♪ ♪ imus in the morning >> please, do not read the new york times this morning. it will just make you mad. putin is pushing us around again, running our foreign policy. good morning, everyone. it's an op-ed written by vladimir putin, advice from russia. be cautious, he says. diplomacy is the way to go with us, russia, telling you, america, how to do it. secretary of state john kerry is in geneva listening to russia's proposals.

america in retreat. russia takes over. markets don't care. stocks look slightly higher again this morning. but watch out, housing. a few minutes from now, we'll get the latest news on mortgage rates, new loans, re-fis, home sales, they're already hurting. yeah, "varney & company" about to begin.

>> wait until you hear this. russia president putin criticizing president obama and did it in the new york time. quoting now, millions around the world increasingly see america not as a model of democracy, but as relying solely on brute force, cobbling coalitions together with the slogan either with us or against us. he goes on, it's alarming that other countries is common place with the united states. and i would disagree on the

mark president obama made on exceptionalism. remember, please, all of this was kicked off by a wisecrack made by secretary of state kerry just last week. >> is there anything at this point that his government could do or offer that would stop an attack? >> sure. he could turn over every sick single bit of his chemical weapons to the international community. turn it over, all of it without delay and allow a full and total accounting for that, but he isn't about to do it and it can't be done, obviously. stuart: today's thursday. that was monday. it started with that one off the cuff comment from secretary kerry and now russia's putin is lecturing us, dictating u.s. foreign policy. as we've seen frequently, the market really does not care about all of that. money has no morality.

the dow has showed a triple digit gain in each of the last three trading sessions and by the way, they're not going to be in retreat today. i repeat, money as no morality. there are big investors making big moves. carl icahn says that apple stock is cheap and did you see this? i make it appearance on jon stewart's daily show. later, you will see the whole thing. [ male announcer ] at his current pace, bob will retire when he's 153, which would be fine if bob were a vampire. but he's not. ♪ he's an architect with two kids and a mortgage. luckily, he found someone who gave him a fresh perspective on hisortfolio. and with some planning and effort,

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>> there is now a new cop of the world and we're not. it's despicable. >> one, was that guy in a cow su suit? i don't really understand financial news. stuart: clearly, jon, that's true. and here he is in the flesh, cow jacket and all, scott shellady. you've had your 15 seconds of second tier fame there. and i want to know why gold is down 32 bucks an ounce right now. >> i think the market is full of it, but welcome up to the fact at that we might be actually in a disinflationary

environment or even inflationary. anded fed is worried about that and disinflationary. stuart: the bell is ringing, we're about to start the trading session this thursday morning. remember, please, the dow has gone up what, 400 odd points in the last three trading sessions and we're opening just a little higher today. look at the level. 15,327. got to get to apple. most people yawned when apple unveiled two new iphones and the stock sold off big time. now, billionaire carl icahn says he's going to go bargain hunting, has that moved the stock higher at all, nicole? >> a big move, .2%, .1%. it's interesting, we'll see what ensues from this, but the question is why apple didn't announce something pertaining to china mobile. that's what everybody was really waiting for and the

other thing that the analysts are saying, why so many of them have now cut apple, they think that the cheaper model is not cheap enough to gain traction. stuart: i'm surprised, a guy with icahn's money says it's a bargain, i'm going to buy. nicole: right? >> it's up a buck, that's nothing after a drop like that. nicole: maybe people are just sort of going back to the dell thing, taking a breather. stuart: you're right, nicole. thanks a lot. dow industrial is 10 points higher in the early going. and we're talking about mobile, and shares are up higher, look at facebook as 45.31. another big name, wal-mart, they say that shoppers are poised for buying, that would be thanksgiving, and christmas. and michelle, i don't want you

to talk about wal-mart, but the top guy there is talking about pretty strong consumer spending. how do you see it? >> well, you know, we've seen in the aggregate consumer spending running 2, 2 1/2%, if you adjust for inflation. that's decent. we may get periods where we see better consumer spending and honestly, we've seen lackluster numbers in recent months so maybe there's gearing up or saving up for a nice strong holiday season. that would be encouraging. but i just don't see the impetus for consumers to be, you know, to start spending on a sustained basis, a lot more aggressively than they are now. >> i wanted to ask you about this. we reported yesterday. we've got government numbers that came out on monday. and the treasury took in an extra 284 billion dollars so far this fiscal year. and the president wants a trillion more over the next ten years. now, it's my opinion that when you take that kind of money, over a quarter trillion dollars, you take it out of the economy and you give it to the government, that doesn't

