when you see transport. trapts are lag that is because of higher oil prices. rails means things are move that is a good sign. >> i agree. these rails are on fire for a lot of reins and they overcome. >> and we move on. to forbes on fox. >> prices are surging up nearly 10 percent in the past month alone and 2012 on pace to be the most expensive year for gasoline ever and may be why president obama and governor mitt romney are out pitching energy plans on the campaign trail. >> continued to invest in home grown renewable energy in iowa and put people back to work. >> i am for all of the above whether it is above or below the ground. we'll take advantage to save your jobs and create more jobs. >> which plan will give you the most relief at the gas pump.

hi, everybody. i am liz mcdonald in for dave asbin and go on focus with steve forbes out with a brand new book freedom man festo. joining steve and morgan br rick unger. steve, we have a president saying he wants to tap the pertrolium. what do you make of that? >> it underscores two big things. under the administration. permit process for drilling has gone way down like a snail's pace. and so on the dollar. when you cheapen the dollar there is expensive gasoline and oil. should have learned that from the 1970s. >> rick, it is a strategic petroleum reserve. what do you make of that move? >> look. obviously it has a certain appearance. you tap on the strategic oil reserve because of prices going high.

you know, you got to ask the question. is it a political move? >> the truth is, the administration said they'll wait and see what is developing out of the iran and if there is an impact happening because of iran. you have to give them the benefit of the doubt and maybe this is something they have to do. presidents have very little to say about the price of gas unfortunately. it doesn't matter if you are a democrat or republican. governor romney saying we'll do all of the above, come on >> rich, this is the thing. opec can fiddle with the supply and monkey around with oil and gas prices. they are afraid of an arab spring and new revolutions breaking out over the country and that area of the world and they have to do a lot of social government spending. they want to keep depas high. what is wrong with developing what we have here in the united states? >> there is nothing wrong with it. you have to start with a point of view that it is okay to do

that. and you have an exepa official saying we should crucify the oil and gas companies and on his resignation letter, president obama has been supportive of me and my work. when you have that attitude oozing out of the, it is no wonder speculators jump in the moment oil becomes reasonably priced and drive it back up. >> john what do you think? >> both sides are hopeless. we don't have a supply problem at all . we have a dollar problem and that's where rick unger is incorrect. president's can fix this. presidents that pursue a strong dollar have cheap oil. it is not supply. go back to the dollar. >> and weigh in here, mike >> if there was no supply problem, that means we have unlimited energy. no, we don't. supply situation does send

market signals and romney's plan creates more energy. we need more to increase the size of the economy and oil is the way to go. >> morgan, canada. we get 30 percent of the imports from canada and key stone could have replaced 32 percent was what iran? >> i think it is not a supply issue. i agree with john. look at domestic supply up 14 percent of last year. i think it is a issue on the refinery side. we have taxs and regulations that made the process of refining so expensive they are close. three in the northeast just since march closed and that's why we are seeing gas prices go up. more southern speculators and i am behind the mitt romney plan more than the obama plan. >> you don't see spectators attacks when the gas goes down. what marries more. refinery issues or a dollar.

>> at the basis is a weak are dollar. you will get dollar price was oil going up . we saw it in the neven 70s speculators started to jump n none of you were born then. but back in the 70s, evil oil tankers are parking off shore. get the dollar right and get the supply side. you do both. they are not mutually exclusive. >> rick, more dollars out there oil prices go up. you will never hear the announcement that the dollar will collapse. are you worried about that? >> no. i remember the 70s, and some of my blain cells still remember the 70s. i do have to say something to rich. do you think that there is a chance in the world that president obama would know that low level epa guy. i don't care what the guy said. come on. >> it is a culture. it is the culture he sent.

