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tv   Cavuto  FOX Business  September 17, 2013 8:00pm-9:01pm EDT

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and we're ready to work for you. neil: a whale of a trade that jpmorgan chase just got. so bear with me. the latest financial target for their questioning. now jamie dimon is not saying that, but he finds the treatment that his firm is getting is not
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at all similar to the treatment that he is getting. reportedly paying up to $70 million in fines. remember that one? it resulted in more than $6 billion in losses. but with all of that, a very profitable quarter for jpmorgan. the white house says, some inquiring minds are just wondering. because i do remember a time before it became the administration who signed it into law.
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the president thought that he almost had one of those fast pass to the oval office. that was then and washington's tax policy would inhibit growth. and now this. coincidental? well, maybe. after all, jpmorgan did screw up that trade in london. let's just say that washington is a little weird considering that it is now using billions of taxpayer dollars it is expected to result in more than $15 million in fines. prior to the meltdown come at the dates are finally settling
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old scores. who better to ask than a guy that was there during the middle of the meltdown firsthand. independent senator, joe lieberman. it is good to see you. >> it is great to be here. >> i would say it's coincidental. i would say that those two actions are more aggressive with this administration in different branches of it. these are big numbers. and as in criminal cases, some people would do the same thing as another person.
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getting much more onerous penalties. so maybe that is at work here. neil: so he was a leading heart of the treasury secretary and he started speaking out. other firms are scrutinized but not to the degree of this. >> let's just say that i hope not and i would have to see some real evidence. i can say that i'm not sure i'm welcome of the white house, so i don't know if jamie dimon is welcome. [laughter] i don't send out invitations the invitations from the white house. but he is a leader of the american economy. neil: he personally was exonerated and he wants to move on.
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and right now they are going after us. so how do you disavow that concern or remind him that yes, they are coming. >> i would say generally speaking. not to pick out smp or jpmorgan for what they did. not to punish them for what they did. but generally speaking is the regulatory agencies of the federal government of the obama administration going after wall street generally. and any businesses. neil: it could take five years, and i wonder why now, everyone is doing is doing these look backs and they don't want to be seen as this. >> they don't want to be seen in this way. what can i say? i hope not. many of the cases do take a long time because there are lawyers involved. and the people on the receiving end of the charges try to put
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the law into this so they can do better. but i think that we have seen a turn of a corner here, and i think it will be very proactive with the enforcement and regulation of this administration. it already has been, but it's going to pick up now and i would like to think that that is what it is until somebody can show me evidence of the contrary. neil: do you think that there is any risk? let's say you are right and hope springs eternal. that these very fines could hit these businesses just as they are getting their sea legs. we party scene bank of america, wells fargo, laying off thousands from their mortgage lending businesses. clearly they said something is up or not up and maybe it's gone too far common defense, whatever you want to say. so it's kind of like the walking
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wounded now. >> that could happen. you have to be careful. jpmorgan is a very healthy company, so it can handle it. this is a big whack, even for a big profitable company like jpmorgan. i'm just not sure it's even within this. there is a certain capacity of regulators that can consider something like this with the capacity to pay. i don't know if they can consider that influence on the economy or not and the penalties that they impose. but they ought to. because that matters to all of us. neil: would you envision, say five years ago, that we would be where we are today? >> well, five years ago today, everyone was stunned. i'm not sure where we were going, although if you look at
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history, back five years ago today, if you look back further than five years, you would have guessed that we would be in a stronger position today than what we are. we have come along way and we are out of the worst of it, a lot of key sectors in the economy have improved. but it is still a mixed picture and a percentage of gdp is not where we hoped it would be. unemployment has remained unusually high, almost historically high for a recovery. part of this, as you well know, long-term unemployment, a lot of the folks are not going to get anything like their old jobs back, there would have to be retrained. so i would say now you have concerns, which we are just hearing about, consumers pulling back a bit. mortgage rates are going up a little bit, consumers are spending a great driver of economic growth in our economy. so we are out of the hole, but
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nowhere near historically sensitive economists predicted that we would be in better shape. neil: i remember that. he said that if we do this, we will be better. and it's an interesting discussion. people think that we are going onto another dive. but i think that we are going to continue to bumble along like we are now. gdp growth is not what it should be, too much unemployment. the big variable remains the government. the people in washington can prove that they can work together to do something good for their country, if they tackle the skyrocketing growth in entitlement spending, good luck. politics will stop that and as long as it does, not only the public, but there is important businesses because they don't know what the future holds.
