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tv   Cashin In  FOX Business  May 11, 2014 2:30am-3:01am EDT

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fan of the show that just passed away. he started as a butcher and built keystone foods to become number 45 on forbe's largest private companies. rest in peace. have a wonderful weekend and a wonderful mother's day. here's eric. >> remember when president obama hated fossil fuel? >> if somebody wants to build a coal power plant it's just that it will bankrupt them. >> well, his administration giving it love this week. >> we added 133,000 jobs in the last three years in the oil and natural gas extraction sector. >> but the love affair didn't last long. within hours the president was back to bashing the industry creating all those jobs. is this climate contradiction going to put the job market on ice. plus a record number of young adults aren't working. are they becoming surfer dudes
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because of all the government handouts? >> and a growing number of states looking to ram drivers with a mileage tax? isn't it bad enough we already get hosed at the pump? cashing in fuelling up your weekend now. >> hi, everyone. welcome to cashin in. our crew this week. welcome everybody. caught in a climate contradiction. earlier this week, the white house took a victory lap for fossil fuels saying we're pumping out more oil and gas and that's fuelling job growth. then literally hours later the president releasing his climate warning and pouncing on oil producers. jonathan t white house sending us mixed messages but we really know where they stand on fossil fuel, don't we? >> absolutely eric and it's disingenuous. it's deceptive for the president to boast about successes and job production and natural gas. that's only been popular because of the fracing technology that
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he and the other greens oppose. i mean, at every opportunity the president demonizes fossil fuel which is are productive and subsidizes green energy with taxpayer dollars. in my opinion he's a power luster. it's not his role to choose what energy people use in a free country and in a free economy and in fact, when left free most use fossil fuels because they produce and they're efficient and they work. >> michelle you spent time in d.c. you were in d.c. shaking your head when on monday president obama took the victory lap for all the jobs that his all of the above energy strategy was providing and the next day he trashes that same industry, the next day for being a polluter with this climate report? >> well, all the successes have nothing to do with him. that's all been done on state and private land and not federal land. what he is proposing are going to be things that will continue to make the economy worse in this country.
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you know, this whole climate change push has nothing to do with the interest of the american people. has everything to do with democratic money. tom is the big democratic donor that pledged to give $100 million for democrats in the midterm elections. his big issue is killing the keystone pipeline and climate change. what the president is doing right now is trying to please tom at the expense of the american people. >> what about it? how in the world can you defend an administration that speaks out of one side of the mouth saying fossil fuel, oil, gas, great stuff and the next day say by the way t reason for the climate problems -- >> i guess you missed when he was talking about an all of the above strategy which included solar energy, wind, oil, and fracking. >> but you did see john right there talking about oil and gas production producing 133,000 jobs. >> why is that -- >> because the very next day they said it's the oil and gas industry that's causing the carbon emissions that are
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causing the problem. >> why is that inconsistent with what i said. he was going to pursue an all of the above strategy. the difference is i believe as does he as to anyone else, eventually we're going to have to move over to this -- >> how is it any different -- how is tom any different than the coke brothers. >> he's not. republicans have a lot of stake with this too. >> hang in there for a second. rather than debating the climate change, whether there's climate change. they have gone from global warming to climate change, to whatever they call it now. break this tie. what is the obama administration trying to do by on one side crediting the oil and gas industry and the next day trashing the same industry? >> trying to get elected? they're trying to popularize something. that's what all politicians do. the facts of the matter are different. in 2007 all of these scientists
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who predict had the arctic would be ice freebie 2013. in fact, the arctic added 533,000 square miles of polar icecap in the last year. so they are wrong on many of these things. whether the scientists are right or wrong is immaterial. look, the p going to get done. that oil is either go to go to china or it's going to go to us one way or the other. >> the interesting thing. >> sooner -- >> let me finish. sooner or later we might as well do this and do it right and hope we get it right and not stand around and oppose something that's going to be done and go to our enmys which is really bad. >> hang in there. >> eric the goal is. >> he brought the keystone pipeline up. we want to listen to harry reid this week from the senate floor talking about whether or not they should vote on the keystone pipeline.
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take a listen. >> often times my senate republican colleagues reminds me of chasing one of these little pigs in a greased pig contest. regardless of all of our efforts, any time we get close to making progress it seems as though we watch it slip through our hands and the republicans scamper away. >> now this is from the state department's report. 44,000 jobs. $5.4 billion project and it would be, by the way, a cleaner and safer way to transport the canadian oil that will come down into the united states anyway. how do they push back on keystone. >> i'm not opposed to you. >> how are they? >> i don't think they are. well, you have people like mary landrew. >> why do they keep delaying the decision? >> the state of nebraska had a lot to say about this. the judge delayed it. they fix it now. they'll approve it eventually. it's going to happen. >> this has to do with politics. the american people want the keystone pipeline approved.
