserve's influence on the market, and berne report card ahead. the money government spent on housing under president obama. where did it go? what did we get for it? tracy and dennis have the answers. ♪ get in your way? talk to your docto about viagra. ask if your heart is healthy enough for sex. do not take viagra if you take nitrates for chest pai it may cause an unsafe drop in blood pressure. side effects include headache, flushing, upset stomach, and abnormal vion. to avoid long-term injury, seek immediate medical help for an erection lasting more than four hours. stop taking viagra and call your doctor right away, if you experience a sudden decrease or loss in vision or hearing. this is the age of taking action. viagra. talk to your doctor.

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the fed impact on the market, and ben bernanke has been balancing the economy's need with market reaction. dennis: president obama's call to share freddie mac and fannie may after spending $1.7 trillion on housing and his time as president was money well spent. tracy: your records at risk.

why the rush to implement obamacare is putting security on the sidelines. dennis: tom, men will be here with new data that could make you rethink your banking apps on your smart phone. tracy: or the phone in general. we will ask. how of the hour, stocks, to the floor of the stock exchange, adam shapiro still down there. we are down 80 points. what is going on? >> what is going on, is the eighth month of the year, volume is really light at the stock exchange, winners and losers, j.c. penney big loser on the dow but chevron, a hewlett-packard, they're doing pretty well, disney is down, and 52 week highs, time warner with a 52 week high, and also under armor

setting a new 52 week high. we will be watching disney in 15 minutes, they miss yesterday and we will be talking about that but otherwise tracy byrnes. tracy: every morning. see you tomorrow. dennis: ben bernanke and company have done a good job keeping on track. richard ville monday joins us now. if you were given the fed a report card you say actually they have done some pretty high marks in keeping the economy, housing, the banking sector and inflation back on track so i assume you are not buying the bearish arguments that fed capering killed this rally and saying the economy? >> no way. i love the armchair quarterbacks that have been criticizing ben bernanke over the years. got to justify this results they created. five years ago today we were sitting on the press of this of an economic collapse and and where are we today? we have economic growth.

is a perk? it is a little slow. maybe 2% by the second half and hopefully 3% next year. we have low inflation, something people who were anti ben bernanke and company were screaming about, that the q e infinity would create hyperinflation, none of that happened. we have inflation that is extremely low, the banking sector on the edge of getting nationalize five years ago is doing great and the housing sector is recovering, people are feeling more confident because housing prices are going up and they're seeing equity on their balance sheet. dennis: y deuce and many people worry this is all just one big hot air souffle created by the fed and low interest rates? >> this is an unprecedented program the fed has put into place and they haven't seen it before but it is not created the conditions people have been worried about which is hyperinflation. dennis: the fed quadrupled the supply of dollars in the world,

$4 trillion, you would think with that kind of increase in the number of dollars we would have rampant inflation. why haven't we had is that a sign the economy is lacking any demand at all? >> it is not a sign of that at all. there's a lot more resilience in the economy than people give the economy credit for and we have -- the tactics of work. dennis: windows the fed start capering? if they cut $85 billion in bond purchases to $50 billion it has to be the end of the world, does it? >> paper is a good thing. people are worried about it. the economy is recovering or we're getting off life-support, if the economy was a patient in the intensive care unit at the hospital and they said your mom is doing great we will be able to take off life support and she will go home and a few days, you would be ecstatic and look at where we are, wringing their

hands about this thing, the economy is getting better is the bottom line, great news. dennis: why is there such a malaise. why don't we get what you are saying? >> people look for things to worry about. that is the situation. the market in june declined substantially when they first announced and they have all time highs and the same might happen now. last couple days and today may be declining initial reaction but ultimately see it as a good thing as the economy strengthens. dennis: you see some glimmering of feeling in europe. do markets realize your main not be as bad off as everyone thought? >> i don't know what the markets think. estate away from anything with additional risk that wants to go to the united states because it looks a girl like a safer bet, but to us we like places like the emerging markets and europe because emerging markets are such a huge disparity compared to here and europe has only

gotten have the performance of the u.s. market so we look there and there are great opportunities. dennis: thanks for being with us. tracy: the second-largest quarterly profit in history, president obama quotes to shutter the company. peter barnes is in d.c. with the latest. peter: freddie mac reporting a $5 billion net profit in the second quarter and announcing it will pay the treasury, the taxpayers most of that money with the $4.4 billion dividend under the terms of big bailout in 2008, it got $72 billion eventually from the treasury as part of the bailout, has repaid $41 billion of that and could repay most of the rest when it decides to make an accounting decision about a $28.6 billion