encourage growth. what's your view on that? >> well, that's, you know, i of course, stuart, i tend to align with that. i'd rather have money in the hands of the private sector, and that we'll spend it more efficiently. the with unthing though, i will say and of course, all of those numbers over a 10-year horizon, you know how much you can take that, and of course, one of the things i will say, talking about the strength in those revenue numbers this year, unfortunately, i think a lot of that was people pulling income forward, you know, a lot of the revenues were coming in from the income and a lot of them took ahead of the tax increases and there's hope that the deficit will keep coming down and revenue will stay strong. i think there's a little disappointment on that slot. i think again, that people adjust their behavior if the government is taking more money from them and i think they'll change their behavior and to some extent. that's like the revenue we've seen in the last year showed. stuart: you've got that one dead right. i don't know why you're

smiling, but you've got it right. >> and we beat the theme on these things. we think it's a brilliant idea, most of us. stuart: that's right, a quick one at the end. what's your forecast for growth in the american economy this year? >> you know, same as it was in the sense of what we've seen as expansion. i think we're looking for 2%, it's only a little bit, about the same. i think the same as we saw last year, i think the second half is similar to the first. it's positives and negatives and as i said, there's just nothing that i think gets this economy at a faster growth trajectory. no impetus for a sustained move to the growth and that's why it feels kind of-- >> exactly. >> we're not growing as quickly as we could. i don't see the prospects forat. >> where is ronald reagan when you need him. i'm hold enough to remember him, you're not. michelle, thanks very much indeed. >> take care. stuart: you remember the fiasco about see-through yoga pants. strong sales and profits reported at lululemon.

i'm taking a peek at the stock and it's down. why is that, nicole? >> they have given a forecast. the competition is intense going forward. so they've cut their numbers going forward and the stock is recovering some of the losses already. it's down 7%. so, number one, they did recoup with some sales and they're doing better, however, they're also noting that recall tangover from the too sheer pants, the see-through pants. nobody wants see-through pants. they had bleeding shirts, that the color was coming off, ink, whatever, the dye was coming up. so, they've had issues and the biggest issue of all, who is going to be the ceo. you have a current ceo who is going to step down when a successor is named and that's a wild card. stuart: i've just been told they lost 40 to 50 million dollars on the recall of those too sheer see-through pants. that's an awful lot of money. i mean, that's part of the reason here. all right, nicole, thank you very much indeed. and several issues to go

through with our special person, liz macdonald. more signs our real estate economy may be stalling. and rising mortgage rates. that's a fine we've got a housing problem on our hands here as we were expecting it to recover. liz, what's new on housing? >> what we're seeing is likely increase in mortgage rates, and freddie mac was reporting at 10:00. stuart: 24 minutes. >> it's trending now probably 4.7% and that means refinancings have been going down and reporting how citigroup is laying off mortgage unit workers and other big banks. when refinancing goes down, that's a bad indicator for gross domestic product and consumer spending goes down. when people can't refinance their mortgages to cheaper rates, they don't have the pocket book power that they have prior to that. stuart: okay. i want to ask you about the numbers that we got at 8:30 this morning. unemployment jobless claims, i was watching the tape. here it comes.

2 and what was it, 292,000, whoa, what a fabulous number, whoop dedoo, down 31,000 from the week before. >> yes. stuart: and then. >> wham-o, we found out that two states likely were left out. so don't get out the hats and horns yet. this almost a year to the day what happened in october of 2012 when one big state was left out, california because it didn't have basically the people to process the jobs claims. i'm thinking, too, we had a big labor day weekend so maybe, you know, the fact that two states are out. didn't have time to process it. stuart: it was a fiasco. >> expect a big revision next week higher. stuart: what about the people who saw that wonderful number, made a trade. >> no kidding. stuart: and ten seconds later pull it back, somebody lost on this. >> somebody lost, rights. stuart: and yahoo!'s chief, maris sa mayer, she could face jail time if she released information that she released

to the nsa. >> she says she wants to work in the system. the bottom line, google, facebook and yahoo! can be suing the federal government to let the users know the number of nsa numbers, it's a big deal for the business models of the can't because the users and customers feel threatened by this. stuart: one last one for you. you've covered the entire blog. afl-cio calling obama care, disruptive to union health care plans, they want big changes, liz. >> this is a big deal. afl-cio now coming around. and the fact that the afl-cio is doing this shows that the obama care health reform weakens the union's power to recruit. if the health benefits are hurt, then their recruiting power goes down. basically they don't like the cadillac tax. they don't like the delay in the employer mandate or the fact that the workers could be solved on to health care

exchanges. they want all of the changes put in and that's what they're now demanding. richard trumka fighting hard to keep the unions in-house on board and now he's even turning against health reform, because essentially, why do you need unions to do collective bargaining if your health benefits are coming up. stuart: i'm reading it, the white house is calling up labor unions, but they did it anyway, they called it highly disruptive. i think that's a big deal. >> it is a big deal. >> 110 days to obama care. >> and the unions have been the president's most loyal base. they've campaigned for him and health reform. stuart: quick update on the market. we were up in three sessions and now down just 6. look we're at 15,320 as we speak. russian put president vladimir putin taking the upper hand and even invoking god's name. strong words from the former