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the american people do not care about global warming. >> yes they do. >> a wall street journal poll showed that 27% of americans, only 27% think that global warming is a priority. they want the economy fixed. >> this is destroying the economy michelle. >> i'm sorry but i have to respond to them. this is an economic factor. let me say this. if you don't think that global warming is effecting our agriculture. our economy is going to be destroyed if we don't address this and you guys are the only scientists on earth that don't think it's real. because you're the experts here. >> the real goal for obama has always been control. what's wrong with the all of the above energy strategy is is it legitimizes all the subsidies and controls over what should be a free market. >> what about the oil subsidies. >> every doomsday prediction about green destruction, not to mention the green jobs the president has promised has been proven exactly wrong but the real green goal isn't more
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energy or better energy, it's less use of energy and subordination of man to nature. that's their real goal and that's why everything hurts us. >> i want to pull up this full screen because this is what happens when you force -- jonathan is 100% right, when you force government into an industry they have no business being in, ie, green energy. take a look at a price of a gallon of jet fuel, algae-based jet fuel. $150 per gallon versus what it should cost, $2.84. which is what it should be. when you push government into areas it shouldn't be, that's taxpayer money waste. >> except nobody is pushing the government to do this. politicians are doing this because they think it's popular. they're thinking they're appealing to a group that cannot prove this by any -- you can say oh the consensus is -- 97% of the scientists say, oh, we have global warming. well, then if they were so right then, why were they wrong about
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the polar icecap? why are they so wrong every time they get a consensus. consensus doesn't make it right. >> nine of the ten hottest years on record have been in this century. we're only 14 years ito it. you don't think global warming is for real? give me a break. >> do me a favor. can you put up that screen of the polar icecap and this is directly from a weather satellite. the polar ice has increased between 2012 and 2013 by 50%. 50% and they're calling that a full icecap recovery. we'll have to leave it right there. you can continue the conversation on twitter. the trend is your friend. #cashinin. carmine writes we're all frozen to death today by 1975 science. icecaps grew by 50% last year. anded to says problem climate
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change crowd has, as soon as they say something is definitive, nature proves them wrong. >> coming up, a record not to be proud of. the percentage of young adults not working or not even looking to work is at an all time up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people
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while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again.
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down on their luck or just down with getting more government handouts? we have been warning you that the government may have
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something to do with young people losing their mojo to work. now that attitude may be spreading to americans approaching 30. check it out. the percentage of americans aging 25 to 29 in the work force has also fallen to a record low. now michelle, are entitlement programs encouraging more americans not to work? >> absolutely. welfare right now pays more than a full time minimum wage job in 35 states. if you live in new york and you're on welfare, you can get a benefit's package worth $38,000. it's out of control. we need to cut these programs. a lot of these programs otherwise we'll have a country sitting on the couch eating cheetos and collecting their welfare check. >> we pointed out several times that as michelle points out, it's almost the same if you stay home. in some states it's better to stay home from work. >> we told, to stay home we told people that low paying jobs, entry level jobs are beneath them.
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that they have a right to health care at someone else's expense. the youth label participation rate has dropped. we had minimum wage increases in 2007, 2008, and 2009. as regulations and costs go up, employees are less likely to hire those low skilled often younger industry level folks. >> so julie, we noted that young people, teenagers of the lowest of all time labor participation rate. now it's up to 29 year olds. what's the next group? 30 to 35. people rnlt working. >> yeah but it's not. >> what is it? >> people in their 50s and 60s are scared to retire because they don't have retirement security. people no longer understand that you have to get a job or you're
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able to get a job because two and a half jobs for every one vacancy. the labor market stinks but it's not because these teenagers or people in their 20s or 30s -- >> let me ask. >> i'm not suggesting that the government couldn't do more to create jobs. i'm not suggesting government can't do more to create jobs but it's this notion that people in their 20s want to sit on their couch and do nothing rather than get a job. >> we created 9.5 million jobs and things are so much better yet labor participations rates are slamming or are on their way down. >> yeah but why 25 to 29? what does that make sense out of? the only thing i can connect that with -- there's no statistic that you can say, as you said 30 or beyond, the statistic doesn't -- it doesn't tell us anything. what i think it reflects really is the lack of education that we have a highly technical society today as opposed to one that was
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50 years ago. you have to have an educated labor force and our schools are doing a terrible job and so are the parents of the kids that go to those schools. as a consequence, we're graduating people that cannot get jobs because they don't have the background. >> go ahead, john. >> and eric in a free economy there's an unlimited amount of jobs that can be created. one or two unemployment. a lot of these 25 and 26-year-olds are the ones that five and six years ago when these higher minimum wages started to take place were most effected. the more government controls, the regulations through taxes, the more we tell young people they don't have to be responsible for their lives the less will be in the work force. >> coming up, hold on to your steering wheel and your wallet. a new push from mileage tax could have drivers doing
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royce to talk more about what we're doing to rescue those kidnapped nigerian girls. join us. here's some news that will make your tail pipe sputter. california becoming the latest state to push for a mileage tax. one democratic lawmakers is pushing a bill that would takz. but tax enough already, aren't we? >> what's dumb about this, really, is the fact of the matter is we have a gasoline tax, a gasoline tax is based on if you're using enough gas.
