whether or not kids should be in business class, so i am all for peace and quiet. sandra: the major averages are hitting session lows right now, by the way down 40 points on the dow. you can catch me in less than an hour from now. cohosting "outnumbered." time now for "varney & company." charles payne in for stuart. charles: good morning, everyone. stuart will be back tomorrow but for right now here are your big stories. these are still with us. we have somebody who says absolutely and he will make a case in a few minutes. president obama added again, class warfare, a message to the so-called fatcat bankers still free to keep the beach house in the hamptons but you have to pay your fair share. and stop complaining.

this of course one week after the national legalization and the democrats put out this campaign ad attacking president obama for his war on coal. is she getting pushback from the administration? and what republicans in control of the house and senate. a full two hours of "varney" starts now. charles: just had a feeling this would have been when the market opened, the big board soft now, s&p 500 pulling back as well. take a look at gold actually going down. two and a half, that is not

where it is supposed be. joining us now from cleveland, made a big splash with the call for 20% less in the stock market over the next 12 months. the federal reserve is going to raise rates before the end of this year i guess a correlation between the two predictions. >> both those points are well stated by yourself. the federal reserve really controls what the future is, has been and what it is right now. i think that would be a good move, if they do it sooner than later. i am afraid they will not do that. the federal reserve is to get someone who is an advisor for that, they can get somebody on staff they will know when the critical timing will be to navigate successfully, create a

soft landing rather than a hard started landing that might occ occur. charles: i do wish the fed didn't exist in the first place. a lot of market players can be overly dependent on the easy monetary policies, once the punch bowl goes away we have a sharp decline in the stock market. could we actually start to buy off of it? >> it is going to be a longer period of time rather than a shorter period of time. it could accelerate the decline. what we're looking at and my educator i have used: four decline in 2000, 2007 given the same readings actually getting more intense these readings

which means the market was more overbought than it was previously so the decline might be elongated out over a longer period of time, two to three years. charles: we witness a rally on the extramarital volume on day one. any sort of measure from individual investors have been really muted. 40% of people indifferent to the stock market, so what exactly are you looking at that screams the market is so overvalued? >> the volume has contracted immensely. one of the indicators of the game is how much institutional activity there is, international or domestic or both.

while the federal reserve policy has been and probably held it up longer than it should have been for these particular prices. it has been over 24 months since we have had a 10% correction on the s&p 500. there is a very long historical period of time. the longer it goes with the double digit correction, history has told us the greater the correction is. charles: where will they put their money if it begins to hike this year rather than late next year? >> they will probably be chasing other avenues, the real estate market would be something globally or domestically, and exit program that could be somewhat controlled, like a stampede. depending on what the federal

reserve does, a little concerned because each time every time you had a new federal reserve chairman with volatility increased immensely. we already saw the volatility is increasing, janet yellen does not have the experience yet nor does anyone, what does she have to do. >> almost everything h you playd out is very factual. it has been a long rally, the idea some of the fed would act quick, janet yellen take a gutsy move by hiking rates this year rather than blowing it out, last week we had wages going up,

classic wage inflation. and then friday making an extra penny month over mon >> she is in denial phase right now. i don't know if you buy things, i buy things, everybody buys things did you go to the store and there is an acceleration the cost of living standard goods. taking money out of our pockets, so inflation always has been a nemesis to the u.s. economy and the world economy, we are already seeing that increase and i am like you, she is very much a dove, not a hawk. charles: i think she raises than sooner rather than later, but i enjoyed your conversation, you bring a lot of intelligent points. we appreciate it.

thanks a lot. some individual stocks now, the first one pretty good news on a blood cancer drug. nicole: you always want to hear good news of treating blood cancer. the stock has been running up over the last few months but they had a late stage study with a drug, injectable drug that helps patients live longer without the disease worsening. you are seeing some move with the stock of the world's largest oil tech company and love to see advanced treatment for cancer of any kind. charles: amgen up on good news, michael kors up 6% in the premarket now it is down i see a parade of people dumping on the stock. why?

>> michael kors continues to have great sales numbers in north america and around the world. part of that is a margin. going forward their holding by the full-year forecast, a winner compared to name like coach. michael kors is up $0.22, coaches down 40%. the release of the diversion between those two companies. another real winner in this group. charles: i think the naysayers are wrong. appreciate it. killing a militant leader in gaza hours ahead of the humanitarian cease-fire in gaza. the war has left 1800 palestinians dead, 60 israelis have died as well.

okay, help us understand what might be the timeline now for the same to wind down. >> starting to wind down. they feel the continuing finishing returns. not real ones, not ones anybody really bought into, i think. they have humanitarian ones everybody looks for cattle teams the fighting starts. that was a surprise for the threat she has. they didn't know there were that many be a. charles: these things are amazing. >> they were not using them

interestingly to protect their civilians. the reason them for their fighters. hamas trying to get the court of opinions turn against israel, they will never beat israel momentarily. but they why was world to say look at all of the civilian deaths. now the world public opinion seems to be changing. here is why. you have not heard in the last four or five days they came out against israel. normally you have every couple of years all the arabs. they are nervous. what they have seen is the rise of isis and the muslim brotherhood. the other countries are thinking we could be next.

a way to stand up to muslim brotherhood, isis, hamas. charles: i do wonder about western opinion. i have blood all over it, whacking the head out of gaza. seems like the western world turned their back on israel. >> that is what hamas' goal is. the world then does things like isolate israel, doesn't resupply israel, united states may be treating them equally, maybe even favors the muslim brotherhood. that is the worry that had throughout. charles: what about the word we can't just ignore it. lot of corporal opinion polls very. don't let them kill each other.

they may be on the verge of taking over the largest man in iraq. what should we think about that? >> we don't have any friends in iraq right now. iran's puppet or isis, oil-rich, they can fight bad guys. you can't say just fight it out, let them walk away. you need an alternative plan. charles: kitty mcfarland, thank you we appreciate it. you sign-up to your google account you sign away your privacy, but how deep can they dig? they're going for the gusto.

and a full-page ad in "the new york times" says they're looking to treat retired players with marijuana.

