and federated investors chief equity strategist phil orlando thank you for joining us. the dow is down 51 points. and in an hour, hosting four girls, one dad, it 12:00 eastern time. "varney and company," it is all yours. stuart: no. one of these days, i want to be the lucky guy. thanks so much. good morning, everyone. the latest example shows massive fraud in the nation's third largest welfare program. turning on obamacare, don't like the employer mandate which is the heart of the program. we had a report on that and the left wants to stop corporations fleeing america for tax purposes. but senator orrin hatch says not so fast. clearly you are watching

netflix. one streaming company accounts for more than a third of prime-time internet traffic. would you pay $84 million for boxes with lines between them? $60 million worth of contemporary art. "varney and company," we are about to begin. >> the big names which are moving, they make tractors, heavy equipment, global company, considered an economic indicator, lowered their sales forecasts, the stock is down 2%. after that long hard winter, not much reaction to the stock up $0.20. overall stocks taking a breather, look at the big board,

down 52 on the dow, 16662. i would say we are three solid rally away from 17 k, eager to use the new graphic which we have available. the s&p 500 flirting with the 1900 level, hit that yesterday, fell back but still pretty close to record territory. that is the broad market. that is your snapshot of the market. the top story of the day which affect your money, democrats want to make it more difficult for businesses to relocate overseas for tax purposes. similar to what pfizer is trying to do mind merging with britney's--britain's asttrazen v asttrazene asttrazeneca. olive is his talks at the moment. not even talks. now we have republican senator orrin hatch who says instead of making things more difficult we should be making the u.s. more

business friendly for one by lowering the corporate tax rate. the wall street journal's mary kissel is here with charles payne. i think i have got this right. democrats want to pass a measure in congress which says you can't go over there, by a foreign company and relocate just because -- we won't let you do that. that is what they want to do. >> will die in the senate as it should. democrats lost all morning with the real economy and business people and how people make decisions in terms of how to hire and invest. solution to so-called tax flight is to lower your corporate tax rates so you can encourage companies to invest. stuart: we also have walgreen's. they own duane read. they went over to britain, bought boots and propose to go to britain as well for tax reasons. this is, a lot of companies doing this. has a lot of people very

worried. charles: they should be worried to the point mary is making but the counterpart just like this article we saw in the new york times said, no states should be allowed to lower companies with tax incentives. the solution to all these things is to make us less competitive and that is the crux of the problem to begin with and it is so nuts, here is the line, we have a government with an insatiable appetite, they need money. doesn't matter how much they get they will spend more, we are creating a welfare utopia, the great fair country in the world and we need to fund it, got to give them the corporate balance sheet. >> you got to put this in perspective. we have a higher corporate tax rate than japan. everywhere. i was in asia for a long time. want to know why money goes to asia? the corporate tax rates aren't high teens. stuart: we are 35%. >> we are 39.5%.

dave camp proposed a great tax reform. stuart: corporate tax rate is 35% despite what the state charges. >> camp has a proposal already to not just lower their rates but to make the tax system fairer, simpler, flatter. if you want to get around people who are evading taxes which by the way they do because the tax code is so complicated there are legal ways to get around it then you make it simpler, lower the rate so everybody complies. stuart: the president will never lower tax rates. charles: he talked about lower corporate tax rates but there's always the, quote, catches, offset. i am shocked more companies haven't done this. we have tycho, transition and others. i am shocked. pfizer will save $1 billion a year if it goes through. stuart: i have one more political story. i will call it political.

the twice delayed obamacare employer mandate put in place to make the program less-expensive. is under attack because it is backfiring. businesses are limiting the hours their employees can work or pushing people to the taxpayer subsidy public exchanges. look what is happening. some liberals are joining with republicans calling for a repeal of the mandate. peter barnes knows about this in washington. are any democrats coming out publicly and saying repeals the employer mandate? peter: yes they are. democrats are saying to repeal it or at least to change it ahead of this year's midterm elections and there is some legislation they are supporting right now. for example five democratic senators and in independent who votes sponsored a bill to change the exemption for the employer mandate for companies with 50 full-time workers with more than a hundred, three of the senate

democrats up for reelection this year and now a left-leaning think tank, the urban institute has published a paper showing the government could a eliminate the employer mandate without reducing coverage nationally. analysts say the paper could give the administration and democrats new political cover to at least again delayed the employer mandate. stuart: as opposed to repeal it. i don't see the president repealing this thing. peter barnes, good information. if you did repeal the employer mandate. you can't go on without the mandate. charles: it raised $46 billion a year, some will be double that. where do you find it from? it always begins with that. and have a helluva play book.

>> tax and spend. and i have real outrage for you. the real outrage, the irs paid 13 to $15 billion in earned income tax credits to people who don't qualify. and poor people report low-income on the books, get a check from the treasury, and they might be working for cash on the side. and that is where it is. charles: they make more than they say they do. and the big beef with these a lot of government programs the government knows there are these rubles out there and let the biggest to make a more enticing to keep people on this program. and making poverty comfortable. and since 2011 they found 15

million suspicious tax refunds blocking $15 billion in returns. and people see the loophole that is pretty obvious. we are not talking about some guy, not cracking ibm, 15 million people, you can fix it. stuart: 20 billion people get their income-tax rate. >> it shows results do not matter for modern liberals whether it is the earned income tax credit, food stamps, obamacare, housing policy, it doesn't matter. fraud, whatever. people who can't afford homes, whatever. as long as it gets us elected. stuart: are we out raged? all right, all right. look at the stock price of yahoo!. this company is buying snap chat rival blink. they want to poach the talents behind bling. no reaction on the stock

