tv Varney Company FOX Business October 31, 2013 9:20am-11:01am EDT
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how high she flies♪ ♪ ooh, ooh, witchy woman, she got the moon in her eyes♪ ♪ >> obamacare takes its toll. this thing is a real drag. good morning, everyone, here is what we have. an all-time low for the president's approval rating. an all-time high for his negatives. insurance costs go through the roof for millions and you don't like it. we do hear you. here is something else you don't like and neither do we. mindless gazing at the federal reserve. today we're supposed to believe that ben might print less money, this is what financial
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journalism has come to? not us. we have news on facebook, makes a ton of money and teens using it less and it may be maxed out on mobile apps. we have three examples of failed government. do you think obamacare is one of them? "varney & company" is about to begin. [ male announcer ] once, there was a man who found a magic seashell. it told him what was happening on the tradg floor in real time. ♪ the shell brought him great fame. ♪ but then, one day, he noticed that everybody could have a magic seashell. [ indistinct talking ] [ male announcer ] right there in their trading platform. ♪ [ indistinct talking continues ] [ male announcer ] so the magic shell went back to being a...shell. get live squawks right in your trading platform with think or swim from td ameritrade. get live squawks right in your trading platform help the gulf when we made recover and learn the gulf, bp from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do.
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>> the obamacare disaster hitting the president in the polls. here are the numbers. from the wall street journal only 42% approve of the president's performance. down a whooping 5 points from earlier this month. the opposite side of the coin, 51% disapprove of the job he's doing. the blame game, explaining why millions will be kicked off of their health plan. >> remember before the affordable care act, these bad apple insurers had free rein to limit the care you received or use minor conditions to jack up
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your premiums or bill you into bankruptcy. so a lot of people thought they were buying coverage and turned out not to be so good. stuart: those wicked insurance companies. you, the viewer, by the way not happy. we asked you to tell us what's happening from you. paul, i had an individual blue cross plan paying 943 a month except for the price, i was happy with the plan. it was canceled and now 835 a month with a huge deductible and bigger co-pays, i'm getting screwed says paul. pam says i pay for blue across, 358, and it's canceled now to provide essential for maternity and newborn care, i'm well past child bearing age, how does this help me. keep those coming to our facebook page please. >> if you want more examples of government inefficiency and failure, here they are. stimulus money, filed for bankruptcy and two years ago,
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turns out they left behind a toxic mess, carcinogens and nearly 4 million to clean up. and cash for clunkers, we were told it would create jobs, it did, the cost per job, 1.4 million. don't forget healthcare.gov, a disaster, crash this morning and whoop-de-dowhoop-de-doo, it again. and mcdonald's is going to sell coffee in grocery stores? and the man who used to run paypal. he's here. it's a growing trend in business:
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>> i think the market is paying attention to, i'm sick of it, buying bonds every month since september of 2012 and there's talk of when it's going to finally stop. it would be nice to talk about something different, economic data or something besides the fed. stuart: i don't think it's going to move the market. the opening bell has rung. we're slightly higher. 15-6 is where we are now. i with a nt -- want to move on to individual stocks. most add growth, but facebook, fewer teens are using the service and they might not cram more in the feeds. the stock is down. and look who is here, bill harris, a former ceo of paypal. bill, welcome to the program. >> thank you. stuart: real fast, is facebook losing its cool. you should know these things.
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is it? >> i don't think so. facebook is on fire. they're doing a beautiful job firing on many cylinders and it's a phenomena. stuart: you're on the inside of tech and here we've got the report that fewer teens are using facebook daily so we've got the accusation, facebook is not cool anymore, but the profits go straight through the roof. >> i don't think i'm an expert. my kids it will me i really don't know what's going on. stuart: they tell you that? you're the man who ran paypal. >> but you know, when you look at my company, personal capital, which is representative of so many tech businesses that are trying to reach broad audiences, at my company we saw the past six to nine months, a surge in the quantity and effectiveness of facebook advertising, both desk top, but particularly mobile, and you know, that pressaged what's happened to, what they've announced in their
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quarterly. stuart: it's the effectiveness of apps on facebook, that went up, that improved. and the stock is still down. stay there, please, bill. a lot more for you in a moment. i want to get back to individual stocks, namely starbucks, it's raising a dividend. pretty good numbers, too, but lauren, the stock is down. you want to explain that one? >> this is another stock that had good numbers. it's down 2.6% here in the early going. a couple of things, the same-store sales globally, very good. lots of new products from starbucks, the bakery, the starbucks, pumpkin spice latte, all popular. the problem with the guidance for the current quarter, a little soft from starbucks from what analysts were expecting. that's one of the reasons the stock is down. stuart: there's no pleasing those people. thanks, lauren. s going to hit grocery store shelves next year. let's look at the stock, please. i would have thought that might do-- yes, 17 cents higher for mcdonald's, that's all you get. two more big names you know,
