>> this is the basketball shot seen around the world. it is not a splam dunk it's the elbow to the head. and the culprit goes by the name of world peace. yes, that's his name. we are not making up the name. but right now, do you have a retirement fund? if so, is the government thinking about stealing parliament of it to pray its government bills? sound outrageous? well, the fed is desperate. and they are eyeing your 401(k) to do it. from the fox business network, back to the fox newschannel for tonight. congratulations, dennis. >> thanks, greta. nice to be here. >> first of all, it's the 401(k) retirement fund, created in 1970 or 1980 so people could set money aside for their golden years. so what's the plan now isn't

government's desperate for money, so. >> the government's looking around. we need to raise revenue because we have a $15 trillion debt. there is $18 trillion locked away inside retirement funds. we let americans put $15,000 a year into a 401(k), we let them not pay taxes on those earnings. we give them a big deduction. it costs the government $200 billion a year that we could be collect figure we taxed them. so there are two plans. what this is, greta, this is a stealth attack on all of us, not just the 1% top. number 1; right now you can deduct up to $50,000 that employers and employees put into a fund. let's cut that to $twint,000 and you cut it 60%. here's the other proposal -- let's end all tax deductions for all money that you put into your

401(k). the deduction for your employer and yourself, and let's give you an 18% tax credit inside your retirement account so when you have to pay taxes, 20, 30, 40 years later, that will be a credit to reduce tax. the problem is that it lets government collect up front from you money ahead of time, then years later, hopefully, you will get your tax break when you get tbut can you trust it? so net-net with that second proposal, the government can collect $438 billion extra eye am guessing over a 10-year period. and that would be a tax increase on all of us. >> you know, there is something profoundly pathetic about this. the government is so desperate for money that it's going around trying to think of ways, promise its made before, which is how 401(k) would be handled and they are trying to come up with ways to skim it and get more cash, instead of revving up the

economy and being good stewards of the economy, which is what they should have been doing, instead of letting what has happened, happen. they let the derivatives go unregulated so long that the housing crisis, while they looked the other way and they are having lavish parties at the gsa, looking the other way and billions of dollars in fraud and they turn to the american people, who have been saving their money, following the rules, doing precisely the way the government set tup. now they make it all, unstable and there is nothing that will poison the economy more than no certainty and instability and instability now in their savings. so go figure. they are going out of their way to mess it up. >> expert groups have already -- are upset about this plan. they say it would practically destroy savings in america. even low-income people, 75% of full-time workers are covered by retirement plans that allow you tax deductions and even the

lowest income people could get 40% less money in their retirement plans. quick anecdote. years ago, you got a deduction of $2,000 a year when you put into the ira and then they said, if you near a certain income bracket, you can't do that. i stopped putting the $2,000 into the ira because i couldn't take it off my taxes. i saved less because they changed that rule and now they are contemplating, on the other hand, we need money, right? we should be talking about how to unlock the economy to make it grow -- >> stop the parties! stop the parties! stop paying for the scc to download porn, so we pay for the lawyer who is are downloading porn. they should do their job, instead of going to americans and skim off the things that the americans have saved. i mean, there is lots of waste and fraud. there are lots of ways to get the money. but they never perform their jobs and so what they want to do now is the americans who are prudent enough to put money

away, they are proposing to skim it. that's just beyond me itch i say -- basically, what you said. [chuckles] >> tell me this, who is pushing this? >> you know, here's the thing. you have a blue ribbon commission, that's what the government does, you have a blue-ribbon commission that comes up with proposals. this arose in the house today, a committee hearing, republican dominated. so a friend of mine said, do you think this is a plot for the obama administration to get the republicans to take up responsible consideration of every possible and then the democrats can blast them and say, look, they want to tax your retirement contributions? >> i don't know. well, this is their money. they saved it and shame on the federal government because they're so pathetic they can't pay their bills, so they are going back to the people who can save -- anyway, dennis, thank you. congratulations on the new show. >> thank you so much. >> gao says this is a bad idea, but that's not stopping president obama.