whatever but got to raise this corporate strategy at yahoo!. they bought in the last year something like 20 companies, what we could find, shut down most of them. what is the strategy? charles: advocates for companies making -- the word would be smart acquisitions. throwing it against the wall to see what would stick. the ali baba acquisition was amazing for them. that was a brilliant acquisition and kept them from being a single digit stocko uite business 2.0 and a couple magazines in the heyday and their resilience of acquisitions, these things gone all day long. i don't think they have a great track record. >> they bought into a captive market. ali baba succeeds because jack malt is in bed with the chinese government and the communist

party. it is true. you read the news coverage they don't mention that. that is why the investment succeeded. stuart: that is all yahoo! has gotten, really. investment in ali baba. charles: they are racing against the clock. core business is eroding, not growing the growth that will send stock higher so got to use this cash, they will be smart and swift about it because there is a lot of defensive bill's going on so they are in a tight position. stuart: dow industrials down 54 points as we speak but by now i am sure you have seen the video of rapper j z punch in an elevator by his sister-in-law. that was leaked to the public and you can see it right now. there is a privacy issue here and a question. can j z su whoever release that video? invasion of privacy? would think it was a slam dunk. we will see what the judge says next.

stuart: modest loss, light volume, 16-6 is where the dow is, price of gold 1305 up $10 today, the price of oil hovering around hundred moved up to 102 as to right now. pandora got an upgrade, continual rumblings that it might get bought. i hear apple might buy him, they don't like beets or something so pandora is up 2% of 24. lower profits disappointing forecasts from take 2 interactive, they make a papa the grand theft videogame, down 6%. are you curious about our stock? if you are you tweet as using hash tag ask pain and charles will give you what is the expression? give you the skinny on a stock. stuart: you may not -- stuart: on tractor supply's. i know one of the founders.

charles: amazing company from sullen. the stock might be ready, and every year they grow 58%. that growth will drop more than half over the next five years. one of these great stories that is running out of steam. they missed the last earnings report by $0.02, they had a string of downgrades. oppenheimer, deutsche bank under the 250 day moving averages. if i'm in the stock i get worried because the next major support is $50. i'm not a buyer yet. and a little ball the initial little vulnerable. stuart: let's get to the talk of the video of the fight between j z and his sister-in-law that was taken in a hotel elevator. someone sold the tape for $250,000. we have enlisted the judge for this story because it raises the question of privacy and to you can sue.

let's start with that. that video tape was sold, surely j z and the lady can sue whoever solves it or made it or got it public because their privacy has been breached. judge napolitano: if your behavior in an elevator in a hotel, a customer of the hotel or member of the public, considered closed and privacy. our behavior in the hallways of this building even though it is not considered a zone of privacy. we get into any hotel or office building, and protected by privacy. the first obstacle j z and his sister-in-law and the governor's wife was in this elevator when this happened would have is demonstrating they had an expectation of privacy in the

hotel elevator and they don't. stuart: the tape would surely be owned by the hotel but surely would not have released it. an employee released it. and that employee is legally liable? judge napolitano: the tape is not known by j z. presumably an ordinary security tape as exists almost everywhere and was installed by the hotel land is the property of the hotel. if the hotel sold its property, and it was a feeling of something that occurred in the public part of the hotel there is no crime and no civil liability. of some intermediary, say an employee stole the tape from the hotel and sold its for $250,000 then you have civil liability and probably criminal liability, theft of the tape, receipt of

stolen property. who knows what assets the employee had? t m c has plenty of deep pockets if j z and the sister-in-law want to sue. stuart: i am shocked at $250,000. that is the report. charles: i think it is low. judge napolitano: look at the links this thing had. stuart: whoever bought the tape, t m z i guess, has to make more out of it. judge napolitano: they make their money because we are saying dmz on the air. charles: the ratings are huge and they are going to be renewed. is a juggernaut. like a modern-day inquirer. they get a lot more. judge napolitano: a lot of us work with a guy who started it. he is a lawyer who covered o.j. is how i broke into television and a lot of us to do this regularly. all of a sudden he left and started this thing nobody heard of. stuart: they are all lawyers.

one more subject. judge napolitano: to you have a personal attorney? is that person aware of your opinion of the members of the profession? stuart: moving done. i am going to use this camera. a new york state judge ruled that air b&b disclosed does not have to disclose customer records but the attorney general not giving up. is going to get the information eventually. eric schneiderman is going to get it. judge napolitano: air b&b advertises the availability of private homes for short-term rentals all over the country or all over the world for all i know. he is interested in new york city, subpoenaed all their records for new york and the judge said you subpoena more than you are entitled to. what is even since turned with? avoiding paying the hotel tax. if i least my apartment to you that if i did i would charge you dearly but if i released my

apartment to you for less than 30 days, no problem, no need to collect the tax. more than 30 days more no problem. less than 3 days is considered a hotel, i would collect a hotel tax and remitted to the city and the state. his problem is the subpoena was too broad, demanded records of their customers in cities where there is no tax on the hotels. stuart: the judge says you can have the information if you narrow it down to cities with a hotel. judge napolitano: air b&b is not liable, the clients have to collect this. dreadful tax. stuart: air b&b is a $10 billion company. judge napolitano: i never heard of it before the subpoena came out yesterday. stuart: you are renting rooms out of your apartment? judge napolitano: we would never dream of doing such a thing.

how many rooms as she had in buckingham palace? stuart: moving on, thank you. we asked you a question on facebook and twitter. are you really, are you really outraged of a congressman flying first class on the taxpayers' dime? the irs spending and one hundred million dollars on office furniture, timothy geithner's misleading talking points. are you truly outraged? we ask the question and give you the answers next.

