we think high 20's over the next 12 months. >> brenda: scott, bull or bear on this? >> brenda, i love them because it's down big for a reason. oil is up. stay away. >> brenda: no one puts more fuel to the fire like neil cavuto. take it away, neil. >> neil: washington is still talking turkey. while our debt keeps getting stuffed. hi, everyone. glad to have you. i'm neil cavuto and fox on top of the super committee right now in a super showdown more like slowdown. many republicans refusing to budge on taxes to strike a debt deal. democrats, of course, not doing much better on the entitlement part. nevertheless, what is the republicans are just talking about closing loopholes that provide wealthy celebrities a heck of a deal. like the one that allows rocker bon jovi to pay just $100 in taxes on part of his multimillion dollar new jersey estate because he raises bees on the property.

charles payne, bon jovi's next door neighbor, says it's taxpayers who are the ones getting buzzed in that event. he's not really. people say wait a minute. anyway, joining charles, we have gerry willis. we have charlie gasparino, always enjoy having him. charles, you find this a bit of a pain? >> yeah, i got to blindfold people to bring them to the house. no -- >> neil: that must be an event. >> realistically, you know, this stuff is egregious. there's no doubt about it. but from the super committee's point of view from the taxpayer point of view, this is low hanging fruit. i want them to really get to the real issues here and for me, that would be finding a way, you know, i know we're talking euphemism, revenue raises and all that, cut the taxes for people who earn money, cut taxes for corporations and cut spending. all this other stuff is shocking and it's fantastic, it grabs the headlines but it gets us further away from actually hammering

together a deal and the clock is ticking. >> neil: real quickly, charles, we're leading with this. so you know. >> it's important stuff, neil, no doubt about it, it's important stuff but the point is -- >> neil: why don't you just play along? >> ok. >> neil: he does raise a good point. the loophole part, there are a lot of purists among the republicans just like there are purists on the democrats on entitlements who say, you know, you touch those loopholes even if it's for a small group of people, you're raising their taxes. deal non grata. >> you think millionaires aren't going to have the biggest size of deductions out there? of course they are. they make the most money. they'll have the biggest deductions. >> they have the best account t accountan accountants. >> what i thought was funny about this story, they were incensed that 1500 millionaires didn't pay taxes, 47% of americans don't pay income taxes so how can you possibly be surprised that millionaires out there and not all of them, a portion of them aren't paying

taxes. they're probably individual business people who lost money last year and that's why they didn't pay taxes. >> a delicious irony that all these limousine liberals are, you know, keeping bees and tax breaks. i mean, i think it's really funny. you don't see any wall street protests up there. you really run a problem if you start doing it in a piecemeal fashion. closing loopholes, we're all for it. you have to do it with comprehensive tax reform. >> neil: you want to strike a deal, don't have time. >> then don't do it. >> neil: wait a minute, do you really think, dr. gasparino, closing loopholes for a few and interpreting that as raising taxes for all. >> no, because i want them to do it all at once. >> neil: so do i! i want world peace! the fact of the matter is you want to strike a deal, right? you're pragmatic. >> i don't care. i mean, i think this debt debate -- >> neil: you don't care? our nation is at stake and charlie gasparino said you don't care. >> no, i'm saying this get

committee thing is a bogus exercise that i didn't have much hope they were going to do anything in the first place and if you really want to do tax reform, do it right. >> neil: maybe adam has a solution to saving our country. adam, we know what dr. gasparino stands. >> hardly. unlike my friends, neil, i will address the issue that you're so correctly leading the show with. i mean, this isn't just symbolic and it's not just loopholes. these millionaires, these limousine liberal millionaires and billionaires. >> they're buddies. >> that charlie is talking about, this is the headline stuff. these aren't just loopholes. it has to do with the fact that they're taking advantage of silly subsidies. you knock out those subsidies and those subsidies are there -- many of them, most of them are bad and it's things like paying farmers not to farm and subsidizing high fructose corn syrup because adm are good lobbyists, you go after those

and you raise revenue. >> don't you want to do that as you lower individual taxes. you close loopholes and you give money back to people so they can spend and spend rationally. >> well, i think -- well, i don't care about that. if you start doing it piecemeal, then you are raising taxes. >> neil: i guess i'm the only one in scoring a deal here. if part of the deal is we go after democrats and say you show no flexibility on some of these social programs and the like or in entitlements, we're going to show a little bit of willingness to open up on revenues, not to increase tax rates. i agree with you. bad move. but close the loopholes so that some who aren't paying taxes pay their fair share. it brings the democrats to the table on some of the entitlement stuff. you got a deal. >> i don't know that the democrats are going to go just for that. i understand where you're trying to go. >> neil: i'm trying to help america. >> you're trying to help america. i don't think the democrats want

to add more. >> neil: interested in a hot radio show. and platform. new business hours. >> mansion. >> neil: mansion with the gates and the bees. >> i know this isn't coming up, it's not part of the conversation but charlie talked about it. if we want to unlock the potential of this country, let america keep more of what they earn. >> neil: how do you think they feel that someone is getting a writeoff because of bees. >> take the writeoff away! >> how many -- how many of these like really egregious writeoffs are there? how much will it amount to? it's probably -- >> neil: did you read the report this week? not at the comedy club. >> right. >> neil: it could be anywhere from $18 to $24 billion. >> is that a lot? i know -- >> neil: is it a start to the negotiations, if it's going to get the other side to strike. >> it's better than the idea of changing dollar bills for coins. we're moving in the right direction. >> right.

