you can make money, you can save money, you can protect your money. that's what it's all about. have a good night. >> hello, eve. i'm dennis kneale in for gerri willis. why is the federal government trying to persecute this year of capitalism? seems like is open season. the lawsuits and the investigations mount. also, waste, fraud, abuse of taxpayer dollars taken to a new level. we're calling it food stp trafficking. a new study from t government itself on a number of people selling their food stamps for cash. we have all the latest buzz on the phone. what is everyone at twitter today? turns out that the next one may not be a cheaper version after all. think cold. l that and more. our top story, regulations running rampant. president obama using

regulations as the strong arm for is a ministration. the amount of regulatory rules finalized in his first term lag behind that of president george w. bush's first term with nearly 12% fewer rules. president obama's rahman comes with a heavy price tag. 186 of his roles finalize his first term were deemed economically significant. that means that each rules annual economic impact is more than $100 million. the cost which blows the '81 economically significant roles in of the water. with more on this, editorial board member of the wall street journal. thank you for being with this. the count the shows the presence of oz first term had fewer regulations. it's askew. there are time coming up that just aren't quite final. >> that's exactly right. those to make a loss to the amount of regulatory burde you're talking about thousands

or perhaps even tens of thousands of new pages of regulations. those are the big when it comes to new regulations, let's not forget, the climate change agenda, the apa. this is the fact that will be defined not by legislative achievements by president obama because he can't get much done, but rather through regulation. deis: the regulations which are awfully hard to get out of their once they settle in the fall of washington regulations for a long time. how often deasy things deregulated? >> a good question. i think it was ronald reagan he said the closest thing to immortality is a government program. he might have also been referring to regulations. very difficult. so the curve only goes up. it never seems to come down. there are some cases were bad regulations are overturned, but it's very rare.

a few ticket what happened to the federal register, as more than tripled in the last 35 years. dennis: more than tripled, and another measure shows that while george bush and his first term, his pages are up 4%. just the first three years the presidentbama's turned the pages were up over 7 percent, not only passing more rules, but were your calendar rolls. >> well, not just launder, but they and using terms the have to be -- that are just tailor-made for lobbyists and lawyers to figure out what exactly they mean. i happen to think that they use terms like reasonable. what does that mean? does for courts and lawyers and lawmakers to sort out. that kind of thing happens all the time, which is why so many of them turn into court cases. dennis: the thinker and a pass these rules and give a terms is because it is a well intended effort and we're just not sure or is it actually intentional on the part of the bureaucracy to

try to give itself more wiggle room to enforce the rules of wants to and not bother with the once a dozen want to? >> the me correct you on one thing. i do think that these things are intentionally vague. in most cases it is actually not the regulators to pass these. it congress. congressasically passes these. and it passes it over to the regulators that can then determine what these things need in my opinion part of the villain here is the members of congress to basically empowered thesregulators to determine what these words and terms mean. dennis: but hasn't the executive branch of the government actually gone much farther? >> no question about it. in the other point about whether congress will take back some oversight over these regulatory agencies. this is something the republicans in congress a promise to do. i would only give them a c minus

in terms of the oversight over what agencies fro the sec to the federal trade commission to the epa in on an honor doing in terms of actually administering these regulations. it's almost like we have four branches of government. you look in your civics textbook in this as we have three. executive, legislative, judicial branch. we have fourth branch which is regulatory which have executive branch and legislative branch authorit. dennis: the imperial bureaucracy which seems to be stepping in more and more. if elected the main pressure points where it seems like the biggest increase in regulations, it's those that we need for our economic rebound. the financial and banking system. a new consumer financial protection board, the epa with carbon emissions in factors that need to make stuff. do you think that regglations are having a visible impact in hindering a rebound?

