captioned by the national captioning institute --www.ncicap.org-- >> business news from the capital region. this is "washington business report" with abc7 national correspondent rebecca cooper. > thank you f for joining us for a look at business and finance here in the shington region. the rush to like the facebook ipo, big banks makg risky gagamble those topics are coming up in our roundtable segment today but first a funny man who iss also a small businessman and successful entertainer generating serious headlines for his critici of prpresident

obam owner of the jon lovititz comedy cl and podcast theatater snl's jon lovitz took president obama to task saying that the rich aree paying too much in taxes, saying it is s bad for the country and a flat out wro when the president t says the wealthy are not p paying their f fair share. here is an excpt of his rant that when viral. >> this whole thing with obama saying the rich do not pay their taxes, is [beep] i am a democrat. what a [bee] isn't that enough? for every dollar you may come at for every $2, you have to give a dollar back. no that is s not enouugh.

it is ha. >> jon lovitz is a a businessman and hehe was sitting and one of the comedy clubs he owns. he said down with us during a trip t to washington. thank you for joining us. a handshake is more formal than what we used to. >> i h hope u do not ask me anything personal because it is none of your business. >> it is about business. business people often argue they pay too many taxes. you, hollywood actor, got up and made an argument that touched a nerve. >> i have my own business, a a comedy club called the jon lovitz comedy club and podcast theater in los angeles. we do, the shows and podcast -- we do comedy shows and podcasts. we have three floors. i have a radadio studio with frank

kramer. i a podcast witthat. >> you are a binessman. >> what i have learned is there are no restrictions. it is not on the air so you say what you are feeling. the more honest you are, the more people like it. >> you dropped thehe f bomb several times. >> i would not do it here. >> you call the president a few names because -- >> indirectly ii did. >> indirectly? you called him an f'ing -- >> i should have said "do not pay ththeir fair share of taxes." >> you complained, saying -- >> i called connie west a jackass.s. >> the fcc is walking watching this

show. >> he says they do not pay their fair share.. after a certain amount of money, the 2011 tax bracket $388,000 -- you have to pay 35%. in california, 11% state tax. that is 46% plus -- there is a reason they are going broke. then you have fica, on and on. >> because of all of the deductions -- >> t there is a diffeference. when warren buffett says my secretary is only paying 18% -- she is paying 18%% of her salary. he is paying 15% of his capital gains. let's say $100,000. let's just say she get $

million. $180,000 in taxes. 15% of $1 billion. who is putting more? >> but who is p putting in a fair amount is his case. warren buffett says its not fair. >> he is saying is not fair now that he is worth $ $66 billion. he could pay $1 bilillion a year until he died and he would still have a lot left over. look it up. he is talking about capital gains. it is on the interne you watch chles gibson. during the debate with president obama and hillary clinton when they were nning for presint its on the. why dodo you want to raise capital gains? it was found to bring in less tax revenue than when it was

15%. because if it is 15%, the money you are going to reinvest -- let me finish. the money you are going to reinvest in stocks is more capital for companies. that have more money to grow their company which creates more tax revenue. i just understood it. because i own a comedy club. if you raise taxes on small businesses -- he is the one who raised money on pital gains. he keeps saying millionaires and billionaires are not paying their fair share of taxes. he is no longer distinguishing between capital gains and non- capital ins. what do you mean is not fair? if you want to be fair and hurt the economy? if he raises taxes on small businesses which i have one --

for a year and a half, i had to pay the difference out of my own pocket because we were not breaking even. if he raises my taxes even more, i will not have the money to pay the difference and d i will have toto go out of businessnd all those jobs will be lost. >> well argued. let's look at what is happening in the country. >> they are spending more than they are taking in. >> might turn. >> fine. >> there is no crying in baseball. listen you see what is happenening. they are having to cut all sorts of social programs. the white house is saying let's raise taxes. whe would you make up the difference?? >> well, ok, first of all, i am not delusional. i am an actor and comedian.

i am not an expert on this. >> but you make a good case. >> clearly been been reduced taxes and cut spending. >> even on social programs? >> you just need to lolook at it. you have to take each program se by case. of course nobody wants to cut money out of education or money heing wom in preventive health care. these kinds of things. but you have to make cuts somewhere then they they dnot have the money. any money is going to go deeper into debt. the debt is almost at $1$16 trilon. that is in st.. you could take all the money from the u upper 1% and have them pay their salaries and it would pay the debt for 18 days. then they are out of money again. what i resent is the democrats

and republicans -- a all they are thinking about is re-election. they are at a stalemate. who is getting -- you cannot use the word. i not know if you can. >> we get the point. >> everybody. >> we are going to take a quick break. here really struck a nerve with this. state to the. we will have more aft the breaeak.

