♪ >> the president makes insurance companies the villains. now they've been summoned to the white house. good morning, everyone. it's a familiar story. identify your opponent, beat him up and then invite him over for a chat. strong arm tactics, you'll see it today. those bad apple insurers are on the carpet. a few hundred yards away, the house votes on a bill that would gut obamacare, how many democrats will join that revolt? wall street doesn't care. 37 record highs so far this year and the stocks will open higher today. we're very close to 16,000.

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>> friday morning and you can't get away from the impending collapse of obamacare, the fred upton bill goes up in the house today. it would allow insurance companies to continue offering you the plans you liked for another year. essentially pulling away people from the exchanges. that would gut the basic premise of obamacare. the question is how many democrats will actually vote for it. rich edson is on capital hill. i need an indication of how big the democrats' revolt is. >> stuart, i will say 35 and i used the vote back in july to delay the employer mandate, but it could be much bigger than that considering poll numbers after the rollout of obamacare, the botched rollout of obamacare and the president

promised all that happened since then it could be larger. stuart: i'm calling that a revolt against the president and obamacare and the fix that he announced yesterday. would you go with that? >> i would say that because the administration has come out against fred upton's bill here, this would be a bill to buck not only the leadership, but the democratic leadership in the house. stuart: they're expected to vote mid afternoon. >> that's right. stuart: rich edson, i know you'll be on it. the obamacare failure is the big news, so is the dow's march to 16,000. there are other headlines and we've got them for you. they're all retail stuff. first off sony's playstation, the game console playstation 4, people have been lining up for it overnight and trying to buy it. we've got a live demo in the next hour. next story, not good for retailers. gallup say that people will spend 10% less on holiday gifts this year. another troubling sign.

national retail federation say fewer people will shop on black friday and fewer people will hit stores and shop on-line over thanksgiving weekend, that's down 7 million from last year, don't tell that to the markets, they don't care. we're looking at dow 16,000, fairly soon, maybe. the market seems like it just wants to go up. it looks like it's going up at the opening bell today. another rally? the bell is next. welcome back. how is everything?

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tideod pop in. stand out. ♪ there's no place like home for the holiday♪ >> apparently more people will be staying home for black friday. troubling numbers for the retailers. we'll have them in a moment. minutes to go before the opening bell on wall street. let's go to chicago. scott shellady, your colleague larry levin said dow 16,000 by monday and you say what? >> i think larry might be jumping the gonna little bit. it's probably going to be next week, but monday night be a stretch because the volumes have been kind of thin. the reason we're going to get there, stuart, is because of one thing, we're going to have a global central bank race to zero and it's going to be the global intervention that's going to help the u.s. stock market take the next leg higher so i think we have tepid economic numbers and we know

we're not doing well even with our own accommodation, but now we'll get help from abroad. stuart: everybody is printing, yen, whatever, and they're printing away like crazy, yeah, i hear you, scott. so it's not until later next week. john layfield is with us, he's stranded on the beaches in bermuda. he's going to answer the question, 16,000 on the dow when? >> i think that scott is right, sometime next week. it's hard to predict the short-term swing, everything that janet yellen said yesterday in the confirmation hearing, she's going to do what ben bernanke was doing and keep printing and this isn't a real market, but it's the place to make money and i think 16,000 sometime next week. stuart: and just one second, the dow has opened higher, close to 15,900 now, 15,889 and to be precise.

president obama has summoned insurance companies to the white house and peter barnes will have an update on the meetings. look at the health insurers are down not by much, down just a little so far. i'm not the only one who owns microsoft. billionaire george soros, he's just purchased 12 million microsoft shares. nicole? >> right, i feel like the show should be varney and soros today. stuart: don't say it. nicole: look what's going on here, george soros taking a big stake and selling 0 of google in the meantime. buying 12 million shares of microsoft and selling off google. we're seeing microsoft shares down just a little bit here, but certainly one to watch today. stuart: you know, close to $38 a share, that's a nice rally, i'm sure that george soros had something to do with that, fine with me. nicole: i can't see from here, it's down. stuart: just a little bit. nicole: what rally, for the year? >> it's close to 38 and that's

a whole lot better than 28 where it's been languishing for several years. nicole: yes. stuart: thank you. stay there, nicole. two more big names, first up mcdonald's admits it introduced too many new menu items too quickly. the president of the mcdonald's usa says the pace of introduction was too fast, he says. mcdonald's stock is up 10% this year, dead flat this morning. warren buffett's berkshire hathaway revealed a $3 billion stake in exxon. berkshire bought 40 million shares and exxon is the world's largest publicly traded oil company and it had been up 7% and now it's up another 1 is% this morning. now let's get to capitol hill where marsha blackburn is with us from tennessee. the fred upton bill goes up for vote today. can you give me an estimate of how many democrats would vote for it? we heard rich edson say 35, which adds up to a sizable democrat revolt. what say you? >> yes, yes, it does.