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charles: taking on the big board, we opened higher, drifted lower, tremendous amount of anxiety, into this week after last week worse scrubbing of the year. look at your morning gold repo report. that was something of a swing area, if you will. look at the price of oil serving two points, barometer of our economy and geopolitics under $100. some good things and some not so good. president obama sounding off from business leaders, the "wall street journal" and wall street the interview with the economist. look at what he said that caught our attention. oftentimes you will hear some hedge fund managers say he is just trying to stir up

resentment. no, feel free to keep your house in the hamptons and jet setter. i am not concerned with how you are living. elizabeth macdonald is here. seems he is starting to ratchet it up again. >> a very freewheeling intervi interview. what is a wall is my administration is in the econo economy. trillions of dollars have held keeping the line of credit. you can still keep your house in the hamptons. after that needed more redistributive properties. charles: not talk about real wages being down or adjusting for inflation. not talking with a lot of thin things. what he's talking what is the typical recovery which is basic

economics, you pull back this much you should come back that much. very frustrating. >> that is the average. spending is not an achievement, texas spending is not an achievement. charles: it is really interesting because setting up 1 big last salvo dispatch my from the corporate balance sheets. as google turned up e-mails containing explicit photos of minors to the point now nobody can argue we are all better off with another offender industry. but how much private information google has access to and what exactly they can do with it.

all rise. >> without getting graphic, not all photographs of minors without clothes on, could be a baby in swaddling clothes are pornographic. but for the sake of argument say this is child pornography, the very possession of child pornography is a federal crime so clearly it is transmission is a federal crime and if you read the agreement with google there are all kinds of language in their. can google reported? yes, google can report it. maybe reported? yes. if the recourse against them for reporting it, no, there is not recourse against anybody for reporting. charles: how did google flag this?

the person that looking at child pornography, looking at our everyday searches. >> they probably have all rhythms or software or both allowing them to examine selectively e-mails that may be potentially problematic for them because if they provide a forum for people to exchange that which is always and everywhere unlawful child pornography, it is clear it is unlawful. like fedex, they themselves could be indicted so they are really protecting themselves by intruding into this. >> you bring up fedex, they have said for years talking about the so-called illegal delivery of painkillers and drugs.

they have not given those thin things. they can't go in there to see what is in there. charles: at the end of the day you have no problem with google going through all of our e-mails to find the bad actors. >> google is not the government. you can refuse to deal with google, so this is not the nsa listening to our phone calls. the constitution would have no problem with google going through e-mails to see that which is prohibited as long as google told to ahead of time they are doing it. they are so huge they couldn't possibly have enough people to go through all, so they have to use an algorithm which alert

them to certain e-mails, and that is what they do. charles: all right, the nfl season around the corner but for retired players it is marijuana a good way to treat their brain injuries? the controversy about that is next. in new york state,

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♪ >> still the wild, wild west. we are working right now with different political groups to get our points across, but the reason that prop. 19 failed which is what you referenced earlier this because it was heavily favoring oakland to become the new amsterdam of california, and a lot of growers did not like that. charles: here is what they had to say about legalizing bought in california. my next guest has found one way that pot could make it into the medical world. the ceo of a company called canilife. you're going to help him to -- develop medical marijuana. >> that is the discipline. charles: how does it work? >> well, the plant has a repository of chemicals in it from d.h. c to cbd. that is the area we are focused

on. some of the early research we have done with our scientific team has borne out very good and positive results on advanced in our protection. charles: taking specific elements from marijuana and isolating them, i would suppose. >> that's correct. charles: this notion, if we try to extrapolate this. a lot of people say, i use it for headaches. makes my joints feel better. it is a medical cure all, a miracle drug. everyone should be allowed to use it. and i hear something like retired nfl players, that will just bolster that argument. isn't there a fallacy there? >> i don't think there's any fallacy. most medicine developed a synthetic form today, a single molecule medicines, come from nature. if the cameras planned as a repository of chemicals that can be used for treating a variety of disorders you can have one plan dealing with multiple disorders. the anecdotal value is in there from time and maureen. now scientists are taking a step

forward. charles: the idea that you can smoke we for anything, there are a lot of medicines, heart medicines the idea that this is a medical cure all and should be legal, there has to be some red flag to that. >> i think that there is. you have to look at excessive use to moderation in use. you can get yourself into trouble for overindulging in aspirin. water, for that matter, can become toxic. i think that this is where, as we open up the marketplace to the knowledge of what cannabis can do and the chemical substrates in canada as we can get some chemical review and feedback with doctors. charles: in the meantime you are saying it should be federally legal. an ad in the new york times that gives the impression that it is great for everything. what kind of a time line would we be looking at if this were to happen, a national legalization of marijuana for recreational

use? >> take our time line and let the company had made a major investment to more companies taking a foothold in making the investments to open up the markets and scientific research and development. shorten the time line. what could meet dizzies indication and pathway. so for legalization purposes i think within two years the federal government is going to move forward violating the controlled substances act and allow marijuana to be rescheduled from skiffle one to ask is will -- charles: what does that mean in layman terms? >> schedule one is provided for even doctors to prescribe. it is a control steps to of controlled substance since 1972. >> let's talk about synthetic marijuana quickly. studies are not conclusive about the poisonous, toxic effect. what the heck is synthetic marijuana? is being marketed as 100 percent natural, organic. some of this stuff does not show up and urine tests.