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>> you know the market is really moving in gold. look at that, $34 down, 1329 is your price, down 2.5%. oil is moving a little. close to $108 a barrel as we speak. another retailer moving, men's warehouse disappoints, lowered its outlook and at it go down 8%. look at netflix, below $300 a share. it was 314, the all time high

yesterday, 299 as of now. back to russia's president putin. apparently, in my opinion, dictating america's foreign policy. he's gone off in an op-ed in today's new york time. meanwhile, president obama seems to be taking a back seat in this crisis. former senator blanche lincoln, a democrat from arkansas joins us now. >> good morning. stuart: senator, you can't be pleased what's going on here because putin seems to be pushing us around. >> well, i don't think he's -- what he's doing is he's getting air time. you know, between snowden and syria he's finding the air time he wants and the ability to interject himself in america's politics. he hasn't been on the stage in a long time and he's liking it. it's important for us, the president said that diplomacy is something he's willing to work at. but the fact is, is russia's got to come to the table with true diplomacy. stuart: but if they don't and syrians don't hand over their chemical weapons, can you see

america attacking, really? >> well, let's face it. he talks big in the first part of this op-ed how the u.n. came about and how it's supposed to be a concensus. and yet, you know, at the end he tries to label the rebels with the application of the sarin gas. none of studies, none of the inspections have led to any of that, anything close to that. mostly, where they're leading is the fact that, you know, the gas and other arsenals have been stored by the syrian government and again, without russia and china, where would syria be. so if he really thinks that diplomacy is the way to do it then he needs to come to the table at the place where that happens and that is working with other u.n. nations to figure out how do we do something about it? >> that's russia. that's russia's input here. what about america's? we're taking a back seat here. we're being dictated to. >> know the in one op-ed.

i think the president said, you know, if you all want diplomacy, i've told you what i think we need to do. we're seeing innocent people being gassed, over 500 children. 900 adults? he started talking how russia was an ally with the u.s. in-- against the nazis. these people, we've seen people murdered, killed. stuart: america is now in a position of negotiating with assad, negotiating within the united nations over this terrible chemical weapons attack, we're negotiating with the people who we were going to mabel topple from power a few weeks ago and now negotiating with them. keeping assad in power. democrats surely cannot be happy with the performance of president obama in this foreign policy arena? >> well, let's face it, i mean, president obama said, i'm really -- i'm ready to do something about this. i'm-- >> do you believe it? senator, do you believe it? >> i think he would love to have the support of the congress to do it and--

>> do you think he'll get it? do you think he'll do it. >> and get the opportunity. and all putin wants to do is get us off of our game. you know, we've got auto manufacturing jobs increasing, natural gas, oil and gas jobs increasing in the country and an opportunity to put our economy back on track and he simply wants to get us off our game. stuart: last one, senator, do you think america's standing in the world is where it was? >> i think globally, all nations are at a point where they really need to focus on coming together. and i think america's trying to lead that way. and i think america can be stronger in the global community and i think it's going to be through our economy that we do that. and i'm hoping that congress will be focusing on both the economy, the positive things that they can do in moving that ahead, and taking strong stands globally against things like the murders that have occurred in syria.

stuart: okay. former senator blanch lincoln. thank you for taking time out to be with us today. >> thanks for having me. stuart: sure thing. all right, if you're old enough to vote. if you're old enough to fight for your country, surely you're old enough to face the world on your own. my take on the cocooning of america's youth. that's next. ♪

>> just look at yahoo!. it's up 89% in the past year, and now it's close to 30 bucks a share. marisa mayer doing well clearly. and lululemon because of the see-through pants, millions of dollars due to the see-through pants. not good. and the latest on 30-year fixed rate mortgages, up recently. is that going to cause a double-dip in the recovering housing market? we've got both sides of the real estate debate for you. and then we have jon stewart. he poked fun at me.