i think that you're looking at 25 to 35. it's a number of democrats who are going to cross and vote for the bill. i mean, they're hearing from their constituents, like all the rest of us are. people are livid with the way this rollout transpired. stuart: is this fred upton bill, in my opinion, guts obamacare because it would take a whole lot of people out of the exchange system, that would mean far fewer people in the exchange insurance pools and that's not good for obamacare. i mean, that's my reading of it and yet, you've got 25, 35 democrats saying, yeah, go ahead, gut obamacare, that's extraordinary. >> you're exactly right and they're going to have a similar bill in the senate and i think they're going to get closer for it there. and stu, the thing is, the upton bill will allow those insurance companies to sell that product and to sell it to new individuals that are new to their product line, that are new to their company and i

think that's significant. people have resoundingly rejected, it's been overwhelming the rejection of the obamacare exchanges and the way this is taking place. the price, the sticker shock is astounding to people when you're looking at 5 and 600 times percent increases in these insurance rates. what we're hearing from our constituents is just, they're really incensed by this. stuart: let me straighten this out here because it's complicated stuff, but you've expressed clearly there, if the fred upton bill were to become the law of the land, then people would have a free choice about which plan they want, they don't have to go to the exchanges. they can go outside the exchanges to insurance companies and choose for themselves all over again. that's a revolution. >> it's basically free market. you hold these companies harmless and individuals harmless and you allow them to participate in a free market. there are many ways to get

costs of insurance down. one of those across state line purchase of insurance, the other is free market and may we can use this has an opportunity to get rid of some of the regulations and restrictions to get rid of some of the state mandates and once again see an insurance product that returns to being affordable. stuart: now, it passes the house today very likely to pass. >> correct. stuart: then what? then what happens to it? >> it will travel across the dome over to the senate and we are hopeful that harry reid will lift this bill and will take some action on it. of course, he could have lifted bills for months now that would have given better options. stuart: you're not very hopeful, are you? not really? >> i think you've got some democrat senators who have, landrieu, haggan and shaheen and some others who have said you've got to do something about this. so, i honestly believe we can

see some closure and something move forward and the president has to take an action. the president can't do this by waving his magic wand and assuming the job of congress. he has to come to us and we think he would be well-served to come and work with us on these issues. stuart: marsha blackburn, republican tennessee. we thank you very much indeed for giving us some clarity in a complex area. we do appreciate that, thank you, marsha. stuart: let's bring back john layfield and let's suppose, john, in our wild dreams that obamacare dies, it collapses, it goes away. would that be a huge plus for the markets, do you think? >> i think it'd be huge for the markets, no doubt about it. but i don't think it's going to go away. look, the president passed obamacare in unwith of the most nonpartisan ways you ever had a bill pass because of that he created such ill-will nothing has been done since. this is his only legacy achievement, he is not going to allow this to fail.

he'll use a veto power. he didn't pass co 2 emissions and this is one thing he's done and he'll fight this until the bitter end. stuart: i have a gallup poll saying that urms could are going to spend 10% less this holiday season. sounds like another weak outlook for the economy. doesn't it? >> yes, it does. look, we have the lowest labor force participation rate since 1978 and we have a few million people, less employed right now than the beginning of the financial crisis, we're seeing some green shoots. and lower wage jobs created so we have a problem with our economy. it's not the draconian problem where things are going to collapse, but we're seeing some green shoots, but this economy is not booming. but i think-- >> yeah, but money printing. we'll see you soon. names you know, moody's lowers the debt rating on several big banks. nicole, why are they doing this

now? >> it's interesting. and you know, there's some correlation, some people are saying to yellen at the same time, but what's interesting, they're cutting these banks and the banks are not reacting much at all. most of the banks are up 1/10 of a percent. they're not soaring, but not selling off with the exception of citigroup. in the meantime, they're doing this, because they believe based on the regulations that come forward, the dodd-frank act, and instead of a bailout it will be a bail-in and the banks will have to shoulder the burden more and as a result decided to make this downgrade. stuart: we've got it, nicole, thank you very much. to the big boards where we're now up just 12 points. 15,888 is where we are this morning. we're still looking for 16,000. and some of our commenttators believe we'll get there monday or next week. we shall see and we're certainly on it. it's all about obamacare, still all about obamacare, the president meeting with the top health insurance companies

today at the white house. i think it's a strong-arming session. do you remember when the president said this, blaming those same bad apple insurance companies? >> if you have one of the substandard plans before the affordable care act became law and you really like that plan, you're able to keep it. that's what i said when i was running for office, but ever since the law was passed, if insurers decided to downgrade or cancel the substandard plans what we said under the law you've got to replaceith quality comprehensive coverage. (announcer) scottrade knows our clients trade and invest their own way. with scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help. because they know i don't trade like everybody. i trade like me.

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>> it's a modest gain, we were hoping to get closer to 16,000, but we'll settle for 13 points higher right now. the gold report. a $2 per ounce for gold. president obama meeting with members of the insurance industry later today.

it's at the white house. now, here is a statement that aetna just gave to fox business. i'm quoting directly. we support efforts to allow people to keep what they have, however, we will need cooperation and expedited approval from state regulators to remove barriers that will make it difficult to make this change in such a short period of time. dare i say chaos? the media is setting the insurers up to take the blame despite what the president said yesterday. listen to this. >> that's on me, i mean, we fumbled the rollout on this health care law. we should have done a better job getting that right on day one, not on day 28 or on day 40. the universe of folks who potentially would not find a better deal in the market places, the grandfather clause would work sufficiently for them. and it didn't. and again, that's on us which

is why we're-- that's on me. stuart: that was sort of an apology. now, he's going straight at the insurance companies and he's saying to them, telling them, asking them to reinstate the plans that they had been ordered to drop. liz macdonald is here. liz, if someone comes to me and says, can i have my canceled plan restored, i don't know what i'd tell them. >> you don't know what to tell them. and the president is saying it's on us, it's on me. now, it's now on the insurers. the onus is on the insurers and the blame will be on the insurers. what the president is now doing is saying, we will allow the insurers, not require them, to reinstate the old, quote, substandard plans, this sets up the whole bad apple insurer story again. stuart: now, the meeting today is at the white house and the top executives from the insurance industry, i believe they're going to be there. my interpretation is this is browbeating, it's strong-arm tactics and let them go back to