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stuart: congressman occasionally flying first-class on your dime to and from their districts. there's a bill in congress, are you outraged politicians fly first-class. >> we don't want to tell you to fly first-class. stuart: an interesting response reacting to just one of the so-called outrage topics we have been covering. i you are arranged by

congressman flying first-class? and office furniture? i got rage that timothy geithner air told -- was told to mislead america? here are your responses. darlene says most of us can't afford first-class and i sure don't want to pay someone else to fly first class. these people live high and mighty on our tax dollar. as for the irs redecorating david says i am outraged but not surprised. look at the solyndra debacle. was manage the same way. lavish offices with the people's money. thank you for your comments but i continue to ask is out rage too strong a word in these situations? dr. keith ablow will put us all on the couch in the next hour and we will enter the outrage question. back to the front market we have a couple stocks that removing. so this dream, the company says

business will pick up. a bigger loss, fuel cell maker plug power that company shift fewer systems and down it goes, 7% lower, $3.79. big night for christie's auction house, they sold 3-quarters of $1 billion worth of contemporary art in one night, the highest total for single night's auction ever. the top what was barnett, newman's, black fire one, oil on canvas painted 1961, world auction record for that artist, $84 million for 2 boxes with a line dividing them. next francis bacon's three studies for a portrait of john edwards. not that john edwards. it is oil on canvas painted in three parts as you can see, painted in 1984, sold for $80 million. rounding up the top 3, mark rothko's untitled oil on canvas painted in 1952 sold for

$66 million. you spend $166 million to have a title on the painting you bought. those prices and all that money raised in one night tells me the rich of the world especially from asia who are heavy buyers say put your money in art, leave it in our to appreciate. charles: they are so wealthy in asia particularly china looking for values, some place to put this money and they don't care. believe me there should be some bubble talk about this. barnett newman had three paintings called set. last year zip was sold for $30 million and this year 84. charles: stuart: the same painting? charles: three versions. in one year it goes up 100%. the asians were all over this, outfitting americans all day long on the phones for this thing, all kinds of records sold, joan mitchell said a record, most expensive woman at an auction so far.

absolutely amazing. people talk about the different bubbles out there, you hear about the stock market bubble, nowhere near what is going on in the art world. stuart: the fed says young people are not buying homes, too much college debt. you know what that means? may be a bailout is coming. we will discuss the never-ending parade of free goodies next. we're moving our company to new york state.

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♪ ♪ stuart: hovering on a 50-point loss for the dow jones. $70,000 probably will not happen today. the s&p 500 still learning with record territory. that would be the 1900 level. a big happy birthday to mark zuckerberg turning 30 today. worth $25 billion in dock is down 13 and. fifty-nine on facebook right now. charles says we can make some money with netflix. >> we talked about this this morning. the streaming, all of that.

stuart: 34% of the bandwidth is used by netflix. >> 34%, youtube went from 13%. >> they only have 1.9%, for all the hype of hulu, netflix is a pure juggernaut, probably will get a favorable net neutrality, it will be one euro turns profitable and i think that that will really spend this and i think that netflix is running away with it. they really are. they have outperformed tremendously and this is one company that certainly can make an argument that justifies it. >> that is what our viewers are doing. >> we need to check amounted to amount of mess.

[laughter] >> a new report from the federal reserve finds that young people with student loan debt are less likely to buy their first home or new car than those in the same age group with no student debt. there is a report on the same katie pavlich has more. so tell me, actually given back what the federal reserve is saying, it will be politically attractive for the president of the democrats to say we will bail you out of your simone, we will forgive your student loans. what do you say? >> i'm not sure that the issue of buying a home and student loans are necessarily connected. here is why. the people that have student loan or those who don't have student loans were in their 20s and 30s, they are both not buying houses and apply for home loans. it's not necessarily isolated to those that have student loans. but on this issue was or not, they have debt to pay off women don't have money to save and put into a down payment. to be honest from a lot of you

are getting married later in life and they want to read because they want the flexibility and the job opportunity perhaps in a different city. so buying a home is really not a priority. and the student loan process would set a horrible president saying that you can't pay off your simone, why are you applying for a homeland that you can pay off either. >> they are already going around this by saying, look, you have big doubts any work for the government and we will forgive that debt early. they are doing that and that is a process that is already out there. that is very politically attractive to the president and anyone who wants to recommend that kind of backdoor bailout. i put it to you to get the votes of your generation and the millennial millennialism that's exactly what they are going to do. >> they might be doing that when it's politically convenient for them to say that. but it's very difficult for them to make that argument considering that we were going happened in 2008 and we look at the future and what the president will be if they forgive student loans were

saying you want to get a home loan, i think that they are separate issues and i don't think that the president will be able to tie home loans and home ownership to this, i think it's a completely separate issue and again, people with student loans and without student loans, they are renting instead for the flexibility. >> what you think will be the political response to the student loan problem? is a lot of people in serious trouble with this, including young people in particular. what do you think is the political response to a? >> i think as a conservative on that side, republicans would argue that we need to take a look at the cost of college and why it is so high. that is because the government is involved. is it worth taking out a loan of $100,000 that you are going to have to pay back and what is the return on investment in education. are you really getting a job that is going to pay off those loans. on the more liberal side, their

argument is oh, just forget and move on. but that is going to get paid for by someone and i think you can make the argument that if you're student loan debt is forgiven, you're going to be paying for your loan in minutes after taxes. stuart: personally i like to see a market response in the market response would be these college courses online have a vastly reduced cost of making that kind of credential available to far more people. that is not a left-wing approach or a write ring approach and and that is what i would like to say. >> here in washington dc, we don't know what makes sense from a but we go with what we see. but yes, i agree with you on that and we have some community colleges offering classes at a lower rate that are just as good as the university level. >> are we going to see you outnumbered? is that correct? the new show?

