charles: swipe your credit or debit card it is easy for hack hackers to swipe your information, i am charles payne in for neil cavuto, magnetic strips the cards we use are vulnerable to cyberthieves, some have chips, that makes it tougher for a breach, forr whi house security czar, is here to explain. howard, how did this happen? how did we end up with the anquated equipment? >> it is something we've not

updated, europeans have been using pin and chip technology, there is a chip in there, you have to type a pin in to work. for us, it is easier with a ma magnetic strip. this is the same thing we used with an atm machine 25 years ago. charles: we could use old magnetic strips, this is an unmitiged disaster, a lot of people are saying who is responsible? the target? credit card companies? the industry, this is happening to you oingto -- too often. >> you are correct. is it a bigger thing? the industry of financial service has known about this but has not upgrad the technology, a lot departments on how it happened, if it shows that the retailer do not do due diligence

they need to protect the data is one thing. other question, why in the world are we storing 40 million records of people with credit card information, pin numbers, all these other things, we don't need to do that. charles: do yoo know if they did get the pin numbers and three digit security codes, it was not clear to this point? >> i don't think it is cllar to any of us, the question is, was is just someone in the store swiping, picking up numbers, transit into a computer system, was it somebody that basically of doingn-line shopping that asked for the pin code or cvv, and same information on the mag strip. was that intcepted? we don't know, we'll find out more as this investigation continue but bottom line, this 40 million only represents a little bit of that 620 million that we have seen about the past 5 years, where they there has

been data breaches. charles: i would thinkhat at some point, it would boove the industry, this will be exnsive for all of the players involved. with the chips system, is tre any other thing we should worry about. i am thinking a lot more of my information on a computer chip. does this bring up unique security concern >> that is interesting about pin and chip, a lite bit of encryption, that passes that information incrypted, only way to get to where retailer can use it, you have to use your unique pin. some oth technology like your mobile phone, youave a one me password, otp, you bring it up, it givesou a number that changes every 60 seconds, you punch that in, it is unique, go only for that 60 svery time e things happen, we talk about

this is the wake-up call. but yet we continue to accept this technology, normal way of doing business. charles: i have to tell you, wake-up cl would be, there are class-action lawsuits, howard, u just brought up new technolo particularly use a cell phone, it is it possible we end up skipping second or third generation of card and did to a wirellss system next in. >> that is the hope. two yea ago we released a national strategy for trusted identity in cyberspace, that was the wholedea. jump ahead, get ahead from mag strip technology. and create an eco system it has been slow, unfnded, people don't see a need for it. charles: thank you, howard smi smith. >>oo talking with you. charles: well after that hack, peopleacking off from target, transactions as target reportedly falling by 4% last week compared to year before.

foer office depot ceo said, i guess this is par for the course? >> it is unfortunate that target sales have come down on this target is one of the best retailers in america. they have very advance standards on this, pci standards or payment card industry standards they gov were things likelers, encryption standards and how data are transferred and stories, this is a remarkable breach in that 40 million user lost their card numbers between november 27, and december 15, we know that millions of those cards are showing up on internet blackarket and sold for as much as $100 a piece, if you think about $40 million times a hundred that is billis in illicit money. this is aaluable business to thieves, i think that retailers have to get you know one step ahead of things as they can. as we heard from last fest, they

are move -- the last guest they are moving quickly, one thing to do get awafrom the magnetic stripes, they have all our data, evy time they are swipe all the data are translated, the chip are randomized so they only use one scan per time. europeans have hor advance systems, we need to get to those systems. we need to get to tokennization, you know not having the data sense all one shot, but broken into packets, a lot of differe technologies explored and can be used. this is a situation that affects all of commerce, every retailer, whether it is bricks and mortar or on-line, shoppers should take care in this, be careful where you leave your card, how you use it. when you are shopping on line, you can only use siteswith that lock in the corner, which indicates it a secure site. never give away your socia

