tv MONEY With Melissa Francis FOX Business February 12, 2014 2:00pm-3:01pm EST
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in anticipation in wait and see mode. after four days of gains. ashley, what do you think about all this? ashley: it is interesting. off the board a little bit but not a correction according to our analysts. sounds like a great show, melissa. take it away. melissa: absolutely. thank you so much. all right let's go right to peter barnes on the breaking news. peteer? >> hey, melissa, a break-even month in january for the federal government, about break even. the treasury department just report ad small deficit for january of 10 bill dollars. that compares to a small $3 billion surplus last year when higher income and payroll taxes kicked in as you recall but the bigger picture is fiscal year-to-date, the first four months started october 1st. the deficit continuing to shrink to 114 billion, compared to 290 billion in the same period a year ago. that is a reduction of more than $100 billion year-over-year, helped by higher tax revenues from both individuals and
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corporations, from the higher rates and the improving economy with more jobs. more people paying into the treasury. and the government's expenses were down 3% for the period as it continues, among other things, to operate under the sequester spending cuts. melissa, back to you. melissa: peter, thanks so much. let's take a look how the markets are reacting to all this news as we said. we're having a pretty mellow day in the markets versus what we've seen past four days. the big surge. the dow is read down by proctor & gamble. down 20 points. s&p 500, basically break even, a little bit in positive territory. nasdaq up 1/3 of 1%. go to jo ling kent who is standing by with some of the biggest movers. what are you watching? >> we're watching tech stocks, three of them actually. fireeye, feye. look at that, cloud computing security vendor. they're down 11.3%.
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essentially they beat in the quarter for expectations but pout put out a poor quarter for quarter one. shutterfly, the photo sharing service around helps you print mugs and calendars. they are up 3.5%. they announced a increase of share buyback program up to $100 million. good news for shareholders. look at nokia. they're down allost 3% right now. they're having a major setback in india in a tax battle. essentially they're being held up on a decision that has not been made in their favor. 30,000 employees and factory, manufacturing center there is in question. it may be in jeopardy of closing. they're appealing that to a higher court. but nokia shares dropping on the news out of india. melissa? melissa: jo, thanks so much. >> thanks. melissa: the smart card revolution is finally coming to the u.s., buu will it be enough to stop rampant hacking that plagued consumers for the past several months? mastercard is one of the
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companies leading charge toward chip panned pin technology. their smart card expert joins me now. a lot of criticism on this out of the gate, that it protects people in person but not online. how do you respond to that? what do you think? >> sure. so first thanks for having me. chip and pin has been proven to dramatically reduce counterfeit fraud around the world and ai said significantly reduce it. it does primarily protect the consumer face-to-face but there are other processes that can be employed to present fraud as well. the card companies and companies and banks and merchants are working together to make that reality screw talk about how it is proven around the world and we heard a lot about that and it has been in europe a long time and made great strides there. why are we so late to the game and is europe doing something else we should jump ahead to that technology and instead of lagging? >> there is no leapfrogging. the reason u.s. didn't my great earlier and other markets had
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higher fraud rates and strategies here were under control and it is now time for chip in the u.s. and it primarily fraud rates were in other markets they went before juice is there something we should be looking at? what is the future? what is a after chip and pin? >> there is no silver bullet of fraud and there will be myriad of technologies used together. there is no silver bullet they're working on that we're not. melissa: is it hard to do without a nationwide standard? looks like credit card companies and some banks are trying to do it individually to move ahead. dodo you need a national standad to say everyone must do this? >> there is a coordination that's happening and for instance, mastercard is leading that. what woe do we introduce liability shifts. which incent the banks and the merchants to enable approximately at the same time. the way that works is, at a point in time, whomever is not enabled with chip will bear the liability of any resulting fraud that time for the u.s. is