some wonder, is president obama trying to pull one over you -- on you, before the election? companies that are only doing a mediocre job are being paid bonuses for the insurance company. why? we asked senator jon kyl. >> a complicated topic. i brought my own cheat sheet. there is an $8 billion, to improve a key medicare program. republicans don't want the $billion spent. the white house does and the gao says it's badly designed, unlikely to provide meaningful results. first of all, what is the $8 billion program? >> mecare takes care of the health care needs of our senior citizens. one option is called medicare advantage. it's an insurance program. you pay more for it, but you get a lot of extra benefits.

lobama -- president didn't like medicare advantage. so much of the money that he needed to pay for obamacare, he took from the medicare advantage program. >> who is paying that extra, i thought the citizens have to pay extra? >> both, the government and the citizens. >> so he took the part that the government is paying. >> he needed $500 billion. >>, so he took that from medicare. and about a third of that -- about $150 billion was from the medicare advantage program. that means less benefits. that means, if you like your insurance, you get to keep it? wrong. if you near medicare advantage, a third of your benefits are being cut. so just before an election, this november, america's seniors are going to have their election of whether or not to go back into medicare advantage. and if so, which policy to buy. they are going to find that all of a sudden, it's costing them

more and they are not getting as much in the way of benefits. >> the menu is going down by virtue of the existing health care law. >> that's right. >> because the government isn't spending that money to supplement the personal contributions. >> that's right. so senior citizens across this country, a third of arizona's medicare beneficiaries have medicare advantage. i think it's more in florida. they are going to say, wait a minute, as a result of obamacare i have a lot fewer choices? i don't get as much coverage? i may not get my eye or dental coverage or whatever? that's right. well, i don't like that. i might vote for the other guy. so along comes the obama team. let's spend $8.3 billion out of the medicare trust, subsidize the program, 80% in the first year and two years later, so that the seniors don't feel the effect of the obamacare cuts of medicare. >> so this menu that is being

cut for the incomeo number of options that it won't be cut if the president can find $8.5 billion somewhere else to put into the pot so they get the same choices they had before and the cuts will come later. >> that's right. before the election, nobody sees the cuts. after the election is when the cuts would occur. $8.3 billion is out of the medicare trust fund, which the trustees have said is going broke in 2024. not a good idea. >> well, okay. i figure there is politics involved here. democratic politics. but what caught my attention, gao, not to be confused with the gsa, i might add. >> the general accounting office, very different division, which studied this. they're quoted as saying that this idea, this program to pay the $8.5 this, experiment is badly designed, unlikely to provide meaningful results. i take it you took that phrase

from the gao study and went to the white house and said, look, this is a bad idea, according to the gao? >> that's right. if the first place, have you to ask, how could the administration get the authority to raid the trust fund with over $8 billion to give out to these companies just before the election? and the answer is, they said, well, we are doing demonstration projects -- >> what does that mean? >> that's the question the general accounting office, bipartisan office said, what demonstration project you? are not demonstrating anything. you are just giving the same mon tote insurance companies they would have got otherwise, obviously. you are not proving anything by t. it is not a legitimate demonstration program. tell not produce any usable results. so they call it a waste of $8.3 billion. if you are a taxpayer, that's a big problem. if you are a medicare advantage patient, you are not losing out because of obamacare in the

short run. if you are president obama, you are better off because the voters don't see the impact of obamacare until after the election. >> has the white house made a plan to replace the $8o 8.5 billion from the trust to put into this program so people don't get their medicare advantage cut before election? what happenses to the 8.5? it's just a hole? >> it's just a hole. in fact, that money is coming out of the trust fund, which is going broke in 2024, as i said. it is worse, not cocomplicate matters before, but the obama administration took that money out of the medicare trust fund and said at the same time that they were applying that to reduce the deficit. you can't use the money for both things. and this has been called the double accounting, one of the things we complained about when obamacare was passed into law. >> correct me if i am wrong,

medicare advantage is for the more afliewrnt person -- because you spend extra, someone who is willing to spend extra. >> except that if you near need of benefits that they provide twould be very cost efficient -- >> i got that. but the money is taken out of the medicare trust. so in theory, the people in the long run who are hurt are the people who can't afford the extra for the medicare advantage. it's the people who just get medicare. they are losing their $8 passport 5 billion i. everybody's losing. but your point is well taken, yes. >> now, if the president takes this $8.5 bill whereon and there is going to be a hole in medicare, tell take care of the menu of options for medicare advantage this year. is it next year in november, when they get the list what have they can get, that's when the cuts go into effect? >> october, actually. 80% of this reimbursement occurs