security number to anyone. govern all of your dat charles: absolute great points, you started this interview by saying that target was a well-run operation i feels like the odd man out, with respect to retailers, the deep discounters doing well. and mor eensive luxur shops going well. you ran a retailperation, you waffle a little bit, does not have to tar-jay-whachet it had a uple years ago, what does targ do? >> it one ofhe class operators. they kno mor about this than anyone. they were vulnerable to this. their sales have gone down as a result. it is untach nait is unfortunatl recover. they are ready -- they are already offering free track of credit iormation and so on. and incentives to get people

pack in the store, this will set them back. law the are unfortunate -- lawsuit are unfortune that the but they will come as well. charles:our opinion on knee-jerk reaction from chase and other banks that limited how much mon people could use with their debit cards, just a couple days beforehristmas. thii seems a panicky move on their part, does not en gender confidence. >> it is unftunate that credit card maker said that way to control this is to limit aim that people have spent not all have done it, i think theyre trying to do is protect consumers and themselves, this is a blu axe to a problem that indicates we don't know what the issues are. we have federal autrities and secret service looking into this issue. if it is this pervasive, shows you what else can be happening out there. you know, i think at this point,

everyone needs to take step back, becau, this is the busit shopping period of the year. retailers need to make their money in this period. you know the credit card manufacturers and issuers need to fix it new issues chips. charles: there no doubt. it could not have happened at a worse time. you were very informative tnk you, steve. >> great to be here. charles: break out birthday cake, federal reserve turns 100 years old today, ron paul is not celebrating, he trashing the party, he wantshe fed to crash and burn, he is fired up, he is next. next. plan ale announcer ] e new new york is open.

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charles: ron paul was fired up then with the fed, he is not wishing them a happy 100 birthday. 100 year ago president wilson signed the act that created federal reserve, ron paul, he wants to kill the fed before it can turn 101.

congressman paul,lways a pleasure having you on. have a first central bank kill off after 20 years, i second central bank, killed off ter 20 years, why has this beast been allowed to grow foron00 years? >> i think that people are too complacent. the management has changed, they have been able to manage t bubbles and distortions a little bit better, that makes our problem bigger, we're in the midst of the prolongin a of en flaggary period that is -- pro longationf the inflatiary period. hav very structural problem in our economy like unemployment. and steady rising prices, all these things that are continually building and they are witt us. it does not change my mine about the central bankr the federal reserve. charles: but it took strong personalities in no days to get

it sashed squashed after0 years, is thi something we have to live with from here on out, $4 trillion balance sheet, i do not s a noticeable difference on main street from all these fed actions. >> i work to try to work ouray out of problems, gradually reduce spending, back off on the inflation. but, i am convinced after my years of experience in washington, it is going to end in a economic collision, there will be a collapse of it. somethinges equivlent to detroi, the debt becom overwhelming, and people back off on credit. that can happen t us. nearly happened in '79 and '80. but we got by, we tightened up, we saved the dollar for a while. i think that most of them end, most of bad inflationary fiat

currency end. we have eliminated 98% of purchasing per from the dollar that the fed inherited. when people lose confidence, and wake up, saying this is unsustainable, we no longer can prop up wall street, then there a panic out of the dollar and out of the system. i think that the end stages are what we should about. they are getting closer all of thee time, they are getting serious, then we'll be out of federal reserve, and we'll have to do revamping or get rid of it, and have new monetary poli policy. but that is on the horizon, not probably next year. it will be a while. charles: real tough when you describe a dawn of the dead, end of the world fee aso as only w out. -- fiasco as only way out, but human nature is such it takes those things to give us a wake-up call. shifting gears,our reaction to