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october 2015. melissa: what about vendors that don't have it? i think about all the little convenience stores and this and that and coffee stands? if you go in and have chip and pin, they don't individual you will still have magnetic strip on back, right? >> that's right. melissa: seems like danger is still in place. you still have magnetic strip and still open to fraud? >> the magnet trick stripe will exist for a while. that is really you indicate for utility. so the consumer has the ability to use their card anywhere that they're at. there are other fraud systems running just as you see today. you probably received a call from your bank saying that they received something out of -- those fraud systems will run. at some point we see extinction of the mack nettic stripe. melissa: some say there should be confirmation every time and daily, transaction. to check in with consumers so you've been hacked. is something like that realistic. >> we don't think so. there has to be fit for purpose
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solutions in the market. while we want to employ the highest type of security and we will, we also want consumers to be able to transact seamlessly. melissa: yeah. >> so use cases will vary across the market. we don't want to interrupt transactions every time to confirm security. certainly when you're buying a cup of coffee or a newspaper. melissa: yeah. caroline, thanks so much for coming on. >> sure. melissa: appreciate it. let's get reaction from self-proclaimed hacker and director of services at io active. what did you think of what you just heard? >> well, melissa, mastercard and credit card companies are on the right way. i do have to disagree a little bit with the forward-looking statement and leapfrogging. the rest of the world basically dod. c and p years ago. it shows in terms of what hackers are targeting. it is very easy to target retailers and brick-and-mortar
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shops. melissa: ian, is there something europe is working on we should be jumping ahead to? >> there are several techniques and technologies in place. you mentioned before verification. it doesn't really have to interrupt the transaction per se -- melissa: how would it work? >> for example when i swipe my card at starbucks i want to get notification that you spent $2.50. it doesn't have to actually interfere with the transaction. on the same note, if i make a purchase online and buy $500 xbox on ebay i want to have that interruption. if it is my transaction i can control it. if someone else is doing i want to stop it. melissa: seems like that would be pretty easy if you got a text or email every time your credit card was used. i'm surprised we're not doing that already? >> it should be. again, depending on acquirer, depending on bank you can get many so of those features. you can look, for example, at google wallet who has a physical credit card/debit card of their
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product. you get a verification, notification every time you use it. melissa: in the meantime it does seem like we're getting chip and pin. does it slow down transactions? i mean i'm thinking about, when i get breakfast or coffee in the morning i swipe so quickly and run. i don't even have to sign any longer. everybody in front of me has to stop and punch in a pin code, will that slow me down? >> not really. not really. depends on consumer education. you will get used to punching into your pin code as the barista is making coffee. it shouldn't introduce any delays. melissa: do you think this is even worth doing? you kind of poked holes in security -- >> absolutely. melissa: it is? >> i think it is critical. but on the same note it is also critical to seize this opportunity and not just implement emv as a minimal standard. we have the opportunity to do catch-up, with what the rest of the world is doing. we need to look up to europe. there when chip and pin, emv was
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implemented, fraud basically shifted instantly from card present transactions to card non-present transactions. we have to get prepared for that. we have to in my mind what security for credit card transactions should look like. melissa: i guess. if we're not getting rid of the magnetic stripe because it has to be on there for retailers with not the right technology seems like we have still big problems. >> absolutely. melissa: thanks for coming on. up next, icahn on apple. the billionaire investor thinks the stock is undervalued. he is not selling anytime soon. oh, and he thinks the market is on heroin. we'll tell you about that one as well. plus the robots are coming. google secretly working on a creepy android army. it is creepy, right? i don't like the look of that thing. it has enlisted the help of scandal-ridden fox con as well. big story. coming right up. [ male aouncer ] we all think about life inrance.
