♪ >> technology steals the headlines again. i'm charles payne, stuart will be back on monday. today, here is the big story. big names driving the news and driving the markets. you know them all, you love them all. google, apple, twitter all getting a lot of new buzz this morning. check this out. google developing a contact lens that helps to fight diabetes. we've got reactions from the stack angle, the tech angle and medical experts. twitter, finding another way to make money. should amazon be worried? and apple's iphone goes on sale

in china. 200 more expensive than they are here. let's multiply that by 1.14 million. and president obama addressing the nsa scandal, saying he's going to overhaul the whole program. what exactly does that mean? hold on tight, here we come. "varney & company." ♪ [ male announcer ] this m has an accomplished research and analytical group at his disposal. ♪ but even more pressive is h he puts it to work for his clients. ♪ morning. morning. thanks for meeting so early. oh, it's not a big deal at all. come on in. [ male announcer ] it's how edward jones makes sense of investing. ♪ there's nothing like being your own boss! and my customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. maybe a promotion is in order.

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>> we've got big obamacare headlines to deal with. we know just over 2 million americans have signed up for the plan. but who have signed up have paid for a plan? according to censors for medicare and medicaid who testified before congress yesterday, no one knows, listen to this. >> the most important number as has been reported by many news outlets is whether individuals have paid. does the administration collect this information? i'm just asking, do you collect

this information? >> right now we're not, but we will be. >> so we don't know at this point how many people have actually paid for coverage? >> that's right. charles: one of the reasons why we're still unclear how many people have actually paid, well, you see, that part of the website still not functioning properly. and we're starting to see more and more democrats distance themselves from the president over this disastrous obamacare rollout. the latest is democratic congressman from arizona ann kirkpatrick teaming up with the democrat supercommittee and releasing an ad to distance herself from obamacare. check this out. >> ann kirkpatrick listens and learns and why she blew the whistle on the disastrous health care website calling it stunning ineptitude. charles: that's a stunning ad and security experts are telling congress, exchange website, all are not safe from hacking attack. and we're going to get the latest from a hacker who

testified before congress yelled. right now the futures higher? well, they're kind of mixed. yesterday was a down day in the market. listen we're at a pivotal point earlier in the year and we need to finish higher. is this rally going to go higher or a major pullback? we're looking for signals of a correction. we'll kick it off with the opening bell next. ♪ [ bell ringi, applause ] five tech stocks wi more than a 10%... change in after-market trading. ♪ all the tech stocks with a market cap... of at least 50 billion... are up on the day. 12 low-volume stocks... breaking into 52-week highs. six upcing earnings plays... thatecently gapped up. [ me announcer ] now the world is your trading floor. get real-time market scanning wherever you are with the mobile trader app. from td ameritrade.

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♪ you, my brown-eyed girl >> we're not sure if it's a break through, but this new contact lens that manages diabetes further proof that google is the new conglomerate of the 21st century. more on that throughout the show this morning. let's head to chicago. tres knippa, this has been a rocky start to the year. the day we might be actually down for the year. are we consolidating or is this the beginning of the long-awaited correction? >> it's pretty hard to talk about a correction when you're this close to the highs. it's a little unconvincing right now. i'm going to wait. granted, some of the earnings stumbles that you've seen i guess gives me a little bit of cause for concern. i don't think what's driving this market is earnings. if you want to see a correction, check out the action in the japanese stock market or the nikkei. you want to see a market that's

corrected, there it is and the reason that's important is that we should be learning. isn't this whole idea here, if you increase monetary policy, that's what they're doing, they're doubling the money supply in two years and everything will be okay and growth will follow and guess what? they just made a new record for a current account deficit. whoops, something is wrong with that model. we need to learn from it. charles: a lot of things this week we need to learn from. sharp decline in some of the stocks a yellow if not a red flag. thank you. and steve forbes and sandra smith are here for the whole hour. steve, i'll begin with you. to me i feel like it's been 835 days since we've had say a 10% correction. it feels like this is as vulnerable as the market. >> if you had a double nasdaq up 38%, a pause that refreshes, i don't mind. i think barring a foreign

policy crisis, which is a very real possibility this year, this market should do just fine. the fact is-- >> where do the policies crisis come from? it feels like that -- we've got some issues and hot spots, where could we get a black swan event in foreign policy? it's not black swan, it's in the middle east. israel, hezbollah as never before. israel has to make a decision soon what if anything about iran and the shiite civil war going on over there. bad stuff. so you can get a real blowup there. charles: sandra you're more in line with tres knippa in the sense that fed policy, a shift in fed policy makes the market more vulnerable than the past couple of years. >> we didn't see the selling until the fed said taper. i think that the stock market rally is closely tied to the fed's policies and at the end of the day, goldman sachsasking are stocks too expensive avr

avrillying 30% in 2013. however, i'm going to point back to history. anytime we've had a stock market rally that we had in 2013, the next year typically saw another rally, a small rally, but typically did have an up year and i always consider history. charles: so do i. we also have to say that the common sense aspect we all know, you can't just go straight up forever. you have to have a hiccup or two. >> and the fact that people are so cautious i think is a bullish sign. charles: i'm a contrarian as well. what we call an economic indicator, ups said the large surge on holiday shopping squeezed its bottom line. nicole, where are the shares this morning? >> they weren't able to deliver some packages on time. they're cutting their guidance for 2013. the stock is down 3.1%, 97.37. as you noted the holiday season sort of took them by surprise. of course, they set records with the amount of packages they did set. it was a shortened holiday

season, six days fewer between thanksgiving and christmas, and the last minute on-line surge of shopping really took them by surprise. charles: yeah, well, it's reflected in the stock. hold on there, nicole. right now i want to go to the market watcher tom layfield, joins us from bermuda. let's start with best buy. a huge drop yesterday. what does this mean for best buy? a lot of investors thinking maybe it's oversold. >> it could be. best buy is a good company. they've had a problem with the turn around, a slow december sales which a lot of people did. you look at companies like j.c. penney, like sears, which are probably not good comparison to best buy. best buy is a much better company. and retailers are hard business and fallen behind the curve. charles: and brick and mortar is a harder business? >> people are going to brick and mortar, you feel it, touch it and end up ordering on amazon. people are using these like