deferred tax benefit, tax losses it could not use when the company was in the tank so it banked them on its balance sheet and held them in reserve and housing markets on fire, fannie mae reversed its tax benefit paying the treasury department a $60 billion dividend. freddie did not do that for this quarter but experts expect it will soon. >> you might think some of these that they have taken might go back the other way with mortgage rates going up, they will be reporting profits for several quarters to come. dennis: from the earnings statement the company says if the housing market continues to improve the company's positive trend in book and taxable income continues, the company retains its positive outlook for taxable income than freddie mac

mayoralties that benefit in 2013. tracy: one could hope, peter barnes, thank you very much. the government as peter alluded to spend $190 billion to freddie mac and fannie mae, estimated $1.7 trillion on housing overall under president obama and all is great ideas and we are seeing a housing recovery nominee president programs have fallen flat. joining us now, the housing website that constantly tells me what is not worth a lot. we have modified loans, first-time home buyers, dumped so much money into it. you think those programs other everything that housing market is moving. >> it is mostly because of the market itself, prices fell so much and rates have been so low. that housing market and the jobs

market, the best thing in fact that the administration did for the housing market was the stimulus because that helped give a little bit of a tail wind to the overall economy and boosted housing demand and fell short of expectations but it is less about keeping people in their homes and more about giving more spending money to help stimulate the economy. but overall if the price reductions we have seen that have encouraged investor activity in buying and low mortgage rates have meant buying a much cheaper than renting even though lots of people ask whether to rent versus to buy and mortgages so tight. tracy: where is the incentive for the bank? we are trying to encourage banks to lend six weeks until tuesday but where is the encouragement out of the bank when interest rates are so while why what i as a bank wants to lock my money in with you for 30 years at 3% when i can throw it to my trading desk and make more money? >> there have been huge

financing, but rates have gone up more than a decade and the past couple months there's a big question for banks. what id they do when his refinancing demand does that open up more capacity to start right more home purchase loans? a lot of people hope that is what banks will do almost because financing dries up, more capacity and also because we are hoping there will be greater clarity and certainty around mortgage regulations starting next year. we will have to wait and see what the impact of these new rules that let out more clearly the financial and legal risks banks take when they write mortgages that are deemed less saved but hopefully that will open more lending. tracy: we don't want to go back to where we were. we can harken back to 2008 again. the president gave a big speech, and talking about getting rid of fannie and freddie, that is a political football nobody wants

to touch. what did you think of what he had to say? >> this shows how different the housing market is that was a year ago. foreclosure prevention would have been at the top of the agenda. defaults are falling, foreclosures are falling, rising prices give people incentive to stay in their homes, that is down on a list. what is at the top of the agenda is more mortgage credit, continued refinancing expansion and also the president is concerned about moral hazard. and responsible homeowners, responsible borrowers, responsible families and clearly government policy isn't designed to help irresponsible families. tracy: wasn't in the beginning and everyone and buyers. we got to wrap this up but one thing missing yesterday was mortgaged interest reduction. no one is talking about getting rid of that. is it because housing lobbyists said too strong to let it go to view >> mortgage interest deduction is a political hot potato, of the few areas that could be

bipartisan agreement and the tax reduction debate but fundamentally it is a question of how much we value homeownership and investing in housing versus preventing taxpayers from being on the hook to the next melt down. tracy: there lies the question. thank you for being with us today. >> the plan to make solar panels agreeing to sell that business, but first solar cutting yearly profit forecasts. charles payne says there's still money to be made in that sector. tracy: cyberfred, the higher one for google and roy users, tom kellerman is here, tell us what we have to look out for but as we do every day at this time of day take a look at how energy is trading. oil down, look at that. almost $105 a barrel, down from that height of 108. we will be right back. with the spark miles card from capital one,

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dennis: to the floor of the stock exchange adam shapiro is down there. >> i love the smell of money in the morning, smells like victory. the move the lone ranger will take at $190 million loss and their earnings reports, shares leading the losers on the dow, down 2.5% of 39%, disney down, and essentially flat,$.8 million, revenue up 4.4%. and it missed what the street was expecting, shaving 12 points off of the dow which as we look is down 72 points. tracy: they are jammed. tracy: not the all-time high in recent weeks, coming down from a little bit. disney is getting big.