we'll play you entire clip. all of that coming up. in this business you get used to be shocked. after five years of all government all the time, you think i'd be shocked out and along comes something as trouble as tax and spending, debt and obama care. here is my take on the coddling of our grown children. there's a new trend, parents getting involved in their adult children's jobs. the wall street journal reports that some parents are now sitting in at job interviews. they make calls when junior is looking for a job. they attend work-related social events at work. a few months ago, google held a take your parents to workday. are you kidding me? i recently ranted about the cocooning of college kids, they're often luxury hotel-like living in dorms for 60,000 a year. and we've reported on the vast number of 20 and 30-somethings who live with mom and dad and now parents walk through the

office door when the kids are at work. incredible. if this is the new trend, then reverse it. if you're old enough to join -- to vote, and to join the marines and fire a gun in anger, you're old enough to get out on your old and grow up. sometimes it's called the university of hard knocks. being an adult isn't all fun and games. but you learn by taking those hard knocks. you learn from experience. what we're doing is extending adolescence. we're coddling and hovering. we're unwilling to let go and we're doing a disservice to an entire generation. by all means, keep an eye on them from a distance, but cut the strings. it's what the kids want, you know? copd makes it hard to breathe...

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i'm greg stevens, and i helped create it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. stuart: thursday, september 12. the dow up 400 points in the last three days. money does not care about any of the following. mortgage rates. the 30-year loan up little bit more. you will get the news as it breaks on mortgages. russia tells america what to do. putin in "the new york times." the judge is here and reacts with his own editorial. income disparity growing. middle class takes the hit and e thought obama's redistribution would take care of that. and jon stewart makes fun of me again. two words for you, john oliver.

music musical stuart: we are waiting the latest word from the housing market. it is the freddie mac 30-year fixed rate loan rate, it is 4.57%, no change from last week. still a higher level than it was a few months ago and mortgage rates recently have been rising. iis a real estate recovery about to store? fox news legal analyst. i want to start with you because you told us consistently rising mortgage rates are no big deal. we can handle four and half or three quarters%. what do you say now? >> we can handle three and a half. the refinance boom is over.

thethere are not a lot of people refinancing but we have to look at the numbers. looking at all of those layoffs. we have to be realistic. we have 1.3 million homes in some sort of foreclosure state and over 1 million homes on the market. this is not bad, this is stable. stuart: do you think home prices in the level of home sales will continue to rise? >> i think we're going to see home prices steady because we're getting more inventory on the market. this is truly supply and demand. we will see stabilization in pricing but still going to see buyers come out of the woodwork because people are buying homes at eight and 9%. 4.5% is still a great rate. stuart: the first time home buyer, 2030 somethings, they are

not the ones who are buying. mortgage applications down, refi's are down. >> firs first of all first-timee buyers somebody who has not bought a home in the past three years. we have to say why is that happening? people foreclose, people short sale, and they cannot buy yet. they will come back to this market because it is still cheaper to buy than to rent. i'm looking at rent right now. rent is $1000 per month on a $100,000 home. a mortgage is 500 or $600. if they could buy, they would buy again. they cannot buy yet. we are seeing subprime lending coming back. they have to deploy this money sitting in the bank. that is why we are seeing jumbo rates.

these people are going to buy again. stuart: we hope you are right. you're not so enthusiastic about this housing recovery. do you see a pause in real estate prices running up and a pause in the level of sales? >> you have to embrace all the elements in this. first choic voice to have the ct issues we're dealing with why people can't buy. there is not much inventory out there. at a minimum they are releasing inventory. in las vegas ground zero in florida they are not releasing a lot of inventory. the only reason prices are going up is exactly what tonya said, supply and demand. prices will come back down. you have people lenders are making it more difficult as well they should to get financing for these young people and people who want to buy.

even though fha change the guidelines in august saying they are going to insure loans after one year of an economic event if you fit within the grid. no matter what we are not in the recovery we deserve to be in. on to the lenders start releasing the inventory and really lending on the market, we will never know what the true situation with the real estate market in america. stuart: i know there is a lot of pressure to relax lending standards all over again. i think there's a lot of pressure to do a whole lot more on the bottom, do you see it happening? that is political pressure to get the housing market going and keep it going. >> fha could change anything they want. we know the lenders have the overlay, they have a final message. certain lenders i talked to after these guidelines said they will probably fold because they want to lend money again.

the bottom line is where is it as it relates to the employment and the people had to meet the obligation? the sad commentary in all this, everybody still wants the american dream, and people will get themselves into loans again if they have the chance to own again, i will to you people will make the same mistake they made five, six, seven years ago and that is not good for this country. stuart: it is my opinion if we had, the real problem here is jobs. the real problem is income is not there. if we had five or 6% growth in the economy, and this economy was really moving. you and i, all three of us would be talking about another housing boom, would we not? >> i absolutely agree with you. we have look at the markets where there are jobs.