show rooms. and you used to use the sears category to order, but they order on-line if they're getting the best deal. charles: let's talk about on-line and move to yahoo!. second in commend gets fired and overnight the editor in chief quits. john, i know you're a fan of marisa mayer, it feelses like it's on her reputation and alibaba and nothing she's actually done. and now another exec out and it's not necessarily a good sign. >> it may be a house cleaning. we don't know what's happened with the editor in chief. i think that marisa mayer has done a good job. it's up 130% since she took over yahoo!. i would not buy yahoo! right now, but i still think she has a chance of turning what most people never have a chance of turning around and that's a dinosaur that was headed to the tar pit. getting katie couric to come on-line.

i don't know a woman past-- not a woman, any person past what the internet age is is going to draw a lot of viewers to the internet. i like what she's done and the fact they're going to on-line content. charles: they say we're an on-line content company, not a search company anymore. last but not least, twitter. it's teaming up with amazon with an on-line payment company and using products directly from the twitter feed. does this change the dynamic and make the stock a buy for you? >> absolutely not. i like twitter, like the company. the ceo did a wonderful job, but trading ridiculous to revenue. 40 times the revenue or whatever it is right now. that to me, i just can't justify that. i love what twitter is doing. nielsen ratings are a terrible antiquated system. they're becoming the player in the live media and a player in the payment system. this is an awesome company, i think a game changer, i just don't like the valuation here. charles: take a look at the google stock.

they've got a device and could change the lies of 20 million people that's just in the united states that suffer from diabetes. it's a microchip in a contact hence and detects blood sugar levels. john, do you think this could be a game-changer for google? >> not a game changer, but you have to do so much to move the needle when you have as much revenue as google has, diabetes is the biggest problem the united states has as far as health. it's huge what they're getting into and the fact that google is using their money to become the private version of skunkworks. when you have a company like apple and the only thing they can do with money is give it back to shareholders, it shows the management is not very creative. google management is creative. charles: i love that point and investors love to see companies put money to work. the buybacks and other. i'm jealous because you're from bermuda, but it's 50 degrees here and not as jealous.

the wall street forecast reveals that 57% of economists do not support extending jobsless benefits and do not raise the minimum wage either. steve forbes, this is a central issue in the mid term elections and even the presidential elections. economists aren't necessarily known for being passionate. they're just numbers guys. so does this translate to the real world? >> i think what republicans, they should have known this was coming, the white house signaled this several months ago, they're going to wage a fight on the minimum wage and equate it with prosperity and republicans need to make the point most of those go to teenagers, part-time workers and the like and it's going to hurt the very people that need it the most, those who get it starting out this thing is a job killer. 85% of the research comes to that conclusion and they've got to fight it on this is a job killer, we want job creation and come up with our own-- >> sandra, to steve's pointless

than 3% of people make minimum wage, but the way they've framed it not to have a livable wage that people try to feed kids on this and that's a heartless problem. >> that's not the point to be able to live on minimum wage. this would be a jobs killer for a college student or anybody who needs a part-time job or a full-time job that makes minimum wage. businesses have already spoken out on this, not willing to hire in an environment where they're willing to hike minimum wage. economists are the numbers guys, we're looking at this, we can't afford the jobless benefits to extend, and when it comes to the minimum wage, this is not the environment you raise minimum wage. >> although the democrats think it might be the central issue for winning votes, a lot of times, two different things. go back to nicole, two stocks are hitting highs, first, american express. >> right, both hit highs, let's start with american express, 3.7%, upgraded over at susquehanna, 107 target. $104 target and obviously came

out with numbers that topped wall street's estimates. >> i think you've got another name for us, too, hitting a high for us today. >> morgan stanley looking good. 3% today. a new high, 32.95. had a fall in quarterly profits and legal bills, but the earnings did beat the estimates and that $33 right now. and a new high for american express and new high for morgan stanley. thanks a lot. nicole, john layfield. are you with us? quickly, 30 seconds, oil services the drillers, you happen to like those, which are you buying now? >> sea drill based out of bermuda. and 9% yield. one the youngest. and insco, and i even both of these and mixing privatizing and opening up the energy sector i think is going to be here quite a while in a bull market. charles: you're playing the idea that we've got to drill for more oil around the world and these guys are sort of a pits and shovel kind of thing? >> absolutely, yeah, i'm playing on a couple of themes and one of the main themes is

people are going to start drilling for oil everywhere, you look at the renaissance in north america. the privatization in mexico is really a big deal aad i think these are two great ways to play it. charles: i hope mexico's new president lives up to the pre-election hype. a little waffly here. and we're up 10 points all over this morning, and we're just about flat or even for the year, it's been a volatile year and we're just two weeks into it. exchange.com. you want to talk about volatile. far from secure, tens of thousands of people's personal data vulnerable to hackers and appears the administration is doing so little to stop them. more from this man after the break. >> healthcare.gov is a major target potentially for hackers looking to steal not only personal 0 identities used to steal their identity.