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higher profit at clorox, and the company lowers its outlook and the the stock is up 78 cents. strong profits of the insurance company, cigna, it's up 3%, that's a nice gain. i'm going to say it again, i've flat-out had it with the fed watching and jerked around about de jour why the stock is up or down. and michelle is with me because i'm fed up to the back teeth with all of this rumor at 4 being and sends the market down and then speculation at 9:00 in the morning sends it back up of the it's hopeless. >> especially on a couple fronts. especially as a fed watcher, my hat handed to me by the blind siding, we were ready and raring for it to go. we keep talking about will they, won't they? and the truth is that nobody really knows. the fed has been, i think, very
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hard to, you know, predict and therefore, with any confidence can i say they won't go in december and they will go in march? that's out the window now. >> all of this rumor mongering and speculation makes it so that the federal reserve is the key to the stock market. it is the stock market regulator. >> right. >> it's in charge of the stock market. it's not supposed to be like that. >> exactly. and to some extent, i mean, it's true, i would not disagree that obviously, the fed's program has helped the equity market, but there are so many other things, obviously, going into it as well. the fundamentals, and you will these other issues, obviously, we should be focused on. so it isn't just about the fed and they do say, too, a lot of these day-to-day swings are unwarranted. and this morning, the chatter, that the fed may take in december and i looked at the release in the statement. there wasn't anything in it. you could read it any way you
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want. in that sense it's frustrating that even the latest rumor isn't necessarily founded on solid kind of fact, if you will. >> i'm going to throw one more at you and see if you want to take me in on this one. i say that obamacare is worse on the economy than the government shutdown and you say? >> the truth is the shutdown was a one-time hit. obamacare may be with us longer and the impact may be a lot more long lasting and it may be much harder to identify. i mean, we're going to be able to, i think, have a good idea how much the shutdown took out of fourth quarter gdp. it's going to be very hard to clearly identify what the drag will be from obamacare and that makes it much more sneaky. you know? we think that perhaps it will undermine employment, but it will hard to point to any specific measure and as i said, that makes it more stealth. >> i like to start out a contentious program with disagreement on two key issues,
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the federal reserve and obamacare. >> it's out of frustration, thanks, stuart. stuart: bill harris is with us, former ceo of paypal. do you want to say anything about the abomination of obamacare? >> yeah, let's go at it. i'm a small business owner, i don't feel it's a problem at all and neither do the other small business owners that i'm familiar with. stuart: obamacare is not a problem for you. >> no. stuart: as a small business owner. >> i tell you what is a problem, however, you know, for a couple of decades medical costs, health care costs in this country have gone through the roof. and well in excess of inflation, and i think we're not getting top health care in the country either. stuart: and you think obamacare will improve that? >> well, i don't know, but i do believe that we have to do something. and from a business point of view-- >> why this? why couldn't we get the lawyers out of the medical business and stop the crazy lawsuits and
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defensive medicine. do you go for that? >> i would absolutely go for tort reform and the same i think thing with malpractice reform in the u.s. stuart: excellent bill, i'm glad we arrived at a concensus on the lawyers. okay, now twitter, they go public i think a week from today. >> yes. stuart: are they cool? would you advise our viewers, i know you don't advise on stock. youngsters, should they buy a piece of twitter and sit on it. charles: i'm in the investment management business with my business personal capital, but we really believe that rather than picking stocks, why not be diversified. if you're in the s&p 500 you've got close to 20% of your money in the tech sector taking concentrated positions, even for great companies like facebook and apple doesn't make sense, too much of a rollercoaster. stuart: okay. charles: . >> talking about twitter,
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they're a fabulous company and i was one of the last people in silicon valley to understand twitter. i just didn't get it. but clearly they've struck a nerve and from my point of view, it's essentially a headline service, but a broadly distributed headline service. the question with twitter, can they ad monetize and get the advertising revenue? >> they said that about facebook. look at it now. >> they said it about facebook, about youtube and so, i don't know how they'll actually make that work, but i do have confidence, based on the previous experience of tech companies, that they will. stuart: can you give me 20 seconds on personal capital? i think i've got this right. it's an app, isn't it? >> well, it's a compensation-- >> they are put together in one little place and you run that little place. >> yes, it's an app and a service because what we're trying to do is use technology to help people manage their money. so, a, we bring all of your information together in one place so you can see what you've got and understand what you've got and b, we're
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financial advisors and help you understand and manage what you have. stuart: you are private. >> yes. stuart: are you going to be selling to somebody? or are you going to do an ipo? which is it? >> well, you know, it's really tough to say, but we think that we've got the industry is big enough and what we're doing is big enough for us to be an independent company on an enduring baying sis. >> i believe you're a billionaire in zimbabwe dollar. >> yes, and a million sim z zimbabwe dollars is over $2. stuart: to the big board, we're at 15,600 is where we are. by now, we know it, well, i know it and i think you do, too. obamacare is a disaster. bill harris didn't think so. john stossel actually likes,
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wait a minute, he likes a few things about obamacare? this man is a libertarian. do you believe that? he's next. ♪ announcer: where can an investor be a name and not a number? scotade. ron: i'm never alone with scottrade. i can always call or stop by my local office. they're nearby and ready t help. so when i have questions, i can talk to someone who knows exactly how i trade. because i don't trade like everybody. i trade like me. that's why i'm with scottrade. announcer: ranked highest in investor satisfaction