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sumac it is always good to see you. thank you. i will try to recognize your opening. neil: thank you. >> i remember at least two of the lines. [laughter] neil: thank you very much. meanwhile, after the shooting, you might start getting ready for more government targeting. it could explain why they are turning for shades of darker red. you can see it on there. as mrs. davis teaching? spelling. that's not a subject, right? i mean, spell check. that's a program. algebra. okay. persons a and b are flying to the bahamas. how fast will they get there? don't you need distance, rate and... no, all it takes is double miles. [ all ] whoa. yeah. [ male announcer ] get away fast with unlimited double miles from the capital one venture card. you're the world's best teacher.
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but it doesn't usually work that way with health care. with unitedhealthcare, i get information on quality rated doctors, treatment options and cost estimates, so we can ke better health decisions. that's health in numbers. unitedhealthcare. neil: we are now hearing that aaron alexis was hearing voices. and after his deadly rampage, we are hearing some very familiar cries, stepped up security, us up to surveillance, stepped up government everything. seizing on a tragedy to recount havoc on our privacy. >> somehow i am not surprised. and somehow i don't think that the good folks watching are surprised that the gun-control folks reared their heads immediately. washington dc is the most
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anti-gun city in the united states of america. if you work for the navy and you work in the naval yard, you cannot take that gun from your place of work to your home lawfully in washington dc. you can only have it in your home or your place of work. and bill clinton in 1993 in the interest of political correctness banned weapons from military bases in the united states. can you imagine these folks had weapons yesterday? imagine if they had weapons of four had three years ago. major to in the dollhouse on would've been killed before he squeezed the trigger there were only ordinary military police on site and other police, several police outside of the building. neil: for those to say that you
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need to crack down on better surveillance, none of the abuses that you have already seen, you have cracked down as hard as this guy, so what good have they done? >> they can treat all of the e-mail and all of the tweets and all the phone calls and they wouldn't have caught this guy because he knew how to outfox him because he used to be in the navy. the only thing that would've stopped him with more firepower. who would you trust more firepower than people in the military who are required to reach a certain minimum level of competence, which is a very high level by civilian standards in order to carry a weapon and bill clinton said no and george bush didn't change that. barack obama didn't change that either and now we have these tragedies. neil: now we are tightening security measures and taking a closer look at our government
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centers and who's doing what the id card, we visit the stable issues that lose sight of the real issues out there. but none of these systems seem to follow up. >> he is a crazy person who does the system, how to get around it, it will be impossible to stop 100% of the time. the government has recognized that for a few only thing that will stop him is someone on site who is trained to do so. we can possibly have enough police. i'm talking about ordinary people. in this case military people and civilians are licensed to carry a gun. but the dc government cannot control comes on federal property. you can control who series guns in washington dc and there it is
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draconian against it. what could he have the highest murder rate in the country, the city without guns, the district of columbia. neil: that's amazing. we have been getting a lot of this. in the meantime, forgive this guy having trouble wrangling in the tea party. what about this guy? having a heck of a time with liberals? that i would like to see
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>> something big is coming. something really big.