and to the point of lack of refineries in this country, do you think that there is a chance we would get a refinery apruched under this epa. >> we have the private sector that wants to find more energy and oil . so there is a looking for on the demand side. you know, it is not unlimited supply that some people said here f. it. you wouldn't have private investors looking to invest, but the president and his policy ignored what the private market said and he wants to dictate from the white house where our energy is coming from. you get things like solyndra that go bankrupt after the president said it is a success story. >> green energy costs a lot of taxpayer green . what do you make of mitt romney who said you can't start the car on the windmill. >> he's correct.

but he's missing the point and discussion about comparative advantage. we could create lots of oil out of the ground here, but it would be economically crippling. oil profits are low relative to other industry profits. that's why they let other produce the oil. we can do things that are wildly profitable. we'll be a poor country let the saudies. >> and that breaks down completely when you are talking about a third of the oil from opec nations who are funding our terrorist opposition. >> if they don't send it to us, they will send it to someone else. someone will buy the oil. that is a weak dollar and not a function of where we are get it from. >> china also coming in the hemissphere, but china is a bigger air polluter and they are drilling all over the place. are we worried about north sea

and areas of canada? >> i would be worried. rising gas prices, depas is tied to oil . as long as you have growing demand. price was gas will go up and why we should as obama say pursue green energy and do what romney is proposing and that is scaling back regulation and developing more possibilities for traditional. >> rich. >> maybe you can't start your car with a wood mill. but you can drive it with a dog on top. >> we really have to leave it on that note, don't we. >> hear what the stars are saying about neil cavuto's convention. >> he's incredeble >> and world will know. and there is immense thrill. >> they are pretty bad ass. i wouldn't want to mess with them for sure. >> i bet he's bad especially when it come to protecting

your green. >> and tune in on august twenth . 4:00 p.m. eastern time on fox . we are back at 8:00 p.m. on business. and track the market and political action. up next here. a bakery owner is taking heat for not taking foot stamps and why it is sweet news to the economy. at purina one, we believe small things can make a big difference. like how a little oil from here can be such a big thing in an old friend's life. we discovered that by blending enhanced botanical oils into our food, we can help brighten an old dog's mind so he's up to his old tricks. it's just one way purina one is making the world a better place... one pet at a time. discover vibrant maturity and more at purinaone.com.

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hi, everyone. i am jamie colby. major developments to report out of sir yampt rebel fighters were reporting that the country's vice-president fled to jordan. the regime is denying all allegations . if it is true, it is the highest level of departure from president al-assad's regime. there are airplanes that are killing civils in residential

areas. medicare is front and center on the campaign trail. president obama is landed in new hampshire where he will make two campaign stops. congressman paul ryan is in critical state of florida speaking in the villages retirement community. governor mitt romney is fund raising in massachusetts. i am jamie colby. we'll send you back to forbes on fox. all of the headlines and see you back at 1:00 eastern in america's news headquarters. >> welcome back. one bakery owner making national headlines in whipping up a debate on food statches. take a listen. >> it was a misuse of taxpayer fund and etb program and known as former foot stamp program was designed to bring nutritious foods to the tables of people who can't buy it themselves. i am selling whoopi pies and

cakes and they will not qualify as nutritious food. >> you say it is good news to the economy. >> first of all. right to free association is a free basic american right and this baker is refusing to do business with those she doesn't want to. for the economy maybe she will shame the adult to get back in the working world and contribute something to the economy and we'll have positive long-term affects. >> rich? >> we need a debate on welfare and food stampings. this is the wrong battle to pick. you don't have a right of association. civil right's lieu was 1960s means that you done have to serve people you don't like. people on welfare have a desporate chance of being one of those protected classes it is a dangerous act . brave act. but it is foolish for this woman to take. >> steve, what do you think? >> as long as you are not vol