the plans they want. if he does that, he's essentially telling them you've got to take a loss. >> yes, you've got to take a loss and you know what else it is, too, he says he fumbled it. it's now a hail mary pass to buy more time to get that government website up and running. and they now, the way you read it, by september, 2015 is the amount of time he's bought himself by quote, allowing, not requiring, insurers to do the right thing and reinstate the quote, substandard plan. i'll tell you something, when you watched the president's performance right out of the box he started to blame the government shutdown. and then he turned course, he changed course. he's essentially also surprisingly still treating like a rounding error the 5 million now upwards of 11 million people in the individual insurance market who are losing their plans. he's treating those people like a rounding error. they're traumatized now, coming home for the holidays, seeing their insurance plans canceled.

stuart: so if i, for example, if i live in washington state and i did and my plan has been canceled i heard that the state insurance commissioner in washington state says, no, you cannot go back to your old plan. so, in washington state, you're stuck with the new stuff and the higher prices. so, depends a lot on state insurance commissioners whether or not they can conform with what the president wants the insurance companies to do. >> it's chaos. it's chaos. i'm telling you something this administration's governance is increasingly reliant on delays for union, for companies, the employer mandate, pretty soon those delays, democrats are now seeing, those delays, you're going to have to provide relief. you're going to have to repeal this whole thing. if you're continuing delaying, that means possible repeal of the entire health care reform bill. stuart: does it? >> it seems that way with all the delays that are now being put in place. why not just-- why not just repeal it?

and the dems are now saying in congress, we need to provide relief for the people traumatized from losing, because they're losing their insurance. so it's 5 million to 11 million people which the president downplayed in his press conference yesterday like a rounding error and clearly didn't read the bill. we were focused on the 98% that they will keep their plans, but not focus on the 5 million to 11 million people losing their plans and the blame game continues. what you don't hear yet, stuart, is any blame being placed on the cities and schools that have to layoff workers or cut their hours or put them to part-time status, including union officials who are seeing this happening. you don't see that being brought up in these press conferences either because of the health reform bill. stuart: it's unbelievably complicated and trying to deal with the complex issues of obamacare, i started to use my iphone. >> how do you feel about that? >> given to me, and never used one before. and it's sheer murder and dealing with an iphone and

obamacare at the same time. it's not easy. >> who are you taking it out on? >> blaming it on you or charles payne, he's not here. thanks very much. >> sure. stuart: america, in my opinion, is not a nation of cynical people, but because of the president and obamacare, i think that's changing. there is of course, hope, i say it all the time, i live in hope. my take is next. ♪ because you're mine, i walk the line♪

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>> you may have heard a few moments ago it's a milestone day for me, i now have an iphone and never used one before. why don't we check the apple stock, any reaction? there is not. it's down a buck 86. we have the new playstation 4 here in the studio and shares of electronic arts down and omega dissolved their stake, sold 750,000 shares and down it goes 5%. much more on obamacare in our next hour, including can the health insurers even do what the president wants them to do? it looks like chaos to me.

we'll ask that to our industry watch dog coming up, plus, the geeks lined up for it overnight and we've got one of them playing, the playstation 4, in our studios. it's supposed to be huge for sony. you will see it today. america is not a nation of cynics, self-critical, yes, but cynical, no. obviously i was born and raised overseas so i'm an outside observer, i think you can be objective and look from the outside into the very nature of american society. in my opinion, america is a very positive place. americans look on the bright side. they want to be on the cutting edge, moving forward. is that the american dream? for 40 years, that's the way i've seen it. you know what's coming. there's a qualifier. america used to be upbeat and positive, but, but now we are going through a bad patch. i believe we've lost faith in

our government to do anything right and we no longer trust our leaders. the obamacare fiasco is the tippingpoint. the president deceived us and he fumbles the apology. his signature legislation is in crisis and it's so-called fix is nothing, but a political bandaid. america is home to the greatest technology companies in the world bar none, but the obamacare website just doesn't work. so we stand on the sidelines watching the chaos unfold. nobody knows where we're going with this, but it doesn't feel good, does it? we've turned negative. we've become cynical. we're not used to that and we don't like it. i don't want to leave it there. there is a way out of this. repeal obamacare and replace it, cut tax rates, go get the energy resources that are under our own soil, grow the economy and above all, return to the individual liberties central to the constitution. end this cynicism and return to