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think of an organization like microsoft. microsoft spent 30 years trying to secure their operating system so to think that you could stand something up this quickly and secure overnight. well, that's very hard or almost impossible to believe. charles: so, essentially what we're talking about is a problem that was created in the very beginning, there was a rush to get this thing out and a lot of protocol wasn't used, the vetting system wasn't correct. we had to have it at a certain time and driven maybe by some sort of ego or public relations, rather than actually doing it the right way. having said that, a lot of people say the only way to really fix this thing is to scrap it, completely scrap it, start from scratch. is that the right alternative here? >> well, that's one approach, but the other approach is that at bare minimum, let's bring in some independent outsiders totally independent. let's let them look at the site and see what kind of problems they find and put some type of mitigation in place to try to fix those problems, at least to

start with and see how bad this really is. you know, normally when we do assessments, we try to do this in such a way as where we look at it the same way the attacker would and see what the attacker would fine. at least to begin it let's do it that way. facebook and others do this, they bring in individuals and they also welcome input from outsiders as far as to help problems. we need to do that, also, with healthcare.gov. >> do you think that the department of health and human services is up to it in the sense that they're against the law from congress requiring them to state publicly if there have been security breaches. target had to do it, that's the law, but they're fighting that law. they've even had the mentality to do this thing? >> i don't know. that's one of the reasons why we need to bring in outsiders to look at this, and the other real issue that you're bringing up, is the fact that the actual number of attacks or probes against this site that they've reported are actually quite low. one of them was like 16, i believe the other one was in the 30's.

that's a very, very, very low number. normally in sites we look at, we see anywhere from hundreds to potentially thousands of hits a day. >> so you think there's a coverup here? >> i don't know if there's a coverup-- yeah, i don't know if there's a coverup. it may actually be that they're not detecting the stuff and not picking it up to begin with so they don't actually see it's there or the attacks are actually there and they, you know, are covering this stuff up. it's got to be one of the two. charles: michael gregg, coverup, ineptitude, whatever it is, we're all vulnerable. thank you for your expertise. >> thank you. charles: steve forbes on reinventing american, the next industrial revolution here at home and he's going to kick it off in chicago. talk about odd bedfellows, it's a big topic next. ♪ every breath you take, every move you make♪ ♪ every bond you break, every step you'll take i'll be

watching you♪

>> great day for apple, they start selling iphones in china. and it can be yours for only $874. disappointing profits at capital one financial and down she goes. there is the stock coming up

soon. down almost 5%. and we've got steve forbes with us and he and chicago mayor rahm emanuel announced the reinauguration of the chicago summit. they'll bring in entrepreneurs, academics, elected officials, all in one pot together. what's the goal with all of this, steve? >> to brain storm and discuss and to move ahead, true reindustrialization of america. you mentioned earlier, the energy revolution we're having in this country, cheap energy, a lot of firms that went overseas are coming back home and with the constant good supply of cheap energy you'll see it applied in ways you haven't before. chicago seemed a good place to do it, center part of the country and east coast, west coast and mid america is surging ahead. charles: for the last three or four years i said we should have something akin to the chicago world's fair. that, a lot of people argue, kicked off the second industrial revolution and consumerism which there's a big backlash again. are we even set up in this

country to even embrace another industrial revolution? >> the nice thing about this country there's still enough freedom for the entrepreneurs to do it even if the rest of the country is oblivious to it. google, 15 years ago, google was a number not the great search engine and doing everything else in the world. yes, it's going to be done and bringing people together, brain storming, as they make things happen. >> i was looking at the cast of characters, sam zell in the picture. a big chicago guy, a huge success story. these are a lot of great guys. >> harold hamm, another great guy, dave cody, good things with honeywell and rahm emanuel, a mayor having to get real things done to focus on how to get things moving. charles: steve, i'm getting a wrap signal, why aren't we in an industrial revolution, with technology and-- >> it's happening, and it's part and parcel bringing that he thinks to something underway. >> you're always ahead of the

curve. thank you for joining us. and another hour of varney, we're going to talk about the google diabetic contact lenses and some are calling it revolutionary, has the possibility of changing the lives of millions of americans, billions around the world, maybe. it's important to see how this thing develops. . >> oh, it's my contact. oh, now i've got two in one eye. ♪ [ male announcer ] how did edward jones become one of the biggest financial services companies in the country? hey. yos? not anymore. come on in. [ male announcer ] by meeting you more tn halfway. it's how edward jones mas sense of investing.

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charles: well, the markets trying to scratch out the first positive week of the year, and while we have this, google getting into the medical technology business. a contact lens can help manage diabetes. jeremy kaplan loves this and dr. segal, he's here too, and we also have dr. ablow on the cancer blogger who's getting criticism for sharing her battle online. is there anything wrong with that? and there are a lot of things wrong with obamacare, so says one lawyer who uses the term poison pill. china's going to keep buying u.s., and, well, we have ourselves to blame, monica crowley here on that. and i am so sick and tired of hearing people say the only reason the market's up is because of the fed. we've got a man who's got three stocks overbought to prove his point. hey, this is going to be a lot of fun. ♪ ♪

charles: all right. google already dominates the internet, and they've made a move into military technology, robotics, they purchased a robotics firm, they're pioneering wearable technology with their google glass, and not to mention that they dominate the mobile phone space with the android operating system. and, oh, by the way, google is a search engine too. but now they're making inroads into medical technology, announcing a contact lens embeddee with a tiny microchip that will let you monitor blood sugar levels for die diabetics. jeremy kaplan says this is going to be a game changer. >> this is a great application of technology, google doing what they do best, innovating. charles: okay. now, there are some people in the tech world who kind of yawned at this. apparently, microsoft had the same announcement in 2011. in fact, google hired the guy at microsoft be who was running the

operation saying that's really hoe hum. >> very true, but it's a great example of who is doing the innovation, because the guys in the labs came up with this concept, google says it's great, we'll pay you to keep working on it. >> wait a second. what we're talking about is, basically, sensors in your eye in your contact lenses -- >> right. >> -- with a chip in there and a wireless chip and sensors. i've got to say, do we really want electricity in our eye? what next, you going to try to fix cataracts with this contact lens? i'm kidding, but there is this concern about that, don't you think, having electricity so close to your eye? >> absolutely. it's sending the readings wirelessly somewhere, probably to your smartphone, so you've got a radio directly this your eye as well. the fda definitely needs to take a look at this, and it's years until this is going to happen. >> can i just give you follow-up twitter feeds. one person said get out of my head, google. [laughter] and then they wrote will google next create a computer that's