-- violating. she want to give up money to make a statement about welfare programs, bless her and she would sell the whoopi pies and contribute to candidates who do want the program and think tank to need the research to do that kind of thing. she should redirect and recycle to good causes. >> the issue mike, mayor bloomburg putting a ban on soda and the first lady saying stop with bad junk food and obesity. this bakery owner is getting vilified for what she's doing . they are not taking the -- >> i am concern body it would lead to cash payments replacing food stamps. i am concerned. i have been telling people for years that pies and cakes and occasional soft drink is nutritional . i am kind of concerned about

it. >> i am concerned about the waist hines here. >> rick, what do you make of it. you go out and say i will take the food stamp and buy a bucket of a tub of lard. no big sodas anymore. what do you think of that. >> i don't think anybody should spend money on of lard. >> taxpayer money. >> what astounds me. i never saw anyone to go on television to tell the world their product has no scrawl. >> we are talking about tax dollars. >> we are getting there and that is a choice to do that. and few people mentioned we have a funny little law about discriminate you know, what you don't get to pick a class of people on welfare and discriminate against them. she can't do it. and i don't know where she's coming from. >> morgan, it is not mandatory that every shop owner be participating in these programs, right.

>> i can't speak to the legaleze. and the only money that is saved is the backer's money . there is restrictions in place on food stamp and quick look at usda sugary sweets like whoopie pies fall under eligible items. and i think if we are going to take up the mantel on restrictions as far as welfare and food stamps look at people spending money on tattoos and cigarettes and pornography. these are the type of issues and to be fair state and federal governments are looking at. focus on that. >> that is interesting. you can't use it for liquor or tobacco, right? >> go ahead. >> what a shame that we are getting in the legaleze and what a shame a business owner can't choose his or her customers y. can't we make

someone feel embarrassed for living off of others and why can't business people do that in the united states. it is moving away from what makes us great. >> when mayor bloomburg leaves office. he can start a traunt and not let anyone in that pays more than 50 pounds. >> next up. up want proof that america needs tax reform. carbin in crew adds up how many tax preparers and compare to the number of firefighters and police officers that we. they do the math right after forbes. but first, a new report showing millionaires are collecting unemployment and some say they deserve it. that is the flip side and that's next. don't goarcts -- go away. this is the plan for back to school.

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furthermore millionaires receiving unemployment checks. that's a flip side. headlines are a good indicator of the economy. right back up.

2400 memories collecting unemployment checks and folks say they should not get a penny. but forbes said millionaires deserve to be on the doyle too. >> millionaires should get their insurance because they have paid for it. they are getting back what they paid. we have 30 state in this country where the insurance trusts are underfunded and that means the states are borrowing money to put in the trust so they can pay the insurance. we need to privatize. >> isn't that market because states are borrowing not to have millionaires on the doyle. >> this one values me.

we are not talking about materials. it is when they file a tax return put down they earned a million in that year . despite earning a million bucks they went to get a check. outrageous. they sent their drivers to collect their checks because they would be embarrassed . what do you make . government. >> if i fired myself i would not collect unemployment. but if you payurn the system you should get out f. you want to reform the system. if you lose the job paid in you should be able to get out of it. and mike is right. you put in and take out and if you do i want have the where with all government steps in. >> government shouldn't pick or choose. >> shouldn't. we are talking about people who file would million or more

unemployment benefits are 21 million versus 77 billion in the year 2009. we are talking about a percentage. cost of the living is relative to your income. whether you are laid off of a $30,000 or a million dollar a year job. cost of living is relative. you can see it in foreclosure numbers. >> and doesn't it set a bad tone and isn't this a cultural issue. >> i share rick unger's outrage and so does a conservative tom coburn who want to end th loop hole. for the time being. it is the law . the people who are collecting unemployment benefits even though they have high incomes are following the law. >> it kind of reminds me of people who take advantage of

this -- tax code. >> they paid n it is the law. you pay in porportionately what you earn. >> i said it was a the law. >> you also shouldn't get a millionaire car insurance if you are an accident change the law if you don't like the law. i agree with you. >> it is there to protect against the financial disaster. you pay insurance on your house you are not rooting to burn it down. if you don't need it, you don't need it >> if your house burns out you get the millionaire. >> you are not rooting for it >> you suffered a loss . >> it is not a welfare program. what don't you understand. >> we'll continue the debate off of the camera. it is a hot topic.