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something that you've never seen before. it's not just television, this monday everything you know about tv changes forever. i'm telling you, this will be bigger than the super bowl. well, maybe not that bad. but, trust me, it is big. this monday it begins. neil: that's right, this monday, that's all am allowed to say right now. set your dvds and you'll have to see for yourself. if you miss it, you miss the evolution of a revolution. or the revolution of an evolution. i have no idea what i just said. in the meantime, the president at a crossroads. democrats can prove an even
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bigger issue with a potential government shutdown. they will let you decide. that is a problem when your friends are beginning to say that you, mr. president, you are the problem. >> yes, if you remember back in 2010, a lot of these states were running for reelection and they were opposing obamacare, putting out ads saying that i would not vote for this, i don't support it, and this communication strategy has been called into question. you have a lot of democrats and those who are more moderate group went a step up to the plate. i don't think that is particularly out of the ordinary. this idea that everyone on the left should agree. challenge the president, challenge the person in power. neil: so there is nothing unprecedented about that.
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but it's pretty much just you. [laughter] >> we are watching report after report about how john mayer cannot pass a budget. and it's like i can't reveal my opinion on that. [applause] >> is it your sense that we have lost sight of this with the democrats? >> i'm very happy that the democrats have talked about this with the fed. i'm very happy about this. neil: a lot of female comments? >> no, not a lot of female commentary.
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the gop establishment come i think it's accurate. on fiscal issues and social issues potentially. it is talked about their are some of the more moderate democrats, barack obama, and that is a good point. >> if you look at the republican primary, hillary clinton, barack obama, which i think it is something we can agree on toward the end. it was do you want to move onto sort of a groundbreaking presence. neil: would not also be correct because a lot of hard-core liberals did like the moderator.
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>> they released yelling about this. and i think that this is actually pretty liberal compared to what it could be. >> just. >> if you look at the republican primary, that is part of the policy. mitt romney was considered as leftist and you are seeing this by the likes of rand paul. neil: bethink frequenting be the democratic nominee? >> i'm not even going to guess. >> i'm willing to wager a double quarter pounder on it. [laughter] neil: natividad. she will not be the nomination. i don't believe she will be the nomination. it looks good up close, but far from good elsewhere. neil: there is a consensus that developed from a point of view.
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it is an even different view of the moderate left, which is going to cause problems. >> all of my friends on the far left actually agree with you. they are very unhappy. you can look at the policy on syria they don't want our involvement, they don't understand the policy. so i think on the number a number of key issues you will see that with obamacare with the potential of the individual mandate. a lot of democrats will sit and say, should we support this delay. a lot of our constituents will support this and where we stand on this issue. second it's more pronounced. it's something that the media doesn't like to talk about because i want to prevent this on the left. everyone disagrees. we are pushing forth an agenda that is middle class and many don't know what they're doing. on both sides of the aisle we have a fight about policy going on.
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>> rogers said that the democratic party has never been this way until recently. i truly believe the republican party is not controlled by the john boehner's of the world, and going back to our original point, it's that you have people that are telling the speaker of the house of representatives in his own conference that you cannot get a continuing resolution from the budget. neil: why do you say that, you said that you moved on. >> i'm saying the republicans are much more unified. >> i did not feel sorry for john boehner. >> i feel bad for him because i don't even know what he wants. he can't control his own conference. neil: ladies come i want to thank you. in the meantime, five years
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after the bailout. from the beginning, one of the two that spoke out against that bailout. that is not sitting well with a lot of my guests even now. a difficult, difficult sales job. >> we saw the stock market fall a almost 100 points. joining the 600,000 have lost their jobs in the last eight months ♪ nascar is about excitement. but tracking all the action and hearing everything from our marketing partners, the media and millions of fans on social media can be a challenge. that's why we partnered with hp to build the new nascar fan and media engagement center. hp's technology helps us turn millions of tweets, posts and stories into real-time business insights
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neil: remembering how all of this rescue went down. a lot of people now saying what they thought was a mistake back then. if memory serves me right, i think that i was about the only one saying it back then. congress shooting down a financial rescue package. it's not what wall street wanted to see. >> i think that there is a bipartisan effort underway to maximize the number of votes that we can get this package. neil: frankenstein was a monster. this packages monstrous. the package that they say will make america stronger.
