"forbes on fox." have a great july 4th, everybody. a great weekend to one and terry keenan and "cashin' in" start right now. >> turns out the tea party folks had it right all along. taxes going up on everyone. now over 1,000 more tea parties having today with a new warning. and president obama says america should be like california. >> hey, bud, let's party. >> why is he saying that? >> i bought it table. this chess set. i like those. why don't we order those? >> did michael jackson's death give birth to a new booming business? why michael jackson incorporated is the hottest money maker in america. all that and a news flash. we have all been madoffed.

why everybody investor is being hurt by bernie madoff. "cashin' in" starts right now. [captioning made possible by fox news channel] terry: a fourth of july tax revolt tens of thousands of americans rallying in over 1,300 tea parties. protesters have been warning about higher taxes hitting all of us for months all the while being mocked by politicians. >> the thing that bewilders me is the president just cut taxes for 95% of the american people so, i think the tea bags should be directed elsewhere. terry: do we have proof that their aim was right? welcome to "cashin' in." here is our crew it week.

congratulations. wayne and jonathan are next. were they right all long along because we are hearing a story about a national sales tax and cap and trade and the like. >> that was the middle age version of muscle and body. but i'm glad they decided to do that. they are 100% right. i don't know what this guy is talking about and what planet he is living on cutting taxes. he has raises taxes on 95% of americans just on tobacco, alcohol. a 16-ounce loose-leaf went from $1.07 to $25 in taxes overnight. if that is not a tax on lower income and middle class he is wrong. terry: but the administration would say people are getting the collection in the mail. 95% and the tea party protesters are off their rocker.

>> that is the kind of off the rocker we should be. i will urge everybody to do something the something i did the day before. i read the declaration of irndz and i advise you all to go back and read it. it is a terrific document. it was as good today as then and the protest against taxes is the same one we should have today. it is not just obama. it is the congress. those are the people who are driving me crazy. if they can pass a stimulus bill that spends $700 billion plus without reading it then we've got people who are representing us, we are morons for electing them. terry: jonathan are we seeing the markets react to taxes on the way? >> no question taxes are going up. the bigger issue is freedoms are going down. that is what a big part of this tea party movement is about. the right of the individual to live his or her own life. listen to the president's rhetoric and it is collectivism.

the motinotion we are all here t and that means more of your money is out there to be redistributed to whether the administration thinks is in his or her best interest. >> i think a lot of it is people are feeling they were misled and we are seeing more and more come out about it. we were told from the beginning that he was not going to raise taxes. he still is trying to hold to that and it is not happening. and it will happen across the board and lower income people need to prepare for had because they are the ones that are going to get hit the hardest. say what you want about high income people, they will be mad but they will muddle through. lower income people, small businesses, will be clobbered by this losing medical did he dictions and higher tax also force them to lay off or certainly not hire more. terry: the handwriting does seem on the wall but the president so far has done exactly what he said he was going to do. he said he was going to do cap

and trade, lower taxes for 95% of americans. so far we have not seen additional taxes on top of that. >> and the health insurance people -- you got what you voted for so far. as far as the tax increases, the proposed ones are more in line with what the tea party said. i don't think people saw the health insurance. where -- guest: everyone thought it would be free. >> you can't do spevending initiatives without taxes going up. those will be taxes that will affect people further down the scale although working people that have insurance. but that is how you pay for things. you can't have a trillion dollar spending plan without a matching tax increase. t the tax protesters should hope we are right and the alternative is deficits is worse. terry: speaking of alternatives,

john, one reason people are angry is any talk of tax reform like getting rid of the alternative minimum tax that yesterday's dream. so, they are angry about that, too and the tidal change. >> this is bogus that he has not raised taxes. he has killed the tobacco industry. not for the people to get them to quit smoking but raising taxes there are massive budget shortfall and there is no way we can tax enough to go with the spending that this government is doing. they have to be somewhere fiscally prudent with what they are doing. that is the problem. >> and it is out of control. the tax code needs to be overhauled. the a.t.m. needs to be thrown out. but even the stuff he has done the first-time home buyers credit of $8,000. midnight november 30 it goes away so it is the short-term p.r. trips he is trying to use that to make him seem like he is sticking to his words when it is going away and people can't take

advantage of it. terry: we have a situation where one-fifth of the personal income comes just from government transfers, money to people from the government. going forward how can you build a tax system on an economy like that? >> you can't. it is as simple as that. we are just passing around money. we get taxed for a dollar, it goes to washington, 90 cents is drained off, 10 cents back to what we are doing when we could have done it locally. tracy raises a point and says jonathan about size, the small business will pay. large businesses are in cahoots with the congress and all of the people who are bribing the congress so large businesses will be ok. it is the small business guy and who is the backbone of the country, he will pay for all of this. terry: that is why wal-mart was supporting the healthcare plan. that is what people think. up next, president obama urging