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kyle harrington. thanks to both of you guys for joining us. you know, so apple shares fell off a cliff at end of january. carl icahn had thoughts on value get reaction on other sight. >> battle is won and you leave with a tidy profit. some are saying it will be half a billion when all sad and done? >> i'm not going anywhere. i'm not leaving. i haven't sold one share, nor do i intend to, apple is one of the cheapest stocks around and i have said that, tim cook and i agree on that, very undervalued. >> even 530 bucks it is still cheap to you? >> yeah. melissa: we have year-to-date chart. jason, do you agree with that. s apple cheap? would you get in here? >> i agree with uncle carl. i'm a big fan of his reasoning. even from an objective standpoint, hype of carl ion kahn being involved not with standing one of my favorite
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ratios is the price to earning growth ratio. anything above one is typically stocks a week. apple is .64, price to earnings growth ratio. the key with apple, obviously again, it is old news but steve jobs is gone. we need to see more innovation. this is innovation and china mobile partnership, i love, china's numbers were awesome today. imports increased. exports increased. china is not over. could be beginning and that way we see apple up to new highs. melissa: kyle that is huge i have if they continue to innovate, if we see new products do you believe in that? >> everybody has their own individual risk tolerance. i'm not here to recommend in general, apple. but i can tell you this. this is a company that, i agree with jason, from a technological innovation perspective since the passing of steve jobs, you know, i think the jury is out here whether or not they can continue
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along the path of the innovation that they once had. let's face it. i mean it has been, you know, miraculous what jobs has done and the products are fascinating. i, i think that that is exactly what the institutional and retail marketplace, individual investor, is looking for. melissa: yeah. okay. dow rallying almosthundred points yesterday. we had, i mean we've had a four-day rally. today we're sort of holding steady. uncle carl thinks there are drugs involved in this. let's listen. >> what you were saying about the federal reserve and stimulus variety, a lot of people said last year's heady advances were sort of built on air. do you buy that? >> yes, i do. i think that a lot of the heady advances it is like having a patient, and giving the patient a new kind of medicine and nobody, including, and i think bernanke did a great job by the way. i'm not faulting bernanke. i think he saved the country but
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right now, i think this whole injection of capital is giving somebody sort of like heroin. you don't know what it will do to them. melissa: kyle, i love that. bernanke did a great job. he got us all addicted to heroin. now here we are. i think, melissa, that you know, i agree with carl on both points, actually. melissa: really? are you additioned to heroin? >> no. melissa: no? >> no. that i'm not. melissa: okay. >> but i can tell you i agree with him in the sense that last year's marketplace was a fed of had inflated marketplace. now, having said that the position that ben bernanke was in with respect to the, economy -- melissa: whatever. that is not going to help us and we have to exit. everyone says that he did such a fantastic job. we were going to hell in hand basket? who cares we're now addicted to heroin. jason, give me your last thought. >> completely disagree. i feel very adamant about this.
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i think it is poor taste and bad example from a intellectual capacity. it is not a good example. heroin debilitates the user of heroin. you don't go to work. you don't hang out with your family. you don't do anything productive. you're done when on heroin. melissa: market is hanging out with its family, it's okay? >> the market had a day in the park on sunday afternoon. 80 degrees. market near all-time highs. melissa: all-time highs. no pun intended. >> exactly. melissa: exactly. thanks for coming on. we appreciate your time. >> thank you, melissa. melissa: coming up. stop the spying! millions of interusers joining forces against online snooping. reddit cofounder is here to tell us how he had enough the nsa surveillance and the president signs an order to raise minimum wage for some workers just as new study shows one in three people dipped in and out of poverty in the past few years.
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shocking stats straight ahead. do you ever have too much money or too much heroin i guess? welcome back. how is everything? 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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melissa: this is break breaking news. president obama is ready to sign a raise in the minimum wage for federal contract workers, 10.25. on going wage wars and we will dig into that a little later in the show. crude oil is a big mover today. inventories rose that should have sent prices lower. that did happen for a short period of time but they bounced back on this import data coming out of china, showing imports into china of crude oil rose by 12% year-over-year.