and the lone ranger losing big, down $100 million on that movie alone. the disney ceo is standing by his tent pole strategy for big budget films despite this flop and john carter. and go 1-on-1 with him and ask the head mouth to talk about his strategy at noon eastern. tracy: have a magical day. and abandoning plans to manufacture solar panels and the technology to first solar, i know you are still hot on this. >> first solar missed two quarters in a row so the stock is getting hit pretty well today but it is pretty big for the year. i am going through what you are going through, yellow flags and good things so year-over-year revenues are down. what bothered me about the report was stored over 3.4%.

and that is a terrible sign, the bottom line was hit so hard. castro was so so. you talk about this with ge when a company buys something and uses its own stock,.4 s shares, what people are saying is you have more faith in holding cash than your own stock. if it was going to go up in value i would rather give way cash which gets eaten away by inflation rather than giving the stock unless they don't have cash and the seller refused to take cash instead of taking your business. >> also they had a shelf offering, talk about a lot of pollution, two quarters in a row. the average selling price of these modules has been going down for a while but the rate of that going down has slowed dramatically. maybe it hit the bottom.

this is not a good report for them but they have some good project in the pipeline. this is always been an extraordinarily volatile stock to the point that i will be featured on my trading service a la started playing in 2007, played three times, made money twice, and played four times, broke even, made money twice, plaited three times and twice this year for money. is one of those stocks so it is down 12%. it is scary. i am on the record. if a wasn't for subsidies, and am not sure these can be publicly traded companies but in australia, china, all of europe calling to keep popping tax money into this, solar will make a lot of money and so far these guys have been able to do okay but the inconsistencies scare me. that is why you don't put it in

a portfolio. >> is down close to 12%. tracy: it is down again. charles: i will play it again. charles: the summer time showdowns of i am taking over. we are down and tracking stocks for months and david frazier, scott more return with their results and we will see which ones survive and continue on with the competition and which ones as good bye. they have a lot more than reputation on line. take a listen. >> i am scott marden of united advisers. i will bet david trainer two did dish chicago style pizzas with any topping he wants that my stock it will outperform his. in fact i might even deliver them myself to ensure that they get there safely.

see you friday. this is the ceo of new constructs. i feel confident the diligence my firm does in the footnotes gives us the best date and models that i am willing to saying i am a loser at the bluebird cafe, if my picks do not beat scott's. >> bare chested stock-picking doesn't get better than that and that is likely to chicago beat thes against its humiliation of seeing the 1994 hit loser at an iconic baja in avalanche we will make them pay a. take a look at this. message mccormick lost a couple weeks back and we got this picture. robert the winner in joining with the other guy promise to pay, cincinnati's best ice-cream the unit that want to miss how this shakes out this friday at noon eastern. tracy: he has an aspiring singing career and this is how he gets involved. charles: i am a loser, why don't you kill me. y google android losers should

proceed with caution, scary numbers from a cybersecurity leader. tracy: stock soaring 30%, jeff flock on how the company plans to keep profits and shares in the green. that's take a look at how the world's currencies are faring against the u.s. dollar. the dow jones down 66 points zone to go anywhere. with fidelity's options platform, we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l callator... and execute faster with our more intuitive trade ticket. i'm greg stevens, and i helped create fidelity's options platform. it's one more innovative reason serious investors are choosing fidelity.

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>> 25 minutes past the hour your fox news minute. president obama plans to attend a group of 20 economic summit that he won't told the summit in moscow with president vladimir putin. that meeting was cancelled because of russia's decision to grant temporary asylum to ed snowden. and the home of castro was torn down sparing them from a possible death sentence. and president george w. bush

back, after being discharged from a dallas hospital following a heart procedure. the president had a scant inserted in order to clear an artery after blockage was found after an annual physical. >> and physicals for sure. >> the cyberfred android malware continuing its wild strike. according to a trend micro wraps latest research malicious android apps hit 718,000 in the second quarter of 2013. the future doesn't look so bright. on pace to hit the 1 million mark by year an end and trend micro devices president of cybersecurity tom kellerman. this is bogus, malware apps to pretend to be something else and down load on to the android. and when we open to hackers we had no idea it would spread like

it did. and all the stuff from the start with bulletproofing, why didn't they? >> to open up to the marketplace for developers to create air when they get greater market share because they open their skeleton in essence giving themselves bone cancer. and developing and tax code targeting this platform because they have greater market share as well as because of global banking and you can still money from people's accounts with these malware capabilities. tracy: i have an iphone, one of the first time the long time happy to have one and slamming an iphone but people use this stuff. what does the average person need to know about banking online or policing orders on the android phone? >> a few years and android device week use mobile security to recognize like your computer needs a virus scan or your android device need the virus scan because there's an arms bazaar of weaponry developed like criminals stealing your data and stealing money that may