>> you're making a great point. a lot of the compounds that are out there, spices one of them. they have gotten underneath the radar screen. now they are being looked at and evaluated and restricted. >> it will hit your organs art. >> i have heard stories of kids dying because of toxic consumption levels, smoking it, and testing it. and these synthetics can be very, very potent. charles: we have to leave it there. appreciate it. thanks a lot. keep us updated. up next, a campaign ad for a west virginia senate candidate, a democrat going right after the obama administration. is she getting any push back because of this? thing. >> i will make sure president obama gets the message. i had no idea i had shingles.

there was like an eruption on my skin and burning. i'd lift my arm and the pain back here was excruciating. when i went to the doctor his first question was "did you have chickenpox?"

i thought it was something that, you know, old people got.

charles: all right. today i received a few tweaks. what was interesting about asset allocation, gerald murphy wanted to know what percentage is i would suggest for equities versus commodities.

for 30-35-year-old your breakdown should be 60% equities, 20 percent real estate, 10 percent gold or hard assets, 5% bonds, 5% cash. as we see inflation go up maybe we will make some adjustments, but that should be ideal. let's get switched years. in west virginia senate candidate, a democrat is running ads that directly attack the president for his war on coal. >> you and i know it is the hard-working west virginia coal mine in that powers america. i have fought to protect their jobs right alongside and i stand up for leaders of both parties who threaten our way of life. we will make sure president obama gets the message. charles: and right now she joins us on the phone. that ad, a lot of people's attention. have you heard back from many of the democratic leaders, maybe even the white house? >> i would like to hear from the

president to let him know that these policies to when you talk about these policies, they hurt workers, coal miners, the economy in west virginia. charles, it is like you said before, we cannot ignore the plight of human beings. that is why i put that at out. i put it out so that people will get attention and people look at it and say, what are we talking about? will we are talking about is men and women who go underground to power this country and power the state and the world, as a matter of fact. and whether the president chooses to recognize it or not, coal is still 40 percent of our electricity. charles: not only is it 40 percent of our electricity, it is the fastest growing source of energy around the world. i think this is what really people probably need to understand. you could articulate better than i can. this war, we seem to be the only country in the world fighting

it, and as a consequence americans with great jobs are losing those jobs. >> and i see that happening. i see the men and women who are concerned. when i go to an electrical facility, one of the toughest counties in west virginia. what will these regulations do to you? he looks around the room and he looks at these men who are looking back at him and says, most of these men would be gone. they would not have jobs or see their families or pay their mortgages. so, you know, this is the approach that i take. and i am not here just saying, oh, i am going to stand up. i am going to be tough. hal and why we're going to stand up against these job-killing regulations because my point is, don't give us these regulations, don't attack our jobs, invest in west virginia, invest in us and we will deliver the advanced technologies that, yes, can cut emissions and can save jobs at

the same time. >> liz macdonald here. thank you so much for joining us today. a forceful at, powerful words. you are -- the potential voters, but what you make of the criticu are facing now the before running for the senate you never once challenged president obama and that once you get into the senate you will continue to support his legislation? 110 specifically, if you could focus on the criticism that he backed president obama in the past. >> well, i appreciate that. it is good to talk to you, too. i have been secretary of state for a couple of terms now. west virginia has known me as an independent leader who puts west virginia first always. i just don't talk the talk. this is not something i say for a political campaign. here is a great example. in 2010 when the -- three democratically elected officials tried to the throne election i led the investigation to put them behind bars.

i will put west virginia first before power or party, before any type of position. that is how i stand up to the president. that is why you see this. charles: on that note, i do find it strange when i, you know, look at the platform. it seems more tilted to what the gop would stand for. hal awkward is it to say, okay, i am going to be a democrat and go against the core democratic principles, particularly as articulate from the white house. >> this is not about a democrat versus republican. this is about west virginia. and when you are attacking cold jobs, when you are attacking part of our economy, that is what i stand up for and say, here is how we can protect our jobs and cut emissions at the same time. show that you have to address climate change, but it will double with advanced coal technology. and, for me, i also -- i am about standing up for coal, but i am also standing apart coal

miners, to. i will fight just as hard to protect -- charles: if i can, i think the follow-up bad when you pull the switch, not just the white house, but all americans should probably go dark. thank you. good luck. it will talk to you again. >> thank you so much. charles: my next guest could not get a visa. he went home and created what is being called the ebay of india. was it easier to start the company over there? could he have started here? 1300 jobs in america.

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and prevents gum irritation. fixodent. and forget it. >> un nicole petallides with your fox business brief. the dow dropped floridian 67 points. the dow is down ten points. back-and-forth action. the s&p and nasdaq asking out gains. the dow movers, disney, christoph timesaver robbed of a procter and gamble. disney is gaining. take a look. hitting a new high. up for naphtha technology it goes in your vehicle to one year of a possible collision paris stocks doing well. mignon the move. gaining. our next guest created what is being called the ebay of india. certainly all lot more here on

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viagra. talk to you doctor. weit's not justt we'd be fabuilding jobs here,. it's helping our community. siemens location here has just received a major order of wind turbines. it puts a huge smile on my face. cause i'm like, 'this is what we do.' the fact that iowa is leading the way in wind energy, i'm so proud, like, it's just amazing. ♪ charles: well, here is success story for you. it is just too bad it is not happening here in the united states. a young spot ceo of an online retailer, but many are calling the day of india pluteus to to tell us a story, why did not happen in the united states you

went to school here in america. you were forced to leave this country. >> my work visa was rejected back in 2007. charles: rejected. you have the skills. you go back to india. >> that is what i did. also because the opportunity was so immense. we felt that using technology could solve some of the problems charles: what exactly does it do and why has it been so successful so fast? >> i think we were solving a real need. there is no organized offline retail. 93 percent is driven by small-business owners. if you could use the technology platform to connect the dots between demand and supply and that would create commerce which is not happening today. that is exactly what we did. charles: a huge mistake in india

trying to protect mom-and-pop operators from the big box retailer. you bring with that the supply chain that is better product at cheaper prices. you look at that and exploit, but the real story as you probably could have traded snapped deal or something very similar to that in america if you were allowed to state of. >> i would have started a company for short. that was my goal. of would have learned the ropes and then probably moved to the valley and start something. but that's okay. i think things worked out. charles: how many employees right now? >> about 2,000. charles: and you will do a billion dollars this year in sales. >> yes. >> the larger competitors? >> there are many players in india, small and large, large global multinational. ebay has a play and in india, but they are also invested. it is a large space. the commerce in india is $3 billion. it will be a hundred billion in

the next ten years. charles: i do want to get back because immigration is a tremendous hot button issue. a lot of silicon valley ceos have gone to washington, starting to spread their money around and political influence. we need more workers. we have this problem. do you think there should be allowances made in this country for immigrants to have better educational pedigrees than those that don't? >> of think a most qualified mobile. charles: the think it would help the country? >> of course. 2000 jobs. super successful as it yesterday. under 200 jobs. charles: congratulations. someone who is going to be successful is going to be successful anywhere. toledo mayor spliffs the water ban. not so fast.

