wayne rogers and hn lay field. it is 401 bad and state mention good? >> state pension that are risky. 31 states have teams like this and underfunded. it is more than just ricky. it is insulting. freedom doesn't work and they are smart enough to make money. but idiots to know what to do with it. they talk about promise of guarantee. that is a state run program. the left just love it >> is she right? >> no. you can guarantee you will not have money in retirement.

tut-- put the government in charge. and we talked about states can't manage money y. would i want my retirement money with them? >> sally, look at the pension plans and there is a lot of bail out of pension plans. and 249, are taken over by the government. >> look. what the official is saying in essence that we have taken retirement securities which is part of the way we prevent -- social security has done a darn good job to keep them from being poor. it is giving all of the money to the people and the backs. and if the banks fail people

lose their retirement. that is a good idea. >> wayne rogers look. this is what you did. you had a mention plan and savings. s -- does that work anymore. >> sally's remark about the banks and professional money people. those are the same people running the state pension plan, sally, goodness sakes, they can't pass the budget or meet one. it is a pis torical. and saying it is a better idea. the government doesn't run anything well. it is underfunded mention plans.

they should have the right. like john hon said if you make the decision, it is your mon yenot theirs. >> john? >> social security eradicated elderly poverty, that is true. but in the 1960s, lyndon johnson and his congress said quote. there is so much money there we'll never spend it and so they wrote iou. and now it is bankrupt. it is a ponzi scheme and pay as you go scheme. the pensions right now are not funded. politicians said we can fund them or spend more money to get relected and they are stealing it out of the municipal pension and that is a problem going forward. >> yawn thon made a point. you know what is going to happen. the will come out to the federal government for a bail out . states are bailing out pension

fund exercise bail out the whole darn world. >> it is a scheme for the banking industry it let's privaticize social security . we are beating up on 401 k. average account balance of 62 percent . they are private 401 k's . this is your thing . giving people a choice. and it is any idiot to know. >> you are worried about it. johnathon.

>> people, and i think people should have the choice to say what they want. it is a choice, too. it is in a group way and there is it a professional money manager. you are for closing that choice. >> what wayne just said. there is the same money managers. it is great to say we are doing it for the evil banks . but this has nothing to do. zero to do with the banks. these are the same fund and everything. it is whether it is funded by the municipalities which is not being done or if the person has a right. >> wayne rogers, quickly to you. comments that come out. are they fair enough . the same time concern is is private workers on to state-run pension. it is a taxpayer disaster on your hands, is that possible?

>> of course, it is possible. it is been proven to be highly probably. this comes from a tax. it comes on a tax basis. when you get out of that plan you pay the tax on that. everybody is subject to that. but if you can't turn it over to the state and let them invest it. johnathon said, it is the same group of people that stole the pension. >> in the next, exactly what happened in argentina. the government takes over the pension plans, why to protect the work yerse nationalizing companies and that is a slippery slope. >> we do have, you know, ideas, possibilities here. and at the same time are we argentinas? yawn thon pointed it out. >> we are falling off of a cliff at some point.

and according to governor romneys and we are living in debt. if about rate go to 5 or six percent. half of our budget paying interest rate. we'll fall off of a cliff and what we are doing is unsustainable and municipality are fod funding. workers are getting done working there is not money there. they are not putting it there. >> and cheryl, i can take this notion that we are too dumb to do it yourself. my retirement is my responsibility. i amy saving for it and not you or the government. >> talk about education and talk about teaching people to manage their own money and relying on what they can't do. sally, the last word it is about free choice. are people not smart enough. >> that's not the issue. they can say look.

we have a lot going on and we would like al money manager. >> uncle sam? >> just because it didn't work in our country's history doesn't mean it is not work. millions was americans are thankful for the public pension and that's what we say to millions of seniors, it hasn't worked. >> we'll take a commercial break. they are back. occupiers bashing the big banks and they are protesting on the behalf of 99 percent. but are they putting them on the jobless line? we report and you decide . hello bobby. do you know you could save hundreds on car insurance over the phone, online or at your local geico office? tell us bobby, what would you do with all those savings? hire a better ventriloquist. your lips are moving.

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occupy protestors. they say they are for the 99 percent. i oner if they know the bank is laying off 30,000 workers in the 99 percent. it is not the only big company

hurt cutting. that's why tracey said the protest are hurting and not helping the 99 percent. >> these are the guys laid off. they theed a leader. all they do is shoot themselves in the foot. 99 percent are the bank tellers and people working in the branches. they are being closed and banks are trying to down size and get it together. they are getting laid off. protesting in a bank of america shareholder meeting is not getting the yobs back. they hurt the small local business. they were shops on wall street. and they closed down in the protest. and they are again hurting themselves. >> johnathon, if you look at job cuts and announcements and ones that are happening. it is massive. >> it is a police officer that had 7,000 arrest of this group.