>> guesstimate that is true and i will be on next week. i'm on twice a week in new york city. such magnanimity on the fox news channel. >> we want you in the 11:00 o'clock hour on "varney & company" sitting next to me on the that. warm-up for the big show that you're doing. will you do that? [laughter] >> we will make it happen. [laughter] stuart: katie is a new start of "varney & co." [laughter] take you for being on the show. >> thank you and see you soon. i'm in trouble with this. coming up next, global fast-moving protest coming tomorrow. it's all about raising the minimum wage. and one ceo says that will be very bad for his business. he knows this personally. so ally bank has a raise your rate cd

that wothat's correct.a rate. cause i'm really nervous about getting trapped. why's that? uh, mark? go get help! i have my reasons. look, you don't have to feel trapped with our raise your rate cd. if our rate on this cd goes up, yours can too. oh that sounds nice. don't feel trapped with the ally raise your rate cd. ally bank. your money needs an ally. >> krispy kreme doughnuts has appointed tony thompson as its new president and ceo. james morgan who has been the ceo since 2008, recently revenue has been rising as the company has added coffee and other beverages to its menu which helps to boost customer visit.

shares trading by almost 1.5% and sony says it will report another net loss in the current fiscal year as it tries to turn around its struggling electronic business. sony has already announced plans with the pc and storage business. stock is down 6.5%. and global fast food protest coming tomorrow, all about raising the minimum wage. how will small businesses react to that? we will talk to one small business owner coming up next.

stuart: panera, the restaurant chain going higher. and lauren has the details tarmac that's right, 32 million-dollar investment to get their stories out today. they are doing this and it's working. if you look at their stock price, it's been down. so much so that they can't handle it. so what they are doing is bringing this to them in a big way. there's little kiosk to plug in your order and when it lights up, that's when you know. and they're using a gps tracker and they will bring it to you and all of this as they get rid of the cash registers, are they going to get rid of jobs?

they say no, absolutely not. >> if it speeds it up, that's the name of the game. that would be my first concern. >> guesstimate that is the point. and they have 70 million loyalty customers and by far the biggest and the food industry those loyalty customers, they usually get the same couple things every time and it is making things really simple. and panera is really hopeful. >> let's go straight to the floor of the new york stock exchange. we have kate spade handbags. and are they democratic luxury that you would call democratic? >> they are affordable and that competes with michael kors and coach and anyone that has been watching "varney & company" knows that kate spade and

michael kors have outpaced coach and those first names are up 22% and coaches working on this because let's focus on kate spade. their sales were up over 20% and what they noted was that even amid the severe winter weather that it didn't affect them and their performance continues to be of a .5%. >> for that 20% sales gain, that is huge. and the fast food industry bracing itself to what can be the biggest round of protests around the world tomorrow and here we have the firehouse subs the ceo. >> thank you for the

invitation. we have 767 steps and let me deal with the state minimum wage. it varies state to state and what do you do when you have california, new york, with the a minimum wage that is higher than neighboring states. and how does that affect your location? >> the main impact is on pricing. it was phenomenally a franchise system and prices are high with the minimum wage which is higher. and that certainly impacts the decision to invest. so how does the franchisee remain with a high minimum wage here and slightly lower? >> i think it will help tell

people to operate with a friendlier business climate and most reside in a state we can operate in and they do their best to make the business model work and it prevents challenges and inflationary and we see that across our entire system. director is a push and president obama wants to move it up to $10 and 10 cents per hour i think within 30 months and that is the plan. and that is the federal minimum wage. >> it's going to cause significant across-the-board inflation and when you think about labor as an expense, labor is about a 30 to 33% cost. and the impact of this, taking it to 1010 come as a net impact

of 20%. and so that's going to equate 6% on the bottom line and only 5%. >> all right, that rise in the minimum wage would office out. otherwise quick to point out that you have wasted pick up efficiency and they're not waiting for some outside catalysts. and i was preferred to have people to offset this. and we have the highest ratings for customer service in the industry for mobile years and that is a great asset to us. but the bottom line is if your profit is wiped out in a matter

of 18 months or two years, you have to make these adjustments. stuart: all right, thank you so much for joining us and we appreciate it. we want to hear what happens. >> thank you. after the break, two houses, one in salt lake city and one in seattle, both price and a million dollars and what do you get in those two locations were million dollars? find out after this.

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sleep number stores nationwide. (and) right now all beds are on sale. yep, all beds, starting at just $649.99. know better sleep with sleep number. stuart: here is a popular segment, $1 million in salt lake city versus a million dollar home in seattle. where is the better deal enact cheryl casone is here. tell me what i get? to between these two properties , four bedrooms, 2.25 baths, 2800 square feet, the scri wrirlf aul a te badly and the grammar on the description is horrible. but the home has been on sale for 21 days and maybe that's why you haven't been getting any offers. this lot is brand-new and it's a green home, it's in seattle. the views are stunning and there is a roof deck on the top.

it's sold in december of 2012 and this is a bran-new home. >> that's a great question. i couldn't find a picture. and selig city, interesting and same thing, older home built in 2004 and it's actually more expensive per square foot is five bedrooms and five baths and 5700 square feet. and the basement, one thing i want to point out is that salt lake city is a cheaper cost of

living. >> a lot of good weather. >> sometimes you can never see through the clouds and the rain. great to have you. antarctica ice, at the southern pole. they say the ice melting is irreversible. sounding the bell, we have the other side of the story. dr. keith ablow. are we using the word out the too much when we talk about stories like this one? we will have that two minutes from now we're moving our company to new york state.