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maybe the economy is little stronger over there than we thought. that really put a floor under the decline in oil. you can see it as trading above $100 a barrel on the front month. fighting back against the nsa, republican senator rand paul filing suit against president obama and nsa at same time. major internet players are taking a stand over the government surveillance program. here now, reddit cofounder, author of without their permission. thanks so much for joining us. really appreciate it. >> thanks for having me. melissa: what do you think of this lawsuit from senator rand paul. >> i think it is an effective stunt. one of the things that will move forward is congressional action, right? i want to see more senators and representatives backing things like usa freedom act which will help rein in nsa massive surveillance. melissa: do you think that is realistic? do you think it will happen? >> i think so. i joined count lowe's americans
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calling my senators and congressman speaking out about this because i know, as an entrepeneur and as a private citizen what's happening has been a major blow to civil liberties and industry. melissa: i mean it is a damage to your business and to businesses like yours, to have folks outs there feel like they can't trust being online, they're being snooped on. is that your main interest? to protect your business? not that there is anything wrong with that. the show is called "money." we celebrate business. >> i think of it as a private citizen worried about my and my fellow americans civil liberties. think about it as a businessman. i'm forced to putnam per of potential costs of tech industry at $110 billion because countries no longer trust or believe in the brand that american companies pay for. melissa: how does that get to 180 billion? >> think about it now. countries all over the world, user all over the world normally doing business with american
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companies, with files that they thought were secured online, are now going to consider doing it elsewhere. i don't want the next google started in berlin. i don't want the next twitter started in tokyo. but when you're on line you can choose to interact and engage anywhere in the world with a internet connection. one of the huge advantages this country has had, we lead the world in high-tech and one of the advantages we have is the liberty that is we stand for, the principles we stand for. people could believe what was secure really was secure. melissa: facebook, google, yahoo!, have all talked about the information that they have turned over. do you think they bear any of the blame for cooperating? >> well, ultimately, you know, having to make that decision, right, when it is coming, when it has to be done in secret, when it has to be done the way it was done, and your option is, severe penalty, i look towards government and i say government, this is not right. this should not be a decision that a ceo should have to make
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because the first and forth amendment should be protecting our users data. so i applaud their transparency. i always felt sunlight is the best disinfectant. i wish it come sooner. melissa: has anyone at nsa come to you or you reddit for any information. >> they have not. i am not still on the board of directors of reddit. i haven't been there for a few years but that never came up. melissa: thanks for coming on. >> thanks for having me. >> the president taking things into his own hands. new minimum wage hike for some workers, with intent of lifting people out of poverty but some business leaders say it could make matters worse. tweet me. tell me what you think. who is making and losing money today. a lot of people blame this guy for getting their christmas gifts late last year. he is now taking a serious hit to his wallet. "piles of money" coming up. ♪
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cheryl: this is a live shot of the president on the screen taking things into his own hands, about to sign executive orders to increase minimum wage for government contract workers, $10.10 an hour. some shocking stats at the same time this is coming out from the census bureau reporting saying that one in three americans get into poverty at one point in between 2009-2011. one in three. a few number. fox news contributor steve more, economic policy institute kristin dorsey in the wall street journal, thanks to all three of you for joining us. steve, let me start with you. what do you think about this? he is raising the minimum wage, saying that this is a living
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wage but if you at that and lucky enough to get 40 am ten we're all 52 weeks and then take a minute off, you are still learning $21,000 a year. i don't know. if you have a family that is poverty line anyway. >> very few people in the minimum-wage are heads of house will. that is a false argument elect makes. you can't raise a family on minimum-wage. not many people do. what i find exemption noble to this executive order by the president is we have a $5 billion deficit right now. all of this, who's going to pay for this? federal contracts are more expensive and when we are running massive budget deficits why would we make federal contracts more expensive? cheryl: great point. how do you respond to that? we started with a new budget that said we are spending more than we are taking in and here is a new order to spend e