>> neil: adam? >> baby steps. >> the reason some of these people end up paying no taxes is because of these stupid, you know, loopholes in the tax code. so it's not because there's a war on the rich, jerry, it's because you take away the loopholes, we will raise revenue. >> neil: there is a war on the rich. >> just ask charles. he knows all about it. >> is there really a war on the rich or war on entrepreneurs and people trying to be rich? i think that's where the real problem is. >> neil: i understand, there's a lot of demagoguery on this, just, for example, calling these $1.3 trillion in cuts when they're not cuts at all. we're just slowing the growth of spending. even if we get that deal we'll have $9 trillion more in debt than we have right now. let's be honest about that. having said that, though, i'm all for moving the ball forward and you're a big athlete. you should be, too. >> i just think that if you're going to do tax reform, you have to do it right. >> neil: i understand. you're not hearing me! i understand that. >> here's what i'm saying -- >> if they close this loophole

-- >> neil: we're on the same page. >> that should tell you something, though. >> ok with the convoluted bill with phony millionaires thing. >> neil: no, but if i can get us on the path and if i have to do this alone, guys, i will. i'm a little disappointed in you, but if i can do this alone, i will. my point is if we could just get past the hyperbole on both sides, the total unwillingness to reign in the growth and put them with cutting, look at closing the loopholes and benefit it raise taxes on all, half that for the reason move forward, then we'll have progress. sure, i'd love the appearance of -- >> republicans want to get rid of these loopholes, i don't think they have a problem with the loopholes. they have a problem of doing it in a piecemeal matter and not doing it as part of comprehensive tax return. >> neil: want to do all that. do all that -- >> i'll make the point i made last week. divided government is not

working. you'll never get a handle on these issues. never. >> i mean, everybody is going to be -- divided government doesn't work. >> well, we had divided government and guess what we got out of that? that's wonderful. >> you want the republicans to have the house and senate. >> yes, yes. i want one ideology to change things. >> neil: those at home know who is trying to help america and who everyone else in this town is not. all right. how about this idea for fixing our indebtness, putting congress to work part time. rick perry telling me that time has come. someone from the forbes game is telling us it's about time it has. that's coming up at the top of the hour. but first -- the government is celebrating its report that inflation is down. it insists that you are paying less, a lot less.

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>> good morning, everyone. live from america's news headquarters, i'm jamie colby. today time is running out for the bipartisan congressional super committee. they are charged with cutting u.s. debt and they're reportedly not close to a deal. democrats rejecting a republican proposal yesterday claiming it didn't go far enough. republicans say the offer was bipartisan and balanced and if the panel cannot reach a deal by wednesday, it will automatically trigger $1.2 trillion in spending cuts. there is new video from california into fox showing police trying to disperse protesters at on occupy u.c. davis rally. there's one officer seen walking down a line of students spraying at them close range. it's believed to be pepper spray and the students demonstrating against tuition hikes, 10 arrests made.

i'm jamie colby. back to cavuto on business. >> are you ok, no? >> neil: if you think things are getting better, think again. the government said inflation fell last month but calls for staples like food, clothing, bakery products and even health care, they're still heading up. gerry, you've been talking about this a lot on your show on fox business news. there are the numbers, the official numbers and then there's reality, right? >> i mean, come on, i want ben bernanke to go grocery shopping with me, come on, there is inflation out there. everybody at home knows it. you dig down into these numbers and what you find, airline tickets up 10%, apparel up 4%, food is up 5% and at thanksgiving this year, going to be paying 13% more for your dinner which is why, neil, i was hoping i might score an invitation. >> neil: i was trying to go the other way around with you.

you know, it is interesting. i mean, don't worry about inflation right now. interest rates are really, really low. they're going to stay really, really low. everyone almost in lock step on that and then as gerry points out, you see these stubborn rises in all this other stuff. >> when you say everyone, you're talking about people who want to see the stock market manipulate higher and wants to see the government find a way to pay off their bills. they're not talking about savers, not talking about renters and listen, to gerry's point, in new jersey it costs twice as much to go across the bridge than it used to cost. life is so much more expensive than it has been and that's the disconnect. the government has always been disconnected from the people but more so now than ever before in part because they want the dollar to be weak. this is only way that we can compete. they want it to be weak. >> let's face it, they're trying to spur inflation. >> and it's working. >> it's working in some places. i mean, housing prices aren't