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>> it's another step in trying to resolve the crisis that we have. >> i know that we don't buy this. >> i love you, but sometimes we need to disagree. >> 700 billion in the bailout that you call it. it will not end up costing 700 billion, it could very well mean that the government might make money. i'm not predicting that at all. >> you are saying that we need this. neil: i really missed jack kemp. after all of these rescues are out of the woods, austan goolsbee insists that you will
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still stand by that. is that correct? >> yes, you remember that you and i talked about this. at the time i felt that we had to do a rescue to prevent a depression. >> you know, a lot of them have the problems that we said. they had three or four weeks of what this was going to be even after it was passed. and i think that we had been living with that in conveying it to the world that we really don't know what we are doing. we are just kind of doing it on the side. we are going to be living with that for several years the. >> i remember this under president bush. but be careful what you wish for because you just might get it. other industries feel that we
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should be helped out and they should help those with college loans out. it could go on and on. the advantage really pegged at $85 billion worth of nicotine that the federal reserve is providing at each and every month. and they shudder at the thought that that microwave. that is what worries me. >> i know that you are worried about that. i think that that's fairly different. and inflation is still coming in at less than what is forecast. >> do you think that someone who studies the markets closely, their ability to move forward
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based on what the federal reserve is doing for them. that is about as non-lossy fair that you can get. >> if that is what they are doing, then i do agree with you that makes me nervous. i think one major contributor to the rise of the stock market has been the unprecedented rise of corporate profits. so it's at least insignificant portion tied to the fundamentals. to the extent that people just say that we cannot survive unless the government bails us out, and you saw some of the banks going down when the government puts in the provisions that tried to deal with ending too big to fail. neil: i cannot imagine that they would let it happen. >> i think we have addressed a fair number of the very significant problems that we face back in the crisis. not being able to resolve these institutions and break them up.
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i think that we did some of those things. what you see the banks saying as he saw the credit rating agency said to the banks that we are going to downgrade you because we don't think that you have a government backstop. >> is great to see you, neil. neil: speaking of fighting, did you hear how much floyd mayweather could rake in from the last weekend? probably upwards of a hundred million dollars. mike tyson has a bone to pick with you. because you do not want to get iron mike angry. especially if you're the guy interviewing him. mike himself is sitting across from me.
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neil: so much for ultimate fighting. please mayweather took home $4 . for manhandling alvarez in their fight. and for years come, the most feared boxer on the planet, considered one of the most powerful punchers ever. he is kind of on my team, so he can't hurt me or won't hurt me. >> why did you do that? >> you know,.
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[laughter] neil: who told you that you had to? >> my good friend runs the whole production. and i'm horrible and sports. besides fighting, except in sports. >> that you are pretty good about fighting. but you had a great post career. but what do you think of what is happening with boxing now? everyone thought that after big names like you let this poor, and i could go back to mohammed ali and others, that people just lost interest. but they were just waiting for a big name. >> floyd mayweather has been around for many years. when i was fighting, he was champion. i first came back -- neil: told us he? forty? >> no, i think he's like 36. he's really young. >> now we have three title
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divisions. >> are probably four or five titles. and there's a lot of money, a lot of fans. a lot of guys are making a lot of money. no one else is making money. every day people don't always know his name. they need to know who you are and they need to be interested in your name. they are familiar with floyd because his family comes from a long line of champion championship bloodlines. this is not something that happens through osmosis. he has been through this kind paise fighting before. neil: but it's hard to do that with a fresh perspective, someone like you came out of nowhere. that would be very hard to do, wouldn't it? >> i think he would be. you know, yeah, it would be. but it's not impossible.