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>> we are back with the hot stockings. morgan. >> this is a semiconductor stock and poised to pop with iphone 5. >> i like the company and wait for a pull back in the price. it is red-hot and then go and buy $30 around that level. >> that's interesting. mike? >> i lime kimberley clark big maker of paper products and they have expanding operating margins and going to float to the bottom line and insiders have been buying lately and

they believe in their own company. i like that. >> i continuing is a somid and safe stock. but it has poor depth management. keep it right here. number one business block continues with cheryl casone and cashin' in. >> falling off of the fiscal cliff could fix our mountainain of debt. forget the calls to avoid the massive tax hikes kicking in on january 1st. machine want to cut the 16 trillion in debt and bring it on. i am cheryl casone and welcome to cashin' in. we have wayne, and johnathon and tracey burns and johnathon. >> welcome to all of you. you say taxpayers would be better off if we fall off the fiscal cliff. >> let it go. let it go. that's the only way we'll take

our medicine and finally understand what is happening. let the spending cuts pick in and we cannot keep pushing it off and extend borrowing from our kids future. over the cliff we go. >> there is concerns that it would take our country anyway massive depression. >> cheryl, reality exists. we have 16 trillion in debt and hundred trillion in unfunded liabilities and culture of spend tax more regulation . we can evade the reality and we say that playing out real-time in europe where the ingredient created economic implosion and a whether we deal with it now and as tracey said now or later. results are anything but pretty. >> massive cuts we are talking about and defense spend 55

billion in and marriage tax penalty. i could go on and on about the cuts. does this hurt the economy if we deal with the fiscal cliff. >> it is a bad idea to do it right now to the world's largest economy. bearing in mind the euro zone has all sorts of problems involuntarily. because medium turn focus on the debt reduction. but right now, no, do not voluntary fall off of the fiscal cliff. you have plenty of the country world doing it anyway. >> we are talking about congress and that is your favorite topic. >> it requires political courage and there is no political courage in the congress whatsoever. and eventually we all have to pay the pipe yer they are not willing to. the president set up simpson-bowls and i was a commission and they made a respect and everybody bought into it and the report came

out everybody turned their back on it. it is a ridiculous conversation if you think about it in the sense that congress is not going to do anything. no one is going to do anything. even when they have to, they will kick the can down the road. they will cut some spend raise taxs and mealy mouth their way through the thing until the people rise up and get them out of office. >> i disagree. i want to take it to john. they will have to do something but because of the election thinking among wall street they will wait until after january 1st so we will not go over the fiscal cliff. what we think is going to happen? >> no, it is not the right strategy. this plan usually three years in advance. they have no idea what the economic landscape will look like and tax policy will look like. wayne is 100 percent right. look at what congress did with the post office. they are looking at a five

billion dollar default. they didn't kick the can. they haven't on vacation . they got another default and they are still on vacation. we have to do something. ryan budget and all they are doing is try to reign in future spending. we have to reign in our fiscal responsibility. >> there is never a good time to take the medicine and lose the last fives or quit smoking. sometimes you have to do it already otherwise it will spir willal out of control. wayne is right. these guys are not doing anything. they will push it and kick t can and we'll be in the same spot in six months to a year and the economy will stall because of it. >> these are serious programs with regard to the spening cuts. 16 trillion in debt. education assistance is

taxable . federal jobless, that ends and so many things that are unpopular programs that they could cut and they can do it now. >> it would be dangerous to do it now. short term you are okay, america. i cover count ryes who are in big, big trouble . you have to get to grips with deficit reduction. and to that republicans and democrats are going to have to compromise and shared sacrifice across the board what chris christie talks about. and you will have to cut spending to have revenue increase. that is medium turn. short-term you are crazy to. >> but to use tracey's metaphor. would you want a doctor tell you you are just fine. >> johnathon. you are fiscal suicide if you do it right now. >> let me understand. we are committing fiscal suicide if we spend.