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developing stories at the top of the hour. now back to "cashin' in."

sage: california, producing j s jobs, their economy keeping pace with the rest of the country, yet they have been able to maintain their energy usage in a much lower level than the rest of the country. terry: the president saying this week that is what america needs to do when going green. but the golden state is losing its green and is handing out i.o.u.'s. last time i looked california had a 10% unemployment rate. it issuing its own currency basically and the president says we should follow that path. >> terry, it has bankrupted campbell and if implemented nationwide it will hurt mankind. have you ever noticed the greens are against any energy that works? it benefits mankind. they love nature but they hate human beings. that is why their goal is to make energy more expensive. all of this carbon capture,

boutique fuels. it makes being productive with energy that much more expensive. that hurts human kind. terry: how account president hold up the state of california as an example of a strong economy? >> it can't. but i don't think a bunch of wind mills in texas hurt human kind. jonathan is right the cap and trade is horrible. every megawatt you create creates 20 jobs. wind power is on par with natural gas, coal and everything. we can get off fossil fuels. we don't have to do one or the other. this is a matter of national security not to have to buy oil and gas from bad guys. terry: nothing wrong with wind and nobody wants it in their back yard but should we follow california? >> god, no. and actually, it dumb found me that the president could speak to the country and say we should do as california does and then

every state should come and ask for a bailout, i suppose. it is ludicrous. john is right. we need to do all of it. fix the country, we have issues. it is not bad for mankind. i think it will be be good for our children and but it is not so bad. >> remember ethanol. remember the president four years ago. those were going to the green jobs. now they are bankrupt. >> there is trial and error involved. we have to figure it out along the way, too. not everything is -- >> all your precious small businesses pay the price. >> i understand that. but at the same time we don't need to just eschew the issues. and the point of getting off foreign oil and national security should be top of the list. >> i look at chernobyl and three mile island. you have bumps in the road. what tracy is saying i think is right. we have to find the right path.

terry: wayne, who is right? you are the only californian here. >> first of all, california going broke has nothing to do with them being green. they have unfunded pension plans, they have entitlements that go way beyond everything else. california is going broke and spending way in advance of everything else. you can forget green. that is a separate conversation. but the green problem is one of national security and if we don't fix it we will be beholdened to ahmadinejad and the guy in venezuela the next century and that is nuts. we have to do something about it and we will have to pay a little bit of a price and i think j.b.l. is right. you do wind, you do sun. you do all of those alternative energy programs that can work and that is how you get there. we have to pay that price. terry: the reason we are linking this to the president's comments is because he is trying to take it a step further. he is trying to say this is

helped california's economy. i don't see evidence. >> presidents like california for the tax revenue. a lot of people -- people move there because they have got environmental policy, the air quality has improved over the years so there have been benefits that helped the economy. i will say though i think what is bad about the green policy is they do it the way obama is which is not that you taxes that could help the budget but do it in ways that don't raise money and could scare business. so do it with a profit-seeking way which is taxing the fuels but not subsidizing ethanol. that is an expensive way to solve problems. terry: i always go to l.a. for the air. coming up next, millions are paying tribute in los angeles and around the country to michael jackson. others are profit willing from



terry: people hawking michael jackson's stuff on the streets, online and stores. is it right for people to profit so much and so quickly after his death? >> morally probably not. but it is capitalism. we sit here and want capitalism to succeed and this is what is happening. people are finding a way to make money, good times, bad times. it is awful that people that he despised like his dad will probably come out of it, odds he will sell the rights to a book and all of that crap.