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neil: so i was thinking about this, what made you do a? and on broadway, you've been in movies. by this? >> i have no idea what i was doing this. and they told me that it came out okay. he said i wanted to be award nominated for this. so he really put in a lot of research and put his heart into this product. so since he was going to do this, i was willing to do the same. neil: what about all of these former champions. larry holmes, sugar ray leonard, once they leave, what happens? i know larry holmes has great investment in real estate and all that. but what happens? >> i don't know. i have a good support system and i was very lucky. a lot of my success has to do
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with luck. see what someone said at the time and i mean this respectfully. you always say that, then you punch people. [laughter] it was like watching a train wreck, but people like watching it. now you are beyond that. you think that is true? >> this country agrees that we have more guns than people. so whoever produces the most hate and violence gets the most money. >> i look at myself now in retrospect with what was going on there. i was really insecure about who i was. and i was just angry at just being angry. i had known it was really proud of my publishers. no one really cared. nobody that truly understood. so i don't know, i have a family now. it's day by day.
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it's a hard struggle, but i'm going to go on with it. neil: you started developing this and he started kidding yourself and laughing at yourself. i think you're very comfortable in that. >> well, when i was fighting, i took things extremely serious. if they weren't significant to me, they were my enemy's the one you know that time i before a fight when you're standing toe to toe, you have this curious look. but you would scare people right there in the rain. we are showing john king here in all sorts of battles. or were you angry at him? >> yes, but i didn't know. i don't know until about a week
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ago. i have no idea what resentment was. but i didn't know what i meant. i was pretty angry and i have a lot of resentment. and it would be hard because i found out late. neil: but they took a lot of your money? >> there's a lot of resentment stew and you are worth hundreds of millions of dollars over the years. >> lambro, i have no money. man, i am broke. neil: powerbroker you? >> i am not that broke, but i can't buy a plane or a vote. not like i used to. neil: are you a millionaire? >> i don't think so. neil: who handles your money?
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>> on a millionaire when i go to work, but i have to give my bills and the no i'm not. 200 people handling this? >> yes, i have to, they're the only ones that paid for me. [laughter] neil: you would never do the george foreman thing and go back into the ring? >> i don't know if i have the energy and me. if i was a guy, he wouldn't be able to interview me. doing what you think of evangel holifield? >> i'm so jealous that i wish i could still do that. i wish i could still fight until i'm 50 years old. neil: but do you really want to? what you have to prove, why do you keep doing this? >> listen, that's an inside job. i wish i could do it, i wish i could still fight at 47 years old. i would do it at the drop of a dime. neil: you are looking great.
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are people so afraid of you? >> i just think that my demeanor proves that don't have a reason to be afraid of me now. i don't want anyone to be afraid of me. i'm afraid of someone, i will do something that scary and i don't want anyone to feel that way about me. neil: can you do me a favor and to speed up bill o'reilly. [laughter] >> that was about a meeting and say so. [laughter] >> my family is so surreal left, i put on fox news they leave the room. if i put on bill o'reilly, they leave the room. >> neil cavuto is the real deal. soon thank you, my friend. think of all the boxing greats that have come and gone.
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>> by the grace of god. but i've got nobody. it's only by the grace of god that i'm here. neil: good luck, man my customers can shop around. but it doesn't usually work that way with health care. with unitedhealthcare, i get information on quality rated doctors, treatment options and cost estimates, so we can ke better health decisions. that's health in numbers. unitedhealthcare.
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neil: forget doctors. a federal judge ruling that exotic dancers at a new york city strip club are really no different than workers anywhere and entitled to the very least, minimum wage. at rick's cabaret in midtown, manhattan, argued that they were the main attraction at the club and the judge agreed with the strippers. and not those who said that the strippers were more like independent contractors. jeffery kendall is here.
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jeff, is this a setback, and how do you appeal it? >> we do intend to appeal the ruling. the case is ongoing, it has not yet been decided. we expect that we will prevail. neil: who is your argument against what they were saying? >> the argument is that they are independent contractors and these workers are the epitome that come and go as they please. they can decide not to come to the club for months at a time. >> did they and they get paid in ted's? >> to get some tips if they choose to dance on stage. however they get most of their money by performance fees like lap dances, patrons of the club. they do that on their own time at their own convenience. neil: so you provide or the club provides a. >> understood. so anyway.