it is not about the housing recovery, it is places where there are jobs. look at places like nevada where it hasn't been robust and there isn't a lot of jobs. i could not agree more. stuart: give me 6% and i will give you a boom, right? >> they will want the american dream. the market will react, we will have growth in america again, absolutely. stuart: i am prepared to dream. thank you very much. there's not much change this thursday morning. a five-point game that is it. syria is on the back burner and the s&p 500 has been on a seven-day winning streak. speak to a massive winning streak in historically the worst month of the year. the way we closed yesterday was amazing. absolutely amazing. when you spike into the close like that, that is when the smart buyers show up.

the novice, dumb investor are the ones who buy between 9:30 and 10:30. the smart player start after 3:00. that is the conventional wisdom on wall street. it feels like smart buyers are chelating stock not just to trade but maybe filling the next leg up. stuart: i have yahoo cross the threshold above $30 per share), is that right? nicole: that is absolutely right. turning this company around. an interesting article over the past 24 hours of how it is at least not on call to work at yahoo again. they are receiving 12,000 resumes per week. more than before she arrived last july. they have traffic up and the stock at levels we have not seen since 2008. stuart: i think she appeared at

eight tech crunch yesterday. she wowed them. that is givin getting more momeo the stock. i think facebook is a somewhat similar issue, isn't it? they both have momentum. stuart: i want to move onto an issue issue you spoke about, charles. they would learn the white house plans to block the construction of coal power plants unless they are built with expensive clean coal technology. perfect timing for charles who had a clean coal picture making money money yesterday, didn't you? nicole: yes, i did. sold off a little bit into the close. there were 11 power plants approved. i am not sure if the ministration goes back and takes away approval or that happens or not. there is no doubt if you want a coal plant.

that is what the industry is always striving for anyway. the thing we want, what the magicians asking for is more or less a death sentence. stuart: the company recommended yesterday. they are very expensive, aren't they? you want to convert a power plant using coal can we have to pay through the nose. charles: they're talking about it. it is an unreasonable request to be quite honest with you because if you go through all this there is no way this passes on to the consumer. stuart: that would be bad news for your clean coal company. charles: all the companies have to retrofit. they have a gigantic market of companies that already exist that must retrofit and must buy their stuff.

but it is not good news for new ones. we would be doing this show with candlelight. i have another one for you, charles. newly released e-mails show that she was directly involved in the targeting of conservative groups. these e-mails learn tea party groups are very dangerous. she adds irs counsel and advisor needed to be on a quest for tax-exempt status. she should probably not have these cases. a scandal is back in the spotlight. charles: it never should have left the spotlight. implications are just unlimited. abuse of government power, abuse of the administration. they have got to bring it back. make her answer the questions. the bottom line is whether you

connect the dots all the way to the white house. people who believed in this kind of targeting did it because they share the same sort of ideological feelings at the white house does. stuart: wait until you see more of these e-mails. the push for "living wage." $9 per hour, he wanted to become $9 per hour. what about $15 per hour? we will deal with that next. ask me what it's like

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[ male announcer ] one pill each morning this man is about to be the millionth customer. would you mind if i go ahead of you? instead we had someone go ahead of him and win fiy thousand dollars. congratulations you are our one millionth customer. nobody likes to miss out. that's why ally treats all their customers the same. whether you're the first or the millionth. if your bank doesn't think you're special anymore, you need an ally. ally bank. your money needs an ally. stuart: charles payne is going to make us some money, so he says. charles: i like this with you on this show. $12 earlier this year be it look at where it is now. a lot of this has to do with the bottom line. we are going to make this happen. they're going to make natural

gas more expensive, coal more expensive. this is the only solar power in the country that is legitimate. stuart: doe doesn't get a lot of government money? charles: they get a lot of commercial business like home depot, walmart of the world. they help set up the power plant, the roof, residential, commercial, the whole gambit. stuart: if i get solar panels on my roof, sunpower will provide it? charles: asia-pacific 101 million up 114%. it has made a huge move but i think the next leg up is coming. stuart: charles payne says we should invest in a company that gets a ton of government subsidies and does a lot of business in the state of california. charles: somebody told me money

has no morality. stuart: he is shameless. charles: next thing you know i will be recommending a gun company. stuart: i hope you do, they have done well. california governor jerry brown wants to raise the state's minimum wage, move it up to $9 per hour next year and had $10 per hour in 2016. our next guest is all for it. young democrats for america as well, right? >> formerly. stuart: you left them? >> my term was up. stuart: i thought you had seen the lights. in favor of the market, competition, capitalism. >> there are democrats in favor of market and capitalism. chuck schumer. it is about creating a tough

competition. that is the distinction. let's suppose we really do get a much higher federal minimum wage. let's say we get $15 per hour. as a lot of fast food workers want and struck for it. what happens? >> you find the middle class come you take those now getting government benefits, every super walmart in this country spends a million dollars in government handouts. that is section eight, food stamps, wic. when they are making more money, they are not taking money from the government. if you look at the developed world we have the g20 partners. stuart: you think prices would go up? >> a marginal increase in price.