something that senator reid said, he complimented your son nd paul. >> i met in last few days with randaul, i have grown to really like him. he wan to get things done here. i find ttat throughout the republicans. charles: always feels good when someone compliments your son. political ploy or just -- where does that put you? >> i alws keep my fingers crossed, i am hopeful, and optimistic about young people and the future, about. you kno i would say that is good. i'll keep my fingers crossed. i hope it means something. but from my experience i would not bet a lot of money there uld be a major change. it is same way with negotiations with the iran. i keep hoping this would be a new phase for us, but i would not bet --o these, because of

the nature of human nature of so many of us. so, i don't what his strategy is. by being complimentary, mbe the fact that rand was willing to talk to him, i encourage everyone to at least talk to people to work their differences out. but i don't think this is the great breakthrough that everyone would hope, that peopletarted talking about how to reduce side and scope of government. that is onlyhing to me that is important. charles: to your point, at lst send these people to all of you to washington d.c., to at least bring in a dialogue. maybe a step in the right direct, we appreciate you having you orry christmas. >> thank you, charles. charles: what is more controversial? the controversy or reaction to controversy, next the duck dynasty react that sparked a bigger reaction. ♪

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charles: cracker barrel, ducking controversy, telling customers we were wrong for pulling tuck din--duck dynasty products aftei robertson's remarks, the offended people doing that. is that the danger in reacting to media, before you hear if from voice of your customers rob. i kind of -- you have to commend cracker barrel for saying we made a decision, in haste, and changed our mind quickly. >> i comme them their there are actionsr. robertson can say whatever he likes, in is a free country. he is also entitled too get ramification a&e is a for for

profit show, they suspended th to its clients.rrel is charles: a lot ofeople are wondering, where does this line move, are w getting tt a point that any time someo with noteriy hurts someone's feelings, its town the plug, cracker barrel who initially went that way, pulled back, said maybe that not right. >> i agree with rob. it is about bottom line to me fast natin part is that divide between business conservatives and social conservative, business conservatives sayin this will hurt the bottom line, and shareholder value versus social cservative custor base. i would also say not just aut hurting peopls feelings, in case of craer barrel, justice department found evidence they had been discriminating

employees -- >> woe, where did that come from? >> they are sensitive about the past. charles: okay, now, so you are sayiig that the back story, why cracker barrel reactedo quickly. >> notny restaurant, we're not talking abot olive garden, about a restaurant found to have havhad evidencef discrimination by justice deptment in 2004. >> they were doing what was prudence were the circumstances, i don't watch that show, millions watch that show it was a knee-jerk react, they had time too think about it. how will this affectur business. charles: but we saw something similar with chick-fil-a. >> that is different. chars: how. >> people at chik-fil-a made just ridiculous remarks, their political stance, their corporate political stanc charles: fil phil robert sop rot

backed off. >> norhod he. he mig want to, it is hurting his personal brand. >> i don't think it is hurting his psonal brand. >> a lot of people surrounding him on this one. >> cracker rrel has to look out for its personal brand, i think that hm in long-term given out -- the south is changing its demographics, it is not in cracker barrel's interest to be associated with those comments. charles: itook just a few hours to have this epivn epipha, we're going back to duck dynas dynasty. >> yes, they did. >> theyaid ts is where our bread is buttered.

but moving forward as suit and midwest become more diverse. charles: cracker barrel is in 42 states not just a southern restaurarant any more. >> bk to's a&e, i will be shocked if hey don't let him back on the show, if is a ratings boone for them 92 number charles: the number one show in cable, a lot will be curious. the kind of advertising you could not buy with a billion dollars. but, longer term, do you think someone in real estate right now, say -- in a&e saying if we weather the storm it would hurt us near-term, but longer term it might help to richard's point. >> i think they will ask him to tone it down, if he sticks to his personal beliefs, he will tell them to go fly. that is wh it comes down to, he is a peculiar individual, i've seen only clips of the sh

show. but the uth is, he has his opinion, the right to give it there is nothing wrong. charles: it does seem disingenuous on a&e's part to say, wow we didn't know he felt that way. >> that isis the thing, one thig you say you didn't know how phil robertson felt, but you know cracker barrel a history is well documented. >> a&e knows how this family feels. charles: fantastic stuff, talk to you soon. >> libertarians, they are fighting back against liberal biassed at school, unirsity that is getting sued for messing around with the wrong folks. (vo) you are a business pro.