>> we are back.

we are joined by jon lovitz popular comedian. let's say what a lot of people are thinking. wealthy celebrities complaining about paying too many in taxes. >> that is not what i said. i. it did not say i was paying too many taxes. >> you think president obama is creating class warfare. >> hes it. he is saying -- he is i in fang if the 1% would pay their fair share, that they are not paying their fair share, then these other people would not be in trouble. my message is we are all in this together. that he should stop being disive. he should reach across the aisle. >> you are seeing occupy wall street which is a movement that spread across the world. >> it is a classic thing of when

an economy is bad, you tell the masses it is not their fault. it is a false scapegoat. i am paying my fair share of taxes. that is not because the economy is in trouble. >> on your podcast with kevin smith, it took off. thousands of thousands of comments. >> 8 is in st.. >> why did it strike such a nerve? >> this thing that the 1% not paying fair taxes -- i it struck a nerve because it w true. >> even bill o'reilly said you were being disrespectful to the president of the united states. >> he is not keen, first of all. he is taking it out of context.

i am in my comedy club. you can say whatever you want. >> bill o'reilly said you went across the line. >> who gives a crap about what bill riley thinks? bill o'reilly is just a commentator on fox news. >> he is a hollywood actor. >> that is right. he does not control me or freedom of speech. i do not remember a voting for him for anything. >> you did vote for president obama. would you vote for him again? >> i do not know. i would never tell anybody who to vote for because what if i am wrong? i also said that president t obama is amazing for what he achieved in his life. i am not against the wealthy or successful people. they are not paying their fair share? it is not true.

stop putting the republicans on the defensive. he keeps putting them on the defensive right now. it is a blatant appeal to the masses to get votes. it is not helping anything. everyone is in this together. my question is where the expert economists? this is a math. this is not democrat or republican. >> jon lovitz, you are one of the hardest working man in show business. you have your business t that you are runningand we appreciate you taking the time to come on "washington business report." >> thank you. if i am a comedian and i notice what he is doing it has to be pretty obvious. >> we will have the president come on the show and defend himself as well. thank you for joining us. stay tuned. we will be right back.

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>> and thanks again to jon lovi for sittining downwn and talking to us from hollywoodod. our roundtable as promised. noted economist and another star from the top of the line joining us. peter mororici professor of ecomics at the university of maryland sool busess, and the only one of us today young enough to have a a facebook pagee in college or shortly ththereafterosh boak from

politi. let me srt witith questions everyone i is asking. would you or could yave bought facebook stock if you had the wheherewithal to do so? >> only if i was in theorm roomom with mark zuckerbrberg when he cated the program. i was not. >> would you have bought facebook stock on friday? > i do not see the ability f facebook to develop new products and it is not generating enough venuee as it is. almost 1 millionbiion people right no ople do not buy cars if you adverte them on facebook. >> of l the numbers we have been hearing thihis week of the ipo, 100% growthth to achieve the value ofhe company for what wawas offered. the one that struck a nerve

most was f facebook to be worth for whahat it is selling for they will have to garner one out of every $10n advertisg globly ithe future to be worth what is going for. is that possle? >> of course not. >> i doubt it. >> we have to suspend our disbelief a and little bit and admit some ofhis evaluation is not based on numbs. it is based on a combination of optimism andnd hope. we have seen that in the economy and politics. >> if you arare hoping that you are a facebook u user it and it will this stay like i it is in the future, they have tohangthe model to make money. what will this do? >> advertising is not enough because the ads do not work. people will not go to facebook nearly as m much.

one of the challengethat people have i is that they do not have enough time to put up withh a lot to see a febook page. if they are forced to see the pagege, they will go there less and it will lose its frequencyy pecially amomong the peoplple with money o spend. >> i am ing to keep my eyes on a a high schoolol clasass in san diego. democracy ruled in san diego. they are going to bubuy four shares in t open marketet. that wasas the o only way higigh school students could get t it. fourur shares. i am told ey sold duringg the afternoon o on fririday, two of ththe shareres, and then h hold on to two of the shares. what is your predictction? >> you know, trading throrough 1:00 p p.m. friday was u up basically 8%, 9%.

that is not terrible. but it is nothenomenal. pressure wil be a applied to starart generating retns w which will have a lot of impact. i do not think you can count on the next few mths o overall. >> we have to move on to her big hot topics. itas a big week for w what could happppen with the e big investment houses. yoyou ha written a l about jpmorgan. it all adds up.. >> it illustrates whyhy the w wall street casinos' which are necessary entities have to be separate from the banks so we are not guaranteeing thehe trades. the banks need to be separatee and cut down because they hampered competitiveness. even jpmorgan's trang side, the basic failure was the t place has become t too large for

one of the most t talentnted managers in arica, jamie dimon, to manage. much the way general motors y be too large. >>uilty as chcharged,d,osh. i was excited wn i memet jamimie dimon. not so much excited about jamie dimon in washington. >> much of that has worn off. e first impact is on the volcker rule because right now as regulators are finalizing and starting to implement that rule, they have a case study to ok at from the imct of trtrading. the second thing wch is just as important is jami dimon was rerted as one of the executiveses say in n to lawmakers that we have a fiscal cliff at e end d of the year. now jamiee dimonoes not necessarily have that autrity to a approach lawmakers, and somebody will have to feel that

vovoid. >> j john boehne says t they will have to face thiscal cliff. leaders coming r right here to maryland t to discuss it. can the u.s. talk about greek debt when we are still grappling with our own? >> the germans are so arrogant. > here we go again. >> we have seen the conquences of their austerity in greece italy, spain, anand porgal. in portugal, elderly people cannot afford to go to the doctor said they are dying. >> we have to wrap. >> nobody can speak with any authority. yesterdaat the imfmf the saidd rds can kill in this situation. i have noteard that sincnce i have been in afghanistan. tht tells you the situation that we face. >> gentlemen, thank you to you both. and up nt, thehe number of the

week is ♪ ♪ [ male announcer

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$2 billion. that is it for us this wk. we hope to see