better than apple or ibm? the twitter verse is afire. charles: they are using the internet to make the point. [laughter] it is, i guess it's advancement. and to your point, these old, lumbering giant, you know, it feels like whether it's the microsofts of the world, intel just had a bad earnings report, they're really losing steam to these upstar starts -- upstarts who are willing to try almost anything to think out of the box. >> google's got vast cash reserves, and they're throwing it at whatever happens. wearable technology in all of its forms, here it's in your eye. all of these concepts that they just keep throwing out, and some of them stick. that's how you innovate. charles: hey, monica, you know, the privacy stuff, google so teach into our lives. they're going to know, you know, how we keep our room temperature, they're going to know so many things about us, and now this information -- yeah, right now you could detect

glucose, but maybe you could detect my feelings, you know? maybe it's like a mood ring. how much do we want them to have into our lives? >> and bill hemmer said this morning maybe you blink once, it turns the lights off, maybe you blink twice, it makes a cup of coffee. charles: but you love it though. you have nothing to hide, so it doesn't matter to you. >> i don't have anything to hide, all my stuff is out there. [laughter] look, i think we have to put a little bit of faith in these companies, and if they do wrong, we'll hold them to the fire. >> yeah. but that requires a big element of trust, and literally google now is in your eye. not only are they in your computing, business and every part of your life, now they're literally going to be in your buy eyeball and maybe other places where the sun don't shine. [laughter] charles: you need help. >> google was working with the government in this terms of the nsa -- charles: right. that's the point i wanted to bring you in on, right. >> how can you trust a company like google when they say, trust us, we're not sharing your most

personal information with the government or anybody else. >> i would argue the problem was not with google, but with the government. all the nsa spying stuff, if the government says you have to do something, you have to do it. when i talk to them -- charles: yeah. i guess another argument is just that any entity that has this much information on us, it's hard to control them. >> by the way, what if you use visine? [laughter] charles: that's why i think we need the next five years to get the kinks out. jeremy, thanks a lot. markets open 30 minutes, we're trying to scratch out a winning week here. it's been a rocky start to 2014. want to go to nicole with this specific stock, electronic arts. how's that working out? >> reporter: right now it's up about 10.5%, 23.83. i have to say we were just reading a note from cowen this morning that talked positively and even alluded to the fact that the company's likely to beat their december numbers. so that's good news for

electronic arts if that's to come to fruition, and we see a pop on that news. charles: yeah. it's interesting because earlier in the week gamestop got hammered and electronic arts is up. it just shows you, video games going well, the brick and mortar version not. twitter is teaming up with an online payment company that's going to allow users to buy products directly on twitter. sounds exciting, how's the stock reacting? >> a whole new concept for twitter. 5.3% to the upside, 63.86. you talk about possible transactions with twitter, they're working reportedly with an e-commerce company called stripe. buy rating on the $75 target, so twitter early this year -- early this year, right? we're only on january 17th -- charles: it feels longer. >> the beginning of january a lot of the analysts started to hit it and say it's a niche stock, and then this last week or so there's been a real turn

around, and the analysts are liking this one again. charles: thanks a lot, nicole. want to get back to this google contact lens. nearly 26 million americans suffer from diabetes, and that's about 8.5% of the population, and it costs the ccuntry $245 billion back in 2012. we've got dr. segal with us too, fox news medical contributor. will this device change people's lives? >> it's too early to tell, but i actually think it will. google went into health market back in september and started a separate company, and they're trying to deal with diseases associated with aging, charles, and this is a big deal. i'll tell you why, because when we treat diabetes, we guess. in other words, we do a test in the morning, maybe if we're lucky, you get another one at night, but that's about it. you're guessing the rest of the time, and you approximate treatment. with this contact lens -- and google is talking to the fda about this -- if this contact lens measures the sugar inside your eyeball every second, we

could have insulin adjusting to that the same way the body works and much better control, much less problems with diabetes, and health care costs will go down. it could be enormous. >> sorry, charles. doc, what about having, you know, sensors in your eye and electricity in your eye an issua concern? >> it's not really -- great question, liz. it's not really electricity, it's -- >> it's a computer chip. >> right, that then has an antenna and beams it to a computer somewhere. a doctor could literally have it in their office online following somebody's sugar and adjust the amount of insulins that's delivered. i don't think there'll be any issue with shock or anything like that, it's a wireless situation. the real issue is how accurate is it going to be, but i like the idea of going to a part of the body. people don't realize this, but the eyes really give you an idea what's going on in the bloodstream without getting into the blood, so you don't have to get a finger stick, have something under your skin. it could be very, very easy to

do this through a contact lens. i think they're heading in the right direction. charles: on the one hand, doc, i've got to tell you, it feels like we've given up the preventive war. last week we had a pharmaceutical company that has this new drug because we let our livers get so fat and then we get cirrhosis of the liver. it feels like the easier we make it to live with these problems that we bring upon be ourselves the less likely it is we'll start changing our habits that are destructive. >> i think, charles, first of all, that's a very important point, but i think we can do both at once. we're talking 380 people with diabetes right now, and the projections are in another decade it's going to be over 500 million. so -- in the world. so this isn't a huge problem. it's a huge problem in the united states. we have to do both. we have to increase our exercise, decrease our weight. but if you have diabetes and a lot of people really are worn with a -- born with a tendency where it's not their or fault. well, this'll be a great

treatment, a great way to analyze it. so we need to do both. we shouldn't get laidier, we should get smarter, exercise more -- lazier. charles: dr. segal, have a great weekend. senator bernie sanders from vermont ripped walmart about income inequality yesterday. take a listen to what he had to say. >> do you think the walton family, worth $100 billion, is in need of welfare from the middle class of this country, or do you think maybe we should raise the minimum wage so that those workers can earn a living wage and don't have to get medicaid or food stamps? charles: we've got monica and liz here. liz, to you first. he's leaving a lot of stuff out there, being a little vague on the facts. >> yeah. none of us, we're reporters and columnists. we're not talking in defense or, you know, against walmart, we're just reporting the facts. and, you're right, he is leaving out a lot here. and this is now a personal attack on the walton family that has taken off on the internet with the faces of the walton family, and that's dangerous for