>> i do. i think it could get worse. as i said, think this president knows he can't get much past. he wants another stimulus bill, more taxes, the government initiative. he can't get that passed. he is in powering his agencies to do this over the heads of congress. that is where i'm going to go back and say i do fault congress because these regulatory agencies can b halted if congress has the backbone to step up to them and call them in front of the committees and say, wait a minute, what you're doing is out of step along. dennis: even republican congressman kind of gauge their performance and whether they are earning their pay check by how many new laws they pass, about the? >> actually, that is one of the inresting themes. the lot of the political pundits are saying ts is the most unproductive congress that we have had 50 years. i say amen.

though less loss this congress passes the better it is for the economy. well they're not pasng laws to legislative regulators. dennis: and it's out of control. thank you for being with us. would life be better with fewer government regulations? log on to gerriwillis.com and vote on the right-hand side of the screen. to assure those results by the end of the show. regulation was. the banking giant reportedly facing its seventh investigation from the justice department and whether this time the bank manipulated u.s. energy markets, a case that they already settled with another branch the federal government. adding to the pile, a new probe into the hiring of the children of chinese officials to help boost biness. does this prosecution or persecution? joining me now, author of you

can never be too rich. thank you for being with us. what is your verdict? >> is just another day on wall street. another indictment being thrown had more in. this seemed to be the flavor of the day. dennis: to you think it's a matter of the highest now getting pounded down or is this evil >> look, when there were asked a question, why do you rob banks? that is where the money is. goldman settled their case. wells fargo, is just another step in a long line, the short line, i should say, government going after these banks because of the failure to regulate and to control during the financial crisis. dennis: 860 billion in tax payer money into the the 19 big banks

now our government is doing all it can to be billions of dollars in penalties out of the same banks. why? >> it's really awful because when you're really look at the problem, there are definitely some rub people at any one of these banks. a trader in london that is causing a loss to know whether it was criminal not to my have no idea. problems with hiring people in china. the fact of the matter is these problems are going to continue. with the government should be doing in the regulators should be doing is turning inward to realize that all these problems are indicative of the repeal of glass stiegel which is really where a lot of the problem started. in the decades before that starting with the great depreson of these problems really existed so you have a consolidation of the banks of these levels. dennis: the latest headline regarding the employment of children of chinese officials, why is that a concern for the

sec? why did they even care? what horrible thing is happening? isn't that something that banks would do in the u.s. all the time? what is so wrong with that? >> at 26 chelsea pub and was hired by a $12 million hedge fund in new york city, have any financial something. it happens all the time. the question is was their intent for kickbacks for contracts? hiring a prominent person who has strong family lines, it happens all the time to resist as long as there is no intent to deceive or defraud the investor or the public. that's where the line has to be drawn. dennis: maybe look at the bribery statutes. we pass this anti bribery law back in '76 because rory that big companies are participating complicity in the fascination of heads of state. now we're using it to go after the tastiest tiniest violations. in five years' time may have

spent 24 million of the trillion. the store open up center. it just seems like the government is going after tinier and tinier offenses. >> it's kind of like if the irs is mandated. someone came down to the irs and said you guys strengthen up here. do something about it. if the start auditing everybody of course there will find wrongdoing buried underneath receipts that somebody run off. if there's, like i said before, a couple of wrongdoings of hiring somebody in china, these are all little blips in the ocean. what the government really needs to do is turn inward. like us to before, the need to just fix the system cannot go after these small proems that we are seeing. dennis: a last quick answer, how much of this regulatory crackdown going after more in my

be related to the fact that he was the one visib ceo who is especially vocal in criticizing government crackdown on the banks going to far. thehink any of this is personal? >> i have to think that there is some of that in the makes. it really seems like there is. a little bit of a witch hunt. it's important for regulation to crack down on the banks to make sure that the things are being done right. the end of the day repealed last sigell. dennis: thank you for being with us. appreciate it. and coming up next, food stamp trafficking. taxpayers getting ripped off by people selling their food stamps for cash. and wt are they doing with that cash? the new buzz about the new iphohone five. it won't just be one iphone. it's going to be too. ♪ [ male announcer ] these days, a small business can save by sharing.