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>> it's 10:00 eastern, do you know what's happened to your health care plan? no. chaos reigns in the health care industry. welcome to the 10:00 hour with a raft of new developments. more on the collapse of obamacare and peter barnes on

where the insurers may get beaten up by the president once again. and the playstation 4, what's new and what's hot. we've got it. and then the kardasian's skin doctor. he says he's got problems with obamacare. yeah, it's friday. a big day, i've got an iphone today. ♪ yes, melissa francis, this is my first ever iphone. >> that's amazing. stuart: i'm not doing well. >> no, no, i've never owned one, you're way ahead of me. stuart: you went to harvard. >> what does that have to do with having an iphone? >> look at this, it's a rally, ladies and gentlemen, we're now up 39 points, 15,916. we're closer to 16,000. so let's bring in melissa again, having commented on the iphone. when do we hit 16,000? >> i don't know. we could get there today. i've heard people say next

week. i mean, it's possible. look we're off to the races already, up 40 points and energy materials are strong, health care is getting hammered today because you're worried about what's going on in the health care industry. and that could be the unpinning, but we're on track for our first positive november in about five years, that's looking good. stuart: our viewers are just going to love having you on "varney & company," you're permanent position right now. >> oh. stuart: we're going to get a 16k today? >> we'll see, what are you going to pay for for coming on every day. stuart: you think that the 16k is coming? the market wants to go up? >> yes, it's all to do with quantitative easing it's not going away soon. stuart: where is the buzzer, you're not allowed to say that. >> it's about easy money out of washington. all right, 16k here we come. president obama meeting with insurance industry executives today. peter barnes is at the white house. all right, i see this as a brow-beating strong-arm session, what say you? >> yeah, i think that's

probably the right way to put it, charitybly, stuart. and one individual says that the meeting will be quote, to discuss ways to work together to help people enroll-- the marketplace, enroll through the marketplace, still pushing that, obviously, and to discuss efforts to minimize disruption for consumers as they transition to new coverage, that is the agenda according to the white house. stuart: so the president has called them bad apple insurers, he said that they were peddling second rate plans, and now he says, well, forget that, i want you to go back to the plans, these substandard plans, these second rate plans and offer them all over again. and today, in my opinion, he says, you'd better do this, boys, or else. >> well, now it appears that-- . [laughter] you're so elegant in your simplicity. now, obviously, the president has said, hey, okay, all right, i made a mistake, all right, everybody, you can go bah being

and buy the old policies. now it's up to the insurance companies and if they don't deliver, they're the bad guys. stuart: and they might not be able to deliver. it might take an awful long time to reconstitute the 5 million canceled plans. i'm sorry if i put you on the spot, i know you're on the news side and i know you hate passing judgment and making opinions, but i've got to do it, that's what i do. >> happy to do, stuart. stuart: it seems the president's so-called fix will really bring more chaos to the insurance industry and to health care generally. and would you address this meeting that's coming up here? is the president going to say, hey, you insurers, get out there and do what i'm telling you to do and pronto, do you think it's going to be like that? >> this is the-- the president really needs these health insurance companies to make this law work and they are telling him, you

have thrown political rhetoric at a serious policy problem and you're telling us that we have to fix this? they have spent three and a half years, stuart, getting ready to launch this, to launch this loss, to get these policies ready, comply with thousands of pages of rules and regulations. and the president then changes the rules at the last minute. and he's, i think, likely to get an earful from them, saying, how are we supposed to make this work? some insurance commissioners in the states, by the way, these policies are still regulated by the states. they have to comply as well. stuart: are you saying, you're the expert here, are you saying that the president's fix is not a fix at all,ill not fix the problem, and is unworkable, correct? >> if he's basically wanting to set up the game now, it's really turned into a political game, for the insurance companies to be the bad guys.

he wants to blame somebody else because he and his allies in the congress who passed this law, are getting so much heat because of what the law says. if you like your plan, you can keep your plan, it's not true. they knew it was not true from the beginning. and now, they're trying to figure out how on earth are we going to comply with this latest rhetoric. it's not even a regulation, it's certainly extra-legal. the president doesn't have the authority to do this. the house is going to pass legislation today very likely that would give the president legal authority to actually delay this so that people can keep their plans for a year. but the insurance companies, it's a mountainous amount of work that they have to do. these policies have to be certified by the states, they have to comply with a lot-- 50 different state laws. many of the people have already been told that their plans don't exist because united health care in california, for example, they're leaving the individual market. they don't have contracts with

doctors. i mean, there's so many complexities that they have to then back up in 30 days. stuart: obviously some strong language on the program this week about obamacare, i've said it's collapsing. am i going too far with that? give me 30 seconds. >> one of the reasons that the president was so resistent to having the individual mandate, or the individual market folded into the exchanges they need that to make the exchanges work. you're right, stuart. if people are able to keep the policies they have, you're more likely to see the healthy >> thank you for joining us, a busy day for you and others as well. we'll see you soon. melissa, you were sitting there, i think nodding agreement. >> absolutely. i'm looking at a response from aetna that came out that said that state regulators would

need to allow us to update our policies and secure appropriate rates. you can keep your plan, but at what price, is that going to be the next shoe to drop? it's really throwing a monkey wretch in anything. stuart: will the government compensate the insurers because they've got to offer the old policies at a loss? >> no, i can't imagine that. stuart: going to get back to the market fast. lots of retailer news today. nordstrom making less money in the recent past, that's ahead of black friday. what the stock is doing. nicole: down about 1% for nordstrom. and sales have been continuing the same way, not that great and margins are not that great either. and the teen department also very challenging. they did have some strength in their rack. nordstrom rack and they're opening another nordstrom rack in brooklyn, so far not a great day. but they have hopes for the oiled seas holiday season.