this year, before the election this year. there's another 2 years, it's a phase-down. but the vast majority is before the election this year. as i understand, i think they have the option every october to decide what plan to buy. >> this is a gimme, but what percentage of this is political and designed to get past the election? and what is an ideology or a thinking that this is the best way to implement a program? >> it's clearly political. you might expect me to say that, but it's so obvious. the general accounting office, which is apolitical has made the point, this is a waste of money, unless you are in it prt politics and you want to disguise a bad effect of obamacare. you want to push that until after the election so they don't see it. i will tell you what it reminds me of, the comment that the president made to the russian president when he said, wait until after the election, and i

can be a lot more flexible about this missile defense business. the president wants to get beyond the election so people don't see yet another problem with obamacare. >> and the gao agrees with you? >> they have blown the whistole this. >> senator, thank you, sir. >> thank you. >> straight ahead, forget credit card debt. do you know what has surpassed the the nation's credit card debt? and who owes it? liz mcdonald's here next. and caught on camera, his name may be world peace. but a basketball star's violent display on the court was anything but peaceful. hear a first-hand account of the smak down from someone who was courtside. big news in the natalee holloway case. the latest informs, coming up. [ male announcer ] introducing a powerful weapon in your fight against bugs. ortho home defense max. with a new continuous spray wand. and a fast acting formula. so you can kill bugs inside, and keep bugs out. guaranteed.

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>>. >> greta: a college degree should open doors but the 2012 college grads may get doors slammed in their faces, the numbers are staggering. right now more than half 53% of recent college graduates shall jobless or under employment. experts say its double wham any mi they are also buried in debt.

elizabeth mcdonald joins us. tell me how grim is this? >> it is pretty grim. unemployment rate with college grads is highest in 11 years as you just pointed out. it's grim because the college grads are coming a work force where full unemployment rate where so many layoffs have been hitting the u.s. economy. full unemployment is at 15%. so these college grads are taking jobs that will not be able to cover the cost of their tuition which continues to soar. getting jobs as bartenders or retail clerks. this comes at time when college tuition is up about five times since 1999 when household incomes have been stagnant since then. >> i have looked at college tuition. some of them, a lot of universities like stanford and yale and harvard.

they have endowments. harvard is $20-30 billion. they are assaulting on money while they charge these high tuition rates? >> that's right. the endowments are size of wall street hedge funds. tuition rates are gouging american families. and tuition goes to cover basically donald trump's real estate empire college administrators a running their colleges on level of hotel economics. they are paying for five-star cafeteria or n.f.l. style college football stadiums or even way more bureaucracy than are needed. the ratio to administrators to students is 40 to 1 when it comes to teachers that is 15 to 1. so i think parents are reacting. they are starting to get the picture. it's not worth it. there is a college tuition

bubble and the value of degree isn't worth it anymore. when we talk about how tuition is rising. state schools you see in california often do it in lock step. in f one school raises tuition, rest of them do it. if one of them builds a college stadium, the other will do it and tuition goes to cover expenses. >> greta: and this 89.2% national unemployment rate but when you look at the number of college b.a.holders under the age of 25 that are jobless, the number is 53.6%. when you look at that. that is the young work force. those are the ones that are supposed to rev up the economy and expand and great thinkers of the future. they are simply sitting on the sidelines and buried in debt? >> so what is happening, as you point out, unemployment rate is

b 11 years was 41%. right now this is an election year issue. it's becoming an issue for the congress and white house and for republicans from both sides of the aisle because interest rates and student loans are set to double this july if the government doesn't move to stop it. but then the argument is, loan rates were so easy to come by that they basically piled into these cheap loans when they may be should not have. >> greta: they might as well take a loan and try to get a skill than try to get a job, at this rate there are no jobs. they were at their parents' home they will cash in their 401ks early. >> here is what the colleges are thinking. we're going to raise tuition and then we'll get more aid to the student which justifies raising tuition. they are in this collective slice of reality. they have caught the american family in a vicious cycle of