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your taxpayer dollars. shocking new details on food stamp trafficking. recipients cash out benefits instead of buying food. that practice is up 160% which is up higher than the actual

program spending which itself is up 103%. joining me now with my opening details, columnist for the national review. thank you for being with us. why is it that government program doubles and three years, but then the fraud or one aspect of it up 160%, far more. >> the growth of the program is in power we had a recession. but government is advertising for food stamp recipients, doing outreach, rewarding statesf the bring in food stamp recipients. obviously will grow. why? because the more ty you get up to 47 million americans, the more of those people are not really hungry, they're hungry for cash. dennis: and they just realized that it's easily available. >> we have the radio ad just reference to listen to it quickly. it's encouraging people the signup.

>> looked at her, she looks amazing >> sure does. >> a wonder how she stays so fit. what's your secret? >> well, s told me that food stamp benefits upper eat right, and she stays active, to. dennis: plus, zero we will take some of that cash and sell the stamps and by nice outfits. the government can now with the report that said that a few years ago on percent of the program was spent in the illegal way. now that's up tough 30 percent more. i find it hard to believe that only one-half percent of the people are doing this. do you think it is worse? >>et me give you another number. upper limit of eligibility for food stamps is 24,000 year for a family of three. do you believe there 47 million americans under $24,000 a year for family of three? i don't. at the the eligibility standards have been blown away. morris county new jersey, one of the richest counties in america,

median income is $95,000 a year. food stamps, the last five years gone up 240% in that one county. dennis: one of the richest counties in america. >> something is wrong. dennis: something is very wrong. first of all, when states are encouraged to relax the standards, let more people sign up, does the state has some kind of profit motive? and is skimmg of the federal money that comes in to where they have an incentive to want to? >> they get a performance bonus. oregon just of 5 million for doing so well signing of people for food stamps. dennis: after all, it's not the state taxes. as federal income tax. >> not like medicaid. foodtamps are 100 percent federal. dennis: i know that when president obama came into office and we were at a terrible time in the economy he did increase food stamp spending 50 percent in his first year in office and then double digit increases in each year after that. is it almost a form of patronage

to get votes? >> well, there's a pattern. we have food stamps going up to 47 million americans. obama's cell phones going out to millions of americans to know eligibility required. an article of national review. one of our staffers literally got three cell phones and a day and did not have to meet in the eligibility standards. you go into other things. an awful lot of housing subsidies they're going out the door. it's almost as if the political machine is disturbing benefits and expecting votes in return. >> $407 billion in four years, the first term. not even asking for a credit rating check. and you're going to ask. >> we should have learned a lesson. we were giving mortgages no down payment to people. some of them find.

we're heading further fiscal disaster for keep the sub. dennis: it sounds so mean. you want to take food away from the port. the most important point is that many of the people getting the benefits are not poured all. dennis: thank you for being with us. and still ahead in the details tonight about the release of the new iphone five. will it deliver for consumers? more importantly for investors. the five worst investment habits. we will tell you how to avoid these very common mistakes. stay with us. ♪ right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server.

one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. it's time to build better enterprise. together. if you have high cholesterol, here's some information that may be worth looking into. in a clinical trial versus lipitor, crestorot more high-risk patients' bad cholesterol to a goal of unr 100. getting to goal is important, especiallyf you have high cholesterol plus any of these risk factors because you could be at increased risk for plaque buildup in your arteries over time. and that's why when diet and exercise alone aren't enough to lower cholesterol i prescribe crestor. [ female announr ] crestor is not right for everyone. like people with liver disease or women who are nursing, pregnant or may become pregnant. tell your doctor about other medicines you're taking. call your doctor right away

if you have muscle pain or weakness, feel unusually tired, have loss of appetite, upper belly pain, dark urine or yellowing of skin or eyes. these could be signs of rare but serious side effects. is your cholesterol at goal? ask your doctor about crestor. [ female announcer ] if you can't afford your medication, astrazeneca may be able to lp. do you mind grabbing my phone and opening the capital one purchase eraser? i need to redeem some venture les before my demise. okay. it's easy to erase any recent travel expense i want. just pick that flight right there. mmm hmmm. give it a few taps, and...it's taken care of. this is pretty easy, and i see it works on hotels too. you bet. now if you like that, press the red button o on top. ♪ how did he not see that coming? what's in your wallet? dennis: just a few weeks away from the next new iphone, an apple is going to do something