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charles' picks, ooh, that thing is down nearly 20%. we'll talk to charles later. john stossel is here, can you believe this? he actually likes part of that collectivist paradise known as obamacare. you want to make your case, john? >> when you have a collective paradise people react to it and finally people are starting to think about the cost and ask what things cost and more are driven into health savings accounts which might be better. our old system was too government dominated anyway. if people start paying for their own health care because of this, good. stuart: so it forces-- not forces, but encourages those health savings accounts which are tax-free dollars you can use to spend on medical expenses. you think that's a consequence of obamacare and you like it. >> the numbers are going up and people start bargaining with their doctors and markets. stuart: any other effect of obamacare that you like? >> i'm getting stronger lugging
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this around. stuart: that's it? >> that's it. price consciousness. stuart: that's it? >> that's it. stuart: i'm glad to hear that's it. thank you, john. we asked our viewers to share their obamacare stories with us, we got quite a few responses, this one from stephanie. please listen to this one. before cancellation i was paying $400 a month maybe to the doctor once a year. i don't mind paying for my own coverage, but according to next year's prices $800 a month. and unlikely to have more usage and my costs doubled. what would you like to say to this young lady. >> you're a victim of obamacare, i'm not disagreeing. stuart: are you going to go out and tell her to get a health savings account. >> that's good or whether she wants to go to the doctors as much as she does. stuart: she goes once a year. >> you need to go, i don't know how old she is. stuart: that wouldn't make any difference to how much she's doubling of her monthly payments. >> welcome, does she have a co-pay, is she allowed to have
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a co-pay under obamacare, so much of that makes a difference. yesterday obama was on tv talking, we stop insurance companies from discriminating against women. well, women go to the doctor much more often. maybe they're smart or maybe they're hypochondriacs, we don't know. stuart: and i have to watch your show tonight to see if you're taking that left ward lurch. and you're pounding the table on the side effects of obamacare. we've got that and the lack of competition. i'm going to run a short clip of what you're talking about. >> central planning. stuart: central planning, roll it. >> here is the president signing obamacare. politicians and activists were so happy. now, everyone will be covered. trouble is, covering everyone means less competition. we need that competition in health care because when you don't have real competition,
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you get products like, well, remember these? these are the car made by east germans made of plastic. it was a terrible car. you had to put the oil and gas in separately and shake the car to mix them. it's hard to drive, it spews pollution. yet, it was the pride of east germany. the waiting list to get one was years long. after all, government experts created it. just as our experts created obamacare. stuart: where did you find a trebant? >> this guy in indiana who collects trebants, whatever it is. there was a waiting list for these cars. stuart: in east germany or now in america? >> in all the soviet block. the joke is well, they're not rocket scientists. well, these were rocket scientists,s they were the east germans and that's the best the central planners could do.
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stuart: so you're comparing the it. rebant with obamacare. >> you need market competition. stuart: we love you, john. now, your he a back in the good graces of "varney & company" and we will promote your show at 9:00 eastern tonight, i believe. >> it is. stuart: the well-rated stossel, i think it is. >> so far. stuart: thanks to the promotions woo he -- we give you. obamacare, back door socialism, kill it, please. that's my take next. ♪ shout, shout, let it all ♪ these are the things i can do without, come on♪ ♪ i'm talking to you ♪ come on now that we're retired,
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>> remember the 1985 chicago bears? one of the greatest and most talked about football teams ever. they succeeded despite a total rift in the locker room between the two coaches, ditka and ryan. the man who wrote the book about that joins us in our next hour. and so does dr. ben carson. can't wait to hear what he has to say about the obamacare mess and now doctors who still support the law are defending
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it. >> here is yet another my take on obamacare. it's probably not going to be the last, but i wanted to be very clear. i want obamacare to be repealed. i want it defunded. i want it to go down in history as a disgraceful attempt to socialize our health care system, yes, i want it to fail. here is my reasoning. government does not do things well and this is a government takeover. the government is going to tell everyone, and i mean everyone what their health care coverage must be. that is an insult to that basic american value of individuality. in my experience americans do not like government dictates and that's what obamacare is, kill it. point two, obamacare is a thinly disguised wealth transfer scheme. two-thirds will be paying the medical bills of one third. this is the wealth transfer via
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the tax system. redistribution has divided us and failed to return america to prosperity. stop it now. third, obamacare is back door socialism and opens the way for fully socialized medicine somewhere down the road and this is the president's desire, it's what he wants, but he never admits it. he will wrap it up in the language of the left, fairness, decency and the right thing to do. it's no such thing, it's a fraud. kill it. and finally, obamacare is the worst kind of political vote buying with taxpayer money. all those subsidies for people earning up to $94,000 a year is designed to make middle america dependent on government largest. go vote for me and look what i will give you. disgraceful. i've seen this movie before, actually what drove me out of britain all those years ago and frankly i'm happy to see the rollout chaos and cheering on the dreadful american abomination. kill it, please.