their own making. this has has to be broken somehow. i'll tell you something, you have see the canaries in the coal mine. already they are seeing enrollment down. for profit college down and college enrollment down like places like ohio, illinois, nevada, some places in california, not because. economic downturn but they are deferring to college because it's so expensive. they are choosing not to enroll. >> greta: can you blame them. it's a huge unemployment rate to spend a lot of money on college to be unemployed? >> it is so unfair that college sits on these endowments and not do enough to lower tuition. i understand people donate money and donors wanted to buy a chair

in some kind of academic line of teaching there instead of funneling that money to lower tuition. but the colleges tend to do more. i read one static only 9% goes to lowering tuition but the rest goes to all sorts of expenses that does not help these students. >> greta: liz, thank you. come up, it's not hockey or football, it is basketball. the fans are stunned about the violence on the court. elbow to an ed to an opponent. our next guest was there. jennifer hudson breaks down on stand. testifying in against a man accused of slaughtering her family. that is coming up. ere's another way to minimize litter box odor: purina tidy cats. our premium litters now work harder to help neutralize odors in multiple cat homes. purina tidy cats.

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it's sure time somebody did. sfx: bike bell >>. >> greta: caught on camera, a shocking act of violence on the basketball court. >> he goes by the name of melt ta world peace, was it intentional. mark, there shall three different views on this.

you can watch it on tv or you can be there in person and different observations. you were there in person. i'm curious what you saw when i saw it in person i thought it was an accident. these threw his third dunk and he was emotional. when i saw the replace it was very clear this is not an accident for three reasons. it wasn't a basketball play. it came after a play. then another reason is the fact he raised his arm cocked it back and swung his elbow. another reason is that afterwards, some of james hardin's teammates rushed after him. he took them sort of a boxer stance. he was ready to defend himself. that is what is troubling the most. as he awaits what the n.b.a. will decide what to do. >> greta: what was his immediate reaction after he did it. do you remember?

>> as i was saying earlier. he elbowed james hardin, his teammates, they rushed toward him. he instinctively got in a boxer stance. referees and others --. >> greta: i mean after. that did he say anything after the game. after a short time with some reflock shone. after the game the lakers public relations staff told him and advised him not to take questions, but he did speak briefly before reporters. he apologized for his transgressions and hopes that james harden was okay. it was an unintentional elbow. the statement lasted about 41 seconds. then he tweeted later on, apologizing hoping that james harden was okay. brought up an incident that actually happened to him last year where the lakers were playing the memphis in a

basketball related play, mark desaul accidentally elbowed him. he didn't retaliate. he ran away from the action on the other side of the court to compose himself. that was his reaction. it will be interesting to see what he says later this week. >> greta: it was like he was suspended last year during the playoffs for an incident against the dallas mavericks. in terms of what is going to happen, n.b.a., will they take that into account or is that going to be isolated? >> it will be interesting because you mention that incident. obviously years removed that incident in detroit where he fought a fan in stand for throwing beer at him. it was suspended 71 games. he has grown a lot since that. he has raised money for mental health charities and raffle off his championship ring but because of that long history of

getting 111 suspensions at a game, i wouldn't be surprised it would be a factor. also what will be a factor, three things i outlined, it wasn't a basketball play. it came after everything was settled. it was a shot above the shoulder and the fact he didn't initially appeared to show remorse. he got into a boxer stance to defend himself. it will be interesting to see how the n.b.a. would react. they decided to wait presumably. lakers don't have next game until thursday. so they can think things through. >> greta: not to mention to change that name again. world peace is right. he might want to go back to his original name. thank you. coming up secret service

prostitution scandal, how deep does it go? is there a link to the race. chuck grassley goes on the record. and two minutes, major development in the natalee holloway case. is j slowly vote coming to the united states and why. [ woman ] oh, my gosh -- it's so good! [ kristal ] we're just taking a sample of all our different items in our festival of shrimp so we can describe them to our customers. [ male announcer ] red lobster's festival of shrimp starts now! for just $12.99, pair any two of 9 exciting shrimp creations like new barbeque glazed shrimp or crab stuffed shrimp. the crab-stuffed shrimp are awesome! [ woman ] very creamy. that's a keeper! [ woman ] shrimp skewer. [ woman #2 ] sweet, smoky. [ man ] delicious! [ laughter ] [ male announcer ] any combination just $12.99! [ woman ] sohat are ya'lls favorites? [ group ] everything! [ laughter ] we're servers at red lobster. and we sea food differely. in here, the landscaping business grows with snow. to keep big winter job on track,