co

a better hope they will flock to the new phone because that is that -- exactly what they did not do the film about steve jobs balm that the booffice opening in seventh place despiteromotion and does a and malign like this one like ast didn't -- action pitcher in the title role. >> people there crazy enough to think that will change. >> apple hopes it can change the world again an a few weeks is the marketing

follow in former technology editor at "newsweek" also with a fake steve jobs block -- log but in 2011 there would be just fine without them. but apple fans are notorious for being delusional. his greatest achievement was this amazing management team that they cou run the company without him. the company could run forever instilling his dna and we find out now it is untrue. in tim cook is just not steve jobs. that is not his fault but he is not steve. >> tell us about where the

stock was when he took over. >> it is two years at next week that tim officially became ceo he was the defacto before that but 365 now closed over 500 so on paper he does a great job and people hold it against him it got as high as 700 and fell back but he is a grt cl but he is just not steve jobs and what they lack is this the site -- excitement it is hard to get worked up over any phone but they needed new category buster. >> so talk up the iphone they said it will be gold in this is why it bothers me. i remember the days before steve jobs came back how the w macintosh just and also

with different colors but that was a bad sign the best innovation was the color of your gear? >> yes. i think they are reaching they need something to differentiate themselves but it may or may not be cool but the fingerprint scanner you could wake up your computer to know your id but apparently it is causing problems making the phones in having a constraint on the supply to get the sensor to work so it may have some new features but it is just a phone. the artist's rendition actually looks nice but i dunno if that is what gets people excited. they still to line up.

>> fable of lineup for in the movie but i note that will turn things around for them. >> but with the cheap end of things with the growth in the smart phone market but to have as robust as a network but to have less going on inside but isn't that a low profit business travel to get into? >> yes. and they have been doingt already. you could get the iphone for on a plan at $0. selling devices that have out of date components you could sell it the android data varied range of loans to the low-cost loans to as the iphone from a couple

years ago still works well but now they will dress up to bring in a rainbow of colors and maybe that will spark somebody but the reports that i show it is not super cheap. anthey're caught in the game in before jobs died he said the mistake they made in the '90s is a protected their margins in did not go for market share and that is a short-term gain so i think apple is reliving the movie of the '90s with when it was windows ended to them when android is doing now they get caught up to protect the profit margin at the same time buu the share is 13% that is about as small as pc.

>> even as the shares finally start to recover their up the $500 mark you wonder where they go from here. the investors fall of love maybe they will fall back again. >> amazon.com business web site up after almost crashing half an hour. the exact cause is still unknown it is one of the busiest web sites in the world. small-business owners are struggling to find a great workers for the staff and companyds six out of 10 small business owners has the talent shortage. the enemy and freddie mac are hiding billions of dollars of that home loans that they are taking to loan -- too long to recognize

losses. and they are not saving for retirement from ages 50 through 64 our the most likely of all age brackets to be saving was the sheer than last year. those are some of the hot stories right now on fox business.. are for investing habits programmed int us from the moment we leave the womb? the government causing havoc in the air? we will explain. next.

dennis: maybe your bad money moves could be blamed on bad dna. some of the most common disastrous financial moves people make and how they

make them do a new report from chase blueprint with this self control gene that makes us immune to spending about what are the worst investing habits? joining me now is a master of your money tied. what about my jeans made me do it? >> gate gets me off the hook. the mistakes that people make most of it is on the jeans. dennis: talk about one of your favorite taking on too much debt that seems like it is an american thing. >> 2.8 trillion it has been rising lately. instead end optimistic but they got a little bit conservative after 2008 but