them. let me back up. walmart has repeatedly said and reports have indicated and journalists have reported they do have great benefits. walmart workers like to work at wal-mart for the benefits. the health men tints this some instances are better than health reform's own benefits. free preventive care, free vaccinations. also retirement went fits as -- benefits as well, education assistance too. so that is often left out in the discussion. also left out in the discussion, d.c. policies. washington policies that have created income inequality. charles: right. monica, this is a battle cry for the midterm and presidential election, the haves versus the have nots and the greed factor of the haves, and they really despicably don't want you to have anything. >> yeah. and this is the battle cry of the socialists. and we have seen this now in this country over the last couple of years, you saw it in the occupy wall street movement, in a lot of the rhetoric coming from president obama and other

people on the far left. charles: monica, why do you think it's going to work though? why do they think it's going to work? why is this is central element to their battle plln? >> you know what? when you're talking about true idealogues, and they're not concerned about making policies work. charles: votes with this? >> well, they believe that they can get votes with it because it's a huge wedge issue. it's about driving envy. >> right. >> it's about pitting people against each other instead of having a unified america where it's an ambitious country. the country is built on aspiration that you want to get into the wealthier class, and you can do it through hard work. what they do is pit people against each other. that guy is rich, you should be envious of him. you should take from him so you can have a little more. >> deeply, profoundly cynical is what the message is coming out of bernie sanders. charles: well, they think the it's going to work. hey, i'll say it again, even when the fed does stop printing money, you can and will make some money in the markets.

hey, let the market pull back. the key is you want to buy great companies and great industries. i'm going to have a debate with dan schafer, he's our favorite eternal bearks right after this. >> gdp -- >> i deal with individual investors every day, none of them are overly enthusiastic. even people in this market, they are so afraid. it's not like disturbers of money coming in, you've got rotation out of bonds into equities, but that euphoria, i don't see it. welcome back. w is everything?

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charles: pram ma set to announce some changes in the controversial nsa spying ram later today. rich edson is at the white house. rich, what are we going to hear from the president today? >> reporter: good morning, charles. what we expect from the president is much further review about these programs. he's going to kick, according to senior administration officials, much to have this to -- much of this to congress, the intelligence committee. many of these authorities expire by march 28th, so before he reauthorizes that or seeks reauthorization from congress, he's going to rely on the intelligence community and congress to input, figure out what this system's going to look like. one of the more tangible things the president will announce though is that the nsa is going to need a judicial sign-off to

access that metadata, people's phone calls. all that gets caught up in the nsa system right now. government officials need a court to sign off before they access it, but much of this going forward is going to be up to input from the intelligence committee and congress. there will be more details when the president speaks, scheduled for 11:00 this morning. charles: rich edson, really appreciate it. hey, want to get back to the markets. joining us is market watch or dan schafer. dan, you know, we know you're a bear, but today you actually are going to point to three names that have rallied in this market, and you say specifically because of the federal reserve. >> yes. charles: okay. let's start with the first one, apple. >> okay, ask me why. charles: i am asking why. [laughter] >> every night, charles, what do you hear oo tv? the dow jones, and you hear the s&p 500. so where do you think the money's going? if you look at -- charles: what money? >> the money that's coming from the federal reserve into -- charles: can you walk us true that? >> yeah. charles: the fed buys mortgage

backed securities, how does that money end up in the stock market? >> their buying through the banking system because the banks are holding a lot of debt on their books that they need to get rid of. a lot of that's nonperforming too. so the federal reserve creates these dollars, and they buy the debt off the banks' balance sheet. is the bank lending the money? i don't see it happening. the parameters of getting a loan today are horrible. so the bank has the money. what are they going to do with it? are they just going to sit on it? they offer all these tier levels in banking that we don't get to see, so what are they doing? they're farming the money out to their best clients with the top credit rating and they're buying stocks, or the bank's buying the stocks. they're going to buy the stocks that move the indexes. so what moves the index? charles: okay. let's backtrack a little bit. my beef with the argument, the fed argument is that it's been made for four years, and it was made primarily as a cautionary reason not to be in the market. i'm not saying you, but in

general. most of the guys say the insinuation is that as soon as the fed gets out of the way, the market will crash. so don't buy stocks, instead buy gold. and that argument has been completely wrong, and it's crushed a lot of people. >> right. charles: they bought gold which is now down. >> yes. charles: okay. so i just want to get back to the original premise. now, let me just hit you on apple for a moment. apple's got an 11 pe. it's down 17% from the all-time high. i find it interesting that you would pick a stock that most people would consider cheap to say it's overvalued because of the fed. >> because it's the leading stock in the s&p 500 index. if you take the first ten stocks in the index, they represent a major portion of the s&p. because it's a weighted index. so apple by itself, forget the pe for a moment. that's a pricing issue. but the fact that -- cheryl: well, there's the e part of it too, the earnings issue. >> we're talking specifically about apple, and i think your next stock is ge -- charles: no, wait one second

because i want to go to exxonmobil next because that's another example for you. >> it's top of the -- charles: past five years exxonmobil's up less than 30%. show me the correlation. >> i don't have the calculations. the multiplier effect that it's weighted, it's weighted in the average just like a dow stock. ibm moves a certain percentage, a certain amount, it moves the dow a lot more because of the mathematical calculations of how the indexes are created. so when exxon moves, when apple moves, when ge moves, even a small move in them can move the index much larger. and that's what i'm saying. the money's going to flow to make the indexes -- charles: right. [inaudible conversations] so many more buyers than sellers of exxonmobil, the stock seems to be rell thetively flat. let's talk about gold because gold wuss supposed to be the play. the fed's pumping money, buy gold. that's what the central message has been, and people who have listened to it, they also bought a bomb shelter, every gun they