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other's for road. and he will be doing the talking about football. doctor keith tableau thinks the president is ruining the youth of america. we have the future of tv and movie watching, big hour, no halloween fluff's here. it starts now. ♪ stuart: we start with big-name stocks. and boosted by mobil that growth. and we might be hitting the wall on mobile labs. the stock is down 2%, down more. starbucks going to disappoint the outlook. that stock is down 2%. and big stock in sales for avon.
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a moneymaker. and now it is down, anything to say for yourself? charles: would not lead to a. north american sales -- stuart: whose overreaction? charles: america is 25% of the latin market and 50% of the asian market which didn't do too bad. i wouldn't add to. stuart: interesting that sales in north america, that is big. would you say that is any kind of economic indicator? charles: they shifted their focus. management is great but they will need more time to turn this around. stuart: the dow industrials have turned further south, down 47 points, we dropped below 15,006
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entered. in tv and disney both announced they would be releasing a tv show on their mobile apps. prior to releasing the show on television. new trends taking place. the host of in the fox light joins me now. welcome to the show. be gentle. stuart: let me make sure i got this right. i am a smart phone. i am apps, and i can see it disney show on my smart phone before i can see it on television. >> i started this in 1996. convergence is here. now two different approaches, disney is the junior apps.
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releasing the show before it can out and the entire series is the tees and promotion. stuart: who gets the money here? if disney is going to run its stock on us smart phone before its tv network why is it doing that? >> that is where the money is where the kids are. stuart: smart phone pays disney for this? >> they get a share of it. not unlike a cable system. charles: more of a marketing thing than anything else. >> they are using it to enhance the theatrical experiments, the promotion with the little mermaid wear they encourage families to bring the ipad and show additional content when watching the movie. stuart: it is a foot in the door. it could go further with a broadcast network, may be doing the same thing. >> mtv doing something similar, trying to cut the difference between the netflix approach where they release an entire
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season in one fell swoop with the traditional approach which is week by week, they're doing both which seems a little counterproductive to me because releasing an entire season before the series premieres. my father had a successful career in retailing. and telling me the decline in retail began when macy's had told one day sale. after that customer have exchange and can never go back to paying full price again. i am curious how the experiment works. stuart: let me ask about netflix, another feature a stick in my mind, the king of streaming and they're talking about putting on netflix streaming, a first run movie the day it is released before it hits the movie theaters, put it on netflix. that is a revolution. >> and it almost strikes me netflix is trying to be with entertainment what google is to search. it was tried before but theater owners hold a great deal of
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sleigh and swashed fleet to other attempt with universal to release movies on direct tv. now they realize the genie is out of the bottle and they are trying to adjust their businesses by changing the theatrical experiment. alcohol, $50 tickets. the whole netflix thing is coming and will be in studios. stuart: the experience of going to the movie theater will be enhanced. >> one would hope. and more choices for consumers so is great. stuart: we appreciate you being with us and it will not be the last. the new york stock exchange, estee lauder hitting a new high. want to tell me why? >> this is a company,
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$28 billion brand. on the low end -- the high end consumer is very strong right now. every single region, they are bullish on the holiday, a lot of new fragrances, perfume's in more than a decade. this is a winner up 2% and there are a lot of qualities. stuart: we got the dow industrials down 46 points. an announcement from the faa. don't have it in full yet but they want to expand the use of electronic devices on flights. do i have to listen to somebody else's phone conversation to go from new york to california? i don't know the details yet but this is a breaking story. the big board down 44 points. i have had it with this endless speculation on the fed's next move. sandra smith, charles payne, i
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am being jerked around here and fed up with it and i think financial journalists should move beyond this nonsense, the reason for the market's move. r u with me on this? >> i am. the least we could do is don't ignore it, maybe question the fed and actual relevance, credibility at this point because these markets to your point are being held captive by the fed's next move and all the government should down stuff, it is behind them and the focus is on current economic reports and how the fed is going to read them. not whether they are good or bad but how the fed will read them because everyone is trying to anticipate the next move. stuart: is all nonsense in my opinion. the federal reserve, ben bernanke is in charge of the stock market. that is ridiculous. charles: sandra used the word relevance. here it is the thing.