be tracking you or turning the microphone on because you are in a specific sensitive setting. dennis: the knows specific cases where hackers turn on a microphone to listen in because they might come across a lot of boring stuff. >> we know of many and they're happening more often than not in corporate board rooms because they're sensitive meetings to discuss this quarter's records for next year's strategy or pop the mic because i inside and competitive intelligence itself is involved to include hiking. dennis: by legitimate companies involved to include packing? >> foreign corporations hunting special property in the u.s. and as you heard by the president and general alexander of the nsa we have seen greater transfer of wealth over the last ten years than in the history of the world because of intellectual property theft. tracy: using brazil as a hotbed for this? >> brazil was a hotbed for sure. tracy: they want to hack the world? >> brazil beyond eastern europe and what we're seeing in china

and southeast asia brazil the hot spot, they're very sophisticated and targeting the financial sector in robust when he's in the past few years and producing a brazil report next week to discuss the evolution of hacker some tickets and hacking the banks and brazil. dennis: brazil and china two the largest and fastest-growing economies and it interests me that this explosion in malware is coming in a market where the economy starts slowing. how come american actors are not doing more? are we laggers in the american hacker community? >> american hackers are treated as miscreance, nefarious individuals in u.s. society and in other cultures they see hackers as a natural asset. in china hackers are seen as a wonderful position or culture to have. you see this in other parts of the world. we need to respect that many american actors just go underground or work for private security firms to do good things to protect infrastructure. tracy: critics of the to catch a

thief. dennis: thanks for being with us, tom, tracy: have an iphone today. from the security of your personal finances to the security of your health records, the suit on the latest obamacare at a. dennis: i talked to the ceo of a company looking to cash in on that date and opportunities of the health-care law. copd makes it hard to breathe... but with advair, i'm breathing better. so now i can help make this a great block party. ♪ [ male announce ] advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator working together to help improve your lung function all day.

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and this pk is the inside of your body. see, the special psyllium fiber in metamucil actually gels. and that gelling hes to lower some cholesterol. metacil.ing benefits in 1 super fiber. peter: checking your markets every 15 minutes, take a look at time warner. they set a new 52 week high among a couple shares which are doing well today. live nations that in the 52 week high, $18.19. humanat $19.96, a new 52 week

high, there are losers hitting new 52 week lows, j.c. penney with that dubious honor, $12.50 this morning and cascading 52 week well and $24 and dollars of of its morning lows. we will see where we go with three hours left in the trading day. tracy: thank you. j.c. penney is like teflon. your personal health records may be at risk. state-run health exchange ended affordable care act are set to open, unnecessary tests on security, this is crazy talk. rich edson is in washington d.c. with more, so unprepared. >> they have until oct. first to get this up and running. this is the health-care exchange under obamacare at the online marketplaces where we get health insurance and if we don't have health insurance, inspected general report from last week shows the testing has been going when it comes to data security,

and if there are additional delays in completing security authorization package, the c m s c ito may not have a full assistant obsesses americans security controls needed for security authorization for initial opening enrollment period expected to begin oct. first 2013. cms is running this and tells us the data they collected for this report was from three months ago and they made a lot of progress in the last three months ended a statement c m s has prioritized review of the audit report and is confident the hubble will be operationally secure and will have authority to operate prior to october 1st, 2013. some analysts say is complicated when you look at this. there are state exchanges going on in different government organizations so we have to wait and see oct. first.

tracy: thank you very much. too good. dennis: the affordable care act creating big headaches and big opportunities. our next guest is looking to cash in on both. and maxwell house ceo joins us and the company basically act as a middleman between small-business and health care benefit providers but you don't charge of feet to small-business is how to do that. >> thank you for having me. we make health and benefit simple for companies. the way we do that is we help solve of problem they really have today, get costs down and keep their team healthier and we provide a simple solution that helps them do that and we can provide it for free because economics are driven by the slowest capital from health insurance carriers in the form of commissions to the industry of advisers and brokers and take the capital to create an incredible technology solution

and amazing service operation and deliver a lot of value to companies as a result and cost them nothing to get it. >> you just started the service the few months ago and get dozens of businesses doing that and it has gone 50% month over month. which does more helping companies to prepare for obamacare or cover employees are helping companies decide we are not going to do that and offload health exchanges, and get health care coverage elsewhere? which is the better half? >> they are really important. in the context of america this is a crucial part of providing benefits to employees would we do it through state exchange and whether it is in the context of expectations so if you are in a competitive employment market you need to be able to facilitate process of employees finding insurance on the exchanges. >> some of your employees may qualify for group plan. how do you organize all of that?