could buy and ten years' worth of ammunition. help them out, because they're watching the show right now, and there's no ventilation in those bomb shelters. >> and they sold the dollar too. i actually didn't buy gold -- charles: why didn't that part of the argument work? >> do you remember when interest rates in the 30-year treasury were below the 10-year? gold is signaling a major deflationary depression coming. that's what the message is from gold. the dollar, i believe, is going to get much stronger, and that's the signal. >> profit growth is really strong. profit growth for the s&p is pretty -- charles: dan, we've got to bring you back. i love this discussion. i'm glad you came here, and at least you tried to connect the dots. a lot of people just throw it out there. appreciate it. all right, cancer patients taking to social media to tell their story, and they're being called out because of it. this is deep. this is making the rounds, and we brought the best guy in that we knew for it, dr. keith ablow is with us. he's next. ♪ ♪

charles: new highs for a couple of big ns this you know, american express and morgan stanley, and disappointing profits and lukewarm forecasts from intel, and those shares are trading lower so far this morning. now it's time for me to try, as stuart would say, and make you some money. i love this company called applied microcircuits. they're launching a land new chip called data center -- [inaudible] and i think it's going to help to revolutionize the crowd space. it's going to be provide more power. these data centers are growing by leaps and bounds. all the information has to go up into the sky. i think they're going to be a big player, in the meantime, their margins have been expanding like crazy. your next leg up should take it to 14, but longer term i think it could go even higher. hey, we've got a former new york times editor who's criticizing a cancer patient for discussing her illness on twitter, saying that she should, quote, go gently with her

tweets. but is it wrong for her to want to even discuss her illness on line? well, let's ask dr. keith ablow. he joins us now. dr. ablow, you're no fan of twitter, but certainly out there sharing their agony and their pain with others, what could be wrong with that? >> well, certainly not. there can with a lot wrong with it. and, charles, here's the problem, i don't know how you get the medium out of the message to steal a line from or marshall mccluhan, the great media scholar. because here's the thing, how can you get the fact that your patient is now, well, an entertainer of sorts, a journalist of sorts to folks she's never met out of the doctor/patient be relationship, for instance? how do you take that out of the relationship between her and her children as she starts to contemplate perhaps a limited number of days? but she's also thinking, well, what kind of a tweet might tweak people out there. maybe it'll be more emotional if

i talk to my daughter and my son together. >> doctor, it's e. mac here. i want to bring you to what the former new york times editor bill keller wrote, and that's really lighting up on the internet and social media. she is saying -- he, he in a column is essentially writing, wrote a column attacking -- >> yes. >> finish the cancer patient saying that his own fan basically had nor -- father-in-law had more dignity saying she's wrong in what she's doing, she's behaving more like a warrior, raising false hopes, and that imprison italy seems -- implicitly seems to peg patients like his father-in-law as failures. what is the impact out there? something that the twitter sphere is saying this is inpenetrablely obtuse, self-serving and tone deaf. >> well, listen, i disagree. i don't know that she's raising false hopes. perhaps she's helping people be

hopeful. but she's also doing something different. she is turning these incredibly dramatic moments that are human moments of incredibly grave significance into something that's also about the internet and about twitter. and, frankly, you might to something very different because you are confronting this illness in a public way. it will be unconscious -- charles: right. >> -- but you might make different decisions about how to treat your illness, because you'll think, well, i'm going to get more followers. that's perverse. that's horrific. twitter is a courage period. she -- scourge. she shouldn't use it. charles: docker we don't know if that's her goal. wouldn't you agree with the cynics at "the new york times," it's a complicated situation. doctor, i want to go to one more topic, and i need your thoughts. >> all right. charles: profiting from fear. yesterday we had the co-founder of a company that sells products

that sanitizes your cell phones. both of these companies are making money off the fact that people are afraid they're going to get germs and die tomorrow. what do you make of this atmosphere of profiting off of fear? >> well, if it's irrational fear, i don't like it. we've had this discussion before, charles. i don't invest in companies that i think are taking people down a bad path. however, some of the ingreed credibilities in coldeze are associated with reducing symptoms that you might have during a cold, and i'm a big fan of the la placebo effect. you know, any test of an antidepressant against a placebo, it's interesting, it's about a ten-point spread. the placebo reduces depression too. there's no illness for which a placebo is completely imto tent. if people think their colds are going to be shorter, well, for some large percentage of people, they will be. and you know what? if you think materializing your phone is a good -- sterilizing your phone is a good way to not

get sick, you're got to get less colds in some people. charles: that's a great endorsement for both products, or i guarantee they'll be tweeted later on by someone. [laughter] dr. ablow -- >> you got me there. take it easy, or brother. charles: hey, up next, a legal poison pill for obamacare and how the next president could kill it altogether again. maybe mrs. pelosi should have read the bill first. >> but we have to pass the bill so that you can find out what is in it away from the fog of the controversy. [ telephone rings ] [ shirley ] edward jones. [ male annncer ] w with nearly 7 million investors... oh hey, neill, how are you? [ male announcer ...you'd expect us to have a highly skill call center. kevin, neill holley's on line one. ok, great. [ male announcer ] and we do. it's how edward jones makes sense of investing.