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the market isn't necessarily being captured by the fed. the problem with the market as wall street has gotten so lazy from an analytical point of view. all these hedge fund managers that have gone to jail when stocks are so oversold, why would i cheat or steal our pay anybody for inside information? was oversold. so i think it is all part of lee the wall street not wanting to do their job for digging in on the basis but from the report yesterday from me, the fed seemed to be worrying about deflation and the fact that your point, all of the tricks haven't worked. haven't been able to spark the cycle. they are relevant. stuart: they printed a hundred fifty billion dollars this calendar year. by doing that they helped the stock market gain $4.4 trillion in value. charles: i disagree with you on what moves the market but none
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of the money got to main street. nobody else tried, nobody feels richer, and nobody in mainstream spending money, the ultimate goal to get main street to feel like they have money so they spend money.stuart: the judge i talking about a different subject but aging to say something. >> $7 trillion in his five years in office. i don't think -- charles: the money from the fed is bailing out banks with crap on their books we can't see. and the insatiable appetite of the federal government. >> does it get any better? stuart: stop it. saved the world. judge napolitano: men this morning. stuart: a new low for the president's approval rating, wall street journal nbc poll, 42% approval, that is it.
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more than half, 51% disapproved. more people now view the president negatively than positively. latest numbers, millions being kicked off their insurance. 900,000 in california getting those cancellation letters, 400,000 in. . a viewer of this program wrote in about the cancellation letter he received after dropping his plan. the letter went on to say this. if we do not hear from you by then we will shift your family into a similar plan as the one you had. his new premium, $1,300 a month upfront, $700 a month. the judge is here. you saw that. this fuhrer over obamacare. i think the collectivist have peaked, they are in retreat. you agree? judge napolitano: i not only agree with what you said but what you said in the first hours that there's something profoundly un-american,
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inconsistent with our history, inconsistent with our values, inconsistent with our persona and inconsistent with our collective goal that individualism should be so insulted by the government in something as intimate as medical and health decisions whether the government is replacing our judgment with its own. i think the president was caught with his pants down. these two statements that he made, you can keep your health insurance, peter dr. period, him uttering the word period as if it suggests that which precedes the word period is indisputable truth or indisputably wrong, indisputably he knew they were wrong two years into the time he was saying them. peter: when he couldn't have been honest than because it would have affected the election. judge napolitano: that lack of honesty which we now proceed after his reelection will begin the unraveling of his ability to govern because just as troubling to him at the low approval rating is high disapproval rating. you could argue a president can't govern when his
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disapprovals are over 50%. that will cause democrats up for reelection in the next term which is a little less than a year from now to begin to peel away and dissociate themselves with him in public. stuart: there are published reports that say a white house is telling the health insurers shut up, don't make any response to what the president is saying, he is blaming of the health insurers for these cancellationss and the white house reportedly is saying shot up. jay carney says that is preposterous but that report is out there. what do you say? judge napolitano: the white house and the president should not have the power to punish them if they don't shut up, but they do have the power because the affordable health care act has given the president such wiggle room, such play in the joints, such areas where the government can establish regulations to govern certain areas, he can use that discretion and that power to punish helping jurors that criticize him. that is reprehensible given the
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first amendment, reprehensible given the american value of individualism. stuart: strong arm the banks into $137 billion worth of settlements never gone to court. judge napolitano: even you have become an individualist. stuart: but the mean even me? thank you very much as always. do you remember the 1985 bears? i actually do. one of the most celebrated nfl teams in history won a super bowl despite a huge rift between the two principal coaches. we have the man who wrote the book on the bears. he is "after the bell". ♪ when we made our commitment to the gulf, bp had two big goals:
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so i can reach ally bank 24/7, but there ar24/7.branches? i'm sorry, i'm just really reluctant to try new things. really? what's wrong with trying new things? look! mommy's new vacuum! (cat screech) you feel that in your muscles? i do... drink water. it's a long story. well, not having branches let's us give you great rates and service. i'd like that. a new way to bank. a better way to save. ally bank. your money needs an ally.
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stuart: charles: making the current move little longer but these earnings can crush a stock can become oversold. that was oversold and formed a double bottom and we said let's buy it stuart: the cautionary tale beginning season people lose the most money and you don't have to. stuart: you said to buy this thing in the low 40s but after it got hard. charles: stock went 65 to 46 in two days, we did three weeks and bought it. stuart: forget about avon. charles: a few people, john stossel give me a hard time in the elevator. he is a fraud kind of guy. excuse me. stuart: a really interesting subject, 1945 super bowl champion chicago bears were dubbed monsters of midway, one of the most celebrated nfl teams of all time.