now they are roaring back but what they should do is to nonprofit credit counseling. if somebody controls the situation then you don't get the rates down to the lower interest-rate my famous -- favorite place cambridge credit impose discipline on those that do not have that themselves. dennis: you get any financial incentive for mentioning them? >> note. dennis: too bad. >> and then at some think they are so smart you put a lot of it in the small-cap stocks and then something goes wrong if you are not diversified so many cases they are not diversified enough. >> that goes with trendy investments. >> they put the money and and remember they put the money in like crazy then it goes down at 1300 and

everybody gets out. i will give you stocks. of netflix, it tesla, a price line after they quadruple everybody wants to get in on them. >> because more money does go where it does further rises. >> there has been a lot of studies with mutual funds when people see a big rise they getting into late. dennis: individual investors have missed jumping in that is why they have the rise now that just seems like a sin if you don't care about your money. >> i call it the ostriches syndrome i will not open my state and it wiltake care of itself. my cousin is good with many. somehow it will magically take care. that is a bad habit if you don't think about these things. dennis: and your caution is

sometimes we are simply too risk averse. >> the opposite coming into hot like i cannot take any risk that they realize they keep their money in the cds with the purchasing power in health insurance premium, taxes, guest, and they take a big risk to the purchasing power. what people ask all the time where can i get that 10 percent lcd? >> we are way too afraid of risk and that is a problem. ank you for being with us tonight. the airline industry flying into uncertainty all thank you to of calcium yet again. details are ne (horn, ding, ding) how long have i had my car insurance? i don't know, eight, ten years. i couldn't tell ya' but things were a lot less expensive back then.

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dennis: the government is trying to ground the merger of united airlines and usair

ways besides letting others take off and with their intrusion with the fare compare.com thank you for being with us. we cannot figure out that they announced the deal in february and as a regulator you instantly know if you want this speed brie and to buy this bay bridge and why did the only way in now when it is about to be done? >> it is clear a little bit after the february timeframe they knew they wanted to oppose the merger they set out the entire summer to create the brief and documents and usair raised in american stated publicly they wanted it closed at the end of the summer was it politically motivated? i don't believe so but i do think there is legal gamesmanship involved. dennis: as soon as the

government intervenes they are over a barrel but you think they just make sure because in previous mergers with the obama administration likes to do is we will approvets but we want to monitor for the next five or 10 years to have their nose in the tent. is government trying to set up a ha case to get concessions or do they really want to stop it? >> ascent to the head of the antitrust division state explicitly we want to stop this merger i don't think it is a negotiating ploy or to extract concessions or routes to divest or keeping their nose in the tent to monitor prices but i think they don't want it to happen. and they have their hands in the cookie jar after the others already left the building and now they are the odd man out in the

fourthajor make a year -- megamerger. dennis: they say they will collude but this does not help the airline prices at all? if they are not able to kill each other with price competition. >> if you look at the criteria of nonstop routes it there is minimal overlap maybe one dozen cities. there is a wide range of one-stop connecting flights that is a new criteria it appears for this judge wriggling on their blocking and not because it was the first or second they thought consolidation was good for even number three but number four now they are worried prices may go up but at the moment for things control prices and competition controlsis a very limited way. consumers don't have enough money to buy tickets so

prices have been flat. dennis: rather than working on stopping this merger commission the government instead take the shackles of the investors that want to start new airlines to make it easier for somebody to come in and? >> absolutely. that means allowing foreign investment right now you cannot have a majority investment but if you're going to have a merger than why not break up delta and united? that is another option. dennis: bus them up. thank you for being with us. the market's ending in the red again but will we finally see the great rotation? our financial panel weighs in what this means for your portfolio. next. right now, 7 years of music is being streamed. a quarter million tweeters are tweeting.

and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonshot. it's time to build a better enterprise. together.

dennis: treasury bonds spiked today is this

dennis: bond investors feeling the pain. the 10 year treasury yield hit a nosebleed territory taking cash out of that et is the great rotation we have heard so much about from bonds into stocks? is about to happen? and with that idea of the have sam from s&p iq and the founder of gte investment and senior equities strategist from the thank you for being with us gentlemen.