they expect a good holiday season. stuart: they expect it, but a lot of others do not. we have gallup saying less. >> six fewer days. stuart: they're hoping on thanksgiving. >> i don't know i'll be eating, i'm not shopping on thanksgiving. are you going to the mall and taking your iphone out to the mall on thursday. stuart: stop it right now, stop it. the dow industrial 13-9 where we are, creeping closer to 16 k. let's move on to bitcoin virtual currency. the value of each bitcoin hit a new high this week. as of right now, around $450. that's the value of one bitcoin. the beginning of the year the value was pegged at $13. is it going it keep on going up? charles, charles payne, not here today, but commented in the past, he does not think it's going to keep going up. look at this. >> this kind of stuff is scary. the volatility of it has been

outrageous and you know, goes from 100 to 260 to 100, it's an interesting brainchild though for people around the world who are upset with fiat currency. stuart: i'm not going to put my real money in. charles: i've got to tell you so far. neither are you. charles: not yet. stuart: he's not going to put his money in, i'm not, but here is a guy who did. jeff berwick is with us, an early bitcoin investor and he that's that bitcoin is going to keep going straight up and did you tell me during the break, you did, repeat it for the viewers, i think it's going to a million dollars. >> i don't think it's going to go to a million dollars, but it has the definite potential to do that. stuart: you're talking up your own book, because you own bitcoins and you're going to try to make them go up. >> i'm not doing anything except what i think is the actual truth of the case. stuart: what's your connection to bitcoin. >> my main connection is i'm incredibly excited about it. bitcoin is it a revolution in money and banking the same way

that the internet was a revolution-- >> what part in it other than that you own a coin or two. >> what we're talking is the dollar is going to collapse and i'm excited that there's other alternative currencies coming out from the free market and so i'm very involved. i've been involved and we were here last time talking about bitcoin atm and starting up a community in chile and we're accepting bitcoins in return for land in chile and we're excited about the currency. stuart: everybody knows, i think, that it's being investigated. i don't know by which authorities, but it is being investigated for money laundering and for prostitution and for drug dealing, using bitcoins, anonymous bitcoins, you don't think you can be shut down? >> it's impossible. there's no bitcoin place, and the government doesn't use guns to make people do things. stuart: that's a little

pejorative i would say. >> it's just math. stuart: you cannot shut it down? it has no center of gravity, no headquarters, can't shut it down. >> the only way you could is to shut off the internet. >> most of the recent rally was driven out of china because of demand there. at the same time we saw an exchange there holding 4.1 billion dollars in bitcoin disappear overnight and investors lost their money. there's no way to guard against that kind of thing and i think that's what prevents more investors from getting involved in bitcoin. do you have any way to go out against that. >> you could say the same thing about cyprus, everybody lost 50% of the bank accounts taken by the government. there's risk involved and the free market will come up with many ways, bitcoin insurance companies coming out and bitcoin banks that will be insured, and all of those things. the free market is going to take care of the issues. there are going to be bumps along the road and the currency has been out since 2009. there's going to be issues and

fraudulent people involved. that's not a major issue. bitcoin is an actual revolution in money and people won't believe what's going to happen with this currency. stuart: why don't you just invest in gold? >> i also believe in gold and i think that people should look at both of them. and both of them have positives and negatives. gold is physical and with governments around the world they're becoming more and more just taking the citizen's money. that's a physical. stuart: there's such a thing as a bitcoin or an electronic blip. >> it's just math. >> it is, but there are places in brooklyn diners that accept it as currency, more and more places are accepting it just that you're very far from critical mass at this point. stuart: hold on a second. that's interesting. in brooklyn like a walk in with my brand new iphone, i could dial up the diner, whatever it is. here it my bitcoin, give me the food, electronically. >> i feel like someone could, yes. stuart: someone could do that? >> yes, yes, absolutely.

i wouldn't call you an early adopter of technology, obviously, but, yeah, no, it's happening all over the place, there's shop phi.com and thousands of retailers. stuart: where is this? >> shopify.com and they have literally tens of thousands of retailers. subway, some subway restaurants started to accept bitcoin. >> really? >> yeah. stuart: if i wanted to get on the iphone. >> you're into it. stuart: sure, and i wanted to buy one bitcoin, how do i do it? >> there's many ways. stuart: okay it's $450 to buy one bitcoin. >> today. stuart: who gets my $450. >> whoever has the bitcoin. stuart: if you've got a bitcoin, you would sell it to me and i would send you real $450. >> you call them real. >> isn't that interesting that the person who's supposedly believes in bitcoin is willing to accept dollars in exchange for it? i mean, what does that tell you if somebody has a bitcoin

trades it for dollars? >> i've never traded bitcoin for dollars. >> good for you. >> i consider it almost like a savings account and it's done quite well. stuart: we hear you, jeff, i'm trying to get to grips with the technology stuff. and well, we'll have you back, very interesting. >> my pleasure, thank you. stuart: and the playstation 4, some people are lining up for it overnight and they want a chance to buy one first, but we've got one right here live on the set. the question, will it beat the new xbox that comes out next week? ♪ tax man fever, it's driving me crazy♪ ♪ i've got pac man fever, going out of my mine♪ ♪ i've got pac man fever, i'm going out of my mind♪ welcome back. how is everything?