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refuseo give them money for an even, and say liberal groups get funding for similar events. foundation for individual rights and education president, says thats the discrimination against the group, we did contact university of michigan. but it refused to comment on this suit. greg, fill us in on the backdrop on this. >> a student group, young americans for liberty tried to invite jennifer gat grates advoe -- about a decade ago, and won. they wanted to invite her to be a speaker, michigan was trying to claim they could not fund her speech because it is political. that is crazy, they have hosd th clintons, and president obama, they do all sorts of political evens, but amazing how

universities ercise these double standards. charles: we've heard it before with conservative groups, young republicans, and young nservatis, now, to see i with libertarians, as movement is exploding on college campuses might be a dangerous thing for this university. >> absolutely, we have seen universities try to tell libertarian student groups they have to get into tiny free speech zones on campus, we need more students ll ing to come forward to challenge their speech codes, 62% of university we survey mntain unconstitutional speech codes, we need more students like this to come forward. charles: what goes with those speech ces, is there some intimidation factor? >> a lot of people, student are unwiing to challenge their school they know the administrationors, saying they are nice people, ien to want to sue them -- i don't top sue

them, they are not just fighting their rights on campus but for rights of students across u.s. >> university of michigan invited that sam guest, they would haveotten the okay. >> we found, while they were trying to argue that grats could not be paid for they sent a student on pro affirmative action rally at the supreme court, i guess that was not political. charles: would that group, if they could get funding outside fundin could they host the even without unirsity paying, would they give them the okay to host on campus. >> i this case they wouldly. but at same time, supreme court decided tt it can collect student fees, you can't just hand tmut to just the opinions you agree with. this is really established law. michigan should get -- talk settlement now. charles: i can tell you, they

are barking up the wrong tree. good luck to you. and the kids are you helping o out. appreciate it. >> thank you. >> will ferrell's ron burgundy ads like this one was a success for dodge, what went wrong at the box office this weekend for anchorman 2? you decide. >> we are starting a 24 hour news channel, ande want you. >> have salon quality hair, and read the news. [ male announcer ] e new new york is open. open to innovation. [ male announcer ] e neopen to ambition.n. open to boldids. that's why n york has a new plan -- dozens of tax free zones all across the state. move here, expand here, or start a new business here and pay no taxes for ten years...

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>> him local tv standard barriery. >> ron burgundy, the rear seats of the dodge durango fold down foperfectly flat, and you know

what that is for. charles: his movie, not such a hit in box office, finishing in second place this week bind the "the hobbit: the desolation of smaug." ports on whether seeing ron burgundy all over the place hurst movie sales. >> i think sometimes, we get crazy about these movie launches, and the first day open and expectations, it did better than first oney far. there is a lot of competition out there weather in this country has been crazy. i think tt movie did well considering, i think they are making a bigger issue. charles: how come i have a filing someone in hollywood made the same speech but they did it to save their job this morning. >> it ii possible, a lot of these movie, particularly with known stars, they pay a lot of money to have huge expectations,

the budgets are big, this one was not as big as some. and maybe they over promised their management in terms of what they deliver, interesting thing for me is a linement of ron burgundy or will ferrell with dodge, that was an interesting pairing, not one i would have picked, but it is working. charles: it is working, fantastic. i guess irony is that better that it work over last few weeks, the higher the expectations bece for the movie. >> yes, i think so, you are seeing key character out there in his character form, which is not usually seen. when you look at an ad, you see celebrity in their real life, that was fun, and unexpected. then you think that generates the awareness that generates more box office sale. it might have been, maybe the sales of movie would not have been this good had itot been for all of the attention that character got by being in the dodge commercials. >> you know, you talk about you