you look at the united kingdom, they pay $15 wage, $0.10 difference in the price of the big mac. stuart: so no problem. retail workers, hotel workers, fast food workers, all of them $15 per hour. prices go up marginally. there is no pain from this whatsoever. >> when we raise the minimum wage, when they raise the minimum wage for the first time we did not see a big shock in the market like everybody said would happen. let's be honest about all of this. you start out talking about competition. i dropped out of high school and go to mcdonald's and say give me $15 per hour, you create more lethargic. we do not create a sense of urgency to be a better person. you're telling me we should transfer the welfare state from the government which cannot afford it anymore to corporate

america. they go into business to make a profit. here is the essence of the whole thing. are you against the making as much money as i want to make or do i owe you something? what does the company owe people? >> lets break that down because that is a multi part question. first i think you look at it this way. you raise the minimum wage and they're forced to pay more to their employees will offer more productive workforce. charles: why? >> they are working two, three, four jobs. stuart: the company raised it from $7 to $15, they are not more productive, they are the same worker. >> of course you get more out of them. you have a single mother, stuart, who works at mcdonald's the night shift at the drive-thru if she can take

care of her family she will be a healthier worker, a better worker, probably more productive because she is healthy and getting more sleep by paying her more wages. charles: that is so far-fetched. here is the reality again, why does the company owe it? stuart: why does employee have a handle on that action? >> he puts in just as much work as a person working the drive-thru. a different form of work for the same amount of work. still an eight hour job. stuart: usually paid what you're worth. they're worth more if you have abilities. that puts you up the food chain. not a government demand that you make more.

>> if you want an educationcome you don't have those opportunities, what do you say to those individuals? what do you say to the person? i went to a public high school. you are what you are worth. charles: once again what you have done is you are saying somehow corporate america should place the role of the welfare state that exists now they owe it to somebody, the emily who had two kids to pay her more money. that is where america was not founded. >> to talk to the corporations who made the country great, they understood the only way we can grow our economy is by investing in people. stuart: richard formerly with america's young democrats for america.

it was a pleasure. based in new york? >> i am based in d.c. but i can come to you guys. stuart: breaking news, from dell. the board has approved a buyout. michael dell telling adam shapiro he is "very pleased" with the future. jon stewart takes issue with my stance on syria. sandra smith responds to this after the break. >> how can any patriot you this is anything but a fantastic development? >> president obama has led us into a humiliating defeat. >> who did we lose two? um... where's mrs. davis? she took an early spring break thanks to her double miles

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stuart: first to nicole because gold-mining stocks are down big today. what about this? nicole: this is a big story. for three days when you're watching the dow jumping to the upside more than 400 points a few days, gold the biggest three-day drop since late june. number one, less worries about syria at the moment. also now you know about the reduction in stimulus, which is likely. it makes the demand basically

not as lucrative, people are not doing it. gold itself down $33 gold-mining stocks are all down four, 5% today. stuart: thank you very much indeed. we pay very close attention to politics in this program because politics relate closely to the economy and to the market. we have elizabeth warren making interesting remarks this morning. rich edson is in washington. center war and is the progressive, the most far to the left senator, saying words to that effect today, is that correct? >> she is definitely among them. the socialist mayor may have her beat, but certainly on the far left side of the spectrum. she said a few things. regulators are too slow

implementing dodd-frank. she was returned banking to being a boring enterprise. she wants to revisit glass-steagall. the regulators are moving too slowly and was asked about this eminent domain thing going on in california right now where local government is using eminent domain to get haircuts and mortgages so they can get rewrites of mortgages. she says communities should get involved. she is interested in watching it. she did not give it a full endorsement but says it is interesting and communities should get involved. stuart: i would like to see glass-steagall come back. i'm not with her on imminence domain. good stuff, thank you very much, indeed. and that may have jon stewart mother reason to make fun of me. on tuesday night, listen to this. >> how could any patriot you this decides a fantastic development hashtag >> president

obama has just let us into a humiliating defeat. >> defeat? who did we lose to? sanity? you beat us this time, rational for thought, but we will get you. stuart: we lost to the russians and the world has lost, that is my opinion. sandra: you are asking for more. how does that make you feel to have jon stewart pick on you? stuart: looks, he is a comedian, and i thought that was funny. he disappeared of my political but it was funny. i will not say he treated me fairly, but it was funny. charles: i don't like my ticket they could and chop it up. the worst part is the people who

follow them, they start to hit you on twitter and e-mails. lot of people unknowledgeable and take the comedy really to heart. stuart: i have two words, john oliver, much more funny when he took over for jon stewart. charles: something to do with the accent? stuart: he has a british accent, far more british than i am. there he is. look at him. i thought he was much more funny than jon stewart. so watch out. taking president obama to task over syria. i think it runs the form policy. judge andrew napolitano responds to this after the break. >> you can turn over every bit of the chemical weapons to the international community in the next week, turn it over, all of it.