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all on thinkorswim is all ready the brand ofstate the year.d berkshire hathaway home services. good to know. that's the one you might think outrage of an overused word until you hear about this. massive fraud at one of the biggest welfare programs. your taxpayer money given as a

taxpayer refund. outrage? we will have more demand to keep delaying the heart of obamacare. nasa says the ice melts in in our car is irreversible. and what is with twitter? we have that story with you and dr. keith ablow on outrage. he's putting it all on the line. ♪ ♪ ♪ >> dead flat on the market, straight down 50 some points. we been this way for most of the hour. we are maybe three good hours away from using that special 17 k graphic that it's not going to

happen today. hitting 1900 for the first time earlier this week. post to record highs and the stock we would like to follow is not flat in the news. accounting for more of it there than internet traffic in a very big number and not much has changed. and i have to give you "the biggest loser" in the s&p 500, that is a disappointing forecast and the dow jones may go down 9%. oh, how the mighty have fallen. and sony morning another loss this year. how bad is the damage to the stock? >> investors are waiting for some restructuring changes with some real profits and the stock is down. it turns out that this is their sixth annual loss and they have continued problems in electronics and television and in the meantime the local

competitor has not turned the company around using more in the industrial products area and so some of these shareholders are pretty frustrated to see this downside. >> i just remember when sony was king of the hill back 25 years ago and back then they were king of the hill. thank you so much. we have obamacare's complier employer mandates. grace turner is here. there is a group of six senate democrats. welcome to the show. they are pushing for real change and another delay. so if you do that in delayed again for you repeal it, you're finished with obamacare, aren't you?

>> employer mandate has been one of the first cascades. we saw lost jobs, workers having hours cut, companies are not going to expand because they don't have more than 15 employees. the damage was most evident already from the president had to delay a one year and then another year and this is the ignore. this is me out from the liberal urban institute. basically they have said that this is doing damage and it's hurting people and this is what we have been saying all along. it's hurting poor people. the lower income workers are the ones that are least likely to be able to get jobs. they are the ones whose hours are going to be cut first. they are the marginal workers and employer has 53 workers and it's going to get rid of the lower income people first. >> but they will get it free

subsidized health care? >> yes, that's what they are arguing. they're saying they can go to the exchanges. if you don't have an employer mandate, that means that you don't have a lease that one economic distortion for obamacare. and they can go to the exchange and get coverage and much bigger subsidies. >> okay, with the mandate right now, and employer with more than 50 employees working full time, they have to offer that kind of health care that is mandated by obamacare. right? >> yes. i think that the take away for the employers here, this employer mandate is going away. when you have a left of center urban institute saying that the employer mandate is not going to increase coverage because those employers are not going to operate, it's hurting people who are the lowest wage workers and they are setting the stage for the president to be able to sign

legislation in the house has already passed that legislation. stuart: so if they get rid of it and they delay it or goes away, they need to get rid of it. >> employers have to plan. >> and all you're left with is the individual mandate? >> another $6 trillion in subsidies for medicaid and these gargantuan exchanges and rules and regulations that we have to comply with, health insurance and the government says you have to buy rather than what you want. >> do you think that were moving to single payer socialized medicine? >> i think they might've gotten away with that. if they had started out by doing something smaller. the american people are on to their game and they are basically saying that we now get it on the government tells you have to buy health insurance companies were sued by things that you don't want, pediatric dental and others, they're

forcing me to pay more than i ever would for this coverage with hoops to jump through and i think the american people are saying, no, we want to make decisions and we want choice. not the government. they are further away from their goal than they were before. stuart: grace murray turner, thank you so much indeed. taking a look at the home building stocks. "the wall street journal" reporting the obama administration is pushing to make more credit available to boost the housing recovery. scott is with us from chicago. so they relax the credit standards and make it easier to get a home loan, do you think they are moving back to the old days? >> we are moving that way and this is throwing in the flag and admitting that their policy doesn't work or we are in deeper trouble than we thought it was going to be one or the other. so as it stands right now by going back to the good old days of easy loans for admitting the

policies today, we could be heading toward something like that we don't have to put any money down and away you go. so it could be them admitting that it's just not working. since 1900 for the last few things that we need our jobs and housing and we can admit that the jobs have been lackluster. but the the housing is the one that's been really confusing. investors took us up early another out of the market and this could be the administration during the talent in saying this is our last chance or we are in big trouble. stuart: tell us what you make of the interest rates which recently have been coming down. 2.52% right now, what does that tell you about the economy? >> that's a bigger market than the equity and i think that

they're probably going to 2.2% on that because the economy just isn't growing at the rate it needs to grow and we have recompression all over the globe. we can't have our raids be a part of this. and you have those rates coming dangerously low chars. so we don't have this, look at our last gdp. where are we going to get rescued from in this economy? the rates will continue until they come up with some sort of idea to spur the economy on. we both know what that would be, tax reform and regulatory reform and i don't think that will happen before the election. stuart: but that is music to our ears. they do and we appreciate that. we will see you soon. now, we have a newer or from nasa that says an arctic ice is melting and the melting process seems to be a reversible. rising temperatures will ultimately lead to more a arctic

ice markets with us and he is the founder of climate depot.com. so you say that nasa is wrong but you are not a scientist. so why is nasa wrong on the server's ability of this? >> it's not so much that it's wrong but it's a the way that they are reported in this is likely of natural origin, something being reported and have lax having to be moved and relocated because of this allegedly unstoppable glacier. they looked at rates and estimated the raids of melting and they did a bunch of modeling predictions into the future. what the media is not telling you is that this has been going on for years and we have more stories of the same thing from 1922. we had a similar story in 2009. they are saying that it's an awful misuse of the term

unstoppable here in the media. and this is something that happens regardless of man's influence and they are not alleging the temperature but remained that the winds are coming in and affecting this way sure and that will raise this. >> so you're not criticizing this on scientific grounds but the way it's been reported with similar trends in the past like the 1920s? >> yes, there are studies showing this as a whole that they have been getting cooler and the western part is the only part that has been getting warmer over a thousand years great but the interesting thing is that they are talking about one part of western antarctica and the eastern part of antarctica is showing this to be stable and they are looking at sea ice which is record expansion and this is benefit news in the last month and you have to wonder if the media isn't jumping all over this and it's above average in the