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>> big news in geek land. sony launching its playstation 4 video game console today. polygon got one and hooked it up in the studio here and is about to play a basketball game. >> yes. stuart: first of all, what's new, hot and different than playstation 4? >> the most obvious difference,

the graphics are crazy, that looks like tv. stuart: they look real. those guys look real. >> the animation and the way they move around the court. it's stunning and there's a lot of support of this realism on the console. that's the visual improvement over the last generation. stuart: okay, xbox from microsoft comes out i think next week. >> yeah. stuart: okay. have you seen this? >> i have. stuart: and do you think that this playstation 4 beats xbox or vice versa? >> i think it really does depend what you're looking for. if you're just looking to play video games, probably the playstation is a good bet. it's a little cheaper, $100 cheaper, but if you're looking for something like a center of your living room, if you will, you're watching movies on it, watching tv and et cetera, xbox is a lot more on that side of things so it's a question of what you're looking for. stuart: we've come back to the same question, what is going to dominate the living room, and win the living room battle and you say more likely to be xbox than playstation? >> yeah, i think that xbox is

pushing for a broader audience with their tv connection and stuff like that, but if you're a gamer, playstation 4 does a very, very good job. stuart: if i buy this game, there it is right there. >> there it is right there. stuart: how much? >> so the game is $60 and the console is $400. taxes and all that. stuart: i thought that game players were going mobile, that. >> you're right. stuart: that you download and play for free essentially. >> some of the games you play for free or just $1. that's definitely there, too. still the angry bird set of people that play the games. a lot of consoles directly connect to the mobile device and trying to bridge the gap between the two audiences. stuart: i'm laughing at everybody, because i am tempted to grab that little controller thing and-- >> do it, do it. stuart: the audiences wishes me to do it. >> do it. >> there you go. stuart: what? he's moving. >> move him around here. stuart: oh. >> oh. stuart: look at that, see?

[laughter] >> thank you very much, everybody. >> yes. stuart: that's pretty cool. >> have you noticed the product placement? that's incredible, look at sprint there in the background. i wonder what those guys are paying for that i've seen gatorade go by and spaulding, product placements within a game, that's interesting. >> that's a big business for the game makers, they definitely make money. stuart: what about the individual players, are they real players and have the names and features? >> absolutely. all the real nba players are here. stuart: wait a second, this guy here. >> sure, chris bosh. stuart: he's got tattoos on like real life. >> tattoos, absolutely. stuart: how much do they have to play him? >> it varies from player to player, but the nba creates a licensing deal for all the players so, you know, we've got lebron somewhere in there, chris bosh, i hate the heat, but-- i'm a knicks fan so it hurts to play as the heat, but show it off anyway. stuart: it's interesting, i must say. >> yeah. stuart: but your vote goes to the xbox as opposed to the playstation 4.

>> if you're looking for the center of the room situation, xbox is the way to go. but playstation is cool, look at that and that's the menu. stuart: is the time up, finished. >> no, i thought i'd show you the menu. stuart: thank you very much indeed. >> sure thing. we want to take a look at this, the in you ford fusion, the first time it's ever been on television. we have it before the big l.a. auto show. we've got it, got it here. they shipped it to us in new york, that's 48th street in manhattan. i'm about to go outside and they're going to try to sell me one of these things in just one minute. ♪ i've got you under my skin ♪ i'd sacrifice anything come what might for the sake of having you near♪ [ male announce] imagine this te blob is metamucil.

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>> ladies and gentlemen, this is 48th street in amy is going to sell this. $35,000 plus a tax credit because it's so green. >> what's green about it.

>> a plug-in hybrid and it's part electric and zero gas. >> how many miles per gallon on average for this thing. >> so 108. >> really? >> 108 miles, 108. but i have to recharge it and plug it in overnight. >> you do and you don't. it will run like a regular hybrid and you'll have 620 miles. >> is that better than the average hybrid? >> oh, much better. >> of course, this is our most fuel efficient vehicle at ford motor company. stuart: i see a rather interesting interior here. >> yes. this is made from recycled material? >> it's made from renewable material, we partnered with coca-cola. stuart: do you think there's a market for renewable materials on the interior of a car? >> i absolutely do. just like a coke bottle it's

30% made out of plants and 30% is made from plants. stuart: are you going to try to sell it on the basis that the seats are 30% made from plants? >> yes, i am. stuart: you're kidding me. >> you tread light around the environment. it's resalable, renewable. it's great. stuart: what's for coca-cola, are you advertising for them as well? >> we've partnered with them. we have a coke bottle in the car their plant bottle material is what we've used to weave the fabric. stuart: does it have cylinders? >> yes, cylinders. stuart: four or six? >> four cylinders. stuart: four cylinders. >> yes. it has a transmission. stuart: automatic? >> it's an automatic. stuart: not a stick shift, none of them. >> great content and a touch screen. it will do everything your car does, it uses a lot less gas and treads lighter on the environment.

minus 4,000 tax credit. never seen on television before? >> this is the first time. stuart: i'm the first person you tried to sell it for. >> did it work? >> i bought a town and country van. >> you replaced your escape hybrid. stuart: no, my daughter has that. i've got another chrysler. >> your next car can be the ford fusion with the plant-based seats. stuart: amy, $35,000 minus $4,000 tax credit. 108 miles per gallon gasoline used. >> not bad. stuart: nice selling job, young lady. that's it, ladies and gentlemen, it's cold out here, we're back with more obamacare two minutes.

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pop in the drum of any machine... ♪ ...to wash any size load. it dissolves in any temperature, even cold. tideod pop in. stand out. but they will be attending today's meeting at the white house with other health insurance. president obama says he didn't know about healthcare.gov's problems before the website launched. >> on website i was not informed directly that the web site would not be working the way it was

supposed to land had been informed by wouldn't be going out saying this is going to be great. stuart: it brings it to my view, what did he say, how did he appear as he apologized, and he rather fumbled his way through an hourlong process. >> he seemed exhausted like this is weighing on everyone involved. he seemed like we are hoping for a political fix, we don't know if this will do it. you see the insurance companies want to cooperate but it will be difficult. he now sees the very difficult political and actual road ahead. stuart: it raises the question why didn't he know about the obamacare website launch? the problems of it before hand? and if he didn't know why didn't he ask? why wasn't he told? what kind of management is that?