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more than we are taking in. >> not exactly. lots of studies have been done on municipal contract with living wage conditions put into them and we found they have not raise the cost of those contracts from any discernible level and the same will likely be true on the federal level. remember employers who are currently paying their workers above the minimum wage do not bid on federal contracts. liz: you lose the living wage freeze, at $21,000 a year is not a living wage? this doesn't get you to where you can support a family anyway. >> in minimum-wage is not a living wage. they are two concepts. it is the wage floor and the wage floor is a critically important in an economy where workers don't have equal power with employers. it is not a livable wage. that is something altogether different as many communities no. liz: how do you respond to that. >> executive order is largely symbolic because the government tends to overpay for services, they don't have a lot of people
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making that wage now and so as far as taxpayers i'm not sure this is a huge hit to the extent that it does -- liz: it bombs of everybody on the wrong and everybody out there got a pay raise that works as a contract worker. >> assuming they are below 10-10 now but to the extent budgets are finite and we see this in private markets, you are denied again opportunity to some persons that wants to start at entry-level and the key point is not only are a lot of these low-wage workers in households where they are not the only breadwinner, there's a tremendous economic -- people dipping into poverty. people don't stay there but make it harder for them to move, and the price of hiring people. >> half of the families in poverty don't have anybody working. zero workers. those are people who are out of
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the work force altogether. to christian's point we have stuff, we have a federal superminimum-wage, they do inflate the cost of federal contracts and make it more expensive for the federal department to do business. it affects workers to make these contracts more expensive. melissa: we have a problem, one in three between 2009-2011 dipped into poverty is the battering number. a third of the population. how do we fix that. them or raising the minimum wage is not the way, we need to grow the economy. >> the minimum wages often confided as a poverty reduction tool. it is just a component of an overall strategy to reduce poverty, not the only thing. the minimum wage is about labor standards and labor conditions but as to your point, out the fact the we have people cycling into poverty, a high rate of the population proves that the tools we are using to combat poverty are not sufficient.
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economic growth is the key. >> why not a $100 minimum wage? if washington can wave a wand and make us more valuable as employees? melissa: then we would have three government employees. thanks to all thrre of view, we appreciate it. let's take a look at the markets and show you what is going on out there. you see the dow trading lower, started at the top of the hour, trading down 20 points and down 1/4%, the biggest drag procter and gamble, caterpillar and the opposite direction. you cds and the turning negative as well slightly lower. tech is trading higher. just barely. taking the bond future wages some folks out there are so sure of their earnings potential they are promising investors a piece of the pie. if the investors pay off their student debt now our next guest is that. and an interesting that at the
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entertainment products. 130 one key executive officers left their offices in january, challenger gray and christmas, the turnover month since february of 20 can. the health care and financial sectors led all industries with 24 ceo departures. leah recalling one.4 million prius hybrids old world wide including more than 700,000 in north america. the automakers as a software glitch caused vehicles to stall. the cars were made between march of 2009 and this month and that is the latest from the fox business network giving you the power to prosper. ♪
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♪ melissa: from the u.s. to every corner of the globe, money is flying starting in japan, when apple superfan is already lining up to buy an iphone vi more than half a year earlier. there has been no news that apple is anywhere close to releasing a new phone, which devices usually solved but it is so eager to drop a couple hundred bucks on and i phone follow-up that he has been camping outside, complete with face paint and a cardboard iphone cut out. over to canada where the government is saying no to thousands of chinese millionaires who plan to settle their visas for 46,000
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immigrants already being processed. local politicians pulled the plug because canada is starting to doubt, wealthy foreigners actually make a positive contribution to the economy. the wealthy chinese have been left in the lurch with nowhere to go. the canadian government doesn't like rich people either. over to saudi arabia and where the warren buffett of the middle east is talking about his secret riches. he has told reporters that his wealth goes far beyond what anyone assumes. analysts estimate his wealth to be $30 billion. not bad. but he wants you to know he is much richer than that. he claims to have twice the amount of treasure and has escaped prying eyes. about $12 billion. i was already impressed. would you bet your future in order to pay off the debt and start a business? recent college grads and a
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entrepreneurs across the nation are taking that risk. joining me is one of those brave souls. rachel kim is founder and ceo of nails kit. this is so cool. i want to explain what you did. you graduated harvard business school in may of 2011, you had $60,000 in debt, you wanted to start a business so you went online to upstart.com, a bloated airtran script, your sats course, your pay stub, resume, photo of yourself and ask investors to get behind you, $50,000 to pay off the debt and another $50,000 to start up your business. in exchange you have agreed to pay 6% of pretax earnings for the next ten years. the cap is five times what you borrow. if you are wildly successful, you could end up paying $500,000 for having borrowed $100,000. how do you feel about that?