southern hemisphere is well above average rating records. the wind bias is still very stable except for the western part, which is what they're talking about. but this is modeled and this is where i do criticize nasa. when reality fails, they make a bunch of predictions and we're talking about this for the melting. >> hold on a second from asking you the same question that we ask a lot of people about climate. how long would it take to replace fossil fuels with renewables like solar and wind when it comes to the generation of electricity. how long would it take to replace this with renewables? >> these are impossible questions and no one knows the future energy. that we are talking globally and i believe it's about 1% of our energy right now and that natural gas wrecking in the united states has reduced the

co2 emissions more than all of their energies combined. you ask what they are saying is that if you invest hundreds of billions of dollars right now, we can move very quickly away from fossil fuels and the nobles in the united states. but could it be done very quickly? >> nothing like that can be done because the technology is not there and the more we've been tracking and coal, the higher the energy costs are going to go and they've done exactly what i've just had and they say now that people can expect power when they want it and they will have to be on energy rationing in the future. it's scary stuff what they are proposing here. stuart: i'm out of time, but thank you for answering the question and come see us again soon. >> thank you for having me.

stuart: the new mute button twitter. it could be a bad news for some companies and we will explain why in a moment.

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does breathing with copd weigh you down? don't wait to ask your doctor about spiriva. when folks think about wthey think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more part of our commitment to america.

stuart: believe it or not there is something called a medicare fraud task orders that has just arrived at 90 people that generated over $260 million worth of balls medicare claims. >> we have been talking about this as the government programs that are. capping sebelius at the hhs has been doing the strike forces at the fbi, going into miami, los angeles, where doctors are billing take billing for medicare where they shouldn't be and then they don't even do this 100 miles away. these doctors are using this these companies to funnel these illicit gains and then sending them overseas to places like

pakistan. >> are you preferring to one particular doctor? >> estimate there are numerous cases and this has been going on for several years, especially one medicare part d, the drug benefit to medicare was launched. and that is when the fraud really took off. has it was launched decades ago from the get-go. >> or member "the new york times" had a big exposé or five years ago when they looked at this in new york city and a third were fraudulent and i don't room or anything being done about that. but maybe this is a response? >> estimate a guy and capping sebelius has been ramping up and so has eric holder. >> no complaints from me on that one. thank you. twitter is rolling out the mute button that allows you to hide people from your feet. it could be disastrous for companies and businesses would like to reach their customers through twitter and there is digital royalty fees as well.

so what you do, you advise people on how they can look good on social networks and advise them on the social networks like twitter. so if i can mute you, you can't get through to me and that's not good for you, is it to my. >> that is correct, that is not good for you. but the golden rule of communication is how your audience wants to receive it. so that is something that we follow and also our clients. >> so you have to tell those how to tweet me on this way. that is what you have to do? >> estimate of exactly what we do and we provide a lot of training to help those voices understand is that.

stuart: do you advise how many times i should be tweeted by this company? because it's really going to turn me off. >> what we advise is that we are listening to our fans and clients and when we listen to our customers, we know what the engagement is like and the thing about this new button is that there aren't any metrics behind it. so the advertisers are not able to hundreds and how many are meeting their voice and we need is mute metric and otherwise we are spending a lot of money on paid advertising through twitter and we are placing those ads and it becomes very technical and scientific. and so what happens, we don't know if they're really there. >> so you want to know how many people are meeting this company that i represent.

are they going to tell you? two well, he asked them yesterday and at this point they don't have plans to provide these metrics. the thing because they are high metrics that we aren't able at this and to tell which following has what amount of this percentage. >> so the users my likeness, but you guys who advise on how to advertise and reach people, this is a nightmare for you. >> not necessarily, it's really about delivering the value. it was all about brevity and you can speak quickly and that is wonderful. and we have a lot of noise with 200 million users and that creates a situation where people don't want to hear everything and some people are calling it the "kanye west" button.

so many are thinking about what they are offering and in some ways i think this could be a great thing and the challenge is that we don't know as a user. when you meet someone from you have to remember to go on mute them. >> that's right, i could do that in and forget about you. >> i have to move and have something happening here. thank you so much for joining us. the dow jones industrial average down 57 points, we are at 16657. interest rates, that is what is happening. interest rates are moving lower and that is a very important indicator of where this economy may be going on the 10 year

treasury. not getting too technical and we are down to 2.52%, lowest level of the year and why is that happening? and coming up next, my take on massive fraud in the welfare system. it is happening and we are on a coming up next. single logo. ♪

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stuart: take a look at this, we are down roughly 60-point and falling down a little bit more. i think that is because of the interest rate. we are down to 2.53%, that tells you that this economy is not strong in the outlook is not strong. interest rates, look no further. see what we have read the next few minutes, keith ablow is putting us on the now. outraged? are we outraged too often? and john stuart an equal opportunity basher. he went after kerry read. he we.

here is how you play the game. a low income reported to the irs and they send you a check. what you don't report is the cash income you make on the side. you have cheated, and that is how it works and millions are cheating. at first i have some numbers. one quarter of all of these payments are improper and that is about 18 billion per year paid out in error. this is the third largest welfare program, 27 million people. the maximum payment for two children as $5300 cash. so here we have people that have not paid any tax, but they get a

tax refund in cash every year. it's an invitation to cheat and to stay in the welfare trap. if you work overtime and take it that are job, maybe your check will disappear. and i'm sure that $60 billion per year that we pay out does relieve some hardship and in this economy there are countless people who need cash and they don't care where they get it. you get a feel for people who are trying to feed their children. but step back and look at the big picture. were not solving this problem but the government handout i want to have these problems may never go away. we can even cut this. and then we have those that kill businesses and drive talent away. the best way is strong economic growth and we won't get there

until we change the course. warning effort and work and that is the change with which we are surely hoping for now. >> tonight, get ready to flip my dad has aor afib.brillation, he has the most common kind... ...it's not caused by a heart valve problem. dad, it says your afib puts you at 5 times greater risk of a stroke. that's why i take my warfarin every day. but it looks like maybe we should ask your doctor about pradaxa.