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charles: folks in florida's largest health insurer will now be will see their premiums bye-bye almost 18%. the hike is due to higher health costs to at least higher than the customer base. lows not -- liz macdonald is here with more. so much for the affordable part. >> that's right. tracking price increases in exchanges across the country. new yorkers seem up to a 19% spike faugh in premiums sold. or a 13 percent swing down. california, you know, 4%. here is the problem. now we have california elected officials saying we are for a new proposition network -- that will curtail insurance spikes in exchanges. what they are saying is, we have given the insurers a legal monopoly. we can not restrict them from price spikes. we can use our bully pulpit to,

but they're not going to bar insurers from exchanges because the mission is to enroll more people. charles: from what i understand, the federal government will taken to make up the difference. these insurers are saying so many old people. paying out a lot more than you said we would. spearpoint, there is no limit to where these can go. we think 18, 19 percent is a lot now, wait a couple of years. >> again and again we see the illegal monopolies. insurers have been given a lot of business boom. price spikes. that is the issue, what will curtail insurance increases. charles: that is a tough one. thanks. next, the mayor of toledo, ohio lifting a three day drinking ban on water after a water treatment facility from toxins that they believe are related to announce the outbreak. i want to talk to you about this. he says the water is safe to drink but some residents don't

believe him. >> we have been in touch with locals. the mayor himself is saying there is additional testing needs to be down on the water. but people need to understand is it is not just ration -- they can hit your organs in the kidneys, liver. due to the fertilizer and agricultural runoff that has infected and poison the water supply. mayor have been spikes' between people on line trying to buy water one. and people are traveling to other cities in the area to get water. the. charles: we have video on the screen. absolutely amazing. it is like one of those dawn of the death kind of movies. >> something out of a stephen king novel. declared a state of emergency, but the issue is locals are saying that while the mayor is lifting the ban on drinking water the fear is that he is doing that to call people down

payment to stop them from getting into fist fights. the water is not safe to drink. even the mayor says continued testing needs to be done 57 you can't even boy alleged. >> boiling it will make it worse. mom and. charles: i will talk about water being the new oil tonight. the u.s. was run like rick perry's texas we would all be a better off nation for it. more jobs and stronger economy. and the ebola crisis, panic spreading. one u.s. aid worker being treated right here in atlanta. how worried should we be. but we all do is check of the terms and condition boxes, but exactly how much do companies know about us and how much are we just giving away? we have major stories coming up.

. charles: hour two of "varney & co." starts right now. i'm charles payne in for

stuart. first up, the lawmakers in washington could take a lesson from texas. the author that says this is the country was run like rick perry runs his state, we'd all be better off. an inside look at person who now runs yahoo!. to legal marijuana and the "new york times" going full out. we have one of the leading organizations behind legal weed. how worried should we be? he's going to set the record straight. google, the question, how much do companies like google, facebook and twitter know about you and do you have any rights to privacy? let's check with the big board. the dow started up nicely, and fell down a little bit. we're in the negative. right now it's a moral victory. check out the s&p 500 as well.

that's turned around a little bit. and the ten year below 2.5%, that is shocking for economy on the cusp of wage inflation. larry, we had mark cook on, he talked about a 20% market collapse over the next 12 months, what's your opinion on this? >> i think he's half right. we see a 10% correction, 20% correction, you're talking about 1700 dow points. i don't think the market is going to fall that much. i don't know if you blame, you got to give credit to u.s. corporations, they are doing extremely well and don't think we lose 1700 dow points. 11%, 8%, there is that correction coming over the next 12 months. i don't think 20%. charles: i tend to agree with you as well. it's overdue, anyone can say there's a correction in 12 months, we've heard it for six years. what about the notion where the

fed plays in all of this? what do we want the fed to do? raise rates? get out of the way even if it means a knee-jerk sell-off or keep the punch bowl filled as long as possible? >> i think we're so used to fill the punch bowl as long as possible, traders love that trade. i think professional traders, a lot of the viewers, are ready for the fed to get out of the way. that's when we'll get the pullback and will be a buying opportunity. u.s. corporations are doing well and i don't think the pullback will last very long. charles: to your point, and mark made the point of a lack of institutional buyers, this market is very indifferent, if you will, somewhat timid. if everybody is waiting to buy on the dip, when come, and it could become the proverbial snowball that becomes a boulder before you blink? >> if something really, really big, god forbid a terrorist attack or something like that,

those kind of things can take we said and throw it out of the boat. without that being the case, i think you'll find buyers, people have been waiting for a pullback, we haven't seen one, i think people are waiting for that. charles: larry, what's the catalyst going to be, a week of a bunch of news every single day, three or four items with the ability to move markets, now in the period where it's nothing, all quiet on the western front? >> a little bit, we get corporate earnings and watch some of that. this market wants to play out a little bit. we're starting to head to 1900 on the s&p, we're at 1925 right now. i think it will be interesting to watch technical point. up above 1930 and all the way down to 1900. interesting if you are an active trader to watch the technical areas. >> even though all the indices were looking higher this morning, anyone that's been in

the market a certain period of time knew we were going to give it away and we would pull back. having said that, where do we see the day or where do we see one of the sessions where we go down and turn into the end of the session. i'm thinking the last 30 minutes at the end of one of these days might be the buy signal? >> the one thing is watch for the technical stocks, use that as frame of reference. you don't know where it's going to stop or go to. you have to use frames of reference to put the stop loss orders in, if you want to step in and buy on pullback, you got to do it with an idea where you're going to get out if you're wrong. nobody knows how far in which direction. to me it's using the technical points to pick where the buy orders are going to be and stop losses are going to be. charles: long-term, the buys are still to the upside, an occasional pullback notwithstanding, right? >> i agree with that.