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30-year fixed-rate mortgages came in a few moments ago. unchanged last week. 4.57%. the problem is mortgage applications falling, refinance applications falling. is this a plateau, a pause in housing recovery? >> recent surveys show 6% would be the tipping point really to choke off the housing recovery. so maybe we are not there yet, but mortgage rates have writes a full percentage point since may. this is starting to change the picture. we started to look forward to what the fed's next move was going to be. if they start to change things you'll have higher interest reserves. stuart: calling obamacare highly disruptive to union health care plans. they still support the overall goal of affordable care act, but they are concerned the act could

cost union membership and cost them their health plan. charles, your comments? charles: he is behind a rock and a hard place. they already lost a longshoreman. people leaving these unions already saying by the way i am surprised, the original draft said they would call for repeal of obamacare. it was original draft they were going to put out. stuart: they came back and said highly disruptive. get rid of it right now. it is with the rank are saying. stuart: obamacare will tax out of existence the general health care plan. so why join the unions? charles: they were promised in public they would get a waiver. i thought i heard it. stuart: they got a waiver.

the judge wants his two cents. go. >> judges have tried to rescind obamacare and harry reid will not let them vote on it because there are democratic funders who cannot be seen as voting affirmatively for it now or they will lose their reelection bid. arkansas, alaska, louisiana. that is how unpopular back home obamacare has become. stuart: when senator state john kerry gave a wisecracking answer suggesting we tell us odd to hand in his chemical weapons by the end of the week did he think he would be taken literally? because he was. all rise, judge and a napolitano is here. go.

>> think the president was highly embarrassed by john kerry thinking aloud after inadequate sleep. in fairness to him he has been going back and forth over the atlantic, forgetting he is not a senator from massachusetts anymore, when he says something, people will pick up on it. beyond that the president was silent for today's after john kerry made that announcement. putin moved in. assad moved in. so by the president was going to lose his vote for authorization to invade syria. he pulled it back. now put in has pointed out early in the in today's times dominating the region, dominating the headlines and dominating the president of the united states. charles: some even say he won.

>> that is a sign of significant triumph. stuart: he is now the dominant player in this situation. >> he appears far more reasonable. he has trained to kill and torture. the present is a trained lawyer and constitutional scholar. which ones seem more like the nobel peace member? it is not even a close call. stuart: a plea in the editorial. the last sentence he says we asked for the lords blessings. he used to run the kgb in the officially atheist soviet union, we asked for the lords blessing. >> i don't think that is tongue-in-cheek. his translators or editorial

writers, whoever works for him in russia suggested it would target the heartstrings a lot of americans particularly americans who have no respect for barack obama. stuart: the market money doesn't care. dictated to by the russians, they don't care. dow jones average up another 14 points. 400 points in three days. >> putin probably helped the situation. stuart: you think we're going to attack in syria now? >> absolutely. he would have a sony and approval ratings. not that far away right now. stuart: thank you. great editorial. the war on the wealthy continues but did you know president obama's core supporters are worse off now than when he took office? we have that for you next.

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305,000 for the first time since '06. and government officials saying changes to the computer systems resulted in claims not being counted on time. walmart already announcing discounts for new models of the iphone before they even hit the shelves. knocking $20 off the price of the 16 gigabytes iphone 5c and five sp had and they want to bring the ipad in the theater creating a special app for the movie allowing kids to interact with the film, play games, sing-along with it. up next, proof the president's distribution policies don't work.