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how many miles you travel. it's already a tax on mileage. that's what's so stupid about this, in addition to which you want to kill a lot of jobs, you think an average truck that travels $250,000 miles a year and you put a tax on that, you're going to jack up the cost of living a good 3 to 4% before you know what you've done. this is just wup to have dumbest ideas i've heard. >> what do they do if they have this big, massive shortfall. we spend hundreds of billions of dollars on time spans on our roads and bridges. what do we do? >> privatize the structure. >> bingo. >> thank you. thank you. let the investors fund it and let the users of the asset who use it pay for it. i think this isn't just a bad idea as wayne said. it's really a chilling idea. here's the notion that in a free country, they're going the tax you on movement. they're going to tax you on how
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much you move around the country. i just think it's not even a bad idea. i think it's really chilling and shows more governmental force control over our lives. >> and here's the rub here. the administration government tells you we want more. we're mandating more miles per gallon, but when that happens, you sell fewer gallons. >> i can't believe i'm about to agree with something jonathan said, but he's got something. unfortunately, it was tried as you recall in new jersey by your personal hero, jon corzine and he got thrown out because people did not want their turnpike privatized. yobt disagree, i think politicalty, it's impossible to do. it's been done successfully in chicago. i'd love to see more democrats supporting it. >> i'm happy to see you agree with former governor jon corzine. >> we collect around $37 billion. >> never even followed that.
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>> in the gasoline tax, so we put the number up there. 18.4 cents a gallon, however, new any roads, would you be on board with privatizing the new roads? >> i agree with jonathan. i'm all for privatizing the roads. how much more money does the government want? we give the federal government $37 billion and states $41 billion in fuel taxes. how much more do they want? they say they don't have any money. if you don't have money, you don't go steal more from the american taxpayer. you start cutting programs. how about cutting a lot of the nonessential employees. >> i will say the problem with privatizing roads is there a lot of free roads you don't have to pay to go on. >> easily with technology, this could be -- we got to go. thank you so michelle and julie for joining us. co
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time for what do i need to know. >> i like something called trinity industries. we were just talking about the transportation business. they own rail cars, they own barges on the rivers. they're a leading company in that respect. increased earnings and revenues. take a look at it. >> great call, wayne. how about you, john? >> a lot of the frontier markets
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are decouping with the rest of the world. one of them is mongolia. all i knew about it was beef. but azia is a fund that invests in mongolia. it's one to put on your list. >> that is incredible. you've gone around the world and found an etf for monogogolia. fantastic call, you guys, great week. that's it for the cost of freedom. before we go, mother's day is tomorrow and all children, young and old, have thought about what their mom was like when they were younger, but beware, before you go asking mom, you might not want to know what the answer is. jimmy kimmel's audience found that out the hard way. >> what's one shocking thing about you that your kids don't know? >> that i like dope. >> my kids don't know that i adopted them. just kidding. >> i mud wrestled naked when i was in high school.
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>> it's creepy. >> that was a great scene. that was hilarious. happy mother's day to all of you moms out the hello and welcome to "across america," i'm jeff flock and where are we this week? we're on a ski lift. >> whoa! >> and a snowmobile. >> the snowmobile is back in a big way. >> we're driving down a frozen mountain and camped out on a frozen lake. notice anything here? we're looking at all things cold and hot. we are both sweating. look at this. we'll introduce you to the man who put his sweat into the relaunch of the twinkie. we'll explain why tea is becoming hotter than coffee. and if that hasn't

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