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>>. >> greta: tonight joran van der sloot is closer to a criminal trial in united states. they have approved the first step to extradite him to united states. he is the only suspect of natalee holloway. right now he is serving a 21 year sentence for murdering stephany flores ez. he faces extortion charges in alabama. he got money from holloway's

mother. n hole hole disappeared while on a trip to aruba. the body was never found. his lawyers say they fear extradition because united states prison is very hard on inmates. what do you think should he be brought to united states. brought to united states. go to greta i have two products in front of you. we are going to start with product x. this is a very affordable product that will help save you a, lot of money.

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nation's oldest child missing cases, etan patz. he was on his way to the school bus in new york city, almost 30 years ago. no obvious human remains have been found. the fbi is running tests on possible forensics evidence. now back to "on the record." thanks for watching fox. have a good morning. tions. >> greta: updates from several major criminal cases, first the trayvon martin murder case in florida. earlier this morning, george zimmerman was released from jail on $150,000 bail. the charge of second-degree murder in the death of martin who was unarmed. zimdz has gone back into hiding. and commission jeblgt go the nation of embattled police chief. he came under fire for handling the case. they decided to keep him on temporary leave. in chicago in trial the man

accused of killing jennifer sudden on's mother, brother and nephew. he is accused of exciting the murders and they called jennifer hudson on the witness stand, oscar winner broke down. she talked about the last time she saw the family members and didn't want her sister to marry balfour. he is taking the stand that balfour offered threatened her. he said, if you leave me, i'll kill your family first. they felt pressured to make an arrest. >> campaign finance for presidential candidate john edwards on tuesday, he used money from wealthy donors to hide his pregnant mistress from the public. today prosecutors are calling andrew young to the stand. young testified that he heard a donor tell edwards i'm going to do everything i can help you to

become president. edwards only use the donations to hide an fiaf from his wife. now to the secret service prostitution scandal. here is chuck grassley. >> senator, nice to see you. you've written a letter to the white house asking for an investigation. what investigation is that? >> it's the same natural extension, logical extension of what we're worried about with the secret service. secret service is investigating the use of prostitutes by their own a little down in colombia. okay, so you probably know that the secret service works very closely with people from defense department that are assigned to the white house and work with communication people at the white house and advance people at the white house. we need to know for sure that what went on within the secret

service, 11-13 people, was any of that going on at the white house. that is the purpose of the letter. >> greta: i assume you would agree nobody has greater interest in making sure that the white house is not involved than the white house itself. the president essentially is the greatest goal of the secret service is to protect the president? >> of course, that is what this is all about. to make sure that the president is properly protected, in the future. this is part of the culture of the secret service is the white house have the same problems. is it just an isolated incident or has it been going on? you are worried about the protection of the president. is there any national security issues involved. >> greta: white house thinks it has done. military investigates its own people and white house thinks they have done enough to

investigate their people. >> i know they have announced that today. i sent the letter on friday. on saturday and sunday to investigate, they have come to the conclusion there are no problems. okay, the natural follow-up are they going to make it public. this administration announced three years ago they are going to be the most transparent of any administration in the history of our country. we need to know the results of this investigation. i also would add this: they could have done a perfect job and i hope there is nothing wrong, but one of the ways to make sure there is a credibility for everything is to let the office of inspector general or some independent person have access to it. have a access to the people and ask the same questions they've asked. i think we have every assurance when there is cooperation between the secret service,

communication people, military people, advance people, between the white house and secret service that everything is handled okay. we don't want mistakes made by the secret service to show up at the white house. the closer you get to the president, the more of a problem you have. >> greta: is there anything in your mind as to why the white house, if they thought anyone on the white house staff, on the advance team was in any way complicity with this, would there be any incentive to not disclose it? >> then you get back to what the president has set the standard, being the most transparent administration. they have a responsibility to make all of this information and these details, let it out to the public and let the pun make that judgment. i have suggested that it's a good thing to have inspectors genuine our agencies, homeland

security, that is where the secret service is housed, to also have a parallel investigation just like presumably the homeland security of working with the secret service. i think that is pretty important. i'm also interested when it comes to the defense department investigating the defense department people, not just the people we've already talked about but there are people assigned to the white house particularly in communications from the defense department. it seems to me it's very important there to make sure the inspector general the department of defense is involved in that investigation. you need the independence of an inspector general's office to give credibility. >> greta: the defense department is currently asking the secret service, investigating the secret service, do you have a problem with?