know all hoopla over first week, and expectaons. is continue this movie one -- i't this movie, one where you don't hit it pig o bigot first t is down hill. >> it has been the case, with so many movs coming out, this time of year, i usually find that the movieshat are about comedy, that get good word of mouth can do well som of the weeks out, 2 or 3 weeks, i have not seen the moviity, i have seen mixed review the. but they are expecting big numbers during the very first weeks in particular holiday period like this. i gather they are disappointed. but relativto their oginal hoping movie i think they did well. charles: i have not look at numbers adjusted for inflation. i am sure someone is doing, that the next week this week, so many move are coming out.

-- so many movies are coming out, it feels that hollywood is cannibalizing itself. it is dtined that something will be a disappoin disappointm. >> absolutely, there are too as not been coming out, weather great. there are so many choices, there is so much competition. but what movie companies have realized is they haveb threat of hands for -- their best chance for bang up big sale success at holiday periods, word of mth spads quickly, they got a lot of business in a srt period of time, maybe that is not the answer any more, maybe off season will get the movie more attention, and build aware nenes and less e expensively. chles: i think i le to come in number one off season with.

that just me, really appreciate and enjoy the week, we'll talk soon eli. >> thank you, so much. charle president obama, is home for holidays. th less than 1% of hawaii yaps able to sign up for health care in the aloha state, should the president be fixing his home f

charles: surf is up for hawaii health exchange. less than a half of one percent were able to sign up. they are running ou out of fedel

funds. the president should hadn't lend while at home. i guess president has changed so manyith this law, maybe he can cut them a check too. >> hawaii could use help, this law, should be taylor made f president's home state is not @%ing well. in fact, it highlights a concern, hawaii is a state tt has as president would call it, income disparity. there should be a lot of people who want to sign up for health insurance. but somehow it does not seem to be working out charles: why would that be? to your point. president is from hawaii. it seemed like a perfect backdrop for law? >> well remember, there is a lot @% demand for the law in part because they cancel so many insurance policies under wa it,

they were going to launch the law with success. they canceled millions of pocies, created millions of new customers orbamacare. the assumption of you guaranteeing success. as to turns out we have people o can't get through to get insurance, god help those individuals who are waiting. what may be the deadline trying to purchase insurance before time runs out. so have you those people. then have you other people, as a result of sticker shock, say, they will not knowoll -- not enroll, they will see what happens, ty are going without insurance, with insurance companies now having to cover people with preexisting conditions, that is not as much as a gamble as it would have been under the old regime. charles: you are talking about reflt of the lay and the problem. -- reflection of the law, and theem be the way to go about this.

a training will period -- transitional period, you kick the can down the roa but restart this. is this only really smart option. >> what mansion is talking about a pause, sort of -- see if water finds its own level. administration is excited, the will sign up for a lot more people for the welfare program, for medicaid, not good covere, but it is health insurance. they will sign' a lot of people for that, democrats are happy about that, it costs a lot of money, they are happy to more people covered. as far as how many people want to buy product. mansion is saying let's take a year, see how many people voluntarily want to come io the sim, then reasset on the cost. what president said, is, ramming speed, you have to keep it going, you have to keep implementing things, if you don't, what will happen, he i

probably right, i they get to a pause it wil never be imminented in full -- implemented in fulll the law will go to the scrap yard. charles: at this point, pces are it already discarded. it is a quilt work if you will, a patch here, a patch there. i don't know if you drive down freigh48th street, with construction this is what the law is looking like. >> president, one of central point from president a his time, republicans are po blame in part -- to blame in part for problees, they love to point out that republicans are voting to repeal it, why don't they help us try to fix it. ifou look at states like hawaii and maryland, minnesota. california, and in particular oregon. where they have blue on blue on blue on blue, they are democra .