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you think this is a good bet? >> i think it is agreed bat for me. i have been with my investors and essentially they have believed in me when i don't have anything really. if i knocked out of the park, very successful. melissa: you went to business school, you have your transcripts, i think you are looking at your transcript, sort of guaranteed success. >> i am guaranteed funds but in terms of being the start up, an entrepreneur, there is no guarantee. there is no guarantee that this is going to be successful and my investors made a big bet as a person over the next ten years which is superexciting. if i did not have a park and pay back the full extent of it that is the best case scenario and i would be thrilled with that outcome. melissa: what is funny is you created a financial disincentive to earn. if you go out and blow up huge and you are the next facebook
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and the next google, you end up paying so much more back than you or originally borrowed. i wonder does it attempt you as ceo of your company which is mail kit.com, you were the founder and ceo of that, do you jerry regular earnings over the next ten years to defer payment to yourself so you don't have to overpay or investor? is that tempting? >> absolutely not. i have personal relationships with my investors. i started a platform where not only july raise money but might investors are advisers to me, people i have regular conversations with and no incentive for me to get out of the investment or try to defer payment in some way. i don't think that is fair, something that would be of integrity for me so absolutely not. melissa: we will be following a
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long. let's look how precious metals are trading, gold trading higher on the day, up $2.50, the biggest mover in the group is copper which is trading up 1.5%. all the medals you can see moving hire. remember the days when google was just a search engine, those days are long gone. reports of a robot arm meandered development with the help of a very powerful manufacturer. look at this thing. is creeping toward you. don't go anywhere. it will find you. you have nowhere to hide, you can never have too much money. [ telephone rings ] [ shirley ] edward jones.
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melissa: time for fun with spare change, google is using their spare change to buy companies that made robots. now they are working with the taiwanese manufacturer that makes apple products and other major consumer electronics. what is google up to here? here is new york fox 5 tech expert shelley palmer. what is going on here? >> i wish we knew. this is a moonshot, let's just try it projects. in world in which we live everyone thinks about robots as things you see in the movies where they are autonomous and humanoid and android. melissa: running dog running around, that is creepy. >> in manufacturing robots used to make things and believe it or
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not, they are not autonomous and it is hard to program them. what google is trying to do which is brilliant is get into the future of manufacturing by creating an operating system that would make it easier to program robots and they have a wonderful partner they can test with, massive manufacturing group in taiwan, for apple and -- melissa: and there have been problems with work conditions and this and that and apple continues to partner with that and it is a black eye for apple. to do business with them. should google be working with fox? >> great question and maybe a little above my pay grade because the politics are really complicated. how much of that is mudslinging and how much is real and how much with the target on their back, to be right there to be able to pass difference, certainly not for me to say. i can tell you on the merits of what it does for a living, this makes all the sense in the
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world. melissa: our workers working on robots that will replace them? do they realize that? >> probably not but robots can replace anyone until they are easy enough to program and smart enough to be able to do multiple tax and quickly switch. one of the hardest things we do with a robot is teach them to get into a car and put the key in the car and turn the ignition. you can make it happen for your car but if you do with any car is another level of programming and that is where we're trying to go. melissa: our best guest because no one knows what is really going on, our best guest is their manufacturing robots to help with manufacturing, testing them and trying to to upgrade the software so it can work more effectively. >> best anyone can tell. they use a lot of manual labor and as much automation as they can. this is really just looking at how factory automation would change if google and a big manufacturer got together and said let's all some modern manufacturing problems and see what would the future automation
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look like? business automation, manufacturing automation, tremendous productivity increases will increase wealth and google has some money to spend. melissa: makes me want to be an investor more than ever before. are they ahead of everybody else? >> i said this on this show over and over again. google is synonymous with innovation in a way no other company in america is and it is always a pleasure to see them go out there and try. they love to try and don't fail as much as they used to because they don't try everything away they used to but they are very innovative company. melissa: glad you could join us at 2:00. we are awaiting an outcome on the debt ceiling bill. let's go to rich edson in d.c.. rich: this is supposed to be a 15 minutes but ended exceeded 50 minutes. they're having a tough time getting the votes they need to get it through. this is the highest hurdle of the debt ceiling bill going to have to pass in the senate. they need 60 votes. when you are about to take a flight and a gate agent says we