charles: thanks a lot. appreciate it. take a look at michael kors, typical what we're talking about, amazing quarter, stock up 6%, now down 7%. and margins came in a little bit. management kept warning that would happen. a winner for you, pipe construction taken private. this is the number two stock i picked on "varney & co.," interesting move there. amgen, big winner. let's go to the new york stock exchange. nicole? >> it's in the fight against breast cancer, a recent treatment from amgen. the stock is up about 1%. blood cancer treatment for patients without the disease worsening. the people who use this drug in collaboration with other drugs live with a median of 26 months without the condition worsening, versus 17 months. it shows promise it. may move it from accelerated

approval to full approval, that could be great. it is the world's largest biotech company, this is great news for amgen and those fighting blood cancer. charles: thank you very much. some more news regarding the ebola outbreak, authorities ordering all ebola victims to be cremated as the virus shows no sign of slowing down. the mandate to cremate victims, people are fear of contamination. next update on ebola, american victim dr. kent brantly arrived in atlanta. you can see photos of him getting out on his own to receive treatment of the deadly disease. this is the first time a patient with ebola was allowed to return back to this country, there's been obviously a lot of concern this could lead to outbreak or spread of the disease, but there's no reason to be concerned. a lot of people say about ebola

breaking now the this country, a lot of confusion, we have to bring you the doctor himself, dr. manny alvarez. great sign to see him walk out of ambulance into the hospital. people are worried. you bring back this deadly disease to america? >> i'm more worried about the people that live in the african continent. that's where the problem is. ebola break out in the u.s. is a fantasy. it's almost impossible are in to happen because it doesn't work like that. we have infrastructures, we have -- we're able to isolate people, and that's a gold standard in the u.s. the problem is in africa, and in the african epidemic, it is out of control. you have 800 people die. there is no infrastructure whatsoever, and remember, the african continent has a lot of countries heavy populations, nigeria, 21 million in lagos. charles: urban centers. >> exactly. that's where the fear is.

i applaud that they're having the african summit in the u.s., this is one of the issues they have to tackle, and i think the president is playing catch-up on this issue and it's very sad. charles: what could, then, the end result being from what we're seeing in africa? we've seen ebola sort of make the headlines and then fade away, go away for a while, come back, go away, what makes it fade away? how do they resolve it in the past? >> ebola came out into the marketplace in the 1970s. smallpox, 30 people dying and the village is isolated and goes away. reality if you look how it's been growing, this is a thousand people epidemic, it may turn to another couple thousand people more, if you keep it under control, it will come down. at the end of the day, better treatments have to be developed. i heard over the weekend this should be the last ebola outbreak without a real good

vaccine or immune therapy available. i talked to companies on friday, they are taking this to the next step where you have better immunotherapy develop, and i think the nih is going to put good dollars into the research. hopefully out of this terrible epidemic you have something developed. charles: now, you're not as concerned with ebola. something that people are concerned with, another topic for you, the immigrant children that have been flooding across the border. there are reports that they're exposed to a whole bunch of diseases, chicken pox, a strong strain of tuberculosis. what is the likelihood that these children who have been placed in different parts of the country without the knowledge of state governors, that they can start to pass some of this to the u.s. public. >> look, i don't know how much positive screening they're having at border. in the heyday when you had big immigration in america, people would have a physical

examination, quarantined, especially in the predays of vaccinations. they have to do something basic. they should be screened for measle vaccine, tuberculosis screening, if they do that and correct the problem. charles: i don't think they're doing that, feels like they're rushing them? >> that's the whole thing, they're put in different communities in all 50 states, that's when everything breaks. one thing that the federal government. if they're doing minimal screening, they don't communicate properly. charles: dr. manny, thank you so much. >> i'm more worried about pot, though. charles: we'll talk about that next time. authorities in los angeles say 911 operators are flooded with calls after facebook website went down. we're talking a short period. lauren has more details for us. >> i was sitting here friday with stuart, and facebook did go down, we didn't care at all. it was up within the hour. so many people cared particularly in los angeles that they called 911. charles: absolutely shocking! >> this sheriff of the los angeles county police

department tweeted out, interesting facebook was down he tweets. facebook is not a law enforcement issue! please don't call us about it being down. >> lauren, when people were calling 911 because facebook pages were down. what were they saying? do we have indication what they were saying to 911? >> facebook is our phone, our means of communication, it's the equivalent of phone line being down for a lot of people. i was relieved when facebook was down. >> who cares? come over here and pull up facebook. charles: takes a cat in a tree to a whole different level. we've got sana glens on from radar. i've got to you comment on the facebook thing. it's amazing people panic because the website goes down? >> there was a widespread panic centralized in california for a reason. it baffles me that someone called 911? you will have people hitting

reload and reload in disbelief it was down, taking it to the next level and calling 911, that surprises me that someone is a big heavy facebook user. charles: i've got another one for you, this is see, google tipping off police of explicit photos of a minor in a gmail account and belonged to a florida sex offender. it's great to have him off the streets, i don't know why they let him into the world anyway. does this case raise concerns for the average person that google and other websites have to personal information and with whom they're sharing it with? >> charles, it may surprise many of the casual users of gmail. and for those of us in the tech scene and seen this like yourself, you know that google has been looking at your e-mails for years to provide targeted advertising, and all, since 2006 using automatic image scanning to decrease child exploitation online.

sealing the two combined and a tip given in this case is not surprising for me. to many, it's giving pause what's in the e-mail. charles: i keep hearing about the thing i check off. when i do a google search, i don't remember check anything off. where are all the checks that we've given away our rights? >> when you first sign up for gmail account and it is pervasive across the web, google drive, there is a terms and and a privacy policy that you agree to and it's listed online, easy tok ses through google's page or gmail. they updated it last year to say anything in e-mail is scanned. we're not individually sitting here reading e-mails and looking for images. if something like this situation comes up, we're going to be notifying the police or quite frankly, we're going to provide you with targeted ads to get us more money, which is another use case for it.