if you look at states like this, they are having terrible problem with this law. it puts lie t the idea that problem of the implementing of this law, and interest in individuals signing up is some way -- it suggestions that appetite is note there are for products offers. charles: i think that president will h have a real serious probm within his own party, we got a glimpse of that with comments from mansion. d other things from democrats. i think that president will have some serious issues with his own party into midterm elections. >> we don't ride on the west side highway. but we know what a gravel ro feels like when it goes cord roy. >> it has, thank you, chris. we'll talk soon. charles: if everye is feeling down, why are stocks up? the end of the year warning that could mean what this really is

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charles: stocks continue to hit all-time highs, are investors about to be high and dry. i'm going totart with you, derrick, a lot of people are getting ant see about the market. >> right now market looks good, my kids like to go to movies,s we watch the lea 3-d movies, i k about glasses they wear, some are wearing their economic glasses for in it is a wonderful life for others a crummy life, all perspective on how they look, their portfoli perspectivs

things look bad, but have and have-not play it out, think that econo looks pretty good right now, we may see market keep going higher and higher, scarier that is too believe. charles: a lot of people are loing at theic we the economy wr goggles on. to them, it is ugly, only way to get through it. >> and key with that is, a big devicive between have and haveots, if i am at home, thinking could am i going to lose my job, howm i paying for my health care? that could cause me enough worry to not put money into long-term investing but pay for the bills right now, therefore i miss out on this economy growth, if people can safe, ltle dollars each month can go a long way for long-term. charles: i don't buy t whole

wrap that individuals are wrong, if there is a general epiv me, epiphany an people come back into the market they are women that wrong that experts have us believe. >>ustification, charles is simple. there is a tremendous amount of money out there. arles: people saying that money is money that fed printed up. >> that is right. you look at j.p. morgan. a numr that blew me away, jpmorg cash flow,his year, is 50% of the capitalling a, no lending, that money what seeps out threw banking system goes into the stock market. it is likely to go higher,. charle how does that work? you say that brokerage firms buy stock. >> yeah, lending money margin,

that stuff, prevate equity firms gives a big push to stock market. this is goingo end in tears not with smiles. this market will continue to go up this is history. charles: we are going up. >> i don't know how many you are giving back. but basically market don't go down big ime unless there a big time catalyst. people have to watch for, whether in our out of the market, is a catalt like a big spike in oil. last thing on abody's mind, oil goes up because of fracking, it will. charles: a black swan, event. >> yes. charles: app. hehere it is apple signing a mar deal, could lead to hundreds of that deal in china.tomers, with

steve, apple, is it a buy? >> oh, do i think? yeah probably, not an expensive stock. charles: don't give he that probably junk, is if is it i ar not. >> you never i think that stork, there are better stocks, i think china has done something shrewd for a change. they are eating our lunch every which way. they me a deal with apple, a way for china to get the ewa out there. >> derrick? >> keep in mind, what this does, it accesses 700 million subscribers o china h mobile, this is about the bigger apple

bran unveiling itself to china community, aaple products are like potato chips, you can't eat just one, in our house for example from a phone to several other devices. charles: right now we're talking about night cap. what do you look for tomorrow? >> big news tomorrow, new home sales >> i don't think there will be big movers but i don't think the market will be up. >> no vol okay, you i don't

think it matters who home saae sales go. >> santa claus rally. charles: no bck swan tomorrow. >> no, it comes when it comes, if we knew, it would not be a black swan, but it is their, if you see oil p, get out of the market. >> derrick anything that right now would raise a re-- red flag, oil or anything else? >> i would keeeep an eye on microscope, fed stimulus, they talk about easing back in january, how does this unravel itself. leading to how quickly the economy keeps going. watch what the fed does, and how they communicate how the economy is doing. wall street is watching,. charles: all right, well wll have to leave it there we were told that tapering would crash th market.

we're up 500oints, maybe ben bernanke got it right. you guys can take a victory lap. i appreciate you watching thank you. we'll see youater. >> christmas is almost here christmas miracle, so man government agents areeaving lumps.