exactly going up. financial assets aren't inflating right now. yeah, food prices are up. we're not in, you know, germany in the weimar republic. >> neil: angela merkel has indicated that's a concern. >> yeah, listen, it's a problem. the bottom line is if you're going to keep interest rates at zero for this long, you're going to get parts of the economy, particularly commodities that are going to see inflation but, you know, when you look overall, i just don't see it running away. unless i'm missing something. >> the point is once it does get -- once it sparks and goes crazy. >> if that was the case, it would be parabolic right now. >> neil: i don't know what that meant. but what do you think of that? >> well, it's interesting to me, neil, that charles cited two things that -- charles, the great hater government cited two services that the government supplies. they're having to raise revenue because of their pension

problems. going over the bridge, yes, i do. in fact, i do. >> ok. >> you know, in the economy overall, there is not inflation. food prices are volatile but charlie named a few things that are down. you could have added auto prices are down as well. but to say people aren't hurting but there is no inflation now in the overall economy. >> neil: i think to charles payne's point out of what he was saying is it happens before you know it and once it does, genie is out of the bottle and it's like the 80's all over again. >> can i say to this entire panel, a bunch of men, you have no idea what's going on with prices because you never shop. >> i shop all the time for food. >> untrue! untrue! >> i shop all the time. >> neil: very sexist comment. >> my martini price has gone -- >> are you kidding me? >> martinis. >> martinis haven't changed. they're still $18 a pop. >> neil: what you're saying is you don't see it as a big issue right now. >> listen, when you keep

interest rates at zero, you're going to have -- you're going to have, you know, you got commodities spiking. >> neil: did we have that ever in japan? they've been at zero since before you were born. >> really? i haven't been to japan yet. >> i will say that if we take a real cavalier attitude about it and i think ben bernanke has said this many times and said this isn't a big deal. we've saw what happens in a bubble society, it does happen like that. it feels like overnight you can't stop it. >> neil: gerry is the person to stop it. she got bank of america to stop the debit card fees. do the dance. >> rock on! >> neil: do any of you remember this? we're just trying to figure out, you remember watergate? well get ready for door gate. committee chairman ordering that the locks be changed, a stunning breach of congressional protocol. door gate day six and it is getting messier. reports this hour of more meetings behind doors congressional leaders swore would remain open. hah! this is a fox news alert.

door gate day 10. critics are saying that was childish. get ready for more childishness. get ready for door gate. one of the key players behind the closed door health care meetings wants the supreme court doors wide open when the health care law goes before the judges. we report, but will you ever, ever get inside? for a hot dog cart. my mother said, "well, maybe we ought to buy this hot dog cart and set it up someplace." so my parents went to bank of america. they met with the branch manager and they said, "look, we've got this little hot dog cart, and it's on a really good corner. let's see if we can buy the property." and the branch manager said, "all right, i will take a chance with the two of you." and we've been loyal to bank of america for the last 71 years.

>> neil: it's a good thing you guys are not here during the breaks.

way -- any way the supreme court is listening and nancy pelosi wants everybody watching. calling for cameras in the courtroom. when the nation's top court hears arguments on the president's health care law, pelosi saying "openness and transparency are essential to the success of our democracy and this historic debate. we must ensure the ability of our citizens to take part." >> we have to pass a bill so you can find out what's in it. >> neil: charles? >> it's just amazing. she was so -- she's been complicity in the erosion of power from the legislative branch. she wants to take power away from the judicial branch. it's not a transparent thing. the supreme court decides these things deliberately behind closed doors whereas she and president obama promised transparency that we have not gotten so far in three years.

>> neil: they were trying to get the debt debate committee meetings open to the public. what do you think of all this? >> you know, i've been watching pelosi this week because of her problems with insider trading. and what is it she says? what kind of point are you trying to make? i mean, the woman wouldn't even listen to the 5 1/2 hours if it were open to the public. >> that was kind of a bogus thing with her and visa, you know, did you really think she was insider trading? >> yes. >> i mean, it was -- >> neil: her point is it's cavalier dismissal. you select what you think is important. >> i think that was a cheap shot in terms of her insider trading. >> neil: off topic. you're off topic. get back to the topic. >> what was the question again? >> neil: no, the idea that this rage, upset about this and want to go keep it open. >> i agree. she's a hypocrite. always has been. what do you want me to say? >> neil: all right. maybe the question -- adam?

>> i just don't think she's guilty of insider trading. >> let's remember, there's republicans calling for open hearings at the supreme court as well. i think the supreme court should be televise the -- televise but we wouldn't want to televise their deliberations. >> why? what are we going to get out of it? >> what nancy pelosi wants to do is pressure the supreme court. she wants to put pressure on them. she wants to demagogue them. she wants to demonize them. that's what she really wants to do! >> wait a minute, guys, journalism. don't you want to say that things should be open and not closed. >> can you -- >> shouldn't every american have access. >> you do, if you know how to read, you'll have some access. >> i'd rather see it on tv. >> neil: i'd want to see it on tv. >> i don't think we need to. i don't think we need to put -- >> neil: journalists. my thanks to charlie and gerry. up next, rising prices got you

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fight inflation. it is over sold. a retailer, jc penny and interesting situation going on. head of apple is the new ceo . this is low cost. that is interesting things he will do overtime. >> it is translating success. >> i don't know if he can do that with flippers. but i do dig the glasses adam. they are nice. bottom line are you guys looking at a busy holiday season or