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charles: well, this week we learned that china holds a record $1.3 trillion of our nation's debt closely followed by japan is $1.2 trillion. america is said to be on sale in this china. will they big deal. >> it's been a big deal for a long time. look, the american government, and these are leaders on both sides. i mean, the democrats are more guilty of spending and taxing and borrowing than the republicans, but there are enough republicans that have gone down the road of big government, big spending for a long enough time that that's why we're in this predicament. we have a legislative branch that cannnt stop itself from spending. just this week we had over a trillion dollar spending bill,

omnibus spending bill pass through busting the sequester caps, right? rap cheting up all kinds of programs, ratcheting up spending still with an estimated $600 billion estimate which is probably a lowball estimate. what we're talking about, you have folks on both sides of the aisle. again, not everybody, but they cannot stop themselves from spending, and as long as we have an out of control government in this regard, you're going to have countries like china who are flush with cash that can come in and buy up the debt. you know what it is? it's economic warfare. there was a chinese general, i quoted from him in my book about a year and a half ago, who said we don't have to engage in military warfare against the united states, we're engaging in economic warfare. charles: and the your point, they're winning, because we can't stop ourselves from spending. >> correct. charles: all right. thanks a lot. the administration has a habit of picking and choosing which parts of obamacare they think is enforceable and delaying some parts they don't like and then keeping some parts into place. our next guest says this approach is going to eventually

kill obamacare, give our next president the upper hand to dismantle this law piece by piece. let's bring in attorney brian callahan. brian, the president, you know, has been sort of willy-nilly. it's interesting, monica just sort of blamed both parties with respect to our incestuous borrowing. but it seems like congress, all of congress has stepped back and let the president sort of dictate how this law is enforced. >> well, charles, you know, the president said earlier this week he boasted that he's got a pen, and he's willing to use it to act where congress is not willing to act. so i think the trouble for the president is that, as i point out in the journal this week, the next republican in the white house is going to have the same pen. and he's going to have, i think, far more opportunity to affect a broader rollback of obamacare precisely because of the decisions that this administration has made to suspend and negate some of the key provisions of that law. charles: okay. so a president has been established then, if the republicans are lucky enough to

win the house, let's say they win it all. they get the white house, and they control the senate and the house, do you think that they have -- they would be able then to just go ahead and dismantle the whole thing? >> look, i think the preferable route is legislative repeal of this law root and branch. but the point i make is you've got these are not just one-off decisions that the administration has made. there are legal interpretations underlying those decisions, and those are going to be available to the next republican president. they could -- i'll give you one example. you know, the president has now said the hardship exemption to obamacare that allows a waiver of the individual mandate, they've said that exemption is available for people who felt the negative impact of obamacare. now think about that. a hardship exemption from obamacare due to obamacare. [laughter] that's very -- yeah. very easily lends itself to turning the individual mandate into a dead letter if that interpretation is in the hands of the critics of this law. charles: hold on one second, brian. e. mac's got a quick question.

>> brian, it's e. mac here. this goes beyond the fact that congress didn't read the law, this goes beyond the fact that this is after the fact refereeing or clean up because people in congress didn't read the law. what we're telling now is 15 different instances where the administration has said, you know what? we're not going to enforce this, that or the other part of the law, or we're going to delay it. and here's what's at issue. it doesn't matter either side of the political aisle who's doing this, it's a constitutional problem. we also have, you know, the senate saying we're going to basically defend the filibuster, and we have now the d.c. circuit court, the second most powerful behind the supreme court, packed with democrats. that's the court that enforces the executive order toes, that's the court that basically rules on administration regulations and rules. this is a danger zone this country is in. is this a constitutional issue right now? >> i think that's exactly right. so, you know, in our constitutional system whennyou have a bad law this' unpopular that needs to be changed, what you do is you go to congress, and you change it.

but this president has clearly calculated that going to congress to fix this law would require him to do something he refused to do the first time around which is to compromise on health care reform. and so as a kind of expedient, an end run around congress -- which has been willing, more than willing to suspend and delay key provisions of this law -- he's decided to try to do it administratively, but i think that could very well backfire in the hands of a republican successor. charles: a lot of potential successors are licking their chops. brian, we appreciate it. >> thank you very much. charles: hey, you know the real estate cheerleaders have been saying the housing market is bouncing back, but who exactly is buying homes, investors or families? we're going to debate it right after this. ♪ ♪ [ male announcer ] what if a small coany became big business overnight? ♪ like, really big...

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nuclear? or renewables like solar... and wind? let's find out. this is where america's electricity comes from. a diversity of energy sources s ensure the electricity we need is reliable. take the energy quiz. energy lives here. charles: ups says the surge in late onlie holiday shopping is squeezing its bottom line. shares down almost 2%. best buy, a big drop yesterday, does it mean it's time to buy the stock today? that stock down over 4% as well. moving on to yahoo!, second in command gets fired and, guess what? now the editor-in-chief quits. those shares down fractionally. a lot of people still believe in twitter teaming up with a

company to allow people to buy things directly from twitter. two stocks hitting new highs, american express and next morgan stanley, reported this morning. the street likes what hay heard. -- they heard. next, the real estate cheerleaders, well, they're back. they're optimistic, they're excited saying housing is back. should we really be that optimistic? we'll be right back. measure that's correct. cause i'm rely nervous about getting trapped. why's that? uh, mark? go get help! i have my reasons. look, you don't have to feel trapp with our raise your rate cd. if our rate on this cd goes up, yours can too. oh that sounds nice. don't feel traed with the ally raise your rate cd. ally bank. your mon needs an ally. crestor got more high-risk patient bad cholesterol

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let's get back to nicole and back to google because it's hitting another all-time high again. >> reporter: now today up to 1160, right now 1158 and change. but 1160, the high on google, all-time high, of course. we've been focusing on the latest development by google which is the glass with the wire chip that will have a mini sensor to determine their glucose. good for diabetics. pretty amazing. i was walking on the street last night, i saw somebody with google glasses on. charles: oh, boy. >> it's here for real. charles: okay. steve martin should get a cut of that. let's get back to the economy ask talk about housing. joining us is brock mclean with homes.com. housing showing signs of life, but it seems to me it's been more a story of investors, the chinese, wall street and not a main street story. set me straight on this. >> well, i think it's certainly an interesting element in the recovery we've seen. i can tell you from a homes.com perspective, consumers are as interested as ever in buying and

sellingg charles: when you say that, it doesn't jibe with the day. in other words, new home sales, 28% are first-time buyers. that number used to be in the 40s. >> yeah. charles: people in the top 100 metropolitan areas are paying more to rent than to buy, and they're willing to do that there. exactly. because there's still challenging lending restrictions, it's as challenging as it's ever been. meanwhile, you have portfolios come in, buying up portfolios, turning them into rentals to really meet that demand. a third of the houses this the country are rented today. charles: we had the permits and housing starts numbers out this morning. a little bit disappointing, but the trend is shocking. is that a greater trend of the urbanization of america, or does that reflect something else? >> it's a really good question, and i think from the portfolios buying single-family homes, turning them into rentals. our sister company, forrent.com, the growth we're seeing there,