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website accounts for all peach evening internet traffic. what is going on? >> let that sink in. when you are getting home from work and on the couch there's a 34% chance you are watching house of cards, breaking bad, orange is the new black, netflix is huge and growing, we are netflix gluttons. i bet the number gets bigger and this is why. next month netflix paid comcast and verizon for faster access to some of its pipes because many customers were complaining the netflix service was slow so they fix that problem by paying up, that is controversial, and the proposal, and it -- with the speed increasing and so many markets now. stuart: it is running away with the streaming business.

and they are seeing and it dropped precipitously. >> 13% of traffic compared to 34% for netflix. stuart: thanks very much. look at the big board. we are down 65 points moving lower. look at the ten year treasury. the yield is coming down down to 2.3%. stocks are down because interest rates are falling. more on that in the real halftime report coming up. we brought you three so-called outrage stories. the irs sends $100 million on office furniture. are you our race? lawmakers fly first-class on your dime. are you of race? timothy geithner nehr ms. led with some talking points or was asked to mislead. are you out race? here is dr. keith ablow. my question is are we over using the word out rage? and are we out raged too much of

the time? >> here is my perspective. we are over using the word and we are not outraged enough of the time. we have homogenized the range of our emotions because we are detached from reality by things we talked about like facebook and entertainment and technology and the rest of it. we should be more outraged for real about benghazi. more outrage about these first-class flights that lawmakers take, more outraged o. we don't have the emotional reservoir anymore as americans to feel at our gut level that sense of outrage and we should, we use the words, we don't have the feelings. stuart: in this instance you are right about -- this one off shot. you can't go anywhere without a screen, screens are everywhere whether it is television or facebook or twitter or your

iphone, doesn't matter screen than coming that you and you are encouraged to be outraged by what you see on them. are we to get around this win? >> totally together because people say i am outraged. this is terrible. they are not doing anything about it. we are being lulled into a false sense of security work you we could elect the same saree politicians and non leaders because we are deprived of the sense of being able to take action, to really feel these things. stuart: this is going so well but i will give you another one to go at. i saw on tv a breathless reporter telling me that rapper j z had been seen in a jewelry store with a woman who allegedly beat him in an elevator in this video. it was a big story that he was in a jewelry store in manhattan. then this picture of alec baldwin being arrested. that was big news. alec baldwin arrested.

he was on a bike going wrong way in manhattan. why are we so obsessed with celebrities, their private lives. why does this dominate the screens which i see so much of. why is this? >> we are obsessed with them because we want to be entertainers ourselves and they have become our new icons, everybody who has a facebook account has a reality show in miniature and celebrities are that much more the role models and also the loss, it was nietzsche who said those for whom god is at worship one another and that is our culture. we are now worshiping people who can dominate the airwaves and dominate the pixels universe rather than war shipping people with courage, leaders, honesty and integrity and people connected with some almighty power. stuart: what i you doing tomorrow at this time?

it went so well today we should have a repeat performance because i agree with everything you said. >> anytime you like me to come on i will come on. i would like to acknowledge i am always right and not just some of the time. stuart: not a prayer. good stuff. thank you very much. interest rates falling sharply. the last couple of days. is that a sign of things to come? stay there. we will discuss it. 2.52% on a ten year is the subject of the halftime report which is next.

>> the second day of hearings surrounding pfizer's takeover of astrazeneca is over, the house of commons, lawmakers are concerned about the possible loss of jobs given pfizer's track record of the acquisition. to extend its commitment to british jobs. pfizer indicated completing its

$106 billion offer for astrazeneca. shares of astrazeneca and pfizer one is moving down. yahoo! has acquired the snap chat rival blink offering an asset that allows you to send messages. terms of not been disclosed. shares are up 1/2%. the real halftime report starts next. we asked people a question,

how much money do you think you'll need when you retire? then we gave each person a ribbon to show how many years that amount might last. i was trying to, like, pull it a little further. [ woman ] got me to 70 years old. i'm going have to rethink this thing. it's hard to imagin how much we'll need for a retirement that could last 3years or mor so maybe we need to approach things dferently, if we want to be ready for a longer retirement. ♪

stuart: time for the real halftime report. we have sean delany joining us from miami and lauren and nicole. the dow industrials down 50, 60 points, treasurys yielding lower interest rates. i say that is not a good sign for the economy. the economy will slow down as opposed to speed up. >> the move in treasuries, they have gone from 260 plus to 252 on the 255, that is indicative, is that quality? i am not sure. it doesn't portend well for stocks. they need to watch them. stuart: do you have any reason these rates are dropping? >> europe could be coming into

the treasury, out of europe because europe is flat mining in economic growth. the e.u. forecasting really slow 1.7% growth for the region. when you see investors getting worried about the economy euro zone, the look of the treasury -- stuart: that is a drop in interest rates in america. here's what else we are watching. american companies moving for lower taxes. senator orrin hatch says we should be making the u.s. more business friendly by lowering corporate tax rates. what do you say to that? liz: the senator is saying hold on, democrats, stop with the big stick approach, use the carrots instead because what the democrats are suggesting is to stop companies, the democrats are saying, we are going to