sam, what do you think? this great rotation comes out of bonds going into money-market fund which is a waste of time. >> 88 will go to stocks' history is a good guide but since 1953 whenever the interest rates have been rising that many has been moving into equities and they have done relatively well up and tell the 6% to wind it -- wind and sand. dennis: but the 10 year treasurys at some point does that cause or job many away from stocks that i could be a risk free treasury? >> it is actually coming out of the bond market right now is cash. $150 million in cash. there is the uncertainty because of the tapering and the fear. dennis: is that a good thing or a bad day in? >> i would buy equities on

any dips. this is the first dip. dennis: jared? is a great vacation happening? >> it is. first of all, the reason why bonds go to cash is if you short a bond you have to pay the interest. most bond investors don't want to do that so they wait for the crash then they repurchase. if you look at the tips tips, they are not showing that we anticipate a lot of inflation and that is good for stocks. right now is slightly overvalued we will see a move into cash then the movement is under way we see that ted year get up i think 3.25 is more attractive and that is where the money will go. dennis: he just said stocks

are overvalued and i find that hard to believe that this level last time we were on the brink of a meltdown i don't think we're on the brink of a global meltdown. >> if you look evaluation as they are attractive but not compelling expectations are we will see 6 percent growth this year than maybe 10 +% so right now we trade below the median. dennis: you were thinking the dow would be a 15% year-to-date? you were always too bearish. >> you have to take the deaths to get enough bonds at 3.25 you can make more if the equity maet appreciates. the is based on and good economic data. >> if that does not come out that strong.

>> but the markets are never wrong. dennis: views said they are too pricey where else do you go? >> the stock has the caveat. the better yield with the fed so where does the money go? i don't think the whole market is overvalued or individual stocks but the s&p and dissipates high growth we need to look the lower ratios with the multiples maybe not so hot that has a good future outlook. if you have to stop making 10 or 12 or 13% earnings growth than that is unrealistic. so maybe get defensive. not utilities i think you go is relatively cheap so you

need to change the way you view the marketplace. >> i saw at that stocks seemed detached from each her instead of buying these basks of hundreds of stocks. >> tre is always a market but what investors do is what is the motion? we're seeing good relative strength in the cyclical sectors of consumer discretionary and industrials and the defense of areas getting beaten up. so we're in the early to middle phase of the economic expansion. dennis: i like that. you are good on currencies so tell me what affects a strong u.s. dollar has on stocks? we had a tripling since the mill down by yet the value of the dollar is higher than

at the start of the meltdown? >> very true. compare it with the last five years the dollar is stronger. white? >> one reason is risk aversion in the european crisis was taking place. >> but today the dollar will go up because we have a better growth comparison to other countries in the interest-rate differential and the monetary picy of the europeans and oer countries like the bank of japan so we should be long the u.s. dollars. >> talk to me about apple is the love back? >> the stock looks very attractive i would be a by

you're here intel 529 then self through december 8ut it is the stock falling back into love i would be careful dennis: a very fast discussion. nice job and we will be back with the answer to our question of the day. would life be better with fewer cover regulations? 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 your wallet?

it's delicious. so now we've turned her toffee into a business. my goal was to take an idea and make it happen. i'm janet long and i formed my toffee company through legalzoom. never really thought i would make mey doing what i love. [ robert ] we created legalzoom to help people start their business and launch their dreams. go to legalzoom.com today and ke your business dream a reality. at legalzoom.com we put the law on your side. dennis: life be better with fewer government regulations? >> life would be better without less government never mind regulations. 99 percent said yes. 1% said no. that is scientific. log on for the on-line question every weekday.

that is that they give for joining us. have a great night. >> good evening thank you for being with us president obama and italy's policies are no more coherent united to and a half years ago when he insisted on an mubarak departure from power there clear lack of pocy led to his overthrow the muslim brotherhood ascension to power in now and the secular military removal of the egyptian military removal of mohammad morsi and now the deadly clash between security forces and morsi supporters. the white house again today refused to make knowledge whether they will continue to send a