>> that is very smart because that is the reputation he has had, being very big on the big picture and not wanting to get into the details and every ceo knows if you are not the one go better have some fantastic lieutenants covering your backside and in this case he did not. stuart: i don't think the fix he proposes anything like how to fix the problems. >> you peer insurance company saying great idea, don't know how we will do it or at what price but he is trying to make them look like the bad guys now. stuart: they look like the bad guys. do what you're telling us to do. let's move on. our next guest is a dermatologist to the stars. some of his famous clients include the kardashians but not everything is sunny side up in beverly hills. he is being affected by obamacare. welcome to the program. >> i am excited to be.

stuart: you are indeed the skin doctor to the kardashians. i would have thought you are dealing with a very high end clientele here. how could obamacare be a problem for you? >> everyone has skin problems, even the celebrities. healthcare affects every one. stuart: they are paying you an arm and a maid. they're not on obamacare exchanges. how does obamacare hurt you in your practice? >> no one knows what is going to happen with obamacare. there hasn't been enough information given to the patients or the doctors. i have patients coming in asking me what they should do about their insurance and the affordable care act and what i tell them is i really don't know because i learn more from the patients about the affordable care act than i know myself. stuart: have you had to make any changes in your practice? >> continuing with practicing medicine the same way i have

been practicing before because that is what i do. i will continue practicing. stuart: what about your business activities surrounding your practice? any changes? >> i will keep expanding and try to see more patients and work with other dermatologists. we talked about getting together and forming groups and things like that because right now is seems like small-time dermatologists are hard to survive in this time of big medicine. stuart: you are the skin doctor to the stars. >> it is not like that. and insurance companies, and in medical school we talked about the had the credit goes and paternalism, taking care of our patients.

that is what doctors are about, taking care of the individual patient. stuart: i am flat out of time but appreciate your coming by. with a kardashians. as you know, not a fan of those l e d squiggly light bulbs. i like my old fashioned incandescents but after the break new state of the art bulbs that i might just by. find out why after this. dow 59. [ male announcer ] what if a small company became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪

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stuart: inside the men's clothing business the retailer joseph a. bank dropped its bid to buy at men's warehouse, at $2 billion and warehouse would not negotiate, it got dropped. the stocks are up. new data from the census bureau, median home, 9%, 72, 2012, calif. seeing the biggest drop with prices falling 102,000, the start of the 2007 recession. we will be paying less than the thanksgiving dinner according to

a report by the american farm bureau. the average family will spend $49 for thanksgiving dinner, $0.44 more than last year. thank falling turkey prices. up next i am going to see if there's a dimmer, that is a revolution. we went out and asked people a simple question:

how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ stuart: the house is debating the fred upton bill which would allow you to keep the plan you have got and which you like

however we are hearing house democrats of come up with an alternative bill. rich edson is following both of these developments. what is the new democrat alternative? >> similar to the efforts democrats in the senate are pushing that the white house announced yesterday that allows you to keep your plan with certain conditions, the democrats say make the insurance plan better that you can keep. these are all ways to get democrats and republicans to vote for their version and by voting for that version procedurally in the house it would kill chairman fred upton's bill. a little political gamesmanship going on. >> the fred upton bills, the mary landrieu bill, no matter what it is all of those bills essentially take people, customers out of the exchanges and thereby disrupt the financing of obamacare at its core. >> absolutely. takes them out of the individual schools and put some back in a

different set and changes the risk pools as it is known so that is correct. stuart: thanks for following this so closely. seems to me there is the revolt of democrats in congress, not huge at the moment but significant. nicole: they don't want to go down with the ship so they're fighting for their own survival of. whenever they turn each other. stuart: if they pass any of them, fundamental financing of obamacare, the present cannot possibly get these 3 bills to go. >> trying to derail the alternate plans. no one knows what is going on, total chaos. stuart: on wall street, a very modest rally all day long

en we are going to hit esses 16 k. >> it could possibly meet today. stuart: what is this stock here, but kyle shot. >> under $1 billion market cap we should note right away but a big move to the downside of of the lows of the day. 25% earlier today. this is one of those stories where a company, a short seller company has said gotham city research said they were, one of the suppliers was inflating the numbers, the fraud, underestimating what sales costs actually were so tile shops in order to make a point says we're going to sever our ties with this particular supplier to prove that is not the case. in the meantime what happens to

the stock? terrible. stuart: i was wondering why we were covering this because i don't know much about the title shot but i know about short-sellers who go after companies and ring the right down. a won't call in a common practice but don't want to get hit like that. it is down 25%, down 7% or 10%. >> at the lowest point it was down $10 but improve the little. stuart: thanks for being on top of that story. it is a big one. ge is offering consumers a wireless dimming l e d lights. not sure what that is but it is one of these gadgets, not that curly thing but from g e's leading consumer business, you have been here before. >> i have been. stuart: when you neutralized my opposition to these newfangled lights. >> we got some good feedback