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calls in one of the great players is doug plank. normal you don't bring your equipment but when you are with the bear the dean can break out at any minute. he said i would bring everything. the practice was so ferocious they were harder than the game. so when they got to sunday afternoon was easy. mike ditka was asked the toughest team you play against and he said the 85 bears. stuart: you remember them. charles: my favorite team of all time from the shuffle to jim mcmahon, when the commissioner was fining people wearing headbands, this commercial for taco bell and at the end coffee held at and looked in the camera
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and got on a head band and set high, teach, in-your-face, i loved him. stuart: remember harry, 400 lbs. or something. >> supposed to be 325 pounds but -- stuart: he would be regular size in today's game. >> a new type of player was incredibly fat and he could dunk a basketball and do these athletic things. mike ditka said it is great at 20 yards but running five years is all he needs. how do you blocked a man that size? mike ditka in 1984 the bears lost the title game to bill walsh and the san francisco 40-niners and handed the ball to a guard. mike ditka suffered the
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humiliation so when the bears went back and crushed the 49ers brought perry around and headed him the ball and it was like a frankenstein monster that got out of control because he became bigger -- charles: did you talk about these guys after the '85 season? someone having hard times, walter payton died. >> to me i thought you could look at this group of guys, the greatest team of all time but stand for a group of friends and if you follow them as a group of friends from the peak moment of their life which is 96 new orleans superbowl kampen to what they are now late 50s or early 60s you see every version of the american experience. stuart: amazing that they won. they are at loggerheads. rich cohen, a splendid book. thank you very much, teaching me a lot about football. we appreciate it. monsters is the name of the book
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stuart: dow industrials down 50 points. arles, you have some reasoning that doesn't include the fed? charles: wall street is wondering how the american economy will make this happen. the fed is admitting they can't get it done. stuart: money printing doesn't work, the economy is in trouble. what do we do? charles: ben bernanke hinted policy coming out of washington is hurting everything they're trying to do, high taxes, regulation and obamacare. $2 trillion on the sideline. stuart: we are underestimating obamacare. this is a big negative. millions of people having their
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insurance canceled, they have got to pay more, money sucked out of consumers''s wallets and small-businesses 2 won't higher like they used to hire. we are down 46 points. check the share price of visa. that stock is down 4%, big drop. consumers are not spending as much. maybe the economy is in trouble. dr. you believe the president i. you start with 20 seconds to make your case. >> it is time to come to terms with the fact the we have to immunize our kids from wet negative psychological message. the president's message is individuals are not in and of themselves powerful, certainly not through their connection to any kind of god and the universe which the president would say as a superstition i believe he would say so they're getting a very disempowering message.
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you can't do it, people don't build their own businesses, as they need the government, you need food stamps, unemployment, you need to stay at home until you are 26 on your parents's insurance and you can't decide how to use your money because we will make you buy stuff like insurance even if you don't want it. we have to believe because it is true that this is a disempowering psychological message and talk to our kids about it. stuart: do you think the dependence is a state of mind? >> dependence and victimhood is the state of mind. if you believe you have been victimized by the united states and that you are due compensation and that people cannot be powerful in their own right because they have been disempowered for decades or hundreds of years by this country than you won't be able to put a life together. the president would say to the boston red sox you didn't win the world sees. they're needed to be the state government. the laws that pertain to fenway
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park, parking, highways that people took to get there and you took to get there. so what use one of that? the government won that game. that is the disempowering message. we have to say the message from the president is toxic and can affect your life negatively if you listen to what he is saying and believe it. it is awful to tell kids. charles: i am thinking of what you are saying and yesterday's testimony representative mike boyle in pennsylvania breadth about his kid, is 33-year-old kid being subsidized by taxpayers and it shocked me. it really shocked me and i wrote about this, irish traditions from day one all the way to coming to america and the idea that a 33-year-old person would be called a kid and his congress and father would be proud of the people are paying for his health insurance. not just young people anymore. >> i am in agreement with you. not just young people.
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it is everybody who is being coaxed into measuring their own power against subsidies. i can get a free cellphone, housing, launch food stamps, why would i go to work? it looks like the numbers are in favor of being dependent but that is not an accident. that is the message from this president. stuart: you put people on the couch. what do you do about it? i want to shake them. what do you do? >> it will take kids to tell the with no delay that the president of the united states isjoy that of the united states is attempting to disempower them. or incredibly strong. you have god-given talents that it is up to you to develop and if you do that good things will happen for you and you also tell them the president is not bigger than the truth and the truth is
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that courage and conviction always win and this president's messages will turn out to be seen as false. they just have to have hope and confidence. to tell the kids of the united states listen, the president is -- does not have your best interest at heart is an awful, awful thing to have to do but we have to do it. stuart: i think you are going to provoke a lot of response to that on our face book page and we welcome it. good stuff. dow is down 57 at this moment. dr. ben carson is one of those respected surgeons in the world. he was before he retired. does he think his colleagues like obamacare? is he finally ready to run for office? he responds to the president next. >> if you like your health care plan you will be able to keep your health care plan period.