we want to be the simple single solution for a company to take care of though full problem, send some to the exchange and have others work in the context of the traditional employee sponsored health plan. we want to see a simple experience. dennis: how much contact with your interface or software is with the company are helping small and medium business and how much is interfacing to me the employee, using some on your iphone? >> that is where opportunity for innovation exists. everything we design puts individuals at the center. choosing health and benefits is a point in time. you do it and it is done. but what happens every day -- >> paperwork is a nightmare. don't know where to send it. can't find the right doctor and not confused how to read an explanation of benefits or keep yourself healthy. those are the day to date

challenges parents living in cities and towns across the country face. first of all the entire experience of maxwell is mobile and you get the ability to interact with that? if you are at the doctor's office you don't have to carry forms with you. dennis: the take a picture of it? >> you take a photograph of a billion don't understand or claim being disputed by the carrier, send that to our concierge and we will take care of it on your behalf and we fix this for you and here's where you have a discrepancy, problem solve. dennis: this is fascinating stuff. thank you for being with us today. good luck with maxwell house. tracy: i would love calling a the concierge. we are going to cash in with jonathan outdoors, not us but jeff flock certainly is, the company chairman and ceo next.

dennis: some people get reassignments, a beautiful shot. be where chocolate lovers. it may cost you more for your sweet treats. ♪ [ 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. from td ameritrade. like carpools... polly wants to know if we can pick her up. yeah, we can make room. yeah. [ male announcer ] ...office space. yes, we're loving this communal seating. it's great. [ male announcer ] the best thing to share? a data plan. at&t mobile share for business. one bucket of data for everyone on the plan, unlimited talk and text on smart phones. now, everyone's in the spirit of sharing. hey, can i borrow your boat this weekend?

no. [ male announcer ] share more. save more. at&t mobile share for business. ♪ >> ashley webster with your fox business brief. apple losing market share with mark cohen operating system, and they flipped in the second

quarter, fifteen% from 30% in the first quarter, meantime google's android system expanded market share from 69% to 79% in the same period. july a big month for a changes in the corner office according to challenger gray and christmas, and they announced their departure, the higher ceo turnover in three years and up 76% from the 94 in june. yahoo! will begin a new logo, the first in two decades. the internet company will show destroying -- different customer logos, one each day on the web site, with new logos to be announced. that is the latest from the fox business network giving you the power to prosper. right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changi hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy.

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dennis: smooth sailing for many recreation companies reporting strong earnings and jeff flock is in a kayak in wisconsin with ceo of one of those companies. jeff. >> the only reason i'm in it is the ceo is in a cadillac and she is told on a minute, the first thing charlie brady told me today is if you are in a kayak don't stand up and look at this, the ceo standing of so i will stand of too and the reason is this is designed to stand. tracy: it is so you can fish. casting is much easier when you can stand up and see where you are casting. >> ellen johnson leopold is the ceo of johnson out boris, number of one of the most iconic american business families, you heard of johnson wax, great grandfather, your grandfather grew that business into a multibillion-dollar business but your passion is the out boards, and take a look at stocks that

have all done well. how the account for that in this economy? >> people recreates even when the economy is tough and there are products out there that can enhance the experience and spend money to get the product and spend a lot of time, when you do they want a great experience. >> what is your latest innovation? this is something called the predator 13, a fishing kayak, you tell me one of the biggest growth segments recreation right now. >> one of the biggest growth segments right now, creating both for fishing and that is about the ability, that is about comfort, that is about being able to get out there and catch

the fish. >> fishermen we would not think power in to kayaking but a kayak like this one, tremendously stable. i can try to rocket over and lose my paddle but other than that pretty stable. johnson outdoors, scuba gear, trolling motors, real quick, others? >> camping gear, hummingbirds, old town, kayaks, leading brands and innovative products. >> we will get the take on the rest of the economy and a family that has been around five generations of innovation, love being on a lake with you, this is a great idea. >> this is a lot of fun, where you have to be to understand the consumers. >> i will do all the understanding icahn. work on that and get back next hour. dennis: get more and more daring

in testing how stable, i love that this ceo kept fishing through the interview. give us a youtube moment. tracy: let's leave jeff alone. time for stocks as we head to this floor of the stock exchange. meridian equity partners is here. i got to throw it to something said yesterday, you should know better, the market is not down because of that. you know what? the market is down a little bit today. is the stock market pricing in, the bond market pricing in for a while now? >> it is starting to occur because look at the calendar, nothing else to hang on, earnings season is down the middle, everything we expected, economic calendar very light, investors are looking for excuses, give me an excuse and i will trade. that is what investors are doing. the only big headline is tapering, when will occur?