from you. stuart: and investment kind of guy. >> some options you can keep your incandescent lamp while you adopt new technology. stuart: what you have got here today is something which i really interested in because i didn't think you could put these newfangled lights on a dimmer. but you can. you have got one here that dims. >> i have two that dim. one dams on the rheostat or the dimmer you are used to. stuart: is a switch. >> i can show you that. stuart: hold on, how much? >> this is $10.97 at walmart. stuart: $10.97. incandescence is $0.25. >> this will last 14 years and save 89% of your energy bill you are using with incandescent light bulb. stuart: a traditional dinner, reach out my hand, turn it up, turn it down, it dims, it

lights. this one. >> this is brand new and we have been working in collaboration with neutron electronics. stuart: turn that off. >> i want to buy one. stuart: you could reach out and do that. >> let me turn this new one on. i turned it on with wireless controller. this is not on the market yet. it will be soon. we are working with several retailers to bring it to market beginning next year but what it does is allow you to wirelessly controlled the light bulb. >> i have sold. stuart: i am not. >> remote control, how can you not love a tiny remote control? stuart: never heard of the problem of all these little clickers and remote-controlled paula over your house, nobody knows how to operate them. the quiet. stuart: don't you know there's a serious problem in american living rooms? everyone has three or four

different little clickers, no one house to work all of them, you have to bring the 10-year-old kid in to fix it and you have a endeavour, remote control dimmer? >> this one i can mount this one very simply on a wall like your normal wall bittersweet but in new york city, you are in an apartment in new york city, you have some stock gets in your apartment you want to dim that you want to wire in a dimming switch. you don't want to spend the time to be at home. put this bulb in that sock it, you have got dimming in that application. stuart: the dimming item is within the ball. melissa: how much is it? i am about to buy it. >> we're working through pricing but how much would you pay to buy a dimmer to put on a wall? >> a question for stewart. cheap is an example. >> you pay for a dimmer switch, a good one, $25 to $30 for the

deming switch before you got into the light bulb. we're still working through the price point but it will be a little more, $45 to $40. stuart: when do you expect to have this remote control dinner on the market? >> first quarter next year. stuart: will there be a big demand for this? >> we do. we have done a lot of market research, we talked to a lot of consumers, talked to some big retailers and excited about it. stuart: ge's lighting division behind this ban on incandescent bulbs, you behind that? >> no. >> did you press for? were you one of the special-interest groups writing up his own book and pressing to get me out of business so you could come along with these expensive things? >> i tell you what we did. we fought for you. stuart: no you didn't. you are going to tell me you fought so the i would have the

option of a much more long-lasting bald using more electricity. you sound like obama. you would be better off with my obamacare policies than these nasty insurance companies. >> we set an efficiency standard that we could meet with any technology which was why you can still buy -- melissa: you giving him a hard time trying to get profits on behalf of his shareholders at ge? he should be in their lobbying for more expensive product that will get higher margin. who cares that you don't like those ball. you are the customer, not the shareholder and we are on the side of the shareholder. you needed a little help. i had to help. stuart: he is very good because he turned my mind around. excellent dancers to the questions. lebron come back? >> absolutely. i came back in bullseye. stuart: i gave a three minute commercial for free. >> we appreciate that. we have been working hard since

we were here last time. stuart: thank you very much. we appreciate it. china takes a step towards reform, relaxing the one child rule, manning labor camps. why does that matter? we will discuss that after the break. impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 70% of our mutual funds beat their0-year lipper average t. rowe price. invest with confidence. with investment information, risks, fees and expenses to read and consider carefully before investing.

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stuart: china announces it will loosen its one child policy and began labor camps. let's deal with this one child policy, it is their way around will age pension problems because too many are supported by too few children. melissa: you have to look for the economic club because that is driving the policy and they of got into trouble with this and a sentiment not having enough women to balance the population so they realized the error of their ways and the economic perspective but it is about supporting older people. stuart: the dow jones average is down 40 points $59.24 a is $75 and change away from 16,000. melissa: we could get there. we got to watch what is happening at the white house and the reaction, a lot of sentiment in the market. stuart: obamacare collapses will

the market go up? if you weren't watching you missed me play in the video game. you will see again in a moment.

stuart: the co-founder of polygon joined us to show off the new play station iv from sony. i played it. rolled off highlight please. >> these graphics are crazy. that looks like tv. stuart: they look real. >> some games you play for free are $1. the entry bird set of people who play those games, they directly connect to your mobile devices they're trying to bridge the gap between the two audiences. stuart: i am tempted to grab that little controller thing. so you hit -- moved it.

stuart: look at that. thanks very much, everybody. i am told by was not controlling the player or the basket. >> i am a shopper, not a game of but i am impressed. it looks so real. it changes all the time, gatorade, on want to know the financials behind that, how they charge for that an allied changes on every system. an interesting way to advertise. stuart: putting on your show tonight. melissa: money with less of france's on this network. we have a lot of fun. stuart: thanks for helping us out. we appreciate it. my time is up. dagen mcdowell, it is yours. the ticket is like this basketball. do i get ten points or 20?

how fascinating. stuart: it is your show, go. dagen: more of that. thank you. the insurance industry meets with the president. a temporary fix with the health-care law causing more problems. warren buffett dumped shares but he is loving mobil, up $3 billion worth. more about that 22-year-old founder we told you about how he turned down a $3 billion offer from facebook for the company, kashmiri, talking google to drum up an even sweeter offer. getting it to work, companies getting more out of their employees, boost productivity for video surveillance but how much is too much? that and more this hour, there is never enough. connell mcshane is here on markets now. ♪ connell: you caught that