it's not just google doing this. >> it seems like every time we use the world wide web we give up all our privacy, right? >> you'll see it more and more with targeted advertising. that's the eye open are for me. i was looking online at a watch and go to a completely different site and there is the same watch i looked at. it scared me, made me realize how much the cookies were tipping off all the different sites that are working together to try to basically sell more to you, in the end. charles: before we let you go, is there an option, no thanks, i want to use google but you can't do all this stuff with personal information? >> there is an option to opt out of certain point. there are other options than gmail and google, you can look elsewhere for e-mail or web service. charles: thanks as usual. >> you got it. charles: next guest says regulating tax pot, just like

alcohol, we will ask for a time line when the national legalization becomes a reality?

. charles: according to the consumer financial protection bureau, bank of america is the most complained about bank in the united states. >> it's sheer size, in second place wells fargo and third place chase. what are we complaining about? mortgages and calls from debt collectors, which the banks are not the debt collectors. that's what we're griping about according to magnify money. charles: they're charging too much, they won't give them out. >> everything. charles: anything, every aspect of mortgages. >> what the consumer financial protection bureau did is made public a quarter million complaints and this company looks through the complaints and this is what they found. >> is cfpb going to look into health reform? any complaints? >> that would be a story we have to get into for a year.

charles: a million complaints, put out for public consumption, then what? >> another fund. they are bracing for yet another fund because there are too many complaints. >> they want to put money into consumers' pockets to let them know about the situations, going on what people are complaining about, what they should be aware of. charles: i got a good question, if you pay bills, the debt collectors won't call. interesting thing how it works like that. >> and buy a low-rate product and check your fees, and check the pharmaceutical disclosures that are submarines in the bill. charles: that's what you do. >> i have to say i agree. charles: interesting that people are going to the banks about, this like calling the police when facebook goes down, maybe their anxiety or frustration has pointed to the wrong people. >> who in los angeles called 911 because facebook was down? charles: there are people out

there. it's weird. >> amazing. charles: yeah, yeah. >> the police department wouldn't tell us how many calls but enough they tweeted a message. charles: check this one out, guys, the "new york times" leading the way to push, pro-pot push, they published a full page ad for a pot company. after a pro-pot editorial that said, quote, it's been more than 40 years since congress passed the current ban of marijuana inflicting great harm on society to prohibit a substance far less dangerous than alcohol. the federal government should repeal the ban on marijuana. bring in mason, we want to begin by asking, what do you think? it seems like the ball is rolling in your favor. the time line is between now and when for full legalization on the federal level for marijuana?

>> i think we're going to continue to see change at theat. obviously two states made marijuana legal, likely to see another dozen over the next four, five years, and really it's going to come down to when congress decides to act. and i think that right now, obviously, congress is not acting on a whole lot of things, not just marijuana, hard to say, but public opinion is moving in the direction of let's end prohibition, tax it like alcohol, it could be any time within the next two to ten years perhaps. >> in the meantime, we've got a serious push for medical marijuana, and i guess if you think this might be -- we're talking about it being used as a laboratory, colorado the test bed or petri dish for this. so far off to a good start. some people are saying it glosses over the negative effects for marijuana, dulling the senses, hurting iq's, hurting young users.

what would the organization say to that? >> by every objective standard, marijuana is far less harmful to the consumer and to society. charles: you're saying that's the test. if it doesn't do as much harm as alcohol, whatever harm it does do, it should be reasonable and accepted? >> well, the fact is that this country tried alcohol prohibition, a huge failure and we're seeing the same problems associated with marijuana prohibition, taking it out of the hands of cartels, putting it behind counters of legitimate businesses, taxing it, having a legitimate evidence-based approach instead of a fear-based prohibition approach, we're going to reduce harm associated with marijuana. nobody wants teenagers using marijuana, probition failed to do that. 80% or more of high school seniors said they could get marijuana easily for the last four decades. what we've been doing has not

worked. time for a new approach. charles: economic argument, or more of an argument that it makes common sense and people are going to use it anyway? >> it's a commonsense thing, like with alcohol, this is a substance millions of americans choose to use. most use responsibly. we need to start controlling this product. right now under probition, we have no idea who is producing it, who's selling it or when or where, or to who? and by regulating it, we can control this product. charles: you talk about cartels, do you see a point there will be legal cartels? like giant cigarette or alcohol companies that control the overwhelming majority of the market anyway? >> not necessarily, change is take place at state level. no one is getting too big because they can only serve one state at a time. but really in this country, if you are a successful business,

then you are able to expand. other businesses might sell out to you, and you can open more locations or what have you, grow market share. this is going to be a legal business like any other. we're in colorado, large craft brewing industry but we also have coors, we are likely to see the same thing with marijuana. charles: mason, talk to you soon. >> thank you for having me. charles: chief of staff for marissa mayer at google. we get the track on how she operates, could push yahoo! to the next level.

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. charles: check out shares of amazon, up nicely, about 8 bucks, streaming box, disney, nfl, a&e available. content is king, stock proves it. that is the action. we're joined by ben habbel, the chief of staff to yahoo!

staffer marissa mayer while at google. ben, let's talk about your company before we get to mayer? >> we are a loyalty platform for hotels. charles: c and m. customer and management? >> by using personalization and cutting edge technology. charles: you try to understand what people like and don't like, and then you relate that back to the hotels? how do you do that? right now one of the big controversies is we're being experimented on okcupid and facebook, they're using users as laboratories and tweek and push and prod us and make us like things and not like things, you use those tricks? >> we use none of them, allow the guest to identify their social identity. so they have a chance to get loyalty perks, special offers.