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need volunteers to take a later flight that is what they're doing on the senate floor so they're trying to get to 60. this has been open for a while and we will stick on. melissa: would stocks are on the move. we will tell you who is up or down and the bitcoin\was left and right. is this the outcome critics have been waiting for? you can't afford to miss this debate. you can never have too much money or bitcoin frankly. itor, crestor got more high-risk patient bad cholesterol to a goal of under 100. way to go, crestor! yh! tting to goal is a big deal, especially if you have high cholesterol plus any of these risk factors. because you could be at increased risk for plaque buildup in your arteries over time. so, when diet a exercise aren't engh to lower cholterol, adding crestor can help. go, crestor! ♪ ♪ oh, yeah [ female announcer ] crestor is not right for everyone, like peoplwith liver disease
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jeff bezos taking a hit, he has lost weight for it up $1 million. making money, anyone with sales of the stock have fizzled their way through an all-time high, $4 billion in 2013, that is up 10% from the year before and the bacon boom isn't over. sales have been up the last four years straight. also interesting is the fact that americans are falling in love with bacon all over again. i have always loved bacon. 65% of people say they support the idea of making bacon the country's national food. i love that idea. losing money the illinois gas station that has been selling fuel for just a penny a gallon, 50 miles north of chicago once word got out that gas was so cheap it turned out to be a computer glitch could cause lower prices and workers at the station were none the wiser despite being a lot busier than
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usual. i wonder what is going on. they had to use an emergency shuttle bus to lease the auto machine. let's go to rich edson, what is going on with the debt ceiling? >> it passed a significant hurdle. the highest one they need to pass 67 votes-31, this goes to final passage now. the senate is undergoing that. this is a simple majority, 67 votes. we expect they can get the 51 they need to approve the debt ceiling increase to march 15th of next year and get that to the president's desk but we're watching this final stage, you never know how this ends. liz: we talked about the shift to smart cars. one company could see a giant game from that. i'm joined by liz claman and keys blitz. i got the trade on this. we were talking chip and tim, they have 80% market-share, hitting an all-time high right
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now, they are up 1.6% on the day. just off of their all-time high. what do you think of this? >> it is an excellent stock. the more you get with credit card fraud and cyberproblems weathered relates to the money accompany like this is going to profit from this and they have 8% market share as you point out. visa and mastercard goes slowly to smart ship cards, the growth could be explosive from a technical basis, they have broken out of the upper trend, they are up 62% since july so you see the movement in that stock and they are trading above the upper resistance that we see. i think they have already signaled this, they will have an excellent first quarter and an excellent 2014 so this stock could move higher. call >> they reported higher than expected fourth quarter revenue. the stock up 15% hitting a new high. what does this tell us about
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what is going on? look at this stock. what a move? off of the highs of the session marked by that tiny red arrow. this is another indication that people are believers that the economy will continue those slowly to look better and better with temporary workers and then with full-time workers. this is a thumbs-up vote on what the expectation is going to be for the labor market. the 15% move is extraordinary. >> what is your thought on des moines -- on amazon. >> the problem with amazon is they're raising the prime membership from $79 to $119. there is some question whether they will have patrician in their prime membership and their revenue. down to 300 if you are not careful. liz: from the pony express, we will bring in a name called
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western union but they have gone to battle with the new names out there, everything from zoom to money gramm to bitcoin in the late segment planned for tomorrow. they cash for bitcoin is going into a position here. take it away. here is the countdown. >> up powerful winter storm slams into the south. next stop the northeast is paralyzing the entire city shutting schools and government offices. you were probably wearing it right now. wants to send money to the other side of the world? not long ago western union was the only game in townnbut now there is paypal, bitcoin and more. is bitcoin trulyyis a new threat to the original player?
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