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this program earlier this week, asked about if you like your plan you can keep it. here is how she responded. they have been kickoff of the plan that they like. >> they think they like it. the plan is actually -- stuart: you are taking the choice out of their hands and saying of the government will decide what level of care they get and how much they have got to pay for it. that was dr. chen, she represents the doctors for obamacare, 16,000 doctors. now joined by another famous dr. dr. ben carson who has now retired, we should stand as the fox news contributor. welcome to the program, good to see you. >> always good to be with you. stuart: what section of the medical profession did dr. jan represent? she was really gung-ho for obamacare? we had her on twice on the show
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and in both interviews she smiled all the way through the entire interview. does she represent the medical industry? >> she does not. i haven't been able to find other people who think like her quite frankly. i see a lot of doctors as i travel around, over 100 doctors at an event i was speaking at last night that had several hundred people. i didn't see anybody who was enthusiastic or endorsed this. remember the ama endorsed it but only 19% of doctors belong to the ama because they don't feel that organization represents them. the administration uses things like that. they will parade these doctors and say the ama, they believe this is good. they're very good at cherry picking and utilizing that information to capture people who don't have a broad breadth of information.
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stuart: you were always good at bringing people together. you don't like head to head confrontation. leno's that. you have been on the show many times. i went up earlier today and said i want to kill obamacare. i don't want it. i don't like it. reverse it please. you bring people together, what would you do with obamacare? >> what i would do, first of all, is recognized that it is creating a lot of problems. i would propose that we look at some alternatives. president says nobody has any alternative. that is completely untrue. there are some very excellent alternatives. if they would listen which they have no willingness to do because i don't believe this is about health care, it is about creating government control of our lives. what really disappoints me is so many people are unable to see that but i believe the country is waking up. i believe even some of the non
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fox news media is starting to wake up because they realize of the country goes off they are going off too. i am actually very encouraged as we go around the country, cute enthusiastic crowds of people beaten into submission and now they recognize that may be thinking logically and common sense is not a weird position. maybe they don't have to hide and keep their opinions to themselves. stuart: do you want to take a leadership position not just within the medical industry but national leadership? >> it wasn't what i envisioned to be honest with you. as i see what is going on in our country and think about our future generations my life has really been centered around children as a pediatric neurosurgeon. i really have to think it is abhorrent to me that we would be settling down with this kind of debt and continuing to increase
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it and our officials say is not growing up as fast. if you take a balloon that is about to pop, i will not put a big amount of merit, is still going to pop. we start thinking logically once again, i find myself as a lot voice crying in the wilderness. stuart: you are crying. you are saying something. don't you want a leadership position? >> i do not desire that. do not desire to run for office for a number of reasons. i totally don't believe in political correctness, i don't know how viable, no way i will be hooked up with a bunch of special-interest groups. i don't fit the mold well.
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and raise people's awareness. we will see where things lead. i always listen. i listened to god. i listened to my fellow citizens. i never forsake them but my suspicion is someone will come along who wants to do that. stuart: always a pleasure to have you on this program. good stuff. connects, elizabeth macdonald gets the facts straight on obamacare. don't listen to president obama and kathleen sebelius. we have this going. ♪ ♪
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stuart: unemployment benefit claims down to seasonally adjusted 345 last week, down 10,000 from the previous week slightly above the estimated 339,000. who cares? business leaders will join a number of obama administration officials that a summit in washington to encourage more foreign investment in the u.s.. president obama, treasury secretary jack lew, among the scheduled speakers.
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then we have sony lost one $96 million in its second quarter, cut the profit forecast in the fiscal year ending march because of weak sales and price competition. sony is down 13% almost. we have that all for you. liz macdonald is next on the truth about obamacare. she has been digging in. good stuff. with next. help the gulf recover and learn from what happened so we could be a better, safer energy company. i can tell you - safety is at the heart of everything we do. we've added cutting-edge technology, like a new deepwater well cap and a state-of-the-art monitoring center, whe experts watch over all drilling activity twenty-four-seven. and we're sharing what we've learned, so we can all produce energy more safely. our commitment has never been stronger.