that is the unfortunate part but at the same time this is what we do. we make money where we can and people are going to do it and probably make a lot. terry: jonathan there are very few stars more commercial than michael jackson so what is wrong with this? >> i don't like counterfeiting but this is sort of like elvis. i went to graceland. you pay a lot of money to go there and there is legitimate stuff then there are questionable like vaguely elvis-related items. i don't think lisa marie is getting any of it. but it is overall good for michael jackson because of the media coverage and yet he is selling more albums so it overall i think they will benefit and i think that he deserves to. i think it is nice all the critics can see he can earn this much money even not performing because everyone is like he is broke, negative value. it is all wrong. he is really more valuable even

with the destruction at the end. terry: john, this is probably the best thing that could have happened to michael jackson inc. and it will probably cover debt. >> he sold more in one 24-hour period on a amazon.com than the previous 11 years. his music was fantastic but he is an alleged pedophile and eccentric. people we you take him out of it, take out the spending ways, they will benefit from him not being around. terry: wane, do you have any problem with people profiting on m.j.? >> i find it morally despicable but everybody does it. when anybody passes away who is an icon, all the money that they have royalty income, all the things they did in the past become immediate income. the question is who is going to administer all of this going forward? is it all going to get blown

again? he always had bad advice. he was spending money much more than he made. there was never any end to it. he did projects that were unprofitable. he has a good lawyer, by the way. he is a terrific lawyer and good straight guy one of the co-executors. but they are the others that hang on. you have an entourage. it is terrible. terry: give him some advice, jonathan. what should the estate do in this situation? >> and though you fight to stay alive your body starts to sheri shiver. for mere mortal can resist the each of the thriller. do i owe a royalty for that? we don't profit off of thomas edison over the light bulb or george washington carver every time we open a can of skippy.

m.j. was a wealth creator. >> the reason that graceland has done so well is they hired someone phenomenal to run it, figure out how to make money and make sure the profits filter back to the right people. michael jackson's estate needs to do that or the money will disappear. terry: lisa marie has profited nicely from graceland. >> somebody the jackson empire will do well. he was running up huge amounts of debt but it will probably flourish. he has another album that could come out that will do traffic. he was a fantastic performer. >> it is not different than he will victims. he he was buying planes -- >> but he was elvis. >> america will forget the last 10 years of michael jackson and remember the great years just like with elvis and he will live on for 50 years. i can see that park becoming

bigger than graceland. i will go there just like i went to graceland to walk around. terry: jonathan might have a future in the business as well. up next you better enjoy the burger this weekend. somebody says you may not be able to afford one next 4th of july. move over swine flu there is a new animal. ♪ [ female announcer ] arthritis targets your body where it's weak. where it's vulnerable. ♪ tylenol arthritis works with your body to block the pain, without interfering with certain high blood pressure medicines like aleve sometimes can. ♪ so you don't just feel better, you feel better knowing doctors recommend tylenol more than any other brand of pain reliever. ♪

terry: what do we need to know? >> bernie madoff got 150 years this week. beware of the regulation. it is coming. everyone will be clamping down to prevent something like this from happening again. terry: john? >> michael dell is fantastic in building a company out with a pocket p.c. he will do well with it. i like it. terry: been a tough ride for the last couple of years. jonas? >> dell hasn't been a tough ride since i recommended it but i will say i'm not crazy about this idea because i think it is silly. it is not a phone. just a mini -- cool mini computer phone that makes phone calls and sound newtonish. i don't think it will work. forget the flu with the bovine. i'm concerned about the canine flu which has been around since 2004 and americans love their dogs. i take my dog to the vet.

i haven't been to a doctor in that years because spend their dogs. schering-plough veterinary division has a drug just came out to cure the canine flu, which might get going just like the bovine flu. terry: your vet hasn't heard about it but you are worried. jonathan, what do we need to know? >> i love a burger on the grill. everyone is grilling today, fourth of july. i will grill morning, noon and night but the price for beef are going up and you can participate in this which is c.o.w. a livestock that tracks the price of beef. all this cap in trade will push them higher. terry: wayne, what do we need to know? >> i would go for the hot dog instead of the hamburger. we node to know the aspen institute met this past week and supposed to solve some of the

twratest problems. what they have done is complicate it by talking about financial services being gretchen: good morning. monday, july 6,2009. we hope had you a great holiday weekend. we begin with a fox news alert. just 20 minutes ago barack obama aarrived in are you sure. should he be meeting with vladimir putin instead? peter: more than 1 million people expected to flood the city for jackson's memorial. we are in l.a. where police are begging people to stay home. brian: and watch us, perhaps. here he goes again. vice president joe biden admitting the administration messed up. >> we misread how bad the economy was but we are now only