how will that occur? the market move is quietly now all about catering. once we get toward september we might see some momentum but let's look at this is it is all price and at that point and we get to the with quarter, momentum picks up higher. tracy: i am with you. come on. i will see you in a couple of hours. thank you very much. >> not so sweet news for chocolate lovers, the price is climbing, let's head to the trading pits of the cme. >> they are going to do for cocoa because we see signs that demand will be stronger in supplies, in west africa very light rain at a time that is critical for the cocoa to get a lot of rain, it is not happening, traders are buying this thing up like crazy, concerned we will see a reduction in the cocoa crop.

at the same time we're getting very strong economic data out of germany and many people may not know that germany is one of the biggest consumers of chocolate in the entire world. the combination of those two factors is driving us, just now settled at $2,040, the highest close could go higher, could get rain in africa sought to buy a ton right now so i don't know if it will be higher. >> thanks very much, phil flynn. a big bet on the washington post by jeff bezos. how long has this been forming in that billionaire's bring? ... boris earns unlimited rewards for his small business. can i get the smith contract, ease? thank you. that's three new paper shredders. [ boris ] put 'em on my spark card. [ garth ] boris' small busess earns 2% cash back on every pchase every day.

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dennis: the new york post running a picture of amazon founder jeff bezos sitting down with washington post legend katherine graham and her son and current ceo donald graham in sun valley, 2001. twelve years later jeff bezos is buying the paper for $250 million. is a great price or is he paying too much? joining us is liz macdonald with more. >> the word is did he did the too much for the washington post? this is after 17 times cash flow is so typically for newspapers when they're sold, three to five times cash flow, and of forty-five million to sixty million, not two fifty million. the word on wall street to newspaper chains, hitting -- take the money and run because if you can get 17 cash flow, that is a sweet deal, the new

york times, could they command the same multiple washington post folds of for based on cash flow basis. >> the only flaw is a model that is utterly changed in different once he is done with it and if you look at a multiple of revenue i would hope the newspaper would go for one time revenue, this is less than zero.5 times revenue, the deal is cheap. >> she is known for short-term losses and profits, amazon loss $39 million last year. in the washington post, losses were doubling from last year, the question is what does he want? what matters more to analysts is not what is in his wallet when he paid but what is in his head. does he want to turn the washington post into netflix for new news the readers or, amazon

does have the best customer service. >> he could go out and have the money to do whatever he wants. how do you know this wasn't on his bucket list? >> it matters to other newspapers. dennis: he is spending -- >> changing business, let him get in and do what you wants. it could be better. liz: the thing that is important is this is so key, will jeff bezos be in the washington post newsroom? yes, he has to in order to deduct losses from the washington post. he can't be a passive investor. kid has to the axis, 10 hours a week. >> if you would stay out of day-to-day operations, all the top people in place. >> you may have to be in the news, we will return again.

and netflix and newspaper readers. when you read the new york times there when the on the front page, got to read that. dennis: i must call this party to an end. >> it can only get better. the housing recovery next hour, speak with the man behind the construction company president obama hailed as the example of the rebound in the housing market. dennis: what your office desk says about you. these desks you are looking at, belongs to lori rothman, the other is mine. we will have fun with this one. guess which is which. >> i was disappointed because even though we don't have -- tracy: cracking jokes on the tonight show. with the president said it had polk scratching their heads. dow down 55 points. we will be right back. ♪

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>> i am denis. >> i agree rothman date to of the housing question of the commander in chief answers questions on real-estate. >> we talk to the man who gave the of president elias and in construction the chairman of dallas holding joins us. lori: crackhouse crumbling? you know, brazil and russia and india and china falling behind performance the emerging markets still have a place in your portfolio. dennis: a little housekeeping while feeling buried under paper work at the office could be good. lori: or not. whose office is that? [laughter] in the meantime just 40 minutes away