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what do you make of this? to have to be paid in there only because they are working? >> what they argued, in this specific case we are talking about a case in new york, where we are looking at the federal law that applies under the state law, which is a minimum wage of the federal legal standard. were the strippers that, hey, we come to work everyday. they are claiming that they do. they could become the work everyday and the club is falling over them in terms of how they dress, where they can work, the hours they work. all of that. all that it falls under the federal labor standards act as the one over them to get a lot of money elsewhere doing a lot of other things, the club is actually helping him? >> yes. >> entertainers in this case burned multiple of the minimum wage. on average about a thousand
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dollars per night. they do that as independent contractors. again, they don't have to come. they choose when they are going to come. neil: have you had new dancers knowing your policy? >> this is an industry. >> i understand that. >> i am unaware of anything like that. >> okay, so the dancers are still coming in and they are fine with this arrangement? >> i think the whole, if you took a poll of its club's, they would say they are independent. >> apparently you have those that you classify this as a result. if i understand. there are other women seeking the minimum wage because it's not that they don't have to pay minimum wage and get tips, it's acceptable. but when he saw this under certain standards in the state
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interpretation, you have to pay minimum wage plus tips for the minimum wage can get returned if they make more than a certain amount. there are a lot of requirements, but the federal judge says that they will interpret that with the damages. and there is a minimum wage requirements. >> many restaurants claim a cut of their kids and then everyone wins. >> entertainers and i case probably would not win. because it would be more control that is exerted over the entertainers. because that was part of their employees. >> i think mike tyson's and settle this once and for all. [laughter] >> anyway taxpayers lost more than a billion dollars on the chrysler bailout. should investors china make that money back? money back? they are going to get a chance.
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neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. [ male announcer ] now, taking care of things at home is just a tap away. ♪ introducing at&t digital life... ♪ ...personalized home security and automation... [ lock clicks ] ...that lets you loser to home. that's so cool. [ male announcer ] get $100 in instant savings when you order digital life smart security. limited availability in select markets. ♪
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neil:. charles: to get rich? it is time for dennis deal baby to avoid? five years or $12 billion leader to bail out the automaker to file for the ipo at the end of the month but considering taxpayers lost money on the last investment what price is a good investment? >> eight quarters of the road they have gained market share and gave profitability but the government is involved than they can control dominated by the union and highly regulated. >> given that fiat own 58% to help chrysler get into trouble where is the taxpayer?
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babyish and isolde shares would it did. it is much harder to run a public company and declare and then i would have some doubts. neil: if you are illegally dumping of netflix knows that as well because it is monitoring the piracy websites to see which pop pinchot's they should buy or stream this is a head of hbo same piracy is good for business. >> instead of trying to stop and walk take the energy coming at you and jump on it it has been shown those that download illegal copies you give them a simple way they are happy to do that and netflix does that. neil: then the danger is to go too far to never pay? >> it is. you could make the argument with netflix is doing is unethical but from of your business standpoint they
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have the advantage by serving the activities of the piracy web sites and as a result they are profitable so from the business standpoint but the ethical standpoint i am not so sure. neil: tomorrow we will the what the fed will plan to taper. $60,000,000,000.80 billion down at 70 billion does that worry you? are you happy with that? >> this market is held up by the printing of money and as soon as you talk about reducing that that makes me nervous. >> the market is held up by a strong period he leaned economy but that is just a flesh wound. don't worry wall street is down it is okay with it. neil: to our we have billionaire investor carl icahn just who is he looking
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at now? we will see you then. ♪ gerri: hello, everybody. i'm gerri willis. tonight on "the willis report" our special report, a user's guide to education. tonight all you need to know about the right college for your child. also, drivers, safety experts, police and politicians are coming to agreement. higher speed limits are a good thing. and consumers rejoice. about says make a great time for shoppers. watching out for you tonight on "the willis report." ♪ gerri: we will get to tonight's top

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