they don't understand where wealth come from. it comes from voluntary trade aka like bank of america . occupy wall street is against that. they are for government interin every opportunity . only thing they can create is a squalid tent city. >> sally, you can't deny the job cuts are happen 99 percent are being cut and not the ceo's, but most part it is the secretaries. >> and bank of america from the reports has more employees that qualify for public assistance. and of course they are cut. but let's be clear. bank of america in a robo foreclosures and for military families. they have taxpayer back stop that they have not paid back.

you are blaming the poor people who show up because they want worries. that is ridiculous. >> no, i am paying the people who are disrupting the businesses that are trying to create businesses. >> we are talking about people who showed up peacefully at a bank of america shareholder. >> why is it they protested by throw tea in the sea it was patriotism. >> tracey, a lot of the protest throughout the last year hasn't been peaceful, is that the problem here? >> the problem here is that the message is so wrong and they are not getting the point out and all they are doing is hurting the economy in the end of the day.

businesses have to hut down because these guys are making a point. nothing gets accomplished out of the protest; what good is it. >> shareholders voted down the pay package x. people and not just protestors by the way, but main stream business men. >> but you are going to get 30,000 jobs back? >> you are defending -- >> it is blaming the banks and not the people who signed the laws. we don't have shared responsibility in the story. >> you think it is a shame to foreclose. >> i got to move it around. and i mean, you guys are cracking me up today. wayne, job cuts, you can't deny the numbers. is there another way to deal with the problems at banks than protest.

>> yes, this is all of the problem of congress. these people would be better off occupying congress instead of the banks. they got rid of the act and allowed them to be investment banks and commercial banks and allowed them to get too big. it is the congress' fault. they have a monopoly. and they should go read history and go down to the congress and occupy congress. they are wasting their time. >> the point is, there is another way of to protest and tax to take here even this week. what would that be? it is what wayne is talking about. you have to deal with the problem. bringing up the argument about a military family that was

foreclosed on does nothing for the argument. that is just silly. the point swhat the administration and congress has done is make the one percent much wealthier and made the 99 percent more detached. banks that are 25 percent unbank and would two trillion in credit lines with drawn x. low interest rates and that means rich people can get the mon yethe poor can't get it anyway. dodd frank went after the wrong part of the equation. the country runs on banks . the pillow doesn't work. the point is to make the system fair for all. freedom does that, cheryl. that's what capitalism is all about. what i have seen in the occupy movement is not protest it is it like a roving mob that goes

where the signal erupts and they show up cause trouble. they have every right to protest; but you occupy property that is not yours is immoral. >> and you have to break up the banks. that's what you need to do so you have competition and you do have a free market. thank you very much. coming up more fun on the show. the white house opening up more federal lands and drilling. how to pump out more yobs in america. and go to college too. [ male announcer ] every day we help students earn their bachelor's or master's degree for tomorrow's careers. this is your moment. let nothing stand in your way. devry university, proud to support the education of our u.s. olympic team.

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>> hello everybody. republican presidential candidate mitt romney revisiting the issue of gay marriage in his commencement in virginia today saying that marriage is an enduring institution reserved for one man and one woman. those remarks met with cheers from the christian audience there. >> forces are shelling and raiding villages in the north as a militant group claims responsibility. we'll have bolton's take later on in the hour. any over sea shipment of ipad and kindles will be banned starting next week because of the lithum batteries that could explode on flight. stay with us.

our guys have been saying it. and now the white house proving it is drilling more creates jobs. it is a move that will generate more than 3,000 new jobs. >> it is about time. we are the only developed country without a plan. and 200,000 jobs waiting on regulations in ohio alone. we don't know how off shore and nlear and renewable energy credits. key stone pipe line. we haven't had one for decade and one thing that creates millions of jobs. it is not being done. >> and the spheb leases that the prevous president had approved. are we in the wrong direction. we are. this could result in a net to

the economy of 383 billion. that is an enormous number. it creates yob and works and lowers our gasoline in the pump. first of all, we are at a high crude oil production high since 2003. we have lowered our domestic import. i must have more faith in america to invest in the job future and not just pipe line promiseless of the past. and even in the tough economy just because it creates jobs doesn't mean it is good. we want sustainable jobs. >> we are not at crude oil production high. that's what they are selling out of the white house and that is not true at all. there is so much oil to be gotten in this country and so many people working on it think of the people who are

working over seas in countries that hate our guts. we need jobs here in the states. we could have our own production by 2020. >> of course, and it would create wealth. oil is like blood. you can't have too much. it powers our whole economy . anything that curtails that investment is a wealth for the creation. sally great to see you. >> coming up. why china may be about to control your bank account. and why this is no laughing matter. [laughing] the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more.

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>> tracey burns? >> china owns our debt and banks as well. and the federal reserve

approved it. >> saudi arabia spent 109 billion on solar and they take the bids in 2013 that will drive stocks higher. that is a best bet. >> wayne rogers. you are lookking for income in a shaky market. check out angr. that is guaranteed. and johnathon. >> i am bearish and concerned about metals right now. check out dsl. aggressive way to play in the metals. it goes up. >> that's it. i will see you noon eastern time thanks for being here. america needs your talent and skill. i am convinced we'll see a resurgance in the american economy and open new doors. >> i predict that challenging you in dear class of 2012 will