>> this is just basically being nice, revel, the atlanta city casino is collapsing because customer service is so bad. they didn't have enough hits between their workers and customers, and, you know, it's just being gentile and courteous to the client. >> it's important for a hotel to build a relationship, and in today's world, the social and internet is a great way to build the relationships. charles: you are a young guy, co-founder of this company, seems like you are already pretty successful. how did that come about? >> my background is in hospitality and technology, so all the way back from my grandparents who ran hotels themselves to my studies were in business administration and hospitality, and so, i was passionate about combining that experience. charles: when did you work with marissa mayer? >> at google.

charles: at google? you were her chief of staff? >> that's correct. charles: here's the thing, she was given the red carpet treatment at yahoo! the stock has done pretty well, some critics are saying that's mostly a result of alibaba not necessarily anything she's done, per se. what does she have to do keep up her superstar status? what do you expect? >> i can't comment on anything yahoo! specific. charles: for her personality. she started kicking, hey, you're not working from home. she made a big fuss when she came in? >> a phenomenal leader, and has amazing ability to connect with people and monitor people. >> to charles' point, she is routinely criticized for showing up late to meetings, now criticized for missing meetings with advertisers. did you notice that when you worked with her? >> i can't speak to that, sorry.

charles: you are a young guy, coming up, you must take some of your hints with her work under your wing? >> amazing mentor to me. charles: i'm not asking to you diss her, you are pugilistic, if you want to say that, which is fine, people love it. what could happen now? what would -- what downing could be the next thing? >> it's important to continue to innovate in your products. the same way we continue to innovate in hospitality, which has not been innovating for a long time. >> did you sign a not discuss clause or something when you left. >> what did she do that is so innovative? what made her a leader? >> for any technology company including yahoo! it is about the people. charles: all right, before i let you go, the hospitality

industry, airbnb, they're putting pressure on your customers? >> that's true. airbnb is one of the innovators in the space. we're building hotels with the technology. charles: benjamin, thanks a lot. >> thank you. charles: we got the guy who wrote the book all about it, and he's up next.

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. charles: mitt romney hitting the campaign trail for gop senate and gubernatorial candidates in west virginia, north carolina and arkansas. by the way, planning more campaign stops in the fall. all this leading to speculation that romney might be gearing up for another run for the white house, 2016. liz, you know, you think romney might give it another shot? >> on demand on the midterm trail. interesting photos from vacation with grandchildren, really interesting he's making these moves now. how old a mitt romney stock up against hillary clinton or elizabeth warren, that's the

question. charles: a poll says people would vote for mitt romney, another says hillary clinton would get the nod. no one is asking time had campaign on the democratic side. >> the key always with presidential elections are the presidential don'ts and romney was pretty lethal with his words with president obama. he really had his pinned back in heels, and can you imagine mitt romney going after hillary clinton given the donation to the clinton foundation and the speeches her husband has been giving overseas. not been doing much of that now, he has to get clearance. mitt romney was pointed as a one percenter, made a lot of money with the private equity crowd. not a lot of rapport with the jobs he created. that's a key point if romney comes to the presidential election again. >> he was right on russia being a major threat on health care with people losing coverage as a result of obamacare.

it's timely. charles: and the economy. there's absolutely no doubt about it. people saying golly, this guy had good points. a lot of people after the first debate were upset he didn't go for it he put it into neutral. >> people are giving mitt romney another look because he has a sunny optimism to him. a force multiplier in the u.s. economy. charles: it worked for ronald reagan. we've seen the pro business push from rick perry talking about his state, how well it's going. here's someone saying the entire country, all of america could benefit if we follow the texas way. it's written, here it is, lone star america how texas can save our country. author mark davis joins me now. welcome, mark. you want to have specifics how we can incorporate the texas way throughout the entire country? >> sure, dove tails what you

were talking about. take a looked at senate elections in 2014 and presidential races in 2016. what are the things we want our republicans, our conservatives to be advocating? lower taxation, sensible spending, reasonable regulation, core values. gosh, the things we have a handle on down here in texas. the things we've had a laboratory of delicious one party rule for 20 years, it's not just surviving, it's thriving and thriving in the era of obama and it's not by accident. charles: critics say texas is riding this amazing oil boom, masking a whole lot of problems, they don't have that kind of oil in all 50 states? >> no, but they have a whole lot of energy in a whole lot of states, they ought to get ambitious, take a look at pennsylvania or north dakota where they're rebuilding the entire economy on energy. quick point about texas, oil and gas is not the largest

sector of our economy. manufacturing is bigger, and the reason we have so much manufacturing is businesses are stumbling over each other to come here, we have actual job creation. no state income tax, a magnificent cost of living and things that attract people. the kind of attributes we want the entire country to emulate. charles: one knock i've been hearing a little more about, but gaining traction. the education system in texas, the grades, scores abysmal. what happened to the education system in texas. >> we need to update that. scores are on the rise. no state has the scores it wants. what texas gets pyloried for. take a look at district of columbia on both of those lists versus utah and new hampshire. the thing about texas and

education spending, we get more for our buck just like houses, cars and groceries. charles: it's hats and cattle. >> we got plenty of hats and cattle. charles: stocks snapped a five month winning streak last month. is that the beginning of that long-awaited market correction?