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stuart: charles says he will make us some money. he is looking -- charles: it pulled back. i get the most e-mails from varney viewers on this one. i still think it is extraordinarily well but the momentum stocks have given up ground in the last 7 days. mostly profittaking, not an indictment on these companies. i will still buy it but if you are in it i will hold on to. stuart: when you know why i like you and your stock picks? you are honest. you notice three today that didn't quite work as you wanted. charles: the first thing i did was send an alert to subscribers. it is tough because people want to work out instantly and they don't and they don't work out at all. stuart: i'd bought microsoft. do some fact checking. we have done some fact checking
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on president obama and kathleen sebelius's performance yesterday. liz macdonald has been doing the digging. a bite from president obama talking about health insurance. ago. >> before the affordable care act these bad apple insurers had free rein. every single year to limit the care you received or use minor preexisting conditions to jack up your premiums for bill you into bankruptcy. a lot of people thought they were buying coverage that turned out not to be so good. stuart: you heard that. liz: this is the misdirection away from his repeated statements that you can keep your plan no matter what. he said you can keep your plan period. now you can keep your plan not. he did give a product warning about his own health reform in april of 2010 when he said basically nothing forces you out of your plan unless insurers change the plan. that speech made in portland,
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oregon fell under the radar screen. riding that point home that basically insurers can change free health reform. stuart: he is saying those with insurance companies. liz: now that is the story line. stuart: that is not true. it is government rules under obamacare which say you cannot keep that policy. it is illegal to offer that policy. >> you must get the government issued plan. stuart: this bite from yesterday. >> no data to support the fact that there is an uptick based on the impending affordable care act. i am sure that there may be some individual employers making some business decisions about how many workers they want full time and how many part-time but i can tell you there is no economic data or employment data that supports the notion that this is an affect of the law. stuart: she says there is no effective data that says there is more part-time employment
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because of obamacare. liz: or job hours cuts or job cuts. areas already did out there that runs contrary to what madame secretary is saying or ignoring. we now know there are 351 companies, states, cities, school districts cutting jobs from full time to part-time status or cutting jobs entirely because of health reform. we see it in the medical devices industry, we see it in the federal reserve beige book which covers business district and cities across the country, chicago, kansas city, dallas, cleveland, philadelphia, businesses reporting to the federal reserve there are part-time jobs on a rise because of health reform and also three major unions writing to nancy pelosi and harry reid saying you are ruining the middle class because you are ruining the 40 hour work week down to 30 hours. kathleen sebelius ignoring that. charles: the conference call saying this is a new talking point but the ceo, of the first guys to come out and say this will change how we do business,
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we have to shift workers from full-time to part-time. clarence is a big friend of president obama and the supporter but being honest as ceo a publicly traded company. liz: surprise no one pushed back on that, the misleading statement there. stuart: they should have had the information at hand and one more from kathleen sebelius about lower-cost for health insurance. >> the last three years since the president signed the affordable care act we have seen a great slowdown in the extraordinary cost increases year in and year out for health care and medicare plan and the medicaid plan, private insurance and an underlying health care cost which affect every american. stuart: she says costs have gone down. liz: us light slow down but it does rise. we are talking 4% of gdp. the cost of medicare and medicaid and children's health insurance and that number is
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$720 billion the equivalent of more than a gdp of saudi arabia and kuwait but as we go forward the costs start to slow the boards because of boomers and watch this because of the health reform act according to the cbo. by 2023, and 2038 we will see the costs explode for public health insurance and public cost for these plans. stuart: turn 18, you can't buy cigarettes in new york city. more on the nanny state in a moment with the dow down 31. it's a growing trend in business:
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stuart: they pass it. new york city concluded to raise the age at which you can buy cigarettes or ease cigarettes to 21. charles. charles: what can i tell? nanny state gone mad. you can't take care of yourself. i am surprised they didn't try to raise it to finnerty. liz: the cigarettes too? stuart: it delivers nicotine. liz: can deliver of vitamins and red bull for you is what we found out. stuart: the faa said it will expand the use of mobile devices and electronics during flights so i have got to listen to somebody's conversation as we're flying over toledo. stuart: if they start letting
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people talk a better put a martial law on every plane for real. if i get one of these obnoxious new yorkers next to me talking all the way from new york to l.a. we are going to have a problem. liz: i wear earplugs even through the airport. stuart: why should you have to? liz: for my own peace of mind. what i have to? that is what i do. stuart: fans run up to you. people getting sticker shock from obamacare. your stories and your take on that is next. hes? 24/7. i'm sorry, i'm just really reluctant to try new things. really? what's wrong with trying new things? look! mommy's new vacuum! (cat screech) you feel that in your muscles? i do... drink water. it's a long story. well, not having branches let's us give you great rates and service. i'd like that. a new way to bank. a better way to save. ally bank. your money needs an ally.
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greg says i have a supplemental blue cross policy. received a notice that my premiums next year are going u up $66 per month to $120 per month. the mighty ducks will going from zero to $1000. i'm on a fixed income. this is rough. keep the stories coming, we want to know what is happening with real people, real situations, and we appreciate your response. last word, charles. charles: summary has taught talk to all the viewers and tell them they don't know what they are talking about. the real world knows. america's being crushed by this and every single day i. on the administration says you guys don't know what you're talking about. liz: government issued health care. stuart: connell, it is yours. connell: you have an all-time low. spying of the government shutdown.
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all these stories. it is bringing down the president's approval rating. then, did she know? reports janet yellen did know about the housing bubble in 2004 but did not say anything in public. is that a big problem quest mark surroundin?surrounded by contro. the redskin name stays. we look at why money can be a big factor in that decision. and yes, we do know it is a halloween. a holiday spigots to see $6 billion in spending, $2 billion of that just uncanny. --dash on candy. we will talk about that. and hopefully avoid clowns. cannot stand clowns. today brings up a lot of bad memories for me. a lot coming up, dagen mcdowell on "markets now" as well. were there clowns a video when i was talking hashtag
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