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♪ when you think about it, isn't that what retirement should be, paying ourselves to do what we love? ♪ stuart: it was on so loud i could not read the "wall street journal." i don't care for that situation quite frankly so i had my wife lower the volume and little bit. i left the room and decided to give it to you. it has joe walsh on it. >> i love joe walsh. >stuart: i love joe walsh. [laughter] >> did you just make fun of me? stuart: i would never. >> i think you just did. stuart: you never know what we're going to talk about when i join don imus.

i gifted him a dvd of an eagles concert this morning. speaker that is the beauty of don imus, you never know what he is going to talk about. stuart: charles, make us some money. charles: another reiteration. on the cusp of a major breakout. one of the cheapest oil plays out there. most comes out in texas, as we are not worried about jerry brown. it is a very valuable play. the chart is fantastic. we are up about 12% already, you see the chart, look at what is left, february. north of six, seven and a half dollars from here that would be a huge percentage. stuart: does it depend on the price of the crude?

charles: as long as they continue to execute. this is cheap getting back on a lot of radars. >> charles always has notable information. stuart: moving swiftly along. the gap between the richest 1% and the rest of the nation is the widest since 1928 earning 19% of the nation's income. the top 10% earned 48%. the 10% top get 48% of total income. since the plan to wealth, his policies are actually hurting the very people who voted for him. come on in. the author of "how rich people think." what do you think of this? it is getting worse despite obama. >> i think it will continue, stuart. the wealthy know how to make money.

they have a great positive relationship with money. once you give them the rules, even a reset of the rules, you will figure out how to maximize it and make more money, bottom line. stuart: is there something wrong with capitalism? a widening of the income gap is bad. take that as the premise. is there something wrong with capitalism in america today that this is happening? >> capitalism is a greater system in the world. hopefully at some point washington will agree with us and stop trying to hold people down. it is the greatest system in the history of the world. stuart: obama through distribution is doing nothing. the disparity is getting worse. charles: lot of the so-called income is what president obama says is not income. member late last year lot of

people sold stocks and got big checks because of the taxes going in. they want to have their cake and eat it. in other words the top 1% are not stealing the money, are not stealing opportunities from the rest of the public. in fact it is not a static pie, it grows over time. >> i think we have to change leaders in washington. they are driving the narrative and people are believing it and it is not in their best interest. the bottom 99% doesn't realize without the top 1%, america does not exist. their life doesn't exist the weight of this right now. charles: you can be part of the top 1%. it was recently a survey of younger people only>á4% said thy wanted to be in the 1%. i don't think young people believe that the part of the 1%.

you can on the same stocks driving other people's wealth he had stuart: last word to you, steve. >> i agree with charles. if they had a mindset, if they have the ambition they can do it, that is what builds this country. all they have to do is go for their dream and they can make it happen. stuart: let's see if it actually works and the reality of the politics of america. we shall see. look at this, think we have some videotape of this. over a million and a half people linked hands in spain. what are they doing? it has big implications. here at fidelity, we give you the most free research reports, customizable charts, powerful screening tools, and guaranteed 1-second trades. and at the center of it all is a surprisingly low price -- just $7.95. in fact, fidelity gives you lower trade commissions than schwab, td ameritrade, and etrade.

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stuart: you see this? 1.7 million people held hands in a human chain across northeastern spanish region. their challenge the spanish government to let them vote for independence. these people feel shortchanged,

they want out of spain. charles: this is an amazing statement. here's the thing. we should look at this because the debate in america of the rich people carrying the load, people who were not paying exorbitant taxes, they say they probably sent 16 billion extra the don't get back and services every year. we work harder than everybody else, we are resourceful, industrious. they were snatched up years ago. they just want to be on their own. we see it in northern california. in america we can't have an honest conversation because it boils down to race, disparity. let's be honest about it. if you give a shrinking portion of people doing all the heavy lifting at some point they will say enough. not about being fair, but the unfair for them in the work

ethic they are putting in. it is the truth. stuart: liz claman wrapping up 3 days in the valley, what do you have for us today? >> day three of three days in the valley, we have moved over. they are welcome and fox business with open arms. they even put up all the guests we have today. and who are they? the venture capitalists, the lifeblood of silicon valley. what is the next big thing. you have to listen to this. also, the ceo of jive software. it is almost every big company in america. social networking software for businesses so they become more efficient. e-mail is so yesterday. they said they can make businesses be way more

efficient. in the 4:00 p.m. hour, i know this is one of your favorites. we have a supersecret special location. what a surprise this is going to be. we will see you. day three of our three days in the valley. back to you, stuart. stuart: thank you. more after this. [ tires screech ]

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exemptions under this law. it was ridiculous. russia's vladimir putin telling the u.s. and our business in the new york times. senator john mccain calling it an insult to the intelligence of every american. depending and sears, commissioner of the securities and exchange commission wants a better explanation from the stock exchanges about the massive interruption in the trading of nasdaq listed stocks a couple weeks ago. the future of dell computer decided in texas, shareholder vote to take the company private puts it back in the hands of its founder. week ii of the nfl kicks off between the jets and the patriots. we will accompany the keys save and a report of undercover cops posing in santa. that and more coming up on markets now.