the demand for rentals i think is happening across the country. but depending where you are you're seeing recovery happen at a much more rapid pace than maybe some areas that were harder hit. charles: maybe i was sitting there, maybe i thought like the market, i could time it, and then all of a sudden the house that i've been watching, it hit 170,000, and now it's 200,000, and i feel like i missed it. >> that and the combination of interest rates while certainly have increased being near historic lows, a lot of anxiety at the consumer level, and it's been a challenge to time that market perfectly. charles: walk us through the steps for a real, true housing recovery. what are the things we're going to have to see? >> well, i think depending on where you are. homes.com tracks 300 local markets across the country, give a consumer an idea of what's happening where i live, not just nationally. and what you find is while 80 markets -- charles: i mean, are we talking jobs? regulations? lending? i mean, real quick, we've got 30

seconds left, what are the three or four things that have to happen tomorrow for this to be an honest to goodness recovery? >> jobs, consumer confidence, easing of restrictions, the ability for consumers to really be competitive in the buying process, to try to get in the head of some of these institutions that are stepping in. charles: and, of course, go to homes.com. we only said it three times -- [laughter] >> i appreciate it. charles: hey, check this out, it's a 16th century prayer book, and it's going up for auction, and you won't believe how much, but you're going to find out next. [ male announcer ] this is the story of the little room

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>> president obama talking tough about the nsa. he says he's going to reform that agency that's gotten out of control. he apparently forgot he's been the guy controlling it for the past five years. we'll have analysis of the president's not-so-grand speech after all tonight, 7 eastern. please be with us. ♪ ♪ charles: all right. we call this segment old money and for a good reason. today we have a 500-year-old manuscript, and you will never believe the price. joining us is nicholas hall with kristy's, want to talk to you, this is a prayer book. >> this is a prayer book. it was made in about 1505 in brugge which was one of the

great cultural centers of europe. it was, if you like, the northern equivalent of florence. it is 250 pages of which 67 consist of full-scale miniatures. there are additional miniatures the, the months of the year, signs of the zodiac and beautiful borders on almost ever single page. it is, in my opinion, the finest illuminated manuscript that remains in private hands bar none. so this, if you like, to illuminate a manuscript what the largest, most flawless diamond would be to, in the diamond world. charles: is there a single author, you know, the artist -- >> this is a really good question. this was, actually, there would with one scribe who wrote, because every word in it is, of course, handwritten. and there'll be one scribe who wrote it, but the artists who

contribute the illuminations would have been varied, and they would have been working together and designing this book together. and one of the greatest and what is interesting about this is that whoever commissioned it enlisted what was normally a painter painting altar pieces, gerhard david, who was a major painter represented in the metropolitan museum, to produce the madonna and child which is the most significant page in the book. but there would have been three or four other -- >> you know, this historical significance of this so important. we're talking, what, how much would this go for, do you think, at auction? >> well, when -- >> about 12 million? >> well, we think -- >> 25 million. >> we think could be 20 million, could be -- >> holy cow. and no other book exists like this in the world, right? >> absolutely. >> you know, trinity college in

dublin has a long, you know, inventory of books -- this is a rarity. and this also provides the lush, voluptuous literature. i use that word carefully, because it's true. historians have said this. of christianity that we don't get now in our day and age of how the medieval mind viewed christianity. it comes forth in the book of hours like this. >> absolutely. and consists of, i mean, one of the most interesting pages in the book is this fantastic opening to the office of the dead which is the burial mass, and it's decorated, the border is decorated with skulls. and you see this incredibly realistic depiction of monks lowering a coffin into the ground. and, of course, death was very much on the me teefl mind. >> the immediacy of the christian faith was more apparent than now. >> absolutely. >> it's so gorgeous. and when you go to the national archives in washington and you look at our founding

documents -- the constitution, the declaration -- they're all under glass, temperature controlled, lighting controls for preservation purposes. how is this so well preserved? >> that's -- it's been in one collection for a very long time. it was bought in the 19th century by the rothschilds who was the founder of the austrian branch of the banking family. it stayed with them til the 1940s when it was taken by the nazis -- charles: nicklaus, when is the auction? >> the auction is january 29th at 2:00 in the afternoon. charles: it's beautiful. i'm going to tell you right now, i'm saying north of 20 million. thanks a lot. >> it's a great thing. charles: hey, your take on china owning america, that's next. welcome back. how ieverything? there's nothing like being your own boss! and my customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. ybe a promotion is in order.

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charles: china holds a record

$1.31 trillion of our nation's-adding another $12 billion in december so when we ask if you thought china would end up and in america all together here is what you had to say. this should scare every american but too many don't even understand what that means. it will get to the point here, debtholders will be calling the shots for our country, politicians especially in washington d.c. of got to learn to go on a fiscal diet. your thoughts on this one. >> government is the most inefficient apparatus on the face of the earth, they have no profit motive. the only thing that motivates them is getting reelected. that means buying votes, putting money back in your district, back in your state, in little incentive to restrain the growth of government and spending. liz: this is a national security issue, but will china stop

buying the debt? charles: the rabbi and our real estate, china is buying america. the can't buy this guy. he is next. connell: leave it to us to talk about how you lose your identity online. electronic crime that has never been seen before. that is where we start off on markets now. the attack on targets live through and i virus programs and it is more than target. russian fingerprints all over it. should the president be putting more pressure on world leaders to crack down on the underbelly of the cyberworld. we will get into that in this hour. part of goldman's big money success getting out of new york. how the financial giant spread its staff around the country and save a lot of money in doing so in the minds behind this campaign, the creators of the devil baby. the i years this hour, and changing the world of marketing