>> right now, you can afford it. medium turn cuts, johnathon. >> hold on, let me ask. next year you have to. six months. >> oh, come on. come on. you need political courage. that wayne is talking about. there is not a collective back bone in washington d.c. . of course not a politician in dc. they are on a five-week vacation. who ever reigns the cut in. we have the biggest stim tim in the history of mankind. 1.3 trillion we put in the economy by borrowing. and that has to be reigned. q. politicians doesn't want to do it. it is going to hurt even though it is it right. >> it could hurt the election chances in november. >> that's when it hurts. >> john thoon? >> the biggest stim tim in the history of the word stim tim. and unemployment come down point pink hole from the high.

where did it come from government spending or free enterprise and private voluntarily trade. why not get to the meat of the matter and create wealth instead of redistributing it. >> one of the reasons we are having a discussion is the fact that 16 trillion in debt is considered a threat to the economy because it is getting out of control like they have seen in europe. we don't want to be in europe. >> we all know that. we know this. this is obvious. everybody knows that. it is just the politicians will not recognize it. in 2010, you had 1900 lobbying firms in washington and pulling 11,000 people paid 3.5 billion. you think they are going to do anything? no. they don't have to. no one is voting them out of the office. they live in a different world than we do. they have a different pension plan and health plan and people in the congress and

elitist above the public and nancy pelosi said pay off the bill and we'll tell you what it is it in it after the fact. you have morons running the country. >> pass it now and read it liter. >> great decision. coming up. everybody. would you let someone scan your face when you shop to get a discount? it is a face deal and forget privacy fairs. someone calls it the best deal for the economy . [ male announcer ] it's simple physics... a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis sympto. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain and inflammation.

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wayne, you say it is a invasion of privacy for all of us. how so? >> it already is an invasion of privacy. you think about the fact any commercial transaction. you are photographed doing it. maybe i don't want to be photographed. maybe i some personal freedoms i would like to exercise. maybe i don't want you photographing me. this is an outrageous thing and happening everywhere . this whole thing of the internet invasion of privacy on all levels is bad for us. >> even though you are camera rey and look good. johnathon. if you look at the details here for this story. fact, what are you doing. hello. johnathon. >> i am sorry. i was busy facebooking. >> you were saying. >> users have to agree to this. they have to agree to all of it. facebook and app it is not just random. >> this is a fundmentam

difference of economic power done by trade and political power which is done by force. facebook or walmatter or physer of any other company. they provide a value people want. and wayne don't do facebook. don't do it. and don't shop a store that uses the product. book become has improved your life. >> that is not a improvement of my life, pal. >> and your life not good? will this help the economy. >> give people more deals and help all of us. >> the price of freedom and liberty. this is scare nethe land of the free. do we want to live in the world of big brother and minority respects? actually facebook isie choice. it is not a choice. i don't want to be on facebook. it is crazy. >> you say it is like big brother. this is a private company that you can choose to download and

use the app or not. you don't want to use it don't use it. you sound like a ludite. >> and in london there are cameras watching it. you should be used to that. i am not on facebook. they have an obligation to figure out how to make money. get out there and sending you a picture and coon will make shareholders money. if you don't want your picture taken don't walk in the store or sign up and quite frankly stay home. >> how do you know that is not abused? >> you don't know. >> that is the debate . guys, that is a part of the debrate . john, you have the idea of privacy and also here it is a free market and society. >> and you got the idea of common sense. english rubby captain was

tossing a midget. you don't want to get caught doing something stupid don't do it morons saying stupid stuff on tweet twitter and getting thrown out. don't do it and you don't have to worry about. it is a boom for advertiser. >> there is a problem with security. what happens if the service gets hacked and all sorts of privacy issues going on >> i go back to tracey. i go back to the thing though, first of all facebook hasn't approved this. number two, you would have to optinto it . people love to be on the internet. let's face it they want to be on the internet doing crazy and stupid things. >> i tell my children to walk away it accounted - could potentially ruin your life.