>> that but i want the inspector general involved with it. >> do you have any reason to believe beyond what we knee? >> no. >> greta: anything suspicious to you? >> no, but you know director of the secret service he is going to get to the bottom of it. what you have to be concerned, is this an isolated incident of 12-13 people, a few people in the military making use of prostitutes? or sit part of culture of the organization? if it's part of the culture of the organization, it's deep-seated and that is major problem to overcome. i've dealt with cultures and f.b.i. and a lot of other government agencies in my investigation we need to make sure that this does go deeper. if it does, we have major problems and national security and may involve the protection of the president. >> greta: and also involves how the world looks at us a little

bit. if we have our secret service partying when they should be protecting the president. >> sure. >> greta: the lack of discipline. >> you are absolutely right. what has been for 150 years a pretty clean record for the secret service. >> greta: why did they break it this time? >> i don't know. it's part of the culture deep down but hopefully this is an isolated incident. if it goes deeper then we have major problems. >> greta: thank you. governor chris christie says goodbye and good riddens and dick cheney has a message for governor mitt romney. ♪ [ kareem ] i was fascinated by balsa wood airplanes since i was a kid. [ mike ] i always wondered how did an airplane get in the air. at ge aviation, we build jet engines.

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>>. >> greta: here is the best of the rest. new jersey knicks are new jersey bound and chris christie. >> i'm not going to mets game. and my message is goodbye. [ applause ] >> you don't want to stay, we

don't want you. seriously i'm not going to be in business of begging people to stay here, that is one of the most beautiful are nags they have had a chance to play in. one of the most vibrant cities. they want to leave here and go to brooklyn, good rud ens. >> greta: mets spent the last 35 years in new jersey. >> and mitt romney looks like the presidential candidate but who will he choose as his rubbing mate. dick cheney is governing romney some advice. >> i think it's important to remember that is the decision you make as a presidential candidate who your running mate is the first presidential level decision that sees you make. the first time you are making a decision that you are going to have to live with. it gives the public a chance to watch you operate and see what you think is important, what kind of individual you choose to

serve as your running mate. what are the criteria. i think the single most important criteria has to be the capacity to be president. that is why why you pick them. >> greta: one of names on the list is florida senator marco rubio. he campaigned with governor romney in pennsylvania, could it be a sign? no comment from either of them. >> and this one may be hard to believe but it is true. a soccer ball swept away from last year's tsunami in japan washed up on shore in alaska. it was the prize peflgs of a japanese boy. now a man walking along the beach in alaska have found the ball. it traveled more than 5,000 miles and the man tracked him down with the help of a japanese reporter. >> and brace yourself. a thrill seeker pulls off a terrifying feat. he crossed a canyon in cline by

walking across a slack line. he balanced more than 5,000 feet above sea level and took him two minutes to cross the canyon. it's more challenging than a tightrope because it bounces around a lot. now that is discretionary. >> there you have it. the best. rest. >> coming up, who is has a better sense of humor, republicans or democrats? and that answer is coming up and that answer is coming up next [ male announcer ] that. right there -- reminds you

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>> greta: flash studio lights, it's time for last kaug, politicians make an appearance on late night comedy shows but can they laugh at them self autos democrats and republicans are interesting because republicans really laugh the themselves more wh. bush came on it was... we want to do a skit. it was playing "jeopardy".

we had bush going what is this? what is that? what is this? like as if he didn't know. and he was asking the questions so... we just walked up and did this skit and went up to al gore, went through the sketch. a focus group and media people came in and where is al. will al have the punch? we don't have to do it. it's not a big, then, the good thing is that al gore was very funny and loose. but once the camera came on, oh, oh. >> that is your last call. lights are blinking and we're closing down shop. go to greta wire.com. talk about tonight's show what. do you think about the fact your 401(k) is being loave heard what many call the poster child of corruption. >> eric: hello. i'm eric bolling with kimberly guilfoyle. bob beckel, dana perino, greg gutfeld. it's 5:00 in new york city. this is "the five."