. >> reporter: the dow jones industrial average is up 8 points, the dow lost 467 points last week, the nasdaq and the s&p sweeping gains. financials are helping to hold onto the green. jpmorgan in the red, but citigroup, bank of america and goldman sachs, goldman sachs adding 5 positive dow points and wells fargo. earnings alert for you. big movers on wall street, berkshire hathaway report stocks up 2%. they saw earnings on the rise 2%. look at michael kors. they had to do discounting and that hurt margins. right now the stock is down 7%. trex company for the dex is up

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you are gonna need a wingman. and my cash back keeps the party going. but my airline miles take it worldwide. [ male announcer ] it shouldn't be this hard. with creditcards.com, it's easy to search hundreds of cards and apply online. creditcards.com. . charles: time for the real halftime report, nicole petallides at the new york stock exchange. is that the beginning of the end for the bull market? >> well, this is how corrects

start, but this is not the end of the bull market, certainly not a bear market. we don't have a recession. 75% of the companies reported so far, the median is 5% revenue growth, 10% earnings growth, that's pretty good. i think last week was a game-changer, portfolio managers are adjusting and moving up timetable for the fed hike. it's going to come as early as the first quarter. charles: nicole, amazon adding new services to fire tv? >> fire tv on fire. it's up 2.7%. and fire tv from amazon, they're saying that the app selection has doubled. don't forget flapy bird is on there, their new services include watch disney, mlb, animal planet, abc green tv, what they are saying is doubling what apps they have available on fire tv. that's great for the people who watch it. the street loves it. president obama talk to the

economists. liz, he wants the fat cats to pay up, pay more? >> that's what he's been saying for entire two terms in office. he has been steadily raising taxes. taxes across the board. the issue is this is a president who backs democrats who are in love with reform no matter what it looks like, the president in own interview decried the lunatic complexity of dodd-frank, 2.1% average growth since the recovery began. red tape rising, according to heritage, would be the ten other largest economy in the world, 1.8 trillion ahead of italy. that's the issue, too. the president can talk this game with the economist magazine but the proof is out there in the data from his own administration. charles: why is this happening? why restarting this, nothing else in the bag? >> nothing else in the bag. it's a political year, we have the midterms coming up. i heard the sound bites, they

are unfortunate, and it's not inspiring when you hear that kind of rhetoric, and liz is right. we have a 2% economy. that's nothing to write home about. he often talks about all the strikes on energy and stuff. it's in spite of the presidential policies put in place. so you know, every time i hear one of the speeches, i'm left uninspired. charles: i don't think it's working on main street anymore. nicole, we have a big winner, pike, tell us about it? >> we're seeing it jump. major move. up 49%. the offer to be taken private is a 50% premium above friday. the stock closed up $7.90. it's at $11.84. they agreed to be taken private by the investment firm four square and j. eric pike himself. there's a 30-day go shop

period. but the board members unanimously agree on this one. looks like it's going to move forward and close in the second quarter. but the question is nothing is done until its done, i don't want to be presumptuous, however you are seeing the stock moving on the news. >> the company was started. the guy pulled a truck out of the creek and pushed it home, that was the beginning. >> reporter: construction and engineering, i like it against the background. charles: it makes you feel all-american. david, speaking of, which do you have an idea for us today? >> sure, last week one of the things i noticed, people were turning to revenue growth companies, companies had stodgy bottom line growth. huge revenue growth trades with a peg ratio of 1. that's pretty big bargain for a company growing this fast. charles: time for the halftime report is all over. thank you one and all.

there is less than meets the eye. phil roosevelt with "barron's" here to explain this one. what's going on? is this a good or bad article? >> this is a skeptical article on twitter. when you look at the way twitter reports profits, you have to remember they are leaving out a large portion of what they pay their employees. the stock-based compensation. charles: is that unique? is that as nongap, isn't that what the nongap is? >> a lot of companies don't do it. we don't think there is justification for it. charles: the street does use nongap. we have generally accepted accounting principles but almost all the news when we hear the earnings from the nongap numbers and not just unique to twitter. >> it's not, we think the street is wrong on that case. >> you lose existing shareholders when you are paying workers with paper, meaning stocks right? >> yes, it has value. they're giving it away.

>> sure. >> the street has it wrong when it comes to dr horton? >> we are bullish on dr horton, for the eventual housing recovery, and it will come they are better positioned than anyone, they have the low, the middle and the high end of the market. charles: interesting, i have subscriber on both, it has been painful recovery waiting for it. to your point eventually it will come. thanks a lot. president obama will do whatever it takes to fund his utopian dream. i've got all the details on that next. i had no idea i had shingles.

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. charles: we've heard it before, now it smacks of desperation. president obama lumping in corporate america hedge fund managers and the 1% into a tirade over the weekend, and yet another try to stoke anger that might provide the green light to provide legal rules and find more ways to take money to fund the utopian dream. mr. obama's perfect world, people should be paid based on

needs not skills or effort. this world, what cap incomes for corporations, insert quotas for blacks, women, hispanics and categories of people. workers have rights to dictate business decisions from executi executive hires to working hours. in the last six years, we've seen global growth help america. intel, mcdonald's, nike, apple, those are some of the companies thatore revenue outside of america. walmart has 4800 stores here and 6100 abroad. sadly it's only become more difficult actually for corporations to grow and create jobs at home. last year 181 regulations costing $100 million+ annually, it's a hidden tax. almost $15,000 for the average household. to borrow a line from the economists interview, i would take the complaints about

businesses and fat cats from president obama with a grain of salt.

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>> ebola breaking out in the u.s. is fantasy. almost impossible for it to happen because it doesn't work like that. we do have infrastructures. we have, we're able to isolate people. i mean that is gold standard here in the u.s. much the problem is in africa and in the african epidemic it is out of control. >> thanks to dr. manny for setting the record straight on possible ebola outbreak in the united states. of course liz and lauren. we have 20 seconds. >> cdc just discover smallpox in a closet somewhere? >> do we trust the cdc? knowing their track record with bird flu, with anthrax? >> i don't think anybody does. i think there is legitimate worry about it. i know dr. manny from professional point of view being structured but maybe we have seen too many movies. >> we have concerns for doctors who were infected.

they are on a humanitarian mission but help them and we can ask questions. >> thanks a lot. appreciate it. we hand you off to dierdre bolton. dierdre: thank you very much, charles, we start the day with our residents experts on activism, private equity and going public. tax inversion, a strategy where u.s. companies merge with overseas ones in part to get lower tax rates. activists increasingly any the mix. qsj reporter david benoit with me with a short list of companies affected. alternative investing is getting more alternative. kkr raises takeover width for largest listed wine-maker. greg zuckerman on why they want the 3 billion-dollar australian company. new york muscling ahead even if hong kong, even for chinese companies. alibaba putting the spotlight on that. jo ling kent has the reaso