other people want to be out there and what are we doing? getting coupons and you said it earlier, maybe it could help facebook shares and economy. >> it is a economic boom. >> it is a economic boom for companies because they are going to have the ability to drill down. look at cable and internet. they can drill down and go to the consumer. it is a huge advertising boom for. >> wayne are you on facebook? >> i am not only not on facebook, but the idea of this because it can be abused and it will be abused . we have the federal government who can't control yourself. what makes you think private companies can control themselves. they are going to steal from you and johnathon and person who is always for individual freedom. how dare you. >> great discussion and end of discussion and i hate to end it. but i got to. >> and mitt romney's vp pick

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on first campaign event. we are expecting the president to launch a brand new attack on the republican. and congressman paul ryan campaigning in florida and had his mother at his side. ha vowing to protect medicare for americans like his mom and make sure it survives for future generation . amelia earhart was believed to have gone down over the pacific ocean. researchers found a debris field thousands of miles southwest of hawaii that may be her plan. see you back here at 1:00. top of the hour. >> republican dc candidate paul ryan may be talking about medicare. he wants to simplify our complicated tax code.

there are many tax prepayers in america as police and firefighters. john, you say those stats say it all. >> there is no doubt about it. we don't need a marginal increase or decrease. we need to throw the entire system out. and accumulated 72,000 plus pages was i.r.s. restriction and code and restrictions because of politicians that granted favors for decade toz different people. affected tax rate is 24 percent. only people who pay the highest tax rate is small business who can't afford to the lobbyist to buy off politician. simplify it. make it fair for all. >> which would you rather have. police fire or accountant. >> police and fire. the notion of equal treatment under the law doesn't apply to taxes. to john's point it is always changing and whim focused

notion of trying to incent vised behavior it is the only law you have to hire someone else to explain it to you. we spend 400 billion on tax compliance alone. and the left would never go for that because it treats everyone equally. it is a book of favors and you can never unwind it. only way to do it junk it and come over with a flat tax and stop the political nonsense that is created the tangled web that is our tax code. >> wayne, but if we simplified the tax code would that help or businesses large and small. >> it would help everybody. i don't know why we -- we talk about this. but no one will do anything about it that's the problem. you know, when you have a tax an i.r.s. who for example granted over 1200 tax

exceptions to prisoners and on death row. you have an i.r.s. who can't run its own business. forgod's sake. >> you know what, johnathon, i will say this, though, many companies do use tax breaks and tax code does have positive parts of it. but it is a mass of words, millions was word and that's why we have more accountants than police and fire. >> it is the current form and many say a plattax. it is not only practical. but moral as well. and we treat everybody the same. we have complete mess. >> and i have to say . we are not britain. >> and i mean, it is more complicated there. i am not in britain. >> fundmentally the last form is 1996 .

costs the federal government trillion a year. >> it was great to have you this week. thank you for joiningugs. >> thank you for having me. coming up. everybody. just as home builders started to feel better. fan yefreddie setting us up for another. get ready for another kick in the fanny, that's next .

>> it's time for what do i need to know for next week, tracy byrnes. >> they're trying to force back to buy their crappy loans. >> more bad debt and less cash to you and i, could hurt the housing market. >> you're going all louise on the housing market. >> john. >> and now that i have a studio, i don't have to take the jet blue flight to jfk and

jet blue. >> boo. >> at one airline i would own. >> tracy and i are going to miss it. >> whatever, whatever. >> all right, and wayne rogers? >> i'm on the positive side of the housing return, i like a company called plum creek timber and that's a long-term bet on housing, and it also pays a little over 4% as a dividend. take a look at that. >> we like the dividends and we like that, jonathan. >> well, interest rates at multi-month highs, cheryl, i bid wrong in the past and i recommended the the short corporate bonds and this week, an etf that rises with intermediate term bonds and now is the time to look at shorter bonds-- >> really interesting, all right, guys, great discussion, great show, i want all of you to know before we say goodbye, a reminder to catch the best convention coverage on tv with neil cavuto, live at the republican convention in tpa