change and a mess of the tax code and force for investors or get foreign investors to own half of these companies, should throw a wrench into mergers like pfizer with astra zeneca. that merger has collapsed. stuart: they will do what you want. rumblings that somebody might be wanting to buy pandora so the stock is up. >> the stock is up 1.5%. don't forget we heard apple, streaming video, video content, streaming use it, all these areas that continued to grow. and pandora is in this area, and nick 1.6%. of grated raymond james and others. a loser, 9% lower. it is up 4% this month so maybe

some people do think, we talked about this in the last few weeks so keep an eye on this. stuart: europe's top court says google must respect people's right to be forgotten, the ability to remove personal information from search engines. is this good or bad for stock? >> it is good for the industry in terms of tech. if this is indicative of what is going on in europe that will work its way over here fairly quickly and that might mean there are sites that will evolve and people will just opt out of allowing certain content to be passed along. in terms of advertisers they won't see the target audience they're looking for because some people will say i don't want this shown any more. it will create a game change. stuart: is sure will. looks like the at&t direct tv deal would give them with sports

fans. >> for its -- sports hand fans pay to watch the game so at&t in august is going to have something called the fcc network where you can get those great college games, really positive for them. direct tv has very expensive sports programming including the sunday ticket package. they have all these people will pay for them. when you start widely streaming for free, sports games, probably see people completely cut the cord. stuart: back to you, charles says netflix, buy it now. >> he is right a lot of the time. i don't love it. the model is pretty decent but also under attack increasingly. i wouldn't be a buyer. if i was it would be pretty

short-term. long-term investment and not for me. stuart: charles says it will go to 450. we shall see. that is it for the real halftime report. we appreciate you being here. jon stewart love to make fun of republicans but what you might not know is he also goes after democrats on location. what he said about harry reid after the break. when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america.

engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more part of our commitment to america.

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what's your policy? lou: the va hospital scandal is widening, rising costs for the secretary's resignation would army reserve officer brad when sherman this country's failure to care for its greatest hero's. tonight at 7:00 p.m. eastern. please join us. >> harry reid has been attacking the koch brothers for some time because of political donations. jon stewart would let him get away with it. >> to buy our democracy is dishonest. it is unfair, it is wrong, incorrect, erroneous.

worthy of correction. he runs out of ways to say. more hypocrisy in harry reid's comment about a different political donor. >> the owner of las vegas sans corporation. including the vegas strip's nonunion casino this guy spends millions to outlaw online gambling, tens of millions fighting organized labor in the 2012 presidential election, $90 million to republican candidates. money in politics? >> i know sheldon allison, he has certain ideological views. stuart: it is funny.

come un in. what is going on is harry reid saying don't pick on my home state. harry reid would have a different opinion about the koch brothers but went on to say. certain views in keeping with democrats that makes it more in sane and crazy. sheldon run the only non-union casino on the strip and he has been anti secret voting and unions and also -- stuart: in what way does he agree with democrats? >> exactly right. i don't get it either and that is what got the internet lit up. they don't understand what harry reid means that he has using keeping with the democrats. we are trying to find it. like finding a nasa in a hurricane. stuart: would you like to come into that? >> i am confused by it, you guys cover it. stuart: harry reid is harry reid. >> jon stewart is jon stewart.

stuart: he is funny. >> the way they play with what you say is grade. stuart: i don't come out looking good. >> that is the point. stuart: your take is next. capitato make it happen? that makes it real?

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where businesses pay no taxes for ten years. become the next business to discover the new new york. [ male announcer ] see if your business qualifies. >> do you have a personal attorney? is that person aware of your opinion about the members of a profession? stuart: moving on. come on, everybody. let me set the record straight. i have the utmost respect for lawyers of this world despite the picture the judge may paint. got to love that guy. let's move on to your take on the rest of the show. todd had this to say about getting rid of the employer mandate within obamacare. democrats calling for additional delays are in deep trouble in november. if they win the employer mandate will be full speed ahead.

lorayne at this. on the $13 billion paid out by the irs in earned income tax credit fraud. talk to anyone who prepares taxes and you will know they have been making complaints to the irs since the inception of this program and been ignored. you are right because if you look back over the last ten years and estimated $150 billion has been paid out in fraudulent claims in the earned income tax credit. check the big board, pretty amazing how flat this market is, not flat in terms of price movement but movement in the last hour. we have been down 58, 59, 62, 63. that is where we have been for a long time now. the reason we are down is a sharp drop in interest rates we have seen in the past couple days. again, back me up on this, we hate to get technical. we don't do that kind of thing. a drop from 260, 252, is a big

drop. >> this is the one number that acts like a weather vane for future of the economy. tells you whether the economy is picking up in growth and market activity or slowing down. when you see a drop like that, that is an indication the economy is flat lining. stuart: we got word the producer price index went up 0.6%, there is some inflation and interest rates go down, the exact opposite of what you would expect. inflation up, interest rates way up, that is not happening to me. >> sovereign yields move in tandem. stuart: all interest rates around world are going down at this point. liz: especially between europe and -- stuart: that is true but it worries me when i see rates drop so strongly. let's see what adam shapiro is

working on. adam: we wonder what is happening with this economy. this is risk and reward. i am adam shapiro filling in for dierdre bolton. netflix now accounts for 34% of web traffic during peak times up from 32% last year. we will begin to the numbers and see what happens with investors on the eve of the crucial first vote on net neutrality. worried about a new tech bubble? don't. the wall street journal report shows tech companies are sitting on record piles of cash. we will ask the experts the question tech savvy investors want to know. how should they spend it? shopping for other countries, that is what yahoo! did, buying mobile messaging apps link. terms of the deal have to be worked out but the latest spending sprees days after snap chat settled charges with u.s. regulators for this -- deceivi